AMENDMENT TO ADMINISTRATION AGREEMENT
This Amendment dated as of August 1, 1995, is to the Administration
Agreement dated December 26, 1991, by and between FRANKLIN INVESTORS SECURITIES
TRUST, a Massachusetts business trust (the "Trust"), on behalf of FRANKLIN
ADJUSTABLE RATE SECURITIES FUND (the "Fund"), a series of the Trust, and
FRANKLIN ADVISERS, INC., a California corporation, (the "Administrator"). The
undersigned parties, intending to be legally bound, hereby agree as follows:
(1) Paragraph 4 is amended to include section C:
C. The Administrator may waive all or a portion of its fees
provided for hereunder and such waiver shall be treated as a reduction in
purchase price of its services. The Administrator shall be contractually bound
hereunder by the terms of any publicly announced waiver of its fee, or any
limitation of the Fund's expenses, as if such waiver or limitation were full set
forth herein.
(2) All other provisions of the Administration Agreement dated December
26, 1991, remain in full force and effect.
IN WITNESS WHEREOF, we have signed this Amendment as of the date and
year first above written.
FRANKLIN INVESTORS SECURITIES TRUST
On behalf of Franklin Adjustable Rate
Securities Fund
By /s/ Xxxxxxx X. Xxxxxx
XXXXXXXX ADVISERS, INC.
By /s/ Xxxxxx X. Xxxxx
