Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q1PH

1

Statements

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

2

Franklin

Convertible

Securities

Fund

5

Franklin

Equity

Income

Fund

10

Franklin

Floating

Rate

Daily

Access

Fund

15

Franklin

Low

Duration

Total

Return

Fund

31

Franklin

Managed

Income

Fund

178

Franklin

Total

Return

Fund

187

Notes

to

Statements

of

Investments

636

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Adjustable

U.S.

Government

Securities

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

16.8%

Diversified

Financial

Services

0.1%

a

GNMA

,

2010-12

,

FD

,

FRN

,

0.706

%

,

(

1-month

USD

LIBOR

+

0.6

%

),

1/16/40

.......

$

714,831

$

724,315

Thrifts

&

Mortgage

Finance

16.7%

a

FHLMC

,

4988,

AF,

FRN,

0.449%,

(1-month

USD

LIBOR

+

0.35%),

10/15/37

.............

7,060,391

7,099,539

4891,

AF,

FRN,

0.499%,

(1-month

USD

LIBOR

+

0.4%),

7/15/42

..............

11,887,255

11,965,547

343,

F4,

FRN,

0.449%,

Strip,

(1-month

USD

LIBOR

+

0.35%),

10/15/37

.........

6,908,153

6,976,921

4915,

FE,

FRN,

0.499%,

(1-month

USD

LIBOR

+

0.4%),

2/15/38

..............

11,848,239

11,876,201

4895,

GF,

FRN,

0.499%,

(1-month

USD

LIBOR

+

0.4%),

11/15/43

.............

9,572,329

9,638,388

4197,

KF,

FRN,

0.399%,

(1-month

USD

LIBOR

+

0.3%),

9/15/37

..............

3,229,746

3,247,486

4107,

KF,

FRN,

0.489%,

(1-month

USD

LIBOR

+

0.39%),

6/15/38

.............

3,532,772

3,563,675

4215,

KF,

FRN,

0.399%,

(1-month

USD

LIBOR

+

0.3%),

2/15/40

..............

3,054,431

3,071,272

4845,

QF,

FRN,

0.406%,

(1-month

USD

LIBOR

+

0.3%),

12/15/48

.............

6,607,425

6,637,717

4730,

WF,

FRN,

0.449%,

(1-month

USD

LIBOR

+

0.35%),

8/15/38

.............

5,762,311

5,779,647

a

FNMA

,

2019-38,

AF,

FRN,

0.499%,

(1-month

USD

LIBOR

+

0.4%),

7/25/49

............

6,412,137

6,453,646

2019-59,

BF,

FRN,

0.499%,

(1-month

USD

LIBOR

+

0.4%),

10/25/49

...........

10,893,121

10,969,467

2019-38,

CF,

FRN,

0.558%,

(1-month

USD

LIBOR

+

0.45%),

7/25/49

...........

1,832,854

1,849,973

2020-54,

WF,

FRN,

0.549%,

(1-month

USD

LIBOR

+

0.45%),

8/25/50

..........

6,311,613

6,344,695

2021-36,

YF,

FRN,

0.25%,

(30-day

SOFR

Average

+

0.2%),

6/25/61

............

8,245,105

8,248,937

103,723,111

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$104,328,329)

...............

104,447,426

Mortgage-Backed

Securities

76.6%

b

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

16.4%

FHLMC,

1.595%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/35

..............

2,761,887

2,861,432

FHLMC,

1.903%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

6/01/47

..............

10,560,873

10,945,946

FHLMC,

1.921%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

5/01/45

..............

2,682,567

2,782,785

FHLMC,

1.947%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/46

..............

6,234,496

6,480,845

FHLMC,

1.991%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

10/01/43

.............

3,380,591

3,527,734

FHLMC,

2.058%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/37

..............

7,151,346

7,521,477

FHLMC,

2.058%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/43

..............

3,250,808

3,386,390

FHLMC,

2.082%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/43

..............

3,664,660

3,834,200

FHLMC,

2.084%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/46

.............

6,364,458

6,637,545

FHLMC,

2.135%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/35

..............

3,051,348

3,212,992

FHLMC,

2.143%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/40

.............

1,994,494

2,094,909

FHLMC,

2.167%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

1/01/44

..............

3,709,920

3,866,408

FHLMC,

2.234%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

6/01/37

..............

3,095,522

3,277,242

FHLMC,

2.31%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/35

.................

1,953,226

2,060,117

FHLMC,

1.6%

-

3.583%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

8/01/33

-

11/01/41

38,024,314

39,731,690

102,221,712

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

4.8%

FHLMC

Pool,

15

Year,

2%,

7/01/36

......................................

13,346,392

13,426,443

FHLMC

Pool,

15

Year,

2.5%,

3/01/35

.....................................

15,769,686

16,178,432

29,604,875

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

47.6%

FNMA,

1.686%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

12/01/34

...............

2,336,129

2,422,823

FNMA,

1.723%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

2/01/36

...............

2,449,958

2,546,356

FNMA,

1.916%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

3/01/35

...............

3,410,746

3,568,722

FNMA,

1.934%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/38

...............

13,230,566

14,011,266

FNMA,

1.955%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/34

..............

2,629,390

2,752,132

FNMA,

1.979%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

1/01/39

...............

2,502,118

2,614,085

FNMA,

1.981%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/47

...............

29,352,486

30,822,899

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

See

Abbreviations

on

page

654

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

b

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA,

1.993%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/40

...............

$

4,457,851

$

4,675,865

FNMA,

2.007%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

7/01/42

...............

4,428,972

4,655,515

FNMA,

2.017%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

4/01/44

...............

61,047,796

64,195,538

FNMA,

2.109%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

1/01/37

...............

2,072,255

2,179,499

FNMA,

2.281%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

1/01/38

.................

2,049,158

2,167,662

FNMA,

2.298%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

7,630,862

8,057,542

FNMA,

2.493%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

9/01/45

...............

6,164,457

6,398,484

FNMA,

2.958%,

(COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

8,748,857

9,391,367

FNMA,

0.865%

-

6.12%,

(1-month

USD

LIBOR

+/-

MBS

Margin),

4/01/22

-

5/01/48

..

131,924,028

135,628,726

FNMA,

2.797%

-

6.31%,

(6-month

H15BDI

+/-

MBS

Margin),

7/01/24

-

11/01/34

.....

59,300

60,494

296,148,975

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

7.7%

FNMA,

15

Year,

2%,

7/01/36

...........................................

31,854,259

32,045,320

FNMA,

15

Year,

2%,

10/01/36

..........................................

6,459,156

6,497,898

FNMA,

15

Year,

2.5%,

3/01/35

.........................................

9,174,909

9,424,093

47,967,311

b

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.1%

GNMA

II,

1.625%

-

2%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

....

366,964

376,742

376,742

Total

Mortgage-Backed

Securities

(Cost

$480,490,227)

...........................

476,319,615

Total

Long

Term

Investments

(Cost

$584,818,556)

...............................

580,767,041

a

a

a

a

a

Short

Term

Investments

5.9%

Shares

a

Money

Market

Funds

5.0%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

...................

31,173,849

31,173,849

Total

Money

Market

Funds

(Cost

$31,173,849)

..................................

31,173,849

Principal

Amount

Repurchase

Agreements

0.9%

e

Joint

Repurchase

Agreement,

0.019%,

2/01/22

(Maturity

Value

$5,524,662)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$3,892,843)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$320,540)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$1,311,279)

Collateralized

by

U.S.

Government

Agency

Securities,

3.5%

-

4%,

2/20/49

-

6/20/49

and

U.S.

Treasury

Notes,

2.13%

-

2.5%,

11/30/23

-

1/31/24

(valued

at

$5,635,304)

.

5,524,659

5,524,659

Total

Repurchase

Agreements

(Cost

$5,524,659)

................................

5,524,659

Total

Short

Term

Investments

(Cost

$36,698,508

)

................................

36,698,508

a

Total

Investments

(Cost

$621,517,064)

99.3%

...................................

$617,465,549

Other

Assets,

less

Liabilities

0.7%

.............................................

4,422,975

Net

Assets

100.0%

...........................................................

$621,888,524

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Adjustable

U.S.

Government

Securities

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

b

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

c

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

e

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Convertible

Securities

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

21.5%

Auto

Components

1.9%

Aptiv

plc,

5.5%,

A

.....................................

United

States

530,000

$

82,563,400

Capital

Markets

2.0%

KKR

&

Co.,

Inc.,

6%,

C

.................................

United

States

1,010,000

89,647,600

Electric

Utilities

4.3%

American

Electric

Power

Co.,

Inc.,

6.125%

..................

United

States

440,000

22,286,000

American

Electric

Power

Co.,

Inc.,

6.125%

..................

United

States

600,000

31,848,000

NextEra

Energy,

Inc.,

5.279%

............................

United

States

1,100,000

56,089,000

PG&E

Corp.,

5.5%

....................................

United

States

430,000

51,905,300

Southern

Co.

(The),

6.75%,

2019

.........................

United

States

550,000

29,315,000

191,443,300

Food

Products

1.9%

Bunge

Ltd.,

4.875%

...................................

United

States

630,000

81,830,700

Health

Care

Technology

0.5%

Change

Healthcare,

Inc.,

6%

.............................

United

States

300,000

19,686,000

Life

Sciences

Tools

&

Services

4.1%

Avantor

,

Inc.,

6.25%,

A

.................................

United

States

820,000

93,644,000

Danaher

Corp.,

4.75%,

A

................................

United

States

34,200

65,193,750

a

Danaher

Corp.,

5%,

B

..................................

United

States

14,045

21,688,289

180,526,039

Machinery

0.5%

RBC

Bearings,

Inc.,

5%,

A

...............................

United

States

250,000

23,947,500

Multi-Utilities

2.1%

DTE

Energy

Co.,

6.25%

................................

United

States

800,000

40,680,000

NiSource,

Inc.,

7.75%

..................................

United

States

450,000

51,232,500

91,912,500

Semiconductors

&

Semiconductor

Equipment

2.1%

Broadcom,

Inc.,

8%,

A

..................................

United

States

51,100

93,595,782

Water

Utilities

1.0%

Essential

Utilities,

Inc.,

6%

..............................

United

States

770,000

45,060,400

Wireless

Telecommunication

Services

1.1%

b,c

2020

Cash

Mandatory

Exchangeable

Trust,

144A,

5.25%

.......

United

States

48,000

47,860,570

b

Total

Convertible

Preferred

Stocks

(Cost

$699,171,151)

..........................

948,073,791

Principal

Amount

*

Convertible

Bonds

77.6%

Biotechnology

3.7%

Insmed

,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/28

...................

United

States

46,000,000

44,781,000

Intercept

Pharmaceuticals,

Inc.

,

Senior

Note

,

2

%

,

5/15/26

.......

United

States

21,000,000

12,853,155

Neurocrine

Biosciences,

Inc.

,

Senior

Note

,

2.25

%

,

5/15/24

......

United

States

44,750,000

54,292,263

c

PTC

Therapeutics,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

9/15/26

.......

United

States

48,000,000

50,741,114

162,667,532

Communications

Equipment

1.8%

Viavi

Solutions,

Inc.

,

Senior

Note,

1.75%,

6/01/23

...........................

United

States

40,969,000

52,809,041

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Communications

Equipment

(continued)

Viavi

Solutions,

Inc.,

(continued)

Senior

Note,

1%,

3/01/24

.............................

United

States

20,000,000

$

26,550,000

79,359,041

Energy

Equipment

&

Services

0.6%

c

Oil

States

International,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

4/01/26

..

United

States

28,000,000

27,064,404

Entertainment

3.0%

iQIYI

,

Inc.

,

Senior

Note

,

2

%

,

4/01/25

.......................

China

26,000,000

20,169,416

Sea

Ltd.

,

Senior

Note,

2.375%,

12/01/25

.........................

Taiwan

10,500,000

19,456,500

Senior

Note,

0.25%,

9/15/26

...........................

Taiwan

65,000,000

54,711,110

Zynga,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

12/15/26

................

United

States

37,000,000

37,864,900

132,201,926

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.........

United

States

26,000,000

28,398,589

Health

Care

Equipment

&

Supplies

4.5%

Dexcom

,

Inc.

,

Senior

Note

,

0.25

%

,

11/15/25

.................

United

States

79,000,000

84,396,194

c

Haemonetics

Corp.

,

Senior

Note

,

144A,

Zero

Cpn

.,

3/01/26

......

United

States

37,500,000

31,418,602

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

.................

United

States

65,000,000

82,907,500

198,722,296

Health

Care

Providers

&

Services

0.7%

c

Accolade,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

4/01/26

.............

United

States

19,000,000

14,829,500

Guardant

Health,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

11/15/27

........

United

States

20,000,000

17,098,000

31,927,500

Hotels,

Restaurants

&

Leisure

1.7%

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/25

...........

United

States

19,000,000

28,464,482

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

1/01/26

............

United

States

48,000,000

48,328,365

76,792,847

Interactive

Media

&

Services

2.4%

Snap,

Inc.

,

Senior

Note,

0.75%,

8/01/26

...........................

United

States

7,400,000

12,030,127

c

Senior

Note,

144A,

Zero

Cpn

.,

5/01/27

...................

United

States

46,000,000

39,701,057

Weibo

Corp.

,

Senior

Note

,

1.25

%

,

11/15/22

..................

China

53,000,000

52,496,500

104,227,684

Internet

&

Direct

Marketing

Retail

6.2%

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

....................

United

States

80,000,000

89,550,381

Pinduoduo

,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

12/01/25

............

China

93,000,000

85,698,497

c

RealReal

,

Inc.

(The)

,

Senior

Note

,

144A,

1

%

,

3/01/28

..........

United

States

30,000,000

23,648,121

Wayfair,

Inc.

,

Senior

Note

,

0.625

%

,

10/01/25

.................

United

States

85,000,000

74,913,846

273,810,845

IT

Services

8.4%

Block,

Inc.

,

Senior

Note,

Zero

Cpn

.,

5/01/26

........................

United

States

39,500,000

37,167,506

Senior

Note,

0.25%,

11/01/27

..........................

United

States

45,000,000

42,134,089

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

IT

Services

(continued)

c

Cloudflare

,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

8/15/26

.........

United

States

66,200,000

$

61,787,876

Okta

,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

....................

United

States

73,000,000

92,015,598

c

Repay

Holdings

Corp.

,

Senior

Note

,

144A,

Zero

Cpn

.,

2/01/26

....

United

States

19,000,000

16,539,500

c

Shift4

Payments,

Inc.

,

Senior

Note,

144A,

Zero

Cpn

.,

12/15/25

..................

United

States

36,000,000

36,318,397

Senior

Note,

144A,

0.5%,

8/01/27

.......................

United

States

35,000,000

29,658,354

Wix.com

Ltd.

,

Senior

Note,

Zero

Cpn

.,

7/01/23

........................

Israel

34,800,000

40,288,723

Senior

Note,

Zero

Cpn

.,

8/15/25

........................

Israel

15,400,000

13,713,070

369,623,113

Life

Sciences

Tools

&

Services

0.8%

a

Illumina,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

8/15/23

................

United

States

25,750,000

28,630,028

NeoGenomics

,

Inc.

,

Senior

Note

,

0.25

%

,

1/15/28

.............

United

States

9,500,000

7,095,519

35,725,547

Machinery

0.9%

Fortive

Corp.

,

Senior

Note

,

0.875

%

,

2/15/22

.................

United

States

40,270,000

40,253,892

Media

4.5%

c

Cable

One,

Inc.

,

Senior

Note,

144A,

Zero

Cpn

.,

3/15/26

...................

United

States

48,750,000

44,137,319

Senior

Note,

144A,

1.125%,

3/15/28

.....................

United

States

36,250,000

33,766,875

c

Liberty

Broadband

Corp.

,

Senior

Bond,

144A,

1.25%,

9/30/50

......................

United

States

57,000,000

55,803,000

Senior

Bond,

144A,

2.75%,

9/30/50

......................

United

States

34,500,000

34,787,871

Liberty

Media

Corp.

,

Senior

Note

,

1.375

%

,

10/15/23

...........

United

States

21,200,000

29,150,000

197,645,065

Metals

&

Mining

1.9%

c

Ivanhoe

Mines

Ltd.

,

Senior

Note

,

144A,

2.5

%

,

4/15/26

..........

Canada

60,000,000

81,630,000

Pharmaceuticals

2.4%

Jazz

Investments

I

Ltd.

,

Senior

Note,

1.5%,

8/15/24

............................

United

States

39,750,000

40,569,844

Senior

Note,

2%,

6/15/26

.............................

United

States

35,000,000

41,092,002

Revance

Therapeutics,

Inc.

,

Senior

Note

,

1.75

%

,

2/15/27

.......

United

States

27,000,000

22,920,854

104,582,700

Professional

Services

0.9%

c

Upwork

,

Inc.

,

Senior

Note

,

144A,

0.25

%

,

8/15/26

..............

United

States

44,000,000

38,162,263

Real

Estate

Management

&

Development

0.8%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75

%

,

5/15/25

...............

United

States

31,500,000

36,589,208

Road

&

Rail

2.4%

Lyft,

Inc.

,

Senior

Note

,

1.5

%

,

5/15/25

.......................

United

States

61,000,000

76,849,701

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

12/15/25

......

United

States

30,000,000

28,243,400

105,093,101

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Semiconductors

&

Semiconductor

Equipment

4.8%

c

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

144A,

0.25

%

,

3/15/26

.....................................

United

States

31,000,000

$

32,170,299

Microchip

Technology,

Inc.

,

Senior

Sub.

Bond

,

1.625

%

,

2/15/27

...

United

States

35,750,000

80,482,187

Silicon

Laboratories,

Inc.

,

Senior

Note

,

0.625

%

,

6/15/25

........

United

States

68,000,000

100,241,923

212,894,409

Software

21.9%

Alteryx

,

Inc.

,

Senior

Note,

0.5%,

8/01/24

............................

United

States

20,000,000

18,525,018

Senior

Note,

1%,

8/01/26

.............................

United

States

20,000,000

17,614,805

c

Avalara,

Inc.

,

Senior

Note

,

144A,

0.25

%

,

8/01/26

..............

United

States

70,000,000

62,413,983

Bill.com

Holdings,

Inc.

,

Senior

Note,

Zero

Cpn

.,

12/01/25

.......................

United

States

42,500,000

59,542,500

c

Senior

Note,

144A,

Zero

Cpn

.,

4/01/27

...................

United

States

37,000,000

33,513,342

Blackline,

Inc.

,

Senior

Note

,

0.125

%

,

8/01/24

.................

United

States

9,500,000

13,073,967

c

Confluent,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

1/15/27

.........

United

States

42,000,000

41,363,671

Coupa

Software,

Inc.

,

Senior

Note

,

0.375

%

,

6/15/26

...........

United

States

74,000,000

66,318,924

DocuSign,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

1/15/24

..............

United

States

76,000,000

72,289,651

Envestnet

,

Inc.

,

Senior

Note,

1.75%,

6/01/23

...........................

United

States

51,500,000

61,720,353

c

Senior

Note,

144A,

0.75%,

8/15/25

......................

United

States

11,500,000

11,138,525

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

3/15/25

.........

United

States

44,000,000

48,064,690

HubSpot

,

Inc.

,

Senior

Note

,

0.375

%

,

6/01/25

.................

United

States

37,500,000

68,362,500

Palo

Alto

Networks,

Inc.

,

Senior

Note

,

0.75

%

,

7/01/23

..........

United

States

43,000,000

84,248,602

Q2

Holdings,

Inc.

,

0.125

%

,

11/15/25

.......................

United

States

56,000,000

49,028,000

Splunk

,

Inc.

,

Senior

Note,

1.125%,

9/15/25

..........................

United

States

22,500,000

25,287,941

Senior

Note,

1.125%,

6/15/27

..........................

United

States

6,500,000

5,934,783

Workday,

Inc.

,

Senior

Note

,

0.25

%

,

10/01/22

.................

United

States

57,500,000

99,653,366

Workiva

,

Inc.

,

Senior

Note

,

1.125

%

,

8/15/26

.................

United

States

22,000,000

36,033,864

Zendesk

,

Inc.

,

Senior

Note

,

0.625

%

,

6/15/25

.................

United

States

80,000,000

92,720,000

966,848,485

Specialty

Retail

2.6%

Burlington

Stores,

Inc.

,

Senior

Note

,

2.25

%

,

4/15/25

...........

United

States

53,000,000

69,342,042

RH

,

Senior

Note

,

Zero

Cpn

.,

9/15/24

.......................

United

States

24,000,000

46,542,050

115,884,092

Total

Convertible

Bonds

(Cost

$3,155,596,357)

..................................

3,420,104,539

Total

Long

Term

Investments

(Cost

$3,854,767,508)

.............................

4,368,178,330

a

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

0.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

30,939,727

30,939,727

Total

Money

Market

Funds

(Cost

$30,939,727)

..................................

30,939,727

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

a

a

a

a

a

Money

Market

Funds

0.5%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

23,948,000

$

23,948,000

Principal

Amount

*

Repurchase

Agreements

0.2%

f

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$6,482,133)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$6,611,766)

.....................

6,482,124

6,482,124

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$30,430,124)

...........................................................

30,430,124

Total

Short

Term

Investments

(Cost

$61,369,851

)

................................

61,369,851

a

Total

Investments

(Cost

$3,916,137,359)

100.5%

................................

$4,429,548,181

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(20,765,635)

Net

Assets

100.0%

...........................................................

$4,408,782,546

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$848,454,643,

representing

19.2%

of

net

assets.

d

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

f

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Equity

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

81.7%

Aerospace

&

Defense

3.5%

L3Harris

Technologies,

Inc.

..............................

United

States

57,500

$

12,034,175

Lockheed

Martin

Corp.

.................................

United

States

38,200

14,864,766

Raytheon

Technologies

Corp.

............................

United

States

1,165,000

105,071,350

131,970,291

Air

Freight

&

Logistics

2.7%

United

Parcel

Service,

Inc.,

B

............................

United

States

490,000

99,082,900

Banks

9.2%

Bank

of

America

Corp.

.................................

United

States

2,550,000

117,657,000

Citigroup,

Inc.

........................................

United

States

615,000

40,048,800

JPMorgan

Chase

&

Co.

.................................

United

States

930,000

138,198,000

Truist

Financial

Corp.

..................................

United

States

720,000

45,230,400

341,134,200

Beverages

3.8%

Coca-Cola

Co.

(The)

...................................

United

States

1,090,000

66,500,900

PepsiCo,

Inc.

........................................

United

States

440,000

76,348,800

142,849,700

Capital

Markets

7.0%

Ares

Management

Corp.

................................

United

States

748,500

59,670,420

BlackRock,

Inc.

.......................................

United

States

69,000

56,782,860

Morgan

Stanley

.......................................

United

States

1,390,000

142,530,600

258,983,880

Chemicals

3.2%

BASF

SE

...........................................

Germany

355,000

27,191,481

Huntsman

Corp.

......................................

United

States

1,415,000

50,699,450

Linde

plc

............................................

United

Kingdom

58,000

18,483,440

Sherwin-Williams

Co.

(The)

..............................

United

States

75,000

21,488,250

117,862,621

Commercial

Services

&

Supplies

1.4%

Republic

Services,

Inc.

.................................

United

States

421,500

53,808,690

Communications

Equipment

1.2%

Cisco

Systems,

Inc.

...................................

United

States

810,000

45,092,700

Consumer

Finance

0.5%

American

Express

Co.

.................................

United

States

98,000

17,622,360

Diversified

Financial

Services

1.6%

Apollo

Global

Management,

Inc.

..........................

United

States

825,000

57,750,000

Diversified

Telecommunication

Services

0.4%

TELUS

Corp.

........................................

Canada

634,000

14,918,527

Electric

Utilities

5.6%

Duke

Energy

Corp.

....................................

United

States

890,000

93,503,400

Entergy

Corp.

........................................

United

States

285,000

31,854,450

NextEra

Energy,

Inc.

...................................

United

States

961,250

75,092,850

Xcel

Energy,

Inc.

......................................

United

States

135,000

9,404,100

209,854,800

Electrical

Equipment

2.0%

Eaton

Corp.

plc

.......................................

United

States

346,500

54,895,995

Emerson

Electric

Co.

..................................

United

States

231,500

21,286,425

76,182,420

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

2.3%

Healthpeak

Properties,

Inc.

..............................

United

States

960,000

$

33,955,200

Prologis,

Inc.

.........................................

United

States

240,000

37,636,800

Public

Storage

.......................................

United

States

40,000

14,341,200

85,933,200

Food

&

Staples

Retailing

1.1%

Walmart,

Inc.

........................................

United

States

300,500

42,012,905

Food

Products

0.6%

Mondelez

International,

Inc.,

A

............................

United

States

360,000

24,130,800

Health

Care

Equipment

&

Supplies

2.7%

Medtronic

plc

........................................

United

States

965,000

99,867,850

Health

Care

Providers

&

Services

3.1%

HCA

Healthcare,

Inc.

...................................

United

States

253,500

60,852,675

UnitedHealth

Group,

Inc.

................................

United

States

119,500

56,472,115

117,324,790

Hotels,

Restaurants

&

Leisure

1.6%

McDonald's

Corp.

.....................................

United

States

230,000

59,673,500

Household

Products

2.8%

Procter

&

Gamble

Co.

(The)

.............................

United

States

640,000

102,688,000

Insurance

0.5%

Arthur

J

Gallagher

&

Co.

................................

United

States

128,000

20,216,320

IT

Services

1.0%

Fidelity

National

Information

Services,

Inc.

...................

United

States

148,000

17,748,160

Visa,

Inc.,

A

..........................................

United

States

89,000

20,129,130

37,877,290

Life

Sciences

Tools

&

Services

1.0%

Thermo

Fisher

Scientific,

Inc.

............................

United

States

62,500

36,331,250

Machinery

1.5%

Fortive

Corp.

.........................................

United

States

205,000

14,460,700

Illinois

Tool

Works,

Inc.

.................................

United

States

100,000

23,392,000

Stanley

Black

&

Decker,

Inc.

.............................

United

States

92,500

16,155,125

54,007,825

Media

0.9%

Comcast

Corp.,

A

.....................................

United

States

670,000

33,493,300

Multiline

Retail

2.5%

Target

Corp.

.........................................

United

States

430,000

94,784,900

Oil,

Gas

&

Consumable

Fuels

7.2%

Canadian

Natural

Resources

Ltd.

.........................

Canada

330,000

16,803,600

Chevron

Corp.

.......................................

United

States

780,000

102,437,400

EOG

Resources,

Inc.

..................................

United

States

325,000

36,231,000

Shell

plc,

ADR,

A

......................................

Netherlands

1,092,500

56,154,500

Suncor

Energy,

Inc.

....................................

Canada

2,000,000

57,140,000

268,766,500

Pharmaceuticals

4.3%

Johnson

&

Johnson

...................................

United

States

750,000

129,217,500

Pfizer,

Inc.

...........................................

United

States

555,000

29,242,950

158,460,450

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Road

&

Rail

0.8%

Norfolk

Southern

Corp.

.................................

United

States

115,500

$

31,414,845

Semiconductors

&

Semiconductor

Equipment

1.7%

Broadcom,

Inc.

.......................................

United

States

43,500

25,485,780

Texas

Instruments,

Inc.

.................................

United

States

215,000

38,590,350

64,076,130

Software

1.4%

Microsoft

Corp.

.......................................

United

States

17,500

5,442,150

Oracle

Corp.

.........................................

United

States

560,000

45,449,600

50,891,750

Specialty

Retail

2.6%

Lowe's

Cos.,

Inc.

......................................

United

States

234,500

55,658,575

TJX

Cos.,

Inc.

(The)

...................................

United

States

560,000

40,303,200

95,961,775

Total

Common

Stocks

(Cost

$1,919,226,345)

....................................

3,045,026,469

Equity-Linked

Securities

9.3%

Banks

0.8%

a

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.,

144A,

6%,

11/08/22

..........................................

United

States

623,500

28,929,285

Consumer

Finance

0.7%

a

BNP

Paribas

Issuance

BV

into

American

Express

Co.,

144A,

6.25%,

1/27/23

...........................................

United

States

144,000

25,368,833

Electrical

Equipment

0.5%

a

Royal

Bank

of

Canada

into

Eaton

Corp.

plc,

144A,

5.75%,

8/26/22

United

States

127,000

20,236,791

Health

Care

Providers

&

Services

0.8%

a

Royal

Bank

of

Canada

into

HCA

Healthcare,

Inc.,

Senior

Note,

144A,

6%,

7/15/22

........................................

United

States

130,400

28,980,468

Internet

&

Direct

Marketing

Retail

0.8%

a

Credit

Suisse

AG

into

Amazon.com,

Inc.,

144A,

5%,

4/22/22

.....

United

States

9,650

29,101,683

IT

Services

0.3%

a

Royal

Bank

of

Canada

into

Fidelity

National

Information

Services,

Inc.,

144A,

5%,

5/27/22

...............................

United

States

109,700

13,333,464

Life

Sciences

Tools

&

Services

0.6%

a

Credit

Suisse

AG

into

Thermo

Fisher

Scientific,

Inc.,

144A,

4.5%,

8/05/22

...........................................

United

States

43,000

23,515,893

Machinery

0.6%

a

Credit

Suisse

AG

into

Stanley

Black

&

Decker,

Inc.,

144A,

6.5%,

3/31/22

...........................................

United

States

133,000

23,418,619

Multiline

Retail

0.7%

a

Goldman

Sachs

International

Bank

into

Dollar

Tree,

Inc.,

144A,

7.5%,

7/08/22

......................................

United

States

193,100

25,143,755

Oil,

Gas

&

Consumable

Fuels

0.7%

a

Goldman

Sachs

International

Bank

into

Canadian

Natural

Resources

Ltd.,

144A,

9.5%,

12/30/22

.............................

Canada

555,000

25,247,153

Road

&

Rail

0.7%

a

Credit

Suisse

AG

into

Norfolk

Southern

Corp.,

144A,

6%,

11/18/22

United

States

100,200

27,604,138

Software

1.3%

a

Citigroup

Global

Markets

Holdings,

Inc.

into

salesforce.com,

Inc.,

144A,

5%,

8/19/22

...................................

United

States

107,500

25,091,811

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Software

(continued)

a

Royal

Bank

of

Canada

into

Microsoft

Corp.,

144A,

6%,

12/16/22

..

United

States

75,500

$

23,858,419

48,950,230

Specialty

Retail

0.8%

a

BNP

Paribas

Issuance

BV

into

TJX

Cos.,

Inc.

(The),

144A,

5.75%,

9/30/22

...........................................

United

States

410,100

28,740,209

Total

Equity-Linked

Securities

(Cost

$354,419,271)

..............................

348,570,521

Convertible

Preferred

Stocks

7.5%

Capital

Markets

1.7%

KKR

&

Co.,

Inc.,

6%,

C

.................................

United

States

695,000

61,688,200

Health

Care

Equipment

&

Supplies

2.2%

b

Becton

Dickinson

and

Co.,

6%,

B

.........................

United

States

600,000

31,596,000

Boston

Scientific

Corp.,

5.5%,

A

..........................

United

States

430,500

50,170,470

81,766,470

Life

Sciences

Tools

&

Services

1.3%

Danaher

Corp.,

4.75%,

A

................................

United

States

14,950

28,498,437

b

Danaher

Corp.,

5%,

B

..................................

United

States

13,000

20,074,600

48,573,037

Semiconductors

&

Semiconductor

Equipment

1.5%

Broadcom,

Inc.,

8%,

A

..................................

United

States

31,500

57,696,030

Water

Utilities

0.8%

Essential

Utilities,

Inc.,

6%

..............................

United

States

515,000

30,137,800

Total

Convertible

Preferred

Stocks

(Cost

$237,032,923)

..........................

279,861,537

Total

Long

Term

Investments

(Cost

$2,510,678,539)

.............................

3,673,458,527

a

Short

Term

Investments

1.8%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

57,504,336

57,504,336

Total

Money

Market

Funds

(Cost

$57,504,336)

..................................

57,504,336

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

a

a

a

a

a

Money

Market

Funds

0.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

6,443,000

6,443,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

See

Abbreviations

on

page

654

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.0%

†

e

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$1,611,979)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$1,644,217)

.....................

1,611,977

$

1,611,977

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$8,054,977)

............................................................

8,054,977

Total

Short

Term

Investments

(Cost

$65,559,313

)

................................

65,559,313

a

Total

Investments

(Cost

$2,576,237,852)

100.3%

................................

$3,739,017,840

Other

Assets,

less

Liabilities

(0.3)%

...........................................

(11,417,038)

Net

Assets

100.0%

...........................................................

$3,727,600,802

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$348,570,521,

representing

9.3%

of

net

assets.

b

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

c

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

e

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Floating

Rate

Daily

Access

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

3.5%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

287,830

$

377,777

Machinery

1.0%

a

UTEX

Industries,

Inc.

..................................

United

States

261,340

14,243,030

Oil,

Gas

&

Consumable

Fuels

2.5%

a,b

Quarternorth

Energy

Holding,

Inc.

.........................

United

States

370,321

38,636,701

Road

&

Rail

0.0%

†

a,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

...................

Australia

11,563,612

386,125

Total

Common

Stocks

(Cost

$70,494,254)

......................................

53,643,633

Management

Investment

Companies

2.9%

Capital

Markets

2.9%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

4,630,114

37,735,428

e

Invesco

Senior

Loan

ETF

...............................

United

States

280,416

6,163,544

43,898,972

Total

Management

Investment

Companies

(Cost

$51,562,905)

....................

43,898,972

Preferred

Stocks

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

a

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

681,685

1,576,396

a

Total

Preferred

Stocks

(Cost

$919,936)

.........................................

1,576,396

Warrants

Warrants

0.7%

Machinery

0.0%

†

a,c

UTEX

Industries,

Inc.,

2/20/49

............................

United

States

634

1,805

Oil,

Gas

&

Consumable

Fuels

0.7%

a,b

Quarternorth

Energy

Holding,

Inc.,

2/01/49

..................

United

States

105,425

10,999,306

Total

Warrants

(Cost

$12,703,712)

.............................................

11,001,111

Principal

Amount

*

Corporate

Bonds

4.8%

Airlines

0.8%

f

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

5,800,000

5,947,407

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

6,000,000

6,229,982

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

585,000

581,706

12,759,095

Chemicals

0.4%

f

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

...........................................

United

States

1,935,400

1,905,188

f

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

...........................................

United

States

3,900,000

3,665,532

5,570,720

Communications

Equipment

0.1%

f

CommScope,

Inc.

,

Senior

Secured

Note

,

144A,

4.75

%

,

9/01/29

...

United

States

2,019,200

1,937,231

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Construction

Materials

0.3%

f

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.........

Mexico

3,875,000

$

3,998,496

Containers

&

Packaging

0.2%

f

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

1,125,000

1,078,824

f

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC/Reynolds

Group

Holdings

Ltd.

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.......................................

United

States

2,500,000

2,367,500

3,446,324

Diversified

Consumer

Services

0.2%

f

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

United

States

3,500,000

3,101,700

Diversified

Financial

Services

0.1%

f

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

...........................................

United

States

1,334,000

1,282,801

Diversified

Telecommunication

Services

0.4%

f

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

..............

France

2,000,000

1,859,790

Senior

Secured

Note,

144A,

5.5%,

10/15/29

...............

France

3,730,000

3,540,367

5,400,157

Energy

Equipment

&

Services

0.0%

†

f

Weatherford

International

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/15/28

...........................................

United

States

714,300

742,040

Hotels,

Restaurants

&

Leisure

0.0%

†

f

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

.....................................

United

States

500,000

511,550

Independent

Power

and

Renewable

Electricity

Producers

0.1%

f

Talen

Energy

Supply

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/15/28

...........................................

United

States

1,556,000

1,372,719

Insurance

0.1%

f

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

.....................................

United

States

1,470,600

1,390,541

Media

0.3%

f

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Secured

Note

,

144A,

5.375

%

,

8/15/26

....................

United

States

5,300,000

2,460,128

f

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

2/15/25

.....................................

United

States

1,555,556

1,569,369

4,029,497

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

2,400,000

2,439,996

Road

&

Rail

1.4%

f

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

..............................

United

States

500,000

474,590

c,g

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

21,096,262

21,454,322

21,928,912

Specialty

Retail

0.1%

f

99

Escrow

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/26

United

States

2,500,000

1,897,262

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

0.1%

f

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

...........................................

United

Kingdom

1,430,000

$

1,327,183

Total

Corporate

Bonds

(Cost

$79,580,218)

......................................

73,136,224

h

Senior

Floating

Rate

Interests

82.3%

Aerospace

&

Defense

1.8%

AI

Convoy

(Luxembourg)

SARL

,

USD

Term

Loan,

B

,

4.5

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

1/18/27

...........................

Luxembourg

3,593,834

3,606,808

g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

......................................

United

Kingdom

8,615,551

8,938,074

i,j

Cobham

Ultra

US

Co-Borrower

LLC

,

Term

Loan

,

TBD,

11/17/28

..

United

States

2,181,208

2,180,870

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

5,315,266

5,215,604

2020

Term

Loan,

B2,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

2,857,670

2,804,089

Vertex

Aerospace

Services

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/06/28

..............

United

States

4,736,994

4,744,408

27,489,853

a

a

a

a

a

a

Air

Freight

&

Logistics

0.4%

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/24/26

..................

United

States

6,006,758

6,029,283

Airlines

2.4%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

3,548,233

3,688,193

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

...........................................

Canada

2,728,682

2,741,753

Allegiant

Travel

Co.

,

Replacement

Term

Loan

,

3.158

%

,

(

3-month

USD

LIBOR

+

3

%

),

2/05/24

............................

United

States

3,036,264

3,034,367

American

Airlines,

Inc.

,

2017

Term

Loan,

B,

2.106%,

(1-month

USD

LIBOR

+

2%),

12/15/23

..........................................

United

States

1,958,763

1,940,615

2018

Replacement

Term

Loan,

1.855%,

(1-month

USD

LIBOR

+

1.75%),

6/27/25

.....................................

United

States

3,122,959

3,032,518

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

..........................................

Canada

9,992,198

9,778,465

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/20/27

.................

United

States

4,371,107

4,622,730

j

United

AirLines,

Inc.

,

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

.....................................

United

States

8,319,474

8,342,560

37,181,201

a

a

a

a

a

a

Auto

Components

2.7%

Adient

US

LLC

,

Term

Loan,

B1

,

3.605

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/10/28

......................................

United

States

6,467,500

6,476,263

Clarios

Global

LP

,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan

,

3.355

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/30/26

............

United

States

5,198,692

5,181,796

j

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

..................................

United

States

5,446,269

5,447,413

k

First

Lien,

Delayed

Draw

Dollar

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

.............................

United

States

818,021

818,193

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Auto

Components

(continued)

First

Brands

Group

LLC

,

First

Lien,

2021

Term

Loan,

6%,

(3-month

USD

LIBOR

+

5%),

3/30/27

...........................................

United

States

5,389,906

$

5,413,487

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

......................................

United

States

3,000,000

3,028,140

j

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

11/09/27

.............

United

States

6,026,349

6,026,349

TI

Group

Automotive

Systems

LLC

,

Refinancing

US

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

............

United

States

2,181,429

2,182,803

j

Truck

Hero,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/28

.....................................

United

States

7,320,325

7,312,419

41,886,863

a

a

a

a

a

a

Automobiles

0.5%

j

American

Trailer

World

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/03/28

..................

United

States

7,973,649

7,946,259

Banks

0.7%

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

...............................

United

Kingdom

10,821,882

10,800,130

Beverages

0.7%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

...................

United

States

4,000,857

3,835,822

i,j

Naked

Juice

LLC

,

First

Lien,

Delayed

Draw

CME

Term

Loan,

TBD,

1/24/29

......

United

States

14,825

14,825

First

Lien,

Initial

CME

Term

Loan,

TBD,

1/24/29

.............

United

States

256,963

256,963

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

...................

United

States

6,731,759

6,690,460

10,798,070

a

a

a

a

a

a

Building

Products

0.2%

Cornerstone

Building

Brands,

Inc.

,

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/12/28

..........................

United

States

2,947,497

2,946,111

Capital

Markets

1.9%

Citadel

Securities

LP

,

2021

Term

Loan

,

2.605

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/02/28

...............................

United

States

4,267,750

4,233,843

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/09/27

.............

United

States

6,839,962

6,869,339

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

....

United

States

7,562,000

7,552,963

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

2.855

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

..............................

United

States

1,116,535

1,104,672

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

5/30/25

..............

United

States

9,912,434

9,912,434

29,673,251

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Chemicals

2.2%

j

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

3.974

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

.................

United

States

8,213,591

$

8,151,127

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

.........................

United

States

4,586,306

4,559,545

j

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

3.605

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

...................

United

States

6,308,405

6,277,431

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

3.25

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

..................

United

Kingdom

1,863,965

1,862,511

LSF11

A5

Holdco

LLC

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/15/28

....................................

United

States

830,769

832,327

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

3.605

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

..........

United

States

3,163,008

3,155,701

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

...............

United

States

5,902,137

5,866,311

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

...................

United

States

2,515,625

2,518,241

33,223,194

a

a

a

a

a

a

Commercial

Services

&

Supplies

2.0%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/12/28

..................

United

States

7,531,723

7,521,593

APX

Group,

Inc.

,

Initial

Term

Loan

,

4.001

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

2.5%

),

7/10/28

...............

United

States

5,017,490

5,014,354

CCI

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/17/27

.............................

United

States

2,427,330

2,434,260

Madison

IAQ

LLC

,

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

.....................................

United

States

4,982,072

4,971,186

j

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

3.5

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

.

United

States

4,727,561

4,718,697

Revint

Intermediate

II

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/15/27

.............................

United

States

1,469,186

1,472,859

j

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

.......................................

United

States

4,490,476

4,494,809

30,627,758

a

a

a

a

a

a

Communications

Equipment

0.5%

CommScope,

Inc.

,

Initial

Term

Loan

,

3.355

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

...................................

United

States

7,956,444

7,828,823

Construction

&

Engineering

0.5%

j

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........................

United

States

7,539,534

7,530,110

Construction

Materials

0.2%

White

Cap

Buyer

LLC

,

Initial

Closing

Date

Term

Loan

,

6.25

%

,

(

3-month

USD

LIBOR

+

3

%

),

10/19/27

....................

United

States

2,962,500

2,965,862

Containers

&

Packaging

1.3%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

.............

United

States

4,844,741

4,857,991

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

5.25

%

,

(

6-month

USD

LIBOR

+

4.75

%

),

2/12/26

..............................

Luxembourg

5,550,243

5,529,430

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

3.354

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

..................

United

States

10,383,054

10,301,131

20,688,552

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Diversified

Consumer

Services

1.4%

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Initial

Term

Loan

,

4.605

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

12/19/25

..................

United

States

3,665,536

$

3,673,160

KUEHG

Corp.

,

Term

Loan,

B3

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

.....................................

United

States

4,051,640

4,004,378

j

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/13/25

.............

United

States

1,939,922

1,917,574

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

6-month

USD

LIBOR

+

3.75

%

),

12/15/28

.................

United

States

4,877,132

4,879,156

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.)

,

2019

Term

Loan,

3.855%,

(1-month

USD

LIBOR

+

3.75%),

9/03/26

United

States

3,145,723

3,144,748

Initial

Term

Loan,

3.355%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

..........................................

United

States

2,320,778

2,308,536

WW

International,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

....................................

United

States

2,181,981

2,115,976

22,043,528

a

a

a

a

a

a

Diversified

Financial

Services

2.2%

Astra

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B2

,

5.75

%

,

(

1-month

USD

LIBOR

+

5.25

%

),

10/25/28

.........................

United

States

4,724,409

4,680,118

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

...........................

United

States

7,297,468

7,288,347

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

..........................

United

States

3,491,250

3,397,876

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/28

.............................

United

States

6,231,218

6,231,997

j

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

4.105

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

................................

United

States

12,476,635

12,492,231

34,090,569

a

a

a

a

a

a

Diversified

Telecommunication

Services

2.1%

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

4.106

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/14/26

.....................

France

4,380,649

4,372,436

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan,

4.355%,

(1-month

USD

LIBOR

+

4.25%),

11/29/25

..........................................

United

States

14,254,610

14,039,222

Second

Lien,

Term

Loan,

8.355%,

(1-month

USD

LIBOR

+

8.25%),

11/29/26

..........................................

United

States

7,895,149

7,418,164

Intrado

Corp.

,

Initial

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/10/24

......................................

United

States

3,584,204

3,368,256

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

3.105

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

.....................

United

States

3,755,569

3,708,343

32,906,421

a

a

a

a

a

a

Electric

Utilities

0.1%

Astoria

Energy

LLC

,

2020

Advance

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

12/10/27

..........................

United

States

1,407,008

1,405,643

Electronic

Equipment,

Instruments

&

Components

0.2%

Verifone

Systems,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.178

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/20/25

.....................

United

States

2,821,941

2,802,159

Energy

Equipment

&

Services

0.3%

j

Brand

Energy

&

Infrastructure

Services,

Inc.

,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

6/21/24

.............

United

States

4,443,995

4,363,447

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Entertainment

1.8%

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

3.104

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

............................

United

States

1,984,694

$

1,772,967

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

3.851

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

..........................

France

5,195,737

5,181,111

Crown

Finance

US,

Inc.

,

Initial

Dollar

Term

Loan

,

3.5

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

2/28/25

...........................

United

States

2,963,025

2,261,959

Diamond

Sports

Group

LLC

,

Term

Loan

,

3.36

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/24/26

..............................

United

States

12,792,133

5,288,779

Lions

Gate

Capital

Holdings

LLC

,

2023

Term

Loan,

A

,

1.855

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

3/22/23

..................

United

States

8,577,385

8,555,941

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

2.86

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

..............................

United

States

4,346,456

4,280,651

27,341,408

a

a

a

a

a

a

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Brookfield

Property

REIT,

Inc.

,

Initial

Term

Loan,

B

,

2.605

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

8/27/25

...................

United

States

1,372,723

1,357,156

Food

&

Staples

Retailing

1.6%

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

6.105

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

...........................

United

States

19,322,045

18,225,519

j

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/23/27

...................

United

States

6,063,874

6,053,353

24,278,872

a

a

a

a

a

a

Food

Products

0.1%

i,j

Primary

Products

Finance

LLC

,

Term

Loan

,

TBD,

10/25/28

......

United

States

2,000,000

2,015,500

Health

Care

Equipment

&

Supplies

0.7%

i,j

Bausch

Health

Companies,

Inc.

,

Term

Loan,

B

,

TBD,

1/27/27

....

Canada

1,684,824

1,674,033

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

.............................

United

States

6,603,774

6,583,665

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

5.75

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

12/15/27

....................................

United

States

2,947,977

2,951,043

11,208,741

a

a

a

a

a

a

Health

Care

Providers

&

Services

8.3%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

3.875%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

............................

United

States

7,854,528

7,812,192

Amendment

No.

5

Incremental

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

12/23/27

..............................

United

States

2,740,616

2,737,479

j

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/17/28

.............

United

States

4,161,990

4,152,334

j

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/08/27

..........................

United

States

6,046,323

6,054,365

i

eResearch

Technology,

Inc.

,

Term

Loan

,

TBD,

2/04/27

..........

United

States

1,500,000

1,505,625

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

...................

United

States

6,608,858

6,634,698

j

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

4%),

12/18/28

..........................................

United

States

5,797,320

5,799,146

Second

Lien,

Initial

Term

Loan,

7.25%,

(3-month

USD

LIBOR

+

6.75%),

12/17/29

....................................

United

States

3,779,708

3,786,020

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Health

Care

Providers

&

Services

(continued)

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

..................

United

States

4,451,600

$

4,451,600

j

Heartland

Dental

LLC

,

2021

Incremental

Term

Loan

,

4.104

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/30/25

.....................

United

States

6,527,715

6,535,907

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/01/28

..................

United

States

2,369,231

2,368,863

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

...................

United

States

9,711,311

9,620,268

First

Lien,

Initial

Term

Loan,

C,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

.....................................

United

States

307,315

304,434

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

3.855

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

............

United

States

10,717,989

10,715,149

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

3.604

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

...................

United

States

4,681,739

4,672,164

j

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/15/28

..............................

United

States

4,183,871

4,189,435

j

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

4.175

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/22/26

.....................

United

States

5,835,755

5,818,248

j

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

4.355

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

..........................

United

States

8,820,115

8,731,296

Team

Health

Holdings,

Inc.

,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

2/06/24

..............................

United

States

4,125,370

3,994,390

j

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

10/01/28

.................

United

States

3,640,797

3,637,957

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

5.104

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

................................

United

States

8,248,670

8,158,430

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.105

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

....................

United

States

15,317,142

15,317,219

126,997,219

a

a

a

a

a

a

Health

Care

Technology

1.8%

i,j

athenahealth

Group,

Inc.

,

CME

Term

Loan,

B

,

TBD,

1/26/29

.....

United

States

16,075,362

16,018,455

athenahealth,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.4

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

2/11/26

..............................

United

States

11,690,843

11,705,457

27,723,912

a

a

a

a

a

a

Hotels,

Restaurants

&

Leisure

3.7%

g

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

5.22

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

...........................

United

States

13,449,860

9,889,383

j

Bally's

Corp.

,

Term

Loan,

B

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

10/02/28

..........................................

United

States

6,100,000

6,102,958

Caesars

Resort

Collection

LLC

,

Term

Loan,

B,

2.855%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

United

States

8,835,949

8,799,103

Term

Loan,

B1,

3.605%,

(1-month

USD

LIBOR

+

3.5%),

7/21/25

United

States

1,705,611

1,706,677

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

j

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/22/28

..................

United

States

6,081,057

$

6,097,780

Golden

Nugget,

Inc.

,

Initial

Term

Loan,

B

,

3.25

%

,

(

1-month

USD

LIBOR

+

2.5%;

3-month

USD

LIBOR

+

2.5%

),

10/04/23

.......

United

States

6,658,938

6,688,770

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

3.5

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

.....................

United

States

1,900,000

1,898,423

IRB

Holding

Corp.

,

Fourth

Amendment

Incremental

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/15/27

............

United

States

6,191,354

6,202,003

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

...........................

United

States

4,916,525

4,930,046

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

..............................

United

States

4,233,577

4,229,174

56,544,317

a

a

a

a

a

a

Household

Durables

1.3%

j

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

6.25

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

...................

United

States

6,100,000

6,092,375

j

Osmosis

Buyer

Ltd.

,

Initial

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

7/31/28

................................

United

States

7,805,952

7,836,708

j

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

7/21/28

...........................

United

States

5,535,037

5,504,870

19,433,953

a

a

a

a

a

a

Household

Products

0.3%

c,g,l

FGI

Operating

Co.

LLC

,

Term

Loan

,

11

%

,

PIK,

(

6-month

USD

LIBOR

+

10

%

),

5/16/22

.....................................

United

States

38,376,727

5,172,303

Insurance

3.6%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

......................................

United

States

4,912,500

4,860,305

First

Lien,

2021-1

Additional

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

..............................

United

States

2,276,902

2,274,056

First

Lien,

2021-2

Additional

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4.25%),

2/15/27

..............................

United

States

1,678,322

1,681,468

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

3.355%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

...........................................

United

States

8,193,993

8,134,423

New

Term

Loan,

B4,

4%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

United

States

4,717,123

4,717,500

i,j

AssuredPartners

Capital,

Inc.

,

Incremental

Term

Loan

,

TBD,

2/12/27

United

States

3,006,250

3,005,318

AssuredPartners,

Inc.

,

2020

February

Refinancing

Term

Loan,

3.605%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...............................

United

States

8,949,352

8,902,547

2021

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...

United

States

2,032,463

2,034,373

Asurion

LLC

,

New

Term

Loan,

B8,

3.355%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

..........................................

United

States

6,919,789

6,878,270

j

Second

Lien,

New

Term

Loan,

B3,

5.355%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

...................................

United

States

6,495,987

6,512,227

Second

Lien,

New

Term

Loan,

B4,

5.355%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

...................................

United

States

6,726,293

6,743,143

55,743,630

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Internet

&

Direct

Marketing

Retail

0.6%

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2020

June

New

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

..............................

United

States

4,170,522

$

4,153,590

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

3.605%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

...........................

United

States

5,506,341

5,488,473

9,642,063

a

a

a

a

a

a

IT

Services

5.2%

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.355

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

4/23/26

..........................

United

States

8,834,023

8,818,254

j

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

.............................

United

States

5,960,586

5,929,204

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

..........................................

United

States

11,266,257

11,013,498

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

....................................

United

States

375,000

361,433

Barracuda

Networks,

Inc.

,

First

Lien,

2020

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/12/25

..................

United

States

4,418,129

4,431,472

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

....................

United

States

9,197,754

9,220,748

j

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

..................

United

Kingdom

5,518,628

5,530,714

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

...................................

United

States

13,826,434

13,842,749

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

4.11

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

................................

United

States

10,917,500

10,941,409

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

8/28/28

..........................

France

4,116,397

4,123,744

Thrasio

LLC

,

Initial

Term

Loan

,

8

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

..........................................

United

States

2,487,437

2,476,555

TIBCO

Software,

Inc.

,

Term

Loan,

B3

,

3.86

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

6/30/26

...................................

United

States

3,323,627

3,323,494

80,013,274

a

a

a

a

a

a

Leisure

Products

1.0%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

..........................................

United

States

8,811,281

8,676,380

j

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

6,129,159

6,055,824

Term

Loan,

B2,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

873,785

863,330

15,595,534

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.2%

ICON

plc

,

Term

Loan,

2.75%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

....

Ireland

2,714,473

2,712,098

U.S.

Term

Loan,

2.75%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

Ireland

676,313

675,721

3,387,819

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Machinery

1.0%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/13/28

...............................

United

States

3,711,864

$

3,723,464

j

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/01/28

..........................

United

States

5,717,064

5,668,584

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

4

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...............................

Germany

4,450,376

4,459,655

g

UTEX

Industries,

Inc.

,

Second

Out

Term

Loan

,

5.25

%

,

PIK,

(

1-month

USD

LIBOR

+

3.75

%

),

12/03/25

.........................

United

States

1,603,671

1,595,397

15,447,100

a

a

a

a

a

a

Media

3.8%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........................

United

States

10,539,327

10,587,808

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

3.799

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

...........................................

United

States

7,040,260

6,953,594

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.356

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

..................

United

States

7,374,498

7,282,317

Gray

Television,

Inc.

,

Term

Loan,

B2

,

2.602

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/07/24

....................................

United

States

3,457,244

3,451,488

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

5.25

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

7/28/28

..............................

United

States

6,540,171

6,533,337

Nexstar

Media,

Inc.

,

Term

Loan,

B3

,

2.355

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

1/17/24

...................................

United

States

1,385,449

1,384,583

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

..........................

United

States

8,931,566

8,927,368

Sinclair

Television

Group,

Inc.

,

Term

Loan,

B

,

2.36

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

1/03/24

..............................

United

States

1,803,522

1,774,215

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

..........................

United

States

2,301,720

2,302,595

i,j

First

Lien,

Initial

Term

Loan,

B,

TBD,

1/31/29

...............

United

States

5,508,696

5,510,871

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

3.356

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

..............................

United

States

3,155,393

3,154,904

57,863,080

a

a

a

a

a

a

Metals

&

Mining

0.5%

U.S.

Silica

Co.

,

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

...........................................

United

States

7,273,561

7,187,188

Multiline

Retail

0.1%

Franchise

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

3/10/26

..........................

United

States

1,295,402

1,298,641

Oil,

Gas

&

Consumable

Fuels

1.2%

j

Lucid

Energy

Group

II

Borrower

LLC

,

Initial

Term

Loan

,

5

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

11/24/28

.........................

United

States

4,000,000

4,000,720

b

Quarternorth

Energy

Holding,

Inc.

,

Second

Lien,

Initial

New

Term

Loan

,

9

%

,

(

3-month

USD

LIBOR

+

8

%

),

8/27/26

.............

United

States

13,723,697

13,796,638

17,797,358

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Personal

Products

1.5%

j

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

..........................

United

States

8,143,207

$

8,151,921

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.354

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

.....................................

United

States

2,828,145

2,789,767

j

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........................

Luxembourg

12,051,688

12,058,497

23,000,185

a

a

a

a

a

a

Pharmaceuticals

1.0%

Bausch

Health

Cos.,

Inc.

,

Initial

Term

Loan

,

3.104

%

,

(

1-month

USD

LIBOR

+

3

%

),

6/02/25

................................

United

States

2,529,010

2,512,154

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

...........................

United

States

3,413,922

3,419,487

Organon

&

Co.

,

Dollar

Term

Loan

,

3.5

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

.......................................

United

States

3,228,655

3,230,673

j

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

....

United

States

5,762,886

5,768,304

14,930,618

a

a

a

a

a

a

Professional

Services

0.7%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

..............................

United

States

4,594,770

4,603,408

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

...................

United

States

3,437,538

3,445,496

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

3.358

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

..........................

United

States

2,992,545

2,984,540

11,033,444

a

a

a

a

a

a

Road

&

Rail

0.9%

Avis

Budget

Car

Rental

LLC

,

New

Term

Loan,

B

,

1.86

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

8/06/27

..........................

United

States

3,292,906

3,260,849

j

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

12/15/28

.................

United

States

10,075,159

10,098,584

13,359,433

a

a

a

a

a

a

Software

11.4%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

..........................

United

States

4,425,455

4,375,668

Cloudera,

Inc.

,

j

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

....................................

United

States

6,079,091

6,078,149

Second

Lien,

Initial

Term

Loan,

6.5%,

(1-month

USD

LIBOR

+

6%),

10/08/29

..........................................

United

States

2,723,141

2,729,948

ConnectWise

LLC

,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

......................................

United

States

3,000,000

2,998,665

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/16/28

.................

United

States

6,871,084

6,862,495

DCert

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.105%,

(1-month

USD

LIBOR

+

4%),

10/16/26

..........................................

United

States

12,763,218

12,782,427

j

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.105%,

(1-month

USD

LIBOR

+

7%),

2/19/29

.....................

United

States

4,168,879

4,202,230

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Software

(continued)

j

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

..................

United

States

7,140,722

$

7,153,004

Epicor

Software

Corp.

,

Term

Loan,

C

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

.....................................

United

States

5,311,695

5,305,746

j

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

.........

United

States

10,376,268

10,390,899

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

...............................

United

States

7,036,947

7,047,960

Second

Lien,

2021

Refinancing

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

..............................

United

States

106,061

107,121

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

.....................................

United

States

9,938,092

9,959,806

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

......................................

Sweden

4,122,183

4,122,183

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

5%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

.........................

United

States

5,472,500

5,455,398

First

Lien,

First

Amendment

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/01/27

...............................

United

States

304,108

302,588

LogMeIn,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.856

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..............................

United

States

5,875,067

5,835,704

Mitchell

International,

Inc.

,

j

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/15/28

....................................

United

States

9,037,560

8,980,397

Second

Lien,

Initial

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.5%),

10/15/29

..........................................

United

States

428,571

432,947

Perforce

Software,

Inc.

,

First

Lien,

New

Term

Loan

,

3.855

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/01/26

..................

United

States

5,585,510

5,558,281

j

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

............................

United

States

12,826,536

12,842,569

j

Project

Alpha

Intermediate

Holding,

Inc.

,

2021

Refinancing

Term

Loan

,

4.3

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/26/24

...........

United

States

6,031,721

6,038,507

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

5.139%,

(3-month

USD

LIBOR

+

3.25%;

3-month

USD

LIBOR

+

4.25%),

5/16/25

.............

United

States

5,884,220

5,856,006

i,j

Term

Loan,

B,

TBD,

1/19/29

............................

United

States

8,000,000

7,931,680

RealPage,

Inc.

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/24/28

..............................

United

States

6,423,532

6,402,110

j

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.355

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

.........................

United

States

3,984,694

3,976,724

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

4.803

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/11/28

...................

United

States

3,217,219

3,237,327

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

Term

Loan,

3.75%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

..............................

United

States

2,225,624

2,223,087

First

Lien,

Initial

Term

Loan,

3.855%,

(1-month

USD

LIBOR

+

3.75%),

5/04/26

.....................................

United

States

4,273,492

4,273,129

Second

Lien,

2021

Incremental

Term

Loan,

5.75%,

(3-month

USD

LIBOR

+

5.25%),

5/03/27

..............................

United

States

1,254,019

1,267,600

j

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

...........................................

United

States

9,729,441

9,723,360

174,453,715

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Specialty

Retail

3.5%

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

6.25

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

4/26/28

...............................

United

States

6,675,375

$

6,678,179

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

..............................

United

States

3,391,500

3,398,215

j

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

...................................

United

States

8,329,700

8,225,579

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

.........................

United

States

5,548,167

5,526,917

PetSmart

LLC

,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/11/28

.....................................

United

States

3,708,454

3,707,880

Restoration

Hardware,

Inc.

,

Initial

Term

Loan

,

3

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

10/20/28

..............................

United

States

3,667,279

3,660,073

j

SRS

Distribution,

Inc.

,

2021

Refinancing

Term

Loan,

4.269%,

(3-month

USD

LIBOR

+

3.75%),

6/02/28

.....................................

United

States

5,539,179

5,541,477

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

6/02/28

.......

United

States

453,409

453,978

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

5.132%,

(3-month

USD

LIBOR

+

5%),

4/16/26

................................

United

States

5,260,190

5,033,371

2019

Refinancing

New

Term

Loan,

B2,

4.632%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...............................

United

States

5,458,015

5,375,654

j

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

.........................

United

States

6,650,136

6,658,449

54,259,772

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

1.2%

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

Term

Loan,

1,

3.605%,

(1-month

USD

LIBOR

+

3.5%),

1/29/27

...........................................

United

States

2,659,500

2,666,149

First

Lien,

Term

Loan,

2,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

1/29/27

...........................................

United

States

3,077,395

3,085,735

Electronics

for

Imaging,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.105

%

,

(

1-month

USD

LIBOR

+

5

%

),

7/23/26

.....................

United

States

4,812,537

4,774,253

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

5.75

%

,

(

3-month

USD

LIBOR

+

5

%

),

7/27/28

............................

United

States

7,188,084

7,174,606

17,700,743

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.5%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

5.691

%

,

(

3-month

USD

LIBOR

+

5.5%;

6-month

USD

LIBOR

+

5.5%

),

12/19/25

..........................................

United

States

2,836,811

2,845,392

j

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

3.5

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/16/28

.......................................

United

States

5,106,347

5,103,155

7,948,547

a

a

a

a

a

a

Transportation

Infrastructure

0.3%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

719,807

716,809

Initial

Term

Loan,

C,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

265,700

264,594

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

...............................

United

States

3,500,000

3,513,125

4,494,528

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.1%

i

Syniverse

Holdings,

Inc.

,

Term

Loan

,

TBD,

1/27/29

............

United

States

1,060,606

1,050,000

Total

Senior

Floating

Rate

Interests

(Cost

$1,282,162,297)

........................

1,263,507,140

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

0.6%

Diversified

Financial

Services

0.6%

f,m

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

2.154

%

,

(

3-month

USD

LIBOR

+

1.9

%

),

7/20/31

.

..............................

United

States

7,000,000

$

6,991,659

f,m

Dryden

40

Senior

Loan

Fund

,

2015-40A

,

CR

,

144A,

FRN

,

2.256

%

,

(

3-month

USD

LIBOR

+

2.1

%

),

8/15/31

.

...................

United

States

2,000,000

1,999,445

f,m

Galaxy

XXV

CLO

Ltd.

,

2018-25A

,

C

,

144A,

FRN

,

2.258

%

,

(

3-month

USD

LIBOR

+

2

%

),

10/25/31

.

...........................

