<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 2000 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 268,592,809
<INVESTMENTS-AT-VALUE> 247,775,911
<RECEIVABLES> 1,133,156
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248,909,067
<PAYABLE-FOR-SECURITIES> 831,386
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,541,401
<TOTAL-LIABILITIES> 3,372,787
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 355,578,733
<SHARES-COMMON-STOCK> 26,458,203
<SHARES-COMMON-PRIOR> 30,388,597
<ACCUMULATED-NII-CURRENT> 888,047
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (90,113,602)
<ACCUM-APPREC-OR-DEPREC> (20,816,898)
<NET-ASSETS> 245,536,280
<DIVIDEND-INCOME> 7,523,309
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (708,189)
<NET-INVESTMENT-INCOME> 6,815,120
<REALIZED-GAINS-CURRENT> (1,573,691)
<APPREC-INCREASE-CURRENT> 696,309
<NET-CHANGE-FROM-OPS> 5,937,738
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,658,676)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,234,442
<NUMBER-OF-SHARES-REDEEMED> (14,605,565)
<SHARES-REINVESTED> 440,729
<NET-CHANGE-IN-ASSETS> (37,148,551)
<ACCUMULATED-NII-PRIOR> 731,603
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (88,539,911)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (708,189)
<AVERAGE-NET-ASSETS> 263,645,651
<PER-SHARE-NAV-BEGIN> 9.300
<PER-SHARE-NII> .240<F2>
<PER-SHARE-GAIN-APPREC> (.030)
<PER-SHARE-DIVIDEND> (.230)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.280
<EXPENSE-RATIO> .980<F1><F3>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING
<F3>INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S ALLOCATED EXPENSES
</FN>
</TABLE>
