FRANKLIN TEMPLETON INVESTMENTS
                              ONE FRANKLIN PARKWAY
                            SAN MATEO, CA 94403-1906

                                  July 24, 2009

VIA EDGAR TRANSMISSION
Filing Desk
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549

                  Re:  FRANKLIN INVESTORS SECURITIES TRUST
                       FILE NOS. 033-11444 AND 811-04986

Ladies and Gentlemen:

     In connection with the registration by Franklin Investors  Securities Trust
(the  "Registrant"),  an  investment  company  registered  under the  Investment
Company Act of 1940, as amended, of an indefinite number of its securities under
the  Securities  Act of 1933 (the  "1933  Act"),  we are  transmitting  herewith
Pre-Effective   Amendment  Number  1  (the   "Amendment")  to  the  Registrant's
registration  statement on Form N-14,  including  exhibits,  originally filed on
June 19, 2009 (the  "Registration  Statement").  The Amendment is being filed to
revise  the  Registration  Statement  per  comments  from the  staff of the U.S.
Securities and Exchange  Commission  ("Commission"),  to include the required 5%
shareholder  information as of the  reorganization  record date, July, 10, 2009,
and to make certain other non-material changes.

     Pursuant to the  requirements  of Rule 461 of the 1933 Act, the undersigned
officers of the  Registrant  and  Franklin  Templeton  Distributors,  Inc.,  the
principal   underwriter  of  the  Registrant,   respectfully  request  that  the
effectiveness of the Amendment be accelerated to Monday, July 27, 2009.

     In  connection   with  this  request  for   acceleration,   the  Registrant
acknowledges  that:  (i) the  Registrant  is  responsible  for the  adequacy and
accuracy  of  the  disclosure  in  the  Registrant's  filing;  (ii)  should  the
Commission or the staff,  acting  pursuant to delegated  authority,  declare the
filing  effective,  it does not foreclose the Commission  from taking any action
with  respect to the filing;  (iii) the action of the  Commission  or the staff,
acting pursuant to delegated authority, in declaring the filing effective,  does
not relieve the  Registrant  from its full  responsibility  for the adequacy and
accuracy of the disclosure in the filing; and (iv) the Registrant may not assert
this action as a defense in any proceeding initiated by the Commission under the
federal securities laws of the United States.

     Thank you for your prompt attention to the Amendment and to the request for
acceleration  of the  effective  date of the  Amendment.  Questions and comments
concerning  this filing may be directed to Matthew DiClemente at (215) 564-8173
or, in his absence, to Kristin H. Ives, Esq. at (215) 564-8037.


Sincerely yours,



/s/ David P. Goss                         /s/ Steven J. Gray
Vice President                            Vice President and Assistant Secretary
Franklin Investors Securities Trust       Franklin/Templeton Distributors, Inc.



cc: Matthew R. DiClemente, Esq.
    Kristin H. Ives, Esq.
    Navid Tofigh