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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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015 A000534 SKANDINAVISKA ENSKILDA BANKEN
015 B000534 S
015 C010534 STOCKHOLM
015 D010534 SWEDEN
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015 A000535 UNION BANK OF SWITZERLAND (UBS AG)
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015 C010535 ZURICH
015 D010535 SWITZERLAND
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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034 000500 Y
035 000500 4
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044 000500 54
045 000500 Y
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047 000500 Y
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<PAGE> PAGE 40
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051 000500 N
052 000500 N
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054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
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062 A000500 Y
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062 P000500 1.5
062 Q000500 77.7
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<PAGE> PAGE 41
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
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070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 60357
071 B000500 77711
071 C000500 98147
071 D000500 62
072 A000500 12
072 B000500 8933
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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010 A000601 FRANKLIN ADVISERS, INC
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94404
010 C040601 1585
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
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015 C010602 SAN MATEO
015 C020602 CA
015 C030602 94404
015 C040602 1585
015 E030602 X
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
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<PAGE> PAGE 46
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066 C000600 N
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066 F000600 Y
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070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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071 B000600 11604
071 C000600 25066
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<PAGE> PAGE 47
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<PAGE> PAGE 48
074 P000600 24
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008 A000701 FRANKLIN ADVISERS, INC
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
008 D020701 CA
008 D030701 94404
008 D040701 1585
008 A000702 TEMPLETON INVESTMENT COUNSEL INC
008 B000702 S
008 C000702 801-15125
008 D010702 FORT LAUDERDALE
008 D020702 FL
008 D030702 33394
008 D040702 3091
010 A000701 FRANKLIN TEMPLETON SERVICES, INC.
010 C010701 SAN MATEO
010 C020701 CA
010 C030701 94404
010 C040701 1585
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
015 A000702 BANKBOSTON
015 B000702 S
015 C010702 BUENOS AIRES
015 D010702 ARGENTINA
015 E040702 X
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015 C010703 MELBOURNE
<PAGE> PAGE 49
015 D010703 AUSTRALIA
015 E040703 X
015 A000704 BANK AUSTRIA AG
015 B000704 S
015 C010704 VIENNA
015 D010704 AUSTRIA
015 E040704 X
015 A000705 BANQUE BRUXELLES LAMBERT
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015 C010705 BRUSSELS
015 D010705 BELGIUM
015 E040705 X
015 A000706 BANKBOSTON
015 B000706 S
015 C010706 SAO PAULO
015 D010706 BRAZIL
015 E040706 X
015 A000707 ROYAL BANK OF CANADA
015 B000707 S
015 C010707 TORONTO
015 D010707 CANADA
015 E040707 X
015 A000708 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000708 S
015 C010708 PRAGUE
015 D010708 CZECH REPUBLIC
015 E040708 X
015 A000709 DEN DANSKE BANK
015 B000709 S
015 C010709 COPENHAGEN
015 D010709 DENMARK
015 E040709 X
015 A000710 CITIBANK, N.A.
015 B000710 S
015 C010710 QUITO
015 D010710 ECUADOR
015 E040710 X
015 A000711 BANK OF NEW YORK
015 B000711 S
015 C010711 LONDON
015 D010711 UNITED KINGDOM
015 E040711 X
015 A000712 CEDEL BANK, S.A.
015 B000712 S
015 C010712 LUXEMBOURG CITY
015 D010712 LUXEMBOURG
015 E040712 X
015 A000713 EUROCLEAR
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015 C010713 BRUSSELS
015 D010713 BELGIUM
<PAGE> PAGE 50
015 E040713 X
015 A000714 MERITA BANK PLC
015 B000714 S
015 C010714 HELSINKI
015 D010714 FINLAND
015 E040714 X
015 A000715 BANQUE PARIBAS
015 B000715 S
015 C010715 PARIS
015 D010715 FRANCE
015 E040715 X
015 A000716 DRESDNER BANK AG
015 B000716 S
015 C010716 FRANKFURT
015 D010716 GERMANY
