TO BE DELIVERED TO RESIDENTS OF THE STATE OF OHIO
OH92


                          SUPPLEMENT TO THE PROSPECTUS
                                     OF THE
                              FRANKLIN REAL ESTATE
                                 SECURITIES FUND
                      FRANKLIN REAL ESTATE SECURITIES TRUST

As required by the Ohio Division of Securities, the information in the attached
prospectus is augmented as follows:

The Franklin Real Estate Securities Fund ("Fund"), as a non-diversified open-end
management investment company, is not restricted by federal law as to the
percentage of its assets that may be invested in the outstanding voting
securities on any one issuer. In compliance with Ohio law, however, the Fund may
not invest more than forty-nine percent in the voting securities of any one
issuer.


REV 496



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