United

States

500,000

499,867

9,490,971

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$9,500,000)

................................

9,490,971

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,c

Millennium

Corporate

Claim

Trust,

Escrow

Account

............

United

States

13,585,837

—

a,c

Millennium

Lender

Claim

Trust,

Escrow

Account

..............

United

States

13,585,837

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

—

Total

Long

Term

Investments

(Cost

$1,506,923,322)

.............................

1,456,254,447

a

Short

Term

Investments

14.2%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

4.9%

d,n

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

75,983,836

75,983,836

Total

Money

Market

Funds

(Cost

$75,983,836)

..................................

75,983,836

Principal

Amount

*

a

a

a

a

a

Repurchase

Agreements

8.9%

o

Joint

Repurchase

Agreement,

0.019%,

2/01/22

(Maturity

Value

$136,435,142)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$96,136,294)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$7,915,967)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$32,382,881)

Collateralized

by

U.S.

Government

Agency

Securities,

3.5%

-

4%,

2/20/49

-

6/20/49

and

U.S.

Treasury

Notes,

2.13%

-

2.5%,

11/30/23

-

1/31/24

(valued

at

$139,167,509)

.......................

136,435,068

136,435,068

Total

Repurchase

Agreements

(Cost

$136,435,068)

..............................

136,435,068

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Country

Shares

Money

Market

Funds

0.3%

d,n

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

4,542,000

4,542,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

30

See

Abbreviations

on

page

654

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.1%

o

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$1,136,456)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$1,159,183)

.....................

1,136,454

$

1,136,454

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$5,678,454)

............................................................

5,678,454

Total

Short

Term

Investments

(Cost

$218,097,358

)

...............................

218,097,358

a

Total

Investments

(Cost

$1,725,020,680)

109.1%

................................

$1,674,351,805

Other

Assets,

less

Liabilities

(9.1)%

...........................................

(139,594,396)

Net

Assets

100.0%

...........................................................

$1,534,757,409

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

8

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

d

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$58,732,877,

representing

3.8%

of

net

assets.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

j

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

k

See

Note

7

regarding

unfunded

loan

commitments.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

m

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

o

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

31

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

Multiline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

.........................

South

Africa

12,326,925

$

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

.........................

South

Africa

1,226,701

—

—

Oil,

Gas

&

Consumable

Fuels

0.0%

a,b,c

Riviera

Resources,

Inc.

.................................

United

States

2,835

—

Total

Common

Stocks

(Cost

$135,230)

.........................................

—

Management

Investment

Companies

5.5%

Capital

Markets

5.5%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

14,835,570

120,909,895

d,e

Franklin

Liberty

High

Yield

Corporate

ETF

...................

United

States

259,500

6,656,175

e

SPDR

Blackstone

Senior

Loan

ETF

.......................

United

States

560,000

25,530,400

153,096,470

Total

Management

Investment

Companies

(Cost

$159,219,392)

...................

153,096,470

Warrants

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a,b

Battalion

Oil

Corp.,

A,

10/08/22

...........................

United

States

1,093

162

a,b

Battalion

Oil

Corp.,

B,

10/08/22

...........................

United

States

1,366

92

a,b

Battalion

Oil

Corp.,

C,

10/08/22

...........................

United

States

1,757

40

294

Paper

&

Forest

Products

0.0%

b

Verso

Corp.,

7/25/23

...................................

United

States

146

—

Total

Warrants

(Cost

$—)

.....................................................

294

Principal

Amount

*

Corporate

Bonds

19.7%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

..............

United

States

10,400,000

10,229,985

General

Dynamics

Corp.

,

Senior

Note

,

3.25

%

,

4/01/25

.........

United

States

4,000,000

4,172,150

f

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

....

United

States

1,500,000

1,550,250

15,952,385

Air

Freight

&

Logistics

0.1%

f

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

1,700,000

1,657,226

Airlines

0.5%

f

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

1,300,000

1,333,040

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

4,600,000

4,776,319

f

Hawaiian

Brand

Intellectual

Property

Ltd.

/

HawaiianMiles

Loyalty

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

1/20/26

............

United

States

2,100,000

2,150,872

f

International

Consolidated

Airlines

Group

SA

,

Senior

Note

,

Reg

S,

1.5

%

,

7/04/27

......................................

United

Kingdom

5,500,000

EUR

5,635,486

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

300,000

298,311

14,194,028

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

3.5%

Bank

of

America

Corp.

,

Senior

Note,

3.55%

to

3/05/23,

FRN

thereafter,

3/05/24

.......

United

States

10,350,000

$

10,585,232

Senior

Note,

2.015%

to

2/13/25,

FRN

thereafter,

2/13/26

......

United

States

3,500,000

3,489,789

Barclays

plc

,

Senior

Note

,

4.61%

to

2/15/22,

FRN

thereafter

,

2/15/23

United

Kingdom

6,300,000

6,307,378

Citigroup,

Inc.

,

Senior

Note,

3.106%

to

4/08/25,

FRN

thereafter,

4/08/26

......

United

States

6,500,000

6,672,855

Sub.

Bond,

4.6%,

3/09/26

.............................

United

States

2,600,000

2,817,171

HSBC

Holdings

plc

,

Senior

Bond,

4.3%,

3/08/26

............................

United

Kingdom

800,000

858,316

Senior

Note,

3.262%

to

3/13/22,

FRN

thereafter,

3/13/23

......

United

Kingdom

1,400,000

1,403,416

Senior

Note,

2.013%

to

9/22/27,

FRN

thereafter,

9/22/28

......

United

Kingdom

7,600,000

7,311,913

JPMorgan

Chase

&

Co.

,

Senior

Note,

2.083%

to

4/22/25,

FRN

thereafter,

4/22/26

......

United

States

18,200,000

18,122,185

Sub.

Bond,

3.875%,

9/10/24

...........................

United

States

8,400,000

8,837,737

f

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

....

South

Korea

6,500,000

6,313,007

f

Societe

Generale

SA

,

Senior

Note

,

144A,

1.792%

to

6/09/26,

FRN

thereafter

,

6/09/27

...................................

France

3,900,000

3,727,308

f

UniCredit

SpA

,

Senior

Note

,

144A,

1.982%

to

6/03/26,

FRN

thereafter

,

6/03/27

...................................

Italy

3,800,000

3,615,631

Wells

Fargo

&

Co.

,

Senior

Note,

2.188%

to

4/30/25,

FRN

thereafter,

4/30/26

......

United

States

13,400,000

13,391,459

Sub.

Bond,

4.1%,

6/03/26

.............................

United

States

3,000,000

3,206,053

96,659,450

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Note

,

3.65

%

,

2/01/26

...........................

Belgium

8,000,000

8,475,268

f

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

...........................................

United

Kingdom

4,400,000

4,239,344

12,714,612

Biotechnology

0.2%

AbbVie,

Inc.

,

Senior

Bond,

3.6%,

5/14/25

............................

United

States

4,510,000

4,724,673

Senior

Note,

3.8%,

3/15/25

............................

United

States

600,000

630,782

Senior

Note,

2.95%,

11/21/26

..........................

United

States

500,000

514,629

5,870,084

Capital

Markets

1.2%

Credit

Suisse

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

..........

Switzerland

8,000,000

8,622,096

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

3.75%,

2/25/26

...........................

United

States

6,500,000

6,869,351

Senior

Note,

2.64%

to

2/24/27,

FRN

thereafter,

2/24/28

.......

United

States

5,500,000

5,514,102

Morgan

Stanley

,

Senior

Bond,

3.7%,

10/23/24

...........................

United

States

1,400,000

1,464,852

Senior

Note,

2.188%

to

4/28/25,

FRN

thereafter,

4/28/26

......

United

States

3,800,000

3,795,966

Sub.

Bond,

4.35%,

9/08/26

............................

United

States

7,800,000

8,432,187

34,698,554

Chemicals

0.5%

f,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

322,028

330,278

f

Braskem

Netherlands

Finance

BV

,

Senior

Bond

,

144A,

4.5

%

,

1/31/30

...........................................

Brazil

7,100,000

7,222,901

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

f

SABIC

Capital

II

BV

,

Senior

Bond

,

144A,

4.5

%

,

10/10/28

........

Saudi

Arabia

400,000

$

443,092

Sasol

Financing

USA

LLC

,

Senior

Bond

,

6.5

%

,

9/27/28

.........

South

Africa

6,300,000

6,656,863

14,653,134

Commercial

Services

&

Supplies

0.0%

†

f

APCOA

Parking

Holdings

GmbH

,

Senior

Secured

Note

,

144A,

4.625

%

,

1/15/27

.....................................

Germany

1,200,000

EUR

1,334,091

Communications

Equipment

0.1%

f

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

6

%

,

6/15/25

.

United

States

1,500,000

1,463,552

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

3

%

,

10/29/28

..................................

Ireland

3,000,000

2,942,771

Capital

One

Financial

Corp.

,

Senior

Note

,

3.05

%

,

3/09/22

.......

United

States

13,800,000

13,807,173

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45

%

,

5/15/25

.

United

States

1,100,000

1,089,691

17,839,635

Containers

&

Packaging

0.0%

†

f

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

8/15/23

...........................................

United

States

1,000,000

1,032,465

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

4.125

%

,

10/01/24

.................

United

States

1,900,000

1,927,262

Diversified

Financial

Services

0.3%

h

Cia

Securitizadora

de

Creditos

Financeiros

Vert-Fintech

,

12

,

Senior

Secured

Note

,

FRN

,

14.9

%

,

(

BZDIOVRA

+

5.75

%

),

2/14/24

....

Brazil

8,489,727

BRL

2,038,292

f

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71

%

,

1/24/28

..........

Portugal

6,500,000

6,107,495

8,145,787

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

Senior

Bond

,

4.125

%

,

2/17/26

...................

United

States

7,000,000

7,503,529

f

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Note

,

144A,

4

%

,

3/01/23

...................................

United

States

500,000

498,458

f

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

6.5

%

,

10/15/26

..

France

2,000,000

2,028,880

Verizon

Communications,

Inc.

,

Senior

Note

,

1.45

%

,

3/20/26

.....

United

States

15,700,000

15,333,289

25,364,156

Electric

Utilities

1.0%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

...................

United

States

7,000,000

7,343,711

f

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note,

144A,

3.875%,

7/19/23

.....................

South

Korea

4,800,000

4,969,206

Senior

Note,

144A,

1.75%,

5/06/25

......................

South

Korea

8,500,000

8,461,906

Southern

Co.

(The)

,

Senior

Bond

,

3.25

%

,

7/01/26

.............

United

States

6,850,000

7,149,022

27,923,845

Entertainment

0.7%

f

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

...........................................

France

3,500,000

3,573,710

Netflix,

Inc.

,

Senior

Bond,

5.75%,

3/01/24

...........................

United

States

1,800,000

1,937,106

Senior

Bond,

4.375%,

11/15/26

.........................

United

States

3,100,000

3,333,058

f

Senior

Note,

144A,

3.625%,

6/15/25

.....................

United

States

3,100,000

3,214,607

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

34

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

(continued)

Walt

Disney

Co.

(The)

,

Senior

Note

,

1.75

%

,

1/13/26

...........

United

States

6,600,000

$

6,543,727

18,602,208

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

.......................................

United

States

6,900,000

7,094,822

f

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.5

%

,

2/15/25

...........................................

United

States

3,000,000

2,992,027

10,086,849

Food

&

Staples

Retailing

0.1%

f

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

...........

Chile

2,900,000

3,058,413

Food

Products

0.1%

f

JBS

Finance

Luxembourg

SARL

,

Senior

Note

,

144A,

2.5

%

,

1/15/27

United

States

3,700,000

3,593,662

Health

Care

Equipment

&

Supplies

0.0%

†

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

300,000

329,784

Health

Care

Providers

&

Services

0.5%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

................

United

States

2,700,000

2,653,736

Cigna

Corp.

,

Senior

Note

,

1.25

%

,

3/15/26

...................

United

States

8,300,000

8,016,501

Orlando

Health

Obligated

Group

,

3.777

%

,

10/01/28

............

United

States

105,000

112,336

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

15,000

15,470

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

..........

United

States

4,150,000

4,338,176

15,136,219

Hotels,

Restaurants

&

Leisure

1.0%

f

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/01/27

............

United

States

2,808,000

2,699,948

f

Genting

New

York

LLC

/

GENNY

Capital,

Inc.

,

Senior

Note

,

144A,

3.3

%

,

2/15/26

......................................

United

States

400,000

389,876

f

Melco

Resorts

Finance

Ltd.

,

Senior

Note

,

144A,

4.875

%

,

6/06/25

.

Hong

Kong

2,800,000

2,748,578

f

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

5,450,000

5,200,445

f

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

8/31/26

..

United

States

5,800,000

5,664,280

f

Sands

China

Ltd.

,

Senior

Note

,

144A,

2.3

%

,

3/08/27

...........

Macau

3,400,000

3,096,669

f

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6

%

,

7/15/25

.......

Macau

5,200,000

4,902,924

f

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

8/26/28

.........

Macau

3,200,000

2,932,560

27,635,280

Independent

Power

and

Renewable

Electricity

Producers

0.1%

f

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

1,400,000

1,378,951

f

Talen

Energy

Supply

LLC

,

Senior

Note

,

144A,

10.5

%

,

1/15/26

....

United

States

1,500,000

699,578

2,078,529

Interactive

Media

&

Services

0.7%

Baidu,

Inc.

,

Senior

Note

,

4.375

%

,

5/14/24

...................

China

6,500,000

6,831,776

f

Tencent

Holdings

Ltd.

,

Senior

Note,

144A,

2.985%,

1/19/23

.....................

China

9,200,000

9,317,353

Senior

Note,

144A,

1.81%,

1/26/26

......................

China

3,000,000

2,945,229

19,094,358

Internet

&

Direct

Marketing

Retail

0.5%

Alibaba

Group

Holding

Ltd.

,

Senior

Note,

2.8%,

6/06/23

............................

China

1,100,000

1,117,916

Senior

Note,

3.6%,

11/28/24

...........................

China

11,000,000

11,462,133

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

35

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Internet

&

Direct

Marketing

Retail

(continued)

Amazon.com,

Inc.

,

Senior

Note

,

2.4

%

,

2/22/23

...............

United

States

2,550,000

$

2,586,494

15,166,543

IT

Services

0.2%

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

....................

United

States

5,200,000

5,151,357

Machinery

0.0%

†

f

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

1,200,000

1,252,830

Media

0.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

.....

United

States

8,000,000

8,642,590

f

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Secured

Note

,

144A,

5.375

%

,

8/15/26

....................

United

States

1,700,000

789,098

f

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/01/26

...

United

States

3,800,000

3,693,125

Fox

Corp.

,

Senior

Note

,

3.05

%

,

4/07/25

.....................

United

States

2,000,000

2,058,520

f

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

3.125

%

,

9/01/26

......

United

States

2,000,000

1,922,410

f

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

2/15/25

.....................................

United

States

3,700,000

3,732,856

20,838,599

Metals

&

Mining

0.0%

†

f

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

............

United

States

1,000,000

970,815

Multiline

Retail

0.0%

a,f,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

1,052,491

—

a,f,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

418,294

—

—

Multi-Utilities

0.1%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.........

United

States

1,300,000

1,336,730

Oil,

Gas

&

Consumable

Fuels

2.1%

BP

Capital

Markets

America,

Inc.

,

Senior

Note

,

3.41

%

,

2/11/26

...

United

States

7,000,000

7,339,980

Cenovus

Energy,

Inc.

,

Senior

Note

,

5.375

%

,

7/15/25

...........

Canada

2,211,000

2,419,492

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

5,800,000

6,337,424

Chevron

Corp.

,

Senior

Note

,

1.554

%

,

5/11/25

................

United

States

4,500,000

4,472,190

Continental

Resources,

Inc.

,

Senior

Note

,

4.375

%

,

1/15/28

......

United

States

6,900,000

7,291,402

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

.............

United

States

5,200,000

5,588,017

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85

%

,

7/15/26

.....

United

States

6,800,000

6,992,661

f

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

1,300,000

1,292,869

f

Harvest

Operations

Corp.

,

Senior

Note

,

144A,

4.2

%

,

6/01/23

.....

South

Korea

2,900,000

2,997,379

MPLX

LP

,

Senior

Note

,

4.875

%

,

12/01/24

...................

United

States

6,800,000

7,281,391

Occidental

Petroleum

Corp.

,

Senior

Note

,

5.5

%

,

12/01/25

.......

United

States

500,000

531,276

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note,

5.75%,

5/15/24

....................

United

States

2,000,000

2,148,375

Senior

Secured

Note,

5.625%,

3/01/25

...................

United

States

2,000,000

2,186,292

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

...........

United

States

2,300,000

2,436,186

59,314,934

Personal

Products

0.2%

Avon

Products,

Inc.

,

Senior

Bond

,

6.5

%

,

3/15/23

..............

United

Kingdom

5,835,000

5,994,354

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Products

(continued)

f

Oriflame

Investment

Holding

plc

,

Senior

Secured

Note

,

144A,

5.125

%

,

5/04/26

.....................................

Switzerland

600,000

$

536,850

6,531,204

Pharmaceuticals

0.8%

AstraZeneca

plc

,

Senior

Note

,

0.7

%

,

4/08/26

.................

United

Kingdom

6,300,000

5,991,918

f

Bayer

US

Finance

II

LLC

,

Senior

Note,

144A,

3.875%,

12/15/23

....................

Germany

5,800,000

5,995,110

Senior

Note,

144A,

4.25%,

12/15/25

.....................

Germany

4,600,000

4,907,437

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

2.9

%

,

7/26/24

..........

United

States

2,551,000

2,634,041

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

.............

United

States

700,000

667,092

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

.....................................

Israel

2,200,000

2,131,250

22,326,848

Real

Estate

Management

&

Development

0.2%

f

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

.....................................

China

4,100,000

3,610,050

f

Vivion

Investments

SARL

,

Senior

Note

,

Reg

S,

3

%

,

8/08/24

.....

Luxembourg

700,000

EUR

753,020

4,363,070

Semiconductors

&

Semiconductor

Equipment

0.4%

Maxim

Integrated

Products,

Inc.

,

Senior

Bond

,

3.45

%

,

6/15/27

...

United

States

800,000

847,197

f

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

.............

South

Korea

9,900,000

9,550,396

10,397,593

Specialty

Retail

0.0%

†

f,h

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.75

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

.....................

United

States

565,890

524,699

Thrifts

&

Mortgage

Finance

0.4%

f

BPCE

SA

,

Senior

Note

,

144A,

2.375

%

,

1/14/25

...............

France

7,000,000

7,014,442

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

.............

United

States

3,000,000

3,237,615

10,252,057

Tobacco

0.3%

Altria

Group,

Inc.

,

Senior

Note

,

2.35

%

,

5/06/25

...............

United

States

4,200,000

4,233,992

f

Imperial

Brands

Finance

plc

,

Senior

Bond,

144A,

4.25%,

7/21/25

......................

United

Kingdom

3,695,000

3,897,686

Senior

Note,

144A,

3.125%,

7/26/24

.....................

United

Kingdom

700,000

715,815

8,847,493

Wireless

Telecommunication

Services

0.1%

f

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

,

Senior

Secured

Note

,

144A,

4.738

%

,

3/20/25

...........................................

United

States

650,000

679,188

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25

%

,

2/15/26

..............

United

States

2,900,000

2,799,617

3,478,805

Total

Corporate

Bonds

(Cost

$562,826,335)

.....................................

551,799,145

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

37

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

1.1%

Aerospace

&

Defense

0.1%

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

1,780,167

$

1,746,788

2020

Term

Loan,

B2,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

957,079

939,134

2,685,922

a

a

a

a

a

a

Airlines

0.3%

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

...........................................

Canada

6,900,000

6,933,051

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

..........................................

Canada

2,198,521

2,151,494

9,084,545

a

a

a

a

a

a

Diversified

Consumer

Services

0.0%

†

KUEHG

Corp.

,

Term

Loan,

B3

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

.....................................

United

States

1,617,681

1,598,811

Entertainment

0.1%

Diamond

Sports

Group

LLC

,

Term

Loan

,

3.36

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/24/26

..............................

United

States

1,714,912

709,013

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

2.86

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

..............................

United

States

983,585

968,694

1,677,707

a

a

a

a

a

a

Leisure

Products

0.2%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

..........................................

United

States

2,377,802

2,341,398

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

2,438,395

2,409,220

Term

Loan,

B2,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

347,622

343,463

5,094,081

a

a

a

a

a

a

Media

0.3%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........................

United

States

2,603,504

2,615,480

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

3.799

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

...........................................

United

States

3,183,715

3,144,523

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.356

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

..................

United

States

1,994,764

1,969,830

7,729,833

a

a

a

a

a

a

Personal

Products

0.1%

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.354

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

.....................................

United

States

1,801,140

1,776,699

Total

Senior

Floating

Rate

Interests

(Cost

$30,222,088)

..........................

29,647,598

a

Marketplace

Loans

2.0%

Diversified

Financial

Services

2.0%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$58,147,544)

....................................

56,624,245

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

5.2%

f

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

i

3,900,000

$

4,229,394

f

Belarus

Government

Bond

,

Senior

Bond

,

144A,

7.625

%

,

6/29/27

.

Belarus

3,900,000

3,428,061

Brazil

Government

Bond

,

Senior

Bond

,

8.75

%

,

2/04/25

.........

Brazil

2,720,000

3,264,027

Colombia

Government

Bond

,

Senior

Bond

,

8.125

%

,

5/21/24

.....

Colombia

5,300,000

5,946,944

f

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

4.75

%

,

2/23/27

...........................................

Mexico

6,300,000

6,821,042

f

Dexia

Credit

Local

SA

,

Senior

Note

,

144A,

2.375

%

,

9/20/22

.....

France

4,800,000

4,850,432

f

Dominican

Republic

Government

Bond

,

Senior

Note

,

144A,

8.9

%

,

2/15/23

...........................................

Dominican

Republic

218,500,000

DOP

3,905,618

Ecopetrol

SA

,

Senior

Bond

,

5.375

%

,

6/26/26

................

Colombia

6,300,000

6,522,390

f

Egypt

Government

Bond

,

Senior

Note

,

144A,

5.75

%

,

5/29/24

....

Egypt

5,200,000

5,337,488

f,j

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

5.625%

to

1/22/24,

FRN

thereafter

,

Perpetual

......................

France

2,200,000

2,263,800

Equinor

ASA

,

Senior

Note,

2.875%,

4/06/25

...........................

Norway

15,300,000

15,722,912

Senior

Note,

1.75%,

1/22/26

...........................

Norway

5,400,000

5,347,819

f

Export-Import

Bank

of

India

,

Senior

Bond

,

144A,

3.875

%

,

2/01/28

India

3,400,000

3,558,221

Export-Import

Bank

of

Korea

,

Senior

Bond

,

2.875

%

,

1/21/25

.....

South

Korea

2,000,000

2,066,270

f

Gabon

Government

Bond

,

Senior

Bond

,

144A,

6.95

%

,

6/16/25

...

Gabon

1,250,000

1,305,425

Hungary

Government

Bond

,

Senior

Bond

,

5.375

%

,

2/21/23

.....

Hungary

3,400,000

3,551,354

f

Iraq

Government

Bond

,

Senior

Bond

,

144A,

5.8

%

,

1/15/28

......

Iraq

5,625,000

5,406,750

f

Israel

Electric

Corp.

Ltd.

,

Senior

Secured

Bond

,

144A,

Reg

S,

4.25

%

,

8/14/28

...........................................

Israel

1,400,000

1,523,375

f

Kazakhstan

Government

Bond

,

Senior

Bond

,

144A,

3.875

%

,

10/14/24

..........................................

Kazakhstan

5,830,000

6,168,082

Korea

Development

Bank

(The)

,

Senior

Note

,

3.375

%

,

3/12/23

...

South

Korea

7,100,000

7,258,494

f

Mongolia

Government

Bond

,

Senior

Note

,

144A,

8.75

%

,

3/09/24

.

Mongolia

1,360,000

1,485,918

f

Pakistan

Government

Bond

,

Senior

Bond

,

144A,

8.25

%

,

9/30/25

.

Pakistan

1,440,000

1,519,438

Peru

Government

Bond

,

Senior

Bond,

7.35%,

7/21/25

...........................

Peru

3,300,000

3,872,451

Senior

Bond,

2.783%,

1/23/31

..........................

Peru

800,000

775,088

f

Petroleos

Mexicanos

,

Senior

Note

,

144A,

6.875

%

,

10/16/25

.....

Mexico

990,000

1,065,973

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

1/21/24

.....

Philippines

1,600,000

1,686,132

Poland

Government

Bond

,

Senior

Bond

,

5

%

,

3/23/22

..........

Poland

4,310,000

4,339,045

f

Romania

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/22/24

Romania

6,500,000

6,869,109

f

Russia

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

9/16/23

..

Russia

4,400,000

4,576,924

South

Africa

Government

Bond

,

Senior

Bond

,

5.875

%

,

9/16/25

...

South

Africa

5,640,000

6,155,129

f

Tunisia

Government

Bond

,

Senior

Bond

,

144A,

5.75

%

,

1/30/25

..

Tunisia

4,700,000

3,653,827

Turkey

Government

Bond

,

Senior

Note

,

6.375

%

,

10/14/25

......

Turkey

7,980,000

7,911,532

f

Ukraine

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

9/25/32

.

Ukraine

4,500,000

3,818,790

Total

Foreign

Government

and

Agency

Securities

(Cost

$149,426,522)

............

146,207,254

U.S.

Government

and

Agency

Securities

36.6%

U.S.

Treasury

Notes

,

1.75%,

5/15/22

.....................................

United

States

117,000,000

117,495,329

1.875%,

8/31/22

.....................................

United

States

75,000,000

75,579,314

2%,

2/15/23

........................................

United

States

95,000,000

96,144,202

2.625%,

2/28/23

.....................................

United

States

52,000,000

52,994,066

1.625%,

4/30/23

.....................................

United

States

90,000,000

90,791,015

1.625%,

5/31/23

.....................................

United

States

50,000,000

50,457,031

2.75%,

5/31/23

.....................................

United

States

98,000,000

100,350,469

2.5%,

8/15/23

......................................

United

States

110,000,000

112,483,593

2.75%,

8/31/23

.....................................

United

States

105,000,000

107,772,656

2.875%,

10/31/23

....................................

United

States

52,000,000

53,586,406

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

2.75%,

11/15/23

.....................................

United

States

80,000,000

$

82,303,125

2.875%,

11/30/23

....................................

United

States

70,000,000

72,212,109

2.875%,

7/31/25

.....................................

United

States

12,000,000

12,576,563

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,034,934,002)

..............

1,024,745,878

Asset-Backed

Securities

14.3%

Airlines

0.0%

†

American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2

%

,

6/15/28

.

United

States

38,225

38,225

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

388,800

402,692

440,917

a

a

a

a

a

a

Commercial

Services

&

Supplies

0.5%

f,k

Armada

Euro

CLO

IV

DAC

,

4A

,

B

,

144A,

FRN

,

1.7

%

,

7/15/33

.

....

Ireland

12,400,000

EUR

13,945,458

Consumer

Finance

0.5%

Discover

Card

Execution

Note

Trust

,

2019-A3

,

A

,

1.89

%

,

10/15/24

.

United

States

13,340,000

13,450,396

Diversified

Financial

Services

13.3%

f,l

Adagio

CLO

VIII

DAC

,

VIII-A

,

B1

,

144A,

FRN

,

1.65

%

,

(

3-month

EURIBOR

+

1.65

%

),

4/15/32

.

...........................

Ireland

500,000

EUR

562,092

f

American

Homes

4

Rent

Trust

,

2014-SFR3,

A,

144A,

3.678%,

12/17/36

...................

United

States

702,861

721,279

2015-SFR1,

A,

144A,

3.467%,

4/17/52

....................

United

States

5,374,201

5,551,121

f,l

AMMC

CLO

21

Ltd.

,

2017-21A

,

C

,

144A,

FRN

,

2.232

%

,

(

3-month

USD

LIBOR

+

2.1

%

),

11/02/30

.

.........................

United

States

400,000

399,023

f,l

AMMC

CLO

XI

Ltd.

,

2012-11A

,

CR2

,

144A,

FRN

,

2.199

%

,

(

3-month

USD

LIBOR

+

1.9

%

),

4/30/31

.

..........................

United

States

1,850,000

1,844,618

f,l

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

1.904

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

4/20/31

.

.............................

United

States

6,000,000

5,994,000

f,l

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

1.304

%

,

(

3-month

USD

LIBOR

+

1.05

%

),

4/20/34

.

.........................

United

States

19,306,000

19,266,377

f,l

Ares

European

CLO

VIII

DAC

,

8A

,

BR

,

144A,

FRN

,

1.6

%

,

(

3-month

EURIBOR

+

1.6

%

),

4/17/32

.

............................

Ireland

700,000

EUR

785,457

f,l

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

1.219

%

,

(

3-month

USD

LIBOR

+

0.96

%

),

4/23/31

.

..................

United

States

2,000,000

2,000,999

f,l

BCC

Middle

Market

CLO

LLC

,

2018-1A

,

A2

,

144A,

FRN

,

2.404

%

,

(

3-month

USD

LIBOR

+

2.15

%

),

10/20/30

.

.................

United

States

2,100,000

2,092,505

f,l

Blackrock

European

CLO

IX

DAC

,

9A

,

A

,

144A,

FRN

,

0.9

%

,

(

3-month

EURIBOR

+

0.9

%

),

12/15/32

.

...................

Ireland

3,300,000

EUR

3,703,190

f,l

BlueMountain

Fuji

EUR

CLO

V

DAC

,

5A

,

B

,

144A,

FRN

,

1.55

%

,

(

3-month

EURIBOR

+

1.55

%

),

1/15/33

.

...................

Ireland

4,550,000

EUR

5,094,862

f,l

BlueMountain

Fuji

US

CLO

III

Ltd.

,

2017-3A,

A2,

144A,

FRN,

1.391%,

(3-month

USD

LIBOR

+

1.15%),

1/15/30

.....................................

United

States

1,000,000

997,516

2017-3A,

C,

144A,

FRN,

1.941%,

(3-month

USD

LIBOR

+

1.7%),

1/15/30

...........................................

United

States

500,000

496,171

f,l

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

A2R2,

144A,

FRN,

1.371%,

(3-month

USD

LIBOR

+

1.13%),

4/17/31

.....................................

United

States

1,200,000

1,200,012

2014-1A,

DR,

144A,

FRN,

2.841%,

(3-month

USD

LIBOR

+

2.6%),

4/17/31

...........................................

United

States

533,000

519,119

f,l

Carlyle

GMS

Finance

MM

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

2.441

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/31

.

...........

United

States

7,300,000

7,266,120

f,l

Carlyle

US

CLO

Ltd.

,

2017-4A,

B,

144A,

FRN,

2.091%,

(3-month

USD

LIBOR

+

1.85%),

1/15/30

...........................................

United

States

1,107,000

1,107,307

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,l

Carlyle

US

CLO

Ltd.,

(continued)

2017-4A,

C,

144A,

FRN,

3.041%,

(3-month

USD

LIBOR

+

2.8%),

1/15/30

...........................................

United

States

400,000

$

386,630

2017-5A,

B,

144A,

FRN,

2.054%,

(3-month

USD

LIBOR

+

1.8%),

1/20/30

...........................................

United

States

2,200,000

2,194,209

2021-1A,

A1,

144A,

FRN,

1.381%,

(3-month

USD

LIBOR

+

1.14%),

4/15/34

.....................................

United

States

17,876,000

17,911,116

f,l

Cent

CLO

21

Ltd.

,

2014-21A

,

CR2

,

144A,

FRN

,

3.468

%

,

(

3-month

USD

LIBOR

+

3.2

%

),

7/27/30

.

..........................

United

States

502,000

497,108

f

CF

Hippolyta

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

..........

United

States

3,369,043

3,295,572

f,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-14,

PT,

144A,

FRN,

9.77%,

9/16/41

..................

United

States

7,103

6,686

2018-29,

PT,

144A,

FRN,

25.081%,

12/15/43

...............

United

States

152,974

151,107

2019-26,

PT,

144A,

FRN,

17.366%,

8/15/44

................

United

States

606,163

600,516

2019-31,

PT,

144A,

FRN,

16.917%,

9/15/44

................

United

States

538,051

528,201

2019-37,

PT,

144A,

FRN,

17.917%,

10/17/44

...............

United

States

548,248

536,850

2019-42,

PT,

144A,

FRN,

17.17%,

11/15/44

................

United

States

561,190

555,367

2019-51,

PT,

144A,

FRN,

15.325%,

1/15/45

................

United

States

1,456,269

1,443,845

2019-52,

PT,

144A,

FRN,

16.217%,

1/15/45

................

United

States

1,870,651

1,867,570

2019-S1,

PT,

144A,

FRN,

13.764%,

4/15/44

................

United

States

269,424

262,228

2019-S2,

PT,

144A,

FRN,

13.895%,

5/16/44

................

United

States

200,483

196,368

2019-S3,

PT,

144A,

FRN,

12.778%,

6/15/44

................

United

States

171,581

168,995

2019-S4,

PT,

144A,

FRN,

10.207%,

8/15/44

................

United

States

401,247

398,251

2019-S5,

PT,

144A,

FRN,

12.571%,

9/15/44

................

United

States

414,301

410,026

2019-S6,

PT,

144A,

FRN,

10.816%,

10/17/44

...............

United

States

402,394

393,054

2019-S7,

PT,

144A,

FRN,

11.228%,

12/15/44

...............

United

States

796,763

782,306

2019-S8,

PT,

144A,

FRN,

9.822%,

1/15/45

.................

United

States

1,035,351

1,012,422

2020-2,

PT,

144A,

FRN,

15.725%,

3/15/45

.................

United

States

1,747,923

1,736,846

2020-7,

PT,

144A,

FRN,

15.469%,

4/17/45

.................

United

States

992,905

973,815

f,l

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

1.361

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/17/30

.

.........................

United

States

1,000,000

992,784

l

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

0.858

%

,

(

1-month

USD

LIBOR

+

0.75

%

),

3/25/34

.

....................................

United

States

31,013

30,954

f,l

Dryden

44

Euro

CLO

BV

,

2015-44A

,

A1RR

,

144A,

FRN

,

0.88

%

,

(

3-month

EURIBOR

+

0.88

%

),

4/15/34

.

...................

Ireland

20,020,000

EUR

22,470,977

f,l

Dryden

55

CLO

Ltd.

,

2018-55A,

C,

144A,

FRN,

2.141%,

(3-month

USD

LIBOR

+

1.9%),

4/15/31

...........................................

United

States

600,000

596,824

2018-55A,

D,

144A,

FRN,

3.091%,

(3-month

USD

LIBOR

+

2.85%),

4/15/31

.....................................

United

States

300,000

288,763

f,l

Dryden

58

CLO

Ltd.

,

2018-58A

,

A2

,

144A,

FRN

,

1.491

%

,

(

3-month

USD

LIBOR

+

1.25

%

),

7/17/31

.

.........................

United

States

1,600,000

1,595,204

f,l

Dryden

64

CLO

Ltd.

,

2018-64A

,

C

,

144A,

FRN

,

1.991

%

,

(

3-month

USD

LIBOR

+

1.75

%

),

4/18/31

.

.........................

United

States

750,000

746,162

f,l

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

1.904

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

7/20/30

.

.........................

United

States

3,700,639

3,692,042

f

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

4,217,967

4,074,137

f,l

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

1.175

%

,

(

3-month

USD

LIBOR

+

1.02

%

),

5/16/31

.

.........................

United

States

1,500,000

1,498,611

f,l

Golden

Tree

Loan

Management

US

CLO

1

Ltd.

,

2021-9A

,

A

,

144A,

FRN

,

1.324

%

,

(

3-month

USD

LIBOR

+

1.07

%

),

1/20/33

.

.......

United

States

15,731,000

15,754,400

f,l

Halcyon

Loan

Advisors

Funding

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

2.054

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

7/21/31

.

............

United

States

5,000,000

4,949,339

f,l

Holland

Park

CLO

DAC

,

1A

,

A1RR

,

144A,

FRN

,

0.92

%

,

(

3-month

EURIBOR

+

0.92

%

),

11/14/32

.

..........................

Ireland

15,000,000

EUR

16,882,743

f

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

United

States

1,500,000

1,487,986

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,l

LCM

26

Ltd.

,

26A

,

C

,

144A,

FRN

,

2.054

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

1/20/31

.

.....................................

United

States

2,000,000

$

1,980,914

l

Lehman

XS

Trust

,

2005-4

,

1A4

,

FRN

,

0.668

%

,

(

1-month

USD

LIBOR

+

0.56

%

),

10/25/35

.

..................................

United

States

108,810

108,922

f,l

Long

Point

Park

CLO

Ltd.

,

2017-1A

,

B

,

144A,

FRN

,

1.941

%

,

(

3-month

USD

LIBOR

+

1.7

%

),

1/17/30

.

...................

United

States

2,000,000

1,986,120

f,l

Madison

Park

Euro

Funding

VIII

DAC

,

8A,

ARN,

144A,

FRN,

0.95%,

(3-month

EURIBOR

+

0.95%),

4/15/32

...........................................

Ireland

17,600,000

EUR

19,853,239

m

8A,

ARR,

144A,

FRN,

0.82%,

(3-month

EURIBOR

+

0.82%),

4/15/32

...........................................

Ireland

17,600,000

EUR

19,774,480

f,l

Madison

Park

Funding

XIII

Ltd.

,

2014-13A

,

DR2

,

144A,

FRN

,

3.098

%

,

(

3-month

USD

LIBOR

+

2.85

%

),

4/19/30

.

...........

United

States

332,000

323,727

f,l

Madison

Park

Funding

XLII

Ltd.

,

13A

,

C

,

144A,

FRN

,

2.059

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

11/21/30

.

..................

United

States

1,600,000

1,586,673

f,l

Magnetite

XXIX

Ltd.

,

2021-29A

,

A

,

144A,

FRN

,

1.231

%

,

(

3-month

USD

LIBOR

+

0.99

%

),

1/15/34

.

.........................

United

States

21,809,000

21,825,274

f,k

Mill

City

Mortgage

Loan

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

11/25/58

..................

United

States

132,985

133,403

2018-1,

A1,

144A,

FRN,

3.25%,

5/25/62

...................

United

States

6,488,051

6,572,569

2018-4,

A1B,

144A,

FRN,

3.5%,

4/25/66

...................

United

States

6,702,275

6,824,414

f,l

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

1.655

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

10/21/30

.

...........

United

States

2,295,000

2,295,000

f

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

13,870,000

13,530,464

f,l

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A,

A1A,

144A,

FRN,

1.201%,

(3-month

USD

LIBOR

+

0.96%),

4/16/31

.....................................

United

States

1,000,000

999,505

2018-18A,

C,

144A,

FRN,

2.941%,

(3-month

USD

LIBOR

+

2.7%),

4/16/31

...........................................

United

States

1,000,000

957,065

f,l

Octagon

Investment

Partners

26

Ltd.

,

2016-1A

,

A2R

,

144A,

FRN

,

1.591

%

,

(

3-month

USD

LIBOR

+

1.35

%

),

7/15/30

.

...........

United

States

1,600,000

1,599,742

f,l

Octagon

Investment

Partners

33

Ltd.

,

2017-1A

,

C

,

144A,

FRN

,

3.004

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

1/20/31

.

...........

United

States

250,000

247,813

f,l

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

1.354

%

,

(

3-month

USD

LIBOR

+

1.1

%

),

1/20/31

.

............

United

States

2,000,000

1,985,845

f,l

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

1.23

%

,

(

3-month

USD

LIBOR

+

1.07

%

),

2/20/34

.

..................

United

States

17,876,000

17,871,614

f,k

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

8.796%,

3/15/26

.................

United

States

1,031,998

1,050,752

2020-PT2,

A,

144A,

FRN,

9.444%,

4/15/26

.................

United

States

1,184,451

1,164,980

2020-PT3,

A,

144A,

FRN,

7.183%,

5/15/26

.................

United

States

320,323

321,801

l

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

0.808

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

3/25/34

.

....................................

United

States

139,912

142,001

f,l

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

1.361

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/15/36

.

.............................

United

States

23,418,000

23,420,501

f,l

Sculptor

CLO

XXV

Ltd.

,

25A

,

A1

,

144A,

FRN

,

1.511

%

,

(

3-month

USD

LIBOR

+

1.27

%

),

1/15/31

.

.............................

United

States

10,726,000

10,728,780

f,k

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

3,546,637

3,573,806

2018-4,

A1,

144A,

FRN,

3%,

6/25/58

.....................

United

States

11,133,592

11,333,981

2019-1,

A1,

144A,

FRN,

3.666%,

3/25/58

..................

United

States

8,846,194

9,119,254

f,k

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

16.574%,

6/15/25

................

United

States

168,406

157,855

2019-PT2,

A,

144A,

FRN,

15.773%,

2/15/26

................

United

States

1,032,403

1,057,167

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

42

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,l

Voya

CLO

Ltd.

,

2013-2A,

A1R,

144A,

FRN,

1.228%,

(3-month

USD

LIBOR

+

0.97%),

4/25/31

.....................................

United

States

11,800,000

$

11,796,519

2013-2A,

CR,

144A,

FRN,

3.008%,

(3-month

USD

LIBOR

+

2.75%),

4/25/31

.....................................

United

States

375,000

352,676

2014-1A,

BR2,

144A,

FRN,

2.141%,

(3-month

USD

LIBOR

+

1.9%),

4/18/31

......................................

United

States

2,750,000

2,728,657

2014-1A,

CR2,

144A,

FRN,

3.041%,

(3-month

USD

LIBOR

+

2.8%),

4/18/31

......................................

United

States

600,000

564,631

2016-3A,

CR,

144A,

FRN,

3.491%,

(3-month

USD

LIBOR

+

3.25%),

10/18/31

....................................

United

States

1,698,113

1,639,120

2018-2A,

A2,

144A,

FRN,

1.491%,

(3-month

USD

LIBOR

+

1.25%),

7/15/31

.....................................

United

States

2,500,000

2,481,876

373,062,922

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

0.0%

†

k

Conseco

Finance

Securitizations

Corp.

,

2002-2

,

M1

,

FRN

,

7.424

%

,

3/01/33

.

...........................................

United

States

292,665

300,954

l

Countrywide

Asset-Backed

Certificates

Trust

,

2002-3

,

1A1

,

FRN

,

0.848

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

5/25/32

.

...........

United

States

871

864

301,818

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$400,658,284)

..............................

401,201,511

Commercial

Mortgage-Backed

Securities

2.1%

Diversified

Financial

Services

1.8%

f

BAMLL

Commercial

Mortgage

Securities

Trust

,

2012-PARK,

A,

144A,

2.959%,

12/10/30

...................

United

States

3,300,000

3,333,061

2015-200P,

A,

144A,

3.218%,

4/14/33

....................

United

States

600,000

617,969

f,l

BX

Commercial

Mortgage

Trust

,

2019-XL,

A,

144A,

FRN,

1.026%,

(1-month

USD

LIBOR

+

0.92%),

10/15/36

..........................................

United

States

3,211,814

3,212,333

2020-BXLP,

A,

144A,

FRN,

0.906%,

(1-month

USD

LIBOR

+

0.8%),

12/15/36

.....................................

United

States

9,495,724

9,497,035

2020-FOX,

A,

144A,

FRN,

1.106%,

(1-month

USD

LIBOR

+

1%),

11/15/32

..........................................

United

States

11,352,565

11,358,246

2021-VOLT,

A,

144A,

FRN,

0.806%,

(1-month

USD

LIBOR

+

0.7%),

9/15/36

......................................

United

States

5,430,000

5,420,850

f,l

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

0.796

%

,

(

1-month

USD

LIBOR

+

0.689

%

),

10/15/36

........................

United

States

5,190,000

5,150,639

f

BXP

Trust

,

2017-GM

,

A

,

144A,

3.379

%

,

6/13/39

..............

United

States

2,000,000

2,092,509

Commercial

Mortgage

Trust

,

k

2006-GG7,

AJ,

FRN,

6.214%,

7/10/38

....................

United

States

836,002

691,060

f,k

2014-277P,

A,

144A,

FRN,

3.611%,

8/10/49

................

United

States

3,880,000

4,008,612

f

2015-3BP,

A,

144A,

3.178%,

2/10/35

.....................

United

States

600,000

618,522

f,l

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

0.806

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

6/15/34

...........................

United

States

1,500,000

1,496,746

f,k

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

.....................................

United

States

2,005,000

2,092,402

f,k

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

NINE

,

A

,

144A,

FRN

,

2.854

%

,

9/06/38

....................

United

States

600,000

609,829

f

Morgan

Stanley

Capital

I

Trust

,

2014-150E

,

A

,

144A,

3.912

%

,

9/09/32

...........................................

United

States

450,000

466,204

50,666,017

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

43

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Thrifts

&

Mortgage

Finance

0.3%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

.....................................

United

States

100,000

$

104,513

FHLMC

,

4402

,

PE

,

3.5

%

,

3/15/43

.........................

United

States

187,053

188,740

GS

Mortgage

Securities

Trust

,

2016-GS3,

A4,

2.85%,

10/10/49

.........................

United

States

600,000

615,455

2017-GS6,

A3,

3.433%,

5/10/50

.........................

United

States

2,000,000

2,107,294

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30,

A5,

3.822%,

7/15/48

.........................

United

States

1,500,000

1,584,215

2016-C1,

A5,

3.576%,

3/15/49

..........................

United

States

1,500,000

1,576,531

Wells

Fargo

Commercial

Mortgage

Trust

,

2016-NXS6

,

A2

,

2.399

%

,

11/15/49

..........................................

United

States

1,692,922

1,692,140

7,868,888

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$57,863,355)

................

58,534,905

Mortgage-Backed

Securities

2.5%

n

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

2.088%

-

2.234%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

10/01/36

-

6/01/37

...................................

United

States

789,118

820,946

820,946

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.0%

†

FHLMC

Gold

Pools,

15

Year,

5%,

10/01/23

..................

United

States

12,866

13,252

FHLMC

Gold

Pools,

15

Year,

6%,

6/01/23

...................

United

States

2,103

2,139

FHLMC

Gold

Pools,

30

Year,

5%,

1/01/39

...................

United

States

59,098

66,409

81,800

n

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.3%

FNMA,

1.03%

-

3.1%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

9/01/22

-

8/01/37

....................................

United

States

558,718

563,742

FNMA,

1.225%

-

1.3%,

(1-month

USD

LIBOR

+/-

MBS

Margin),

4/01/28

-

7/01/34

....................................

United

States

186,363

187,117

FNMA,

1.287%

-

2.571%,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.......................

United

States

207,638

212,989

FNMA,

1.397%

-

2.5%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

11/01/32

-

2/01/44

...................................

United

States

4,864,760

5,032,365

FNMA,

1.468%

-

5.635%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

..................................

United

States

60,649

63,220

FNMA,

1.645%

-

2.895%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

3/01/24

-

4/01/40

....................................

United

States

1,078,496

1,089,983

FNMA,

2.462%

-

3.455%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

....................................

United

States

27,613

27,676

FNMA,

2.625%,

(6-month

H15BDI

+/-

MBS

Margin),

8/01/32

.....

United

States

49,341

49,431

FNMA,

4.778%,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

...

United

States

26,324

26,438

7,252,961

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

2.2%

FNMA,

15

Year,

3.5%,

10/01/25

...........................

United

States

250,114

261,474

FNMA,

15

Year,

4%,

12/01/25

............................

United

States

360,901

377,721

FNMA,

15

Year,

4.5%,

5/01/23

-

6/01/25

....................

United

States

164,868

171,428

FNMA,

30

Year,

5%,

3/01/38

.............................

United

States

6,910

7,701

o

FNMA,

Single-family,

15

Year,

2%,

2/25/37

..................

United

States

59,821,000

60,104,916

60,923,240

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

44

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

n

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

1.625%

-

1.875%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

....................................

United

States

7,129

$

7,200

7,200

Total

Mortgage-Backed

Securities

(Cost

$69,422,645)

............................

69,086,147

Municipal

Bonds

2.1%

California

0.2%

San

Jose

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Senior

Lien,

2017

A-T,

Refunding,

2.63%,

8/01/22

United

States

5,320,000

5,373,203

Tax

Allocation,

Senior

Lien,

2017

A-T,

Refunding,

3.226%,

8/01/27

United

States

190,000

202,141

5,575,344

Colorado

0.5%

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2015

E-2

,

5

%

,

3/01/25

................................

United

States

100,000

111,515

Colorado

Bridge

Enterprise

,

Kiewit

Meridiam

Partners

LLC

,

Revenue

,

2021

B

,

0.923

%

,

12/31/23

.....................

United

States

13,400,000

13,335,672

13,447,187

Hawaii

0.1%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue

,

2019

B

,

Refunding

,

2.233

%

,

7/01/24

............................

United

States

2,470,000

2,518,285

Illinois

0.1%

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

...................

United

States

2,415,000

2,689,440

Massachusetts

0.1%

Massachusetts

State

College

Building

Authority

,

Revenue

,

2019

C

,

Refunding

,

2.256

%

,

5/01/26

............................

United

States

2,635,000

2,683,940

New

York

1.0%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

................

United

States

1,865,000

2,011,512

Revenue,

2021

A,

0.777%,

11/15/22

......................

United

States

17,000,000

17,001,267

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2019

B

,

Refunding

,

2.25

%

,

3/15/26

...........

United

States

8,750,000

8,875,497

27,888,276

Ohio

0.0%

†

City

of

Cincinnati

,

GO

,

2015

A

,

Refunding

,

5

%

,

12/01/25

........

United

States

100,000

112,307

Teays

Valley

Local

School

District

,

GO

,

2015

,

Refunding

,

4

%

,

12/01/26

..........................................

United

States

100,000

105,249

217,556

Texas

0.1%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

.....................................

United

States

4,825,000

4,938,514

Total

Municipal

Bonds

(Cost

$59,190,286)

......................................

59,958,542

Residential

Mortgage-Backed

Securities

5.8%

Capital

Markets

0.0%

†

l

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A,

1A,

FRN,

0.848%,

(1-month

USD

LIBOR

+

0.74%),

3/25/28

...........................................

United

States

113,723

114,089

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Capital

Markets

(continued)

l

Merrill

Lynch

Mortgage

Investors

Trust,

(continued)

2003-E,

A1,

FRN,

0.728%,

(1-month

USD

LIBOR

+

0.62%),

10/25/28

..........................................

United

States

252,924

$

250,996

365,085

a

a

a

a

a

a

Diversified

Financial

Services

1.7%

l

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

2.336

%

,

(

6-month

USD

LIBOR

+

2

%

),

6/25/45

..............

United

States

316,844

324,479

f,k

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

..........................................

United

States

4,826,485

4,924,523

k

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

2.229

%

,

7/25/34

...........................................

United

States

760,244

769,109

f,k

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

...........

United

States

177,130

178,662

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

9/29/34

........................................

Switzerland

105,684

81,378

f,k

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

........

United

States

452,445

454,244

k

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

2.568

%

,

1/25/35

United

States

95,298

95,151

k

J.P.

Morgan

Mortgage

Trust

,

2004-A1,

5A1,

FRN,

2.24%,

2/25/34

......................

United

States

19,790

21,061

f

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

13,048,806

12,992,566

f

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

2,496,050

2,485,292

MASTR

Alternative

Loan

Trust

,

2003-1

,

3A1

,

5

%

,

6/25/23

.......

United

States

12,634

12,899

f

OBX

Trust

,

l

2018-1,

A2,

144A,

FRN,

0.758%,

(1-month

USD

LIBOR

+

0.65%),

6/25/57

...........................................

United

States

1,118,560

1,117,494

k

2021-J3,

A4,

144A,

FRN,

2.5%,

10/25/51

..................

United

States

2,224,333

2,214,746

f,k

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

8,002,165

7,967,676

f,k

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

13,086,185

13,062,473

l

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

0.848

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

9/25/34

..................

United

States

341,205

348,151

47,049,904

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

4.1%

l

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

2013-DN2,

M2,

FRN,

4.358%,

(1-month

USD

LIBOR

+

4.25%),

11/25/23

..........................................

United

States

4,300,023

4,441,625

2014-DN2,

M3,

FRN,

3.708%,

(1-month

USD

LIBOR

+

3.6%),

4/25/24

...........................................

United

States

5,726,660

5,878,102

2014-DN3,

M3,

FRN,

4.108%,

(1-month

USD

LIBOR

+

4%),

8/25/24

...........................................

United

States

1,042,952

1,061,950

2014-DN4,

M3,

FRN,

4.658%,

(1-month

USD

LIBOR

+

4.55%),

10/25/24

..........................................

United

States

2,087,765

2,131,305

2014-HQ2,

M3,

FRN,

3.858%,

(1-month

USD

LIBOR

+

3.75%),

9/25/24

...........................................

United

States

7,341,221

7,569,900

2014-HQ3,

M3,

FRN,

4.858%,

(1-month

USD

LIBOR

+

4.75%),

10/25/24

..........................................

United

States

68,164

68,325

2016-DNA1,

M3,

FRN,

5.658%,

(1-month

USD

LIBOR

+

5.55%),

7/25/28

...........................................

United

States

7,245,725

7,582,867

2016-DNA2,

M3,

FRN,

4.758%,

(1-month

USD

LIBOR

+

4.65%),

10/25/28

..........................................

United

States

9,201,938

9,554,025

2016-HQA2,

M3,

FRN,

5.258%,

(1-month

USD

LIBOR

+

5.15%),

11/25/28

..........................................

United

States

7,024,248

7,280,020

l

FNMA

Connecticut

Avenue

Securities

,

2013-C01,

M2,

FRN,

5.358%,

(1-month

USD

LIBOR

+

5.25%),

10/25/23

..........................................

United

States

4,828,392

5,046,430

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Thrifts

&

Mortgage

Finance

(continued)

l

FNMA

Connecticut

Avenue

Securities,

(continued)

2014-C01,

M2,

FRN,

4.508%,

(1-month

USD

LIBOR

+

4.4%),

1/25/24

...........................................

United

States

1,258,759

$

1,310,612

2014-C02,

1M2,

FRN,

2.708%,

(1-month

USD

LIBOR

+

2.6%),

5/25/24

...........................................

United

States

5,659,811

5,752,543

2014-C02,

2M2,

FRN,

2.708%,

(1-month

USD

LIBOR

+

2.6%),

5/25/24

...........................................

United

States

1,099,726

1,115,710

2014-C03,

1M2,

FRN,

3.108%,

(1-month

USD

LIBOR

+

3%),

7/25/24

...........................................

United

States

5,843,253

5,942,668

2014-C03,

2M2,

FRN,

3.008%,

(1-month

USD

LIBOR

+

2.9%),

7/25/24

...........................................

United

States

5,633,141

5,719,200

2014-C04,

1M2,

FRN,

5.008%,

(1-month

USD

LIBOR

+

4.9%),

11/25/24

..........................................

United

States

5,443,431

5,680,122

2014-C04,

2M2,

FRN,

5.108%,

(1-month

USD

LIBOR

+

5%),

11/25/24

..........................................

United

States

884,386

896,010

2015-C01,

1M2,

FRN,

4.408%,

(1-month

USD

LIBOR

+

4.3%),

2/25/25

...........................................

United

States

3,211,558

3,277,771

2015-C02,

1M2,

FRN,

4.108%,

(1-month

USD

LIBOR

+

4%),

5/25/25

...........................................

United

States

3,968,425

4,051,937

2015-C02,

2M2,

FRN,

4.108%,

(1-month

USD

LIBOR

+

4%),

5/25/25

...........................................

United

States

164,224

164,507

2015-C03,

1M2,

FRN,

5.108%,

(1-month

USD

LIBOR

+

5%),

7/25/25

...........................................

United

States

4,115,020

4,252,570

2016-C01,

1M2,

FRN,

6.858%,

(1-month

USD

LIBOR

+

6.75%),

8/25/28

...........................................

United

States

1,104,613

1,158,623

2016-C01,

2M2,

FRN,

7.058%,

(1-month

USD

LIBOR

+

6.95%),

8/25/28

...........................................

United

States

3,895,789

4,106,411

2016-C02,

1M2,

FRN,

6.108%,

(1-month

USD

LIBOR

+

6%),

9/25/28

...........................................

United

States

88,170

90,829

2016-C05,

2M2,

FRN,

4.558%,

(1-month

USD

LIBOR

+

4.45%),

1/25/29

...........................................

United

States

8,354,838

8,661,333

2016-C06,

1M2,

FRN,

4.358%,

(1-month

USD

LIBOR

+

4.25%),

4/25/29

...........................................

United

States

3,011,129

3,110,350

2016-C07,

2M2,

FRN,

4.458%,

(1-month

USD

LIBOR

+

4.35%),

5/25/29

...........................................

United

States

7,212,460

7,481,474

2017-C03,

1M2,

FRN,

3.108%,

(1-month

USD

LIBOR

+

3%),

10/25/29

..........................................

United

States

2,190,348

2,245,311

l

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

0.783

%

,

(

1-month

USD

LIBOR

+

0.675

%

),

2/25/36

.............................

United

States

90,708

88,535

115,721,065

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$172,322,114)

................

163,136,054

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

..............

South

Africa

60,686

—

Mesquite

Energy,

Inc.,

Escrow

Account

.....................

United

States

1,900,000

42,750

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

............

United

States

477,205

—

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

..............

United

States

477,205

—

Total

Escrows

and

Litigation

Trusts

(Cost

$1,838,967)

...........................

42,750

Total

Long

Term

Investments

(Cost

$2,756,206,764)

.............................

2,714,080,793

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

47

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.0%

†

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

EUR/NOK,

Counterparty

GSCO,

October

Strike

Price

9.37

NOK,

Expires

10/20/22

.......................

1

3,854,000

EUR

$

22,203

Foreign

Exchange

EUR/RUB,

Counterparty

GSCO,

October

Strike

Price

83.32

RUB,

Expires

10/20/22

......................

1

5,781,000

EUR

88,159

110,362

Total

Options

Purchased

(Cost

$159,285)

......................................

110,362

Short

Term

Investments

4.9%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.0%

d,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

55,892,958

55,892,958

Total

Money

Market

Funds

(Cost

$55,892,958)

..................................

55,892,958

Principal

Amount

*

a

a

a

a

a

Repurchase

Agreements

2.8%

q

Joint

Repurchase

Agreement,

0.019%,

2/01/22

(Maturity

Value

$78,457,813)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$55,283,729)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$4,552,122)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$18,621,962)

Collateralized

by

U.S.

Government

Agency

Securities,

3.5%

-

4%,

2/20/49

-

6/20/49

and

U.S.

Treasury

Notes,

2.13%

-

2.5%,

11/30/23

-

1/31/24

(valued

at

$80,029,076)

........................

78,457,770

78,457,770

Total

Repurchase

Agreements

(Cost

$78,457,770)

...............................

78,457,770

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Country

Shares

Money

Market

Funds

0.1%

d,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

1,538,000

1,538,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

48

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.0%

†

q

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$384,775)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$392,469)

.......................

384,774

$

384,774

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,922,774)

............................................................

1,922,774

Total

Short

Term

Investments

(Cost

$136,273,502

)

...............................

136,273,502

a

Total

Investments

(Cost

$2,892,639,551)

101.8%

................................

$2,850,464,657

Other

Assets,

less

Liabilities

(1.8)%

...........................................

(49,089,742)

Net

Assets

100.0%

...........................................................

$2,801,374,915

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$736,320,806,

representing

26.3%

of

net

assets.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

j

Perpetual

security

with

no

stated

maturity

date.

k

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

m

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

n

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

At

January

31,

2022,

the

Fund

had

the

following

marketplace

loans

outstanding.

Marketplace

Loans

Description

Principal

Amount

Value

Block,

Inc…....................................................................