015 E040716 X
015 A000717 PARIBAS
015 B000717 S
015 C010717 ATHENS
015 D010717 GREECE
015 E040717 X
015 A000718 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000718 S
015 C010718 HONG KONG
015 D010718 CHINA
015 E040718 X
015 A000719 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000719 S
015 C010719 JAKARTA
015 D010719 INDONESIA
015 E040719 X
015 A000720 ALLIED IRISH BANKS, PLC
015 B000720 S
015 C010720 DUBLIN
015 D010720 IRELAND
015 E040720 X
015 A000721 BANCA COMMERCIALE ITALIANA
015 B000721 S
015 C010721 MILAN
015 D010721 ITALY
015 E040721 X
015 A000722 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B000722 S
015 C010722 ABIDJAN
015 D010722 IVORY COAST
015 E040722 X
015 A000723 BANK OF TOKYO - MITSUBISHI LIMITED
015 B000723 S
015 C010723 TOKYO
015 D010723 JAPAN
015 E040723 X
<PAGE> PAGE 51
015 A000724 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
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015 C010724 LUXEMBOURG CITY
015 D010724 LUXEMBOURG
015 E040724 X
015 A000725 HSBC BANK MALAYSIA BERHAD
015 B000725 S
015 C010725 KUALA LUMPUR
015 D010725 MALAYSIA
015 E040725 X
015 A000726 HONKKONG & SHANGHAI BANKING CORP. LTD.
015 B000726 S
015 C010726 CUREPIPE
015 D010726 MAURITIUS
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015 A000727 BANCO NACIONAL DE MEXICO S.A.(BANAMEX)
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015 D010727 MEXICO
015 E040727 X
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015 C010728 CASABLANCA
015 D010728 MOROCCO
015 E040728 X
015 A000729 MEES PIERSON N.V.
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015 D010729 NETHERLANDS
015 E040729 X
015 A000730 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
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015 C010730 WELLINGTON
015 D010730 NEW ZEALAND
015 E040730 X
015 A000731 DEN NORSKE BANK AS
015 B000731 S
015 C010731 OSLO
015 D010731 NORWAY
015 E040731 X
015 A000732 CITIBANK, N.A
015 B000732 S
015 C010732 LIMA
015 D010732 PERU
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015 A000733 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000733 S
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<PAGE> PAGE 52
015 B000734 S
015 C010734 LISBON
015 D010734 PORTUGAL
015 E040734 X
015 A000735 UNITED OVERSEAS BANK LTD.
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015 D010735 SINGAPORE
015 E040735 X
015 A000736 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000736 S
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015 D010736 SOUTH AFRICA
015 E040736 X
015 A000737 BANCO BILBAO VIZCAYA
015 B000737 S
015 C010737 MADRID
015 D010737 SPAIN
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015 A000738 SKANDINAVISKA ENSKILDA BANKEN
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015 D010738 SWEDEN
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015 D010739 SWITZERLAND
015 E040739 X
015 A000740 STANDARD CHARTERED BANK
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015 C010740 BANGKOK
015 D010740 THAILAND
015 E040740 X
015 A000741 OSMANLI BANKASI A.S. (OTTOMAN BANK)
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015 D010741 TURKEY
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015 A000742 BANK OF NEW YORK
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015 D010742 UNITED KINGDOM
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015 D010743 URUGUAY
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<PAGE> PAGE 53
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025 A000703 DELETE
025 D000703 0
025 A000704 DELETE
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025 A000705 DELETE
025 D000705 0
025 A000706 DELETE
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<PAGE> PAGE 54
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032 000700 60
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042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
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044 000700 22
045 000700 Y
046 000700 N
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048 A010700 500000
048 A020700 0.425
048 B010700 500000
<PAGE> PAGE 55
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051 000700 N
052 000700 N
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054 B000700 Y
054 C000700 Y
054 D000700 Y
054 E000700 Y
054 F000700 Y
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 Y
054 L000700 Y
054 M000700 Y
054 N000700 Y
054 O000700 Y
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 1000
062 A000700 Y
<PAGE> PAGE 56
062 B000700 0.0
062 C000700 0.0
062 D000700 5.9
