FRANKLIN INVESTORS SECURITIES TRUST
497, 1996-06-18
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                         SUPPLEMENT DATED JUNE 18, 1996
                              TO THE PROSPECTUS OF
                FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
                       FRANKLIN INVESTORS SECURITIES TRUST
                               DATED MARCH 1, 1996



"How Does the Fund Invest Its Assets?" is modified by deleting the discussion
about stripped mortgage securities included on page 9 of the prospectus.



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