*

3210332.SQ.FTS.B,

Zero

Cpn.,

3/18/22

$4,369

$921

*

3212181.SQ.FTS.B,

Zero

Cpn.,

3/18/22

380

102

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

49

a

3221057.SQ.FTS.B,

Zero

Cpn.,

3/22/22

1,081

564

3222504.SQ.FTS.B,

Zero

Cpn.,

3/22/22

42

25

3226927.SQ.FTS.B,

Zero

Cpn.,

3/23/22

3,549

1,231

*

3229611.SQ.FTS.B,

Zero

Cpn.,

3/24/22

515

114

*

3232249.SQ.FTS.B,

Zero

Cpn.,

3/25/22

828

174

3232274.SQ.FTS.B,

Zero

Cpn.,

3/25/22

788

247

3233993.SQ.FTS.B,

Zero

Cpn.,

3/26/22

428

102

*

3234758.SQ.FTS.B,

Zero

Cpn.,

3/28/22

701

109

*

3235495.SQ.FTS.B,

Zero

Cpn.,

3/28/22

498

156

*

3237194.SQ.FTS.B,

Zero

Cpn.,

3/28/22

6,651

1,420

*

3238265.SQ.FTS.B,

Zero

Cpn.,

3/28/22

375

103

*

3238373.SQ.FTS.B,

Zero

Cpn.,

3/29/22

870

158

*

3240964.SQ.FTS.B,

Zero

Cpn.,

3/30/22

87

42

*

3243747.SQ.FTS.B,

Zero

Cpn.,

4/01/22

1,299

268

*

3248981.SQ.FTS.B,

Zero

Cpn.,

4/05/22

461

83

3249102.SQ.FTS.B,

Zero

Cpn.,

4/05/22

187

45

*

3250116.SQ.FTS.B,

Zero

Cpn.,

4/05/22

492

197

*

3255010.SQ.FTS.B,

Zero

Cpn.,

4/07/22

1,659

328

*

3257418.SQ.FTS.B,

Zero

Cpn.,

4/08/22

98

23

*

3260194.SQ.FTS.B,

Zero

Cpn.,

4/09/22

204

39

3262080.SQ.FTS.B,

Zero

Cpn.,

4/12/22

1,454

293

*

3265933.SQ.FTS.B,

Zero

Cpn.,

4/14/22

324

116

3283686.SQ.FTS.B,

Zero

Cpn.,

4/15/22

1,758

1,348

3284073.SQ.FTS.B,

Zero

Cpn.,

4/16/22

405

117

3288606.SQ.FTS.B,

Zero

Cpn.,

4/19/22

7,507

3,228

3294735.SQ.FTS.B,

Zero

Cpn.,

4/22/22

131

43

*

3297660.SQ.FTS.B,

Zero

Cpn.,

4/24/22

556

119

3299309.SQ.FTS.B,

Zero

Cpn.,

4/26/22

457

181

*

3311752.SQ.FTS.B,

Zero

Cpn.,

4/30/22

252

38

3312223.SQ.FTS.B,

Zero

Cpn.,

4/30/22

5,779

1,181

3317441.SQ.FTS.B,

Zero

Cpn.,

5/03/22

381

106

*

3319474.SQ.FTS.B,

Zero

Cpn.,

5/04/22

51

49

*

3320535.SQ.FTS.B,

Zero

Cpn.,

5/05/22

13,227

4,073

3323805.SQ.FTS.B,

Zero

Cpn.,

5/06/22

105

80

3328807.SQ.FTS.B,

Zero

Cpn.,

5/09/22

364

57

3332853.SQ.FTS.B,

Zero

Cpn.,

5/11/22

18,222

4,950

3336181.SQ.FTS.B,

Zero

Cpn.,

5/12/22

8,971

3,388

*

3336690.SQ.FTS.B,

Zero

Cpn.,

5/12/22

486

314

3344498.SQ.FTS.B,

Zero

Cpn.,

5/16/22

3,406

769

*

3344944.SQ.FTS.B,

Zero

Cpn.,

5/17/22

877

413

*

3361155.SQ.FTS.B,

Zero

Cpn.,

5/19/22

1,466

228

3362596.SQ.FTS.B,

Zero

Cpn.,

5/19/22

870

148

*

3362885.SQ.FTS.B,

Zero

Cpn.,

5/20/22

335

118

*

3365511.SQ.FTS.B,

Zero

Cpn.,

5/20/22

243

61

*

3366564.SQ.FTS.B,

Zero

Cpn.,

5/20/22

120

45

3366673.SQ.FTS.B,

Zero

Cpn.,

5/21/22

142

36

*

3371556.SQ.FTS.B,

Zero

Cpn.,

5/23/22

697

134

3377505.SQ.FTS.B,

Zero

Cpn.,

5/24/22

225

78

*

3394257.SQ.FTS.B,

Zero

Cpn.,

5/30/22

398

204

*

3394799.SQ.FTS.B,

Zero

Cpn.,

5/30/22

64

25

*

3400419.SQ.FTS.B,

Zero

Cpn.,

6/02/22

809

167

*

3401486.SQ.FTS.B,

Zero

Cpn.,

6/02/22

263

38

*

3407926.SQ.FTS.B,

Zero

Cpn.,

6/03/22

1,511

229

3408671.SQ.FTS.B,

Zero

Cpn.,

6/03/22

119

80

*

3411766.SQ.FTS.B,

Zero

Cpn.,

6/04/22

8,299

2,244

3412214.SQ.FTS.B,

Zero

Cpn.,

6/04/22

35

12

*

3414237.SQ.FTS.B,

Zero

Cpn.,

6/05/22

2,276

670

*

3415734.SQ.FTS.B,

Zero

Cpn.,

6/07/22

4,366

1,160

3419300.SQ.FTS.B,

Zero

Cpn.,

6/07/22

271

48

*

3419699.SQ.FTS.B,

Zero

Cpn.,

6/08/22

10,480

2,176

*

3425756.SQ.FTS.B,

Zero

Cpn.,

6/10/22

1,231

224

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

50

a

3428606.SQ.FTS.B,

Zero

Cpn.,

6/11/22

2,586

743

3432765.SQ.FTS.B,

Zero

Cpn.,

6/14/22

236

54

*

3432767.SQ.FTS.B,

Zero

Cpn.,

6/14/22

1,841

952

3432885.SQ.FTS.B,

Zero

Cpn.,

6/14/22

573

445

*

3433089.SQ.FTS.B,

Zero

Cpn.,

6/14/22

396

66

*

3434383.SQ.FTS.B,

Zero

Cpn.,

6/14/22

11,741

2,831

3434718.SQ.FTS.B,

Zero

Cpn.,

6/15/22

108

63

*

3435958.SQ.FTS.B,

Zero

Cpn.,

6/15/22

2,195

500

*

3436460.SQ.FTS.B,

Zero

Cpn.,

6/15/22

585

141

3436486.SQ.FTS.B,

Zero

Cpn.,

6/15/22

415

74

*

3437194.SQ.FTS.B,

Zero

Cpn.,

6/15/22

1,490

271

3437850.SQ.FTS.B,

Zero

Cpn.,

6/16/22

4,903

837

3438691.SQ.FTS.B,

Zero

Cpn.,

6/16/22

306

76

*

3452149.SQ.FTS.B,

Zero

Cpn.,

6/21/22

969

164

*

3463095.SQ.FTS.B,

Zero

Cpn.,

6/23/22

11,405

1,828

3465197.SQ.FTS.B,

Zero

Cpn.,

6/23/22

551

235

3466194.SQ.FTS.B,

Zero

Cpn.,

6/23/22

717

186

3466816.SQ.FTS.B,

Zero

Cpn.,

6/23/22

325

67

3469747.SQ.FTS.B,

Zero

Cpn.,

6/24/22

1,152

894

*

3472489.SQ.FTS.B,

Zero

Cpn.,

6/26/22

2,604

346

3478673.SQ.FTS.B,

Zero

Cpn.,

6/29/22

2,900

957

3480182.SQ.FTS.B,

Zero

Cpn.,

6/29/22

112

58

*

3487584.SQ.FTS.B,

Zero

Cpn.,

6/30/22

2,184

333

3490288.SQ.FTS.B,

Zero

Cpn.,

6/30/22

1,330

534

*

3498849.SQ.FTS.B,

Zero

Cpn.,

7/04/22

422

225

3501880.SQ.FTS.B,

Zero

Cpn.,

7/05/22

144

27

*

3510070.SQ.FTS.B,

Zero

Cpn.,

7/06/22

25,800

5,730

3513483.SQ.FTS.B,

Zero

Cpn.,

7/07/22

5,372

1,334

*

3516078.SQ.FTS.B,

Zero

Cpn.,

7/08/22

8,033

2,112

*

3521469.SQ.FTS.B,

Zero

Cpn.,

7/08/22

3,422

1,256

3530707.SQ.FTS.B,

Zero

Cpn.,

7/12/22

895

261

3535903.SQ.FTS.B,

Zero

Cpn.,

7/12/22

287

174

*

3537190.SQ.FTS.B,

Zero

Cpn.,

7/13/22

292

57

3537228.SQ.FTS.B,

Zero

Cpn.,

7/13/22

8,072

3,020

3540598.SQ.FTS.B,

Zero

Cpn.,

7/13/22

59

49

3551850.SQ.FTS.B,

Zero

Cpn.,

7/14/22

4,438

1,309

3556194.SQ.FTS.B,

Zero

Cpn.,

7/16/22

83

49

3557223.SQ.FTS.B,

Zero

Cpn.,

7/17/22

366

304

*

3559884.SQ.FTS.B,

Zero

Cpn.,

7/19/22

616

242

*

3566831.SQ.FTS.B,

Zero

Cpn.,

7/20/22

2,799

1,035

*

3572652.SQ.FTS.B,

Zero

Cpn.,

7/21/22

991

488

*

3573904.SQ.FTS.B,

Zero

Cpn.,

7/21/22

2,469

430

3577619.SQ.FTS.B,

Zero

Cpn.,

7/22/22

1,046

556

3580990.SQ.FTS.B,

Zero

Cpn.,

7/23/22

7

6

3581801.SQ.FTS.B,

Zero

Cpn.,

7/24/22

3,490

1,866

3587557.SQ.FTS.B,

Zero

Cpn.,

7/25/22

3,617

2,548

*

3612013.SQ.FTS.B,

Zero

Cpn.,

7/29/22

3,513

816

*

3612313.SQ.FTS.B,

Zero

Cpn.,

7/30/22

3,994

752

*

3612812.SQ.FTS.B,

Zero

Cpn.,

7/30/22

516

170

*

3616837.SQ.FTS.B,

Zero

Cpn.,

8/01/22

1,256

237

3622267.SQ.FTS.B,

Zero

Cpn.,

8/03/22

521

183

*

3622745.SQ.FTS.B,

Zero

Cpn.,

8/03/22

5,722

2,891

3623270.SQ.FTS.B,

Zero

Cpn.,

8/03/22

10,057

4,943

3629212.SQ.FTS.B,

Zero

Cpn.,

8/05/22

391

61

*

3631012.SQ.FTS.B,

Zero

Cpn.,

8/07/22

702

203

3631960.SQ.FTS.B,

Zero

Cpn.,

8/08/22

392

228

3635780.SQ.FTS.B,

Zero

Cpn.,

8/09/22

627

365

3636103.SQ.FTS.B,

Zero

Cpn.,

8/09/22

700

257

3637286.SQ.FTS.B,

Zero

Cpn.,

8/09/22

8,527

4,133

3644987.SQ.FTS.B,

Zero

Cpn.,

8/12/22

40

33

3647852.SQ.FTS.B,

Zero

Cpn.,

8/14/22

1,563

510

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

51

a

3651226.SQ.FTS.B,

Zero

Cpn.,

8/16/22

65

60

3652306.SQ.FTS.B,

Zero

Cpn.,

8/17/22

970

718

3671358.SQ.FTS.B,

Zero

Cpn.,

8/18/22

9,199

4,879

3693012.SQ.FTS.B,

Zero

Cpn.,

8/20/22

114

97

3693598.SQ.FTS.B,

Zero

Cpn.,

8/20/22

5,803

2,327

*

3693768.SQ.FTS.B,

Zero

Cpn.,

8/20/22

2,263

697

*

3700150.SQ.FTS.B,

Zero

Cpn.,

8/22/22

3,008

798

3713650.SQ.FTS.B,

Zero

Cpn.,

8/23/22

160

116

3715310.SQ.FTS.B,

Zero

Cpn.,

8/24/22

962

846

*

3717371.SQ.FTS.B,

Zero

Cpn.,

8/24/22

9,199

2,912

3734939.SQ.FTS.B,

Zero

Cpn.,

8/25/22

2,200

574

3748237.SQ.FTS.B,

Zero

Cpn.,

8/28/22

472

175

3755768.SQ.FTS.B,

Zero

Cpn.,

9/01/22

306

268

*

3760407.SQ.FTS.B,

Zero

Cpn.,

9/01/22

3,543

1,648

3774002.SQ.FTS.B,

Zero

Cpn.,

9/03/22

478

130

3781294.SQ.FTS.B,

Zero

Cpn.,

9/03/22

655

483

*

3819445.SQ.FTS.B,

Zero

Cpn.,

9/06/22

325

285

*

3820662.SQ.FTS.B,

Zero

Cpn.,

9/07/22

1,150

345

*

3833998.SQ.FTS.B,

Zero

Cpn.,

9/10/22

231

206

3841155.SQ.FTS.B,

Zero

Cpn.,

9/11/22

23,092

6,778

*

3842781.SQ.FTS.B,

Zero

Cpn.,

9/11/22

10,067

7,309

*

3849054.SQ.FTS.B,

Zero

Cpn.,

9/12/22

786

509

3849293.SQ.FTS.B,

Zero

Cpn.,

9/12/22

582

571

3849313.SQ.FTS.B,

Zero

Cpn.,

9/12/22

351

145

*

3849333.SQ.FTS.B,

Zero

Cpn.,

9/12/22

8,085

1,605

3850281.SQ.FTS.B,

Zero

Cpn.,

9/12/22

1,081

450

3866453.SQ.FTS.B,

Zero

Cpn.,

9/17/22

299

278

*

3869455.SQ.FTS.B,

Zero

Cpn.,

9/17/22

7,514

2,669

3870181.SQ.FTS.B,

Zero

Cpn.,

9/17/22

777

709

3877747.SQ.FTS.B,

Zero

Cpn.,

9/18/22

1,340

588

*

3877914.SQ.FTS.B,

Zero

Cpn.,

9/18/22

1,608

1,119

3880052.SQ.FTS.B,

Zero

Cpn.,

9/19/22

983

955

3881902.SQ.FTS.B,

Zero

Cpn.,

9/19/22

1,245

824

3883195.SQ.FTS.B,

Zero

Cpn.,

9/20/22

926

880

3884169.SQ.FTS.B,

Zero

Cpn.,

9/21/22

3,218

2,196

3907144.SQ.FTS.B,

Zero

Cpn.,

9/24/22

439

401

3908447.SQ.FTS.B,

Zero

Cpn.,

9/24/22

913

704

3922788.SQ.FTS.B,

Zero

Cpn.,

9/26/22

2,931

1,792

3931169.SQ.FTS.B,

Zero

Cpn.,

9/28/22

1,448

1,168

3941508.SQ.FTS.B,

Zero

Cpn.,

9/29/22

325

318

*

3944713.SQ.FTS.B,

Zero

Cpn.,

9/30/22

16,717

7,199

*

3946153.SQ.FTS.B,

Zero

Cpn.,

9/30/22

244

203

3948363.SQ.FTS.B,

Zero

Cpn.,

9/30/22

456

378

*

3953673.SQ.FTS.B,

Zero

Cpn.,

9/30/22

673

335

*

3953788.SQ.FTS.B,

Zero

Cpn.,

9/30/22

7,909

4,083

*

3953865.SQ.FTS.B,

Zero

Cpn.,

9/30/22

411

267

3966528.SQ.FTS.B,

Zero

Cpn.,

10/01/22

1,648

1,386

*

3967335.SQ.FTS.B,

Zero

Cpn.,

10/01/22

338

295

3974662.SQ.FTS.B,

Zero

Cpn.,

10/02/22

177

173

3975443.SQ.FTS.B,

Zero

Cpn.,

10/03/22

1,941

1,880

*

3976349.SQ.FTS.B,

Zero

Cpn.,

10/03/22

1,109

539

3976667.SQ.FTS.B,

Zero

Cpn.,

10/04/22

243

239

*

3977768.SQ.FTS.B,

Zero

Cpn.,

10/04/22

2,634

2,095

3982912.SQ.FTS.B,

Zero

Cpn.,

10/05/22

913

835

*

3988322.SQ.FTS.B,

Zero

Cpn.,

10/06/22

3,038

1,670

*

3988483.SQ.FTS.B,

Zero

Cpn.,

10/06/22

9,004

1,991

*

3990627.SQ.FTS.B,

Zero

Cpn.,

10/06/22

3,546

2,734

3990952.SQ.FTS.B,

Zero

Cpn.,

10/06/22

2,983

2,175

3995187.SQ.FTS.B,

Zero

Cpn.,

10/07/22

2,321

1,957

3996054.SQ.FTS.B,

Zero

Cpn.,

10/07/22

4,304

3,716

3996198.SQ.FTS.B,

Zero

Cpn.,

10/07/22

2,357

1,796

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

52

a

3997977.SQ.FTS.B,

Zero

Cpn.,

10/07/22

483

429

*

4006108.SQ.FTS.B,

Zero

Cpn.,

10/08/22

3,609

2,995

4009234.SQ.FTS.B,

Zero

Cpn.,

10/08/22

7,168

6,837

*

4012864.SQ.FTS.B,

Zero

Cpn.,

10/08/22

422

272

4016710.SQ.FTS.B,

Zero

Cpn.,

10/09/22

1,132

1,074

4016908.SQ.FTS.B,

Zero

Cpn.,

10/09/22

545

536

*

4027848.SQ.FTS.B,

Zero

Cpn.,

10/13/22

13,882

10,931

4030312.SQ.FTS.B,

Zero

Cpn.,

10/13/22

809

330

4030548.SQ.FTS.B,

Zero

Cpn.,

10/13/22

2,693

2,288

4031018.SQ.FTS.B,

Zero

Cpn.,

10/13/22

4,913

4,711

4031757.SQ.FTS.B,

Zero

Cpn.,

10/14/22

725

627

4034760.SQ.FTS.B,

Zero

Cpn.,

10/14/22

28,482

25,910

*

4039216.SQ.FTS.B,

Zero

Cpn.,

10/15/22

645

388

4039806.SQ.FTS.B,

Zero

Cpn.,

10/15/22

68

63

4040738.SQ.FTS.B,

Zero

Cpn.,

10/15/22

734

431

4041415.SQ.FTS.B,

Zero

Cpn.,

10/15/22

1,914

1,155

*

4042564.SQ.FTS.B,

Zero

Cpn.,

10/15/22

379

334

*

4044447.SQ.FTS.B,

Zero

Cpn.,

10/16/22

14,344

4,862

4044777.SQ.FTS.B,

Zero

Cpn.,

10/16/22

72

70

4045229.SQ.FTS.B,

Zero

Cpn.,

10/16/22

600

181

4047173.SQ.FTS.B,

Zero

Cpn.,

10/17/22

679

345

4047923.SQ.FTS.B,

Zero

Cpn.,

10/17/22

1,325

1,267

4049053.SQ.FTS.B,

Zero

Cpn.,

10/18/22

4,305

1,705

4049733.SQ.FTS.B,

Zero

Cpn.,

10/19/22

1,193

1,086

4052240.SQ.FTS.B,

Zero

Cpn.,

10/19/22

418

215

4053401.SQ.FTS.B,

Zero

Cpn.,

10/19/22

1,328

1,140

4054213.SQ.FTS.B,

Zero

Cpn.,

10/20/22

371

359

4055001.SQ.FTS.B,

Zero

Cpn.,

10/20/22

133

130

4055617.SQ.FTS.B,

Zero

Cpn.,

10/20/22

3,387

1,835

4055918.SQ.FTS.B,

Zero

Cpn.,

10/20/22

1,063

1,010

*

4056583.SQ.FTS.B,

Zero

Cpn.,

10/20/22

11,846

4,074

4057706.SQ.FTS.B,

Zero

Cpn.,

10/21/22

377

323

4057792.SQ.FTS.B,

Zero

Cpn.,

10/21/22

2,396

2,248

4058105.SQ.FTS.B,

Zero

Cpn.,

10/21/22

4,034

3,756

4062410.SQ.FTS.B,

Zero

Cpn.,

10/21/22

22,239

20,037

4063998.SQ.FTS.B,

Zero

Cpn.,

10/21/22

643

630

4070682.SQ.FTS.B,

Zero

Cpn.,

10/22/22

988

957

4070919.SQ.FTS.B,

Zero

Cpn.,

10/22/22

472

460

4071151.SQ.FTS.B,

Zero

Cpn.,

10/22/22

826

675

4072586.SQ.FTS.B,

Zero

Cpn.,

10/23/22

54

53

4073244.SQ.FTS.B,

Zero

Cpn.,

10/23/22

129

120

4073351.SQ.FTS.B,

Zero

Cpn.,

10/23/22

1,750

1,720

4077814.SQ.FTS.B,

Zero

Cpn.,

10/23/22

3,253

2,429

*

4079086.SQ.FTS.B,

Zero

Cpn.,

10/23/22

3,857

1,676

*

4079838.SQ.FTS.B,

Zero

Cpn.,

10/23/22

6,825

3,157

*

4080547.SQ.FTS.B,

Zero

Cpn.,

10/24/22

1,952

653

4081835.SQ.FTS.B,

Zero

Cpn.,

10/25/22

163

160

4082272.SQ.FTS.B,

Zero

Cpn.,

10/25/22

642

628

4083742.SQ.FTS.B,

Zero

Cpn.,

10/26/22

401

349

4085776.SQ.FTS.B,

Zero

Cpn.,

10/26/22

303

280

4093005.SQ.FTS.B,

Zero

Cpn.,

10/27/22

851

821

4093497.SQ.FTS.B,

Zero

Cpn.,

10/27/22

1,245

1,179

4095397.SQ.FTS.B,

Zero

Cpn.,

10/27/22

217

190

*

4095538.SQ.FTS.B,

Zero

Cpn.,

10/28/22

3,487

1,225

4098743.SQ.FTS.B,

Zero

Cpn.,

10/28/22

5,469

4,922

*

4104404.SQ.FTS.B,

Zero

Cpn.,

10/29/22

1,452

757

4106881.SQ.FTS.B,

Zero

Cpn.,

10/29/22

1,287

1,148

4109475.SQ.FTS.B,

Zero

Cpn.,

10/29/22

563

391

4113005.SQ.FTS.B,

Zero

Cpn.,

10/30/22

1,474

1,157

4115251.SQ.FTS.B,

Zero

Cpn.,

11/01/22

5,247

3,232

4115647.SQ.FTS.B,

Zero

Cpn.,

11/02/22

368

344

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

53

a

4116210.SQ.FTS.B,

Zero

Cpn.,

11/02/22

271

257

4120336.SQ.FTS.B,

Zero

Cpn.,

11/03/22

1,148

1,128

4121911.SQ.FTS.B,

Zero

Cpn.,

11/04/22

1,415

1,371

4122205.SQ.FTS.B,

Zero

Cpn.,

11/04/22

2,723

1,553

4123587.SQ.FTS.B,

Zero

Cpn.,

11/04/22

284

259

4123666.SQ.FTS.B,

Zero

Cpn.,

11/04/22

4,493

2,510

4123892.SQ.FTS.B,

Zero

Cpn.,

11/04/22

3,221

3,099

4124845.SQ.FTS.B,

Zero

Cpn.,

11/05/22

269

264

*

4125734.SQ.FTS.B,

Zero

Cpn.,

11/05/22

4,285

1,675

4126401.SQ.FTS.B,

Zero

Cpn.,

11/05/22

4,541

4,318

4127217.SQ.FTS.B,

Zero

Cpn.,

11/05/22

658

647

4131128.SQ.FTS.B,

Zero

Cpn.,

11/06/22

439

431

4136634.SQ.FTS.B,

Zero

Cpn.,

11/07/22

11,991

5,634

4136894.SQ.FTS.B,

Zero

Cpn.,

11/07/22

3,887

3,700

4137605.SQ.FTS.B,

Zero

Cpn.,

11/08/22

669

656

4138127.SQ.FTS.B,

Zero

Cpn.,

11/09/22

3,677

3,399

4140336.SQ.FTS.B,

Zero

Cpn.,

11/10/22

1,277

1,210

4140914.SQ.FTS.B,

Zero

Cpn.,

11/10/22

10,424

9,690

*

4142060.SQ.FTS.B,

Zero

Cpn.,

11/10/22

1,236

680

4142090.SQ.FTS.B,

Zero

Cpn.,

11/10/22

3,153

1,543

4142443.SQ.FTS.B,

Zero

Cpn.,

11/10/22

1,493

1,454

4143957.SQ.FTS.B,

Zero

Cpn.,

11/11/22

1,404

1,376

4146697.SQ.FTS.B,

Zero

Cpn.,

11/11/22

105

103

*

4147030.SQ.FTS.B,

Zero

Cpn.,

11/11/22

346

319

4148044.SQ.FTS.B,

Zero

Cpn.,

11/12/22

589

575

4148933.SQ.FTS.B,

Zero

Cpn.,

11/12/22

104

102

4150051.SQ.FTS.B,

Zero

Cpn.,

11/12/22

286

280

4150106.SQ.FTS.B,

Zero

Cpn.,

11/12/22

556

540

4151157.SQ.FTS.B,

Zero

Cpn.,

11/12/22

4,303

4,072

4156705.SQ.FTS.B,

Zero

Cpn.,

11/13/22

6,234

5,997

4163065.SQ.FTS.B,

Zero

Cpn.,

11/14/22

1,168

1,104

4165894.SQ.FTS.B,

Zero

Cpn.,

11/15/22

1,062

1,044

4166318.SQ.FTS.B,

Zero

Cpn.,

11/16/22

411

403

4166671.SQ.FTS.B,

Zero

Cpn.,

11/16/22

193

189

4166709.SQ.FTS.B,

Zero

Cpn.,

11/16/22

1,466

1,401

4170390.SQ.FTS.B,

Zero

Cpn.,

11/17/22

370

364

4171680.SQ.FTS.B,

Zero

Cpn.,

11/17/22

5,966

3,741

*

4171907.SQ.FTS.B,

Zero

Cpn.,

11/17/22

4,613

2,496

4172441.SQ.FTS.B,

Zero

Cpn.,

11/18/22

9,882

3,129

4173054.SQ.FTS.B,

Zero

Cpn.,

11/18/22

2,324

746

4174504.SQ.FTS.B,

Zero

Cpn.,

11/18/22

4,313

3,986

*

4176246.SQ.FTS.B,

Zero

Cpn.,

11/18/22

3,854

3,396

4176835.SQ.FTS.B,

Zero

Cpn.,

11/18/22

904

880

4179269.SQ.FTS.B,

Zero

Cpn.,

11/19/22

4,091

2,501

4179392.SQ.FTS.B,

Zero

Cpn.,

11/19/22

437

428

4186988.SQ.FTS.B,

Zero

Cpn.,

11/20/22

587

421

*

4189414.SQ.FTS.B,

Zero

Cpn.,

11/20/22

259

247

4189447.SQ.FTS.B,

Zero

Cpn.,

11/20/22

7,910

5,137

4190043.SQ.FTS.B,

Zero

Cpn.,

11/20/22

5,980

5,682

4190711.SQ.FTS.B,

Zero

Cpn.,

11/20/22

657

639

4190803.SQ.FTS.B,

Zero

Cpn.,

11/20/22

1,217

1,148

4191043.SQ.FTS.B,

Zero

Cpn.,

11/20/22

6,680

4,656

4192184.SQ.FTS.B,

Zero

Cpn.,

11/20/22

2,402

2,361

4197129.SQ.FTS.B,

Zero

Cpn.,

11/21/22

40

38

4198118.SQ.FTS.B,

Zero

Cpn.,

11/21/22

12,313

11,913

4199800.SQ.FTS.B,

Zero

Cpn.,

11/22/22

637

392

4200271.SQ.FTS.B,

Zero

Cpn.,

11/23/22

383

362

4200379.SQ.FTS.B,

Zero

Cpn.,

11/23/22

1,544

529

4200520.SQ.FTS.B,

Zero

Cpn.,

11/23/22

332

294

4200750.SQ.FTS.B,

Zero

Cpn.,

11/23/22

471

425

4200795.SQ.FTS.B,

Zero

Cpn.,

11/23/22

329

317

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

54

a

4206679.SQ.FTS.B,

Zero

Cpn.,

11/24/22

2,012

1,972

*

4207561.SQ.FTS.B,

Zero

Cpn.,

11/25/22

2,105

1,176

4211819.SQ.FTS.B,

Zero

Cpn.,

11/25/22

5,785

3,819

4212571.SQ.FTS.B,

Zero

Cpn.,

11/25/22

1,755

1,716

4212801.SQ.FTS.B,

Zero

Cpn.,

11/25/22

163

160

4216494.SQ.FTS.B,

Zero

Cpn.,

11/26/22

954

795

4216776.SQ.FTS.B,

Zero

Cpn.,

11/26/22

24,321

21,647

4227889.SQ.FTS.B,

Zero

Cpn.,

11/27/22

335

328

4228436.SQ.FTS.B,

Zero

Cpn.,

11/27/22

4,272

3,974

*

4228736.SQ.FTS.B,

Zero

Cpn.,

11/27/22

1,011

674

4229413.SQ.FTS.B,

Zero

Cpn.,

11/27/22

637

626

*

4229796.SQ.FTS.B,

Zero

Cpn.,

11/27/22

2,213

946

4230010.SQ.FTS.B,

Zero

Cpn.,

11/27/22

1,950

1,232

4230074.SQ.FTS.B,

Zero

Cpn.,

11/27/22

1,005

979

4235996.SQ.FTS.B,

Zero

Cpn.,

11/29/22

1,782

1,740

4236116.SQ.FTS.B,

Zero

Cpn.,

11/29/22

642

629

*

4236597.SQ.FTS.B,

Zero

Cpn.,

11/30/22

8,732

6,896

4237125.SQ.FTS.B,

Zero

Cpn.,

11/30/22

5,094

4,559

*

4238339.SQ.FTS.B,

Zero

Cpn.,

12/01/22

7,345

3,880

4239700.SQ.FTS.B,

Zero

Cpn.,

12/01/22

794

716

4239920.SQ.FTS.B,

Zero

Cpn.,

12/01/22

313

305

4240737.SQ.FTS.B,

Zero

Cpn.,

12/01/22

720

598

*

4240797.SQ.FTS.B,

Zero

Cpn.,

12/01/22

1,380

977

4242558.SQ.FTS.B,

Zero

Cpn.,

12/01/22

5,525

5,273

4242808.SQ.FTS.B,

Zero

Cpn.,

12/02/22

695

593

4242912.SQ.FTS.B,

Zero

Cpn.,

12/02/22

13,993

13,710

*

4246370.SQ.FTS.B,

Zero

Cpn.,

12/02/22

43,194

16,920

4247777.SQ.FTS.B,

Zero

Cpn.,

12/02/22

2,062

1,851

4258845.SQ.FTS.B,

Zero

Cpn.,

12/03/22

391

384

4263366.SQ.FTS.B,

Zero

Cpn.,

12/03/22

347

341

4264900.SQ.FTS.B,

Zero

Cpn.,

12/03/22

554

507

4267608.SQ.FTS.B,

Zero

Cpn.,

12/04/22

8,014

6,833

4268911.SQ.FTS.B,

Zero

Cpn.,

12/04/22

3,832

3,760

4269693.SQ.FTS.B,

Zero

Cpn.,

12/04/22

2,938

2,119

4270276.SQ.FTS.B,

Zero

Cpn.,

12/04/22

358

351

4271296.SQ.FTS.B,

Zero

Cpn.,

12/04/22

1,500

1,307

*

4271659.SQ.FTS.B,

Zero

Cpn.,

12/04/22

970

326

*

4271791.SQ.FTS.B,

Zero

Cpn.,

12/04/22

1,376

1,113

4272109.SQ.FTS.B,

Zero

Cpn.,

12/04/22

1,425

1,397

4272510.SQ.FTS.B,

Zero

Cpn.,

12/05/22

799

759

4272540.SQ.FTS.B,

Zero

Cpn.,

12/05/22

3,116

3,059

4273117.SQ.FTS.B,

Zero

Cpn.,

12/06/22

3,096

3,018

4273503.SQ.FTS.B,

Zero

Cpn.,

12/06/22

463

455

4273980.SQ.FTS.B,

Zero

Cpn.,

12/07/22

540

530

4277727.SQ.FTS.B,

Zero

Cpn.,

12/07/22

687

676

4279224.SQ.FTS.B,

Zero

Cpn.,

12/07/22

4,458

4,381

4280297.SQ.FTS.B,

Zero

Cpn.,

12/07/22

318

302

4280353.SQ.FTS.B,

Zero

Cpn.,

12/07/22

1,109

1,090

4280865.SQ.FTS.B,

Zero

Cpn.,

12/07/22

8,098

5,920

4282701.SQ.FTS.B,

Zero

Cpn.,

12/08/22

1,397

1,374

4294701.SQ.FTS.B,

Zero

Cpn.,

12/09/22

71

70

4305993.SQ.FTS.B,

Zero

Cpn.,

12/10/22

2,248

2,154

4306382.SQ.FTS.B,

Zero

Cpn.,

12/10/22

296

289

4308361.SQ.FTS.B,

Zero

Cpn.,

12/10/22

4,202

4,113

4309215.SQ.FTS.B,

Zero

Cpn.,

12/10/22

2,829

1,830

4309887.SQ.FTS.B,

Zero

Cpn.,

12/10/22

31,880

17,171

*

4314394.SQ.FTS.B,

Zero

Cpn.,

12/11/22

4,763

3,229

4314534.SQ.FTS.B,

Zero

Cpn.,

12/11/22

1,491

1,458

4314665.SQ.FTS.B,

Zero

Cpn.,

12/11/22

2,321

2,142

4314949.SQ.FTS.B,

Zero

Cpn.,

12/11/22

1,707

1,647

*

4315019.SQ.FTS.B,

Zero

Cpn.,

12/11/22

1,296

848

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

55

a

4315085.SQ.FTS.B,

Zero

Cpn.,

12/11/22

753

608

4315136.SQ.FTS.B,

Zero

Cpn.,

12/11/22

1,655

1,562

4315885.SQ.FTS.B,

Zero

Cpn.,

12/11/22

445

387

4316340.SQ.FTS.B,

Zero

Cpn.,

12/12/22

484

466

4316371.SQ.FTS.B,

Zero

Cpn.,

12/12/22

1,071

1,045

4316514.SQ.FTS.B,

Zero

Cpn.,

12/12/22

56

55

4316846.SQ.FTS.B,

Zero

Cpn.,

12/13/22

918

883

4316913.SQ.FTS.B,

Zero

Cpn.,

12/13/22

2,688

2,467

4317802.SQ.FTS.B,

Zero

Cpn.,

12/14/22

1,391

1,240

4319575.SQ.FTS.B,

Zero

Cpn.,

12/14/22

516

492

4319638.SQ.FTS.B,

Zero

Cpn.,

12/14/22

406

388

4320729.SQ.FTS.B,

Zero

Cpn.,

12/14/22

2,324

2,268

4320900.SQ.FTS.B,

Zero

Cpn.,

12/14/22

9,198

8,986

4322654.SQ.FTS.B,

Zero

Cpn.,

12/15/22

293

288

4323291.SQ.FTS.B,

Zero

Cpn.,

12/15/22

979

959

4324705.SQ.FTS.B,

Zero

Cpn.,

12/15/22

1,193

1,173

4324965.SQ.FTS.B,

Zero

Cpn.,

12/15/22

1,215

1,186

4325069.SQ.FTS.B,

Zero

Cpn.,

12/15/22

901

276

4325732.SQ.FTS.B,

Zero

Cpn.,

12/15/22

338

323

4325748.SQ.FTS.B,

Zero

Cpn.,

12/15/22

10,488

10,059

4328555.SQ.FTS.B,

Zero

Cpn.,

12/16/22

2,905

975

4328811.SQ.FTS.B,

Zero

Cpn.,

12/16/22

851

743

4329350.SQ.FTS.B,

Zero

Cpn.,

12/16/22

1,100

760

4333949.SQ.FTS.B,

Zero

Cpn.,

12/17/22

1,581

877

4334004.SQ.FTS.B,

Zero

Cpn.,

12/17/22

7,171

5,787

4335269.SQ.FTS.B,

Zero

Cpn.,

12/17/22

378

370

4335339.SQ.FTS.B,

Zero

Cpn.,

12/17/22

7

7

4336155.SQ.FTS.B,

Zero

Cpn.,

12/17/22

13,121

10,872

4337710.SQ.FTS.B,

Zero

Cpn.,

12/17/22

1,541

1,505

4341774.SQ.FTS.B,

Zero

Cpn.,

12/19/22

7,315

6,952

4341973.SQ.FTS.B,

Zero

Cpn.,

12/19/22

1,298

1,270

4342079.SQ.FTS.B,

Zero

Cpn.,

12/19/22

3,404

3,298

*

4342268.SQ.FTS.B,

Zero

Cpn.,

12/20/22

4,019

2,323

4342342.SQ.FTS.B,

Zero

Cpn.,

12/20/22

4,424

4,304

4342596.SQ.FTS.B,

Zero

Cpn.,

12/20/22

1,301

1,154

4343423.SQ.FTS.B,

Zero

Cpn.,

12/21/22

475

454

4343645.SQ.FTS.B,

Zero

Cpn.,

12/21/22

3,069

2,017

4345092.SQ.FTS.B,

Zero

Cpn.,

12/21/22

887

867

4345120.SQ.FTS.B,

Zero

Cpn.,

12/21/22

1,180

1,147

4345789.SQ.FTS.B,

Zero

Cpn.,

12/21/22

154

150

4345972.SQ.FTS.B,

Zero

Cpn.,

12/21/22

6,825

3,466

4346663.SQ.FTS.B,

Zero

Cpn.,

12/21/22

1,466

1,437

4346839.SQ.FTS.B,

Zero

Cpn.,

12/21/22

3,182

3,052

4347087.SQ.FTS.B,

Zero

Cpn.,

12/21/22

1,966

1,925

4347814.SQ.FTS.B,

Zero

Cpn.,

12/21/22

199

193

4351733.SQ.FTS.B,

Zero

Cpn.,

12/22/22

501

458

*

4352084.SQ.FTS.B,

Zero

Cpn.,

12/22/22

1,688

1,259

4352239.SQ.FTS.B,

Zero

Cpn.,

12/22/22

3,642

3,559

4353142.SQ.FTS.B,

Zero

Cpn.,

12/22/22

8,189

8,013

4353847.SQ.FTS.B,

Zero

Cpn.,

12/23/22

2,323

1,619

4354239.SQ.FTS.B,

Zero

Cpn.,

12/23/22

1,158

1,131

4364382.SQ.FTS.B,

Zero

Cpn.,

12/24/22

3,903

3,802

4365907.SQ.FTS.B,

Zero

Cpn.,

12/24/22

3,848

3,771

4366906.SQ.FTS.B,

Zero

Cpn.,

12/24/22

395

388

4367366.SQ.FTS.B,

Zero

Cpn.,

12/24/22

8,151

7,644

4367858.SQ.FTS.B,

Zero

Cpn.,

12/24/22

259

237

4367873.SQ.FTS.B,

Zero

Cpn.,

12/24/22

4,123

4,037

4368966.SQ.FTS.B,

Zero

Cpn.,

12/24/22

794

774

4369085.SQ.FTS.B,

Zero

Cpn.,

12/25/22

1,775

1,702

4369621.SQ.FTS.B,

Zero

Cpn.,

12/25/22

563

548

4371500.SQ.FTS.B,

Zero

Cpn.,

12/25/22

157

154

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

56

a

4372600.SQ.FTS.B,

Zero

Cpn.,

12/25/22

82

81

4373206.SQ.FTS.B,

Zero

Cpn.,

12/27/22

1,274

1,223

4373580.SQ.FTS.B,

Zero

Cpn.,

12/27/22

482

470

4374265.SQ.FTS.B,

Zero

Cpn.,

12/28/22

1,108

1,086

4375098.SQ.FTS.B,

Zero

Cpn.,

12/28/22

9,584

9,372

4375861.SQ.FTS.B,

Zero

Cpn.,

12/28/22

858

839

4375960.SQ.FTS.B,

Zero

Cpn.,

12/28/22

5,199

5,100

4377187.SQ.FTS.B,

Zero

Cpn.,

12/28/22

10,455

10,047

4377660.SQ.FTS.B,

Zero

Cpn.,

12/29/22

1,752

1,725

4381284.SQ.FTS.B,

Zero

Cpn.,

12/30/22

1,327

1,295

4381468.SQ.FTS.B,

Zero

Cpn.,

12/30/22

704

605

4383501.SQ.FTS.B,

Zero

Cpn.,

12/30/22

1,193

1,165

4383604.SQ.FTS.B,

Zero

Cpn.,

12/30/22

4,816

3,467

4383677.SQ.FTS.B,

Zero

Cpn.,

12/30/22

1,177

1,151

4383925.SQ.FTS.B,

Zero

Cpn.,

12/30/22

22,286

21,784

4387195.SQ.FTS.B,

Zero

Cpn.,

1/01/23

4,668

2,655

4387314.SQ.FTS.B,

Zero

Cpn.,

1/01/23

1,006

987

4387477.SQ.FTS.B,

Zero

Cpn.,

1/01/23

10,907

10,139

4388270.SQ.FTS.B,

Zero

Cpn.,

1/01/23

4,450

4,362

4389091.SQ.FTS.B,

Zero

Cpn.,

1/02/23

883

863

4389245.SQ.FTS.B,

Zero

Cpn.,

1/02/23

9,882

9,152

4390309.SQ.FTS.B,

Zero

Cpn.,

1/02/23

1,677

1,487

4390373.SQ.FTS.B,

Zero

Cpn.,

1/02/23

818

213

4390406.SQ.FTS.B,

Zero

Cpn.,

1/02/23

1,193

1,063

4390455.SQ.FTS.B,

Zero

Cpn.,

1/02/23

1,043

973

4391064.SQ.FTS.B,

Zero

Cpn.,

1/03/23

2,205

2,168

4391834.SQ.FTS.B,

Zero

Cpn.,

1/04/23

528

516

4391850.SQ.FTS.B,

Zero

Cpn.,

1/04/23

1,326

1,294

4391909.SQ.FTS.B,

Zero

Cpn.,

1/05/23

1,032

642

4391924.SQ.FTS.B,

Zero

Cpn.,

1/05/23

732

717

4391964.SQ.FTS.B,

Zero

Cpn.,

1/05/23

2,338

2,284

4392644.SQ.FTS.B,

Zero

Cpn.,

1/06/23

1,112

1,080

4392718.SQ.FTS.B,

Zero

Cpn.,

1/06/23

1,129

1,103

4392852.SQ.FTS.B,

Zero

Cpn.,

1/06/23

10

10

4393432.SQ.FTS.B,

Zero

Cpn.,

1/06/23

8

8

4393649.SQ.FTS.B,

Zero

Cpn.,

1/06/23

960

935

4393772.SQ.FTS.B,

Zero

Cpn.,

1/06/23

2,864

2,790

4394205.SQ.FTS.B,

Zero

Cpn.,

1/06/23

1,258

563

4394226.SQ.FTS.B,

Zero

Cpn.,

1/06/23

5,903

5,782

4394613.SQ.FTS.B,

Zero

Cpn.,

1/06/23

3,236

3,086

*

4394687.SQ.FTS.B,

Zero

Cpn.,

1/06/23

1,330

1,105

4394708.SQ.FTS.B,

Zero

Cpn.,

1/06/23

3,629

3,447

4395434.SQ.FTS.B,

Zero

Cpn.,

1/07/23

1,152

658

4395798.SQ.FTS.B,

Zero

Cpn.,

1/07/23

2,061

2,015

4396022.SQ.FTS.B,

Zero

Cpn.,

1/07/23

493

482

4396054.SQ.FTS.B,

Zero

Cpn.,

1/07/23

5,344

5,222

4396560.SQ.FTS.B,

Zero

Cpn.,

1/07/23

1,554

1,513

4396827.SQ.FTS.B,

Zero

Cpn.,

1/07/23

214

205

4396844.SQ.FTS.B,

Zero

Cpn.,

1/07/23

2,198

2,146

4398169.SQ.FTS.B,

Zero

Cpn.,

1/08/23

126

124

4398882.SQ.FTS.B,

Zero

Cpn.,

1/08/23

410

402

4399041.SQ.FTS.B,

Zero

Cpn.,

1/08/23

662

648

4400021.SQ.FTS.B,

Zero

Cpn.,

1/08/23

1,216

1,195

4400498.SQ.FTS.B,

Zero

Cpn.,

1/09/23

1,627

1,585

4400606.SQ.FTS.B,

Zero

Cpn.,

1/09/23

1,621

1,467

4400737.SQ.FTS.B,

Zero

Cpn.,

1/09/23

1,598

1,563

4400844.SQ.FTS.B,

Zero

Cpn.,

1/09/23

4,511

4,401

4401110.SQ.FTS.B,

Zero

Cpn.,

1/09/23

1,332

1,301

4401165.SQ.FTS.B,

Zero

Cpn.,

1/09/23

2,106

2,065

4401648.SQ.FTS.B,

Zero

Cpn.,

1/09/23

2,919

2,866

4401878.SQ.FTS.B,

Zero

Cpn.,

1/09/23

5,197

4,830

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

57

a

4401986.SQ.FTS.B,

Zero

Cpn.,

1/09/23

1,639

1,585

4402074.SQ.FTS.B,

Zero

Cpn.,

1/09/23

2,659

2,602

4402877.SQ.FTS.B,

Zero

Cpn.,

1/10/23

892

868

4402908.SQ.FTS.B,

Zero

Cpn.,

1/10/23

1,937

1,882

4402998.SQ.FTS.B,

Zero

Cpn.,

1/11/23

1,177

1,156

4403110.SQ.FTS.B,

Zero

Cpn.,

1/11/23

2,620

2,562

4403215.SQ.FTS.B,

Zero

Cpn.,

1/11/23

1,779

1,731

4403738.SQ.FTS.B,

Zero

Cpn.,

1/12/23

1,508

1,234

4403829.SQ.FTS.B,

Zero

Cpn.,

1/12/23

445

436

4403995.SQ.FTS.B,

Zero

Cpn.,

1/12/23

795

714

4404052.SQ.FTS.B,

Zero

Cpn.,

1/12/23

1,130

1,099

4404369.SQ.FTS.B,

Zero

Cpn.,

1/12/23

11,692

11,453

4404999.SQ.FTS.B,

Zero

Cpn.,

1/12/23

9,658

9,447

4405418.SQ.FTS.B,

Zero

Cpn.,

1/12/23

2,441

2,395

4405512.SQ.FTS.B,

Zero

Cpn.,

1/12/23

961

892

4405529.SQ.FTS.B,

Zero

Cpn.,

1/12/23

1,254

1,225

4405718.SQ.FTS.B,

Zero

Cpn.,

1/12/23

1,385

1,357

4405778.SQ.FTS.B,

Zero

Cpn.,

1/12/23

834

820

4405799.SQ.FTS.B,

Zero

Cpn.,

1/13/23

3,480

3,392

4405890.SQ.FTS.B,

Zero

Cpn.,

1/13/23

2,827

2,765

4406025.SQ.FTS.B,

Zero

Cpn.,

1/13/23

3,296

1,872

4406325.SQ.FTS.B,

Zero

Cpn.,

1/13/23

1,234

952

4407073.SQ.FTS.B,

Zero

Cpn.,

1/13/23

1,439

1,397

4407302.SQ.FTS.B,

Zero

Cpn.,

1/13/23

1,086

1,059

4407558.SQ.FTS.B,

Zero

Cpn.,

1/13/23

1,249

1,216

4407793.SQ.FTS.B,

Zero

Cpn.,

1/13/23

763

729

4408342.SQ.FTS.B,

Zero

Cpn.,

1/14/23

4,770

4,247

4408575.SQ.FTS.B,

Zero

Cpn.,

1/14/23

393

381

4409235.SQ.FTS.B,

Zero

Cpn.,

1/14/23

841

810

4409278.SQ.FTS.B,

Zero

Cpn.,

1/14/23

735

683

4409364.SQ.FTS.B,

Zero

Cpn.,

1/14/23

1,120

977

4409410.SQ.FTS.B,

Zero

Cpn.,

1/14/23

2,375

2,309

4410956.SQ.FTS.B,

Zero

Cpn.,

1/15/23

2,917

2,836

4411208.SQ.FTS.B,

Zero

Cpn.,

1/15/23

1,485

1,224

4411311.SQ.FTS.B,

Zero

Cpn.,

1/15/23

10,782

9,306

4411982.SQ.FTS.B,

Zero

Cpn.,

1/15/23

1,439

1,397

4412089.SQ.FTS.B,

Zero

Cpn.,

1/15/23

698

683

4412183.SQ.FTS.B,

Zero

Cpn.,

1/15/23

1,187

1,156

4412497.SQ.FTS.B,

Zero

Cpn.,

1/15/23

929

399

4413064.SQ.FTS.B,

Zero

Cpn.,

1/15/23

3,184

2,125

4413077.SQ.FTS.B,

Zero

Cpn.,

1/15/23

1,379

1,335

4413213.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,577

1,544

4413454.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,992

1,943

4413749.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,504

941

*

4413957.SQ.FTS.B,

Zero

Cpn.,

1/16/23

356

173

4414921.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,068

1,019

4415050.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,672

1,624

4415371.SQ.FTS.B,

Zero

Cpn.,

1/16/23

1,426

1,392

4415894.SQ.FTS.B,

Zero

Cpn.,

1/16/23

942

918

4417132.SQ.FTS.B,

Zero

Cpn.,

1/16/23

598

588

4418143.SQ.FTS.B,

Zero

Cpn.,

1/17/23

4,137

4,013

4418357.SQ.FTS.B,

Zero

Cpn.,

1/18/23

916

891

4418861.SQ.FTS.B,

Zero

Cpn.,

1/19/23

2,963

2,886

4420771.SQ.FTS.B,

Zero

Cpn.,

1/19/23

527

455

4421494.SQ.FTS.B,

Zero

Cpn.,

1/19/23

1,806

1,765

4421654.SQ.FTS.B,

Zero

Cpn.,

1/19/23

404

397

4421715.SQ.FTS.B,

Zero

Cpn.,

1/19/23

619

609

4422183.SQ.FTS.B,

Zero

Cpn.,

1/19/23

4,543

4,431

4422451.SQ.FTS.B,

Zero

Cpn.,

1/19/23

22,167

19,146

4422715.SQ.FTS.B,

Zero

Cpn.,

1/20/23

21,439

20,944

4425030.SQ.FTS.B,

Zero

Cpn.,

1/20/23

279

243

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

58

a

4425031.SQ.FTS.B,

Zero

Cpn.,

1/20/23

1,535

1,500

4425342.SQ.FTS.B,

Zero

Cpn.,

1/20/23

2,446

2,395

4425504.SQ.FTS.B,

Zero

Cpn.,

1/20/23

724

706

4426244.SQ.FTS.B,

Zero

Cpn.,

1/20/23

3,345

3,261

4426364.SQ.FTS.B,

Zero

Cpn.,

1/21/23

4,990

4,889

4427068.SQ.FTS.B,

Zero

Cpn.,

1/21/23

2,036

1,994

4427259.SQ.FTS.B,

Zero

Cpn.,

1/21/23

3,725

3,650

4428187.SQ.FTS.B,

Zero

Cpn.,

1/21/23

153

148

4428208.SQ.FTS.B,

Zero

Cpn.,

1/21/23

1,847

1,770

4428356.SQ.FTS.B,

Zero

Cpn.,

1/21/23

7,988

5,225

4429638.SQ.FTS.B,

Zero

Cpn.,

1/22/23

2,492

2,389

4429695.SQ.FTS.B,

Zero

Cpn.,

1/22/23

884

868

4429778.SQ.FTS.B,

Zero

Cpn.,

1/22/23

11,415

10,654

4430457.SQ.FTS.B,

Zero

Cpn.,

1/22/23

6,300

6,140

4430691.SQ.FTS.B,

Zero

Cpn.,

1/22/23

1,086

661

4430763.SQ.FTS.B,

Zero

Cpn.,

1/22/23

9,282

8,872

*

4431496.SQ.FTS.B,

Zero

Cpn.,

1/22/23

905

429

4431887.SQ.FTS.B,

Zero

Cpn.,

1/23/23

2,984

2,893

4432066.SQ.FTS.B,

Zero

Cpn.,

1/23/23

8,670

8,316

4432522.SQ.FTS.B,

Zero

Cpn.,

1/23/23

1,287

1,251

4432590.SQ.FTS.B,

Zero

Cpn.,

1/23/23

5,035

4,885

4432969.SQ.FTS.B,

Zero

Cpn.,

1/23/23

4,614

4,413

4433382.SQ.FTS.B,

Zero

Cpn.,

1/23/23

3,666

3,591

4433935.SQ.FTS.B,

Zero

Cpn.,

1/23/23

668

654

4434260.SQ.FTS.B,

Zero

Cpn.,

1/24/23

1,386

914

4434444.SQ.FTS.B,

Zero

Cpn.,

1/24/23

2,239

2,169

4435061.SQ.FTS.B,

Zero

Cpn.,

1/26/23

1,162

1,140

4435562.SQ.FTS.B,

Zero

Cpn.,

1/26/23

2,848

2,796

4435821.SQ.FTS.B,

Zero

Cpn.,

1/26/23

5,719

5,469

4436251.SQ.FTS.B,

Zero

Cpn.,

1/26/23

9,631

8,808

4436744.SQ.FTS.B,

Zero

Cpn.,

1/26/23

2,690

1,848

4436767.SQ.FTS.B,

Zero

Cpn.,

1/26/23

518

474

4436885.SQ.FTS.B,

Zero

Cpn.,

1/26/23

1,477

1,438

4437232.SQ.FTS.B,

Zero

Cpn.,

1/27/23

3,041

2,947

4437542.SQ.FTS.B,

Zero

Cpn.,

1/27/23

1,545

1,504

4438299.SQ.FTS.B,

Zero

Cpn.,

1/27/23

2,674

2,125

4438380.SQ.FTS.B,

Zero

Cpn.,

1/27/23

874

856

4438460.SQ.FTS.B,

Zero

Cpn.,

1/27/23

3,194

3,102

*

4438563.SQ.FTS.B,

Zero

Cpn.,

1/27/23

14,155

8,987

4439170.SQ.FTS.B,

Zero

Cpn.,

1/27/23

15,902

8,295

4439339.SQ.FTS.B,

Zero

Cpn.,

1/27/23

878

858

4439379.SQ.FTS.B,

Zero

Cpn.,

1/27/23

1,343

1,307

*

4439502.SQ.FTS.B,

Zero

Cpn.,

1/27/23

128

126

4439669.SQ.FTS.B,

Zero

Cpn.,

1/28/23

1,053

1,032

4439846.SQ.FTS.B,

Zero

Cpn.,

1/28/23

443

433

4439865.SQ.FTS.B,

Zero

Cpn.,

1/28/23

10,533

10,250

4440307.SQ.FTS.B,

Zero

Cpn.,

1/28/23

2,399

2,342

4440588.SQ.FTS.B,

Zero

Cpn.,

1/28/23

15,926

15,482

4441036.SQ.FTS.B,

Zero

Cpn.,

1/28/23

2,444

2,385

4441143.SQ.FTS.B,

Zero

Cpn.,

1/28/23

14,623

14,154

4441513.SQ.FTS.B,

Zero

Cpn.,

1/28/23

3,934

2,531

4443029.SQ.FTS.B,

Zero

Cpn.,

1/29/23

12,693

12,245

4443451.SQ.FTS.B,

Zero

Cpn.,

1/29/23

2,841

2,501

4443609.SQ.FTS.B,

Zero

Cpn.,

1/29/23

1,645

1,618

4444927.SQ.FTS.B,

Zero

Cpn.,

1/29/23

3,105

2,743

4445104.SQ.FTS.B,

Zero

Cpn.,

1/29/23

1,638

1,598

4445386.SQ.FTS.B,

Zero

Cpn.,

1/30/23

185

182

4445666.SQ.FTS.B,

Zero

Cpn.,

1/30/23

1,580

1,543

4445732.SQ.FTS.B,

Zero

Cpn.,

1/30/23

3,705

3,619

4446349.SQ.FTS.B,

Zero

Cpn.,

1/30/23

2,351

2,261

4446450.SQ.FTS.B,

Zero

Cpn.,

1/30/23

342

336

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

59

a

4446654.SQ.FTS.B,

Zero

Cpn.,

1/30/23

1,745

1,694

4447507.SQ.FTS.B,

Zero

Cpn.,

1/31/23

2,626

2,186

*

4447582.SQ.FTS.B,

Zero

Cpn.,

1/31/23

7,956

7,753

4447769.SQ.FTS.B,

Zero

Cpn.,

1/31/23

872

852

4447797.SQ.FTS.B,

Zero

Cpn.,

1/31/23

374

316

4447810.SQ.FTS.B,

Zero

Cpn.,

1/31/23

603

589

4447839.SQ.FTS.B,

Zero

Cpn.,

1/31/23

1,313

1,282

4447969.SQ.FTS.B,

Zero

Cpn.,

1/31/23

1,569

1,322

4447999.SQ.FTS.B,

Zero

Cpn.,

1/31/23

2,437

2,033

4448059.SQ.FTS.B,

Zero

Cpn.,

2/01/23

1,842

1,791

4448188.SQ.FTS.B,

Zero

Cpn.,

2/01/23

7,811

7,612

4448421.SQ.FTS.B,

Zero

Cpn.,

2/01/23

9,831

9,215

4448701.SQ.FTS.B,

Zero

Cpn.,

2/02/23

5,973

5,842

4449669.SQ.FTS.B,

Zero

Cpn.,

2/02/23

1,243

1,218

4449719.SQ.FTS.B,

Zero

Cpn.,

2/02/23

8,495

8,118

4449995.SQ.FTS.B,

Zero

Cpn.,

2/02/23

2,624

2,534

*

4450419.SQ.FTS.B,

Zero

Cpn.,

2/02/23

12,743

6,284

4451008.SQ.FTS.B,

Zero

Cpn.,

2/03/23

813

796

*

4451087.SQ.FTS.B,

Zero

Cpn.,

2/03/23

1,582

1,243

4451102.SQ.FTS.B,

Zero

Cpn.,

2/03/23

1,376

1,349

4451214.SQ.FTS.B,

Zero

Cpn.,

2/03/23

1,528

1,499

4451432.SQ.FTS.B,

Zero

Cpn.,

2/03/23

1,905

1,856

4451520.SQ.FTS.B,

Zero

Cpn.,

2/03/23

1,797

1,742

4452014.SQ.FTS.B,

Zero

Cpn.,

2/03/23

727

697

4452111.SQ.FTS.B,

Zero

Cpn.,

2/03/23

305

297

4452255.SQ.FTS.B,

Zero

Cpn.,

2/03/23

7,674

7,338

4452431.SQ.FTS.B,

Zero

Cpn.,

2/03/23

4,612

4,517

*

4452962.SQ.FTS.B,

Zero

Cpn.,

2/03/23

8,915

6,621

4453092.SQ.FTS.B,

Zero

Cpn.,

2/03/23

858

838

*

4453243.SQ.FTS.B,

Zero

Cpn.,

2/04/23

19,524

18,455

4453842.SQ.FTS.B,

Zero

Cpn.,

2/04/23

2,716

2,639

4454018.SQ.FTS.B,

Zero

Cpn.,

2/04/23

7,091

6,892

4454460.SQ.FTS.B,

Zero

Cpn.,

2/04/23

4,940

4,831

4454710.SQ.FTS.B,

Zero

Cpn.,

2/04/23

11,098

10,823

4455116.SQ.FTS.B,

Zero

Cpn.,

2/04/23

1,224

1,020

*

4455128.SQ.FTS.B,

Zero

Cpn.,

2/04/23

2,253

1,993

4456372.SQ.FTS.B,

Zero

Cpn.,

2/05/23

319

310

4456379.SQ.FTS.B,

Zero

Cpn.,

2/05/23

1,058

1,025

4456422.SQ.FTS.B,

Zero

Cpn.,

2/05/23

32,061

31,167

4457642.SQ.FTS.B,

Zero

Cpn.,

2/05/23

4,272

4,117

4457778.SQ.FTS.B,

Zero

Cpn.,

2/05/23

18,948

18,346

4458476.SQ.FTS.B,

Zero

Cpn.,

2/05/23

425

415

4458524.SQ.FTS.B,

Zero

Cpn.,

2/05/23

2,789

2,708

4459169.SQ.FTS.B,

Zero

Cpn.,

2/06/23

3,290

2,178

4459340.SQ.FTS.B,

Zero

Cpn.,

2/06/23

5,708

4,610

4459520.SQ.FTS.B,

Zero

Cpn.,

2/06/23

1,006

980

4459576.SQ.FTS.B,

Zero

Cpn.,

2/06/23

1,678

1,543

4459844.SQ.FTS.B,

Zero

Cpn.,

2/06/23

2,804

2,727

4459912.SQ.FTS.B,

Zero

Cpn.,

2/06/23

672

652

4460053.SQ.FTS.B,

Zero

Cpn.,

2/06/23

27,196

26,574

4460680.SQ.FTS.B,

Zero

Cpn.,

2/07/23

1,696

1,660

4460750.SQ.FTS.B,

Zero

Cpn.,

2/07/23

1,118

1,092

4460778.SQ.FTS.B,

Zero

Cpn.,

2/07/23

937

912

4460891.SQ.FTS.B,

Zero

Cpn.,

2/07/23

1,516

1,319

4460920.SQ.FTS.B,

Zero

Cpn.,

2/07/23

11,884

11,597

4461874.SQ.FTS.B,

Zero

Cpn.,

2/09/23

541

462

4461903.SQ.FTS.B,

Zero

Cpn.,

2/09/23

739

715

4463189.SQ.FTS.B,

Zero

Cpn.,

2/09/23

2,140

1,141

4463256.SQ.FTS.B,

Zero

Cpn.,

2/09/23

322

315

4463274.SQ.FTS.B,

Zero

Cpn.,

2/09/23

22,165

19,253

4463847.SQ.FTS.B,

Zero

Cpn.,

2/09/23

2,237

1,633

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

60

a

4463893.SQ.FTS.B,

Zero

Cpn.,

2/09/23

1,703

1,655

4463940.SQ.FTS.B,

Zero

Cpn.,

2/09/23

12,802

10,088

4463963.SQ.FTS.B,

Zero

Cpn.,

2/10/23

21,051

19,002

4464600.SQ.FTS.B,

Zero

Cpn.,

2/10/23

5,854

5,702

4464810.SQ.FTS.B,

Zero

Cpn.,

2/10/23

3,851

3,753

4464936.SQ.FTS.B,

Zero

Cpn.,

2/10/23

1,267

1,219

4465195.SQ.FTS.B,

Zero

Cpn.,

2/10/23

284

277

4465207.SQ.FTS.B,

Zero

Cpn.,

2/10/23

5,480

2,740

4466413.SQ.FTS.B,

Zero

Cpn.,

2/11/23

2,700

2,427

4467234.SQ.FTS.B,

Zero

Cpn.,

2/11/23

1,915

1,703

4467317.SQ.FTS.B,

Zero

Cpn.,

2/11/23

13,612

12,202

4467526.SQ.FTS.B,

Zero

Cpn.,

2/11/23

1,435

1,409

4468040.SQ.FTS.B,

Zero

Cpn.,

2/11/23

1,485

1,265

4469186.SQ.FTS.B,

Zero

Cpn.,

2/12/23

6,578

5,604

4469340.SQ.FTS.B,

Zero

Cpn.,

2/12/23

3,371

3,262

4469521.SQ.FTS.B,

Zero

Cpn.,

2/12/23

3,222

3,142

4469768.SQ.FTS.B,

Zero

Cpn.,

2/12/23

1,782

1,742

4469959.SQ.FTS.B,

Zero

Cpn.,

2/12/23

1,789

1,746

4470073.SQ.FTS.B,

Zero

Cpn.,

2/12/23

4,602

4,122

4470221.SQ.FTS.B,

Zero

Cpn.,

2/12/23

2,360

1,661

4470319.SQ.FTS.B,

Zero

Cpn.,

2/12/23

2,878

2,794

4470431.SQ.FTS.B,

Zero

Cpn.,

2/12/23

1,593

1,552

4470559.SQ.FTS.B,

Zero

Cpn.,

2/12/23

18,284

17,784

4472649.SQ.FTS.B,

Zero

Cpn.,

2/13/23

10,053

9,348

4473349.SQ.FTS.B,

Zero

Cpn.,

2/14/23

7,095

6,919

4473540.SQ.FTS.B,

Zero

Cpn.,

2/14/23

1,428

1,390

4473567.SQ.FTS.B,

Zero

Cpn.,

2/14/23

1,579

1,532

4473681.SQ.FTS.B,

Zero

Cpn.,

2/14/23

965

734

4473698.SQ.FTS.B,

Zero

Cpn.,

2/14/23

23,802

21,548

4474007.SQ.FTS.B,

Zero

Cpn.,

2/15/23

2,869

2,768

4474565.SQ.FTS.B,

Zero

Cpn.,

2/16/23

733

677

4474690.SQ.FTS.B,

Zero

Cpn.,

2/16/23

2,532

2,457

4474825.SQ.FTS.B,

Zero

Cpn.,

2/16/23

12,675

12,084

4475244.SQ.FTS.B,

Zero

Cpn.,

2/16/23

3,264

3,162

4475329.SQ.FTS.B,

Zero

Cpn.,

2/16/23

4,354

4,226

4475471.SQ.FTS.B,

Zero

Cpn.,

2/16/23

6,817

6,616

4475713.SQ.FTS.B,

Zero

Cpn.,

2/16/23

680

664

4475832.SQ.FTS.B,

Zero

Cpn.,

2/16/23

6,079

4,303

4475919.SQ.FTS.B,

Zero

Cpn.,

2/16/23

3,903

2,749

4476049.SQ.FTS.B,

Zero

Cpn.,

2/16/23

864

841

4476331.SQ.FTS.B,

Zero

Cpn.,

2/16/23

7,273

7,095

4476648.SQ.FTS.B,

Zero

Cpn.,

2/17/23

223

201

4476666.SQ.FTS.B,

Zero

Cpn.,

2/17/23

4,928

4,814

4476912.SQ.FTS.B,

Zero

Cpn.,

2/17/23

3,138

2,988

4477084.SQ.FTS.B,

Zero

Cpn.,

2/17/23

10,733

7,520

4477333.SQ.FTS.B,

Zero

Cpn.,

2/17/23

1,258

988

4477376.SQ.FTS.B,

Zero

Cpn.,

2/17/23

2,410

2,333

4477776.SQ.FTS.B,

Zero

Cpn.,

2/17/23

2,869

2,717

4477990.SQ.FTS.B,

Zero

Cpn.,

2/17/23

1,172

1,140

4478271.SQ.FTS.B,

Zero

Cpn.,

2/17/23

3,019

2,941

4478361.SQ.FTS.B,

Zero

Cpn.,

2/17/23

740

723

4478727.SQ.FTS.B,

Zero

Cpn.,

2/18/23

4,862

4,762

4479155.SQ.FTS.B,

Zero

Cpn.,

2/18/23

1,243

1,212

4479204.SQ.FTS.B,

Zero

Cpn.,

2/18/23

34,036

32,887

4479955.SQ.FTS.B,

Zero

Cpn.,

2/18/23

9,963

9,345

4481454.SQ.FTS.B,

Zero

Cpn.,

2/19/23

6,331

5,954

4481587.SQ.FTS.B,

Zero

Cpn.,

2/19/23

4,818

4,694

4481855.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,079

895

4481874.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,551

1,495

4482019.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,405

1,369

4482104.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,059

1,027

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

61

a

4482390.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,119

941

4482430.SQ.FTS.B,

Zero

Cpn.,

2/19/23

396

390

4482536.SQ.FTS.B,

Zero

Cpn.,

2/19/23

6,959

6,788

4482867.SQ.FTS.B,

Zero

Cpn.,

2/19/23

1,311

1,278

4482910.SQ.FTS.B,

Zero

Cpn.,

2/19/23

14,513

14,030

4483484.SQ.FTS.B,

Zero

Cpn.,

2/19/23

2,452

2,379

4483852.SQ.FTS.B,

Zero

Cpn.,

2/19/23

34,395

30,303

4483944.SQ.FTS.B,

Zero

Cpn.,

2/20/23

2,674

2,308

4484041.SQ.FTS.B,

Zero

Cpn.,

2/20/23

1,889

1,837

4484191.SQ.FTS.B,

Zero

Cpn.,

2/20/23

3,698

3,619

4484475.SQ.FTS.B,

Zero

Cpn.,

2/20/23

3,941

1,817

4484542.SQ.FTS.B,

Zero

Cpn.,

2/20/23

6,016

4,048

4484711.SQ.FTS.B,

Zero

Cpn.,

2/20/23

1,356

1,318

4485801.SQ.FTS.B,

Zero

Cpn.,

2/20/23

1,878

1,812

4485831.SQ.FTS.B,

Zero

Cpn.,

2/21/23

2,351

2,304

4485930.SQ.FTS.B,

Zero

Cpn.,

2/21/23

1,022

1,002

4485979.SQ.FTS.B,

Zero

Cpn.,

2/21/23

10,538

9,716

4486137.SQ.FTS.B,

Zero

Cpn.,

2/21/23

1,391

1,354

4486212.SQ.FTS.B,

Zero

Cpn.,

2/21/23

1,761

1,714

4486288.SQ.FTS.B,

Zero

Cpn.,

2/22/23

1,790

1,742

4486372.SQ.FTS.B,

Zero

Cpn.,

2/22/23

498

478

4486430.SQ.FTS.B,

Zero

Cpn.,

2/22/23

3,309

3,214

4486519.SQ.FTS.B,

Zero

Cpn.,

2/22/23

3,753

3,635

4486577.SQ.FTS.B,

Zero

Cpn.,

2/22/23

913

883

4486584.SQ.FTS.B,

Zero

Cpn.,

2/22/23

330

281

4486630.SQ.FTS.B,

Zero

Cpn.,

2/22/23

6,723

6,489

4486896.SQ.FTS.B,

Zero

Cpn.,

2/23/23

2,201

2,137

4486955.SQ.FTS.B,

Zero

Cpn.,

2/23/23

1,673

1,622

4487007.SQ.FTS.B,

Zero

Cpn.,

2/23/23

11,318

10,589

4487430.SQ.FTS.B,

Zero

Cpn.,

2/23/23

2,957

2,838

4487619.SQ.FTS.B,

Zero

Cpn.,

2/23/23

16,574

15,538

4488554.SQ.FTS.B,

Zero

Cpn.,

2/23/23

2,299

2,240

4488602.SQ.FTS.B,

Zero

Cpn.,

2/23/23

1,629

1,591

4488681.SQ.FTS.B,

Zero

Cpn.,

2/23/23

28

27

4488742.SQ.FTS.B,

Zero

Cpn.,

2/23/23

1,397

1,364

*

4488928.SQ.FTS.B,

Zero

Cpn.,

2/23/23

703

390

4488941.SQ.FTS.B,

Zero

Cpn.,

2/23/23

5,662

4,455

4489014.SQ.FTS.B,

Zero

Cpn.,

2/23/23

795

781

4489051.SQ.FTS.B,

Zero

Cpn.,

2/23/23

453

433

4489148.SQ.FTS.B,

Zero

Cpn.,

2/23/23

5,282

3,988

4489916.SQ.FTS.B,

Zero

Cpn.,

2/24/23

1,306

1,269

4489974.SQ.FTS.B,

Zero

Cpn.,

2/24/23

4,041

3,740

4490192.SQ.FTS.B,

Zero

Cpn.,

2/24/23

5,626

5,089

4490411.SQ.FTS.B,

Zero

Cpn.,

2/24/23

2,550

2,448

4490447.SQ.FTS.B,

Zero

Cpn.,

2/24/23

4,080

3,839

4490577.SQ.FTS.B,

Zero

Cpn.,

2/24/23

1,843

1,764

4490670.SQ.FTS.B,

Zero

Cpn.,

2/24/23

1,429

1,359

4490730.SQ.FTS.B,

Zero

Cpn.,

2/24/23

3,620

3,526

4490852.SQ.FTS.B,

Zero

Cpn.,

2/24/23

4,342

4,248

4491025.SQ.FTS.B,

Zero

Cpn.,

2/24/23

1,278

1,243

4491295.SQ.FTS.B,

Zero

Cpn.,

2/24/23

2,603

2,542

4491455.SQ.FTS.B,

Zero

Cpn.,

2/25/23

11,227

8,795

4491636.SQ.FTS.B,

Zero

Cpn.,

2/25/23

3,000

2,937

4491958.SQ.FTS.B,

Zero

Cpn.,

2/25/23

31

31

4491967.SQ.FTS.B,

Zero

Cpn.,

2/25/23

834

819

4492409.SQ.FTS.B,

Zero

Cpn.,

2/25/23

4,298

4,184

4492540.SQ.FTS.B,

Zero

Cpn.,

2/25/23

3,802

3,289

4492702.SQ.FTS.B,

Zero

Cpn.,

2/25/23

2,288

2,188

4492762.SQ.FTS.B,

Zero

Cpn.,

2/25/23

2,255

2,156

4492892.SQ.FTS.B,

Zero

Cpn.,

2/25/23

11,536

11,110

4494212.SQ.FTS.B,

Zero

Cpn.,

2/26/23

1,235

1,208

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

62

a

4494715.SQ.FTS.B,

Zero

Cpn.,

2/26/23

6,626

6,437

4495377.SQ.FTS.B,

Zero

Cpn.,

2/26/23

438

429

4495410.SQ.FTS.B,

Zero

Cpn.,

2/26/23

7,386

7,168

4495827.SQ.FTS.B,

Zero

Cpn.,

2/26/23

2,061

1,988

4495920.SQ.FTS.B,

Zero

Cpn.,

2/26/23

7,182

6,850

4496220.SQ.FTS.B,

Zero

Cpn.,

2/26/23

529

496

4496247.SQ.FTS.B,

Zero

Cpn.,

2/26/23

641

613

4496257.SQ.FTS.B,

Zero

Cpn.,

2/26/23

5,103

4,977

4496476.SQ.FTS.B,

Zero

Cpn.,

2/26/23

1,269

1,235

4496534.SQ.FTS.B,

Zero

Cpn.,

2/26/23

9,983

9,678

4497613.SQ.FTS.B,

Zero

Cpn.,

2/27/23

16,804

16,416

4498482.SQ.FTS.B,

Zero

Cpn.,

2/27/23

4,252

4,070

4498550.SQ.FTS.B,

Zero

Cpn.,

2/27/23

4,745

4,454

4498674.SQ.FTS.B,

Zero

Cpn.,

2/27/23

1,783

1,269

4498705.SQ.FTS.B,

Zero

Cpn.,

2/27/23

8,946

8,649

4498826.SQ.FTS.B,

Zero

Cpn.,

2/28/23

4,178

4,044

4498947.SQ.FTS.B,

Zero

Cpn.,

2/28/23

832

590

4498957.SQ.FTS.B,

Zero

Cpn.,

2/28/23

910

893

4498995.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,073

1,636

4499012.SQ.FTS.B,

Zero

Cpn.,

2/28/23

12,922

12,519

4499235.SQ.FTS.B,

Zero

Cpn.,

2/28/23

4,978

4,489

4499331.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,476

1,448

4499481.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,690

1,642

4499515.SQ.FTS.B,

Zero

Cpn.,

2/28/23

423

412

4499783.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,387

2,101

4499842.SQ.FTS.B,

Zero

Cpn.,

2/28/23

711

655

4499919.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,728

2,641

4500047.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,574

2,448

4500449.SQ.FTS.B,

Zero

Cpn.,

2/28/23

5

5

4500862.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,304

2,093

4500923.SQ.FTS.B,

Zero

Cpn.,

2/28/23

4,506

4,239

4501065.SQ.FTS.B,

Zero

Cpn.,

2/28/23

13,970

13,647

4501618.SQ.FTS.B,

Zero

Cpn.,

2/28/23

15,717

15,174

4502088.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,843

1,780

4502105.SQ.FTS.B,

Zero

Cpn.,

2/28/23

2,854

2,762

4502235.SQ.FTS.B,

Zero

Cpn.,

2/28/23

3,819

3,695

4502426.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,752

1,707

4502532.SQ.FTS.B,

Zero

Cpn.,

2/28/23

3,299

3,209

4502623.SQ.FTS.B,

Zero

Cpn.,

2/28/23

8,809

7,829

4502824.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,973

1,889

4502883.SQ.FTS.B,

Zero

Cpn.,

2/28/23

11,599

10,954

4503210.SQ.FTS.B,

Zero

Cpn.,

2/28/23

117

115

4503313.SQ.FTS.B,

Zero

Cpn.,

2/28/23

4,651

4,260

4503626.SQ.FTS.B,

Zero

Cpn.,

2/28/23

389

371

4503635.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,652

1,497

4503671.SQ.FTS.B,

Zero

Cpn.,

2/28/23

3,950

3,834

4503778.SQ.FTS.B,

Zero

Cpn.,

2/28/23

1,848

1,797

4503847.SQ.FTS.B,

Zero

Cpn.,

2/28/23

41,793

30,434

4504232.SQ.FTS.B,

Zero

Cpn.,

2/28/23

684

665

4504260.SQ.FTS.B,

Zero

Cpn.,

2/28/23

3,342

3,250

4504292.SQ.FTS.B,

Zero

Cpn.,

3/01/23

4,109

3,868

4504447.SQ.FTS.B,

Zero

Cpn.,

3/01/23

26,477

25,854

4505492.SQ.FTS.B,

Zero

Cpn.,

3/01/23

1,298

1,264

4505541.SQ.FTS.B,

Zero

Cpn.,

3/01/23

417

377

4505555.SQ.FTS.B,

Zero

Cpn.,

3/01/23

1,479

1,413

4505680.SQ.FTS.B,

Zero

Cpn.,

3/01/23

1,816

1,759

4506014.SQ.FTS.B,

Zero

Cpn.,

3/01/23

818

741

4506030.SQ.FTS.B,

Zero

Cpn.,

3/01/23

11,884

11,515

4508474.SQ.FTS.B,

Zero

Cpn.,

3/02/23

4,376

4,001

4508723.SQ.FTS.B,

Zero

Cpn.,

3/02/23

6,372

5,958

4508925.SQ.FTS.B,

Zero

Cpn.,

3/02/23

1,154

1,026

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

63

a

4509065.SQ.FTS.B,

Zero

Cpn.,

3/02/23

2,196

2,132

4509146.SQ.FTS.B,

Zero

Cpn.,

3/02/23

639

625

4509346.SQ.FTS.B,

Zero

Cpn.,

3/02/23

2,962

2,880

4509444.SQ.FTS.B,

Zero

Cpn.,

3/02/23

1,693

1,614

4509488.SQ.FTS.B,

Zero

Cpn.,

3/02/23

49

48

4509491.SQ.FTS.B,

Zero

Cpn.,

3/02/23

11,265

10,964

4509802.SQ.FTS.B,

Zero

Cpn.,

3/02/23

19,253

18,641

4510289.SQ.FTS.B,

Zero

Cpn.,

3/02/23

356

349

4510325.SQ.FTS.B,

Zero

Cpn.,

3/02/23

673

634

4510359.SQ.FTS.B,

Zero

Cpn.,

3/02/23

1,055

1,030

4510414.SQ.FTS.B,

Zero

Cpn.,

3/02/23

5,363

5,221

4510623.SQ.FTS.B,

Zero

Cpn.,

3/02/23

661

639

4510936.SQ.FTS.B,

Zero

Cpn.,

3/03/23

12,841

11,907

4511311.SQ.FTS.B,

Zero

Cpn.,

3/03/23

915

868

4511332.SQ.FTS.B,

Zero

Cpn.,

3/03/23

43,776

31,873

4512372.SQ.FTS.B,

Zero

Cpn.,

3/03/23

5,441

5,257

4512452.SQ.FTS.B,

Zero

Cpn.,

3/03/23

6,614

6,448

4512529.SQ.FTS.B,

Zero

Cpn.,

3/03/23

1,077

1,044

4512541.SQ.FTS.B,

Zero

Cpn.,

3/03/23

1,132

1,087

4512554.SQ.FTS.B,

Zero

Cpn.,

3/03/23

2,439

2,378

4512603.SQ.FTS.B,

Zero

Cpn.,

3/03/23

19,934

19,367

4513059.SQ.FTS.B,

Zero

Cpn.,

3/03/23

2,584

2,305

4513107.SQ.FTS.B,

Zero

Cpn.,

3/03/23

5,787

4,055

4513243.SQ.FTS.B,

Zero

Cpn.,

3/04/23

954

842

4513287.SQ.FTS.B,

Zero

Cpn.,

3/04/23

12,361

10,781

4513434.SQ.FTS.B,

Zero

Cpn.,

3/04/23

3,326

3,200

4513472.SQ.FTS.B,

Zero

Cpn.,

3/04/23

1,295

1,265

4513495.SQ.FTS.B,

Zero

Cpn.,

3/04/23

3,035

2,949

4513573.SQ.FTS.B,

Zero

Cpn.,

3/04/23

1,796

1,746

4513606.SQ.FTS.B,

Zero

Cpn.,

3/04/23

7,532

6,999

4513782.SQ.FTS.B,

Zero

Cpn.,

3/04/23

588

577

4513804.SQ.FTS.B,

Zero

Cpn.,

3/05/23

1,353

1,100

4513817.SQ.FTS.B,

Zero

Cpn.,

3/05/23

2,542

2,477

4513867.SQ.FTS.B,

Zero

Cpn.,

3/05/23

1,050

1,023

4513963.SQ.FTS.B,

Zero

Cpn.,

3/05/23

3,147

3,016

4514027.SQ.FTS.B,

Zero

Cpn.,

3/05/23

1,813

1,745

4514050.SQ.FTS.B,

Zero

Cpn.,

3/05/23

1,959

1,787

4514072.SQ.FTS.B,

Zero

Cpn.,

3/05/23

2,008

1,260

4514133.SQ.FTS.B,

Zero

Cpn.,

3/05/23

16,288

15,781

4514396.SQ.FTS.B,

Zero

Cpn.,

3/06/23

765

745

4514448.SQ.FTS.B,

Zero

Cpn.,

3/06/23

673

656

4514492.SQ.FTS.B,

Zero

Cpn.,

3/06/23

958

932

4514557.SQ.FTS.B,

Zero

Cpn.,

3/06/23

6,753

6,482

4514640.SQ.FTS.B,

Zero

Cpn.,

3/06/23

3,058

2,960

4514687.SQ.FTS.B,

Zero

Cpn.,

3/06/23

2,339

2,260

4514718.SQ.FTS.B,

Zero

Cpn.,

3/06/23

22,281

20,722

4514984.SQ.FTS.B,

Zero

Cpn.,

3/07/23

28,084

20,665

4516269.SQ.FTS.B,

Zero

Cpn.,

3/07/23

10,740

10,471

4516974.SQ.FTS.B,

Zero

Cpn.,

3/07/23

3,430

3,280

4517218.SQ.FTS.B,

Zero

Cpn.,

3/07/23

9,625

9,372

4517554.SQ.FTS.B,

Zero

Cpn.,

3/07/23