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 5.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 55.6
062 O000700 0.0
062 P000700 59.4
062 Q000700 4.9
062 R000700 0.0
063 A000700 0
063 B000700 17.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
<PAGE> PAGE 57
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 Y
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 33500
071 B000700 40997
071 C000700 34758
071 D000700 96
072 A000700 12
072 B000700 2292
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 143
072 G000700 67
072 H000700 0
072 I000700 5
072 J000700 1
072 K000700 1
072 L000700 1
072 M000700 0
072 N000700 17
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 3
072 S000700 7
072 T000700 16
072 U000700 59
072 V000700 0
072 W000700 7
072 X000700 327
072 Y000700 227
072 Z000700 2192
072AA000700 198
072BB000700 1867
072CC010700 0
072CC020700 906
072DD010700 403
072DD020700 1805
072EE000700 182
073 A010700 0.6300
073 A020700 0.6600
073 B000700 0.0500
<PAGE> PAGE 58
073 C000700 0.0000
074 A000700 0
074 B000700 1171
074 C000700 1010
074 D000700 23939
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 289
074 M000700 0
074 N000700 26409
074 O000700 6317
074 P000700 41
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 83
074 S000700 0
074 T000700 19968
074 U010700 819
074 U020700 1257
074 V010700 9.61
074 V020700 9.62
074 W000700 0.0000
074 X000700 381
074 Y000700 9407
075 A000700 0
075 B000700 33610
076 000700 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN I
TS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 428,834,542
<INVESTMENTS-AT-VALUE> 475,793,456
<RECEIVABLES> 5,020,002
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 480,813,458
<PAYABLE-FOR-SECURITIES> 2,595,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,404,106
<TOTAL-LIABILITIES> 9,999,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 393,583,167
<SHARES-COMMON-STOCK> 20,100,534
<SHARES-COMMON-PRIOR> 21,485,042
<ACCUMULATED-NII-CURRENT> 42,323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,229,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,958,914
<NET-ASSETS> 470,813,824
<DIVIDEND-INCOME> 18,251,944
<INTEREST-INCOME> 1,752,313
<OTHER-INCOME> 0
<EXPENSES-NET> (5,475,954)
<NET-INVESTMENT-INCOME> 14,528,303
<REALIZED-GAINS-CURRENT> 30,161,732
<APPREC-INCREASE-CURRENT> (20,510,599)
<NET-CHANGE-FROM-OPS> 24,179,436
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,960,968)
<DISTRIBUTIONS-OF-GAINS> (23,373,432)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,788,113
<NUMBER-OF-SHARES-REDEEMED> (8,820,547)
<SHARES-REINVESTED> 1,647,926
<NET-CHANGE-IN-ASSETS> (38,492,301)
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,549,864)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,475,954)
<AVERAGE-NET-ASSETS> 514,655,937
<PER-SHARE-NAV-BEGIN> 19.930
<PER-SHARE-NII> .580
<PER-SHARE-GAIN-APPREC> .360
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> (1.070)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.200
<EXPENSE-RATIO> .940
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN I
TS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR<F1>
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 428,834,542
<INVESTMENTS-AT-VALUE> 475,793,456
<RECEIVABLES> 5,020,002
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 480,813,458
<PAYABLE-FOR-SECURITIES> 2,595,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,404,106
<TOTAL-LIABILITIES> 9,999,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 393,583,167
<SHARES-COMMON-STOCK> 130,099
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 42,323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,229,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,958,914
<NET-ASSETS> 470,813,824
<DIVIDEND-INCOME> 18,251,944
<INTEREST-INCOME> 1,752,313
<OTHER-INCOME> 0
<EXPENSES-NET> (5,475,954)
<NET-INVESTMENT-INCOME> 14,528,303
<REALIZED-GAINS-CURRENT> 30,161,732
<APPREC-INCREASE-CURRENT> (20,510,599)
<NET-CHANGE-FROM-OPS> 24,179,436
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24,744)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 143,757
<NUMBER-OF-SHARES-REDEEMED> (14,801)
<SHARES-REINVESTED> 1,143
<NET-CHANGE-IN-ASSETS> (38,492,301)
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,549,864)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,475,954)
<AVERAGE-NET-ASSETS> 514,655,937
<PER-SHARE-NAV-BEGIN> 19.370
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> (.160)
<PER-SHARE-DIVIDEND> (.380)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.160
<EXPENSE-RATIO> 1.690<F2>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999.
