Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Investor Securities
Trust and Shareholders of Franklin Adjustable U.S.
Government Securities Fund, Franklin Convertible Securities Fund,
Franklin Equity Income Fund, Franklin Floating Rate Daily Access
Fund, Franklin Low Duration Total Return Fund, Franklin Managed
Income Fund,Franklin Real Return Fund and Franklin Total Return Fund.

In planning and performing our audits of the financial statements

 of Franklin Adjustable U.S. Government Securities Fund, Franklin
 Convertible Securities Fund, Franklin Equity Income Fund, Franklin
 Floating Rate Daily Access Fund, Franklin Low Duration Total
 Return Fund, Franklin Managed Income Fund, Franklin Real Return
 Fund and Franklin Total Return Fund (the "Funds") as of and
for the year ended October 31, 2019, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds' internal
 control over financial reporting, including controls over
 safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our o
pinion on the financial statements and to comply with the
 requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting.  Accordingly,
we do not express an opinion on the effectiveness of the
Funds' internal control over financial reporting.

The management of the Funds is responsible for establishing
 and maintaining effective internal control over financial
 reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
 benefits and related costs of controls. A company's internal
 control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted
accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain
 to the maintenance of records that, in reasonable detail, accurately
 and fairly reflect the transactions and dispositions of the assets
 of the company; (2) provide reasonable assurance that transactions
 are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
 principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations
 of management and directors of the company; and (3) provide
 reasonable assurance regarding prevention or timely detection
 of unauthorized acquisition, use or disposition of a
company's assets that could have a material effect on the
 financial statements.

Because of its inherent limitations, internal control over
 financial reporting may not prevent or detect misstatements.
 Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may
 become inadequate because of changes in conditions, or
 that the degree of compliance with the policies or
 procedures may deteriorate.

A deficiency in internal control over financial reporting
 exists when the design or operation of a control does not
 allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
 misstatements on a timely basis. A material weakness is
 a deficiency, or a combination of deficiencies, in internal
 control over financial reporting, such that there is a
 reasonable possibility that a material misstatement of the
 company's annual or interim financial statements will not be
 prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial
 reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control over financial reporting that might be
material weaknesses under standards established by the PCAOB.

However, we noted no deficiencies in the Funds' internal
control over financial reporting and its operation,
 including controls over safeguarding securities,
that we consider to be a material weakness as defined
above as of October 31, 2019.


This report is intended solely for the information and
 use of the Board of Trustees of Franklin Investors Securities
 Trust and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.



/s/PricewaterhouseCoopers LLP
San Francisco, California
December 17, 2019