772

684

4517568.SQ.FTS.B,

Zero

Cpn.,

3/07/23

919

900

4517622.SQ.FTS.B,

Zero

Cpn.,

3/07/23

2,025

1,974

4518403.SQ.FTS.B,

Zero

Cpn.,

3/07/23

246

239

4518413.SQ.FTS.B,

Zero

Cpn.,

3/07/23

1,906

1,866

4518461.SQ.FTS.B,

Zero

Cpn.,

3/08/23

2,755

1,978

4518557.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,834

1,794

4518610.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,794

1,747

4518659.SQ.FTS.B,

Zero

Cpn.,

3/08/23

670

522

4518666.SQ.FTS.B,

Zero

Cpn.,

3/08/23

227

223

4518671.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,373

1,335

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

64

a

4518759.SQ.FTS.B,

Zero

Cpn.,

3/08/23

6,553

5,842

4518904.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,283

1,237

4518953.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,222

1,183

4519052.SQ.FTS.B,

Zero

Cpn.,

3/08/23

497

488

4519073.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,569

1,530

4519128.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,278

1,237

4519210.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,839

1,599

4519246.SQ.FTS.B,

Zero

Cpn.,

3/08/23

726

707

4519266.SQ.FTS.B,

Zero

Cpn.,

3/08/23

4,924

4,770

4519588.SQ.FTS.B,

Zero

Cpn.,

3/08/23

626

610

4519593.SQ.FTS.B,

Zero

Cpn.,

3/08/23

2,516

2,434

4519611.SQ.FTS.B,

Zero

Cpn.,

3/08/23

19,058

7,708

4520213.SQ.FTS.B,

Zero

Cpn.,

3/08/23

814

721

4520225.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,359

1,323

4520237.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,000

971

4520247.SQ.FTS.B,

Zero

Cpn.,

3/08/23

4,118

4,025

4520306.SQ.FTS.B,

Zero

Cpn.,

3/08/23

2,441

2,354

4520346.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,846

1,311

4520454.SQ.FTS.B,

Zero

Cpn.,

3/08/23

6,823

6,641

4520652.SQ.FTS.B,

Zero

Cpn.,

3/08/23

1,415

1,370

4520669.SQ.FTS.B,

Zero

Cpn.,

3/08/23

10,932

10,606

4520934.SQ.FTS.B,

Zero

Cpn.,

3/08/23

4,493

4,374

4521034.SQ.FTS.B,

Zero

Cpn.,

3/08/23

12,373

10,938

4522634.SQ.FTS.B,

Zero

Cpn.,

3/09/23

7,684

7,347

4523023.SQ.FTS.B,

Zero

Cpn.,

3/09/23

2,618

2,448

4523065.SQ.FTS.B,

Zero

Cpn.,

3/09/23

3,929

3,751

4523278.SQ.FTS.B,

Zero

Cpn.,

3/09/23

280

274

4523609.SQ.FTS.B,

Zero

Cpn.,

3/09/23

260

250

4523658.SQ.FTS.B,

Zero

Cpn.,

3/09/23

1,524

1,470

4524162.SQ.FTS.B,

Zero

Cpn.,

3/09/23

1,010

986

4524189.SQ.FTS.B,

Zero

Cpn.,

3/09/23

3,413

3,283

4524391.SQ.FTS.B,

Zero

Cpn.,

3/09/23

4,065

3,940

4524496.SQ.FTS.B,

Zero

Cpn.,

3/09/23

25,068

23,361

4524796.SQ.FTS.B,

Zero

Cpn.,

3/10/23

16,214

15,255

4525497.SQ.FTS.B,

Zero

Cpn.,

3/10/23

2,559

2,180

4525545.SQ.FTS.B,

Zero

Cpn.,

3/10/23

1,437

1,395

4525793.SQ.FTS.B,

Zero

Cpn.,

3/10/23

2,105

2,021

4525938.SQ.FTS.B,

Zero

Cpn.,

3/10/23

3,185

3,101

4526054.SQ.FTS.B,

Zero

Cpn.,

3/10/23

11,463

10,006

4526297.SQ.FTS.B,

Zero

Cpn.,

3/10/23

1,533

1,405

4526313.SQ.FTS.B,

Zero

Cpn.,

3/10/23

9,787

9,581

4526594.SQ.FTS.B,

Zero

Cpn.,

3/10/23

1,295

1,260

4526635.SQ.FTS.B,

Zero

Cpn.,

3/10/23

10,257

9,999

4526994.SQ.FTS.B,

Zero

Cpn.,

3/10/23

726

709

4527034.SQ.FTS.B,

Zero

Cpn.,

3/10/23

2,403

2,330

4527106.SQ.FTS.B,

Zero

Cpn.,

3/10/23

6,569

6,314

4527316.SQ.FTS.B,

Zero

Cpn.,

3/11/23

455

443

4527329.SQ.FTS.B,

Zero

Cpn.,

3/11/23

9,196

8,944

4527709.SQ.FTS.B,

Zero

Cpn.,

3/11/23

728

699

4527732.SQ.FTS.B,

Zero

Cpn.,

3/11/23

2,867

2,762

4527878.SQ.FTS.B,

Zero

Cpn.,

3/12/23

889

823

4528066.SQ.FTS.B,

Zero

Cpn.,

3/12/23

1,851

1,579

4528091.SQ.FTS.B,

Zero

Cpn.,

3/12/23

4,114

3,997

4528156.SQ.FTS.B,

Zero

Cpn.,

3/12/23

15,734

15,107

4528697.SQ.FTS.B,

Zero

Cpn.,

3/13/23

11,743

10,609

4529129.SQ.FTS.B,

Zero

Cpn.,

3/13/23

4,841

4,685

4529217.SQ.FTS.B,

Zero

Cpn.,

3/13/23

3,843

3,701

4529429.SQ.FTS.B,

Zero

Cpn.,

3/13/23

1,122

1,038

4529461.SQ.FTS.B,

Zero

Cpn.,

3/13/23

9,800

9,490

4529621.SQ.FTS.B,

Zero

Cpn.,

3/13/23

40,163

38,573

4530851.SQ.FTS.B,

Zero

Cpn.,

3/13/23

2,075

1,979

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

65

a

4530875.SQ.FTS.B,

Zero

Cpn.,

3/13/23

207

202

4530988.SQ.FTS.B,

Zero

Cpn.,

3/14/23

2,272

2,212

4531079.SQ.FTS.B,

Zero

Cpn.,

3/14/23

3,705

3,293

4531192.SQ.FTS.B,

Zero

Cpn.,

3/14/23

7,585

7,390

4531544.SQ.FTS.B,

Zero

Cpn.,

3/14/23

2,916

2,824

4531624.SQ.FTS.B,

Zero

Cpn.,

3/14/23

19,635

18,282

4532048.SQ.FTS.B,

Zero

Cpn.,

3/14/23

731

662

4532062.SQ.FTS.B,

Zero

Cpn.,

3/14/23

8,800

5,563

4532190.SQ.FTS.B,

Zero

Cpn.,

3/14/23

1,319

1,268

4532352.SQ.FTS.B,

Zero

Cpn.,

3/14/23

2,707

2,563

4532445.SQ.FTS.B,

Zero

Cpn.,

3/14/23

1,912

1,856

4532473.SQ.FTS.B,

Zero

Cpn.,

3/14/23

7,036

6,236

4532541.SQ.FTS.B,

Zero

Cpn.,

3/14/23

172

169

4532900.SQ.FTS.B,

Zero

Cpn.,

3/14/23

66

64

4532915.SQ.FTS.B,

Zero

Cpn.,

3/14/23

378

371

4532929.SQ.FTS.B,

Zero

Cpn.,

3/14/23

4,782

3,624

4533012.SQ.FTS.B,

Zero

Cpn.,

3/14/23

13,248

11,600

4533167.SQ.FTS.B,

Zero

Cpn.,

3/14/23

5,266

4,939

4533225.SQ.FTS.B,

Zero

Cpn.,

3/14/23

822

806

4533266.SQ.FTS.B,

Zero

Cpn.,

3/15/23

32,834

31,950

4534089.SQ.FTS.B,

Zero

Cpn.,

3/15/23

1,299

1,268

4534137.SQ.FTS.B,

Zero

Cpn.,

3/15/23

3,405

3,323

4534227.SQ.FTS.B,

Zero

Cpn.,

3/15/23

5,357

4,821

4534338.SQ.FTS.B,

Zero

Cpn.,

3/15/23

6,378

6,042

4534472.SQ.FTS.B,

Zero

Cpn.,

3/15/23

66

65

4534513.SQ.FTS.B,

Zero

Cpn.,

3/15/23

817

703

4534751.SQ.FTS.B,

Zero

Cpn.,

3/15/23

4,883

4,685

4534830.SQ.FTS.B,

Zero

Cpn.,

3/15/23

1,878

1,839

4534902.SQ.FTS.B,

Zero

Cpn.,

3/15/23

2,190

2,081

4534985.SQ.FTS.B,

Zero

Cpn.,

3/15/23

1,857

1,806

4535053.SQ.FTS.B,

Zero

Cpn.,

3/15/23

5,886

5,691

4535094.SQ.FTS.B,

Zero

Cpn.,

3/15/23

8,171

7,891

4535256.SQ.FTS.B,

Zero

Cpn.,

3/15/23

3,365

3,278

4535391.SQ.FTS.B,

Zero

Cpn.,

3/15/23

8,869

8,468

4535540.SQ.FTS.B,

Zero

Cpn.,

3/15/23

659

645

4535579.SQ.FTS.B,

Zero

Cpn.,

3/15/23

1,583

1,545

4535669.SQ.FTS.B,

Zero

Cpn.,

3/15/23

3,929

3,777

4535698.SQ.FTS.B,

Zero

Cpn.,

3/15/23

12,571

11,948

4537057.SQ.FTS.B,

Zero

Cpn.,

3/16/23

468

308

4537062.SQ.FTS.B,

Zero

Cpn.,

3/16/23

13,333

12,954

4537580.SQ.FTS.B,

Zero

Cpn.,

3/16/23

381

313

4537597.SQ.FTS.B,

Zero

Cpn.,

3/16/23

2,361

2,300

4537716.SQ.FTS.B,

Zero

Cpn.,

3/16/23

2,585

2,503

4537791.SQ.FTS.B,

Zero

Cpn.,

3/16/23

7,621

7,363

4538103.SQ.FTS.B,

Zero

Cpn.,

3/16/23

8,009

7,696

4538488.SQ.FTS.B,

Zero

Cpn.,

3/16/23

10,862

10,543

4538879.SQ.FTS.B,

Zero

Cpn.,

3/16/23

797

765

4539012.SQ.FTS.B,

Zero

Cpn.,

3/16/23

718

704

4539163.SQ.FTS.B,

Zero

Cpn.,

3/16/23

559

523

4539188.SQ.FTS.B,

Zero

Cpn.,

3/16/23

19,997

19,367

4539998.SQ.FTS.B,

Zero

Cpn.,

3/17/23

1,974

1,899

4540098.SQ.FTS.B,

Zero

Cpn.,

3/17/23

16,436

15,940

4540640.SQ.FTS.B,

Zero

Cpn.,

3/17/23

166

162

4540651.SQ.FTS.B,

Zero

Cpn.,

3/17/23

4,061

3,923

4540753.SQ.FTS.B,

Zero

Cpn.,

3/17/23

9,581

9,136

*

4540937.SQ.FTS.B,

Zero

Cpn.,

3/17/23

6,288

2,853

4540998.SQ.FTS.B,

Zero

Cpn.,

3/17/23

43,578

36,267

4541663.SQ.FTS.B,

Zero

Cpn.,

3/17/23

3,314

3,231

4541804.SQ.FTS.B,

Zero

Cpn.,

3/17/23

7,938

7,676

4541989.SQ.FTS.B,

Zero

Cpn.,

3/17/23

30,438

29,411

4542771.SQ.FTS.B,

Zero

Cpn.,

3/18/23

2,056

1,772

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

66

a

4542793.SQ.FTS.B,

Zero

Cpn.,

3/18/23

860

833

4542801.SQ.FTS.B,

Zero

Cpn.,

3/18/23

6,809

6,190

4542885.SQ.FTS.B,

Zero

Cpn.,

3/18/23

3,968

3,540

4543193.SQ.FTS.B,

Zero

Cpn.,

3/18/23

5,729

5,400

4543566.SQ.FTS.B,

Zero

Cpn.,

3/19/23

4,513

4,382

4543652.SQ.FTS.B,

Zero

Cpn.,

3/19/23

3,334

3,240

4543721.SQ.FTS.B,

Zero

Cpn.,

3/19/23

2,728

2,665

4543789.SQ.FTS.B,

Zero

Cpn.,

3/19/23

2,530

2,329

4543826.SQ.FTS.B,

Zero

Cpn.,

3/19/23

3,952

3,838

4544322.SQ.FTS.B,

Zero

Cpn.,

3/20/23

936

894

4544437.SQ.FTS.B,

Zero

Cpn.,

3/20/23

8,133

7,896

4544830.SQ.FTS.B,

Zero

Cpn.,

3/20/23

5,385

5,176

4544948.SQ.FTS.B,

Zero

Cpn.,

3/20/23

6,409

6,224

4545114.SQ.FTS.B,

Zero

Cpn.,

3/20/23

1,137

1,101

4545123.SQ.FTS.B,

Zero

Cpn.,

3/20/23

2,802

2,730

4545216.SQ.FTS.B,

Zero

Cpn.,

3/20/23

2,570

2,262

4545254.SQ.FTS.B,

Zero

Cpn.,

3/20/23

18,577

17,101

4545537.SQ.FTS.B,

Zero

Cpn.,

3/20/23

5,440

5,296

4545669.SQ.FTS.B,

Zero

Cpn.,

3/20/23

5,216

4,885

4545779.SQ.FTS.B,

Zero

Cpn.,

3/20/23

827

794

4545816.SQ.FTS.B,

Zero

Cpn.,

3/20/23

1,565

1,520

4545848.SQ.FTS.B,

Zero

Cpn.,

3/20/23

3,740

3,482

4545946.SQ.FTS.B,

Zero

Cpn.,

3/20/23

3,070

2,983

4546033.SQ.FTS.B,

Zero

Cpn.,

3/20/23

6,960

6,274

4546119.SQ.FTS.B,

Zero

Cpn.,

3/20/23

674

644

4546177.SQ.FTS.B,

Zero

Cpn.,

3/20/23

5,272

5,132

*

4546342.SQ.FTS.B,

Zero

Cpn.,

3/20/23

3,294

1,324

4546453.SQ.FTS.B,

Zero

Cpn.,

3/20/23

2,274

2,197

4546524.SQ.FTS.B,

Zero

Cpn.,

3/20/23

9,037

8,825

4546884.SQ.FTS.B,

Zero

Cpn.,

3/20/23

143

141

4546895.SQ.FTS.B,

Zero

Cpn.,

3/20/23

1,346

1,319

4547015.SQ.FTS.B,

Zero

Cpn.,

3/20/23

2,131

2,094

4547326.SQ.FTS.B,

Zero

Cpn.,

3/21/23

807

775

4547350.SQ.FTS.B,

Zero

Cpn.,

3/21/23

6,482

6,327

4547463.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,360

2,280

4547494.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,069

1,956

4547501.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,505

2,286

4547518.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,854

1,794

4547531.SQ.FTS.B,

Zero

Cpn.,

3/21/23

25,814

24,223

4547761.SQ.FTS.B,

Zero

Cpn.,

3/21/23

867

776

4547779.SQ.FTS.B,

Zero

Cpn.,

3/21/23

19,841

18,430

4547973.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,242

2,943

4548061.SQ.FTS.B,

Zero

Cpn.,

3/21/23

12,054

11,630

4548242.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,344

1,305

4548264.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,712

1,254

4548288.SQ.FTS.B,

Zero

Cpn.,

3/21/23

19,661

19,072

4548407.SQ.FTS.B,

Zero

Cpn.,

3/21/23

31,492

23,504

4548575.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,558

1,474

4548591.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,810

3,664

4548620.SQ.FTS.B,

Zero

Cpn.,

3/21/23

47,811

46,185

4548869.SQ.FTS.B,

Zero

Cpn.,

3/21/23

4,307

4,211

4548999.SQ.FTS.B,

Zero

Cpn.,

3/21/23

12,364

6,521

4549048.SQ.FTS.B,

Zero

Cpn.,

3/21/23

604

563

4549053.SQ.FTS.B,

Zero

Cpn.,

3/21/23

19,584

18,742

4549207.SQ.FTS.B,

Zero

Cpn.,

3/21/23

4,391

4,218

4549223.SQ.FTS.B,

Zero

Cpn.,

3/21/23

6,478

6,298

4549252.SQ.FTS.B,

Zero

Cpn.,

3/21/23

15,398

14,619

4549369.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,575

3,508

4549482.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,332

1,296

4549503.SQ.FTS.B,

Zero

Cpn.,

3/21/23

6,365

6,131

4549589.SQ.FTS.B,

Zero

Cpn.,

3/21/23

6,459

6,149

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

67

a

4549623.SQ.FTS.B,

Zero

Cpn.,

3/21/23

28,376

24,167

4549725.SQ.FTS.B,

Zero

Cpn.,

3/21/23

25,781

23,264

4549801.SQ.FTS.B,

Zero

Cpn.,

3/21/23

4,011

3,907

4549873.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,692

1,649

*

4549880.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,819

2,806

4549891.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,227

2,148

4549903.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,599

3,481

4549932.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,172

2,095

4549953.SQ.FTS.B,

Zero

Cpn.,

3/21/23

5,590

5,413

4549987.SQ.FTS.B,

Zero

Cpn.,

3/21/23

7,376

6,548

4550024.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,242

2,167

4550034.SQ.FTS.B,

Zero

Cpn.,

3/21/23

5,425

5,208

4550068.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,305

1,050

4550087.SQ.FTS.B,

Zero

Cpn.,

3/21/23

6,452

6,167

4550129.SQ.FTS.B,

Zero

Cpn.,

3/21/23

4,271

4,107

*

4550163.SQ.FTS.B,

Zero

Cpn.,

3/21/23

2,535

1,820

4550184.SQ.FTS.B,

Zero

Cpn.,

3/21/23

670

625

4550191.SQ.FTS.B,

Zero

Cpn.,

3/21/23

1,006

445

4550206.SQ.FTS.B,

Zero

Cpn.,

3/21/23

7,455

7,238

4550265.SQ.FTS.B,

Zero

Cpn.,

3/21/23

878

790

4550275.SQ.FTS.B,

Zero

Cpn.,

3/21/23

3,646

3,559

4550305.SQ.FTS.B,

Zero

Cpn.,

3/22/23

2,490

1,911

4550331.SQ.FTS.B,

Zero

Cpn.,

3/22/23

738

721

4550354.SQ.FTS.B,

Zero

Cpn.,

3/22/23

1,048

914

4550668.SQ.FTS.B,

Zero

Cpn.,

3/22/23

4,800

4,695

4550866.SQ.FTS.B,

Zero

Cpn.,

3/22/23

8,786

8,566

4552139.SQ.FTS.B,

Zero

Cpn.,

3/22/23

9,798

9,528

4552363.SQ.FTS.B,

Zero

Cpn.,

3/22/23

582

567

4552365.SQ.FTS.B,

Zero

Cpn.,

3/22/23

9,048

6,351

4552456.SQ.FTS.B,

Zero

Cpn.,

3/22/23

26,643

25,395

4552876.SQ.FTS.B,

Zero

Cpn.,

3/22/23

37,382

36,157

4553554.SQ.FTS.B,

Zero

Cpn.,

3/22/23

2,163

2,078

4553578.SQ.FTS.B,

Zero

Cpn.,

3/22/23

4,387

3,667

4553692.SQ.FTS.B,

Zero

Cpn.,

3/22/23

2,862

2,769

4553762.SQ.FTS.B,

Zero

Cpn.,

3/22/23

507

495

4553779.SQ.FTS.B,

Zero

Cpn.,

3/22/23

1,891

1,816

4555245.SQ.FTS.B,

Zero

Cpn.,

3/23/23

18,345

15,607

4555655.SQ.FTS.B,

Zero

Cpn.,

3/23/23

401

391

4555669.SQ.FTS.B,

Zero

Cpn.,

3/23/23

11,160

10,877

4556234.SQ.FTS.B,

Zero

Cpn.,

3/23/23

766

748

4556288.SQ.FTS.B,

Zero

Cpn.,

3/23/23

8,392

8,137

*

4556429.SQ.FTS.B,

Zero

Cpn.,

3/23/23

3,768

1,941

4556489.SQ.FTS.B,

Zero

Cpn.,

3/23/23

6,058

5,443

*

4556569.SQ.FTS.B,

Zero

Cpn.,

3/23/23

18,356

12,072

4556785.SQ.FTS.B,

Zero

Cpn.,

3/23/23

3,566

3,390

4556881.SQ.FTS.B,

Zero

Cpn.,

3/23/23

4,255

3,865

4556967.SQ.FTS.B,

Zero

Cpn.,

3/23/23

26,689

25,644

4557410.SQ.FTS.B,

Zero

Cpn.,

3/23/23

5,012

4,395

4557535.SQ.FTS.B,

Zero

Cpn.,

3/23/23

3,553

3,425

4557592.SQ.FTS.B,

Zero

Cpn.,

3/23/23

21,577

20,200

4558051.SQ.FTS.B,

Zero

Cpn.,

3/23/23

1,055

1,005

4558146.SQ.FTS.B,

Zero

Cpn.,

3/23/23

2,901

2,698

4558190.SQ.FTS.B,

Zero

Cpn.,

3/23/23

1,817

1,780

4558244.SQ.FTS.B,

Zero

Cpn.,

3/23/23

806

787

4558266.SQ.FTS.B,

Zero

Cpn.,

3/23/23

432

423

4558287.SQ.FTS.B,

Zero

Cpn.,

3/23/23

4,279

4,112

4558347.SQ.FTS.B,

Zero

Cpn.,

3/23/23

1,070

1,029

4558355.SQ.FTS.B,

Zero

Cpn.,

3/23/23

2,261

2,202

*

4558419.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,169

794

4558450.SQ.FTS.B,

Zero

Cpn.,

3/24/23

5,028

4,879

4558599.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,961

1,899

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

68

a

4558638.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,679

1,632

4558655.SQ.FTS.B,

Zero

Cpn.,

3/24/23

535

524

4558665.SQ.FTS.B,

Zero

Cpn.,

3/24/23

605

595

4558928.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,966

1,886

4558974.SQ.FTS.B,

Zero

Cpn.,

3/24/23

960

903

4559007.SQ.FTS.B,

Zero

Cpn.,

3/24/23

2,377

2,315

4559410.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,146

1,113

4559433.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,338

1,305

4559524.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,338

1,290

4559543.SQ.FTS.B,

Zero

Cpn.,

3/24/23

2,353

2,292

4559601.SQ.FTS.B,

Zero

Cpn.,

3/24/23

1,632

1,591

4559676.SQ.FTS.B,

Zero

Cpn.,

3/24/23

351

340

4559693.SQ.FTS.B,

Zero

Cpn.,

3/24/23

5,228

5,080

4559902.SQ.FTS.B,

Zero

Cpn.,

3/24/23

23,806

21,979

4560405.SQ.FTS.B,

Zero

Cpn.,

3/24/23

24,646

23,827

4561168.SQ.FTS.B,

Zero

Cpn.,

3/24/23

715

393

4561178.SQ.FTS.B,

Zero

Cpn.,

3/24/23

16,628

16,074

4561360.SQ.FTS.B,

Zero

Cpn.,

3/25/23

2,748

2,665

4561375.SQ.FTS.B,

Zero

Cpn.,

3/25/23

2,262

2,196

4561394.SQ.FTS.B,

Zero

Cpn.,

3/25/23

2,484

2,414

4561400.SQ.FTS.B,

Zero

Cpn.,

3/25/23

41,198

39,280

4561574.SQ.FTS.B,

Zero

Cpn.,

3/25/23

4,983

4,812

4561613.SQ.FTS.B,

Zero

Cpn.,

3/25/23

8,572

8,330

4561678.SQ.FTS.B,

Zero

Cpn.,

3/25/23

604

564

4561681.SQ.FTS.B,

Zero

Cpn.,

3/25/23

6,708

6,355

*

4561751.SQ.FTS.B,

Zero

Cpn.,

3/25/23

3,073

1,764

4561759.SQ.FTS.B,

Zero

Cpn.,

3/25/23

11,713

11,116

4561876.SQ.FTS.B,

Zero

Cpn.,

3/25/23

780

744

4561890.SQ.FTS.B,

Zero

Cpn.,

3/25/23

2,733

2,607

4561906.SQ.FTS.B,

Zero

Cpn.,

3/25/23

327

297

4561908.SQ.FTS.B,

Zero

Cpn.,

3/25/23

5,264

4,420

4561934.SQ.FTS.B,

Zero

Cpn.,

3/25/23

1,243

912

4561938.SQ.FTS.B,

Zero

Cpn.,

3/25/23

3,484

3,323

4561954.SQ.FTS.B,

Zero

Cpn.,

3/25/23

1,194

1,162

4562010.SQ.FTS.B,

Zero

Cpn.,

3/26/23

7,924

7,442

4562043.SQ.FTS.B,

Zero

Cpn.,

3/26/23

2,923

2,671

4562081.SQ.FTS.B,

Zero

Cpn.,

3/26/23

3,670

3,525

4562098.SQ.FTS.B,

Zero

Cpn.,

3/26/23

8,110

6,682

*

4562152.SQ.FTS.B,

Zero

Cpn.,

3/26/23

24,545

15,972

4562273.SQ.FTS.B,

Zero

Cpn.,

3/26/23

3,803

3,685

4562314.SQ.FTS.B,

Zero

Cpn.,

3/26/23

1,764

1,710

4562329.SQ.FTS.B,

Zero

Cpn.,

3/26/23

2,164

2,092

4562353.SQ.FTS.B,

Zero

Cpn.,

3/26/23

2,782

2,689

4562381.SQ.FTS.B,

Zero

Cpn.,

3/26/23

549

533

4562385.SQ.FTS.B,

Zero

Cpn.,

3/26/23

2,764

2,658

4562420.SQ.FTS.B,

Zero

Cpn.,

3/26/23

1,492

1,191

4562460.SQ.FTS.B,

Zero

Cpn.,

3/26/23

4,626

3,766

4562488.SQ.FTS.B,

Zero

Cpn.,

3/26/23

4,407

4,196

4562600.SQ.FTS.B,

Zero

Cpn.,

3/27/23

471

461

4562629.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,767

1,724

4562677.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,677

2,573

4562711.SQ.FTS.B,

Zero

Cpn.,

3/27/23

261

256

4562728.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,593

1,519

4562746.SQ.FTS.B,

Zero

Cpn.,

3/27/23

700

684

4562860.SQ.FTS.B,

Zero

Cpn.,

3/27/23

429

363

4562867.SQ.FTS.B,

Zero

Cpn.,

3/27/23

482

471

4562875.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,907

1,860

4562930.SQ.FTS.B,

Zero

Cpn.,

3/27/23

679

665

4563002.SQ.FTS.B,

Zero

Cpn.,

3/27/23

920

897

4563019.SQ.FTS.B,

Zero

Cpn.,

3/27/23

3,135

2,911

4563071.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,269

1,246

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

69

a

4563173.SQ.FTS.B,

Zero

Cpn.,

3/27/23

961

879

4563186.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,926

1,878

4563247.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,082

1,945

4563298.SQ.FTS.B,

Zero

Cpn.,

3/27/23

282

276

4563389.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,846

4,918

4563440.SQ.FTS.B,

Zero

Cpn.,

3/27/23

4,527

4,355

4563476.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,698

5,483

4563506.SQ.FTS.B,

Zero

Cpn.,

3/27/23

861

753

4563515.SQ.FTS.B,

Zero

Cpn.,

3/27/23

33,343

27,125

4563733.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,820

5,586

4563763.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,904

2,802

4563797.SQ.FTS.B,

Zero

Cpn.,

3/27/23

24,626

23,138

4563955.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,260

5,087

4564003.SQ.FTS.B,

Zero

Cpn.,

3/27/23

514

500

4564007.SQ.FTS.B,

Zero

Cpn.,

3/27/23

9,306

8,989

4564162.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,928

1,302

4564183.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,320

2,273

4564237.SQ.FTS.B,

Zero

Cpn.,

3/27/23

707

688

4564322.SQ.FTS.B,

Zero

Cpn.,

3/27/23

4,902

4,545

4564380.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,040

1,006

4564393.SQ.FTS.B,

Zero

Cpn.,

3/27/23

7,365

7,137

4564487.SQ.FTS.B,

Zero

Cpn.,

3/27/23

132

130

4564504.SQ.FTS.B,

Zero

Cpn.,

3/27/23

158

156

4564523.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,761

1,717

4564747.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,111

4,505

4564774.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,670

2,561

4564804.SQ.FTS.B,

Zero

Cpn.,

3/27/23

94

92

4564831.SQ.FTS.B,

Zero

Cpn.,

3/27/23

6,616

6,438

4564945.SQ.FTS.B,

Zero

Cpn.,

3/27/23

810

786

4564953.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,492

2,377

*

4564968.SQ.FTS.B,

Zero

Cpn.,

3/27/23

7,056

4,506

4565005.SQ.FTS.B,

Zero

Cpn.,

3/27/23

19,076

11,413

4565134.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,409

1,367

*

4565156.SQ.FTS.B,

Zero

Cpn.,

3/27/23

1,231

1,121

4565166.SQ.FTS.B,

Zero

Cpn.,

3/27/23

4,470

4,053

4565213.SQ.FTS.B,

Zero

Cpn.,

3/27/23

3,675

3,263

4565244.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,062

1,929

4565268.SQ.FTS.B,

Zero

Cpn.,

3/27/23

64,300

61,853

4565618.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,757

2,566

4565646.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,574

2,490

4565666.SQ.FTS.B,

Zero

Cpn.,

3/27/23

3,931

3,780

*

4565701.SQ.FTS.B,

Zero

Cpn.,

3/27/23

10,217

6,488

4565756.SQ.FTS.B,

Zero

Cpn.,

3/27/23

738

655

4565771.SQ.FTS.B,

Zero

Cpn.,

3/27/23

2,383

2,265

4565794.SQ.FTS.B,

Zero

Cpn.,

3/27/23

5,724

5,472

4565857.SQ.FTS.B,

Zero

Cpn.,

3/27/23

25,294

19,302

4566049.SQ.FTS.B,

Zero

Cpn.,

3/28/23

7,761

7,369

4566117.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,992

1,932

4566140.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,898

3,430

4566160.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,743

6,296

4566195.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,517

6,182

4566228.SQ.FTS.B,

Zero

Cpn.,

3/28/23

10,926

10,265

4566291.SQ.FTS.B,

Zero

Cpn.,

3/28/23

273

248

4566317.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,968

1,916

4566367.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,182

6,025

4566439.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,309

1,277

4566454.SQ.FTS.B,

Zero

Cpn.,

3/28/23

8,391

8,166

4566543.SQ.FTS.B,

Zero

Cpn.,

3/28/23

5,391

5,227

4566608.SQ.FTS.B,

Zero

Cpn.,

3/28/23

5,970

5,781

4566699.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,737

1,649

4566763.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,304

3,191

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

70

a

4566811.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,071

5,817

4566881.SQ.FTS.B,

Zero

Cpn.,

3/28/23

2,980

2,895

4566912.SQ.FTS.B,

Zero

Cpn.,

3/28/23

14,386

13,663

4567033.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,058

5,841

4567083.SQ.FTS.B,

Zero

Cpn.,

3/28/23

24,417

22,879

4567304.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,975

1,912

4567323.SQ.FTS.B,

Zero

Cpn.,

3/28/23

12,566

12,140

4567429.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,309

3,156

4567473.SQ.FTS.B,

Zero

Cpn.,

3/28/23

20,810

20,095

4567651.SQ.FTS.B,

Zero

Cpn.,

3/28/23

4,413

4,330

4567769.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,834

3,705

4567796.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,180

1,088

4567808.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,476

1,443

4567860.SQ.FTS.B,

Zero

Cpn.,

3/28/23

9,181

8,513

4567916.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,455

1,399

4567928.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,408

3,310

4567996.SQ.FTS.B,

Zero

Cpn.,

3/28/23

9,708

9,445

4568317.SQ.FTS.B,

Zero

Cpn.,

3/28/23

5,042

4,856

4568352.SQ.FTS.B,

Zero

Cpn.,

3/28/23

15,212

14,232

4568508.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,807

1,697

4568518.SQ.FTS.B,

Zero

Cpn.,

3/28/23

6,160

6,007

4568585.SQ.FTS.B,

Zero

Cpn.,

3/28/23

5,167

4,969

4568625.SQ.FTS.B,

Zero

Cpn.,

3/28/23

3,061

2,989

4568679.SQ.FTS.B,

Zero

Cpn.,

3/28/23

5,262

5,011

4568720.SQ.FTS.B,

Zero

Cpn.,

3/28/23

13,992

13,670

4568967.SQ.FTS.B,

Zero

Cpn.,

3/28/23

10,658

10,344

4569051.SQ.FTS.B,

Zero

Cpn.,

3/28/23

1,362

1,293

4569168.SQ.FTS.B,

Zero

Cpn.,

3/28/23

25,964

23,726

4569334.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,462

1,416

4569382.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,028

928

4569395.SQ.FTS.B,

Zero

Cpn.,

3/29/23

16,504

16,092

4569739.SQ.FTS.B,

Zero

Cpn.,

3/29/23

10,988

10,607

4569992.SQ.FTS.B,

Zero

Cpn.,

3/29/23

2,942

2,860

4570095.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,940

1,891

4570154.SQ.FTS.B,

Zero

Cpn.,

3/29/23

9,135

8,478

4570335.SQ.FTS.B,

Zero

Cpn.,

3/29/23

5,177

4,995

4570438.SQ.FTS.B,

Zero

Cpn.,

3/29/23

7,887

7,573

4570554.SQ.FTS.B,

Zero

Cpn.,

3/29/23

878

857

4570765.SQ.FTS.B,

Zero

Cpn.,

3/29/23

6,630

6,319

4570953.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,803

1,728

4570972.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,484

1,413

*

4571003.SQ.FTS.B,

Zero

Cpn.,

3/29/23

10,769

4,520

4571131.SQ.FTS.B,

Zero

Cpn.,

3/29/23

19,388

18,467

4571370.SQ.FTS.B,

Zero

Cpn.,

3/29/23

16,356

15,232

4571719.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,344

1,300

4571756.SQ.FTS.B,

Zero

Cpn.,

3/29/23

5,315

5,193

4571951.SQ.FTS.B,

Zero

Cpn.,

3/29/23

3,556

3,444

4572125.SQ.FTS.B,

Zero

Cpn.,

3/29/23

3,736

3,645

4572196.SQ.FTS.B,

Zero

Cpn.,

3/29/23

9,010

8,662

4573987.SQ.FTS.B,

Zero

Cpn.,

3/30/23

35,498

34,381

4575022.SQ.FTS.B,

Zero

Cpn.,

3/30/23

2,698

2,553

4575164.SQ.FTS.B,

Zero

Cpn.,

3/30/23

6,547

6,294

4575345.SQ.FTS.B,

Zero

Cpn.,

3/30/23

31,321

27,576

4575877.SQ.FTS.B,

Zero

Cpn.,

3/30/23

11,849

11,354

4576266.SQ.FTS.B,

Zero

Cpn.,

3/30/23

802

778

4576376.SQ.FTS.B,

Zero

Cpn.,

3/30/23

1,823

1,753

4576443.SQ.FTS.B,

Zero

Cpn.,

3/30/23

17,774

17,035

4576934.SQ.FTS.B,

Zero

Cpn.,

3/30/23

3,601

3,511

4577055.SQ.FTS.B,

Zero

Cpn.,

3/30/23

1,705

1,638

4577105.SQ.FTS.B,

Zero

Cpn.,

3/30/23

938

911

4577155.SQ.FTS.B,

Zero

Cpn.,

3/30/23

5,590

5,428

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

71

a

4577375.SQ.FTS.B,

Zero

Cpn.,

3/30/23

12,821

12,319

4577585.SQ.FTS.B,

Zero

Cpn.,

3/30/23

3,959

3,836

4577692.SQ.FTS.B,

Zero

Cpn.,

4/01/23

26,748

25,869

4578366.SQ.FTS.B,

Zero

Cpn.,

4/01/23

7,658

7,418

4578608.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,325

1,272

4578660.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,291

1,252

4578714.SQ.FTS.B,

Zero

Cpn.,

4/01/23

4,718

4,036

4578946.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,175

1,133

4579022.SQ.FTS.B,

Zero

Cpn.,

4/01/23

902

873

4579048.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,882

1,819

4579107.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,246

1,199

4579141.SQ.FTS.B,

Zero

Cpn.,

4/01/23

3,299

3,161

4579184.SQ.FTS.B,

Zero

Cpn.,

4/01/23

389

376

4579202.SQ.FTS.B,

Zero

Cpn.,

4/01/23

3,083

2,967

4579269.SQ.FTS.B,

Zero

Cpn.,

4/01/23

890

711

4579570.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,900

1,823

4579606.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,265

1,196

*

4579623.SQ.FTS.B,

Zero

Cpn.,

4/01/23

30,289

19,910

4580051.SQ.FTS.B,

Zero

Cpn.,

4/01/23

298

292

4580054.SQ.FTS.B,

Zero

Cpn.,

4/01/23

14,269

13,766

4580286.SQ.FTS.B,

Zero

Cpn.,

4/01/23

7,212

6,979

4580466.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,839

1,793

4580495.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,015

947

4580532.SQ.FTS.B,

Zero

Cpn.,

4/01/23

6,652

6,416

4580632.SQ.FTS.B,

Zero

Cpn.,

4/01/23

761

739

4580653.SQ.FTS.B,

Zero

Cpn.,

4/01/23

3,302

3,149

4580785.SQ.FTS.B,

Zero

Cpn.,

4/01/23

3,365

3,134

4580817.SQ.FTS.B,

Zero

Cpn.,

4/01/23

20,305

19,549

4581041.SQ.FTS.B,

Zero

Cpn.,

4/02/23

1,377

1,241

4581065.SQ.FTS.B,

Zero

Cpn.,

4/02/23

4,569

4,429

4581112.SQ.FTS.B,

Zero

Cpn.,

4/02/23

886

810

4581132.SQ.FTS.B,

Zero

Cpn.,

4/02/23

6,378

6,167

4581201.SQ.FTS.B,

Zero

Cpn.,

4/02/23

1,523

1,475

4581233.SQ.FTS.B,

Zero

Cpn.,

4/02/23

6,549

6,358

4581333.SQ.FTS.B,

Zero

Cpn.,

4/02/23

11,359

10,794

4581506.SQ.FTS.B,

Zero

Cpn.,

4/02/23

3,289

3,054

4581555.SQ.FTS.B,

Zero

Cpn.,

4/02/23

16,423

15,761

4581788.SQ.FTS.B,

Zero

Cpn.,

4/02/23

989

924

4581804.SQ.FTS.B,

Zero

Cpn.,

4/02/23

2,766

2,687

4581868.SQ.FTS.B,

Zero

Cpn.,

4/03/23

4,429

4,282

4581920.SQ.FTS.B,

Zero

Cpn.,

4/03/23

2,681

2,597

4581963.SQ.FTS.B,

Zero

Cpn.,

4/03/23

4,349

4,142

4582035.SQ.FTS.B,

Zero

Cpn.,

4/03/23

520

382

4582045.SQ.FTS.B,

Zero

Cpn.,

4/03/23

544

434

4582056.SQ.FTS.B,

Zero

Cpn.,

4/03/23

1,589

1,526

4582081.SQ.FTS.B,

Zero

Cpn.,

4/03/23

789

774

4582120.SQ.FTS.B,

Zero

Cpn.,

4/03/23

4,124

3,844

4582185.SQ.FTS.B,

Zero

Cpn.,

4/03/23

2,307

2,256

4582255.SQ.FTS.B,

Zero

Cpn.,

4/03/23

5,406

4,428

4582331.SQ.FTS.B,

Zero

Cpn.,

4/03/23

8,045

7,263

4582422.SQ.FTS.B,

Zero

Cpn.,

4/03/23

20,326

19,695

4583154.SQ.FTS.B,

Zero

Cpn.,

4/04/23

327

310

4583230.SQ.FTS.B,

Zero

Cpn.,

4/04/23

560

530

4583259.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,135

1,049

4583287.SQ.FTS.B,

Zero

Cpn.,

4/04/23

6,074

5,780

4583448.SQ.FTS.B,

Zero

Cpn.,

4/04/23

804

710

4583465.SQ.FTS.B,

Zero

Cpn.,

4/04/23

22,415

14,610

4583779.SQ.FTS.B,

Zero

Cpn.,

4/04/23

8,646

8,430

4584061.SQ.FTS.B,

Zero

Cpn.,

4/04/23

15,442

13,666

4584291.SQ.FTS.B,

Zero

Cpn.,

4/04/23

975

885

4584313.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,038

1,834

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

72

a

4584342.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,393

1,349

4584356.SQ.FTS.B,

Zero

Cpn.,

4/04/23

7,164

6,829

4584512.SQ.FTS.B,

Zero

Cpn.,

4/04/23

46,599

43,456

4585336.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,420

3,341

4585539.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,094

606

4585562.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,480

3,358

4585643.SQ.FTS.B,

Zero

Cpn.,

4/04/23

16,153

13,255

4585993.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,066

3,011

4586276.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,363

1,323

4586326.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,017

1,928

4586369.SQ.FTS.B,

Zero

Cpn.,

4/04/23

953

936

4586453.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,422

3,293

4586510.SQ.FTS.B,

Zero

Cpn.,

4/04/23

9,261

7,424

4586636.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,347

2,267

4586729.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,716

3,602

4586859.SQ.FTS.B,

Zero

Cpn.,

4/05/23

992

966

4586875.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,066

2,954

4586952.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,601

1,544

4586975.SQ.FTS.B,

Zero

Cpn.,

4/05/23

10,657

10,370

4587215.SQ.FTS.B,

Zero

Cpn.,

4/05/23

13,724

13,273

4587525.SQ.FTS.B,

Zero

Cpn.,

4/05/23

922

887

4587599.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,424

1,371

4587619.SQ.FTS.B,

Zero

Cpn.,

4/05/23

868

828

4587658.SQ.FTS.B,

Zero

Cpn.,

4/05/23

8,451

8,181

4588152.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,648

2,578

4588224.SQ.FTS.B,

Zero

Cpn.,

4/05/23

4,805

4,633

4588592.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,427

1,371

4588637.SQ.FTS.B,

Zero

Cpn.,

4/05/23

809

771

4588656.SQ.FTS.B,

Zero

Cpn.,

4/05/23

5,666

5,480

4588778.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,880

3,761

4588897.SQ.FTS.B,

Zero

Cpn.,

4/05/23

4,139

3,941

4588965.SQ.FTS.B,

Zero

Cpn.,

4/05/23

4,950

4,834

4589208.SQ.FTS.B,

Zero

Cpn.,

4/05/23

495

481

4589242.SQ.FTS.B,

Zero

Cpn.,

4/05/23

764

715

4589256.SQ.FTS.B,

Zero

Cpn.,

4/05/23

6,478

6,324

4589449.SQ.FTS.B,

Zero

Cpn.,

4/05/23

597

566

4589462.SQ.FTS.B,

Zero

Cpn.,

4/05/23

9,707

9,414

4589762.SQ.FTS.B,

Zero

Cpn.,

4/05/23

18,947

18,005

4590050.SQ.FTS.B,

Zero

Cpn.,

4/05/23

21,296

20,456

4590460.SQ.FTS.B,

Zero

Cpn.,

4/06/23

34,545

32,865

4591037.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,073

2,014

4591076.SQ.FTS.B,

Zero

Cpn.,

4/06/23

694

670

4591113.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,375

1,327

4591204.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,166

1,864

4591299.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,334

2,257

4591324.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,550

5,112

4591437.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,518

5,346

4591559.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,325

2,277

4591643.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,582

1,537

4591676.SQ.FTS.B,

Zero

Cpn.,

4/06/23

3,096

3,011

4591758.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,199

2,126

4591773.SQ.FTS.B,

Zero

Cpn.,

4/06/23

26,901

25,382

4592043.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,840

2,638

4592132.SQ.FTS.B,

Zero

Cpn.,

4/06/23

687

621

4592138.SQ.FTS.B,

Zero

Cpn.,

4/06/23

60,573

58,022

4593032.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,444

1,397

4593058.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,074

1,051

4593133.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,846

5,635

4593197.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,784

2,516

4593226.SQ.FTS.B,

Zero

Cpn.,

4/06/23

30,121

21,524

4593516.SQ.FTS.B,

Zero

Cpn.,

4/06/23

10,946

10,578

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

73

a

4593635.SQ.FTS.B,

Zero

Cpn.,

4/06/23

4,624

4,418

4593724.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,935

1,880

4593852.SQ.FTS.B,

Zero

Cpn.,

4/06/23

3,377

3,251

4597872.SQ.FTS.B,

Zero

Cpn.,

4/07/23

3,990

3,858

4597946.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,258

1,743

4597953.SQ.FTS.B,

Zero

Cpn.,

4/07/23

8,538

8,305

4598149.SQ.FTS.B,

Zero

Cpn.,

4/07/23

5,115

4,938

4598305.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,741

2,672

4598445.SQ.FTS.B,

Zero

Cpn.,

4/07/23

571

540

4598488.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,370

2,276

4598564.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,276

2,134

4598618.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,613

2,545

4598713.SQ.FTS.B,

Zero

Cpn.,

4/07/23

8,969

8,540

4598887.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,076

1,054

4598936.SQ.FTS.B,

Zero

Cpn.,

4/07/23

16,257

15,636

4599623.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,514

1,556

4599645.SQ.FTS.B,

Zero

Cpn.,

4/07/23

5,055

4,853

4599728.SQ.FTS.B,

Zero

Cpn.,

4/07/23

14,969

14,614

4600227.SQ.FTS.B,

Zero

Cpn.,

4/07/23

7,230

6,944

4600423.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,812

1,738

4600479.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,828

1,771

4600522.SQ.FTS.B,

Zero

Cpn.,

4/07/23

7,849

7,566

4600715.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,307

1,254

4600754.SQ.FTS.B,

Zero

Cpn.,

4/07/23

9,787

9,418

4600950.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,483

2,071

4600973.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,894

1,804

4600991.SQ.FTS.B,

Zero

Cpn.,

4/07/23

596

567

4600998.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,893

1,505

4601016.SQ.FTS.B,

Zero

Cpn.,

4/07/23

6,277

5,885

4601120.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,855

1,796

4601166.SQ.FTS.B,

Zero

Cpn.,

4/07/23

522

501

4601168.SQ.FTS.B,

Zero

Cpn.,

4/07/23

4,728

4,553

4601260.SQ.FTS.B,

Zero

Cpn.,

4/08/23

7,040

6,699

4601418.SQ.FTS.B,

Zero

Cpn.,

4/08/23

8,541

8,124

4601567.SQ.FTS.B,

Zero

Cpn.,

4/08/23

192

183

4601581.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,597

2,470

4601618.SQ.FTS.B,

Zero

Cpn.,

4/08/23

6,929

6,751

4601908.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,465

1,373

4601964.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,801

2,686

4602020.SQ.FTS.B,

Zero

Cpn.,

4/08/23

7,401

7,153

4602205.SQ.FTS.B,

Zero

Cpn.,

4/08/23

9,496

9,226

4602420.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,199

3,104

4602484.SQ.FTS.B,

Zero

Cpn.,

4/08/23

6,960

6,716

4602658.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,958

4,581

4602721.SQ.FTS.B,

Zero

Cpn.,

4/08/23

5,668

5,406

4602810.SQ.FTS.B,

Zero

Cpn.,

4/08/23

22,326

21,174

4603204.SQ.FTS.B,

Zero

Cpn.,

4/08/23

11,272

10,976

4603451.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,097

3,816

4603509.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,297

1,254

4603629.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,911

2,588

4603670.SQ.FTS.B,

Zero

Cpn.,

4/08/23

514

425

4603676.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,324

1,285

4603702.SQ.FTS.B,

Zero

Cpn.,

4/08/23

5,651

5,222

4603754.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,556

1,517

4603785.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,545

2,350

4603842.SQ.FTS.B,

Zero

Cpn.,

4/08/23

8,543

8,169

4603984.SQ.FTS.B,

Zero

Cpn.,

4/09/23

35,536

34,051

4604271.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,120

3,042

4604306.SQ.FTS.B,

Zero

Cpn.,

4/09/23

980

921

4604318.SQ.FTS.B,

Zero

Cpn.,

4/09/23

6,352

6,150

4604407.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,711

3,002

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

74

a

4604439.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,406

2,319

4604467.SQ.FTS.B,

Zero

Cpn.,

4/09/23

20,330

17,903

4604636.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,601

2,428

4604667.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,821

927

4604690.SQ.FTS.B,

Zero

Cpn.,

4/09/23

699

653

4604711.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,135

1,102

4604727.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,715

2,582

4604745.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,560

1,456

4604760.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,121

1,702

4604769.SQ.FTS.B,

Zero

Cpn.,

4/09/23

309

300

4604776.SQ.FTS.B,

Zero

Cpn.,

4/09/23

56

55

4604781.SQ.FTS.B,

Zero

Cpn.,

4/09/23

7,786

7,527

4604867.SQ.FTS.B,

Zero

Cpn.,

4/10/23

13,587

12,982

4605033.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,287

3,212

4605083.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,770

1,663

4605101.SQ.FTS.B,

Zero

Cpn.,

4/10/23

6,379

6,123

4605161.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,344

3,206

4605198.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,408

2,159

4605214.SQ.FTS.B,

Zero

Cpn.,

4/10/23

26,738

25,520

4605465.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,667

1,606

4605485.SQ.FTS.B,

Zero

Cpn.,

4/10/23

735

709

4605493.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,199

2,129

4605509.SQ.FTS.B,

Zero

Cpn.,

4/10/23

5,915

5,695

4605556.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,687

2,158

4605575.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,425

2,658

4605589.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,257

3,037

4605628.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,927

3,765

4605670.SQ.FTS.B,

Zero

Cpn.,

4/10/23

8,602

8,235

4605743.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,147

1,910

4605756.SQ.FTS.B,

Zero

Cpn.,

4/11/23

582

536

4605773.SQ.FTS.B,

Zero

Cpn.,

4/11/23

415

407

4605780.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,694

6,320

4605855.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,500

1,455

4605875.SQ.FTS.B,

Zero

Cpn.,

4/11/23

4,752

4,459

4605967.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,625

1,589

4606143.SQ.FTS.B,

Zero

Cpn.,

4/11/23

838

783

4606149.SQ.FTS.B,

Zero

Cpn.,

4/11/23

5,238

4,763

4606248.SQ.FTS.B,

Zero

Cpn.,

4/11/23

873

840

4606258.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,652

3,536

4606282.SQ.FTS.B,

Zero

Cpn.,

4/11/23

17,383

15,740

4606378.SQ.FTS.B,

Zero

Cpn.,

4/11/23

11,337

10,878

4606468.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,844

1,732

4606481.SQ.FTS.B,

Zero

Cpn.,

4/11/23

362

356

4606526.SQ.FTS.B,

Zero

Cpn.,

4/11/23

540

485

4606532.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,895

1,847

4606576.SQ.FTS.B,

Zero

Cpn.,

4/11/23

8,364

7,029

4606628.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,756

2,676

4606661.SQ.FTS.B,

Zero

Cpn.,

4/11/23

5,211

5,082

4606723.SQ.FTS.B,

Zero

Cpn.,

4/11/23

978

958

4606746.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,383

1,339

4606775.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,927

1,720

4606810.SQ.FTS.B,

Zero

Cpn.,

4/11/23

4,589

4,386

4606838.SQ.FTS.B,

Zero

Cpn.,

4/11/23

18,260

17,357

4606948.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,354

1,328

4606977.SQ.FTS.B,

Zero

Cpn.,

4/11/23

4,923

4,770

4607005.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,180

1,943

4607008.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,367

1,322

4607017.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,846

1,789

4607032.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,438

2,338

4607055.SQ.FTS.B,

Zero

Cpn.,

4/11/23

13,311

12,817

4607142.SQ.FTS.B,

Zero

Cpn.,

4/11/23

8,157

7,545

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

75

a

4607195.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,691

6,524

4607247.SQ.FTS.B,

Zero

Cpn.,

4/11/23

39,842

32,739

4607407.SQ.FTS.B,

Zero

Cpn.,

4/12/23

7,488

7,244

4607483.SQ.FTS.B,

Zero

Cpn.,

4/12/23

4,086

3,879

4607532.SQ.FTS.B,

Zero

Cpn.,

4/12/23

20,950

20,173

4607759.SQ.FTS.B,

Zero

Cpn.,

4/12/23

585

495

4607766.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,742

1,525

4607783.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,985

1,678

4607814.SQ.FTS.B,

Zero

Cpn.,

4/12/23

210

206

4607817.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,296

2,183

4607845.SQ.FTS.B,

Zero

Cpn.,

4/12/23

851

473

4607854.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,286

6,012

4607959.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,288

5,054

4608626.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,703

2,451

4608656.SQ.FTS.B,

Zero

Cpn.,

4/12/23

829

768

4608679.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,992

1,923

4608713.SQ.FTS.B,

Zero

Cpn.,

4/12/23

23,766

22,475

4608949.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,102

2,983

4608988.SQ.FTS.B,

Zero

Cpn.,

4/12/23

8,113

7,443

4609059.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,602

1,541

4609086.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,188

2,101

4609101.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,282

3,195

4609135.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,437

2,370

4609191.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,088

5,795

4609250.SQ.FTS.B,

Zero

Cpn.,

4/12/23

14,450

12,808

4609401.SQ.FTS.B,

Zero

Cpn.,

4/12/23

737

701

4609411.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,187

5,951

4609491.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,670

3,449

4609533.SQ.FTS.B,

Zero

Cpn.,

4/12/23

550

531

4609544.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,292

2,147

4609573.SQ.FTS.B,

Zero

Cpn.,

4/12/23

34,832

33,467

4609864.SQ.FTS.B,

Zero

Cpn.,

4/12/23

16,279

14,525

4610001.SQ.FTS.B,

Zero

Cpn.,

4/12/23

27,837

27,027

4610329.SQ.FTS.B,

Zero

Cpn.,

4/12/23

464

443

4610340.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,073

5,857

4610422.SQ.FTS.B,

Zero

Cpn.,

4/13/23

4,302

4,136

4610483.SQ.FTS.B,

Zero

Cpn.,

4/13/23

58,772

47,326

4612087.SQ.FTS.B,

Zero

Cpn.,

4/13/23

6,060

5,860

4612276.SQ.FTS.B,

Zero

Cpn.,

4/13/23

315

305

4612319.SQ.FTS.B,

Zero

Cpn.,

4/13/23

8,828

8,402

4612864.SQ.FTS.B,

Zero

Cpn.,

4/13/23

1,524

784

4612896.SQ.FTS.B,

Zero

Cpn.,

4/13/23

215

205

4612909.SQ.FTS.B,

Zero

Cpn.,

4/13/23

27,585

18,676

4613256.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,390

3,235

4613400.SQ.FTS.B,

Zero

Cpn.,

4/13/23

10,750

8,627

4613622.SQ.FTS.B,

Zero

Cpn.,

4/13/23

35,419

34,085

4614372.SQ.FTS.B,

Zero

Cpn.,

4/13/23

2,404

2,260

4614409.SQ.FTS.B,

Zero

Cpn.,

4/13/23

6,087

5,823

4617769.SQ.FTS.B,

Zero

Cpn.,

4/14/23

4,273

4,175

4617878.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,877

1,790

4617908.SQ.FTS.B,

Zero

Cpn.,

4/14/23

4,187

4,058

4618031.SQ.FTS.B,

Zero

Cpn.,

4/14/23

5,014

4,781

4618252.SQ.FTS.B,

Zero

Cpn.,

4/14/23

189

184

4618275.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,519

3,368

4618364.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,769

2,648

4618514.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,612

1,409

4618545.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,720

2,225

4618572.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,405

2,316

4618592.SQ.FTS.B,

Zero

Cpn.,

4/14/23

648

610

4618602.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,039

903

4618615.SQ.FTS.B,

Zero

Cpn.,

4/14/23

9,317

8,483

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

76

a

4618711.SQ.FTS.B,

Zero

Cpn.,

4/14/23

5,457

5,028

4618834.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,658

3,546

4619185.SQ.FTS.B,

Zero

Cpn.,

4/14/23

12,349

11,871

4619556.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,898

3,354

4619588.SQ.FTS.B,

Zero

Cpn.,

4/14/23

5,794

5,548

4619681.SQ.FTS.B,

Zero

Cpn.,

4/14/23

12,419

11,789

4619913.SQ.FTS.B,

Zero

Cpn.,

4/14/23

8,043

7,748

4620171.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,417

3,280

4620208.SQ.FTS.B,

Zero

Cpn.,

4/14/23

4,873

4,440

4620287.SQ.FTS.B,

Zero

Cpn.,

4/14/23

19,093

18,280

4620403.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,837

1,775

4620504.SQ.FTS.B,

Zero

Cpn.,

4/15/23

35,142

33,062

4621105.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,592

2,528

4621187.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,533

1,237

4621209.SQ.FTS.B,

Zero

Cpn.,

4/15/23

6,543

6,391

4621410.SQ.FTS.B,

Zero

Cpn.,

4/15/23

810

794

4621501.SQ.FTS.B,

Zero

Cpn.,

4/15/23

5,405

5,198

4621609.SQ.FTS.B,

Zero

Cpn.,

4/15/23

7,016

6,749

4621825.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,714

4,484

4621883.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,127

3,999

4621950.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,317

3,238

4622018.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,961

4,797

4622135.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,185

1,134

4622152.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,153

2,097

4622261.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,114

1,725

4622307.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,474

3,224

4622332.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,192

1,156

4622336.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,992

1,523

4622355.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,045

2,916

4622391.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,069

1,973

4622431.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,511

2,405

4622461.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,531

2,412

4622509.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,965

4,657

4622580.SQ.FTS.B,

Zero

Cpn.,

4/15/23

13,804

13,480

4622827.SQ.FTS.B,

Zero

Cpn.,

4/15/23

842

820

4622855.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,138

1,101

4622912.SQ.FTS.B,

Zero

Cpn.,

4/15/23

12,026

11,625

4623183.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,539

1,490

4623208.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,707

2,458

4623234.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,158

602

4623249.SQ.FTS.B,

Zero

Cpn.,

4/15/23

7,658

7,324

4623343.SQ.FTS.B,

Zero

Cpn.,

4/15/23

751

736

4623384.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,569

1,456

4623403.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,227

2,606

4623443.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,147

4,026

4623490.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,212

2,124

4623523.SQ.FTS.B,

Zero

Cpn.,

4/15/23

963

919

4623544.SQ.FTS.B,

Zero

Cpn.,

4/15/23

2,143

2,071

4623570.SQ.FTS.B,

Zero

Cpn.,

4/15/23

741

392

4623581.SQ.FTS.B,

Zero

Cpn.,

4/15/23

907

876

4623595.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,204

1,155

4623612.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,664

4,476

4623674.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,392

1,348

4623698.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,211

3,874

4623732.SQ.FTS.B,

Zero

Cpn.,

4/16/23

5,739

5,533

4623781.SQ.FTS.B,

Zero

Cpn.,

4/16/23

717

604

4623784.SQ.FTS.B,

Zero

Cpn.,

4/16/23

374

347

4623789.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,344

1,306

4623815.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,932

1,577

4623823.SQ.FTS.B,

Zero

Cpn.,

4/16/23

4,166

4,016

4623849.SQ.FTS.B,

Zero

Cpn.,

4/16/23

493

481

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

77

a

4623854.SQ.FTS.B,

Zero

Cpn.,

4/16/23

11,108

10,607

4623937.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,291

2,210

4623953.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,397

2,324

4623973.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,425

1,309

4623980.SQ.FTS.B,

Zero

Cpn.,

4/16/23

4,613

3,767

4624010.SQ.FTS.B,

Zero

Cpn.,

4/16/23

286

280

4624021.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,797

1,751

4624055.SQ.FTS.B,

Zero

Cpn.,

4/16/23

387

378

4624068.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,748

2,494

4624095.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,435

859

4624099.SQ.FTS.B,

Zero

Cpn.,

4/16/23

10,333

9,345

4624236.SQ.FTS.B,

Zero

Cpn.,

4/16/23

5,697

5,494

4624307.SQ.FTS.B,

Zero

Cpn.,

4/16/23

3,298

3,098

4624331.SQ.FTS.B,

Zero

Cpn.,

4/16/23

372

363

4624342.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,241

1,201

4624356.SQ.FTS.B,

Zero

Cpn.,

4/16/23

23,543

21,725

4624534.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,715

2,600

4624573.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,605

2,445