<F2>ANNUALIZED
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN I
TS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 428,834,542
<INVESTMENTS-AT-VALUE> 475,793,456
<RECEIVABLES> 5,020,002
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 480,813,458
<PAYABLE-FOR-SECURITIES> 2,595,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,404,106
<TOTAL-LIABILITIES> 9,999,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 393,583,167
<SHARES-COMMON-STOCK> 4,302,172
<SHARES-COMMON-PRIOR> 4,078,328
<ACCUMULATED-NII-CURRENT> 42,323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,229,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,958,914
<NET-ASSETS> 470,813,824
<DIVIDEND-INCOME> 18,251,944
<INTEREST-INCOME> 1,752,313
<OTHER-INCOME> 0
<EXPENSES-NET> (5,475,954)
<NET-INVESTMENT-INCOME> 14,528,303
<REALIZED-GAINS-CURRENT> 30,161,732
<APPREC-INCREASE-CURRENT> (20,510,599)
<NET-CHANGE-FROM-OPS> 24,179,436
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,000,705)
<DISTRIBUTIONS-OF-GAINS> (4,503,651)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,374,494
<NUMBER-OF-SHARES-REDEEMED> (1,460,904)
<SHARES-REINVESTED> 310,254
<NET-CHANGE-IN-ASSETS> (38,492,301)
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,549,864)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,475,954)
<AVERAGE-NET-ASSETS> 514,655,937
<PER-SHARE-NAV-BEGIN> 19.880
<PER-SHARE-NII> .430
<PER-SHARE-GAIN-APPREC> .360
<PER-SHARE-DIVIDEND> (.460)
<PER-SHARE-DISTRIBUTIONS> (1.070)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.140
<EXPENSE-RATIO> 1.690
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN I
TS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 20,228,208
<INVESTMENTS-AT-VALUE> 20,374,494
<RECEIVABLES> 21,786
<ASSETS-OTHER> 38,325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,434,605
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,264
<TOTAL-LIABILITIES> 103,264
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,146,578
<SHARES-COMMON-STOCK> 2,040,596
<SHARES-COMMON-PRIOR> 2,903,576
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (961,523)
<ACCUM-APPREC-OR-DEPREC> 146,286
<NET-ASSETS> 20,331,341
<DIVIDEND-INCOME> 707,959
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (82,716)
<NET-INVESTMENT-INCOME> 625,243
<REALIZED-GAINS-CURRENT> (28,105)
<APPREC-INCREASE-CURRENT> 65,155
<NET-CHANGE-FROM-OPS> 662,293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (625,243)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 381,081
<NUMBER-OF-SHARES-REDEEMED> (1,289,159)
<SHARES-REINVESTED> 45,098
<NET-CHANGE-IN-ASSETS> (8,561,039)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (933,420)
<GROSS-ADVISORY-FEES> (13,177)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (82,716)
<AVERAGE-NET-ASSETS> 25,660,972
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> .240<F2>
<PER-SHARE-GAIN-APPREC> .010<F2>
<PER-SHARE-DIVIDEND> (.240)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.960<F3>
<EXPENSE-RATIO> .630<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING
<F3>FRANKLIN ADJUSTABLE RATE SECURITIES FUND MERGED INTO FRANKLIN
SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND ON MAY 6, 1999
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVT SECURITIES FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 177,240,135
<INVESTMENTS-AT-VALUE> 175,390,960
<RECEIVABLES> 4,042,173
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179,433,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,952,221
<TOTAL-LIABILITIES> 1,952,221
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,417,323
