o FIST1 P-PA1
SUPPLEMENT DATED MAY 19, 1999
TO THE PROSPECTUSES OF
FRANKLIN INVESTORS SECURITIES TRUST
(FIST1 P - Franklin Convertible Securities Fund, Franklin Equity Income Fund,
Franklin Global Government Income Fund and Franklin Short-Intermediate U.S.
Government Securities Fund)
(FIST1 PA - Franklin Global Government Income Fund - Advisor Class and
Franklin Short-Intermediate U.S. Government Securities Fund - Advisor Class)
dated March 1, 1999
On May 18, 1999, Franklin Investors Securities Trust's Board of Trustees
approved a proposal to merge the Franklin Global Government Income Fund into
Templeton Global Bond Fund, subject to shareholder approval. Templeton Income
Trust's Board of Trustees also approved the merger on behalf of Templeton
Global Bond Fund. The investment goal of Franklin Global Government Income
Fund is to provide high current income, consistent with preservation of
capital, with capital appreciation as a secondary consideration. The
investment goal of Templeton Global Bond Fund is current income with capital
appreciation and growth of income. These goals are fundamental, which means
that they may not be changed without shareholder approval. The Boards believe
this proposed merger will benefit shareholders.
It is anticipated that this summer shareholders of Franklin Global Government
Income Fund will receive a proxy and proxy statement requesting their votes
on the merger.
Franklin Global Government Income Fund will be closed to new investors after
the close of business on June 8, 1999. If you are a shareholder of record as
of the close of business on June 8, 1999, you may continue to add to your
account, subject to your applicable minimum additional investment amount, or
buy additional shares through reinvestment of dividend or capital gain
distributions until September 21, 1999. If the merger is approved by Franklin
Global Government Income Fund's shareholders on September 21, 1999, the
Franklin Global Government Income Fund will also be closed to purchases by
existing shareholders, except for the reinvestment of dividend and capital
gain distributions.
Although you may redeem your shares, please keep in mind that if you sell all
the shares in your account after June 8, 1999, your account will be closed
and you will not be allowed to buy additional shares of Franklin Global
Government Income Fund or to reopen your account in the Franklin Global
Government Income Fund. If you sell your shares in the fund, you may reinvest
some or all of the proceeds in most of the other Franklin Templeton Funds
within 365 days without an initial sales charge. The proceeds must be
reinvested within the same share class.
Please keep this supplement for future reference.