4624588.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,032

1,002

4624604.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,545

4,440

4624656.SQ.FTS.B,

Zero

Cpn.,

4/17/23

5,122

5,006

4624717.SQ.FTS.B,

Zero

Cpn.,

4/17/23

9,541

8,705

4624786.SQ.FTS.B,

Zero

Cpn.,

4/17/23

17,649

16,980

4624949.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,798

4,670

4625008.SQ.FTS.B,

Zero

Cpn.,

4/17/23

12,441

12,152

4625220.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,217

2,103

4625269.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,603

3,413

4625319.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,734

1,672

4625392.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,510

1,364

4625409.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,269

1,780

4625497.SQ.FTS.B,

Zero

Cpn.,

4/18/23

11,771

11,194

4625689.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,053

3,918

4625805.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,290

2,104

4625852.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,013

1,951

4625887.SQ.FTS.B,

Zero

Cpn.,

4/18/23

14,234

13,582

4626036.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,367

4,081

4626052.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,539

1,785

4626080.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,286

2,217

4626102.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,002

4,893

4626247.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,771

4,605

4626322.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,697

4,545

4626395.SQ.FTS.B,

Zero

Cpn.,

4/18/23

6,558

6,306

4626491.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,114

3,830

4626539.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,497

3,356

4626576.SQ.FTS.B,

Zero

Cpn.,

4/18/23

34,959

33,456

4626904.SQ.FTS.B,

Zero

Cpn.,

4/18/23

8,844

5,609

4627021.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,498

3,359

4627097.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,873

2,417

4627120.SQ.FTS.B,

Zero

Cpn.,

4/18/23

23,616

22,601

4627311.SQ.FTS.B,

Zero

Cpn.,

4/18/23

6,699

6,391

4627374.SQ.FTS.B,

Zero

Cpn.,

4/18/23

11,241

10,775

4627463.SQ.FTS.B,

Zero

Cpn.,

4/18/23

15,121

14,619

4627576.SQ.FTS.B,

Zero

Cpn.,

4/18/23

37,468

36,005

4627890.SQ.FTS.B,

Zero

Cpn.,

4/18/23

398

361

4627892.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,154

1,819

4627918.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,221

1,189

4627946.SQ.FTS.B,

Zero

Cpn.,

4/18/23

6,749

6,329

4628044.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,996

1,926

4628076.SQ.FTS.B,

Zero

Cpn.,

4/18/23

9,719

9,405

4628125.SQ.FTS.B,

Zero

Cpn.,

4/19/23

36,327

33,170

4628754.SQ.FTS.B,

Zero

Cpn.,

4/19/23

5,121

4,943

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

78

a

4628916.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,434

2,338

4628942.SQ.FTS.B,

Zero

Cpn.,

4/19/23

369

354

4628945.SQ.FTS.B,

Zero

Cpn.,

4/19/23

13,454

11,419

4629111.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,729

1,644

4629128.SQ.FTS.B,

Zero

Cpn.,

4/19/23

6,590

6,415

4629251.SQ.FTS.B,

Zero

Cpn.,

4/19/23

15,772

15,318

4629590.SQ.FTS.B,

Zero

Cpn.,

4/19/23

21,990

19,467

4629866.SQ.FTS.B,

Zero

Cpn.,

4/19/23

3,137

2,776

4629903.SQ.FTS.B,

Zero

Cpn.,

4/19/23

19,475

16,540

4630150.SQ.FTS.B,

Zero

Cpn.,

4/19/23

9,566

9,078

4630308.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,660

1,411

4630341.SQ.FTS.B,

Zero

Cpn.,

4/19/23

5,507

5,333

4630448.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,763

1,680

4630473.SQ.FTS.B,

Zero

Cpn.,

4/19/23

822

804

4630494.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,665

2,611

4630579.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,608

1,556

4630603.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,321

2,250

4630654.SQ.FTS.B,

Zero

Cpn.,

4/20/23

10,580

9,979

4630811.SQ.FTS.B,

Zero

Cpn.,

4/20/23

5,138

4,882

4630958.SQ.FTS.B,

Zero

Cpn.,

4/20/23

3,873

3,681

4631022.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,734

2,651

4631070.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,239

1,178

4631111.SQ.FTS.B,

Zero

Cpn.,

4/20/23

5,829

5,618

4631238.SQ.FTS.B,

Zero

Cpn.,

4/20/23

21,490

20,515

4631530.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,971

2,847

4631577.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,956

1,839

4631623.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,214

2,147

4631665.SQ.FTS.B,

Zero

Cpn.,

4/20/23

7,963

6,805

4631735.SQ.FTS.B,

Zero

Cpn.,

4/20/23

3,547

3,295

4631791.SQ.FTS.B,

Zero

Cpn.,

4/20/23

53,602

52,094

4632620.SQ.FTS.B,

Zero

Cpn.,

4/20/23

556

531

4632634.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,659

2,536

4632703.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,283

1,236

4632736.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,042

1,725

4632755.SQ.FTS.B,

Zero

Cpn.,

4/20/23

801

776

4632771.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,309

1,260

4632786.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,787

1,599

4632804.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,532

2,362

4632837.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,106

1,061

4632847.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,573

2,472

4632876.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,582

2,525

4634300.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,910

2,827

4634384.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,199

2,116

4634401.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,052

1,024

4634412.SQ.FTS.B,

Zero

Cpn.,

4/21/23

25,443

24,073

4635005.SQ.FTS.B,

Zero

Cpn.,

4/21/23

21,390

19,894

4635412.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,444

2,360

4635487.SQ.FTS.B,

Zero

Cpn.,

4/21/23

4,179

2,444

4635637.SQ.FTS.B,

Zero

Cpn.,

4/21/23

4,866

4,354

4635767.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,710

1,648

4635804.SQ.FTS.B,

Zero

Cpn.,

4/21/23

922

882

4635832.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,348

4,816

4635917.SQ.FTS.B,

Zero

Cpn.,

4/21/23

12,849

12,270

4636234.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,615

5,416

4636348.SQ.FTS.B,

Zero

Cpn.,

4/21/23

4,201

4,049

4636433.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,039

1,915

4636486.SQ.FTS.B,

Zero

Cpn.,

4/21/23

11,892

11,043

4636612.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,098

2,039

4636646.SQ.FTS.B,

Zero

Cpn.,

4/21/23

19,824

19,149

4637117.SQ.FTS.B,

Zero

Cpn.,

4/22/23

4,693

4,459

4637238.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,560

1,283

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

79

a

4637248.SQ.FTS.B,

Zero

Cpn.,

4/22/23

935

797

4637259.SQ.FTS.B,

Zero

Cpn.,

4/22/23

255

250

4637265.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,586

1,542

4637290.SQ.FTS.B,

Zero

Cpn.,

4/22/23

661

623

4637301.SQ.FTS.B,

Zero

Cpn.,

4/22/23

412

401

4637302.SQ.FTS.B,

Zero

Cpn.,

4/22/23

631

564

4637304.SQ.FTS.B,

Zero

Cpn.,

4/22/23

22,263

21,271

4637732.SQ.FTS.B,

Zero

Cpn.,

4/22/23

4,147

3,504

4637813.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,426

1,323

4637871.SQ.FTS.B,

Zero

Cpn.,

4/22/23

15,202

14,600

4638419.SQ.FTS.B,

Zero

Cpn.,

4/22/23

936

911

4638438.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,999

1,877

4638490.SQ.FTS.B,

Zero

Cpn.,

4/22/23

15,044

14,132

4638746.SQ.FTS.B,

Zero

Cpn.,

4/22/23

5,241

4,865

4638790.SQ.FTS.B,

Zero

Cpn.,

4/22/23

3,819

3,696

4638865.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,530

1,462

4638873.SQ.FTS.B,

Zero

Cpn.,

4/22/23

4,819

4,645

4639047.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,144

1,102

4639059.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,180

2,077

4639089.SQ.FTS.B,

Zero

Cpn.,

4/22/23

3,048

2,961

4639123.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,166

594

4639130.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,017

995

4639142.SQ.FTS.B,

Zero

Cpn.,

4/22/23

4,233

4,101

4639232.SQ.FTS.B,

Zero

Cpn.,

4/22/23

3,604

3,458

4639291.SQ.FTS.B,

Zero

Cpn.,

4/22/23

5,607

5,046

4639338.SQ.FTS.B,

Zero

Cpn.,

4/22/23

491

457

4639352.SQ.FTS.B,

Zero

Cpn.,

4/22/23

14,488

13,077

4639511.SQ.FTS.B,

Zero

Cpn.,

4/22/23

3,568

3,231

4639541.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,408

2,100

4639572.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,891

2,724

4639608.SQ.FTS.B,

Zero

Cpn.,

4/22/23

17,173

13,717

4639662.SQ.FTS.B,

Zero

Cpn.,

4/23/23

49,151

46,858

4640249.SQ.FTS.B,

Zero

Cpn.,

4/24/23

5,144

4,936

4640516.SQ.FTS.B,

Zero

Cpn.,

4/24/23

516

492

4640528.SQ.FTS.B,

Zero

Cpn.,

4/24/23

391

373

4640540.SQ.FTS.B,

Zero

Cpn.,

4/24/23

1,002

978

4640569.SQ.FTS.B,

Zero

Cpn.,

4/24/23

445

407

4640575.SQ.FTS.B,

Zero

Cpn.,

4/24/23

17,069

16,670

4641026.SQ.FTS.B,

Zero

Cpn.,

4/25/23

13,589

12,939

4641055.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,425

2,329

4641056.SQ.FTS.B,

Zero

Cpn.,

4/25/23

114

110

4641070.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,357

2,257

4641089.SQ.FTS.B,

Zero

Cpn.,

4/25/23

556

538

4641091.SQ.FTS.B,

Zero

Cpn.,

4/25/23

12,779

12,418

4641457.SQ.FTS.B,

Zero

Cpn.,

4/25/23

15,738

15,101

4641681.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,544

1,417

4641700.SQ.FTS.B,

Zero

Cpn.,

4/25/23

361

351

4641720.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,207

1,910

4641752.SQ.FTS.B,

Zero

Cpn.,

4/25/23

9,175

8,399

4641911.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,154

2,088

4641955.SQ.FTS.B,

Zero

Cpn.,

4/25/23

15,340

14,613

4642193.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,286

1,250

4642224.SQ.FTS.B,

Zero

Cpn.,

4/25/23

9,338

8,980

4642376.SQ.FTS.B,

Zero

Cpn.,

4/25/23

5,025

4,001

4642428.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,534

2,370

4642473.SQ.FTS.B,

Zero

Cpn.,

4/25/23

509

495

4642484.SQ.FTS.B,

Zero

Cpn.,

4/25/23

8,524

8,029

4642604.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,799

1,708

4642645.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,305

2,957

4642729.SQ.FTS.B,

Zero

Cpn.,

4/25/23

244

240

4642749.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,607

3,482

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

80

a

4642795.SQ.FTS.B,

Zero

Cpn.,

4/25/23

871

846

4642817.SQ.FTS.B,

Zero

Cpn.,

4/25/23

21,835

21,264

4643200.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,954

1,871

4643233.SQ.FTS.B,

Zero

Cpn.,

4/25/23

34,557

32,414

4643543.SQ.FTS.B,

Zero

Cpn.,

4/25/23

659

616

4643553.SQ.FTS.B,

Zero

Cpn.,

4/25/23

12,007

11,027

4643707.SQ.FTS.B,

Zero

Cpn.,

4/25/23

722

704

4643726.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,561

2,281

4643753.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,326

1,264

4643837.SQ.FTS.B,

Zero

Cpn.,

4/25/23

5,695

5,440

4643908.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,371

1,272

4643950.SQ.FTS.B,

Zero

Cpn.,

4/26/23

4,049

3,837

4644025.SQ.FTS.B,

Zero

Cpn.,

4/26/23

32,839

31,466

4644501.SQ.FTS.B,

Zero

Cpn.,

4/26/23

6,345

6,193

4644765.SQ.FTS.B,

Zero

Cpn.,

4/26/23

3,045

2,135

4644813.SQ.FTS.B,

Zero

Cpn.,

4/26/23

18,003

17,256

4645035.SQ.FTS.B,

Zero

Cpn.,

4/26/23

527

496

4645053.SQ.FTS.B,

Zero

Cpn.,

4/26/23

12,432

11,381

4645201.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,373

1,327

4645223.SQ.FTS.B,

Zero

Cpn.,

4/26/23

11,351

10,907

4645378.SQ.FTS.B,

Zero

Cpn.,

4/26/23

9,769

9,308

4645543.SQ.FTS.B,

Zero

Cpn.,

4/26/23

2,765

2,507

4645581.SQ.FTS.B,

Zero

Cpn.,

4/26/23

616

595

4645612.SQ.FTS.B,

Zero

Cpn.,

4/26/23

3,306

3,107

4645672.SQ.FTS.B,

Zero

Cpn.,

4/26/23

10,802

8,700

4645843.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,614

1,541

4645887.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,106

989

4645923.SQ.FTS.B,

Zero

Cpn.,

4/26/23

9,021

8,431

4646055.SQ.FTS.B,

Zero

Cpn.,

4/26/23

3,532

2,995

4646107.SQ.FTS.B,

Zero

Cpn.,

4/26/23

7,324

7,135

4646408.SQ.FTS.B,

Zero

Cpn.,

4/26/23

6,044

5,916

4646691.SQ.FTS.B,

Zero

Cpn.,

4/26/23

2,134

1,945

4646782.SQ.FTS.B,

Zero

Cpn.,

4/26/23

11,672

11,215

4646989.SQ.FTS.B,

Zero

Cpn.,

4/26/23

8,079

7,826

4647109.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,399

1,362

4647124.SQ.FTS.B,

Zero

Cpn.,

4/26/23

5,862

5,645

4647168.SQ.FTS.B,

Zero

Cpn.,

4/27/23

5,780

5,518

4647241.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,664

2,560

4647276.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,873

2,756

4647296.SQ.FTS.B,

Zero

Cpn.,

4/27/23

1,627

1,557

4647311.SQ.FTS.B,

Zero

Cpn.,

4/27/23

25,765

24,703

4647826.SQ.FTS.B,

Zero

Cpn.,

4/27/23

5,390

5,203

4647958.SQ.FTS.B,

Zero

Cpn.,

4/27/23

385

375

4647963.SQ.FTS.B,

Zero

Cpn.,

4/27/23

33,583

32,378

4648379.SQ.FTS.B,

Zero

Cpn.,

4/27/23

16,365

10,256

4648617.SQ.FTS.B,

Zero

Cpn.,

4/27/23

759

734

4648630.SQ.FTS.B,

Zero

Cpn.,

4/27/23

3,662

3,523

4648655.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,057

1,998

4648723.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,010

1,921

4648750.SQ.FTS.B,

Zero

Cpn.,

4/27/23

10,108

9,787

4648867.SQ.FTS.B,

Zero

Cpn.,

4/27/23

689

669

4648899.SQ.FTS.B,

Zero

Cpn.,

4/27/23

9,021

8,769

4649116.SQ.FTS.B,

Zero

Cpn.,

4/27/23

23,692

22,596

4649290.SQ.FTS.B,

Zero

Cpn.,

4/27/23

12,767

11,672

4649395.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,294

2,106

4649417.SQ.FTS.B,

Zero

Cpn.,

4/27/23

4,090

3,794

4650952.SQ.FTS.B,

Zero

Cpn.,

4/28/23

23,236

22,465

4651336.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,412

1,355

4651375.SQ.FTS.B,

Zero

Cpn.,

4/28/23

639

623

4651395.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,539

1,479

4651431.SQ.FTS.B,

Zero

Cpn.,

4/28/23

11,124

10,846

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

81

a

4651681.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,331

2,220

4651697.SQ.FTS.B,

Zero

Cpn.,

4/28/23

7,335

7,183

4651937.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,125

4,016

4652049.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,454

2,303

4652082.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,609

4,491

4652170.SQ.FTS.B,

Zero

Cpn.,

4/28/23

3,689

2,316

4652220.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,923

2,860

4652364.SQ.FTS.B,

Zero

Cpn.,

4/28/23

14,080

13,599

4652635.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,773

2,695

4652693.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,144

1,046

4652719.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,590

4,375

4652820.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,097

1,002

4652839.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,371

1,333

4652878.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,570

1,476

4652897.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,604

2,373

4652924.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,665

4,549

4653059.SQ.FTS.B,

Zero

Cpn.,

4/28/23

19,745

18,972

4653286.SQ.FTS.B,

Zero

Cpn.,

4/28/23

8,324

7,529

4653639.SQ.FTS.B,

Zero

Cpn.,

4/28/23

9,054

8,610

4653738.SQ.FTS.B,

Zero

Cpn.,

4/28/23

5,157

4,418

4653785.SQ.FTS.B,

Zero

Cpn.,

4/28/23

349

342

4653809.SQ.FTS.B,

Zero

Cpn.,

4/28/23

8,557

5,755

4653927.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,318

2,090

4653967.SQ.FTS.B,

Zero

Cpn.,

4/29/23

335

324

4654011.SQ.FTS.B,

Zero

Cpn.,

4/29/23

7,912

7,592

4654347.SQ.FTS.B,

Zero

Cpn.,

4/29/23

1,687

1,364

4654616.SQ.FTS.B,

Zero

Cpn.,

4/29/23

5,332

4,824

4654724.SQ.FTS.B,

Zero

Cpn.,

4/29/23

459

438

4654743.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,473

1,587

4654768.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,128

1,862

4654823.SQ.FTS.B,

Zero

Cpn.,

4/29/23

717

689

4654843.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,470

2,390

4654920.SQ.FTS.B,

Zero

Cpn.,

4/29/23

1,418

1,359

4654971.SQ.FTS.B,

Zero

Cpn.,

4/29/23

1,354

1,261

4654992.SQ.FTS.B,

Zero

Cpn.,

4/29/23

3,777

3,549

4655105.SQ.FTS.B,

Zero

Cpn.,

4/29/23

5,567

4,902

4655244.SQ.FTS.B,

Zero

Cpn.,

4/29/23

3,855

3,351

4655302.SQ.FTS.B,

Zero

Cpn.,

4/29/23

5,809

4,907

4655461.SQ.FTS.B,

Zero

Cpn.,

4/29/23

8,638

8,005

4655688.SQ.FTS.B,

Zero

Cpn.,

4/29/23

29,678

23,157

4656230.SQ.FTS.B,

Zero

Cpn.,

4/29/23

13,909

13,362

4656656.SQ.FTS.B,

Zero

Cpn.,

4/30/23

1,555

1,440

4656682.SQ.FTS.B,

Zero

Cpn.,

4/30/23

702

636

4656693.SQ.FTS.B,

Zero

Cpn.,

4/30/23

3,978

3,818

4656720.SQ.FTS.B,

Zero

Cpn.,

4/30/23

1,168

1,041

4656730.SQ.FTS.B,

Zero

Cpn.,

4/30/23

6,432

5,626

*

4656767.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,284

1,609

4656779.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,147

2,060

4656798.SQ.FTS.B,

Zero

Cpn.,

4/30/23

21,445

20,577

4657052.SQ.FTS.B,

Zero

Cpn.,

4/30/23

26,712

25,640

4657352.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,120

1,979

4657371.SQ.FTS.B,

Zero

Cpn.,

4/30/23

24,660

22,966

4657593.SQ.FTS.B,

Zero

Cpn.,

4/30/23

7,557

7,291

4657709.SQ.FTS.B,

Zero

Cpn.,

4/30/23

7,669

7,395

4657795.SQ.FTS.B,

Zero

Cpn.,

4/30/23

6,426

6,168

4657877.SQ.FTS.B,

Zero

Cpn.,

4/30/23

391

371

4657883.SQ.FTS.B,

Zero

Cpn.,

4/30/23

7,573

7,303

4658088.SQ.FTS.B,

Zero

Cpn.,

5/01/23

602

568

4658110.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,803

2,586

4658175.SQ.FTS.B,

Zero

Cpn.,

5/01/23

8,310

7,937

4658461.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,187

1,139

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

82

a

4658536.SQ.FTS.B,

Zero

Cpn.,

5/01/23

3,064

2,939

4658627.SQ.FTS.B,

Zero

Cpn.,

5/01/23

21,774

18,024

4658915.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,736

1,669

4658958.SQ.FTS.B,

Zero

Cpn.,

5/01/23

9,262

8,901

4659080.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,192

1,146

4659128.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,140

1,019

4659138.SQ.FTS.B,

Zero

Cpn.,

5/01/23

8,264

7,836

4659232.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,139

1,439

4659264.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,319

1,142

4659292.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,197

770

4659305.SQ.FTS.B,

Zero

Cpn.,

5/01/23

10,491

10,034

4659497.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,784

7,335

4659609.SQ.FTS.B,

Zero

Cpn.,

5/01/23

5,112

4,921

4659681.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,276

2,182

4659716.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,279

2,191

4659748.SQ.FTS.B,

Zero

Cpn.,

5/01/23

4,719

4,498

4659818.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,430

1,383

4659851.SQ.FTS.B,

Zero

Cpn.,

5/01/23

542

515

4659871.SQ.FTS.B,

Zero

Cpn.,

5/01/23

4,539

4,185

4659908.SQ.FTS.B,

Zero

Cpn.,

5/01/23

26,358

25,338

4660315.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,130

6,728

4660405.SQ.FTS.B,

Zero

Cpn.,

5/01/23

788

764

4660416.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,190

6,935

4660500.SQ.FTS.B,

Zero

Cpn.,

5/01/23

3,206

3,076

4660577.SQ.FTS.B,

Zero

Cpn.,

5/01/23

5,652

4,464

4660611.SQ.FTS.B,

Zero

Cpn.,

5/01/23

4,760

4,097

4660637.SQ.FTS.B,

Zero

Cpn.,

5/01/23

16,233

15,576

4660874.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,083

6,756

4660965.SQ.FTS.B,

Zero

Cpn.,

5/01/23

3,273

3,084

4660991.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,180

1,913

4661001.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,670

7,288

4661184.SQ.FTS.B,

Zero

Cpn.,

5/02/23

9,170

8,799

4661361.SQ.FTS.B,

Zero

Cpn.,

5/02/23

9,907

9,487

4661523.SQ.FTS.B,

Zero

Cpn.,

5/02/23

5,239

5,065

4661661.SQ.FTS.B,

Zero

Cpn.,

5/02/23

79

77

4661673.SQ.FTS.B,

Zero

Cpn.,

5/02/23

11,740

11,262

4661878.SQ.FTS.B,

Zero

Cpn.,

5/02/23

480

466

4661898.SQ.FTS.B,

Zero

Cpn.,

5/02/23

999

857

4661921.SQ.FTS.B,

Zero

Cpn.,

5/02/23

790

754

4661942.SQ.FTS.B,

Zero

Cpn.,

5/02/23

4,842

4,645

4662056.SQ.FTS.B,

Zero

Cpn.,

5/02/23

40,368

33,355

4662423.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,172

1,122

4662446.SQ.FTS.B,

Zero

Cpn.,

5/02/23

578

530

4662464.SQ.FTS.B,

Zero

Cpn.,

5/02/23

95,170

80,583

4663211.SQ.FTS.B,

Zero

Cpn.,

5/02/23

8,895

8,492

4663369.SQ.FTS.B,

Zero

Cpn.,

5/02/23

556

530

4663398.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,364

2,268

4663443.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,798

2,681

4663481.SQ.FTS.B,

Zero

Cpn.,

5/02/23

5,292

5,077

4663528.SQ.FTS.B,

Zero

Cpn.,

5/02/23

4,101

3,841

4663573.SQ.FTS.B,

Zero

Cpn.,

5/02/23

35,906

34,217

4663932.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,057

1,004

4663948.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,952

3,651

4663993.SQ.FTS.B,

Zero

Cpn.,

5/02/23

6,121

5,883

4664050.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,644

2,536

4664122.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,130

1,044

4664163.SQ.FTS.B,

Zero

Cpn.,

5/03/23

3,810

3,697

4664302.SQ.FTS.B,

Zero

Cpn.,

5/03/23

30,391

29,216

4665190.SQ.FTS.B,

Zero

Cpn.,

5/03/23

32,799

31,452

4665626.SQ.FTS.B,

Zero

Cpn.,

5/03/23

654

607

4665643.SQ.FTS.B,

Zero

Cpn.,

5/03/23

2,213

2,123

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

83

a

4665686.SQ.FTS.B,

Zero

Cpn.,

5/03/23

3,167

3,038

4665723.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,831

1,756

4665741.SQ.FTS.B,

Zero

Cpn.,

5/03/23

2,599

2,349

4665792.SQ.FTS.B,

Zero

Cpn.,

5/03/23

495

472

4665813.SQ.FTS.B,

Zero

Cpn.,

5/03/23

440

415

4665819.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,134

994

4665825.SQ.FTS.B,

Zero

Cpn.,

5/03/23

761

710

4665833.SQ.FTS.B,

Zero

Cpn.,

5/03/23

13,020

12,491

4666026.SQ.FTS.B,

Zero

Cpn.,

5/03/23

4,151

3,982

4666103.SQ.FTS.B,

Zero

Cpn.,

5/03/23

4,369

3,910

4666145.SQ.FTS.B,

Zero

Cpn.,

5/03/23

37,485

36,049

4666583.SQ.FTS.B,

Zero

Cpn.,

5/03/23

8,507

8,162

4666656.SQ.FTS.B,

Zero

Cpn.,

5/03/23

5,682

4,229

4666694.SQ.FTS.B,

Zero

Cpn.,

5/03/23

802

763

4666705.SQ.FTS.B,

Zero

Cpn.,

5/03/23

3,613

3,484

4666749.SQ.FTS.B,

Zero

Cpn.,

5/03/23

3,362

3,107

4666783.SQ.FTS.B,

Zero

Cpn.,

5/03/23

2,352

2,260

4668405.SQ.FTS.B,

Zero

Cpn.,

5/04/23

5,648

5,403

4668513.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,400

1,345

4668525.SQ.FTS.B,

Zero

Cpn.,

5/04/23

629

410

4668532.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,979

1,865

4668562.SQ.FTS.B,

Zero

Cpn.,

5/04/23

5,495

5,278

4668654.SQ.FTS.B,

Zero

Cpn.,

5/04/23

3,572

3,426

4668725.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,616

4,259

4668812.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,131

1,990

4668887.SQ.FTS.B,

Zero

Cpn.,

5/04/23

5,925

5,726

4669095.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,458

2,358

4669122.SQ.FTS.B,

Zero

Cpn.,

5/04/23

669

626

4669152.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,658

1,372

4669203.SQ.FTS.B,

Zero

Cpn.,

5/04/23

525

324

4669210.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,297

1,128

4669237.SQ.FTS.B,

Zero

Cpn.,

5/04/23

640

611

4669252.SQ.FTS.B,

Zero

Cpn.,

5/04/23

28,437

27,262

4669677.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,487

2,385

4669760.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,562

4,394

4669898.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,217

1,164

4669930.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,286

2,162

4669994.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,099

3,935

4670069.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,361

1,305

4670089.SQ.FTS.B,

Zero

Cpn.,

5/04/23

81,009

70,429

4671714.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,642

4,451

4671820.SQ.FTS.B,

Zero

Cpn.,

5/04/23

906

861

4671853.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,934

4,722

4671944.SQ.FTS.B,

Zero

Cpn.,

5/04/23

10,140

9,695

4672007.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,017

1,934

4672120.SQ.FTS.B,

Zero

Cpn.,

5/05/23

5,844

5,423

4672294.SQ.FTS.B,

Zero

Cpn.,

5/05/23

7,539

7,229

4672461.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,158

1,104

4672523.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,072

957

4672540.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,681

2,571

4672688.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,657

2,547

4672819.SQ.FTS.B,

Zero

Cpn.,

5/05/23

3,580

3,432

4673022.SQ.FTS.B,

Zero

Cpn.,

5/05/23

277

269

4673046.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,716

2,607

4673226.SQ.FTS.B,

Zero

Cpn.,

5/05/23

5,958

5,734

4674016.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,022

3,675

4674386.SQ.FTS.B,

Zero

Cpn.,

5/05/23

778

747

4674451.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,238

4,079

4674643.SQ.FTS.B,

Zero

Cpn.,

5/05/23

6,925

6,639

4674879.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,952

1,789

4674888.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,772

4,576

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

84

a

4675004.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,375

4,195

4675104.SQ.FTS.B,

Zero

Cpn.,

5/05/23

8,460

8,065

4675366.SQ.FTS.B,

Zero

Cpn.,

5/05/23

7,702

7,386

4675528.SQ.FTS.B,

Zero

Cpn.,

5/05/23

19,496

18,695

4675755.SQ.FTS.B,

Zero

Cpn.,

5/05/23

5,040

4,660

4675847.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,861

4,638

4676010.SQ.FTS.B,

Zero

Cpn.,

5/05/23

3,843

3,684

4676090.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,695

4,399

4676234.SQ.FTS.B,

Zero

Cpn.,

5/05/23

457

421

4676255.SQ.FTS.B,

Zero

Cpn.,

5/05/23

65,425

61,053

4677513.SQ.FTS.B,

Zero

Cpn.,

5/06/23

6,918

6,224

4677621.SQ.FTS.B,

Zero

Cpn.,

5/06/23

2,532

2,386

4677678.SQ.FTS.B,

Zero

Cpn.,

5/06/23

31,708

30,396

4678117.SQ.FTS.B,

Zero

Cpn.,

5/06/23

3,913

3,777

4678188.SQ.FTS.B,

Zero

Cpn.,

5/07/23

11,539

10,987

4678334.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,061

992

4678356.SQ.FTS.B,

Zero

Cpn.,

5/07/23

10,836

10,390

4678524.SQ.FTS.B,

Zero

Cpn.,

5/07/23

2,778

2,693

4678605.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,130

1,073

4678629.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,460

1,402

4678656.SQ.FTS.B,

Zero

Cpn.,

5/07/23

2,849

2,723

4678706.SQ.FTS.B,

Zero

Cpn.,

5/07/23

3,319

3,182

4678774.SQ.FTS.B,

Zero

Cpn.,

5/07/23

2,695

2,597

4678817.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,822

1,747

4678850.SQ.FTS.B,

Zero

Cpn.,

5/07/23

370

357

4678852.SQ.FTS.B,

Zero

Cpn.,

5/07/23

7,351

7,048

4678993.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,926

1,844

4679063.SQ.FTS.B,

Zero

Cpn.,

5/08/23

7,202

6,437

4679509.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,935

2,727

4679694.SQ.FTS.B,

Zero

Cpn.,

5/08/23

11,751

11,209

4681090.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,392

1,048

4681190.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,010

1,927

4681262.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,377

5,723

4681535.SQ.FTS.B,

Zero

Cpn.,

5/08/23

587

535

4681545.SQ.FTS.B,

Zero

Cpn.,

5/08/23

3,038

2,895

4681694.SQ.FTS.B,

Zero

Cpn.,

5/08/23

15,258

14,535

4682051.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,413

1,064

4682077.SQ.FTS.B,

Zero

Cpn.,

5/08/23

980

946

4682103.SQ.FTS.B,

Zero

Cpn.,

5/08/23

7,140

5,158

4682306.SQ.FTS.B,

Zero

Cpn.,

5/08/23

24,905

21,244

4682757.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,112

3,930

4682871.SQ.FTS.B,

Zero

Cpn.,

5/08/23

449

409

*

4682884.SQ.FTS.B,

Zero

Cpn.,

5/08/23

10,157

6,376

4683092.SQ.FTS.B,

Zero

Cpn.,

5/08/23

3,875

3,714

4683209.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,651

6,418

4683463.SQ.FTS.B,

Zero

Cpn.,

5/08/23

13,743

13,141

4683855.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,461

6,202

4683993.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,429

2,334

4684043.SQ.FTS.B,

Zero

Cpn.,

5/08/23

798

742

4684057.SQ.FTS.B,

Zero

Cpn.,

5/08/23

3,089

2,952

4684103.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,744

1,204

4684220.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,321

2,192

4684254.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,941

4,357

4684346.SQ.FTS.B,

Zero

Cpn.,

5/08/23

3,749

3,591

4684433.SQ.FTS.B,

Zero

Cpn.,

5/08/23

5,605

5,024

4689217.SQ.FTS.B,

Zero

Cpn.,

5/09/23

886

850

4689292.SQ.FTS.B,

Zero

Cpn.,

5/09/23

10,874

10,133

4689480.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,388

1,253

4689501.SQ.FTS.B,

Zero

Cpn.,

5/09/23

823

775

4689507.SQ.FTS.B,

Zero

Cpn.,

5/09/23

7,296

6,991

4689688.SQ.FTS.B,

Zero

Cpn.,

5/09/23

6,037

5,614

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

85

a

4689822.SQ.FTS.B,

Zero

Cpn.,

5/09/23

8,270

7,878

4690001.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,184

1,135

4690026.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,230

1,099

4690060.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,923

1,853

4690202.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,962

3,833

4690331.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,347

3,211

4690527.SQ.FTS.B,

Zero

Cpn.,

5/09/23

29,180

27,980

4692086.SQ.FTS.B,

Zero

Cpn.,

5/09/23

6,489

6,066

4692255.SQ.FTS.B,

Zero

Cpn.,

5/09/23

12,781

12,210

4692655.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,592

3,174

4692703.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,678

2,564

4692736.SQ.FTS.B,

Zero

Cpn.,

5/09/23

10,096

9,727

4692975.SQ.FTS.B,

Zero

Cpn.,

5/09/23

13,779

13,010

4693096.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,181

1,091

4693103.SQ.FTS.B,

Zero

Cpn.,

5/09/23

8,711

8,300

4693224.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,586

2,414

4693254.SQ.FTS.B,

Zero

Cpn.,

5/09/23

5,115

4,903

4693308.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,174

3,038

4693342.SQ.FTS.B,

Zero

Cpn.,

5/09/23

10,772

10,327

4693626.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,340

2,204

4693681.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,816

1,630

4693726.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,590

3,316

4693825.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,580

4,387

4693966.SQ.FTS.B,

Zero

Cpn.,

5/09/23

9,039

8,612

4694162.SQ.FTS.B,

Zero

Cpn.,

5/09/23

865

839

4694196.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,001

3,719

4694272.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,761

4,534

4694355.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,353

3,214

4694421.SQ.FTS.B,

Zero

Cpn.,

5/09/23

8,617

8,196

4701890.SQ.FTS.B,

Zero

Cpn.,

5/10/23

2,108

2,008

4701979.SQ.FTS.B,

Zero

Cpn.,

5/10/23

47,247

45,421

4704486.SQ.FTS.B,

Zero

Cpn.,

5/10/23

11,616

11,128

4704761.SQ.FTS.B,

Zero

Cpn.,

5/10/23

1,417

1,213

4704811.SQ.FTS.B,

Zero

Cpn.,

5/10/23

11,204

10,793

4705097.SQ.FTS.B,

Zero

Cpn.,

5/10/23

11,709

10,928

4705360.SQ.FTS.B,

Zero

Cpn.,

5/10/23

13,619

12,997

4705634.SQ.FTS.B,

Zero

Cpn.,

5/10/23

20,426

19,576

4706038.SQ.FTS.B,

Zero

Cpn.,

5/10/23

12,621

10,491

4706260.SQ.FTS.B,

Zero

Cpn.,

5/10/23

11,612

10,655

4706506.SQ.FTS.B,

Zero

Cpn.,

5/10/23

2,762

2,630

4706548.SQ.FTS.B,

Zero

Cpn.,

5/10/23

5,534

5,210

4706661.SQ.FTS.B,

Zero

Cpn.,

5/10/23

3,920

3,720

4706761.SQ.FTS.B,

Zero

Cpn.,

5/10/23

3,084

2,797

4706830.SQ.FTS.B,

Zero

Cpn.,

5/10/23

3,328

3,189

4706953.SQ.FTS.B,

Zero

Cpn.,

5/10/23

5,097

4,901

4707089.SQ.FTS.B,

Zero

Cpn.,

5/10/23

6,427

6,032

4707130.SQ.FTS.B,

Zero

Cpn.,

5/11/23

19,769

18,798

4707249.SQ.FTS.B,

Zero

Cpn.,

5/11/23

628

583

4707260.SQ.FTS.B,

Zero

Cpn.,

5/11/23

572

531

4707266.SQ.FTS.B,

Zero

Cpn.,

5/11/23

39,308

37,461

4707586.SQ.FTS.B,

Zero

Cpn.,

5/11/23

348

317

4707590.SQ.FTS.B,

Zero

Cpn.,

5/11/23

5,123

4,531

4707636.SQ.FTS.B,

Zero

Cpn.,

5/11/23

13,324

12,779

4707710.SQ.FTS.B,

Zero

Cpn.,

5/11/23

36,320

34,807

4708697.SQ.FTS.B,

Zero

Cpn.,

5/11/23

1,148

1,100

4708699.SQ.FTS.B,

Zero

Cpn.,

5/11/23

721

688

4708711.SQ.FTS.B,

Zero

Cpn.,

5/11/23

2,486

1,883

4708732.SQ.FTS.B,

Zero

Cpn.,

5/11/23

865

836

4708946.SQ.FTS.B,

Zero

Cpn.,

5/12/23

2,413

2,312

4709189.SQ.FTS.B,

Zero

Cpn.,

5/12/23

7,300

6,992

4709835.SQ.FTS.B,

Zero

Cpn.,

5/12/23

3,533

3,364

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

86

a

4710517.SQ.FTS.B,

Zero

Cpn.,

5/12/23

5,064

4,470

4711269.SQ.FTS.B,

Zero

Cpn.,

5/12/23

11,735

10,713

4712133.SQ.FTS.B,

Zero

Cpn.,

5/12/23

12,794

11,746

4712552.SQ.FTS.B,

Zero

Cpn.,

5/12/23

5,844

5,629

4712946.SQ.FTS.B,

Zero

Cpn.,

5/12/23

18,925

17,811

4713453.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,241

1,169

4713479.SQ.FTS.B,

Zero

Cpn.,

5/13/23

19,681

18,850

4713702.SQ.FTS.B,

Zero

Cpn.,

5/13/23

20,778

19,746

4714015.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,120

1,048

4714029.SQ.FTS.B,

Zero

Cpn.,

5/13/23

7,982

7,646

4714178.SQ.FTS.B,

Zero

Cpn.,

5/13/23

5,664

5,425

4714273.SQ.FTS.B,

Zero

Cpn.,

5/14/23

1,486

1,423

4714301.SQ.FTS.B,

Zero

Cpn.,

5/14/23

1,081

1,035

4714319.SQ.FTS.B,

Zero

Cpn.,

5/14/23

5,584

5,350

4714464.SQ.FTS.B,

Zero

Cpn.,

5/14/23

1,276

1,198

4714475.SQ.FTS.B,

Zero

Cpn.,

5/14/23

3,000

2,868

4714519.SQ.FTS.B,

Zero

Cpn.,

5/14/23

19,473

18,652

4715396.SQ.FTS.B,

Zero

Cpn.,

5/15/23

948

796

4715462.SQ.FTS.B,

Zero

Cpn.,

5/15/23

6,750

6,468

4717011.SQ.FTS.B,

Zero

Cpn.,

5/15/23

11,390

10,698

4717640.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,305

1,242

4717748.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,606

1,539

4717850.SQ.FTS.B,

Zero

Cpn.,

5/15/23

4,046

3,719

4717998.SQ.FTS.B,

Zero

Cpn.,

5/15/23

3,449

3,308

4718203.SQ.FTS.B,

Zero

Cpn.,

5/15/23

2,456

2,298

4718286.SQ.FTS.B,

Zero

Cpn.,

5/15/23

7,298

7,052

4718623.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,666

1,584

4718706.SQ.FTS.B,

Zero

Cpn.,

5/15/23

462

444

4718719.SQ.FTS.B,

Zero

Cpn.,

5/15/23

7,616

7,307

4718772.SQ.FTS.B,

Zero

Cpn.,

5/15/23

587

565

4718792.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,257

1,204

4718812.SQ.FTS.B,

Zero

Cpn.,

5/15/23

27,860

26,743

4719485.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,746

1,474

4720069.SQ.FTS.B,

Zero

Cpn.,

5/16/23

12,180

11,679

4720282.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,768

1,693

4720328.SQ.FTS.B,

Zero

Cpn.,

5/16/23

39,415

37,743

4722278.SQ.FTS.B,

Zero

Cpn.,

5/16/23

3,189

2,740

4722418.SQ.FTS.B,

Zero

Cpn.,

5/16/23

10,606

9,980

4722826.SQ.FTS.B,

Zero

Cpn.,

5/16/23

13,538

12,970

4723323.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,310

897

4723346.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,205

1,137

4723352.SQ.FTS.B,

Zero

Cpn.,

5/16/23

2,447

2,344

4723382.SQ.FTS.B,

Zero

Cpn.,

5/16/23

11,209

10,754

4723566.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,131

1,094

4723581.SQ.FTS.B,

Zero

Cpn.,

5/16/23

3,415

3,273

4723626.SQ.FTS.B,

Zero

Cpn.,

5/16/23

3,433

3,288

4723657.SQ.FTS.B,

Zero

Cpn.,

5/16/23

10,661

10,213

4723943.SQ.FTS.B,

Zero

Cpn.,

5/16/23

6,781

5,513

4724067.SQ.FTS.B,

Zero

Cpn.,

5/16/23

6,017

5,560

4724436.SQ.FTS.B,

Zero

Cpn.,

5/16/23

15,604

11,999

4724687.SQ.FTS.B,

Zero

Cpn.,

5/16/23

17,512

16,781

4725008.SQ.FTS.B,

Zero

Cpn.,

5/16/23

4,856

4,651

4725058.SQ.FTS.B,

Zero

Cpn.,

5/17/23

2,390

2,294

4725257.SQ.FTS.B,

Zero

Cpn.,

5/17/23

1,293

1,208

4725282.SQ.FTS.B,

Zero

Cpn.,

5/17/23

6,831

6,429

4725518.SQ.FTS.B,

Zero

Cpn.,

5/17/23

4,636

4,404

4725703.SQ.FTS.B,

Zero

Cpn.,

5/17/23

2,967

2,841

4726230.SQ.FTS.B,

Zero

Cpn.,

5/17/23

11,127

10,656

4727472.SQ.FTS.B,

Zero

Cpn.,

5/17/23

5,251

5,029

4728075.SQ.FTS.B,

Zero

Cpn.,

5/17/23

3,932

3,765

4728302.SQ.FTS.B,

Zero

Cpn.,

5/17/23

75,992

65,357

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

87

a

4729648.SQ.FTS.B,

Zero

Cpn.,

5/17/23

1,174

1,122

4729658.SQ.FTS.B,

Zero

Cpn.,

5/17/23

3,439

3,210

4729707.SQ.FTS.B,

Zero

Cpn.,

5/17/23

9,421

8,961

4729772.SQ.FTS.B,

Zero

Cpn.,

5/17/23

15,513

14,597

4730188.SQ.FTS.B,

Zero

Cpn.,

5/17/23

7,062

6,762

4730379.SQ.FTS.B,

Zero

Cpn.,

5/17/23

11,777

11,277

4738625.SQ.FTS.B,

Zero

Cpn.,

5/18/23

7,868

7,531

4738894.SQ.FTS.B,

Zero

Cpn.,

5/18/23

3,257

3,117

4738969.SQ.FTS.B,

Zero

Cpn.,

5/18/23

6,699

6,221

4739232.SQ.FTS.B,

Zero

Cpn.,

5/18/23

5,722

5,478

4739437.SQ.FTS.B,

Zero

Cpn.,

5/18/23

6,290

6,022

4739794.SQ.FTS.B,

Zero

Cpn.,

5/18/23

10,471

9,536

4740804.SQ.FTS.B,

Zero

Cpn.,

5/18/23

7,026

6,322

4741094.SQ.FTS.B,

Zero

Cpn.,

5/18/23

4,106

3,930

4741340.SQ.FTS.B,

Zero

Cpn.,

5/18/23

9,984

9,557

4741810.SQ.FTS.B,

Zero

Cpn.,

5/18/23

11,584

11,013

4742218.SQ.FTS.B,

Zero

Cpn.,

5/18/23

719

685

4742245.SQ.FTS.B,

Zero

Cpn.,

5/18/23

5,911

5,574

4742400.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,603

1,550

4742460.SQ.FTS.B,

Zero

Cpn.,

5/18/23

2,355

2,243

4742593.SQ.FTS.B,

Zero

Cpn.,

5/18/23

16,329

15,395

4742953.SQ.FTS.B,

Zero

Cpn.,

5/18/23

655

626

4742978.SQ.FTS.B,

Zero

Cpn.,

5/18/23

573

549

4743024.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,609

1,541

4743108.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,266

1,214

4743122.SQ.FTS.B,

Zero

Cpn.,

5/18/23

795

715

4743136.SQ.FTS.B,

Zero

Cpn.,

5/18/23

6,491

6,083

4743332.SQ.FTS.B,

Zero

Cpn.,

5/18/23

50,855

48,703

4744445.SQ.FTS.B,

Zero

Cpn.,

5/19/23

2,695

2,580

4744663.SQ.FTS.B,

Zero

Cpn.,

5/19/23

25,763

24,582

4746441.SQ.FTS.B,

Zero

Cpn.,

5/19/23

7,794

6,856

4746932.SQ.FTS.B,

Zero

Cpn.,

5/19/23

11,551

10,676

4747317.SQ.FTS.B,

Zero

Cpn.,

5/19/23

1,516

1,448

4747369.SQ.FTS.B,

Zero

Cpn.,

5/19/23

2,270

2,184

4747436.SQ.FTS.B,

Zero

Cpn.,

5/19/23

23,891

22,694

4748378.SQ.FTS.B,

Zero

Cpn.,

5/19/23

4,368

4,132

4748608.SQ.FTS.B,

Zero

Cpn.,

5/19/23

5,709

5,343

4748986.SQ.FTS.B,

Zero

Cpn.,

5/19/23

2,096

1,970

4749021.SQ.FTS.B,

Zero

Cpn.,

5/19/23

1,190

1,148

4749124.SQ.FTS.B,

Zero

Cpn.,

5/19/23

9,768

9,272

4749283.SQ.FTS.B,

Zero

Cpn.,

5/19/23

991

953

4749297.SQ.FTS.B,

Zero

Cpn.,

5/19/23

3,779

3,606

4749367.SQ.FTS.B,

Zero

Cpn.,

5/19/23

5,303

4,855

4749439.SQ.FTS.B,

Zero

Cpn.,

5/19/23

492

460

4749459.SQ.FTS.B,

Zero

Cpn.,

5/19/23

41,997

39,477

4749631.SQ.FTS.B,

Zero

Cpn.,

5/20/23

607

583

4749657.SQ.FTS.B,

Zero

Cpn.,

5/20/23

42,119

40,005

4750198.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,814

3,290

4750248.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,756

3,570

4750293.SQ.FTS.B,

Zero

Cpn.,

5/20/23

2,781

2,643

4750327.SQ.FTS.B,

Zero

Cpn.,

5/20/23

4,787

4,520

4750383.SQ.FTS.B,

Zero

Cpn.,

5/20/23

5,587

5,347

4750463.SQ.FTS.B,

Zero

Cpn.,

5/20/23

1,757

1,670

4750494.SQ.FTS.B,

Zero

Cpn.,

5/20/23

1,286

1,082

4750593.SQ.FTS.B,

Zero

Cpn.,

5/21/23

8,538

7,787

4750677.SQ.FTS.B,

Zero

Cpn.,

5/21/23

8,069

7,653

4750808.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,523

3,198

4750859.SQ.FTS.B,

Zero

Cpn.,

5/21/23

737

711

4750892.SQ.FTS.B,

Zero

Cpn.,

5/21/23

6,985

6,686

4750992.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,909

1,813

4751048.SQ.FTS.B,

Zero

Cpn.,

5/21/23

858

822

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

88

a

4751069.SQ.FTS.B,

Zero

Cpn.,

5/21/23

914

886

4751088.SQ.FTS.B,

Zero

Cpn.,

5/21/23

2,391

2,289

4751109.SQ.FTS.B,

Zero

Cpn.,

5/21/23

27,593

26,222

4751547.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,181

1,136

4751574.SQ.FTS.B,

Zero

Cpn.,

5/21/23

35,091

30,685

4752607.SQ.FTS.B,

Zero

Cpn.,

5/22/23

15,204

14,554

4754232.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,633

2,523

4754321.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,313

3,981

4754410.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,420

3,274

4754495.SQ.FTS.B,

Zero

Cpn.,

5/22/23

5,567

5,364

4754715.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,338

4,152

4754806.SQ.FTS.B,

Zero

Cpn.,

5/22/23

5,045

4,831

4754939.SQ.FTS.B,

Zero

Cpn.,

5/22/23

26,373

24,674

4755517.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,418

3,642

4755614.SQ.FTS.B,

Zero

Cpn.,

5/22/23

13,375

12,582

4755875.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,885

4,675

4755988.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,285

4,074

4756054.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,168

3,940

4756151.SQ.FTS.B,

Zero

Cpn.,

5/22/23

50,791

42,870

4756908.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,780

3,559

4757038.SQ.FTS.B,

Zero

Cpn.,

5/22/23

1,666

1,596

4757088.SQ.FTS.B,

Zero

Cpn.,

5/22/23

1,551

1,440

4757139.SQ.FTS.B,

Zero

Cpn.,

5/22/23

12,884

11,135

4757339.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,894

2,667

4757431.SQ.FTS.B,

Zero

Cpn.,

5/22/23

385

370

4757453.SQ.FTS.B,

Zero

Cpn.,

5/22/23

1,137

1,055

4761196.SQ.FTS.B,

Zero

Cpn.,

5/23/23

3,703

3,434

4761272.SQ.FTS.B,

Zero

Cpn.,

5/23/23

6,004

5,783

4761345.SQ.FTS.B,

Zero

Cpn.,

5/23/23

5,224

4,786

4761459.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,212

1,123

4761481.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,931

4,449

4761587.SQ.FTS.B,

Zero

Cpn.,

5/23/23

20,171

18,291

4761916.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,040

1,934

4761947.SQ.FTS.B,

Zero

Cpn.,

5/23/23

3,221

3,092

4762104.SQ.FTS.B,

Zero

Cpn.,

5/23/23

970

899

4762106.SQ.FTS.B,

Zero

Cpn.,

5/23/23

12,800

12,252

4763267.SQ.FTS.B,

Zero

Cpn.,

5/23/23

3,815

3,588

4763575.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,488

2,153

4763730.SQ.FTS.B,

Zero

Cpn.,

5/23/23

848

810

4763788.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,383

2,262

4763872.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,605

4,369

4763952.SQ.FTS.B,

Zero

Cpn.,

5/23/23

890

803

4763985.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,320

1,244

4764039.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,168

3,968

4764134.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,088

1,036

4764160.SQ.FTS.B,

Zero

Cpn.,

5/23/23

3,336

3,156

4764212.SQ.FTS.B,

Zero

Cpn.,

5/23/23

7,872

7,301

4764395.SQ.FTS.B,

Zero

Cpn.,

5/23/23

20,261

19,382

4764706.SQ.FTS.B,

Zero

Cpn.,

5/23/23

6,674

6,388

4764801.SQ.FTS.B,

Zero

Cpn.,

5/23/23

19,499

18,260

4765167.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,435

1,363

4765193.SQ.FTS.B,

Zero

Cpn.,

5/23/23

693

666

4765255.SQ.FTS.B,

Zero

Cpn.,

5/23/23

7,221

6,933

4765417.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,148

3,904

4765466.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,411

4,209

4765550.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,770

4,526

4765576.SQ.FTS.B,

Zero

Cpn.,

5/23/23

6,971

6,556

4765633.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,551

1,485

4765667.SQ.FTS.B,

Zero

Cpn.,

5/23/23

14,682

13,997

4765991.SQ.FTS.B,

Zero

Cpn.,

5/23/23

8,069

7,712

4766157.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,020

3,834

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

89

a

4766271.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,017

1,931

4766340.SQ.FTS.B,

Zero

Cpn.,

5/23/23

3,565

3,423

4773586.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,412

2,333

4773691.SQ.FTS.B,

Zero

Cpn.,

5/24/23

1,068

1,015

4773719.SQ.FTS.B,

Zero

Cpn.,

5/24/23

7,831

7,440

4773890.SQ.FTS.B,

Zero

Cpn.,

5/24/23

4,663

4,272

4774024.SQ.FTS.B,

Zero

Cpn.,

5/24/23

9,453

9,043

4774201.SQ.FTS.B,

Zero

Cpn.,

5/24/23

81,265

77,679

4777588.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,985

3,695

4777729.SQ.FTS.B,

Zero

Cpn.,

5/24/23

4,608

4,404

4777808.SQ.FTS.B,

Zero

Cpn.,

5/24/23

14,227

13,582

4778181.SQ.FTS.B,

Zero

Cpn.,

5/24/23

223

212

4778182.SQ.FTS.B,

Zero

Cpn.,

5/24/23

19,983

19,109

4778581.SQ.FTS.B,

Zero

Cpn.,

5/24/23

6,290

6,018

4778702.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,669

2,553

4778732.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,872

2,746

4778768.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,633

2,490

4778809.SQ.FTS.B,

Zero

Cpn.,

5/24/23

6,479

5,079

4778907.SQ.FTS.B,

Zero

Cpn.,

5/24/23

26,537

24,589

4779246.SQ.FTS.B,

Zero

Cpn.,

5/25/23

3,671

3,511

4779278.SQ.FTS.B,

Zero

Cpn.,

5/25/23

10,267

9,697

4779331.SQ.FTS.B,

Zero

Cpn.,

5/25/23

2,435

2,340

4779355.SQ.FTS.B,

Zero

Cpn.,

5/25/23

3,481

3,279

4779389.SQ.FTS.B,

Zero

Cpn.,

5/25/23

20,677

19,593

4779543.SQ.FTS.B,

Zero

Cpn.,

5/25/23

5,440

5,122

4779590.SQ.FTS.B,

Zero

Cpn.,

5/25/23

13,680

11,619

*

4779694.SQ.FTS.B,

Zero

Cpn.,

5/25/23

30,858

27,061

4780147.SQ.FTS.B,

Zero

Cpn.,

5/26/23

5,424

5,187

4780471.SQ.FTS.B,

Zero

Cpn.,

5/26/23

2,919

2,728

4780634.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,008

947

4780702.SQ.FTS.B,

Zero

Cpn.,

5/26/23

3,009

2,898

4780947.SQ.FTS.B,

Zero

Cpn.,

5/26/23

2,275

2,125

4781185.SQ.FTS.B,

Zero

Cpn.,

5/26/23

5,315

5,082

4781970.SQ.FTS.B,

Zero

Cpn.,

5/26/23

2,601

2,475

4782245.SQ.FTS.B,

Zero

Cpn.,

5/26/23

4,697

4,466

4782436.SQ.FTS.B,

Zero

Cpn.,

5/26/23

3,636

3,429

4782527.SQ.FTS.B,

Zero

Cpn.,

5/26/23

20,893

19,950

4783284.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,742

1,657

4783356.SQ.FTS.B,

Zero

Cpn.,

5/26/23

16,659

15,722

4784044.SQ.FTS.B,

Zero

Cpn.,

5/26/23

445

428

4784066.SQ.FTS.B,

Zero

Cpn.,

5/26/23

6,066

5,803

4784328.SQ.FTS.B,

Zero

Cpn.,

5/26/23

2,597

2,484

4784445.SQ.FTS.B,

Zero

Cpn.,

5/26/23

4,111

3,958

4784859.SQ.FTS.B,

Zero

Cpn.,

5/26/23

3,105

2,970

4785192.SQ.FTS.B,

Zero

Cpn.,

5/26/23

3,085

2,949

4785223.SQ.FTS.B,

Zero

Cpn.,

5/27/23

7,219

6,614

4785397.SQ.FTS.B,

Zero

Cpn.,

5/27/23

8,249

7,859

4785538.SQ.FTS.B,

Zero

Cpn.,

5/27/23

5,348

5,042

4785637.SQ.FTS.B,

Zero

Cpn.,

5/27/23

6,255

5,983

4785766.SQ.FTS.B,

Zero

Cpn.,

5/27/23

445

424

4785782.SQ.FTS.B,

Zero

Cpn.,

5/27/23

4,668

4,462

4785871.SQ.FTS.B,

Zero

Cpn.,

5/28/23

867

815

4785886.SQ.FTS.B,

Zero

Cpn.,

5/28/23

1,035

854

4785914.SQ.FTS.B,

Zero

Cpn.,

5/28/23

6,498

6,083

4786115.SQ.FTS.B,

Zero

Cpn.,

5/28/23

6,076

5,634

4786262.SQ.FTS.B,

Zero

Cpn.,

5/28/23

2,031

1,942

4786310.SQ.FTS.B,

Zero

Cpn.,

5/28/23

512

491

4786326.SQ.FTS.B,

Zero

Cpn.,

5/28/23

7,707

7,371

4786495.SQ.FTS.B,

Zero

Cpn.,

5/28/23

5,873

5,635

4786780.SQ.FTS.B,

Zero

Cpn.,

5/29/23

3,467

3,175

4787121.SQ.FTS.B,

Zero

Cpn.,

5/29/23

738

648

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

90

a

4787327.SQ.FTS.B,

Zero

Cpn.,

5/29/23

8,285

7,921

4788765.SQ.FTS.B,

Zero

Cpn.,

5/29/23

547

528

4789001.SQ.FTS.B,

Zero

Cpn.,

5/29/23

5,304

5,071

4789284.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,282

2,184

4789346.SQ.FTS.B,

Zero

Cpn.,

5/29/23

6,581

6,252

4789674.SQ.FTS.B,

Zero

Cpn.,

5/29/23

9,418

8,924

4790074.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,864

1,715

4790098.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,328

2,099

4790139.SQ.FTS.B,

Zero

Cpn.,

5/29/23

5,554

5,307

4790218.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,641

2,526

4790245.SQ.FTS.B,

Zero

Cpn.,

5/29/23

8,796

8,306

4790753.SQ.FTS.B,

Zero

Cpn.,

5/29/23

7,579

6,249

4790933.SQ.FTS.B,

Zero

Cpn.,

5/29/23

612

587

4790964.SQ.FTS.B,

Zero

Cpn.,

5/29/23

34,658

33,258

4791884.SQ.FTS.B,

Zero

Cpn.,

5/29/23

7,616

7,216

4792227.SQ.FTS.B,

Zero

Cpn.,

5/30/23

3,357

3,215

4792405.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,637

1,533

4792465.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,642

1,570

4792506.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,226

1,177

4792536.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,683

6,387

4792626.SQ.FTS.B,

Zero

Cpn.,

5/30/23

8,245

7,884

4792789.SQ.FTS.B,

Zero

Cpn.,

5/30/23

374

363

4792810.SQ.FTS.B,

Zero

Cpn.,

5/30/23

18,252

17,423

4793293.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,037

748

4793362.SQ.FTS.B,

Zero

Cpn.,

5/30/23

7,690

7,352

4793983.SQ.FTS.B,

Zero

Cpn.,

5/30/23

2,577

2,464

4794104.SQ.FTS.B,

Zero

Cpn.,

5/30/23

5,290

4,995

4794285.SQ.FTS.B,

Zero

Cpn.,

5/30/23

8,251

7,884

4794467.SQ.FTS.B,

Zero

Cpn.,

5/30/23

645

624

4794478.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,022

909

4794489.SQ.FTS.B,

Zero

Cpn.,

5/30/23

505

450

4794501.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,520

6,095

4794632.SQ.FTS.B,

Zero

Cpn.,

5/30/23

11,618

11,109

4794897.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,184

854

4794919.SQ.FTS.B,

Zero

Cpn.,

5/30/23

886

851

4794926.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,961

1,857

4794948.SQ.FTS.B,

Zero

Cpn.,

5/30/23

4,286

4,099

4795027.SQ.FTS.B,

Zero

Cpn.,

5/30/23

841

766

4795042.SQ.FTS.B,

Zero

Cpn.,

5/30/23

579

530

4795052.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,731

6,447

4795286.SQ.FTS.B,

Zero

Cpn.,

5/30/23

26,044