<SHARES-COMMON-STOCK> 17,427,057
<SHARES-COMMON-PRIOR> 21,430,138
<ACCUMULATED-NII-CURRENT> 587,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,675,077)
<ACCUM-APPREC-OR-DEPREC> (1,849,175)
<NET-ASSETS> 177,480,912
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,048,699
<OTHER-INCOME> 0
<EXPENSES-NET> (1,594,059)
<NET-INVESTMENT-INCOME> 10,454,640
<REALIZED-GAINS-CURRENT> (21,004)
<APPREC-INCREASE-CURRENT> (7,765,879)
<NET-CHANGE-FROM-OPS> 2,667,757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,778,284)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,503,498
<NUMBER-OF-SHARES-REDEEMED> (39,156,441)
<SHARES-REINVESTED> 649,862
<NET-CHANGE-IN-ASSETS> (50,295,347)
<ACCUMULATED-NII-PRIOR> 11,371
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,654,073)
<GROSS-ADVISORY-FEES> (1,128,453)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,594,059)
<AVERAGE-NET-ASSETS> 201,701,334
<PER-SHARE-NAV-BEGIN> 10.460
<PER-SHARE-NII> .530
<PER-SHARE-GAIN-APPREC> (.380)
<PER-SHARE-DIVIDEND> (.500)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.110
<EXPENSE-RATIO> .790
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVT SECURITIES FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 177,240,135
<INVESTMENTS-AT-VALUE> 175,390,960
<RECEIVABLES> 4,042,173
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179,433,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,952,221
<TOTAL-LIABILITIES> 1,952,221
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,417,323
<SHARES-COMMON-STOCK> 135,439
<SHARES-COMMON-PRIOR> 348,555
<ACCUMULATED-NII-CURRENT> 587,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,675,077)
<ACCUM-APPREC-OR-DEPREC> (1,849,175)
<NET-ASSETS> 177,480,912
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,048,699
<OTHER-INCOME> 0
<EXPENSES-NET> (1,594,059)
<NET-INVESTMENT-INCOME> 10,454,640
<REALIZED-GAINS-CURRENT> (21,004)
<APPREC-INCREASE-CURRENT> (7,765,879)
<NET-CHANGE-FROM-OPS> 2,667,757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (99,886)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109,306
<NUMBER-OF-SHARES-REDEEMED> (328,548)
<SHARES-REINVESTED> 6,126
<NET-CHANGE-IN-ASSETS> (50,295,347)
<ACCUMULATED-NII-PRIOR> 11,371
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,654,073)
<GROSS-ADVISORY-FEES> (1,128,453)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,594,059)
<AVERAGE-NET-ASSETS> 201,701,334
<PER-SHARE-NAV-BEGIN> 10.450
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> (.380)
<PER-SHARE-DIVIDEND> (.510)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.100
<EXPENSE-RATIO> .690
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 163,279,380
<INVESTMENTS-AT-VALUE> 159,063,273
<RECEIVABLES> 8,959,071
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,022,344
<PAYABLE-FOR-SECURITIES> 8,205,359
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 761,363
<TOTAL-LIABILITIES> 8,966,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,900,269
<SHARES-COMMON-STOCK> 10,185,182
<SHARES-COMMON-PRIOR> 14,519,796
<ACCUMULATED-NII-CURRENT> 274,624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,903,164)
<ACCUM-APPREC-OR-DEPREC> (4,216,107)
<NET-ASSETS> 159,055,622
<DIVIDEND-INCOME> 5,705,402
<INTEREST-INCOME> 5,183,674
<OTHER-INCOME> 0
<EXPENSES-NET> (2,180,050)
<NET-INVESTMENT-INCOME> 8,709,026
<REALIZED-GAINS-CURRENT> 4,749,408
<APPREC-INCREASE-CURRENT> 11,188,287
<NET-CHANGE-FROM-OPS> 24,646,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,743,319)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,068,275
<NUMBER-OF-SHARES-REDEEMED> (6,878,148)
