138stks

                         SUPPLEMENT DATED JUNE 18, 1996
                               TO THE STATEMENT OF
                             ADDITIONAL INFORMATION
                               FRANKLIN INVESTORS
                                SECURITIES TRUST
               FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
                    FRANKLIN ADJUSTABLE RATE SECURITIES FUND
                               DATED MARCH 1, 1996



The discussion on inverse floaters and super floaters in the section entitled
"How Does Each Fund Invest Its Assets?" is modified by replacing the reference
to "Portfolios" with "Securities Portfolio".



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