24,898

4795839.SQ.FTS.B,

Zero

Cpn.,

5/30/23

2,114

2,019

4795887.SQ.FTS.B,

Zero

Cpn.,

5/30/23

4,671

4,454

4795965.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,414

1,314

4795990.SQ.FTS.B,

Zero

Cpn.,

5/30/23

7,598

7,260

4796072.SQ.FTS.B,

Zero

Cpn.,

5/30/23

18,339

17,373

4796265.SQ.FTS.B,

Zero

Cpn.,

5/30/23

552

519

4796271.SQ.FTS.B,

Zero

Cpn.,

5/30/23

9,221

8,451

4796366.SQ.FTS.B,

Zero

Cpn.,

5/30/23

2,407

2,227

4796389.SQ.FTS.B,

Zero

Cpn.,

5/30/23

2,724

2,606

4796450.SQ.FTS.B,

Zero

Cpn.,

5/30/23

3,498

3,345

*

4796494.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,348

1,086

4796523.SQ.FTS.B,

Zero

Cpn.,

5/30/23

5,955

5,695

4796604.SQ.FTS.B,

Zero

Cpn.,

6/01/23

9,492

9,017

4796844.SQ.FTS.B,

Zero

Cpn.,

6/01/23

22,014

20,926

4797153.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,923

2,794

4797198.SQ.FTS.B,

Zero

Cpn.,

6/01/23

662

639

4797212.SQ.FTS.B,

Zero

Cpn.,

6/01/23

22,283

21,252

4798349.SQ.FTS.B,

Zero

Cpn.,

6/01/23

29,314

27,748

4798934.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,698

2,570

4799006.SQ.FTS.B,

Zero

Cpn.,

6/01/23

12,012

11,253

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

91

a

4799254.SQ.FTS.B,

Zero

Cpn.,

6/01/23

5,451

5,212

4799410.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,088

1,047

4799463.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,635

2,505

4799518.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,001

1,857

4799553.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,483

2,361

4799618.SQ.FTS.B,

Zero

Cpn.,

6/01/23

12,200

10,634

4799750.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,774

4,501

4799793.SQ.FTS.B,

Zero

Cpn.,

6/01/23

13,187

11,708

4800045.SQ.FTS.B,

Zero

Cpn.,

6/01/23

16,273

15,500

4800233.SQ.FTS.B,

Zero

Cpn.,

6/01/23

3,037

2,918

4800273.SQ.FTS.B,

Zero

Cpn.,

6/01/23

21,668

19,824

4800546.SQ.FTS.B,

Zero

Cpn.,

6/01/23

15,570

14,705

4805377.SQ.FTS.B,

Zero

Cpn.,

6/02/23

7,261

5,418

4805469.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,496

1,443

4805511.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,519

1,437

4805535.SQ.FTS.B,

Zero

Cpn.,

6/02/23

9,952

9,234

4805636.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,617

2,504

*

4805671.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,224

913

4805695.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,546

1,478

4805729.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,258

4,068

4805816.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,516

4,316

4805945.SQ.FTS.B,

Zero

Cpn.,

6/02/23

253

245

4806142.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,337

1,256

4806196.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,268

2,122

4806264.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,679

1,603

4806326.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,615

4,435

4806642.SQ.FTS.B,

Zero

Cpn.,

6/02/23

34,977

33,205

4807856.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,231

5,956

4807932.SQ.FTS.B,

Zero

Cpn.,

6/02/23

23,929

22,894

4808603.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,954

1,766

4808615.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,468

1,395

4808636.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,567

3,391

4808696.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,636

1,541

4808723.SQ.FTS.B,

Zero

Cpn.,

6/02/23

8,784

8,270

4809129.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,258

4,070

4809232.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,312

3,164

4809299.SQ.FTS.B,

Zero

Cpn.,

6/02/23

37,166

35,341

4809802.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,686

2,568

4809823.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,708

1,454

4809855.SQ.FTS.B,

Zero

Cpn.,

6/02/23

420

400

4809967.SQ.FTS.B,

Zero

Cpn.,

6/03/23

532

509

4810028.SQ.FTS.B,

Zero

Cpn.,

6/03/23

2,568

2,454

4810085.SQ.FTS.B,

Zero

Cpn.,

6/03/23

9,488

8,126

4810324.SQ.FTS.B,

Zero

Cpn.,

6/03/23

9,417

8,986

4810478.SQ.FTS.B,

Zero

Cpn.,

6/03/23

24,342

21,697

4811539.SQ.FTS.B,

Zero

Cpn.,

6/03/23

687

663

4811587.SQ.FTS.B,

Zero

Cpn.,

6/03/23

8,208

7,841

4811790.SQ.FTS.B,

Zero

Cpn.,

6/03/23

4,375

4,131

4811893.SQ.FTS.B,

Zero

Cpn.,

6/03/23

5,306

5,071

4811947.SQ.FTS.B,

Zero

Cpn.,

6/03/23

2,424

2,310

4811981.SQ.FTS.B,

Zero

Cpn.,

6/03/23

3,178

2,447

4812021.SQ.FTS.B,

Zero

Cpn.,

6/03/23

366

354

4812032.SQ.FTS.B,

Zero

Cpn.,

6/03/23

540

396

4812051.SQ.FTS.B,

Zero

Cpn.,

6/03/23

6,578

6,292

4812373.SQ.FTS.B,

Zero

Cpn.,

6/03/23

13,967

13,354

4812591.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,930

1,832

4812628.SQ.FTS.B,

Zero

Cpn.,

6/03/23

10,091

9,632

4812786.SQ.FTS.B,

Zero

Cpn.,

6/03/23

4,110

3,626

4812851.SQ.FTS.B,

Zero

Cpn.,

6/03/23

12,854

12,352

4813190.SQ.FTS.B,

Zero

Cpn.,

6/03/23

9,995

9,341

4813327.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,976

1,889

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

92

a

4813351.SQ.FTS.B,

Zero

Cpn.,

6/03/23

3,343

3,161

4813423.SQ.FTS.B,

Zero

Cpn.,

6/03/23

8,700

8,297

4813708.SQ.FTS.B,

Zero

Cpn.,

6/03/23

23,606

22,230

4814186.SQ.FTS.B,

Zero

Cpn.,

6/03/23

10,902

10,300

4814308.SQ.FTS.B,

Zero

Cpn.,

6/04/23

11,506

10,746

4814450.SQ.FTS.B,

Zero

Cpn.,

6/04/23

1,446

1,362

4814475.SQ.FTS.B,

Zero

Cpn.,

6/04/23

8,738

8,312

4814646.SQ.FTS.B,

Zero

Cpn.,

6/04/23

25,356

24,087

4815052.SQ.FTS.B,

Zero

Cpn.,

6/04/23

3,636

3,316

4815107.SQ.FTS.B,

Zero

Cpn.,

6/05/23

4,729

4,428

4815186.SQ.FTS.B,

Zero

Cpn.,

6/05/23

11,226

10,484

4815361.SQ.FTS.B,

Zero

Cpn.,

6/05/23

2,024

1,933

4815389.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,730

1,653

4815433.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,167

1,119

4815465.SQ.FTS.B,

Zero

Cpn.,

6/05/23

5,751

5,496

4815560.SQ.FTS.B,

Zero

Cpn.,

6/05/23

3,579

2,781

4815624.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,860

1,751

4815670.SQ.FTS.B,

Zero

Cpn.,

6/05/23

6,069

5,800

4815799.SQ.FTS.B,

Zero

Cpn.,

6/05/23

3,379

3,229

4815868.SQ.FTS.B,

Zero

Cpn.,

6/05/23

2,152

1,997

4815989.SQ.FTS.B,

Zero

Cpn.,

6/06/23

6,099

5,827

4816559.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,271

1,214

4816618.SQ.FTS.B,

Zero

Cpn.,

6/06/23

11,085

10,592

4816951.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,441

1,303

4816964.SQ.FTS.B,

Zero

Cpn.,

6/06/23

4,624

4,417

4817063.SQ.FTS.B,

Zero

Cpn.,

6/06/23

19,714

18,880

4817613.SQ.FTS.B,

Zero

Cpn.,

6/06/23

3,626

3,464

4817680.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,267

2,175

4817778.SQ.FTS.B,

Zero

Cpn.,

6/06/23

27,880

26,341

4818303.SQ.FTS.B,

Zero

Cpn.,

6/06/23

20,688

19,670

4818749.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,069

1,002

4818774.SQ.FTS.B,

Zero

Cpn.,

6/06/23

6,946

6,588

4818841.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,568

1,501

4818851.SQ.FTS.B,

Zero

Cpn.,

6/06/23

6,301

5,399

4818903.SQ.FTS.B,

Zero

Cpn.,

6/06/23

9,075

8,587

4819048.SQ.FTS.B,

Zero

Cpn.,

6/06/23

6,394

6,099

4819133.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,024

1,844

4819187.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,054

4,739

4819265.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,682

2,558

4819284.SQ.FTS.B,

Zero

Cpn.,

6/07/23

10,214

9,607

4819375.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,781

1,670

4819394.SQ.FTS.B,

Zero

Cpn.,

6/07/23

8,982

8,374

4819488.SQ.FTS.B,

Zero

Cpn.,

6/07/23

7,514

7,012

4819574.SQ.FTS.B,

Zero

Cpn.,

6/07/23

4,001

3,235

4819590.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,610

5,296

4819631.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,232

2,940

4819646.SQ.FTS.B,

Zero

Cpn.,

6/07/23

4,827

4,599

4819723.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,358

2,263

4819764.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,015

1,913

4819793.SQ.FTS.B,

Zero

Cpn.,

6/07/23

6,698

6,398

4819851.SQ.FTS.B,

Zero

Cpn.,

6/07/23

6,470

5,733

4819908.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,859

3,162

4819938.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,371

4,906

4819966.SQ.FTS.B,

Zero

Cpn.,

6/07/23

41,203

38,811

4820428.SQ.FTS.B,

Zero

Cpn.,

6/07/23

8,227

7,846

4820516.SQ.FTS.B,

Zero

Cpn.,

6/07/23

12,678

11,396

4820642.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,646

5,394

4821045.SQ.FTS.B,

Zero

Cpn.,

6/07/23

272

261

4821054.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,769

1,988

4821076.SQ.FTS.B,

Zero

Cpn.,

6/07/23

18,164

16,438

4821196.SQ.FTS.B,

Zero

Cpn.,

6/07/23

20,271

19,265

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

93

a

4821315.SQ.FTS.B,

Zero

Cpn.,

6/07/23

9,815

9,315

4821450.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,957

1,853

4821501.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,221

4,988

4821530.SQ.FTS.B,

Zero

Cpn.,

6/08/23

22,803

21,785

4821667.SQ.FTS.B,

Zero

Cpn.,

6/08/23

16,253

15,460

4821761.SQ.FTS.B,

Zero

Cpn.,

6/08/23

382

346

4821766.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,043

3,075

4821791.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,282

2,066

4821812.SQ.FTS.B,

Zero

Cpn.,

6/08/23

16,123

15,289

4821971.SQ.FTS.B,

Zero

Cpn.,

6/08/23

16,038

14,528

4822102.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,718

4,491

4822143.SQ.FTS.B,

Zero

Cpn.,

6/08/23

6,470

5,910

4822180.SQ.FTS.B,

Zero

Cpn.,

6/08/23

982

944

4822191.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,244

2,133

4822219.SQ.FTS.B,

Zero

Cpn.,

6/08/23

652

623

4822232.SQ.FTS.B,

Zero

Cpn.,

6/08/23

12,298

11,659

4822334.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,853

1,781

4822351.SQ.FTS.B,

Zero

Cpn.,

6/08/23

9,121

8,687

4822443.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,789

5,529

4822535.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,481

5,236

4822683.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,205

2,412

4822756.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,761

4,519

4822924.SQ.FTS.B,

Zero

Cpn.,

6/08/23

7,378

6,837

4823374.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,928

1,823

4823395.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,483

4,181

4823698.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,639

1,523

4823834.SQ.FTS.B,

Zero

Cpn.,

6/08/23

53,039

49,566

4827118.SQ.FTS.B,

Zero

Cpn.,

6/09/23

4,058

3,841

4827171.SQ.FTS.B,

Zero

Cpn.,

6/09/23

1,336

1,261

4827183.SQ.FTS.B,

Zero

Cpn.,

6/09/23

33,286

28,133

4827621.SQ.FTS.B,

Zero

Cpn.,

6/09/23

45,854

43,778

4828704.SQ.FTS.B,

Zero

Cpn.,

6/09/23

1,283

1,220

4828714.SQ.FTS.B,

Zero

Cpn.,

6/09/23

9,571

9,116

4828875.SQ.FTS.B,

Zero

Cpn.,

6/09/23

1,879

1,697

4828994.SQ.FTS.B,

Zero

Cpn.,

6/09/23

50,807

47,919

4829173.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,458

6,154

4829736.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,628

1,552

4829812.SQ.FTS.B,

Zero

Cpn.,

6/10/23

657

500

4829826.SQ.FTS.B,

Zero

Cpn.,

6/10/23

7,365

6,825

4830084.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,634

6,075

4830154.SQ.FTS.B,

Zero

Cpn.,

6/10/23

23,559

20,930

4830359.SQ.FTS.B,

Zero

Cpn.,

6/10/23

10,324

9,834

4830446.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,063

3,812

4830477.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,746

1,673

4830497.SQ.FTS.B,

Zero

Cpn.,

6/10/23

618

581

4830502.SQ.FTS.B,

Zero

Cpn.,

6/10/23

899

848

4830509.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,287

2,496

4830541.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,622

5,397

4830633.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,808

1,714

4830665.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,902

1,791

4830692.SQ.FTS.B,

Zero

Cpn.,

6/10/23

10,233

9,446

4830783.SQ.FTS.B,

Zero

Cpn.,

6/10/23

8,754

8,066

4830898.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,506

4,301

4830947.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,985

1,867

4830961.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,016

2,856

4830991.SQ.FTS.B,

Zero

Cpn.,

6/10/23

9,914

9,154

4831105.SQ.FTS.B,

Zero

Cpn.,

6/10/23

8,650

7,903

4831203.SQ.FTS.B,

Zero

Cpn.,

6/10/23

13,033

12,300

4831323.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,051

1,909

4831338.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,992

4,745

4831389.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,967

3,471

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

94

a

4831423.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,509

3,351

4831455.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,247

2,732

4831494.SQ.FTS.B,

Zero

Cpn.,

6/10/23

24,809

23,680

4831750.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,344

1,027

4831776.SQ.FTS.B,

Zero

Cpn.,

6/10/23

32,389

30,917

4832211.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,130

2,026

4832239.SQ.FTS.B,

Zero

Cpn.,

6/10/23

974

903

4832246.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,849

1,711

4832259.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,274

1,234

4832304.SQ.FTS.B,

Zero

Cpn.,

6/10/23

9,539

9,108

4832421.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,305

6,019

4832494.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,607

1,547

4832521.SQ.FTS.B,

Zero

Cpn.,

6/10/23

44,151

41,193

4833101.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,319

5,962

4833195.SQ.FTS.B,

Zero

Cpn.,

6/11/23

616

593

4833227.SQ.FTS.B,

Zero

Cpn.,

6/11/23

797

750

4833235.SQ.FTS.B,

Zero

Cpn.,

6/11/23

3,972

3,764

4833277.SQ.FTS.B,

Zero

Cpn.,

6/11/23

9,635

9,199

4833418.SQ.FTS.B,

Zero

Cpn.,

6/11/23

9,752

9,310

4833598.SQ.FTS.B,

Zero

Cpn.,

6/11/23

851

782

4833612.SQ.FTS.B,

Zero

Cpn.,

6/11/23

31,269

29,844

4834117.SQ.FTS.B,

Zero

Cpn.,

6/12/23

27,915

26,647

4834515.SQ.FTS.B,

Zero

Cpn.,

6/12/23

3,603

3,444

4834587.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,090

1,993

4834623.SQ.FTS.B,

Zero

Cpn.,

6/12/23

1,887

1,809

4834651.SQ.FTS.B,

Zero

Cpn.,

6/12/23

16,020

14,851

4835244.SQ.FTS.B,

Zero

Cpn.,

6/13/23

8,850

8,247

4835515.SQ.FTS.B,

Zero

Cpn.,

6/13/23

2,734

2,600

4835576.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,858

3,515

4835642.SQ.FTS.B,

Zero

Cpn.,

6/13/23

2,374

2,251

4835693.SQ.FTS.B,

Zero

Cpn.,

6/13/23

6,241

5,959

4836276.SQ.FTS.B,

Zero

Cpn.,

6/13/23

6,103

5,307

4836413.SQ.FTS.B,

Zero

Cpn.,

6/13/23

11,886

11,345

4836661.SQ.FTS.B,

Zero

Cpn.,

6/13/23

4,969

4,511

4836745.SQ.FTS.B,

Zero

Cpn.,

6/13/23

27,966

26,560

4837340.SQ.FTS.B,

Zero

Cpn.,

6/13/23

28,146

26,867

4837885.SQ.FTS.B,

Zero

Cpn.,

6/13/23

1,468

1,326

4837898.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,356

3,202

4837956.SQ.FTS.B,

Zero

Cpn.,

6/14/23

13,824

13,095

4838106.SQ.FTS.B,

Zero

Cpn.,

6/14/23

19,601

18,568

4838342.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,188

6,088

4838426.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,833

6,497

4838560.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,311

1,238

4838583.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,323

2,989

4838626.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,109

4,756

4838704.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,596

3,437

4838775.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,130

6,710

4838899.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,614

6,775

4838959.SQ.FTS.B,

Zero

Cpn.,

6/14/23

880

841

4838965.SQ.FTS.B,

Zero

Cpn.,

6/14/23

9,760

9,280

4838993.SQ.FTS.B,

Zero

Cpn.,

6/14/23

847

804

4838996.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,711

2,587

4839011.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,729

1,550

4839028.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,036

5,762

4839044.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,758

7,413

4839108.SQ.FTS.B,

Zero

Cpn.,

6/14/23

17,129

16,229

4839177.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,381

1,065

4839226.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,416

5,159

4839313.SQ.FTS.B,

Zero

Cpn.,

6/14/23

14,369

12,424

4839431.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,365

3,081

4839467.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,957

2,801

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

95

a

4839531.SQ.FTS.B,

Zero

Cpn.,

6/14/23

730

678

4839533.SQ.FTS.B,

Zero

Cpn.,

6/14/23

651

629

4839540.SQ.FTS.B,

Zero

Cpn.,

6/14/23

9,174

8,758

4839541.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,771

2,580

4839678.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,127

4,830

4839710.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,311

3,160

4839776.SQ.FTS.B,

Zero

Cpn.,

6/14/23

8,534

7,984

4839889.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,301

2,176

4839904.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,217

1,061

4839936.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,163

1,051

4839955.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,681

3,514

4839976.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,379

1,296

4840023.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,925

6,340

4840030.SQ.FTS.B,

Zero

Cpn.,

6/14/23

539

505

4840050.SQ.FTS.B,

Zero

Cpn.,

6/14/23

18,728

17,744

4840084.SQ.FTS.B,

Zero

Cpn.,

6/14/23

633

604

4840100.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,793

2,504

4840132.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,559

1,399

4840154.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,016

3,848

4840251.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,804

6,495

4840351.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,977

4,955

4840406.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,820

1,721

4840423.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,555

4,095

4840493.SQ.FTS.B,

Zero

Cpn.,

6/14/23

10,510

10,031

4840628.SQ.FTS.B,

Zero

Cpn.,

6/14/23

17,035

16,285

4840736.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,770

2,631

4840821.SQ.FTS.B,

Zero

Cpn.,

6/14/23

8,823

8,423

4840836.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,089

1,008

4840866.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,369

1,293

4840904.SQ.FTS.B,

Zero

Cpn.,

6/15/23

91,226

84,354

4841864.SQ.FTS.B,

Zero

Cpn.,

6/15/23

7,884

7,523

4841922.SQ.FTS.B,

Zero

Cpn.,

6/15/23

6,565

6,266

4842015.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,176

2,078

4842040.SQ.FTS.B,

Zero

Cpn.,

6/15/23

7,818

7,407

4842111.SQ.FTS.B,

Zero

Cpn.,

6/15/23

9,216

8,778

4842280.SQ.FTS.B,

Zero

Cpn.,

6/15/23

9,238

8,679

4842429.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,196

2,123

4842489.SQ.FTS.B,

Zero

Cpn.,

6/15/23

3,329

3,170

4842522.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,816

2,608

4842548.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,730

1,641

4842575.SQ.FTS.B,

Zero

Cpn.,

6/15/23

5,481

5,165

4842633.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,622

1,391

4842648.SQ.FTS.B,

Zero

Cpn.,

6/15/23

4,301

4,083

4842685.SQ.FTS.B,

Zero

Cpn.,

6/15/23

6,261

5,777

4842750.SQ.FTS.B,

Zero

Cpn.,

6/15/23

14,371

13,655

4842915.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,911

1,771

4842920.SQ.FTS.B,

Zero

Cpn.,

6/15/23

7,231

6,465

4842977.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,661

2,355

4843000.SQ.FTS.B,

Zero

Cpn.,

6/15/23

555

520

4843005.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,483

1,406

4843009.SQ.FTS.B,

Zero

Cpn.,

6/15/23

4,165

3,967

4843062.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,975

1,862

4843076.SQ.FTS.B,

Zero

Cpn.,

6/15/23

8,577

8,053

4843181.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,873

2,587

4843205.SQ.FTS.B,

Zero

Cpn.,

6/15/23

11,847

11,152

4843326.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,291

2,132

4848064.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,222

1,166

4848143.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,636

5,265

4848262.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,522

5,270

4848330.SQ.FTS.B,

Zero

Cpn.,

6/16/23

76,325

72,520

4850204.SQ.FTS.B,

Zero

Cpn.,

6/16/23

4,506

4,155

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

96

a

4850316.SQ.FTS.B,

Zero

Cpn.,

6/16/23

578

517

4850328.SQ.FTS.B,

Zero

Cpn.,

6/16/23

3,114

2,831

4850391.SQ.FTS.B,

Zero

Cpn.,

6/16/23

8,091

7,693

4850505.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,088

1,038

4850518.SQ.FTS.B,

Zero

Cpn.,

6/16/23

11,644

11,019

4850698.SQ.FTS.B,

Zero

Cpn.,

6/16/23

852

817

4850729.SQ.FTS.B,

Zero

Cpn.,

6/16/23

8,945

8,268

4850840.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,860

5,592

4850978.SQ.FTS.B,

Zero

Cpn.,

6/16/23

29,699

27,636

4856114.SQ.FTS.B,

Zero

Cpn.,

6/16/23

2,489

2,297

4856932.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,076

5,796

4857077.SQ.FTS.B,

Zero

Cpn.,

6/16/23

9,648

9,207

4857290.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,807

1,696

4857346.SQ.FTS.B,

Zero

Cpn.,

6/16/23

10,506

9,981

4857511.SQ.FTS.B,

Zero

Cpn.,

6/16/23

9,022

8,606

4857568.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,180

1,086

4857582.SQ.FTS.B,

Zero

Cpn.,

6/16/23

13,827

13,189

4857724.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,160

905

4857804.SQ.FTS.B,

Zero

Cpn.,

6/17/23

7,802

7,424

4857977.SQ.FTS.B,

Zero

Cpn.,

6/17/23

10,941

9,325

4858171.SQ.FTS.B,

Zero

Cpn.,

6/17/23

11,175

10,595

4858414.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,331

4,157

4858569.SQ.FTS.B,

Zero

Cpn.,

6/17/23

10,355

9,807

4858954.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,274

1,218

4859133.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,411

3,254

4859329.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,092

4,468

4859461.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,456

1,328

4859476.SQ.FTS.B,

Zero

Cpn.,

6/17/23

22,559

21,515

4859960.SQ.FTS.B,

Zero

Cpn.,

6/17/23

7,311

6,975

4860068.SQ.FTS.B,

Zero

Cpn.,

6/17/23

8,133

7,499

4860171.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,702

6,019

4860268.SQ.FTS.B,

Zero

Cpn.,

6/17/23

4,148

3,956

4860325.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,958

2,821

4860368.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,100

4,721

4860532.SQ.FTS.B,

Zero

Cpn.,

6/17/23

47,970

45,772

4861254.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,766

6,263

4861346.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,703

2,581

4861386.SQ.FTS.B,

Zero

Cpn.,

6/17/23

17,179

16,179

4861548.SQ.FTS.B,

Zero

Cpn.,

6/17/23

12,440

11,695

4861796.SQ.FTS.B,

Zero

Cpn.,

6/17/23

10,008

9,561

4861840.SQ.FTS.B,

Zero

Cpn.,

6/18/23

7,427

6,950

4861856.SQ.FTS.B,

Zero

Cpn.,

6/18/23

4,657

4,460

4861887.SQ.FTS.B,

Zero

Cpn.,

6/18/23

19,766

18,438

4861940.SQ.FTS.B,

Zero

Cpn.,

6/18/23

9,360

8,927

4861946.SQ.FTS.B,

Zero

Cpn.,

6/18/23

95,417

90,909

4862028.SQ.FTS.B,

Zero

Cpn.,

6/18/23

18,231

17,373

4862276.SQ.FTS.B,

Zero

Cpn.,

6/18/23

6,214

5,926

4862284.SQ.FTS.B,

Zero

Cpn.,

6/18/23

3,770

3,545

4862308.SQ.FTS.B,

Zero

Cpn.,

6/18/23

6,405

6,114

4862362.SQ.FTS.B,

Zero

Cpn.,

6/18/23

4,970

4,691

4862378.SQ.FTS.B,

Zero

Cpn.,

6/18/23

3,426

3,226

4862382.SQ.FTS.B,

Zero

Cpn.,

6/18/23

5,772

5,380

4862400.SQ.FTS.B,

Zero

Cpn.,

6/18/23

1,233

1,157

4862404.SQ.FTS.B,

Zero

Cpn.,

6/18/23

4,176

3,459

4862427.SQ.FTS.B,

Zero

Cpn.,

6/18/23

2,349

2,203

4862442.SQ.FTS.B,

Zero

Cpn.,

6/18/23

1,984

1,698

4862453.SQ.FTS.B,

Zero

Cpn.,

6/18/23

9,237

7,918

4862486.SQ.FTS.B,

Zero

Cpn.,

6/18/23

11,059

10,351

4862500.SQ.FTS.B,

Zero

Cpn.,

6/18/23

4,454

4,142

4862522.SQ.FTS.B,

Zero

Cpn.,

6/18/23

1,659

1,490

4862530.SQ.FTS.B,

Zero

Cpn.,

6/18/23

6,339

6,071

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

97

a

4862570.SQ.FTS.B,

Zero

Cpn.,

6/18/23

18,360

17,011

4862654.SQ.FTS.B,

Zero

Cpn.,

6/18/23

565

532

4862657.SQ.FTS.B,

Zero

Cpn.,

6/18/23

13,455

12,552

4862660.SQ.FTS.B,

Zero

Cpn.,

6/18/23

6,883

6,564

4862693.SQ.FTS.B,

Zero

Cpn.,

6/19/23

6,146

5,794

4862751.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,990

2,807

4862774.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,632

1,559

4862782.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,280

1,219

4862786.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,051

943

4862790.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,855

3,677

4862803.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,977

2,822

4862804.SQ.FTS.B,

Zero

Cpn.,

6/19/23

12,025

11,369

4862854.SQ.FTS.B,

Zero

Cpn.,

6/19/23

546

514

4862864.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,933

3,754

4862865.SQ.FTS.B,

Zero

Cpn.,

6/19/23

16,809

16,031

4862952.SQ.FTS.B,

Zero

Cpn.,

6/19/23

23,445

22,402

4862982.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,709

3,492

4863002.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,060

1,003

4863008.SQ.FTS.B,

Zero

Cpn.,

6/19/23

9,862

9,130

4863057.SQ.FTS.B,

Zero

Cpn.,

6/19/23

10,394

9,810

4863119.SQ.FTS.B,

Zero

Cpn.,

6/19/23

487

466

4863124.SQ.FTS.B,

Zero

Cpn.,

6/19/23

4,021

3,813

4863147.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,259

1,148

4863153.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,959

2,821

4863168.SQ.FTS.B,

Zero

Cpn.,

6/19/23

11,830

10,918

4863219.SQ.FTS.B,

Zero

Cpn.,

6/19/23

20,826

19,595

4863339.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,676

1,549

4863348.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,524

1,380

4863358.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,586

1,497

4863369.SQ.FTS.B,

Zero

Cpn.,

6/19/23

4,882

4,654

4863388.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,087

1,030

4863390.SQ.FTS.B,

Zero

Cpn.,

6/19/23

47,950

45,523

4863407.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,924

2,703

4863433.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,424

2,169

4863482.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,235

2,131

4863625.SQ.FTS.B,

Zero

Cpn.,

6/20/23

995

918

4863679.SQ.FTS.B,

Zero

Cpn.,

6/20/23

16,519

15,035

4864028.SQ.FTS.B,

Zero

Cpn.,

6/20/23

14,470

13,802

4864376.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,387

3,194

4864457.SQ.FTS.B,

Zero

Cpn.,

6/20/23

12,514

11,934

4864955.SQ.FTS.B,

Zero

Cpn.,

6/20/23

14,304

13,640

4864978.SQ.FTS.B,

Zero

Cpn.,

6/20/23

8,273

7,840

4865091.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,464

1,327

4865116.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,839

4,626

4865190.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,736

4,518

4865263.SQ.FTS.B,

Zero

Cpn.,

6/20/23

12,885

12,297

4865333.SQ.FTS.B,

Zero

Cpn.,

6/20/23

9,736

9,135

4865376.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,812

1,428

4865386.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,044

2,886

4865426.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,460

1,366

4865440.SQ.FTS.B,

Zero

Cpn.,

6/20/23

7,050

6,741

4865542.SQ.FTS.B,

Zero

Cpn.,

6/20/23

10,677

10,151

4865628.SQ.FTS.B,

Zero

Cpn.,

6/20/23

11,793

11,192

4865636.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,143

1,088

4865638.SQ.FTS.B,

Zero

Cpn.,

6/20/23

37,433

35,723

4865959.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,768

5,422

4865976.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,131

1,057

4865981.SQ.FTS.B,

Zero

Cpn.,

6/20/23

32,714

31,220

4866334.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,466

3,306

4866403.SQ.FTS.B,

Zero

Cpn.,

6/20/23

39,568

36,759

4866421.SQ.FTS.B,

Zero

Cpn.,

6/20/23

6,208

5,741

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

98

a

4866453.SQ.FTS.B,

Zero

Cpn.,

6/20/23

22,089

20,405

4866541.SQ.FTS.B,

Zero

Cpn.,

6/20/23

8,979

8,420

4866578.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,548

4,314

4866608.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,477

3,268

4866630.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,954

5,628

4866678.SQ.FTS.B,

Zero

Cpn.,

6/20/23

937

896

4866679.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,580

2,270

4866699.SQ.FTS.B,

Zero

Cpn.,

6/20/23

15,271

14,566

4866789.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,884

4,609

4866829.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,438

3,234

4866851.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,393

2,289

4866879.SQ.FTS.B,

Zero

Cpn.,

6/20/23

28,624

27,286

4867003.SQ.FTS.B,

Zero

Cpn.,

6/20/23

26,285

22,926

4867017.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,054

1,834

4867042.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,427

1,321

4867050.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,818

3,642

4867088.SQ.FTS.B,

Zero

Cpn.,

6/20/23

6,197

5,898

4867121.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,976

5,691

4867138.SQ.FTS.B,

Zero

Cpn.,

6/20/23

48,523

43,163

4867232.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,416

4,033

4867305.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,032

955

4867369.SQ.FTS.B,

Zero

Cpn.,

6/21/23

3,075

2,811

4867400.SQ.FTS.B,

Zero

Cpn.,

6/21/23

9,490

9,061

4867535.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,308

1,211

4867547.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,038

5,681

4867578.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,291

4,956

4867627.SQ.FTS.B,

Zero

Cpn.,

6/21/23

10,783

9,075

4867691.SQ.FTS.B,

Zero

Cpn.,

6/21/23

930

855

4867700.SQ.FTS.B,

Zero

Cpn.,

6/21/23

4,076

3,413

4867717.SQ.FTS.B,

Zero

Cpn.,

6/21/23

3,472

3,183

4867797.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,211

1,060

4867823.SQ.FTS.B,

Zero

Cpn.,

6/21/23

3,052

2,858

4867847.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,034

5,646

4867940.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,157

1,096

4867972.SQ.FTS.B,

Zero

Cpn.,

6/21/23

3,627

3,429

4868054.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,489

2,374

4868123.SQ.FTS.B,

Zero

Cpn.,

6/21/23

691

634

4868144.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,273

1,180

4868193.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,597

1,525

4868230.SQ.FTS.B,

Zero

Cpn.,

6/21/23

14,661

13,988

4868442.SQ.FTS.B,

Zero

Cpn.,

6/21/23

869

829

4868460.SQ.FTS.B,

Zero

Cpn.,

6/21/23

10,580

9,093

4868571.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,526

5,268

4868635.SQ.FTS.B,

Zero

Cpn.,

6/21/23

4,024

3,725

4868677.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,812

5,868

4868756.SQ.FTS.B,

Zero

Cpn.,

6/21/23

21,579

20,533

4868930.SQ.FTS.B,

Zero

Cpn.,

6/21/23

3,907

3,442

4868965.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,883

6,559

4869025.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,150

4,666

4869065.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,659

1,311

4869093.SQ.FTS.B,

Zero

Cpn.,

6/21/23

29,915

28,117

4869395.SQ.FTS.B,

Zero

Cpn.,

6/21/23

783

737

4869401.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,646

1,990

4869425.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,886

2,752

4869456.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,611

5,347

4869543.SQ.FTS.B,

Zero

Cpn.,

6/21/23

7,237

6,444

4869641.SQ.FTS.B,

Zero

Cpn.,

6/21/23

19,839

18,587

4869863.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,794

1,688

4871704.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,139

1,055

4871724.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,315

2,175

4871730.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,132

1,072

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

99

a

4871736.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,522

5,281

4871742.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,856

4,624

4871768.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,672

5,576

4871782.SQ.FTS.B,

Zero

Cpn.,

6/22/23

20,900

19,765

4871805.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,947

2,767

4871825.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,156

4,226

4871832.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,831

1,726

4871848.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,335

3,067

4871860.SQ.FTS.B,

Zero

Cpn.,

6/22/23

11,589

11,037

4871906.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,386

5,133

4871919.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,396

3,198

4871942.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,854

6,531

4871945.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,985

5,464

4871969.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,765

2,510

4871985.SQ.FTS.B,

Zero

Cpn.,

6/22/23

14,794

13,665

4871988.SQ.FTS.B,

Zero

Cpn.,

6/22/23

25,572

23,827

4872036.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,134

1,987

4872042.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,099

1,047

4872046.SQ.FTS.B,

Zero

Cpn.,

6/22/23

8,894

8,135

4872084.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,557

1,412

4872092.SQ.FTS.B,

Zero

Cpn.,

6/22/23

32,266

30,755

4872154.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,174

1,102

4872163.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,044

3,806

4872213.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,830

5,475

4872286.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,592

5,329

4872295.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,321

2,219

4872321.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,156

1,085

4872327.SQ.FTS.B,

Zero

Cpn.,

6/22/23

20,520

19,505

4872355.SQ.FTS.B,

Zero

Cpn.,

6/22/23

21,198

19,663

4872471.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,391

1,277

4872476.SQ.FTS.B,

Zero

Cpn.,

6/22/23

18,080

17,215

4872614.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,703

6,304

4872660.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,028

4,722

4872677.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,785

5,315

4872684.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,917

4,671

4872701.SQ.FTS.B,

Zero

Cpn.,

6/22/23

13,183

12,564

4872745.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,179

3,023

4872787.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,099

1,034

4872799.SQ.FTS.B,

Zero

Cpn.,

6/22/23

8,490

8,047

4872812.SQ.FTS.B,

Zero

Cpn.,

6/22/23

7,521

7,064

4872888.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,208

2,091

4872903.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,349

3,178

4872930.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,520

2,329

4872933.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,993

4,728

4872945.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,377

4,135

4872956.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,893

2,748

4872979.SQ.FTS.B,

Zero

Cpn.,

6/22/23

8,447

7,834

4873017.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,708

3,535

4873083.SQ.FTS.B,

Zero

Cpn.,

6/22/23

11,322

9,503

4873112.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,236

5,902

4873171.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,100

1,031

4873181.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,016

1,850

4873183.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,005

4,411

4873197.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,820

4,539

4873267.SQ.FTS.B,

Zero

Cpn.,

6/22/23

33,395

31,833

4873268.SQ.FTS.B,

Zero

Cpn.,

6/22/23

9,754

9,178

4873395.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,239

4,712

4873456.SQ.FTS.B,

Zero

Cpn.,

6/22/23

61,400

58,224

4873501.SQ.FTS.B,

Zero

Cpn.,

6/22/23

17,206

15,051

4873590.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,608

6,246

4873648.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,016

952

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

100

a

4873665.SQ.FTS.B,

Zero

Cpn.,

6/22/23

26,360

24,764

4873774.SQ.FTS.B,

Zero

Cpn.,

6/22/23

7,658

7,119

4873845.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,105

2,859

4873875.SQ.FTS.B,

Zero

Cpn.,

6/22/23

13,157

12,176

4873945.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,726

4,223

4873994.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,592

2,424

4874064.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,088

5,655

4874081.SQ.FTS.B,

Zero

Cpn.,

6/22/23

9,263

8,726

4874117.SQ.FTS.B,

Zero

Cpn.,

6/22/23

10,000

9,407

4874141.SQ.FTS.B,

Zero

Cpn.,

6/23/23

3,439

3,279

4874185.SQ.FTS.B,

Zero

Cpn.,

6/23/23

3,022

2,861

4874209.SQ.FTS.B,

Zero

Cpn.,

6/23/23

4,060

3,730

4874246.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,291

2,189

4874275.SQ.FTS.B,

Zero

Cpn.,

6/23/23

9,450

8,971

4874381.SQ.FTS.B,

Zero

Cpn.,

6/23/23

3,105

2,916

4874404.SQ.FTS.B,

Zero

Cpn.,

6/23/23

22,086

18,587

4874643.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,633

5,368

4874742.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,729

1,603

4874764.SQ.FTS.B,

Zero

Cpn.,

6/23/23

20,757

19,211

4875037.SQ.FTS.B,

Zero

Cpn.,

6/23/23

4,283

3,973

4875086.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,066

1,012

4875100.SQ.FTS.B,

Zero

Cpn.,

6/23/23

18,868

17,983

4875373.SQ.FTS.B,

Zero

Cpn.,

6/23/23

7,385

6,898

4875505.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,683

1,545

4875528.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,594

5,212

4875631.SQ.FTS.B,

Zero

Cpn.,

6/23/23

22,051

20,163

4875879.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,010

4,680

4875937.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,015

956

4875943.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,031

1,897

4876039.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,437

4,592

4876127.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,073

1,961

4876154.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,136

4,501

4876228.SQ.FTS.B,

Zero

Cpn.,

6/23/23

7,026

6,601

4876277.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,108

4,864

4876330.SQ.FTS.B,

Zero

Cpn.,

6/23/23

14,046

13,386

4876480.SQ.FTS.B,

Zero

Cpn.,

6/24/23

22,453

20,191

4876494.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,147

1,005

4876504.SQ.FTS.B,

Zero

Cpn.,

6/24/23

25,279

23,923

4876575.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,982

1,712

4876579.SQ.FTS.B,

Zero

Cpn.,

6/24/23

16,594

15,492

4876610.SQ.FTS.B,

Zero

Cpn.,

6/24/23

26,224

22,254

4876692.SQ.FTS.B,

Zero

Cpn.,

6/24/23

15,934

15,183

4876728.SQ.FTS.B,

Zero

Cpn.,

6/24/23

2,623

2,441

4876751.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,876

1,579

4876757.SQ.FTS.B,

Zero

Cpn.,

6/24/23

12,156

11,582

4876767.SQ.FTS.B,

Zero

Cpn.,

6/24/23

32,764

30,939

4876794.SQ.FTS.B,

Zero

Cpn.,

6/24/23

21,911

19,722

4876852.SQ.FTS.B,

Zero

Cpn.,

6/24/23

12,644

11,610

4876882.SQ.FTS.B,

Zero

Cpn.,

6/24/23

3,547

3,336

4876901.SQ.FTS.B,

Zero

Cpn.,

6/24/23

562

519

4876903.SQ.FTS.B,

Zero

Cpn.,

6/24/23

9,038

8,549

4876934.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,160

1,000

4876938.SQ.FTS.B,

Zero

Cpn.,

6/24/23

2,013

1,917

4876941.SQ.FTS.B,

Zero

Cpn.,

6/24/23

50,211

47,834

4877089.SQ.FTS.B,

Zero

Cpn.,

6/24/23

31,659

29,864

4877128.SQ.FTS.B,

Zero

Cpn.,

6/24/23

16,162

14,545

4877205.SQ.FTS.B,

Zero

Cpn.,

6/25/23

21,586

19,836

4877267.SQ.FTS.B,

Zero

Cpn.,

6/25/23

1,246

1,186

4877274.SQ.FTS.B,

Zero

Cpn.,

6/25/23

29,948

28,471

4877302.SQ.FTS.B,

Zero

Cpn.,

6/25/23

1,265

1,201

4877319.SQ.FTS.B,

Zero

Cpn.,

6/25/23

2,037

1,944

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

101

a

4877352.SQ.FTS.B,

Zero

Cpn.,

6/25/23

4,393

4,186

4877374.SQ.FTS.B,

Zero

Cpn.,

6/25/23

1,858

1,683

4877381.SQ.FTS.B,

Zero

Cpn.,

6/25/23

2,415

2,268

4877393.SQ.FTS.B,

Zero

Cpn.,

6/25/23

2,695

2,571

4877412.SQ.FTS.B,

Zero

Cpn.,

6/25/23

7,545

7,188

4877422.SQ.FTS.B,

Zero

Cpn.,

6/25/23

3,631

3,434

4877437.SQ.FTS.B,

Zero

Cpn.,

6/25/23

3,715

3,401

4877450.SQ.FTS.B,

Zero

Cpn.,

6/25/23

4,296

3,893

4877462.SQ.FTS.B,

Zero

Cpn.,

6/25/23

7,383

7,036

4877478.SQ.FTS.B,

Zero

Cpn.,

6/25/23

510

440

4877483.SQ.FTS.B,

Zero

Cpn.,

6/25/23

11,058

10,538

4877496.SQ.FTS.B,

Zero

Cpn.,

6/25/23

4,156

3,929

4877524.SQ.FTS.B,

Zero

Cpn.,

6/25/23

36,529

33,673

4877634.SQ.FTS.B,

Zero

Cpn.,

6/26/23

10,502

10,005

4877635.SQ.FTS.B,

Zero

Cpn.,

6/26/23

15,748

14,139

4877674.SQ.FTS.B,

Zero

Cpn.,

6/26/23

1,977

1,860

4877682.SQ.FTS.B,

Zero

Cpn.,

6/26/23

1,906

1,728

4877686.SQ.FTS.B,

Zero

Cpn.,

6/26/23

3,553

3,220

4877701.SQ.FTS.B,

Zero

Cpn.,

6/26/23

21,727

19,574

4877754.SQ.FTS.B,

Zero

Cpn.,

6/26/23

919

863

4877769.SQ.FTS.B,

Zero

Cpn.,

6/26/23

8,052

7,675

4877770.SQ.FTS.B,

Zero

Cpn.,

6/26/23

1,105

1,026

4877777.SQ.FTS.B,

Zero

Cpn.,

6/26/23

3,913

3,673

4877793.SQ.FTS.B,

Zero

Cpn.,

6/26/23

4,705

4,432

4877812.SQ.FTS.B,

Zero

Cpn.,

6/26/23

3,624

2,909

4877820.SQ.FTS.B,

Zero

Cpn.,

6/26/23

1,798

1,720

4877825.SQ.FTS.B,

Zero

Cpn.,

6/26/23

5,168

4,856

4877846.SQ.FTS.B,

Zero

Cpn.,

6/26/23

2,034

1,721

4877852.SQ.FTS.B,

Zero

Cpn.,

6/26/23

19,297

18,108

4877889.SQ.FTS.B,

Zero

Cpn.,

6/26/23

1,781

1,693

4877905.SQ.FTS.B,

Zero

Cpn.,

6/26/23

3,140

2,977

4877907.SQ.FTS.B,

Zero

Cpn.,

6/26/23

5,365

4,856

4877922.SQ.FTS.B,

Zero

Cpn.,

6/26/23

3,285

2,710

4877938.SQ.FTS.B,

Zero

Cpn.,

6/26/23

12,154

11,505

4877950.SQ.FTS.B,

Zero

Cpn.,

6/26/23

6,907

6,080

4877997.SQ.FTS.B,

Zero

Cpn.,

6/27/23

6,300

5,948

4878083.SQ.FTS.B,

Zero

Cpn.,

6/27/23

5,787

5,494

4878162.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,007

1,867

4878164.SQ.FTS.B,

Zero

Cpn.,

6/27/23

5,500

5,041

4878169.SQ.FTS.B,

Zero

Cpn.,

6/27/23

7,512

7,103

4878243.SQ.FTS.B,

Zero

Cpn.,

6/27/23

7,284

6,888

4878324.SQ.FTS.B,

Zero

Cpn.,

6/27/23

12,172

11,451

4878420.SQ.FTS.B,

Zero

Cpn.,

6/27/23

14,960

14,193

4878443.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,670

3,449

4878502.SQ.FTS.B,

Zero

Cpn.,

6/27/23

5,021

4,636

4878534.SQ.FTS.B,

Zero

Cpn.,

6/27/23

10,174

9,695

4878615.SQ.FTS.B,

Zero

Cpn.,

6/27/23

37,331

35,581

4878833.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,268

2,152

4878867.SQ.FTS.B,

Zero

Cpn.,

6/27/23

19,664

18,718

4878881.SQ.FTS.B,

Zero

Cpn.,

6/27/23

25,806

23,952

4878989.SQ.FTS.B,

Zero

Cpn.,

6/27/23

6,335

6,038

4879023.SQ.FTS.B,

Zero

Cpn.,

6/27/23

4,937

4,644

4879046.SQ.FTS.B,

Zero

Cpn.,

6/27/23

747

655

4879052.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,785

3,601

4879078.SQ.FTS.B,

Zero

Cpn.,

6/27/23

9,271

8,533

4879102.SQ.FTS.B,

Zero

Cpn.,

6/27/23

439

420

4879106.SQ.FTS.B,

Zero

Cpn.,

6/27/23

8,042

7,598

4879141.SQ.FTS.B,

Zero

Cpn.,

6/27/23

14,228

12,302

4879196.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,086

1,949

4879205.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,221

2,965

4879208.SQ.FTS.B,

Zero

Cpn.,

6/27/23

4,582

4,293

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

102

a

4879232.SQ.FTS.B,

Zero

Cpn.,

6/27/23

23,201

21,388

4879290.SQ.FTS.B,

Zero

Cpn.,

6/27/23

16,271

15,281

4879309.SQ.FTS.B,

Zero

Cpn.,

6/27/23

12,574

11,363

4879352.SQ.FTS.B,

Zero

Cpn.,

6/27/23

18,397

17,420

4879426.SQ.FTS.B,

Zero

Cpn.,

6/27/23

68,466

63,047

4879470.SQ.FTS.B,

Zero

Cpn.,

6/27/23

25,851

24,208

4879657.SQ.FTS.B,

Zero

Cpn.,

6/27/23

5,096

4,860

4879672.SQ.FTS.B,

Zero

Cpn.,

6/27/23

1,545

1,460

4879676.SQ.FTS.B,

Zero

Cpn.,

6/27/23

10,241

9,459

4879704.SQ.FTS.B,

Zero

Cpn.,

6/27/23

13,940

12,949

4879793.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,355

2,241

4879810.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,125

2,977

4879818.SQ.FTS.B,

Zero

Cpn.,

6/27/23

16,743

15,954

4879836.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,233

2,122

4879846.SQ.FTS.B,

Zero

Cpn.,

6/27/23

6,793

6,419

4879860.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,063

1,788

4879869.SQ.FTS.B,

Zero

Cpn.,

6/27/23

34,212

32,135

4879951.SQ.FTS.B,

Zero

Cpn.,

6/27/23

35,779

33,788

4880001.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,783

3,607

4880014.SQ.FTS.B,

Zero

Cpn.,

6/27/23

826

786

4880018.SQ.FTS.B,

Zero

Cpn.,

6/27/23

8,152

7,710

4880047.SQ.FTS.B,

Zero

Cpn.,

6/27/23

701

660

4880054.SQ.FTS.B,

Zero

Cpn.,

6/27/23

6,662

5,841

4880077.SQ.FTS.B,

Zero

Cpn.,

6/27/23

15,945

14,611

4880109.SQ.FTS.B,

Zero

Cpn.,

6/27/23

23,762

20,910

4880175.SQ.FTS.B,

Zero

Cpn.,

6/27/23

11,018

9,961

4880187.SQ.FTS.B,

Zero

Cpn.,

6/27/23

4,111

3,800

4880206.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,101

2,008

4880223.SQ.FTS.B,

Zero

Cpn.,

6/27/23

5,130

4,897

4880230.SQ.FTS.B,

Zero

Cpn.,

6/27/23

14,047

13,405

4880268.SQ.FTS.B,

Zero

Cpn.,

6/27/23

29,503

27,440

4880348.SQ.FTS.B,

Zero

Cpn.,

6/27/23

6,475

6,176

4880364.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,922

2,735

4880434.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,345

5,916

4880480.SQ.FTS.B,

Zero

Cpn.,

6/28/23

9,387

8,558

4880571.SQ.FTS.B,

Zero

Cpn.,

6/28/23

23,133

21,743

4880963.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,398

2,289

4880972.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,469

4,154

4881001.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,042

3,813

4881078.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,432

1,340

4881103.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,596

2,478

4881125.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,802

5,406

4881177.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,358

3,144

4881221.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,044

5,665

4881283.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,307

3,992

4881339.SQ.FTS.B,

Zero

Cpn.,

6/28/23

52,910

50,191

4881598.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,437

4,227

4881599.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,311

5,018

4881603.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,970

6,539

4881615.SQ.FTS.B,

Zero

Cpn.,

6/28/23

410

391

4881616.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,182

3,007

4881617.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,169

2,071

4881619.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,291

5,981

4881620.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,365

5,067

4881621.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,389

3,152

4881622.SQ.FTS.B,

Zero

Cpn.,

6/28/23

29,031

27,501

4881660.SQ.FTS.B,

Zero

Cpn.,

6/28/23

15,523

14,622

4881684.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,334

4,995

4881768.SQ.FTS.B,

Zero

Cpn.,

6/28/23

19,700

18,618

4881921.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,553

2,394

4881937.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,076

1,983

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

103

a

4881963.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,906

3,679

4881988.SQ.FTS.B,

Zero

Cpn.,

6/28/23

69,486

65,038

4882016.SQ.FTS.B,

Zero

Cpn.,

6/28/23

15,985

14,977

4882243.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,109

1,038

4882258.SQ.FTS.B,

Zero

Cpn.,

6/28/23

11,211

10,563

4882388.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,838

5,495

4882432.SQ.FTS.B,

Zero

Cpn.,

6/28/23

7,173

6,878

4882516.SQ.FTS.B,

Zero

Cpn.,

6/28/23

8,243

7,905

4882583.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,140

5,959

4882604.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,793

4,537

4882636.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,463

3,305

4882641.SQ.FTS.B,

Zero

Cpn.,

6/28/23

916

858

4882659.SQ.FTS.B,

Zero

Cpn.,

6/28/23

539

500

4882662.SQ.FTS.B,

Zero

Cpn.,

6/28/23

6,420

5,938

4884614.SQ.FTS.B,

Zero

Cpn.,

6/29/23

4,044

3,787

4884664.SQ.FTS.B,

Zero

Cpn.,

6/29/23

6,158

5,776

4884730.SQ.FTS.B,

Zero

Cpn.,

6/29/23

7,610

7,116

4884766.SQ.FTS.B,

Zero

Cpn.,

6/29/23

19,324

18,180

4884960.SQ.FTS.B,

Zero

Cpn.,

6/29/23

2,320

2,202

4884983.SQ.FTS.B,

Zero

Cpn.,

6/29/23

4,994

4,681

4885048.SQ.FTS.B,

Zero

Cpn.,

6/29/23

15,386

14,593

4885239.SQ.FTS.B,

Zero

Cpn.,

6/29/23

27,388

25,703

4885655.SQ.FTS.B,

Zero

Cpn.,

6/29/23

2,778

2,586

4885688.SQ.FTS.B,

Zero

Cpn.,

6/29/23

1,615

1,492

4885720.SQ.FTS.B,

Zero

Cpn.,

6/29/23

714

672

4885727.SQ.FTS.B,

Zero

Cpn.,

6/29/23

65,669

61,355

4886238.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,187

3,043

4886259.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,168

2,948

4886310.SQ.FTS.B,

Zero

Cpn.,

6/29/23

20,310

19,383

4886534.SQ.FTS.B,

Zero

Cpn.,

6/30/23

6,728

6,423

4886579.SQ.FTS.B,

Zero

Cpn.,

6/30/23

22,514

20,920

4886936.SQ.FTS.B,

Zero

Cpn.,

6/30/23

37,287

34,946

4887435.SQ.FTS.B,

Zero

Cpn.,

6/30/23

6,120

5,720

4887532.SQ.FTS.B,

Zero

Cpn.,

6/30/23

8,802

8,183

4887653.SQ.FTS.B,

Zero

Cpn.,

6/30/23

1,505

1,411

4887697.SQ.FTS.B,

Zero

Cpn.,

6/30/23

5,132

4,792

4887776.SQ.FTS.B,

Zero

Cpn.,

6/30/23

19,551

18,380