<SHARES-REINVESTED> 475,259
<NET-CHANGE-IN-ASSETS> (53,046,156)
<ACCUMULATED-NII-PRIOR> 916,488
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,652,572)
<GROSS-ADVISORY-FEES> (1,026,060)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,180,050)
<AVERAGE-NET-ASSETS> 182,420,241
<PER-SHARE-NAV-BEGIN> 11.750
<PER-SHARE-NII> .610
<PER-SHARE-GAIN-APPREC> 1.030
<PER-SHARE-DIVIDEND> (.640)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.750
<EXPENSE-RATIO> 1.050
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 163,279,380
<INVESTMENTS-AT-VALUE> 159,063,273
<RECEIVABLES> 8,959,071
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,022,344
<PAYABLE-FOR-SECURITIES> 8,205,359
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 761,363
<TOTAL-LIABILITIES> 8,966,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,900,269
<SHARES-COMMON-STOCK> 2,294,597
<SHARES-COMMON-PRIOR> 3,549,740
<ACCUMULATED-NII-CURRENT> 274,624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,903,164)
<ACCUM-APPREC-OR-DEPREC> (4,216,107)
<NET-ASSETS> 159,055,622
<DIVIDEND-INCOME> 5,705,402
<INTEREST-INCOME> 5,183,674
<OTHER-INCOME> 0
<EXPENSES-NET> (2,180,050)
<NET-INVESTMENT-INCOME> 8,709,026
<REALIZED-GAINS-CURRENT> 4,749,408
<APPREC-INCREASE-CURRENT> 11,188,287
<NET-CHANGE-FROM-OPS> 24,646,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,607,571)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 311,908
<NUMBER-OF-SHARES-REDEEMED> (1,667,505)
<SHARES-REINVESTED> 100,454
<NET-CHANGE-IN-ASSETS> (53,046,156)
<ACCUMULATED-NII-PRIOR> 916,488
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,652,572)
<GROSS-ADVISORY-FEES> (1,026,060)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,180,050)
<AVERAGE-NET-ASSETS> 182,420,241
<PER-SHARE-NAV-BEGIN> 11.700
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> 1.040
<PER-SHARE-DIVIDEND> (.550)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.700
<EXPENSE-RATIO> 1.800
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 303,408,647
<INVESTMENTS-AT-VALUE> 281,895,440
<RECEIVABLES> 2,407,649
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284,303,089
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,618,258
<TOTAL-LIABILITIES> 1,618,258
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 392,006,346
<SHARES-COMMON-STOCK> 30,388,597
<SHARES-COMMON-PRIOR> 31,854,776
<ACCUMULATED-NII-CURRENT> 731,603
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (88,539,911)
<ACCUM-APPREC-OR-DEPREC> (21,513,207)
<NET-ASSETS> 282,684,831
<DIVIDEND-INCOME> 15,264,173
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,510,309)
<NET-INVESTMENT-INCOME> 13,753,864
<REALIZED-GAINS-CURRENT> (2,239,106)
<APPREC-INCREASE-CURRENT> 168,036
<NET-CHANGE-FROM-OPS> 11,682,794
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,725,049)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,729,507<F2>
<NUMBER-OF-SHARES-REDEEMED> (29,098,204)
<SHARES-REINVESTED> 902,518
<NET-CHANGE-IN-ASSETS> (15,612,760)
<ACCUMULATED-NII-PRIOR> 687,275
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (85,478,611)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,510,309)
<AVERAGE-NET-ASSETS> 286,699,213
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> .450
<PER-SHARE-GAIN-APPREC> (.060)
<PER-SHARE-DIVIDEND> (.450)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.300
<EXPENSE-RATIO> .960<F1>
<FN>
<F1>The expense ratio includes the fund's share of the portfolio's
allocated expenses.
<F2>On May 6, 1999, the Fund acquired the net assets of Franklin
Adjustable Rate Securities Fund (2,176,537 Class A Shares).
The acquired shares are included in the number of shares sold.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GLOBAL GOVERNMENT INCOME FUND OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 100913027
<INVESTMENTS-AT-VALUE> 86321527
<RECEIVABLES> 4461606
<ASSETS-OTHER> 759
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90783892
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 341183
<TOTAL-LIABILITIES> 341183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105067382
<SHARES-COMMON-STOCK> 11008015
<SHARES-COMMON-PRIOR> 13436494
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (764)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17794)
<ACCUM-APPREC-OR-DEPREC> (14606115)
<NET-ASSETS> 90442709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8933193
<OTHER-INCOME> 0
<EXPENSES-NET> (1117426)
<NET-INVESTMENT-INCOME> 7815767
<REALIZED-GAINS-CURRENT> 2292674
<APPREC-INCREASE-CURRENT> (9301008)
<NET-CHANGE-FROM-OPS> 807433
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7040581)
<DISTRIBUTIONS-OF-GAINS> (221141)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3229144
<NUMBER-OF-SHARES-REDEEMED> (6184889)
<SHARES-REINVESTED> 527266
<NET-CHANGE-IN-ASSETS> (26972983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792503)
<OVERDIST-NET-GAINS-PRIOR> (1961405)
<GROSS-ADVISORY-FEES> (639062)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1117426)
<AVERAGE-NET-ASSETS> 102812324
<PER-SHARE-NAV-BEGIN> 8.250
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.580)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.720
<EXPENSE-RATIO> 1.060
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GLOBAL GOVERNMENT INCOME FUND OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 100913027
<INVESTMENTS-AT-VALUE> 86321527
<RECEIVABLES> 4461606
<ASSETS-OTHER> 759
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90783892
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 341183
<TOTAL-LIABILITIES> 341183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105067382
<SHARES-COMMON-STOCK> 613689
<SHARES-COMMON-PRIOR> 691521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (764)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17794)
<ACCUM-APPREC-OR-DEPREC> (14606115)
<NET-ASSETS> 90442709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8933193
<OTHER-INCOME> 0
<EXPENSES-NET> (1117426)
<NET-INVESTMENT-INCOME> 7815767
<REALIZED-GAINS-CURRENT> 2292674
<APPREC-INCREASE-CURRENT> (9301008)
<NET-CHANGE-FROM-OPS> 807433
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (358541)
<DISTRIBUTIONS-OF-GAINS> (12401)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131666
<NUMBER-OF-SHARES-REDEEMED> (239250)
<SHARES-REINVESTED> 29752
<NET-CHANGE-IN-ASSETS> (26972983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792503)
<OVERDIST-NET-GAINS-PRIOR> (1961405)
<GROSS-ADVISORY-FEES> (639062)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1117426)
<AVERAGE-NET-ASSETS> 102812324
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.540)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.730
<EXPENSE-RATIO> 1.590
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GLOBAL GOVERNMENT INCOME FUND OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 053
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 100913027
<INVESTMENTS-AT-VALUE> 86321527
<RECEIVABLES> 4461606
<ASSETS-OTHER> 759
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90783892
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 341183
<TOTAL-LIABILITIES> 341183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105067382
<SHARES-COMMON-STOCK> 89885
<SHARES-COMMON-PRIOR> 100477
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (764)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17794)
<ACCUM-APPREC-OR-DEPREC> (14606115)
<NET-ASSETS> 90442709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8933193
<OTHER-INCOME> 0
<EXPENSES-NET> (1117426)
<NET-INVESTMENT-INCOME> 7815767
<REALIZED-GAINS-CURRENT> 2292674
<APPREC-INCREASE-CURRENT> (9301008)
<NET-CHANGE-FROM-OPS> 807433
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (56550)
<DISTRIBUTIONS-OF-GAINS> (1793)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18974
<NUMBER-OF-SHARES-REDEEMED> (36633)
<SHARES-REINVESTED> 7067
<NET-CHANGE-IN-ASSETS> (26972983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792503)
<OVERDIST-NET-GAINS-PRIOR> (1961405)
<GROSS-ADVISORY-FEES> (639062)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1117426)
<AVERAGE-NET-ASSETS> 102812324
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.590)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.730