4888014.SQ.FTS.B,

Zero

Cpn.,

6/30/23

7,160

6,833

4888119.SQ.FTS.B,

Zero

Cpn.,

6/30/23

94,182

88,094

4888889.SQ.FTS.B,

Zero

Cpn.,

6/30/23

11,336

10,642

4888984.SQ.FTS.B,

Zero

Cpn.,

6/30/23

28,079

26,390

4889225.SQ.FTS.B,

Zero

Cpn.,

6/30/23

17,597

16,795

4889386.SQ.FTS.B,

Zero

Cpn.,

6/30/23

20,646

19,537

4889578.SQ.FTS.B,

Zero

Cpn.,

7/01/23

12,619

11,756

4889720.SQ.FTS.B,

Zero

Cpn.,

7/01/23

2,489

2,285

4889761.SQ.FTS.B,

Zero

Cpn.,

7/01/23

18,027

16,695

4889927.SQ.FTS.B,

Zero

Cpn.,

7/02/23

2,860

2,656

4889959.SQ.FTS.B,

Zero

Cpn.,

7/02/23

7,644

7,170

4890034.SQ.FTS.B,

Zero

Cpn.,

7/02/23

11,724

10,914

4890140.SQ.FTS.B,

Zero

Cpn.,

7/02/23

2,030

1,901

4890152.SQ.FTS.B,

Zero

Cpn.,

7/02/23

6,744

6,438

4890219.SQ.FTS.B,

Zero

Cpn.,

7/02/23

20,025

18,715

4890566.SQ.FTS.B,

Zero

Cpn.,

7/03/23

2,648

2,498

4890651.SQ.FTS.B,

Zero

Cpn.,

7/03/23

6,349

6,058

4890788.SQ.FTS.B,

Zero

Cpn.,

7/03/23

2,463

2,317

4890877.SQ.FTS.B,

Zero

Cpn.,

7/03/23

35,299

33,196

4891514.SQ.FTS.B,

Zero

Cpn.,

7/03/23

2,178

2,045

4891549.SQ.FTS.B,

Zero

Cpn.,

7/03/23

4,098

3,833

4891653.SQ.FTS.B,

Zero

Cpn.,

7/03/23

2,051

1,921

4891692.SQ.FTS.B,

Zero

Cpn.,

7/03/23

10,935

10,230

4891956.SQ.FTS.B,

Zero

Cpn.,

7/03/23

3,822

3,628

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

104

a

4892054.SQ.FTS.B,

Zero

Cpn.,

7/03/23

10,510

9,853

4892414.SQ.FTS.B,

Zero

Cpn.,

7/04/23

9,929

9,476

4892737.SQ.FTS.B,

Zero

Cpn.,

7/04/23

2,561

2,399

4892791.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,167

3,916

4892914.SQ.FTS.B,

Zero

Cpn.,

7/04/23

5,131

4,800

4892973.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,189

1,112

4892996.SQ.FTS.B,

Zero

Cpn.,

7/04/23

10,231

9,538

4893163.SQ.FTS.B,

Zero

Cpn.,

7/04/23

13,608

12,721

4893336.SQ.FTS.B,

Zero

Cpn.,

7/04/23

5,178

4,833

4893412.SQ.FTS.B,

Zero

Cpn.,

7/04/23

7,114

6,786

4893530.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,269

1,184

4893551.SQ.FTS.B,

Zero

Cpn.,

7/04/23

833

786

4893571.SQ.FTS.B,

Zero

Cpn.,

7/04/23

30,335

29,181

4893905.SQ.FTS.B,

Zero

Cpn.,

7/04/23

18,058

16,818

4894092.SQ.FTS.B,

Zero

Cpn.,

7/04/23

5,774

5,429

4894121.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,612

4,325

4894153.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,852

1,749

4894157.SQ.FTS.B,

Zero

Cpn.,

7/04/23

6,840

6,564

4894205.SQ.FTS.B,

Zero

Cpn.,

7/04/23

7,376

6,914

4894283.SQ.FTS.B,

Zero

Cpn.,

7/04/23

6,864

6,503

4894387.SQ.FTS.B,

Zero

Cpn.,

7/04/23

516

486

4894401.SQ.FTS.B,

Zero

Cpn.,

7/04/23

10,377

9,732

4894516.SQ.FTS.B,

Zero

Cpn.,

7/04/23

52,982

50,482

4894875.SQ.FTS.B,

Zero

Cpn.,

7/04/23

3,676

3,402

4894926.SQ.FTS.B,

Zero

Cpn.,

7/05/23

6,035

5,756

4895046.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,640

4,414

4895067.SQ.FTS.B,

Zero

Cpn.,

7/05/23

43,377

40,695

4895683.SQ.FTS.B,

Zero

Cpn.,

7/05/23

15,067

14,290

4895828.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,115

1,052

4895843.SQ.FTS.B,

Zero

Cpn.,

7/05/23

5,013

4,746

4895871.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,164

2,024

4895898.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,227

2,093

4895918.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,891

1,764

4895923.SQ.FTS.B,

Zero

Cpn.,

7/05/23

5,379

5,131

4896014.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,167

1,090

4896040.SQ.FTS.B,

Zero

Cpn.,

7/05/23

10,881

10,262

4896153.SQ.FTS.B,

Zero

Cpn.,

7/05/23

3,296

3,146

4896203.SQ.FTS.B,

Zero

Cpn.,

7/05/23

91,051

86,294

4897041.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,081

1,000

4897061.SQ.FTS.B,

Zero

Cpn.,

7/05/23

17,886

16,872

4898402.SQ.FTS.B,

Zero

Cpn.,

7/06/23

9,620

9,025

4898500.SQ.FTS.B,

Zero

Cpn.,

7/06/23

6,649

6,251

4898560.SQ.FTS.B,

Zero

Cpn.,

7/06/23

7,193

6,856

4898641.SQ.FTS.B,

Zero

Cpn.,

7/06/23

3,288

3,119

4898673.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,139

1,990

4898700.SQ.FTS.B,

Zero

Cpn.,

7/06/23

878

813

4898702.SQ.FTS.B,

Zero

Cpn.,

7/06/23

7,316

6,937

4898777.SQ.FTS.B,

Zero

Cpn.,

7/06/23

12,234

11,486

4899040.SQ.FTS.B,

Zero

Cpn.,

7/06/23

42,627

40,056

4899499.SQ.FTS.B,

Zero

Cpn.,

7/06/23

16,217

15,179

4899622.SQ.FTS.B,

Zero

Cpn.,

7/06/23

4,132

3,912

4899657.SQ.FTS.B,

Zero

Cpn.,

7/06/23

79,592

73,502

4900640.SQ.FTS.B,

Zero

Cpn.,

7/06/23

7,247

6,977

4900782.SQ.FTS.B,

Zero

Cpn.,

7/07/23

21,982

20,568

4900959.SQ.FTS.B,

Zero

Cpn.,

7/07/23

637

597

4900969.SQ.FTS.B,

Zero

Cpn.,

7/07/23

7,319

6,800

4901106.SQ.FTS.B,

Zero

Cpn.,

7/07/23

983

911

4901122.SQ.FTS.B,

Zero

Cpn.,

7/07/23

1,340

1,259

4901151.SQ.FTS.B,

Zero

Cpn.,

7/07/23

23,624

22,131

4901609.SQ.FTS.B,

Zero

Cpn.,

7/07/23

14,829

13,896

4901843.SQ.FTS.B,

Zero

Cpn.,

7/07/23

5,653

5,252

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

105

a

4901939.SQ.FTS.B,

Zero

Cpn.,

7/07/23

2,285

2,116

4902009.SQ.FTS.B,

Zero

Cpn.,

7/07/23

42,960

40,296

4902587.SQ.FTS.B,

Zero

Cpn.,

7/07/23

8,535

7,951

4902697.SQ.FTS.B,

Zero

Cpn.,

7/07/23

8,521

7,977

4902840.SQ.FTS.B,

Zero

Cpn.,

7/07/23

13,726

12,803

4902877.SQ.FTS.B,

Zero

Cpn.,

7/08/23

3,004

2,845

4902902.SQ.FTS.B,

Zero

Cpn.,

7/08/23

13,794

12,895

4902991.SQ.FTS.B,

Zero

Cpn.,

7/08/23

7,379

7,039

4903064.SQ.FTS.B,

Zero

Cpn.,

7/08/23

1,594

1,491

4903080.SQ.FTS.B,

Zero

Cpn.,

7/08/23

2,576

2,441

4903111.SQ.FTS.B,

Zero

Cpn.,

7/08/23

5,301

4,979

4903169.SQ.FTS.B,

Zero

Cpn.,

7/08/23

1,587

1,472

4903190.SQ.FTS.B,

Zero

Cpn.,

7/08/23

4,977

4,610

4903228.SQ.FTS.B,

Zero

Cpn.,

7/08/23

15,355

14,621

4903358.SQ.FTS.B,

Zero

Cpn.,

7/09/23

2,594

2,474

4903382.SQ.FTS.B,

Zero

Cpn.,

7/09/23

11,787

11,002

4903508.SQ.FTS.B,

Zero

Cpn.,

7/09/23

4,226

3,945

4903544.SQ.FTS.B,

Zero

Cpn.,

7/09/23

10,010

9,549

4903632.SQ.FTS.B,

Zero

Cpn.,

7/09/23

5,351

5,137

4903678.SQ.FTS.B,

Zero

Cpn.,

7/09/23

1,069

1,003

4903690.SQ.FTS.B,

Zero

Cpn.,

7/09/23

12,484

11,688

4903792.SQ.FTS.B,

Zero

Cpn.,

7/09/23

1,212

1,127

4903797.SQ.FTS.B,

Zero

Cpn.,

7/09/23

8,700

8,087

4903868.SQ.FTS.B,

Zero

Cpn.,

7/09/23

7,053

6,602

4903995.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,529

1,441

4904098.SQ.FTS.B,

Zero

Cpn.,

7/10/23

14,554

13,882

4904451.SQ.FTS.B,

Zero

Cpn.,

7/10/23

7,452

6,905

4904631.SQ.FTS.B,

Zero

Cpn.,

7/10/23

3,549

3,302

4904692.SQ.FTS.B,

Zero

Cpn.,

7/10/23

35,757

34,329

4905226.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,309

1,245

4905237.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,411

1,320

4905254.SQ.FTS.B,

Zero

Cpn.,

7/10/23

9,933

9,174

4905374.SQ.FTS.B,

Zero

Cpn.,

7/10/23

5,586

5,133

4905427.SQ.FTS.B,

Zero

Cpn.,

7/10/23

8,556

8,011

4905498.SQ.FTS.B,

Zero

Cpn.,

7/10/23

11,663

10,966

4905591.SQ.FTS.B,

Zero

Cpn.,

7/10/23

13,721

12,599

4905708.SQ.FTS.B,

Zero

Cpn.,

7/10/23

2,905

2,717

4905734.SQ.FTS.B,

Zero

Cpn.,

7/10/23

4,317

4,070

4905832.SQ.FTS.B,

Zero

Cpn.,

7/10/23

11,729

11,103

4905921.SQ.FTS.B,

Zero

Cpn.,

7/10/23

9,051

8,418

4906021.SQ.FTS.B,

Zero

Cpn.,

7/10/23

7,293

6,829

4906148.SQ.FTS.B,

Zero

Cpn.,

7/10/23

838

782

4906204.SQ.FTS.B,

Zero

Cpn.,

7/11/23

9,136

8,722

4906356.SQ.FTS.B,

Zero

Cpn.,

7/11/23

881

803

4906363.SQ.FTS.B,

Zero

Cpn.,

7/11/23

7,406

6,955

4906466.SQ.FTS.B,

Zero

Cpn.,

7/11/23

35,550

33,692

4907134.SQ.FTS.B,

Zero

Cpn.,

7/11/23

4,511

4,303

4907187.SQ.FTS.B,

Zero

Cpn.,

7/11/23

3,124

2,971

4907201.SQ.FTS.B,

Zero

Cpn.,

7/11/23

15,822

14,990

4907500.SQ.FTS.B,

Zero

Cpn.,

7/11/23

7,565

7,031

4907593.SQ.FTS.B,

Zero

Cpn.,

7/11/23

10,122

9,469

4907878.SQ.FTS.B,

Zero

Cpn.,

7/11/23

12,531

12,012

4908001.SQ.FTS.B,

Zero

Cpn.,

7/11/23

3,446

3,196

4908018.SQ.FTS.B,

Zero

Cpn.,

7/11/23

1,770

1,654

4908035.SQ.FTS.B,

Zero

Cpn.,

7/11/23

6,972

6,506

4908081.SQ.FTS.B,

Zero

Cpn.,

7/11/23

32,537

30,573

4908372.SQ.FTS.B,

Zero

Cpn.,

7/11/23

18,476

17,363

4908516.SQ.FTS.B,

Zero

Cpn.,

7/12/23

5,163

4,884

4908604.SQ.FTS.B,

Zero

Cpn.,

7/12/23

6,064

5,655

4908672.SQ.FTS.B,

Zero

Cpn.,

7/12/23

21,207

20,059

4908999.SQ.FTS.B,

Zero

Cpn.,

7/12/23

600

567

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

106

a

4909015.SQ.FTS.B,

Zero

Cpn.,

7/12/23

13,293

12,677

4909293.SQ.FTS.B,

Zero

Cpn.,

7/12/23

3,639

3,462

4909355.SQ.FTS.B,

Zero

Cpn.,

7/12/23

3,280

3,109

4909446.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,490

1,404

4909470.SQ.FTS.B,

Zero

Cpn.,

7/12/23

4,666

4,452

4909552.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,970

1,841

4909573.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,593

1,480

4909585.SQ.FTS.B,

Zero

Cpn.,

7/12/23

12,324

11,546

4909737.SQ.FTS.B,

Zero

Cpn.,

7/12/23

7,787

7,246

4909783.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,320

1,254

4909817.SQ.FTS.B,

Zero

Cpn.,

7/12/23

4,838

4,584

4909889.SQ.FTS.B,

Zero

Cpn.,

7/12/23

6,601

6,296

4910024.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,105

1,968

4910057.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,521

1,410

4910098.SQ.FTS.B,

Zero

Cpn.,

7/12/23

24,331

22,858

4910369.SQ.FTS.B,

Zero

Cpn.,

7/12/23

8,286

7,901

4910487.SQ.FTS.B,

Zero

Cpn.,

7/12/23

6,115

5,744

4910596.SQ.FTS.B,

Zero

Cpn.,

7/12/23

645

612

4910604.SQ.FTS.B,

Zero

Cpn.,

7/12/23

3,722

3,495

4910636.SQ.FTS.B,

Zero

Cpn.,

7/12/23

19,608

18,032

4912993.SQ.FTS.B,

Zero

Cpn.,

7/13/23

12,008

11,428

4913072.SQ.FTS.B,

Zero

Cpn.,

7/13/23

11,267

10,741

4913169.SQ.FTS.B,

Zero

Cpn.,

7/13/23

2,945

2,736

4913208.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,595

1,482

4913225.SQ.FTS.B,

Zero

Cpn.,

7/13/23

973

896

4913247.SQ.FTS.B,

Zero

Cpn.,

7/13/23

2,406

2,256

4913284.SQ.FTS.B,

Zero

Cpn.,

7/13/23

6,274

5,877

4913348.SQ.FTS.B,

Zero

Cpn.,

7/13/23

6,383

5,947

4913435.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,257

6,983

4913563.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,286

5,040

4913645.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,692

5,503

4913784.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,172

1,088

4913803.SQ.FTS.B,

Zero

Cpn.,

7/13/23

4,217

3,955

4913832.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,057

992

4913841.SQ.FTS.B,

Zero

Cpn.,

7/13/23

6,561

6,255

4913943.SQ.FTS.B,

Zero

Cpn.,

7/13/23

2,855

2,722

4913998.SQ.FTS.B,

Zero

Cpn.,

7/13/23

2,642

2,473

4914076.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,401

1,312

4914122.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,202

2,998

4914195.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,795

5,486

4914296.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,179

1,113

4914310.SQ.FTS.B,

Zero

Cpn.,

7/13/23

60,857

58,030

4915126.SQ.FTS.B,

Zero

Cpn.,

7/13/23

43,305

40,440

4915292.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,358

5,090

4915411.SQ.FTS.B,

Zero

Cpn.,

7/14/23

8,237

7,853

4915457.SQ.FTS.B,

Zero

Cpn.,

7/14/23

6,903

6,581

4915546.SQ.FTS.B,

Zero

Cpn.,

7/14/23

2,521

2,437

4915588.SQ.FTS.B,

Zero

Cpn.,

7/14/23

16,965

16,342

4915775.SQ.FTS.B,

Zero

Cpn.,

7/14/23

731

682

4915793.SQ.FTS.B,

Zero

Cpn.,

7/14/23

19,558

18,408

4916142.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,456

1,378

4916162.SQ.FTS.B,

Zero

Cpn.,

7/14/23

4,072

3,750

4916216.SQ.FTS.B,

Zero

Cpn.,

7/14/23

8,647

8,095

4916358.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,283

5,007

4916410.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,554

5,305

4916519.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,934

1,819

4916573.SQ.FTS.B,

Zero

Cpn.,

7/14/23

4,346

4,070

4916623.SQ.FTS.B,

Zero

Cpn.,

7/14/23

922

857

4916633.SQ.FTS.B,

Zero

Cpn.,

7/14/23

2,840

2,707

4916665.SQ.FTS.B,

Zero

Cpn.,

7/14/23

2,661

2,537

4916684.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,062

4,796

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

107

a

4916754.SQ.FTS.B,

Zero

Cpn.,

7/14/23

9,546

9,100

4916833.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,293

1,220

4916843.SQ.FTS.B,

Zero

Cpn.,

7/14/23

3,530

3,367

4916880.SQ.FTS.B,

Zero

Cpn.,

7/14/23

2,225

2,079

4916906.SQ.FTS.B,

Zero

Cpn.,

7/14/23

21,279

19,716

4922666.SQ.FTS.B,

Zero

Cpn.,

7/14/23

13,311

12,409

4922859.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,363

5,019

4922947.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,951

1,821

4922957.SQ.FTS.B,

Zero

Cpn.,

7/14/23

27,429

25,694

4922992.SQ.FTS.B,

Zero

Cpn.,

7/15/23

18,360

17,357

4923102.SQ.FTS.B,

Zero

Cpn.,

7/15/23

1,487

1,388

4923112.SQ.FTS.B,

Zero

Cpn.,

7/15/23

3,079

2,884

4923126.SQ.FTS.B,

Zero

Cpn.,

7/15/23

24,295

23,095

4923319.SQ.FTS.B,

Zero

Cpn.,

7/15/23

10,281

9,800

4923406.SQ.FTS.B,

Zero

Cpn.,

7/15/23

1,113

1,039

4923423.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,690

2,548

4923447.SQ.FTS.B,

Zero

Cpn.,

7/15/23

6,035

5,722

4923507.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,618

2,496

4923531.SQ.FTS.B,

Zero

Cpn.,

7/16/23

6,145

5,724

4923594.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,135

1,069

4923599.SQ.FTS.B,

Zero

Cpn.,

7/16/23

3,353

3,134

4923614.SQ.FTS.B,

Zero

Cpn.,

7/16/23

7,707

7,237

4923692.SQ.FTS.B,

Zero

Cpn.,

7/16/23

2,083

1,972

4923714.SQ.FTS.B,

Zero

Cpn.,

7/16/23

16,728

15,676

4923842.SQ.FTS.B,

Zero

Cpn.,

7/16/23

3,242

3,024

4923882.SQ.FTS.B,

Zero

Cpn.,

7/16/23

3,129

2,906

4923910.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,202

1,122

4923920.SQ.FTS.B,

Zero

Cpn.,

7/16/23

3,840

3,621

4923951.SQ.FTS.B,

Zero

Cpn.,

7/16/23

8,083

7,689

4924039.SQ.FTS.B,

Zero

Cpn.,

7/17/23

3,280

3,055

4924069.SQ.FTS.B,

Zero

Cpn.,

7/17/23

7,850

7,581

4924131.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,950

5,673

4924187.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,091

1,034

4924194.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,092

4,903

4924233.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,675

1,573

4924241.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,190

2,036

4924259.SQ.FTS.B,

Zero

Cpn.,

7/17/23

217

204

4924261.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,604

1,473

4924278.SQ.FTS.B,

Zero

Cpn.,

7/17/23

510

468

4924282.SQ.FTS.B,

Zero

Cpn.,

7/17/23

7,650

7,093

4924347.SQ.FTS.B,

Zero

Cpn.,

7/17/23

37,613

35,322

4924606.SQ.FTS.B,

Zero

Cpn.,

7/17/23

4,279

4,118

4924636.SQ.FTS.B,

Zero

Cpn.,

7/17/23

22,394

20,813

4925184.SQ.FTS.B,

Zero

Cpn.,

7/18/23

7,598

7,196

4925342.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,273

1,234

4925364.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,612

1,541

4925381.SQ.FTS.B,

Zero

Cpn.,

7/18/23

8,374

7,928

4925459.SQ.FTS.B,

Zero

Cpn.,

7/18/23

6,453

6,111

4925548.SQ.FTS.B,

Zero

Cpn.,

7/18/23

40,603

38,229

4925952.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,627

2,454

4925972.SQ.FTS.B,

Zero

Cpn.,

7/18/23

26,969

25,355

4926169.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,325

1,225

4926176.SQ.FTS.B,

Zero

Cpn.,

7/18/23

6,841

6,407

4926238.SQ.FTS.B,

Zero

Cpn.,

7/18/23

12,284

11,442

4926352.SQ.FTS.B,

Zero

Cpn.,

7/18/23

7,174

6,668

4926390.SQ.FTS.B,

Zero

Cpn.,

7/18/23

5,708

5,369

4926416.SQ.FTS.B,

Zero

Cpn.,

7/18/23

14,848

13,846

4926486.SQ.FTS.B,

Zero

Cpn.,

7/18/23

32,476

30,756

4926766.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,095

1,032

4926777.SQ.FTS.B,

Zero

Cpn.,

7/18/23

36,409

34,082

4926818.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,654

1,549

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

108

a

4926850.SQ.FTS.B,

Zero

Cpn.,

7/19/23

11,007

10,334

4926988.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,789

2,639

4927032.SQ.FTS.B,

Zero

Cpn.,

7/19/23

7,054

6,605

4927104.SQ.FTS.B,

Zero

Cpn.,

7/19/23

20,695

19,219

4927345.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,589

1,488

4927364.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,790

2,611

4927422.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,503

2,329

4927477.SQ.FTS.B,

Zero

Cpn.,

7/19/23

10,143

9,534

4927673.SQ.FTS.B,

Zero

Cpn.,

7/19/23

4,227

3,935

4927771.SQ.FTS.B,

Zero

Cpn.,

7/19/23

4,383

4,178

4927818.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,138

4,794

4927908.SQ.FTS.B,

Zero

Cpn.,

7/19/23

21,088

19,979

4928254.SQ.FTS.B,

Zero

Cpn.,

7/19/23

21,317

19,941

4928578.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,481

1,386

4928597.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,093

1,985

4928627.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,012

931

4928633.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,119

4,880

4928722.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,433

5,088

4928803.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,487

2,317

4928833.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,633

5,330

4928883.SQ.FTS.B,

Zero

Cpn.,

7/19/23

7,010

6,683

4928991.SQ.FTS.B,

Zero

Cpn.,

7/19/23

12,593

12,013

4930377.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,109

1,979

4930418.SQ.FTS.B,

Zero

Cpn.,

7/20/23

1,072

1,009

4930432.SQ.FTS.B,

Zero

Cpn.,

7/20/23

22,439

21,318

4930604.SQ.FTS.B,

Zero

Cpn.,

7/20/23

7,350

6,896

4930689.SQ.FTS.B,

Zero

Cpn.,

7/20/23

26,032

24,433

4931032.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,271

3,997

4931116.SQ.FTS.B,

Zero

Cpn.,

7/20/23

3,651

3,464

4931178.SQ.FTS.B,

Zero

Cpn.,

7/20/23

16,957

15,851

4931457.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,404

5,150

4931610.SQ.FTS.B,

Zero

Cpn.,

7/20/23

11,159

10,609

4931728.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,946

6,532

4931789.SQ.FTS.B,

Zero

Cpn.,

7/20/23

1,060

990

4931804.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,818

6,500

4931880.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,282

5,034

4931937.SQ.FTS.B,

Zero

Cpn.,

7/20/23

3,091

2,927

4931971.SQ.FTS.B,

Zero

Cpn.,

7/20/23

9,533

9,025

4932179.SQ.FTS.B,

Zero

Cpn.,

7/20/23

516

489

4932182.SQ.FTS.B,

Zero

Cpn.,

7/20/23

3,762

3,531

4932276.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,445

4,152

4932403.SQ.FTS.B,

Zero

Cpn.,

7/20/23

1,004

952

4932438.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,760

2,584

4932459.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,213

4,015

4932557.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,066

3,786

4932599.SQ.FTS.B,

Zero

Cpn.,

7/20/23

21,032

19,918

4932751.SQ.FTS.B,

Zero

Cpn.,

7/21/23

27,497

25,801

4933051.SQ.FTS.B,

Zero

Cpn.,

7/21/23

13,789

12,939

4933124.SQ.FTS.B,

Zero

Cpn.,

7/21/23

22,136

20,723

4933385.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,951

4,637

4933508.SQ.FTS.B,

Zero

Cpn.,

7/21/23

13,690

12,814

4933704.SQ.FTS.B,

Zero

Cpn.,

7/21/23

6,548

6,241

4933832.SQ.FTS.B,

Zero

Cpn.,

7/21/23

8,603

8,202

4933949.SQ.FTS.B,

Zero

Cpn.,

7/21/23

956

894

4933954.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,356

2,262

4933966.SQ.FTS.B,

Zero

Cpn.,

7/21/23

13,645

12,767

4934085.SQ.FTS.B,

Zero

Cpn.,

7/21/23

12,784

12,220

4934173.SQ.FTS.B,

Zero

Cpn.,

7/21/23

22,431

20,834

4934539.SQ.FTS.B,

Zero

Cpn.,

7/21/23

1,877

1,750

4934550.SQ.FTS.B,

Zero

Cpn.,

7/21/23

23,407

21,786

4934830.SQ.FTS.B,

Zero

Cpn.,

7/21/23

6,505

6,200

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

109

a

4934870.SQ.FTS.B,

Zero

Cpn.,

7/21/23

16,608

15,758

4934948.SQ.FTS.B,

Zero

Cpn.,

7/22/23

17,255

16,152

4935098.SQ.FTS.B,

Zero

Cpn.,

7/22/23

3,981

3,712

4935124.SQ.FTS.B,

Zero

Cpn.,

7/22/23

2,107

2,013

4935141.SQ.FTS.B,

Zero

Cpn.,

7/22/23

3,555

3,336

4935183.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,431

1,332

4935195.SQ.FTS.B,

Zero

Cpn.,

7/22/23

6,415

5,983

4935252.SQ.FTS.B,

Zero

Cpn.,

7/22/23

8,318

7,780

4935317.SQ.FTS.B,

Zero

Cpn.,

7/22/23

7,455

6,950

4935394.SQ.FTS.B,

Zero

Cpn.,

7/22/23

10,302

9,755

4935495.SQ.FTS.B,

Zero

Cpn.,

7/22/23

25,984

24,598

4935729.SQ.FTS.B,

Zero

Cpn.,

7/23/23

9,501

8,874

4935812.SQ.FTS.B,

Zero

Cpn.,

7/23/23

1,227

1,141

4935821.SQ.FTS.B,

Zero

Cpn.,

7/23/23

5,704

5,337

4935860.SQ.FTS.B,

Zero

Cpn.,

7/23/23

5,389

5,059

4935900.SQ.FTS.B,

Zero

Cpn.,

7/23/23

6,931

6,488

4935969.SQ.FTS.B,

Zero

Cpn.,

7/23/23

2,213

2,098

4935993.SQ.FTS.B,

Zero

Cpn.,

7/23/23

98,253

94,199

4937154.SQ.FTS.B,

Zero

Cpn.,

7/24/23

12,887

12,045

4937280.SQ.FTS.B,

Zero

Cpn.,

7/24/23

9,555

8,969

4937358.SQ.FTS.B,

Zero

Cpn.,

7/24/23

961

901

4937384.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,217

2,075

4937404.SQ.FTS.B,

Zero

Cpn.,

7/24/23

4,452

4,168

4937457.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,912

2,709

4937467.SQ.FTS.B,

Zero

Cpn.,

7/24/23

18,868

17,302

4937637.SQ.FTS.B,

Zero

Cpn.,

7/24/23

5,902

5,516

4937690.SQ.FTS.B,

Zero

Cpn.,

7/24/23

22,050

20,876

4938018.SQ.FTS.B,

Zero

Cpn.,

7/24/23

815

766

4938041.SQ.FTS.B,

Zero

Cpn.,

7/24/23

25,982

24,298

4938636.SQ.FTS.B,

Zero

Cpn.,

7/24/23

5,439

5,183

4938801.SQ.FTS.B,

Zero

Cpn.,

7/24/23

835

795

4938819.SQ.FTS.B,

Zero

Cpn.,

7/24/23

11,659

11,110

4938983.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,320

1,271

4939226.SQ.FTS.B,

Zero

Cpn.,

7/25/23

12,784

11,966

4939383.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,763

1,671

4939403.SQ.FTS.B,

Zero

Cpn.,

7/25/23

3,571

3,342

4939461.SQ.FTS.B,

Zero

Cpn.,

7/25/23

7,730

7,234

4939523.SQ.FTS.B,

Zero

Cpn.,

7/25/23

18,618

17,742

4939699.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,779

2,558

4939772.SQ.FTS.B,

Zero

Cpn.,

7/25/23

3,706

3,461

4939827.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,847

2,681

4939849.SQ.FTS.B,

Zero

Cpn.,

7/25/23

7,865

7,401

4940010.SQ.FTS.B,

Zero

Cpn.,

7/25/23

9,067

8,641

4940172.SQ.FTS.B,

Zero

Cpn.,

7/25/23

5,906

5,542

4940243.SQ.FTS.B,

Zero

Cpn.,

7/25/23

10,483

9,991

4940408.SQ.FTS.B,

Zero

Cpn.,

7/25/23

15,560

14,564

4940666.SQ.FTS.B,

Zero

Cpn.,

7/25/23

22,988

21,537

4940843.SQ.FTS.B,

Zero

Cpn.,

7/25/23

14,785

13,519

4941004.SQ.FTS.B,

Zero

Cpn.,

7/25/23

11,147

10,360

4941122.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,307

1,246

4941130.SQ.FTS.B,

Zero

Cpn.,

7/25/23

4,851

4,551

4941183.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,555

1,448

4941191.SQ.FTS.B,

Zero

Cpn.,

7/25/23

55,898

52,332

4941456.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,697

1,589

4941501.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,606

5,260

4941584.SQ.FTS.B,

Zero

Cpn.,

7/26/23

3,284

3,128

4941651.SQ.FTS.B,

Zero

Cpn.,

7/26/23

37,860

35,436

4942357.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,580

5,282

4942412.SQ.FTS.B,

Zero

Cpn.,

7/26/23

18,284

17,353

4942650.SQ.FTS.B,

Zero

Cpn.,

7/26/23

9,419

8,977

4942760.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,108

1,055

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

110

a

4942781.SQ.FTS.B,

Zero

Cpn.,

7/26/23

723

689

4942785.SQ.FTS.B,

Zero

Cpn.,

7/26/23

6,396

6,201

4942885.SQ.FTS.B,

Zero

Cpn.,

7/26/23

17,016

15,823

4943069.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,251

1,166

4943094.SQ.FTS.B,

Zero

Cpn.,

7/26/23

3,523

3,354

4943129.SQ.FTS.B,

Zero

Cpn.,

7/26/23

2,133

2,014

4943156.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,979

5,592

4943247.SQ.FTS.B,

Zero

Cpn.,

7/26/23

33,634

31,486

22,146,870

Freedom

Financial

Asset

Management

LLC…....................

APP-08649280.FP.FTS.B,

9.99%,

12/23/25

21,136

21,512

APP-10173660.FP.FTS.B,

14.49%,

8/19/25

46,075

46,756

APP-10219598.FP.FTS.B,

15.49%,

8/11/26

14,879

14,915

APP-10224409.FP.FTS.B,

10.24%,

1/04/26

13,691

13,904

APP-10229823.FP.FTS.B,

25.49%,

10/26/26

9,664

9,697

*

APP-10235543.FP.FTS.B,

18.49%,

8/20/24

11,243

11,357

*

APP-10235724.FP.FTS.B,

15.49%,

8/20/26

48,434

49,197

*

APP-10240464.FP.FTS.B,

21.49%,

10/05/26

20,000

7,203

*

APP-10482527.FP.FTS.B,

10.99%,

10/26/25

20,665

20,989

*

APP-10555656.FP.FTS.B,

14.49%,

11/06/24

21,050

6,590

APP-10557800.FP.FTS.B,

21.99%,

9/22/26

9,663

9,732

APP-10577088.FP.FTS.B,

16.99%,

11/30/26

41,140

41,741

APP-10578913.FP.FTS.B,

22.99%,

10/23/26

19,279

19,355

*

APP-10581522.FP.FTS.B,

16.49%,

10/25/25

33,492

33,931

APP-10585081.FP.FTS.B,

14.74%,

10/28/26

28,320

28,790

APP-10745954.FP.FTS.B,

12.74%,

11/30/26

39,292

40,089

*

APP-10806516.FP.FTS.B,

16.49%,

11/19/26

13,858

14,102

APP-10830803.FP.FTS.B,

23.49%,

11/30/24

11,493

11,653

APP-10842339.FP.FTS.B,

19.49%,

11/30/24

10,660

10,824

APP-10846360.FP.FTS.B,

11.49%,

11/30/25

31,656

32,287

*

APP-11021819.FP.FTS.B,

20.49%,

12/20/26

24,400

25,098

APP-11210558.FP.FTS.B,

11.49%,

2/22/25

12,820

13,131

APP-11265955.FP.FTS.B,

11.49%,

2/14/25

13,137

13,423

APP-11444315.FP.FTS.B,

17.99%,

1/03/27

24,196

24,374

APP-11461158.FP.FTS.B,

7.99%,

1/26/26

40,673

41,436

APP-11461331.FP.FTS.B,

8.99%,

12/25/25

30,557

31,034

APP-11509327.FP.FTS.B,

18.99%,

2/20/27

31,800

32,703

APP-11594844.FP.FTS.B,

16.99%,

2/03/27

14,973

15,286

APP-11603796.FP.FTS.B,

20.99%,

12/15/26

14,793

14,872

APP-11612708.FP.FTS.B,

22.99%,

2/04/27

15,788

16,130

APP-11657253.FP.FTS.B,

16.99%,

12/20/25

48,712

49,412

APP-11672772.FP.FTS.B,

13.99%,

12/01/25

29,284

29,509

APP-11673054.FP.FTS.B,

18.99%,

12/16/24

11,710

11,807

APP-11687630.FP.FTS.B,

11.24%,

2/04/25

29,999

30,634

APP-11693652.FP.FTS.B,

5.99%,

2/05/24

11,999

12,213

APP-11693729.FP.FTS.B,

22.99%,

2/06/27

16,300

16,408

APP-11693759.FP.FTS.B,

13.99%,

2/05/26

24,108

24,440

APP-11694004.FP.FTS.B,

11.74%,

12/23/26

49,356

50,185

APP-11694047.FP.FTS.B,

7.74%,

12/16/24

13,236

13,447

APP-11694325.FP.FTS.B,

17.99%,

2/06/25

17,782

17,987

APP-11694428.FP.FTS.B,

14.49%,

12/22/26

9,230

9,377

APP-11694723.FP.FTS.B,

5.99%,

12/17/23

10,100

10,268

APP-11694772.FP.FTS.B,

11.99%,

2/03/25

16,464

16,738

APP-11694780.FP.FTS.B,

18.99%,

2/16/25

10,812

11,089

APP-11694848.FP.FTS.B,

9.74%,

1/27/25

33,864

34,500

APP-11694987.FP.FTS.B,

17.99%,

2/15/27

14,592

14,786

APP-11694988.FP.FTS.B,

14.99%,

2/05/25

27,700

28,037

APP-11695022.FP.FTS.B,

16.49%,

12/17/26

24,391

24,742

APP-11695043.FP.FTS.B,

14.74%,

12/13/24

10,797

10,927

APP-11703116.FP.FTS.B,

19.49%,

2/05/27

12,000

12,115

APP-11703512.FP.FTS.B,

22.49%,

12/19/26

9,887

9,967

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

111

a

APP-11704729.FP.FTS.B,

16.99%,

1/25/27

20,391

20,720

APP-11708423.FP.FTS.B,

20.99%,

12/23/26

35,668

36,208

APP-11712261.FP.FTS.B,

18.49%,

2/03/27

16,683

16,771

APP-11722868.FP.FTS.B,

9.99%,

2/05/25

50,000

51,162

*

APP-11724729.FP.FTS.B,

25.49%,

1/29/25

9,300

9,650

APP-11725995.FP.FTS.B,

21.99%,

2/05/27

11,640

11,756

APP-11727451.FP.FTS.B,

19.49%,

2/01/26

8,000

8,090

APP-11729669.FP.FTS.B,

10.74%,

1/08/25

15,999

16,319

APP-11732843.FP.FTS.B,

14.74%,

2/03/27

50,000

51,056

APP-11732849.FP.FTS.B,

18.24%,

12/22/25

34,492

34,923

APP-11733135.FP.FTS.B,

20.99%,

12/22/25

9,863

9,987

APP-11737893.FP.FTS.B,

25.49%,

12/18/26

10,666

10,731

APP-11738963.FP.FTS.B,

24.49%,

2/04/27

36,300

36,502

APP-11739845.FP.FTS.B,

19.99%,

12/22/26

13,299

13,440

APP-11740309.FP.FTS.B,

5.99%,

12/20/23

10,574

10,760

APP-11740312.FP.FTS.B,

20.49%,

2/03/26

19,249

19,653

APP-11740776.FP.FTS.B,

19.99%,

12/23/26

22,139

22,474

APP-11740833.FP.FTS.B,

23.99%,

12/22/24

17,408

17,568

APP-11741918.FP.FTS.B,

16.49%,

12/15/24

16,229

16,400

APP-11741994.FP.FTS.B,

18.99%,

12/16/26

16,771

16,919

APP-11742165.FP.FTS.B,

18.49%,

12/22/26

11,874

12,020

APP-11742538.FP.FTS.B,

16.49%,

12/15/26

25,631

25,929

APP-11742593.FP.FTS.B,

17.99%,

2/05/27

10,000

10,110

APP-11742866.FP.FTS.B,

20.99%,

2/04/27

15,000

15,078

APP-11742984.FP.FTS.B,

14.49%,

12/21/24

13,736

13,925

APP-11743333.FP.FTS.B,

16.49%,

12/19/26

14,814

15,014

APP-11743539.FP.FTS.B,

21.74%,

12/23/26

24,775

25,140

APP-11743707.FP.FTS.B,

16.49%,

2/05/27

15,999

16,273

APP-11743712.FP.FTS.B,

21.49%,

12/22/26

14,855

15,002

APP-11744946.FP.FTS.B,

25.49%,

12/23/24

10,209

10,350

APP-11745301.FP.FTS.B,

5.99%,

2/04/24

7,500

7,633

APP-11745377.FP.FTS.B,

21.49%,

2/04/27

15,788

16,129

APP-11745688.FP.FTS.B,

23.99%,

12/23/24

11,755

11,924

APP-11745932.FP.FTS.B,

11.74%,

2/06/25

19,236

19,560

APP-11746565.FP.FTS.B,

18.49%,

1/25/27

19,821

20,153

APP-11749080.FP.FTS.B,

13.74%,

12/23/26

9,885

10,056

APP-11749160.FP.FTS.B,

25.49%,

2/01/27

8,900

9,065

APP-11749187.FP.FTS.B,

23.99%,

12/23/24

7,849

7,960

APP-11749683.FP.FTS.B,

16.74%,

1/25/27

29,682

30,186

APP-11749892.FP.FTS.B,

25.49%,

2/01/25

10,100

10,284

APP-11749943.FP.FTS.B,

18.49%,

12/23/26

13,267

13,475

APP-11749955.FP.FTS.B,

19.99%,

2/05/27

15,000

15,145

APP-11750013.FP.FTS.B,

25.49%,

12/17/24

9,500

9,550

APP-11750170.FP.FTS.B,

8.99%,

2/04/27

20,000

20,419

APP-11750254.FP.FTS.B,

22.49%,

12/23/25

7,405

7,513

APP-11750277.FP.FTS.B,

20.99%,

2/06/26

7,568

7,661

APP-11750409.FP.FTS.B,

17.99%,

2/05/27

18,500

18,673

APP-11750448.FP.FTS.B,

18.99%,

2/06/27

15,000

15,175

APP-11750555.FP.FTS.B,

19.49%,

2/06/26

12,200

12,316

APP-11750761.FP.FTS.B,

20.49%,

1/30/25

11,807

12,014

APP-11751120.FP.FTS.B,

8.99%,

12/23/26

39,475

40,185

APP-11751656.FP.FTS.B,

9.74%,

2/05/25

19,706

20,126

APP-11751839.FP.FTS.B,

14.74%,

2/03/27

31,000

31,341

APP-11752030.FP.FTS.B,

19.99%,

2/01/27

10,000

10,091

*

APP-11752109.FP.FTS.B,

22.49%,

12/23/26

10,500

10,809

APP-11752310.FP.FTS.B,

25.49%,

1/28/27

7,466

7,600

APP-11752538.FP.FTS.B,

19.49%,

12/15/25

13,258

13,367

APP-11752870.FP.FTS.B,

16.49%,

2/05/27

12,000

12,206

APP-11753946.FP.FTS.B,

8.99%,

2/03/27

27,905

28,392

APP-11754451.FP.FTS.B,

19.49%,

2/06/27

15,900

16,009

APP-11755141.FP.FTS.B,

17.99%,

12/23/26

9,406

9,546

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

112

a

APP-11767224.FP.FTS.B,

10.99%,

2/15/27

25,000

25,541

APP-11795112.FP.FTS.B,

19.99%,

1/08/27

14,700

14,822

APP-11798519.FP.FTS.B,

5.99%,

2/22/24

11,770

11,999

APP-11798575.FP.FTS.B,

14.49%,

2/18/25

21,730

22,287

APP-11798664.FP.FTS.B,

17.99%,

1/07/25

8,000

8,164

APP-11798722.FP.FTS.B,

12.99%,

1/06/26

29,481

29,915

APP-11799159.FP.FTS.B,

11.49%,

2/15/27

16,283

16,577

APP-11799583.FP.FTS.B,

12.49%,

2/22/25

48,973

49,963

APP-11810142.FP.FTS.B,

10.99%,

2/21/27

25,000

25,586

APP-11843339.FP.FTS.B,

18.99%,

2/15/24

10,444

10,608

APP-11861145.FP.FTS.B,

13.24%,

2/22/27

21,000

21,432

APP-11872292.FP.FTS.B,

19.99%,

2/22/27

14,000

14,223

APP-11872490.FP.FTS.B,

9.99%,

2/21/26

38,959

39,748

APP-11872506.FP.FTS.B,

19.49%,

2/15/25

17,890

18,376

APP-11872574.FP.FTS.B,

10.24%,

2/22/26

19,489

19,890

APP-11872702.FP.FTS.B,

7.99%,

2/20/26

24,251

24,728

APP-11877563.FP.FTS.B,

5.99%,

2/21/24

8,681

8,840

APP-11877630.FP.FTS.B,

18.24%,

2/21/26

30,747

31,640

APP-11877787.FP.FTS.B,

5.99%,

1/08/24

7,500

7,628

APP-11877979.FP.FTS.B,

7.49%,

1/06/25

28,293

28,756

APP-11878127.FP.FTS.B,

5.99%,

2/22/24

10,806

11,018

APP-11878157.FP.FTS.B,

13.99%,

2/21/26

23,200

23,621

APP-11878238.FP.FTS.B,

9.74%,

2/11/25

14,029

14,271

APP-11878337.FP.FTS.B,

11.24%,

2/21/27

12,605

12,902

APP-11878440.FP.FTS.B,

5.99%,

1/08/24

10,599

10,780

APP-11878470.FP.FTS.B,

5.99%,

2/22/24

10,896

11,110

APP-11880862.FP.FTS.B,

17.99%,

2/21/26

12,000

12,218

APP-11890774.FP.FTS.B,

8.99%,

1/06/27

40,000

40,775

APP-11900316.FP.FTS.B,

13.49%,

2/20/27

18,455

18,895

APP-11904406.FP.FTS.B,

11.24%,

2/19/27

19,100

19,537

APP-11909846.FP.FTS.B,

23.74%,

1/07/27

26,000

26,579

APP-11912407.FP.FTS.B,

15.99%,

2/15/25

21,783

22,091

APP-11914148.FP.FTS.B,

13.74%,

2/18/25

31,576

32,158

APP-11919163.FP.FTS.B,

10.99%,

2/17/27

27,711

28,327

APP-11920032.FP.FTS.B,

19.99%,

1/07/27

25,000

25,194

APP-11922307.FP.FTS.B,

20.49%,

2/15/27

12,000

12,330

APP-11923623.FP.FTS.B,

18.99%,

2/11/27

8,868

8,982

APP-11923837.FP.FTS.B,

19.74%,

2/20/27

40,000

40,593

APP-11926207.FP.FTS.B,

16.49%,

2/15/27

15,000

15,263

APP-11927887.FP.FTS.B,

9.24%,

2/22/27

13,000

13,262

APP-11928189.FP.FTS.B,

18.49%,

2/21/27

19,000

19,288

APP-11929185.FP.FTS.B,

18.49%,

2/20/24

15,000

15,286

APP-11929275.FP.FTS.B,

19.99%,

1/08/27

10,000

10,104

APP-11934400.FP.FTS.B,

18.49%,

2/22/27

22,000

22,389

APP-11934547.FP.FTS.B,

18.49%,

2/21/25

12,400

12,603

APP-11934555.FP.FTS.B,

19.49%,

2/22/26

15,500

15,759

APP-11934748.FP.FTS.B,

22.49%,

1/08/27

10,385

10,617

APP-11937475.FP.FTS.B,

16.49%,

2/21/27

25,190

25,891

APP-11937862.FP.FTS.B,

17.49%,

2/15/25

25,000

25,288

APP-11938464.FP.FTS.B,

9.99%,

2/21/25

14,847

15,200

APP-11938639.FP.FTS.B,

9.49%,

1/01/25

21,000

21,308

APP-11938772.FP.FTS.B,

14.49%,

2/22/27

8,173

8,346

APP-11938966.FP.FTS.B,

16.49%,

1/01/27

12,630

12,772

APP-11939491.FP.FTS.B,

15.49%,

1/08/27

15,500

15,683

APP-11939575.FP.FTS.B,

22.49%,

2/21/27

9,300

9,447

APP-11940304.FP.FTS.B,

17.74%,

1/03/27

50,000

50,451

APP-11940530.FP.FTS.B,

13.49%,

2/20/27

18,561

18,930

APP-11940550.FP.FTS.B,

19.99%,

2/22/27

26,619

27,075

APP-11940575.FP.FTS.B,

25.49%,

3/21/27

8,844

9,124

APP-11940969.FP.FTS.B,

13.99%,

1/05/27

47,234

47,909

APP-11941579.FP.FTS.B,

16.49%,

2/22/27

20,000

20,323

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

113

a

APP-11942190.FP.FTS.B,

18.49%,

2/20/27

12,720

12,932

APP-11942316.FP.FTS.B,

9.49%,

2/15/25

27,323

27,821

APP-11942494.FP.FTS.B,

18.99%,

2/19/27

18,945

19,461

APP-11942701.FP.FTS.B,

9.49%,

1/08/25

40,000

40,658

APP-11942720.FP.FTS.B,

18.49%,

2/21/27

20,000

20,563

APP-11944817.FP.FTS.B,

20.49%,

2/20/27

18,419

18,963

APP-11945140.FP.FTS.B,

15.49%,

2/21/26

20,000

20,369

APP-11945210.FP.FTS.B,

14.49%,

1/08/26

19,476

19,851

APP-11945838.FP.FTS.B,

13.99%,

2/16/26

24,474

24,872

3,625,104

LendingClub

Corp….........................................................

139794780.LC.FTS.B,

20.89%,

10/01/23

5,656

5,572

140103085.LC.FTS.B,

17.97%,

10/05/23

4,543

4,458

140328850.LC.FTS.B,

19.92%,

9/19/23

13,575

12,777

140343579.LC.FTS.B,

20.89%,

9/19/23

13,577

13,517

140347396.LC.FTS.B,

19.92%,

9/19/23

5,343

5,261

140408715.LC.FTS.B,

27.27%,

9/19/23

9,554

9,495

140557333.LC.FTS.B,

Zero

Cpn.,

10/09/23

12,417

1,198

140563373.LC.FTS.B,

19.92%,

9/19/23

10,069

9,906

*

140646764.LC.FTS.B,

18.94%,

10/01/23

12,459

2,353

140759388.LC.FTS.B,

23.4%,

10/03/23

17,018

12,829

140802036.LC.FTS.B,

27.27%,

10/19/23

8,643

8,531

140814129.LC.FTS.B,

17.97%,

10/19/23

4,998

4,930

141061152.LC.FTS.B,

12.73%,

10/03/23

10,672

10,353

141079587.LC.FTS.B,

26.31%,

10/03/23

11,058

10,857

141080324.LC.FTS.B,

22.35%,

9/28/23

15,132

14,545

141082564.LC.FTS.B,

11.06%,

10/25/23

8,280

8,025

141161373.LC.FTS.B,

20.89%,

10/01/23

15,318

15,127

141238550.LC.FTS.B,

16.14%,

11/05/23

1,190

1,168

141248487.LC.FTS.B,

22.35%,

10/02/23

5,677

5,553

141269019.LC.FTS.B,

19.92%,

10/25/23

6,986

6,906

141292024.LC.FTS.B,

20.89%,

10/03/23

15,429

6,566

141307036.LC.FTS.B,

12.73%,

10/30/23

519

521

141355465.LC.FTS.B,

12.73%,

10/04/23

8,474

8,224

141363707.LC.FTS.B,

12.73%,

10/15/23

10,169

9,879

141374572.LC.FTS.B,

27.27%,

10/05/23

6,097

6,011

141403690.LC.FTS.B,

18.94%,

10/05/23

13,800

13,367

141406636.LC.FTS.B,

18.94%,

10/09/23

14,457

13,992

*

141408322.LC.FTS.B,

5%,

10/05/22

8,795

7,035

141409872.LC.FTS.B,

11.55%,

10/25/23

17,478

16,839

*

141414077.LC.FTS.B,

13.56%,

10/05/21

1,082

546

141419104.LC.FTS.B,

12.73%,

10/05/23

11,864

11,515

141422940.LC.FTS.B,

20.89%,

10/25/23

10,370

10,321

141426366.LC.FTS.B,

17.97%,

10/05/23

5,594

5,485

141649491.LC.FTS.B,

19.92%,

10/24/23

16,301

16,101

141783977.LC.FTS.B,

12.73%,

10/12/23

13,136

12,770

141895694.LC.FTS.B,

18.94%,

10/24/23

5,521

5,396

141932456.LC.FTS.B,

27.27%,

10/17/23

15,244

15,092

141962265.LC.FTS.B,

25.34%,

10/16/23

14,913

14,570

142058835.LC.FTS.B,

Zero

Cpn.,

10/17/23

16,843

8,467

142070278.LC.FTS.B,

19.92%,

10/30/23

12,590

12,230

142075506.LC.FTS.B,

26.31%,

10/19/23

12,063

11,882

142079697.LC.FTS.B,

10.08%,

10/26/23

16,399

15,892

142083793.LC.FTS.B,

24.37%,

10/18/23

10,268

9,555

142086634.LC.FTS.B,

12.73%,

10/19/23

14,746

14,333

142127711.LC.FTS.B,

12.73%,

10/25/23

12,712

12,364

142148879.LC.FTS.B,

20.89%,

10/18/23

10,606

10,526

142149600.LC.FTS.B,

11.06%,

10/25/23

6,209

6,027

142158156.LC.FTS.B,

15.02%,

10/19/23

10,498

10,148

142161605.LC.FTS.B,

23.4%,

10/19/23

3,190

3,091

142187067.LC.FTS.B,

11.55%,

10/26/23

10,254

9,939

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

114

a

142225547.LC.FTS.B,

20.89%,

10/19/23

9,967

9,755

142239283.LC.FTS.B,

12.98%,

11/16/22

131

129

142298949.LC.FTS.B,

14.47%,

10/24/23

15,187

14,763

142320975.LC.FTS.B,

16.91%,

10/24/23

7,112

6,899

142333358.LC.FTS.B,

16.91%,

10/23/23

9,518

9,159

142456892.LC.FTS.B,

11.55%,

10/24/23

15,251

14,695

142526281.LC.FTS.B,

14.47%,

11/21/23

17,888

13,703

142527519.LC.FTS.B,

16.91%,

10/25/23

15,689

15,214

142541623.LC.FTS.B,

13.56%,

10/24/23

13,715

13,336

142542297.LC.FTS.B,

11.55%,

10/25/23

9,772

7,431

142552505.LC.FTS.B,

11.06%,

10/25/23

15,718

15,186

142579027.LC.FTS.B,

16.14%,

10/26/23

5,324

5,177

142579350.LC.FTS.B,

20.89%,

10/30/23

4,898

4,806

142636997.LC.FTS.B,

11.55%,

11/13/23

13,043

12,582

142640425.LC.FTS.B,

10.47%,

11/16/23

7,280

7,050

142737196.LC.FTS.B,

11.55%,

10/29/23

15,378

14,801

142789084.LC.FTS.B,

10.47%,

10/30/23

6,852

6,621

142829106.LC.FTS.B,

10.08%,

10/30/23

8,519

8,250

143063671.LC.FTS.B,

10.72%,

11/13/23

7,345

7,128

143073416.LC.FTS.B,

19.92%,

11/29/23

11,039

10,690

143295863.LC.FTS.B,

14.47%,

11/16/23

9,334

9,022

143296345.LC.FTS.B,

10.33%,

11/14/23

13,891

13,502

143321213.LC.FTS.B,

10.72%,

11/14/23

15,471

15,004

143378025.LC.FTS.B,

8.81%,

11/14/23

16,737

16,507

*

143388536.LC.FTS.B,

19.92%,

11/29/22

1,503

141

143411489.LC.FTS.B,

Zero

Cpn.,

11/14/23

11,748

5,415

143428192.LC.FTS.B,

11.8%,

11/14/23

5,233

5,064

143453403.LC.FTS.B,

10.33%,

11/13/23

6,839

6,656

143489067.LC.FTS.B,

11.8%,

11/14/23

18,978

16,508

143514004.LC.FTS.B,

11.8%,

11/14/23

6,494

5,646

143541267.LC.FTS.B,

11.8%,

11/14/23

9,159

8,851

143645032.LC.FTS.B,

Zero

Cpn.,

11/16/25

1,893

391

*

143646902.LC.FTS.B,

13.56%,

11/16/23

10,414

9,464

143661526.LC.FTS.B,

18.94%,

11/16/23

9,567

9,332

143664720.LC.FTS.B,

11.8%,

11/21/23

8,723

8,448

143737299.LC.FTS.B,

15.02%,

12/03/23

12,395

11,906

143738008.LC.FTS.B,

17.97%,

11/19/23

11,352

11,017

143835362.LC.FTS.B,

18.94%,

11/19/23

13,394

13,073

143917879.LC.FTS.B,

16.91%,

11/29/23

19,666

16,883

143947828.LC.FTS.B,

15.02%,

11/23/23

6,828

6,605

144026346.LC.FTS.B,

17.97%,

11/30/23

14,652

14,451

144102573.LC.FTS.B,

18.94%,

11/27/23

7,992

7,530

144128930.LC.FTS.B,

10.72%,

11/30/23

5,815

5,619

144173279.LC.FTS.B,

10.72%,

11/28/23

12,808

12,420

144194761.LC.FTS.B,

8.81%,

11/28/23

16,737

16,469

144195034.LC.FTS.B,

19.92%,

11/28/23

5,809

5,641

144201662.LC.FTS.B,

10.72%,

12/21/23

18,776

18,088

144206181.LC.FTS.B,

16.14%,

11/29/23

11,035

10,602

144218141.LC.FTS.B,

10.33%,

11/28/22

443

442

144219844.LC.FTS.B,

12.98%,

11/28/23

7,118

6,871

144228163.LC.FTS.B,

14.47%,

11/29/23

9,396

9,032

144230589.LC.FTS.B,

12.98%,

11/28/23

13,294

12,852

144255147.LC.FTS.B,

11.8%,

11/29/23

11,345

10,936

144280900.LC.FTS.B,

17.97%,

12/04/23

16,496

16,054

144460071.LC.FTS.B,

16.14%,

12/04/22

1,561

1,558

144473095.LC.FTS.B,

18.94%,

12/04/23

5,461

5,281

*

144492132.LC.FTS.B,

18.94%,

12/06/23

8,784

1,657

144495618.LC.FTS.B,

14.47%,

12/06/23

7,517

7,238

144556102.LC.FTS.B,

18.94%,

12/06/23

4,623

4,473

144614532.LC.FTS.B,

20.89%,

12/06/23

8,940

8,809

144718606.LC.FTS.B,

17.97%,

12/10/23

16,727

16,112

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

115

a

144864740.LC.FTS.B,

10.33%,

12/14/23

8,900

8,633

*

144903833.LC.FTS.B,

11.8%,

12/13/23

9,242

8,954

144940694.LC.FTS.B,

11.8%,

12/13/23

12,986

10,956

144953747.LC.FTS.B,

24.37%,

12/13/22

160

160

144986124.LC.FTS.B,

17.97%,

1/14/24

10,169

9,908

145024597.LC.FTS.B,

11.8%,

12/14/23

11,059

10,682

145026636.LC.FTS.B,

15.02%,

12/14/22

436

429

145076969.LC.FTS.B,

Zero

Cpn.,

12/31/23

11,163

5,301

145114908.LC.FTS.B,

17.97%,

12/18/23

10,169

9,861

145158706.LC.FTS.B,

17.97%,

12/18/22

2,162

2,179

145178178.LC.FTS.B,

12.98%,

12/31/23

11,958

11,543

145183021.LC.FTS.B,

10.33%,

1/03/24

11,561

11,174

145216495.LC.FTS.B,

11.8%,

12/21/23

4,538

4,385

145263254.LC.FTS.B,

11.8%,

12/21/23

6,127

5,920

145280246.LC.FTS.B,

20.89%,

12/31/23

5,255

5,129

145295088.LC.FTS.B,

10.72%,

12/21/23

5,010

4,852

145296187.LC.FTS.B,

12.98%,

12/21/23

9,955

9,656

145533215.LC.FTS.B,

11.8%,

12/31/23

10,500

10,017

145582224.LC.FTS.B,

16.91%,

1/02/24

16,761

15,830

145592852.LC.FTS.B,

11.31%,

1/02/23

10

10

145593516.LC.FTS.B,

11.8%,

12/31/23

9,076

8,763

145602786.LC.FTS.B,

11.8%,

12/31/23

1,210

1,191

145605822.LC.FTS.B,

18.94%,

12/31/23

12,851

12,366

145611420.LC.FTS.B,

10.72%,

12/31/23

9,294

8,959

145642678.LC.FTS.B,

12.98%,

1/02/24

6,124

5,913

145690131.LC.FTS.B,

16.91%,

1/31/23

3,166

3,166

145710063.LC.FTS.B,

10.72%,

1/03/24

11,041

10,680

145938613.LC.FTS.B,

10.72%,

1/08/24

6,167

5,899

145950191.LC.FTS.B,

18.94%,

1/23/24

11,056

10,726

145998409.LC.FTS.B,

12.98%,

1/14/24

10,356

8,813

146037087.LC.FTS.B,

12.98%,

1/10/24

7,177

6,936

146042923.LC.FTS.B,

12.98%,

1/10/24

11,483

11,098

146110320.LC.FTS.B,

11.8%,

1/11/24

9,426

9,077

146154250.LC.FTS.B,

17.97%,

1/14/24

7,412

7,184

146171882.LC.FTS.B,

17.97%,

2/04/24

8,948

8,632

146297570.LC.FTS.B,

16.91%,

1/17/23

944

945

146347023.LC.FTS.B,

18.94%,

1/24/24

8,577

7,527

146356023.LC.FTS.B,

11.8%,

1/16/23

62

63

146358264.LC.FTS.B,

18.94%,

1/16/24

7,717

7,440

146360497.LC.FTS.B,

12.98%,

1/16/24

14,928

14,447

146382976.LC.FTS.B,

16.91%,

1/24/24

10,042

9,661

*

146385161.LC.FTS.B,

18.94%,

1/22/24

15,435

14,408

146402565.LC.FTS.B,

17.97%,

1/18/24

8,644

8,328

146449830.LC.FTS.B,

11.8%,

1/23/24

5,656

5,452

146454152.LC.FTS.B,

16.14%,

1/18/24

7,292

6,940

146549777.LC.FTS.B,

23.4%,

1/31/24

17,260

16,322

146570696.LC.FTS.B,

14.47%,

1/23/24

9,556

9,185

146595623.LC.FTS.B,

13.56%,

1/22/24

10,205

8,927

146639529.LC.FTS.B,

11.8%,

1/23/24

18,853

18,173

146761309.LC.FTS.B,

15.02%,

1/24/23

684

680

146811428.LC.FTS.B,

16.91%,

1/31/23

349

347

146822604.LC.FTS.B,

17.97%,

1/25/24

5,091

4,965

146823921.LC.FTS.B,

15.02%,

2/04/24

10,284

8,917

146832728.LC.FTS.B,

15.02%,

1/30/24

5,081

4,831

146951890.LC.FTS.B,

12.98%,

1/30/24

5,950

5,721

146986250.LC.FTS.B,

10.72%,

1/29/24

12,052

11,571

147007041.LC.FTS.B,

14.47%,

1/30/23

326

324

147059235.LC.FTS.B,

15.02%,

1/31/24

10,161

9,668

147087179.LC.FTS.B,

Zero

Cpn.,

2/04/24

6,432

2,669

*

147264720.LC.FTS.B,

14.47%,

2/11/24

11,119

4,090

147274852.LC.FTS.B,

14.47%,

2/12/24

8,216

7,885

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

116

a

147312249.LC.FTS.B,

11.8%,

2/12/24

19,547

18,797

147424780.LC.FTS.B,

19.92%,

2/08/24

5,022

4,890

147601192.LC.FTS.B,

16.91%,

2/13/23

421

422

147677349.LC.FTS.B,

14.47%,

2/14/23

242

243

147752141.LC.FTS.B,

18.94%,

2/19/24

21,497

19,623

147890443.LC.FTS.B,

11.02%,

3/26/24

22,925

21,854

147999259.LC.FTS.B,

14.74%,

2/27/23

1,873

1,867

148124381.LC.FTS.B,

16.4%,

3/12/24

19,498

18,663

148125632.LC.FTS.B,

17.97%,

3/27/24

5,432

5,282

148147657.LC.FTS.B,

17.19%,

2/26/23

3,900

3,799

148159082.LC.FTS.B,

17.97%,

2/27/23

786

790

148165215.LC.FTS.B,

15.57%,

3/05/24

16,643

12,630

148255751.LC.FTS.B,

12.4%,

3/05/24

7,642

7,356

148285066.LC.FTS.B,

17.97%,

3/11/24

18,795

18,192

148312431.LC.FTS.B,

20%,

3/18/22

2,175

2,194

148318987.LC.FTS.B,

13.9%,

3/07/24

6,641

6,344

148398539.LC.FTS.B,

15.57%,

3/05/24

6,345

6,063

148408043.LC.FTS.B,

17.97%,

3/05/24

8,148

7,856

148427426.LC.FTS.B,

11.71%,

3/07/24

15,159

14,596

148465404.LC.FTS.B,

17.97%,

3/06/24

10,865

10,439

148500236.LC.FTS.B,

17.97%,

3/08/22

1,360

1,366

148519919.LC.FTS.B,

12.4%,

3/07/24

7,642

7,359

148529602.LC.FTS.B,

15.57%,

3/26/24

5,473

5,198

148530582.LC.FTS.B,

13.9%,

3/12/24

18,672

17,854

148556854.LC.FTS.B,

17.97%,

3/08/22

1,414

1,419

148594665.LC.FTS.B,

17.19%,

3/11/24

5,926

5,656

148633772.LC.FTS.B,

13.9%,

3/12/22

402

403

148686543.LC.FTS.B,

16.4%,

3/12/24

13,345

12,742

148695672.LC.FTS.B,

22.5%,

3/12/24

6,742

6,495

148704040.LC.FTS.B,

13.08%,

3/12/24

7,705

7,422

148704813.LC.FTS.B,

13.9%,

3/12/24

18,152

17,399

148705649.LC.FTS.B,

17.97%,

3/12/22

3,779

3,780

148706680.LC.FTS.B,

20%,

3/12/24

9,934

9,608

148708939.LC.FTS.B,

13.9%,

3/12/22

1,073

1,079

148709232.LC.FTS.B,

17.19%,

3/12/22

1,400

1,403

148710415.LC.FTS.B,

20%,

3/12/24

19,437

18,730

148711863.LC.FTS.B,

16.4%,

3/12/24

6,722

6,335

148719756.LC.FTS.B,

16.4%,

3/12/22

688

688

148729378.LC.FTS.B,

15.57%,

3/13/24

15,922

15,217

148830986.LC.FTS.B,

14.74%,

3/15/24

10,474

10,041

*

148849654.LC.FTS.B,

Zero

Cpn.,

3/15/24

10,482

963

148878904.LC.FTS.B,

13.9%,

3/15/22

750

747

148898730.LC.FTS.B,

13.9%,

3/18/24

18,152

17,424

148905494.LC.FTS.B,

16.4%,

3/18/24

10,248

9,823

148912242.LC.FTS.B,

20%,

3/18/24

15,549

15,076

148913827.LC.FTS.B,

14.74%,

3/25/24

10,474

10,062

148932528.LC.FTS.B,

17.19%,

3/25/24

14,667

13,249

149089779.LC.FTS.B,

16.4%,

3/26/24

11,635

11,147

149128960.LC.FTS.B,

10.33%,

4/01/24

12,846

12,333

149225801.LC.FTS.B,

20%,

4/01/22

1,320

1,314

149281358.LC.FTS.B,

12.4%,

3/26/24

12,605

12,148

149314316.LC.FTS.B,

10.33%,

3/26/24

6,192

5,940

149315507.LC.FTS.B,

13.08%,

3/26/24

10,273

9,912

149399946.LC.FTS.B,

20%,

4/09/24

22,709

21,180

149473201.LC.FTS.B,

17.19%,

4/03/24

7,221

6,877

*

149590838.LC.FTS.B,

13.9%,

4/01/22

5,710

5,601

149598763.LC.FTS.B,

11.02%,

4/02/22

820

818

149653827.LC.FTS.B,

11.02%,

4/02/24

20,723

19,897

149660309.LC.FTS.B,

13.08%,

4/02/24

25,974

22,303

149673312.LC.FTS.B,

14.74%,

4/03/24

5,407

5,153

149685032.LC.FTS.B,

12.4%,

4/03/22

453

451

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

117

a

149686410.LC.FTS.B,

13.9%,

4/03/22

1,120

1,118

149773438.LC.FTS.B,

17.97%,

4/08/24

5,952

5,725

149864008.LC.FTS.B,

20%,

4/08/24

23,343

22,494

149870582.LC.FTS.B,

17.19%,

4/24/22

1,000

1,005

149882426.LC.FTS.B,

12.4%,

4/15/24

11,631

11,100

149902051.LC.FTS.B,

17.97%,

4/12/22

1,125

1,133

149931431.LC.FTS.B,

14.74%,

4/15/24

6,489

6,201

149957207.LC.FTS.B,

17.19%,

4/09/24

22,159

19,452

150025532.LC.FTS.B,

15.57%,

4/10/24

16,373

15,621

150041983.LC.FTS.B,

20%,

4/11/24

8,584

8,277

150048063.LC.FTS.B,

20%,

4/11/22

785

788

150114171.LC.FTS.B,

16.4%,

4/12/24

13,545

12,944

150114686.LC.FTS.B,

13.9%,

4/16/24

5,356

5,125

150116474.LC.FTS.B,

20%,

4/12/24

7,296

7,038

150125405.LC.FTS.B,

13.9%,

4/12/22

500

501

150130575.LC.FTS.B,

13.9%,

4/12/24

21,426

20,486

150135171.LC.FTS.B,

15.57%,

4/16/24

10,915

10,429

150145329.LC.FTS.B,

20%,

4/15/24

9,595

9,221

150161543.LC.FTS.B,

14.74%,

5/01/24

14,875

13,323

150196309.LC.FTS.B,

17.97%,

4/15/24

7,843

7,565

150241560.LC.FTS.B,

20%,

4/16/24

5,763

5,555

150243597.LC.FTS.B,

15.57%,

4/16/22

4,145

4,101

150295262.LC.FTS.B,

Zero

Cpn.,

4/22/22

2,214

216

150302648.LC.FTS.B,

15.57%,

4/17/24

10,915

10,431

150328755.LC.FTS.B,

13.08%,

5/17/24

6,039

5,753

150332126.LC.FTS.B,

16.4%,

5/06/24

11,394

10,809

150351615.LC.FTS.B,

17.97%,

4/17/24

15,909

14,985

150364880.LC.FTS.B,

15.57%,

4/17/22

262

261

*

150366631.LC.FTS.B,

17.97%,

4/22/24

6,157

1,115

150392604.LC.FTS.B,

17.97%,

4/18/24

18,841

17,873

150457673.LC.FTS.B,

20%,

4/22/24

11,445

11,078

150551318.LC.FTS.B,

20%,

4/29/24

21,533

20,413

150564480.LC.FTS.B,

16.4%,

4/22/22

4,394

4,185

150616815.LC.FTS.B,

17.97%,

5/09/24

7,743

7,285

150622391.LC.FTS.B,

13.9%,

4/23/24

13,391

12,834

150627709.LC.FTS.B,

20%,

4/23/24

8,584

8,312

150630361.LC.FTS.B,

13.9%,

4/25/24

5,357

5,126

*

150714638.LC.FTS.B,

20%,

4/24/24

17,729

16,338

150714662.LC.FTS.B,

17.19%,

5/20/22

3,553

3,509

150727820.LC.FTS.B,

17.19%,

4/24/24

11,278

10,944

150774924.LC.FTS.B,

17.19%,

5/01/24

8,584

8,144

150789970.LC.FTS.B,

11.71%,

4/30/24

18,165

17,408

150826319.LC.FTS.B,

11.02%,

5/01/24

12,838

12,296

150843036.LC.FTS.B,

22.5%,

4/29/24

6,035

5,762

150845967.LC.FTS.B,

17.19%,

4/30/24

8,211

7,788

150850415.LC.FTS.B,

12.4%,

4/26/24

8,424

8,113

150851475.LC.FTS.B,

20%,

5/08/24

13,835

13,259

150856722.LC.FTS.B,

17.19%,

4/29/22

2,989

(1)