<EXPENSE-RATIO> .940
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN BOND FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 26,725,289
<INVESTMENTS-AT-VALUE> 26,119,982
<RECEIVABLES> 288,976
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,408,958
<PAYABLE-FOR-SECURITIES> 6,317,113
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,416
<TOTAL-LIABILITIES> 6,440,529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,038,372
<SHARES-COMMON-STOCK> 818,697
<SHARES-COMMON-PRIOR> 408,284
<ACCUMULATED-NII-CURRENT> 206,188
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,675,605)
<ACCUM-APPREC-OR-DEPREC> (600,526)
<NET-ASSETS> 19,968,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,292,191
<OTHER-INCOME> 0
<EXPENSES-NET> (100,478)
<NET-INVESTMENT-INCOME> 2,191,713
<REALIZED-GAINS-CURRENT> (1,669,242)
<APPREC-INCREASE-CURRENT> (906,443)
<NET-CHANGE-FROM-OPS> (383,972)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (403,205)
<DISTRIBUTIONS-OF-GAINS> (23,840)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 619,183
<NUMBER-OF-SHARES-REDEEMED> (228,647)
<SHARES-REINVESTED> 19,877
<NET-CHANGE-IN-ASSETS> (15,852,157)
<ACCUMULATED-NII-PRIOR> 172,883
<ACCUMULATED-GAINS-PRIOR> 175,522
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (142,878)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (327,104)
<AVERAGE-NET-ASSETS> 33,610,418
<PER-SHARE-NAV-BEGIN> 10.370
<PER-SHARE-NII> .630
<PER-SHARE-GAIN-APPREC> (.710)
<PER-SHARE-DIVIDEND> (.630)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.610
<EXPENSE-RATIO> .500<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE
IS 1.18%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 073
<NAME> FRANKLIN BOND FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 26,725,289
<INVESTMENTS-AT-VALUE> 26,119,982
<RECEIVABLES> 288,976
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,408,958
<PAYABLE-FOR-SECURITIES> 6,317,113
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,416
<TOTAL-LIABILITIES> 6,440,529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,038,372
<SHARES-COMMON-STOCK> 1,257,399
<SHARES-COMMON-PRIOR> 3,043,142
<ACCUMULATED-NII-CURRENT> 206,188
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,675,605)
<ACCUM-APPREC-OR-DEPREC> (600,526)
<NET-ASSETS> 19,968,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,292,191
<OTHER-INCOME> 0
<EXPENSES-NET> (100,478)
<NET-INVESTMENT-INCOME> 2,191,713
<REALIZED-GAINS-CURRENT> (1,669,242)
<APPREC-INCREASE-CURRENT> (906,443)
<NET-CHANGE-FROM-OPS> (383,972)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,804,997)
<DISTRIBUTIONS-OF-GAINS> (158,045)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 749,605
<NUMBER-OF-SHARES-REDEEMED> (2,713,667)
<SHARES-REINVESTED> 178,319
<NET-CHANGE-IN-ASSETS> (15,852,157)
<ACCUMULATED-NII-PRIOR> 172,883
<ACCUMULATED-GAINS-PRIOR> 175,522
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (142,878)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (327,104)
<AVERAGE-NET-ASSETS> 33,610,418
<PER-SHARE-NAV-BEGIN> 10.380
<PER-SHARE-NII> .660
<PER-SHARE-GAIN-APPREC> (.710)
<PER-SHARE-DIVIDEND> (.660)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.620
<EXPENSE-RATIO> .250<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE
IS .93%.
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Franklin Investors Securities Trust
In planning and performing our audit of the financial
statements of Franklin Investors Securities Trust for the
year ended October 31, 1999, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Franklin Investors Securities Trust is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of any specific internal control component does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use
of management and Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
December 6, 1999
wpdoc2/nsar/1999/138-77m-1999.doc
11/16/99
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4986
EXHIBIT - Item 77M: Mergers
Pursuant to a Plan of Reorganization made by the Registrant on
behalf its series Franklin Adjustable Rate Securities Fund
("Adjustable Rate Fund") and Franklin Adjustable U.S. Government
Securities Fund ("Adjustable U.S. Fund"), the Adjustable U.S.
Fund series of the Registrant acquired all of the assets the
Adjustable Rate Fund series of the Registrant on May 6, 1999, in
exchange solely for shares of beneficial interest of the
Adjustable U.S. Fund and the distribution, pursuant to the Plan
of Reorganization, of Adjustable U.S. Fund shares of beneficial
interest to the shareholders of Adjustable Rate Fund.