150930925.LC.FTS.B,

14.74%,

5/01/22

524

522

151002352.LC.FTS.B,

20%,

5/21/22

2,142

2,147

151020738.LC.FTS.B,

14.74%,

5/01/24

8,921

8,470

151147833.LC.FTS.B,

20%,

5/03/22

1,760

1,750

151180607.LC.FTS.B,

17.19%,

5/13/22

7,984

7,581

151182369.LC.FTS.B,

17.97%,

5/13/22

744

743

151262721.LC.FTS.B,

17.97%,

5/06/22

698

695

151290656.LC.FTS.B,

20%,

5/28/22

1,431

1,418

151324492.LC.FTS.B,

20%,

5/06/24

10,407

9,759

151444001.LC.FTS.B,

14.74%,

5/09/24

6,690

6,366

151467501.LC.FTS.B,

20%,

5/09/24

12,530

12,023

151495173.LC.FTS.B,

12.4%,

5/24/24

12,594

12,101

151545441.LC.FTS.B,

17.97%,

5/10/24

5,772

5,516

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

118

a

151578638.LC.FTS.B,

17.19%,

5/13/24

8,584

8,168

151579451.LC.FTS.B,

12.4%,

5/13/24

24,105

22,968

151622142.LC.FTS.B,

16.4%,

5/21/22

3,497

3,484

151679657.LC.FTS.B,

13.9%,

5/14/24

11,655

11,050

151690420.LC.FTS.B,

17.97%,

5/15/24

9,877

9,483

151698286.LC.FTS.B,

17.97%,

5/21/22

696

702

151702888.LC.FTS.B,

17.97%,

5/14/24

6,398

6,136

151707588.LC.FTS.B,

14.74%,

5/29/24

12,671

11,853

151752857.LC.FTS.B,

17.97%,

5/21/22

557

562

151810309.LC.FTS.B,

13.08%,

5/24/24

10,949

10,518

151812668.LC.FTS.B,

14.74%,

5/21/24

14,065

13,133

151821575.LC.FTS.B,

22.5%,

5/16/24

15,808

14,852

151897315.LC.FTS.B,

20%,

5/17/24

10,622

10,220

151979821.LC.FTS.B,

13.9%,

5/28/24

11,072

10,452

151997574.LC.FTS.B,

16.4%,

5/20/24

22,116

19,881

152054930.LC.FTS.B,

13.9%,

5/24/24

7,634

7,220

152090213.LC.FTS.B,

12.4%,

5/21/24

8,460

8,125

152112261.LC.FTS.B,

14.74%,

5/22/24

11,862

11,319

152146150.LC.FTS.B,

13.9%,

5/22/24

19,754

18,837

152159254.LC.FTS.B,

12.4%,

5/24/24

13,041

12,510

152166562.LC.FTS.B,

16.4%,

6/10/24

8,688

8,239

*

152294807.LC.FTS.B,

17.97%,

6/10/24

21,885

16,763

152319286.LC.FTS.B,

13.9%,

5/24/24

5,524

5,282

152550358.LC.FTS.B,

14.74%,

6/24/24

8,612

8,199

152586099.LC.FTS.B,

16.4%,

6/10/22

3,500

3,477

152616055.LC.FTS.B,

17.19%,

5/30/22

1,224

1,214

152666177.LC.FTS.B,

15.57%,

6/11/24

9,743

9,239

152765318.LC.FTS.B,

17.19%,

6/11/24

8,832

8,377

152859831.LC.FTS.B,

17.97%,

6/11/22

399

395

152970058.LC.FTS.B,

13.08%,

6/12/24

21,437

20,516

153125584.LC.FTS.B,

12.4%,

6/20/24

8,400

8,048

153141113.LC.FTS.B,

13.08%,

6/12/24

11,282

10,798

153164255.LC.FTS.B,

16.95%,

6/10/22

3,151

3,118

153172761.LC.FTS.B,

16.12%,

6/12/24

11,648

11,106

153209655.LC.FTS.B,

17.74%,

6/25/22

1,678

1,668

153211777.LC.FTS.B,

15.24%,

6/11/24

6,027

5,745

153220816.LC.FTS.B,

17.97%,

6/10/22

864

865

153259499.LC.FTS.B,

17.74%,

6/11/24

10,361

9,875

153272535.LC.FTS.B,

14.3%,

6/11/24

8,649

8,244

153277614.LC.FTS.B,

Zero

Cpn.,

6/11/24

15,466

7,202

153290884.LC.FTS.B,

17.74%,

6/11/22

820

796

153311493.LC.FTS.B,

14.3%,

6/11/22

3,313

3,300

153331782.LC.FTS.B,

17.97%,

6/20/24

20,850

19,983

153384160.LC.FTS.B,

20%,

7/11/22

1,010

1,009

153481376.LC.FTS.B,

16.12%,

6/17/22

5,079

5,046

153537119.LC.FTS.B,

16.12%,

6/25/24

6,062

5,769

153537694.LC.FTS.B,

20%,

6/17/22

1,036

1,036

153568662.LC.FTS.B,

16.12%,

6/17/24

6,290

6,005

153590504.LC.FTS.B,

20%,

6/17/22

2,653

2,664

153607399.LC.FTS.B,

14.3%,

6/17/22

3,313

3,307

153692184.LC.FTS.B,

14.3%,

6/18/22

840

836

153720322.LC.FTS.B,

12.4%,

6/20/24

11,760

11,268

153754650.LC.FTS.B,

16.95%,

6/27/24

13,311

12,707

153853474.LC.FTS.B,

20%,

6/20/22

3,301

3,263

153858768.LC.FTS.B,

14.3%,

6/24/24

11,430

10,932

153880423.LC.FTS.B,

17.97%,

6/21/22

4,377

4,219

153892000.LC.FTS.B,

16.12%,

6/24/24

543

535

153895344.LC.FTS.B,

13.08%,

6/24/24

19,502

18,484

153918651.LC.FTS.B,

20%,

6/21/22

1,730

1,715

153935974.LC.FTS.B,

16.95%,

6/24/22

5,125

5,126

153983778.LC.FTS.B,

14.3%,

6/24/22

8,062

7,984

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

119

a

153987117.LC.FTS.B,

12.4%,

6/24/24

11,788

11,298

153990518.LC.FTS.B,

20%,

6/27/22

2,742

2,758

154020911.LC.FTS.B,

16.95%,

7/22/24

12,073

11,505

154080835.LC.FTS.B,

16.95%,

7/15/24

17,256

15,895

154090379.LC.FTS.B,

16.95%,

6/25/24

6,724

6,366

154145145.LC.FTS.B,

14.3%,

6/25/22

1,325

1,326

154235097.LC.FTS.B,

14.3%,

6/28/24

14,997

13,289

154267934.LC.FTS.B,

14.3%,

7/01/24

22,177

21,047

154332845.LC.FTS.B,

16.12%,

6/28/22

5,871

5,806

154337525.LC.FTS.B,

17.97%,

7/03/22

4,180

4,159

154340327.LC.FTS.B,

20%,

7/03/24

25,495

23,529

154377850.LC.FTS.B,

14.3%,

7/01/24

14,698

13,934

154378407.LC.FTS.B,

14.3%,

7/01/22

2,847

2,788

154396924.LC.FTS.B,

16.95%,

7/01/24

18,320

17,383

154400941.LC.FTS.B,

20%,

7/03/22

2,831

2,817

154462977.LC.FTS.B,

16.12%,

7/01/24

5,988

5,675

154638055.LC.FTS.B,

16.12%,

7/08/22

1,412

1,401

154709580.LC.FTS.B,

16.12%,

7/16/22

4,841

4,815

154754481.LC.FTS.B,

12.4%,

7/09/22

2,853

2,824

154787523.LC.FTS.B,

25%,

7/08/22

222

220

154793197.LC.FTS.B,

17.74%,

7/12/22

1,031

1,019

154797502.LC.FTS.B,

16.12%,

7/09/24

9,245

8,288

154841821.LC.FTS.B,

16.12%,

7/08/24

12,749

11,997

154882236.LC.FTS.B,

15.24%,

7/15/24

3,000

2,913

154927042.LC.FTS.B,

17.97%,

7/09/22

2,380

1,124

154931535.LC.FTS.B,

17.74%,

7/09/24

17,097

16,140

154935107.LC.FTS.B,

20%,

7/15/24

6,463

6,166

154940690.LC.FTS.B,

16.12%,

7/09/24

15,912

15,114

154994847.LC.FTS.B,

14.3%,

7/10/24

6,325

6,018

155001407.LC.FTS.B,

12.4%,

7/12/22

1,005

996

155027113.LC.FTS.B,

17.97%,

7/10/24

14,083

13,026

155031280.LC.FTS.B,

20%,

7/11/22

2,105

2,103

155083423.LC.FTS.B,

11.02%,

7/12/22

2,855

2,830

155094786.LC.FTS.B,

14.3%,

7/12/24

5,896

5,598

155112621.LC.FTS.B,

17.97%,

7/12/22

824

823

155131755.LC.FTS.B,

13.08%,

7/12/24

9,324

8,907

155134807.LC.FTS.B,

16.12%,

7/12/22

7,059

7,014

155143774.LC.FTS.B,

13.08%,

7/29/22

7,537

7,473

155164991.LC.FTS.B,

15.24%,

7/18/24

23,741

22,611

155232104.LC.FTS.B,

17.74%,

7/15/24

6,083

5,786

155246628.LC.FTS.B,

17.74%,

7/17/24

6,736

6,347

*

155285037.LC.FTS.B,

20%,

7/15/22

1,974

1,621

155293215.LC.FTS.B,

16.95%,

7/18/24

7,697

7,329

155293915.LC.FTS.B,

13.08%,

7/16/24

12,729

10,950

155310035.LC.FTS.B,

15.24%,

7/18/22

5,308

5,284

155317429.LC.FTS.B,

14.3%,

7/26/22

237

237

155334080.LC.FTS.B,

16.12%,

7/16/24

24,748

23,331

155360790.LC.FTS.B,

15.24%,

7/16/24

9,886

9,312

*

155404759.LC.FTS.B,

12.4%,

7/29/24

6,509

5,562

155544116.LC.FTS.B,

16.95%,

7/25/22

4,173

4,163

155579526.LC.FTS.B,

16.95%,

7/19/22

1,079

1,074

155579797.LC.FTS.B,

17.74%,

7/19/24

13,737

13,037

155613073.LC.FTS.B,

14.3%,

8/01/24

12,083

11,426

155717890.LC.FTS.B,

15.24%,

7/23/24

5,935

5,658

*

155784469.LC.FTS.B,

25%,

7/24/22

1,582

293

155823373.LC.FTS.B,

15.24%,

7/31/24

18,774

17,741

155859406.LC.FTS.B,

20%,

7/25/22

1,684

1,693

155906033.LC.FTS.B,

20%,

7/25/24

14,294

13,700

155931737.LC.FTS.B,

17.74%,

8/01/24

15,936

15,064

155947553.LC.FTS.B,

16.95%,

7/26/22

1,260

1,237

156078988.LC.FTS.B,

17.74%,

7/30/24

15,607

14,740

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

120

a

156082057.LC.FTS.B,

17.74%,

8/01/22

2,378

2,347

156124979.LC.FTS.B,

14.3%,

7/31/24

9,117

8,631

156134234.LC.FTS.B,

17.74%,

7/30/24

6,243

5,896

156198752.LC.FTS.B,

16.95%,

7/31/24

9,348

8,843

156204742.LC.FTS.B,

16.95%,

7/31/24

12,396

11,683

156236467.LC.FTS.B,

15.24%,

8/26/22

4,252

4,160

156287957.LC.FTS.B,

14.3%,

8/01/24

22,695

21,464

156294567.LC.FTS.B,

Zero

Cpn.,

8/01/22

4,810

463

156301389.LC.FTS.B,

13.08%,

8/01/22

7,006

6,905

156555744.LC.FTS.B,

16.95%,

8/06/22

2,343

2,313

156793211.LC.FTS.B,

16.95%,

8/12/24

13,634

12,922

156805347.LC.FTS.B,

17.74%,

8/23/24

10,652

10,112

156816513.LC.FTS.B,

15.24%,

8/26/24

15,242

14,499

156927320.LC.FTS.B,

16.12%,

8/16/24

13,487

12,735

156938647.LC.FTS.B,

16.12%,

8/19/24

21,065

19,803

156982194.LC.FTS.B,

14.3%,

8/27/24

10,270

9,773

157009184.LC.FTS.B,

16.95%,

8/19/22

2,359

2,340

157020009.LC.FTS.B,

15.24%,

8/16/24

13,413

12,731

157020689.LC.FTS.B,

14.3%,

8/15/24

27,545

25,689

157050275.LC.FTS.B,

12.4%,

8/16/24

11,647

11,178

157100093.LC.FTS.B,

16.95%,

8/27/24

15,819

15,050

157141091.LC.FTS.B,

16.12%,

8/19/22

2,576

2,531

157148207.LC.FTS.B,

17.74%,

9/03/24

12,073

11,421

157148290.LC.FTS.B,

14.3%,

8/16/24

15,337

14,417

157178824.LC.FTS.B,

16.12%,

8/20/24

7,378

7,008

157192559.LC.FTS.B,

11.02%,

8/22/24

11,634

11,091

157194796.LC.FTS.B,

15.24%,

8/19/24

24,388

23,158

157221111.LC.FTS.B,

16.12%,

8/19/24

21,086

20,037

157239649.LC.FTS.B,

16.12%,

8/20/22

1,154

1,136

157328472.LC.FTS.B,

14.3%,

8/27/24

13,295

12,524

157396742.LC.FTS.B,

15.24%,

9/17/24

22,024

20,833

157472465.LC.FTS.B,

16.12%,

8/26/24

7,378

7,018

157513361.LC.FTS.B,

12.4%,

8/26/24

17,784

16,972

157525963.LC.FTS.B,

14.3%,

8/27/22

2,435

2,422

157532778.LC.FTS.B,

16.12%,

8/27/22

4,445

4,400

157574581.LC.FTS.B,

12.4%,

8/29/22

702

690

157585737.LC.FTS.B,

15.24%,

8/26/24

10,037

9,497

157587982.LC.FTS.B,

18.62%,

8/26/24

9,441

9,061

157600114.LC.FTS.B,

16.95%,

8/27/24

6,197

5,896

*

157632583.LC.FTS.B,

16.12%,

8/26/22

4,676

4,649

*

157671560.LC.FTS.B,

17.74%,

8/26/22

2,728

2,666

157729665.LC.FTS.B,

14.3%,

9/03/24

20,094

18,955

157742410.LC.FTS.B,

13.08%,

8/27/24

7,614

7,242

157754104.LC.FTS.B,

17.74%,

9/05/22

4,114

4,040

157912310.LC.FTS.B,

17.74%,

9/13/24

11,562

10,920

158052058.LC.FTS.B,

14.3%,

9/09/24

7,270

6,802

158081866.LC.FTS.B,

16.12%,

9/05/24

17,662

16,673

158097787.LC.FTS.B,

11.02%,

9/10/22

2,523

2,479

158125924.LC.FTS.B,

17.74%,

9/05/22

3,583

3,527

158175447.LC.FTS.B,

17.74%,

9/10/24

22,404

21,167

158254705.LC.FTS.B,

16.12%,

9/06/22

1,327

1,307

158260715.LC.FTS.B,

17.74%,

9/06/22

3,082

3,035

158272069.LC.FTS.B,

17.74%,

9/09/24

12,013

11,347

*

158336156.LC.FTS.B,

17.74%,

9/23/22

6,007

5,585

158345764.LC.FTS.B,

13.08%,

9/17/22

2,057

2,021

158348386.LC.FTS.B,

16.95%,

9/09/24

11,440

10,807

*

158364500.LC.FTS.B,

14.3%,

9/09/22

11,544

11,138

158402613.LC.FTS.B,

17.74%,

9/10/22

487

480

158532011.LC.FTS.B,

16.95%,

9/30/22

2,341

2,299

158664026.LC.FTS.B,

12.4%,

9/13/22

6,612

6,505

158704738.LC.FTS.B,

16.12%,

9/18/22

7,584

7,463

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

121

a

158754454.LC.FTS.B,

16.12%,

9/23/22

3,615

3,530

158886007.LC.FTS.B,

17.74%,

9/18/22

270

266

158896888.LC.FTS.B,

16.95%,

9/18/24

16,817

15,733

158914371.LC.FTS.B,

16.12%,

9/20/24

18,839

17,430

158932382.LC.FTS.B,

14.3%,

9/18/22

5,208

5,148

158988055.LC.FTS.B,

11.71%,

9/19/22

10,134

9,993

159010378.LC.FTS.B,

17.74%,

9/19/24

15,315

14,509

159095246.LC.FTS.B,

14.3%,

9/23/22

5,208

5,156

*

159100492.LC.FTS.B,

17.74%,

9/23/22

6,951

6,776

159127353.LC.FTS.B,

12.4%,

10/01/24

16,176

15,335

159138425.LC.FTS.B,

17.74%,

9/23/22

4,388

4,277

159234053.LC.FTS.B,

16.12%,

9/24/22

2,920

2,891

159239680.LC.FTS.B,

20.55%,

9/30/22

13,209

12,861

159301771.LC.FTS.B,

16.95%,

9/25/24

15,688

14,708

159372853.LC.FTS.B,

13.08%,

10/01/24

13,208

12,515

159435722.LC.FTS.B,

12.4%,

9/30/24

12,498

11,841

159440895.LC.FTS.B,

16.12%,

9/30/22

3,559

3,483

159483749.LC.FTS.B,

17.74%,

10/01/22

2,566

2,501

159510570.LC.FTS.B,

20.55%,

9/30/22

1,239

1,218

159578817.LC.FTS.B,

18.62%,

10/01/24

17,136

16,185

159617995.LC.FTS.B,

13.08%,

10/01/24

7,758

7,334

159723417.LC.FTS.B,

11.02%,

10/03/22

10,539

10,310

159761945.LC.FTS.B,

16.95%,

10/08/24

12,506

11,768

159782705.LC.FTS.B,

17.74%,

10/07/24

27,641

24,452

159822778.LC.FTS.B,

10.33%,

10/04/22

2,796

2,742

159824306.LC.FTS.B,

17.74%,

10/04/22

4,010

3,876

159868781.LC.FTS.B,

18.62%,

10/21/22

3,409

3,317

159906657.LC.FTS.B,

17.74%,

10/08/22

6,256

6,107

159927355.LC.FTS.B,

17.74%,

10/21/22

4,823

4,752

159963198.LC.FTS.B,

13.08%,

10/08/22

3,742

3,660

160015982.LC.FTS.B,

11.02%,

11/07/22

525

520

160025695.LC.FTS.B,

17.74%,

10/09/22

2,698

2,648

160058568.LC.FTS.B,

13.08%,

10/11/24

15,795

14,983

160079994.LC.FTS.B,

13.08%,

10/11/24

18,871

17,889

160350926.LC.FTS.B,

17.74%,

10/15/22

2,238

2,201

160415789.LC.FTS.B,

28.8%,

10/25/22

1,709

1,701

160490410.LC.FTS.B,

15.24%,

10/25/24

25,658

24,275

160529999.LC.FTS.B,

16.95%,

10/22/24

7,782

7,354

160607234.LC.FTS.B,

16.12%,

10/25/24

-

-

160673463.LC.FTS.B,

16.95%,

10/21/22

3,589

3,536

160697113.LC.FTS.B,

12.4%,

10/21/22

8,506

8,360

160706108.LC.FTS.B,

13.08%,

10/22/22

2,242

2,198

160772190.LC.FTS.B,

14.3%,

10/23/22

2,352

2,300

160802725.LC.FTS.B,

16.95%,

10/25/22

1,964

1,930

160892664.LC.FTS.B,

13.08%,

10/25/22

1,600

1,558

160896111.LC.FTS.B,

14.3%,

10/25/24

10,712

10,063

*

160928296.LC.FTS.B,

17.74%,

10/29/22

10,395

9,793

161058961.LC.FTS.B,

20.55%,

10/29/22

8,061

7,805

161113209.LC.FTS.B,

17.74%,

10/30/22

5,716

5,583

161421905.LC.FTS.B,

18.62%,

11/13/22

1,174

1,150

161470722.LC.FTS.B,

11.71%,

11/06/22

3,668

3,586

*

161519546.LC.FTS.B,

13.08%,

11/07/24

25,558

19,101

161547323.LC.FTS.B,

16.95%,

11/18/24

12,678

11,924

161573592.LC.FTS.B,

12.4%,

11/07/24

13,583

12,854

161593900.LC.FTS.B,

13.08%,

11/12/24

3,445

3,255

161649725.LC.FTS.B,

18.62%,

11/13/24

7,220

6,786

161662827.LC.FTS.B,

20.55%,

11/12/24

13,664

12,580

161671238.LC.FTS.B,

23.05%,

12/02/22

6,093

5,939

161690374.LC.FTS.B,

13.08%,

11/15/22

3,179

3,112

161691058.LC.FTS.B,

20.55%,

11/12/24

11,709

11,015

161702358.LC.FTS.B,

Zero

Cpn.,

11/12/22

4,626

1,886

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

122

a

161740410.LC.FTS.B,

17.74%,

11/14/24

13,521

12,723

161762172.LC.FTS.B,

20.55%,

11/13/22

4,982

4,877

161823082.LC.FTS.B,

13.08%,

11/13/22

5,107

4,985

161908164.LC.FTS.B,

16.95%,

11/14/22

3,316

3,240

161913522.LC.FTS.B,

17.74%,

11/15/22

4,988

4,887

*

161925646.LC.FTS.B,

17.74%,

11/15/24

14,461

2,511

161930744.LC.FTS.B,

12.4%,

11/15/22

-

-

161942065.LC.FTS.B,

17.74%,

11/15/22

13,104

12,666

161969346.LC.FTS.B,

20.55%,

12/05/24

7,012

6,567

162018423.LC.FTS.B,

17.74%,

11/18/22

2,615

2,557

162032578.LC.FTS.B,

20.55%,

11/22/22

4,160

4,075

162054102.LC.FTS.B,

14.3%,

11/18/24

15,663

14,729

162078441.LC.FTS.B,

17.74%,

11/18/24

26,841

25,275

*

162083664.LC.FTS.B,

15.24%,

11/22/22

10,795

10,440

162085568.LC.FTS.B,

16.95%,

11/19/24

13,332

12,558

162107805.LC.FTS.B,

16.95%,

11/26/22

4,621

4,543

162124367.LC.FTS.B,

11.71%,

11/19/22

5,866

4,460

162135214.LC.FTS.B,

16.95%,

11/19/22

3,301

3,238

162163074.LC.FTS.B,

17.74%,

11/20/22

6,165

5,971

*

162163917.LC.FTS.B,

20.55%,

11/20/24

15,039

14,122

162174058.LC.FTS.B,

18.62%,

11/20/22

12,789

12,504

162219313.LC.FTS.B,

16.95%,

11/25/22

3,264

3,192

162249312.LC.FTS.B,

20.55%,

11/27/22

3,577

3,550

162268100.LC.FTS.B,

14.3%,

12/02/22

1,075

1,045

162318404.LC.FTS.B,

18.62%,

11/25/22

14,867

14,466

162329802.LC.FTS.B,

20.55%,

11/26/24

10,296

9,769

162343065.LC.FTS.B,

11.02%,

11/27/22

12,020

11,679

162363569.LC.FTS.B,

18.62%,

11/25/22

4,718

4,523

162378603.LC.FTS.B,

16.12%,

11/25/24

15,887

14,988

162458601.LC.FTS.B,

16.95%,

11/26/24

11,995

11,322

162479999.LC.FTS.B,

20.55%,

12/03/22

3,740

3,631

162521650.LC.FTS.B,

14.3%,

12/03/22

719

708

162565626.LC.FTS.B,

16.95%,

12/27/22

4,322

4,083

162621552.LC.FTS.B,

13.08%,

12/02/22

-

-

162625908.LC.FTS.B,

20.55%,

12/02/24

16,602

15,174

*

162645428.LC.FTS.B,

11.02%,

12/02/22

3,750

1,494

162767538.LC.FTS.B,

12.4%,

12/04/24

9,847

9,299

162767581.LC.FTS.B,

16.95%,

12/04/22

1,732

1,677

162770667.LC.FTS.B,

11.02%,

12/04/24

17,901

16,904

162782888.LC.FTS.B,

16.95%,

12/12/24

23,956

22,446

*

162845037.LC.FTS.B,

17.74%,

12/09/24

11,326

10,573

162908261.LC.FTS.B,

16.95%,

12/16/22

12,622

12,317

162909709.LC.FTS.B,

16.12%,

12/06/22

494

482

162923538.LC.FTS.B,

12.4%,

12/06/24

26,258

24,808

162946200.LC.FTS.B,

16.95%,

12/09/24

27,273

25,548

162957826.LC.FTS.B,

16.12%,

12/09/22

3,672

3,541

162981224.LC.FTS.B,

20.55%,

12/10/24

9,817

9,207

162992177.LC.FTS.B,

12.4%,

12/09/22

9,186

8,953

163028434.LC.FTS.B,

16.12%,

12/09/22

4,596

4,467

163046946.LC.FTS.B,

15.24%,

12/16/24

13,448

12,621

163060788.LC.FTS.B,

13.08%,

12/17/24

13,206

12,491

163060832.LC.FTS.B,

16.12%,

12/09/24

8,635

8,089

163090706.LC.FTS.B,

16.95%,

12/10/22

4,324

4,212

163112532.LC.FTS.B,

14.3%,

12/11/24

10,706

10,029

163128614.LC.FTS.B,

17.74%,

12/10/24

16,506

15,436

163184886.LC.FTS.B,

16.12%,

12/31/24

8,825

8,228

163186720.LC.FTS.B,

16.95%,

12/27/22

3,065

3,002

163194660.LC.FTS.B,

17.74%,

12/20/22

3,972

3,878

163220471.LC.FTS.B,

17.74%,

12/12/22

3,632

3,541

163289544.LC.FTS.B,

23.05%,

1/13/23

5,809

5,510

163327518.LC.FTS.B,

17.74%,

12/16/22

1,819

1,770

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

123

a

163328436.LC.FTS.B,

17.74%,

12/16/22

2,542

2,481

163340618.LC.FTS.B,

23.05%,

12/18/22

4,570

4,490

163350419.LC.FTS.B,

17.74%,

12/16/22

7,354

7,073

163363682.LC.FTS.B,

16.12%,

12/16/22

3,140

2,461

163390766.LC.FTS.B,

16.12%,

12/16/22

4,668

4,542

163411239.LC.FTS.B,

13.08%,

12/20/24

9,904

9,373

163448166.LC.FTS.B,

16.95%,

12/19/22

7,573

7,399

163470652.LC.FTS.B,

20.55%,

12/30/22

6,510

6,216

163506738.LC.FTS.B,

20.55%,

12/31/24

18,263

16,988

163533746.LC.FTS.B,

18.62%,

12/26/22

4,393

4,337

163583417.LC.FTS.B,

20.55%,

12/23/24

7,178

6,773

163604356.LC.FTS.B,

16.95%,

12/20/24

18,119

17,029

163610031.LC.FTS.B,

11.02%,

12/20/22

8,529

8,307

163615047.LC.FTS.B,

17.74%,

12/30/22

3,304

3,194

163648538.LC.FTS.B,

15.24%,

12/23/22

7,029

6,876

163649983.LC.FTS.B,

15.24%,

12/23/24

18,960

16,826

163740957.LC.FTS.B,

14.3%,

12/23/22

10,636

10,325

163835974.LC.FTS.B,

20.55%,

12/27/22

1,876

1,852

163873718.LC.FTS.B,

11.71%,

12/26/22

3,186

3,085

163915234.LC.FTS.B,

15.24%,

12/27/22

2,343

2,295

163933045.LC.FTS.B,

16.12%,

12/27/22

7,200

6,953

163933698.LC.FTS.B,

20.55%,

12/27/22

3,725

3,678

163938962.LC.FTS.B,

15.24%,

12/30/22

11,531

11,207

164040576.LC.FTS.B,

13.08%,

12/31/24

19,080

17,872

164041557.LC.FTS.B,

12.4%,

12/31/24

23,967

22,461

164059283.LC.FTS.B,

17.74%,

1/23/25

10,533

9,862

164083735.LC.FTS.B,

12.4%,

12/30/22

2,785

2,702

164188266.LC.FTS.B,

15.24%,

1/22/23

6,543

6,372

164220289.LC.FTS.B,

16.95%,

1/02/25

14,481

13,513

164278211.LC.FTS.B,

20.55%,

1/15/23

8,755

8,545

164313833.LC.FTS.B,

20.55%,

1/03/23

605

587

164452270.LC.FTS.B,

18.62%,

1/07/23

2,973

2,893

164469187.LC.FTS.B,

20.55%,

1/07/23

6,512

6,328

164523947.LC.FTS.B,

11.71%,

1/09/23

4,503

4,369

164584304.LC.FTS.B,

20.55%,

1/09/23

13,206

12,624

164591978.LC.FTS.B,

12.4%,

1/21/25

16,799

15,867

*

164615141.LC.FTS.B,

20.55%,

1/14/25

7,602

4,330

164731071.LC.FTS.B,

18.62%,

1/13/25

7,057

6,600

164744577.LC.FTS.B,

13.08%,

1/13/25

14,319

13,504

164807641.LC.FTS.B,

13.08%,

1/13/23

3,020

2,936

164811219.LC.FTS.B,

20.55%,

1/17/23

3,127

3,034

164846634.LC.FTS.B,

17.74%,

1/24/25

29,042

27,121

164918973.LC.FTS.B,

Zero

Cpn.,

1/15/25

12,574

6,155

164987116.LC.FTS.B,

18.62%,

1/21/23

4,752

4,608

165053639.LC.FTS.B,

13.08%,

1/17/25

12,788

12,077

165056556.LC.FTS.B,

20.55%,

1/17/25

11,416

10,703

165101135.LC.FTS.B,

16.95%,

1/22/23

5,091

4,889

*

165134077.LC.FTS.B,

20.55%,

1/21/25

8,806

318

*

165140643.LC.FTS.B,

20.55%,

1/21/23

1,020

137

165237442.LC.FTS.B,

18.62%,

2/03/23

2,558

2,473

165296331.LC.FTS.B,

16.95%,

1/22/25

6,968

6,532

*

165296350.LC.FTS.B,

13.08%,

1/27/25

30,378

5,333

165332907.LC.FTS.B,

16.12%,

1/22/23

13,434

13,054

165343415.LC.FTS.B,

17.74%,

1/23/25

19,351

18,033

165395702.LC.FTS.B,

15.24%,

1/22/23

8,082

7,871

165397300.LC.FTS.B,

14.3%,

1/22/25

7,251

6,798

165398947.LC.FTS.B,

11.71%,

1/22/23

1,976

1,923

165432384.LC.FTS.B,

12.4%,

1/23/25

19,317

18,156

165469392.LC.FTS.B,

14.3%,

1/23/25

6,824

6,402

165482731.LC.FTS.B,

13.08%,

1/24/23

3,322

3,235

165509266.LC.FTS.B,

17.74%,

2/18/23

12,469

11,922

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

124

a

165589652.LC.FTS.B,

13.08%,

1/27/23

1,888

1,835

165641716.LC.FTS.B,

11.71%,

1/27/23

5,154

5,021

165650569.LC.FTS.B,

13.08%,

1/27/25

21,406

19,956

165659626.LC.FTS.B,

14.3%,

1/27/23

4,624

4,438

165702194.LC.FTS.B,

20.55%,

2/03/23

3,031

2,930

165780834.LC.FTS.B,

13.08%,

2/05/25

9,948

9,367

165808132.LC.FTS.B,

20.55%,

1/29/25

8,294

7,676

165810247.LC.FTS.B,

18.62%,

2/24/25

9,791

9,168

165924076.LC.FTS.B,

18.62%,

2/04/25

13,399

12,198

165938778.LC.FTS.B,

20.55%,

2/03/25

8,760

8,129

165981000.LC.FTS.B,

13.08%,

2/03/23

490

474

166022182.LC.FTS.B,

14.3%,

2/07/23

5,779

5,573

166119968.LC.FTS.B,

18.62%,

2/04/25

20,545

18,633

166121622.LC.FTS.B,

18.62%,

2/04/23

10,039

9,710

166197102.LC.FTS.B,

18.62%,

2/05/23

4,529

4,383

166250533.LC.FTS.B,

17.74%,

2/13/25

7,170

6,689

*

166307588.LC.FTS.B,

17.74%,

2/07/23

3,043

553

166624371.LC.FTS.B,

Zero

Cpn.,

3/04/23

13,863

5,685

166629231.LC.FTS.B,

23.05%,

2/26/23

1,326

1,296

166686897.LC.FTS.B,

12.4%,

2/14/23

14,487

13,945

166715422.LC.FTS.B,

17.74%,

2/14/23

3,897

3,723

*

166766941.LC.FTS.B,

18.62%,

2/18/23

1,035

998

166773880.LC.FTS.B,

10.33%,

2/18/25

13,588

12,779

166781902.LC.FTS.B,

13.08%,

2/18/25

10,365

9,775

166785571.LC.FTS.B,

11.71%,

2/18/23

9,782

9,322

166943124.LC.FTS.B,

15.24%,

2/19/25

6,914

6,467

167078819.LC.FTS.B,

16.12%,

3/02/23

5,032

4,828

167191557.LC.FTS.B,

20.55%,

2/24/23

4,158

4,060

167285479.LC.FTS.B,

20.55%,

2/24/23

12,650

12,227

167289509.LC.FTS.B,

17.74%,

3/04/23

4,597

4,449

167461642.LC.FTS.B,

14.3%,

3/12/23

4,741

4,587

167579044.LC.FTS.B,

17.74%,

3/02/23

6,587

6,243

167581364.LC.FTS.B,

17.74%,

3/02/23

2,367

2,243

167583337.LC.FTS.B,

23.05%,

3/02/23

12,732

12,230

167619191.LC.FTS.B,

14.3%,

3/02/23

7,131

6,859

167708608.LC.FTS.B,

15.24%,

3/11/23

5,234

5,041

167744357.LC.FTS.B,

14.3%,

3/16/25

11,411

10,630

167769519.LC.FTS.B,

12.4%,

3/13/23

4,648

4,491

167785877.LC.FTS.B,

15.24%,

3/04/25

21,523

19,954

167810019.LC.FTS.B,

16.12%,

3/12/23

6,611

6,371

167835280.LC.FTS.B,

14.3%,

3/12/23

1,575

1,518

167908793.LC.FTS.B,

14.3%,

3/16/25

8,515

7,921

*

167975428.LC.FTS.B,

14.3%,

3/09/25

32,343

27,813

168123166.LC.FTS.B,

16.12%,

3/16/25

20,884

19,338

168164628.LC.FTS.B,

12.4%,

3/16/23

10,833

10,473

168229694.LC.FTS.B,

17.74%,

3/12/25

7,628

7,095

168256441.LC.FTS.B,

17.74%,

3/13/25

21,904

20,397

168263674.LC.FTS.B,

12.4%,

3/13/25

16,859

15,863

168302195.LC.FTS.B,

16.95%,

3/13/23

899

867

168305153.LC.FTS.B,

13.08%,

3/13/25

15,805

14,873

168372914.LC.FTS.B,

17.74%,

3/16/23

8,098

7,664

168460211.LC.FTS.B,

14.3%,

3/17/23

3,517

3,403

5,949,862

LendingClub

Corp.

-

LCX…...............................................

150824119.LC.FTS.B,

8.19%,

5/10/24

-

-

150859466.LC.FTS.B,

6.46%,

5/17/22

924

921

151015568.LC.FTS.B,

8.81%,

5/15/22

1,981

1,972

151218743.LC.FTS.B,

8.19%,

5/07/24

7,762

7,645

151286105.LC.FTS.B,

11.71%,

5/10/24

16,174

15,710

151384503.LC.FTS.B,

Zero

Cpn.,

5/10/24

24,804

11,299

151471582.LC.FTS.B,

11.02%,

5/09/24

10,698

10,391

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

125

a

151508250.LC.FTS.B,

7.02%,

5/10/22

1,217

1,216

151535197.LC.FTS.B,

12.4%,

5/10/24

7,299

7,120

151543648.LC.FTS.B,

11.02%,

5/10/22

1,168

1,168

151548915.LC.FTS.B,

10.33%,

5/10/24

5,307

5,154

151948521.LC.FTS.B,

17.97%,

5/31/24

7,118

7,001

153303203.LC.FTS.B,

28.8%,

6/19/24

10,275

9,037

153814014.LC.FTS.B,

6.46%,

6/26/22

7,003

6,926

153882991.LC.FTS.B,

14.3%,

7/25/24

11,539

11,056

*

154093566.LC.FTS.B,

12.4%,

7/01/24

21,779

10,583

*

154184271.LC.FTS.B,

16.12%,

7/25/24

17,214

3,089

154255480.LC.FTS.B,

14.3%,

7/26/24

15,624

15,210

154670467.LC.FTS.B,

16.12%,

7/25/24

7,482

6,786

154810918.LC.FTS.B,

14.3%,

7/25/24

11,244

10,945

*

154933517.LC.FTS.B,

Zero

Cpn.,

7/25/24

17,288

1,361

155128973.LC.FTS.B,

15.24%,

7/25/24

21,108

16,167

155160183.LC.FTS.B,

17.74%,

7/26/24

13,383

13,029

155372506.LC.FTS.B,

15.24%,

8/06/22

13,600

13,022

155438958.LC.FTS.B,

16.12%,

7/25/24

8,392

8,121

155501571.LC.FTS.B,

16.95%,

7/26/24

21,732

21,157

155573976.LC.FTS.B,

10.33%,

7/22/22

944

942

155630179.LC.FTS.B,

Zero

Cpn.,

7/29/24

11,590

1,107

155661019.LC.FTS.B,

17.74%,

8/02/22

5,321

5,259

155673715.LC.FTS.B,

16.12%,

7/25/24

20,373

19,831

155678423.LC.FTS.B,

16.95%,

7/25/24

19,257

18,746

155686395.LC.FTS.B,

16.95%,

8/05/22

283

282

155703855.LC.FTS.B,

16.12%,

7/25/24

16,177

15,718

155705214.LC.FTS.B,

15.24%,

7/25/24

12,685

12,312

155738269.LC.FTS.B,

16.12%,

8/05/22

10,599

6,135

155751077.LC.FTS.B,

17.74%,

8/05/22

1,548

1,534

155815338.LC.FTS.B,

14.3%,

7/25/24

6,813

6,631

155839036.LC.FTS.B,

16.12%,

7/25/24

11,769

11,283

*

155859112.LC.FTS.B,

14.3%,

7/26/24

9,321

9,000

155872968.LC.FTS.B,

14.3%,

7/25/24

8,819

8,584

155883207.LC.FTS.B,

15.24%,

7/25/24

7,567

7,366

155887487.LC.FTS.B,

15.24%,

7/25/24

6,990

6,678

*

155889583.LC.FTS.B,

16.12%,

7/25/24

16,101

15,479

155893259.LC.FTS.B,

15.24%,

7/25/24

20,773

20,221

155899844.LC.FTS.B,

15.24%,

7/25/24

11,787

11,448

155929091.LC.FTS.B,

15.24%,

7/25/24

8,903

8,666

155931876.LC.FTS.B,

16.95%,

7/26/24

12,843

12,503

155933064.LC.FTS.B,

16.95%,

7/25/24

9,645

9,280

155934437.LC.FTS.B,

15.24%,

7/25/24

19,557

18,657

155942081.LC.FTS.B,

14.3%,

7/26/24

22,234

21,612

155966712.LC.FTS.B,

16.12%,

7/26/24

8,415

8,066

155970724.LC.FTS.B,

16.95%,

7/26/24

7,477

7,161

155983239.LC.FTS.B,

14.3%,

7/26/24

19,730

19,041

156001816.LC.FTS.B,

16.12%,

7/29/24

10,268

9,370

156008127.LC.FTS.B,

14.3%,

7/26/24

23,517

22,893

156010180.LC.FTS.B,

17.74%,

7/26/24

10,800

10,478

156037445.LC.FTS.B,

17.97%,

8/01/22

846

833

156040021.LC.FTS.B,

14.3%,

8/05/22

2,437

2,415

156070699.LC.FTS.B,

17.74%,

8/23/22

1,868

1,872

156167151.LC.FTS.B,

17.97%,

8/01/22

2,542

2,083

156247312.LC.FTS.B,

16.95%,

8/06/22

1,484

1,477

156274689.LC.FTS.B,

20%,

8/01/22

974

975

156277717.LC.FTS.B,

20%,

8/01/22

2,436

2,438

156339424.LC.FTS.B,

16.95%,

8/15/22

2,359

2,354

156349665.LC.FTS.B,

14.3%,

8/02/22

7,575

7,472

156407197.LC.FTS.B,

14.3%,

8/05/22

2,189

2,169

156428491.LC.FTS.B,

14.3%,

8/06/22

2,008

1,998

156436226.LC.FTS.B,

14.3%,

8/05/22

743

738

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

126

a

156473544.LC.FTS.B,

16.12%,

8/06/22

584

582

156489103.LC.FTS.B,

17.74%,

8/05/22

3,812

3,794

156516468.LC.FTS.B,

15.24%,

8/05/22

2,420

2,397

156524929.LC.FTS.B,

16.12%,

8/05/22

234

233

156530744.LC.FTS.B,

14.3%,

8/06/22

1,887

1,883

156540003.LC.FTS.B,

17.74%,

8/06/22

1,427

1,421

156540264.LC.FTS.B,

14.3%,

9/06/24

15,194

14,656

156554123.LC.FTS.B,

16.12%,

8/06/22

2,354

2,343

156554316.LC.FTS.B,

15.24%,

8/06/22

463

461

156777322.LC.FTS.B,

16.12%,

9/09/24

7,571

7,293

157532456.LC.FTS.B,

16.12%,

8/23/22

1,169

1,176

157595939.LC.FTS.B,

17.74%,

8/27/22

238

239

157611313.LC.FTS.B,

17.74%,

8/26/22

1,658

1,638

157643261.LC.FTS.B,

Zero

Cpn.,

8/28/24

15,037

6,953

157743867.LC.FTS.B,

16.12%,

8/28/24

12,298

11,849

157783959.LC.FTS.B,

14.3%,

8/28/24

18,650

16,130

157988494.LC.FTS.B,

16.12%,

9/03/22

1,426

1,407

158260911.LC.FTS.B,

14.3%,

9/05/22

318

316

158294506.LC.FTS.B,

16.12%,

9/09/24

7,569

7,306

158297432.LC.FTS.B,

15.24%,

9/09/24

14,613

13,987

158302406.LC.FTS.B,

17.74%,

9/25/24

15,939

15,448

158338447.LC.FTS.B,

16.12%,

9/17/24

22,650

20,691

158432898.LC.FTS.B,

16.12%,

9/09/24

18,924

18,258

158484666.LC.FTS.B,

17.74%,

9/10/22

7,436

7,406

158742481.LC.FTS.B,

14.3%,

9/16/24

14,924

14,341

158749928.LC.FTS.B,

15.24%,

9/16/24

6,882

6,647

158788102.LC.FTS.B,

15.24%,

9/16/24

10,931

9,955

159341398.LC.FTS.B,

7.56%,

9/26/22

13,386

11,544

*

160463704.LC.FTS.B,

13.08%,

10/24/24

20,563

16,382

160679873.LC.FTS.B,

14.3%,

11/07/22

8,035

7,872

160877990.LC.FTS.B,

8.19%,

11/26/24

9,647

9,493

160917260.LC.FTS.B,

15.24%,

10/25/22

12,517

11,714

*

161625070.LC.FTS.B,

14.3%,

11/15/24

10,852

1,344

161665297.LC.FTS.B,

11.71%,

11/12/22

4,975

4,686

162127861.LC.FTS.B,

12.4%,

11/19/24

6,728

6,101

162229060.LC.FTS.B,

8.19%,

12/20/22

4,848

4,563

162234798.LC.FTS.B,

8.19%,

11/27/22

13,343

13,133

162242601.LC.FTS.B,

7.02%,

11/21/22

2,546

2,462

162488480.LC.FTS.B,

8.81%,

11/27/22

2,559

2,534

162489685.LC.FTS.B,

7.02%,

11/27/22

5,337

5,286

162779428.LC.FTS.B,

11.02%,

12/30/24

15,040

12,880

162930061.LC.FTS.B,

16.95%,

12/18/22

10,819

10,632

162982267.LC.FTS.B,

13.08%,

12/09/24

18,391

16,228

*

163084513.LC.FTS.B,

18.62%,

1/21/25

7,212

5,432

163283851.LC.FTS.B,

10.33%,

12/13/24

7,252

6,179

163361498.LC.FTS.B,

13.08%,

12/24/22

4,260

3,856

163380405.LC.FTS.B,

8.81%,

12/30/22

2,311

2,205

163573977.LC.FTS.B,

10.33%,

12/23/24

3,216

2,815

163582275.LC.FTS.B,

16.12%,

12/31/24

14,789

12,130

163638627.LC.FTS.B,

14.3%,

12/20/22

1,146

1,117

163697878.LC.FTS.B,

15.24%,

12/24/22

5,536

4,932

163705073.LC.FTS.B,

7.56%,

12/23/22

4,948

4,650

163827740.LC.FTS.B,

11.02%,

12/30/22

2,493

2,360

163851574.LC.FTS.B,

16.12%,

12/27/22

12,675

11,085

164010338.LC.FTS.B,

11.71%,

12/30/24

9,353

7,800

164125541.LC.FTS.B,

16.95%,

1/02/23

3,910

3,600

164138043.LC.FTS.B,

17.74%,

1/03/23

4,079

3,796

164155694.LC.FTS.B,

18.62%,

1/21/23

1,995

1,962

164217321.LC.FTS.B,

11.71%,

1/27/23

13,321

12,980

164300242.LC.FTS.B,

16.12%,

1/31/25

26,320

24,550

164583912.LC.FTS.B,

20.55%,

1/21/23

2,053

1,989

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

127

a

164610022.LC.FTS.B,

5%,

1/17/23

8,101

6,994

164619070.LC.FTS.B,

11.71%,

1/27/23

9,321

9,085

164631331.LC.FTS.B,

12.4%,

1/09/25

12,041

10,293

164731364.LC.FTS.B,

13.08%,

1/14/23

6,021

5,863

164935272.LC.FTS.B,

20.55%,

1/21/25

25,265

23,400

164954806.LC.FTS.B,

11.02%,

1/27/23

3,936

3,683

164959517.LC.FTS.B,

18.62%,

1/21/25

7,090

6,639

164999071.LC.FTS.B,

18.62%,

1/22/23

6,439

6,242

165108708.LC.FTS.B,

20.55%,

1/21/25

20,269

18,641

165130966.LC.FTS.B,

20.55%,

1/21/25

3,579

3,389

165148027.LC.FTS.B,

20.55%,

1/21/25

14,359

13,599

165205224.LC.FTS.B,

20.55%,

1/21/23

5,643

5,563

165276233.LC.FTS.B,

20.55%,

1/21/25

15,034

14,182

165280177.LC.FTS.B,

18.62%,

1/21/25

15,123

14,074

165327819.LC.FTS.B,

11.02%,

1/24/23

2,594

2,526

165378648.LC.FTS.B,

11.02%,

1/22/25

27,300

23,030

165396953.LC.FTS.B,

11.02%,

1/22/25

21,189

20,079

165404189.LC.FTS.B,

14.3%,

1/24/23

7,872

7,479

165487132.LC.FTS.B,

15.24%,

1/27/23

924

902

165497991.LC.FTS.B,

13.08%,

1/24/23

3,775

3,684

165501899.LC.FTS.B,

Zero

Cpn.,

1/24/23

3,725

355

165505968.LC.FTS.B,

8.81%,

1/24/23

1,924

1,896

165508562.LC.FTS.B,

11.71%,

1/24/23

2,237

2,182

165508966.LC.FTS.B,

8.19%,

1/24/25

15,556

14,366

165517626.LC.FTS.B,

8.19%,

1/24/23

4,842

4,771

165519480.LC.FTS.B,

8.81%,

1/24/23

1,016

1,001

165556019.LC.FTS.B,

14.3%,

1/27/23

7,765

6,959

165631574.LC.FTS.B,

11.02%,

2/07/25

20,482

19,315

165645688.LC.FTS.B,

10.33%,

1/28/23

14,558

14,164

165784833.LC.FTS.B,

12.4%,

1/30/25

7,302

6,103

165796537.LC.FTS.B,

16.95%,

1/30/25

7,560

7,054

165865755.LC.FTS.B,

16.95%,

1/30/25

15,138

12,904

165888757.LC.FTS.B,

14.3%,

1/30/25

6,751

6,343

165905919.LC.FTS.B,

16.12%,

2/03/25

19,769

18,449

165919458.LC.FTS.B,

15.24%,

2/03/25

28,103

26,240

165966669.LC.FTS.B,

Zero

Cpn.,

2/03/25

7,004

2,647

166045110.LC.FTS.B,

8.19%,

2/04/25

19,919

19,247

166066821.LC.FTS.B,

15.24%,

2/03/23

10,073

9,614

166067292.LC.FTS.B,

16.12%,

2/03/23

12,130

11,258

166083169.LC.FTS.B,

14.3%,

2/27/23

10,283

9,355

166100453.LC.FTS.B,

14.3%,

2/05/25

27,902

26,067

166101353.LC.FTS.B,

20.55%,

2/28/25

4,380

3,495

166112715.LC.FTS.B,

16.95%,

2/05/23

10,164

9,170

166140806.LC.FTS.B,

16.95%,

2/05/23

6,113

5,519

166170691.LC.FTS.B,

13.08%,

2/07/25

17,843

15,039

166217551.LC.FTS.B,

8.19%,

2/07/25

21,250

19,502

166679234.LC.FTS.B,

15.24%,

2/14/23

7,559

6,666

166908304.LC.FTS.B,

15.24%,

2/18/25

19,073

15,494

166931707.LC.FTS.B,

15.24%,

2/19/23

5,039

4,621

*

166949020.LC.FTS.B,

16.12%,

2/19/25

12,665

2,117

167085834.LC.FTS.B,

12.4%,

2/28/25

15,808

13,399

167087629.LC.FTS.B,

16.95%,

2/28/23

13,159

11,368

167103446.LC.FTS.B,

16.12%,

3/24/23

5,181

4,486

167169794.LC.FTS.B,

10.33%,

2/24/23

1,185

1,103

167192844.LC.FTS.B,

23.05%,

2/24/25

17,559

15,926

167239205.LC.FTS.B,

17.74%,

2/24/23

508

466

167357947.LC.FTS.B,

17.74%,

2/27/23

63

62

167427040.LC.FTS.B,

10.33%,

2/27/23

11,381

10,493

167465362.LC.FTS.B,

13.08%,

3/05/25

17,652

14,677

167466474.LC.FTS.B,

11.02%,

2/27/25

15,634

13,778

167476094.LC.FTS.B,

17.74%,

2/28/23

7,791

6,921

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

128

a

167601650.LC.FTS.B,

16.12%,

3/02/25

11,994

9,811

167727983.LC.FTS.B,

16.12%,

3/05/23

3,574

3,253

167746704.LC.FTS.B,

16.12%,

3/13/25

21,924

19,092

167808300.LC.FTS.B,

13.08%,

4/14/25

9,373

7,950

167827356.LC.FTS.B,

8.81%,

3/09/23

10,090

9,523

167966066.LC.FTS.B,

11.02%,

3/09/23

1,714

1,603

168045027.LC.FTS.B,

14.3%,

3/10/25

10,935

9,464

168273324.LC.FTS.B,

18.62%,

3/17/25

11,716

9,936

168288460.LC.FTS.B,

8.81%,

3/13/23

15,319

14,089

168305328.LC.FTS.B,

6.46%,

3/13/23

4,757

4,445

168530477.LC.FTS.B,

14.3%,

3/17/23

1,996

1,857

168547686.LC.FTS.B,

8.19%,

3/18/23

6,500

6,118

168564364.LC.FTS.B,

10.33%,

3/19/25

10,640

8,975

168585809.LC.FTS.B,

15.24%,

3/24/25

7,622

6,518

168642725.LC.FTS.B,

14.3%,

4/14/25

18,563

15,469

168643443.LC.FTS.B,

17.74%,

4/14/23

2,024

1,889

1,732,226

Prosper

Funding

LLC…....................................................

1644782.PS.FTS.B,

15%,

10/26/24

6,531

6,430

1645088.PS.FTS.B,

28.23%,

10/27/26

4,855

4,725

1645289.PS.FTS.B,

15.29%,

10/27/24

5,734

5,648

1645544.PS.FTS.B,

15.5%,

10/27/24

16,249

16,004

1645955.PS.FTS.B,

14.56%,

10/28/26

7,817

7,797

1646276.PS.FTS.B,

13.36%,

10/28/24

12,884

12,906

1646513.PS.FTS.B,

13.2%,

10/29/26

14,643

14,675

1646555.PS.FTS.B,

10.9%,

10/29/26

24,368

24,464

1646915.PS.FTS.B,

16.1%,

10/29/26

14,670

14,681

1647026.PS.FTS.B,

17%,

10/29/26

15,168

15,190

1647314.PS.FTS.B,

20.01%,

10/29/24

14,382

14,453

1648237.PS.FTS.B,

15.1%,

10/26/24

7,465

7,349

1648681.PS.FTS.B,

12.21%,

10/27/26

5,854

5,797

1648712.PS.FTS.B,

12.4%,

11/02/24

11,444

11,248

1648717.PS.FTS.B,

17.5%,

10/27/26

4,475

4,348

1648879.PS.FTS.B,

16.63%,

10/27/26

14,675

14,373

1649248.PS.FTS.B,

16.6%,

10/28/24

23,914

23,822

1649350.PS.FTS.B,

18.78%,

10/28/26

13,225

13,174

1649749.PS.FTS.B,

24.3%,

10/28/24

883

874

1649752.PS.FTS.B,

13.05%,

10/28/24

1,856

1,869

1649764.PS.FTS.B,

10.6%,

10/28/24

14,286

14,276

1649773.PS.FTS.B,

15.1%,

11/21/24

7,239

7,182

1649857.PS.FTS.B,

10.5%,

10/28/26

14,617

14,610

1649872.PS.FTS.B,

11.6%,

10/28/26

7,801

7,805

1650376.PS.FTS.B,

19.3%,

10/29/24

2,875

2,887

1650418.PS.FTS.B,

14.2%,

10/29/24

7,639

7,666

1650580.PS.FTS.B,

10.7%,

10/29/26

24,365

24,457

1650706.PS.FTS.B,

17.23%,

10/29/26

26,113

25,947

1651286.PS.FTS.B,

24.33%,

11/05/26

14,738

14,361

1651289.PS.FTS.B,

14.68%,

11/05/26

9,771

9,673

1651390.PS.FTS.B,

12%,

11/01/24

4,767

4,684

1651664.PS.FTS.B,

13.87%,

11/08/24

11,456

11,195

1651667.PS.FTS.B,

13.36%,

11/08/24

6,680

6,576

1651670.PS.FTS.B,

11.4%,

11/08/24

6,194

6,098

1651673.PS.FTS.B,

14.79%,

11/08/26

5,863

5,734

1652072.PS.FTS.B,

11.1%,

11/15/26

9,757

9,665

1652584.PS.FTS.B,

25.9%,

11/03/26

5,900

5,741

1653425.PS.FTS.B,

17.8%,

11/09/24

1,915

1,875

1653485.PS.FTS.B,

10.8%,

11/09/24

8,227

8,107

1653758.PS.FTS.B,

13.75%,

11/10/26

38,858

38,710

1653992.PS.FTS.B,

11.79%,

11/10/24

3,813

3,755

1654034.PS.FTS.B,

13.6%,

11/10/26

9,765

9,625

1654154.PS.FTS.B,

13.8%,

11/10/26

7,813

7,645

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

129

a

1654201.PS.FTS.B,

13.81%,

11/05/24

9,546

9,390

1654475.PS.FTS.B,

10.8%,

11/10/26

14,620

14,417

1654666.PS.FTS.B,

15.29%,

11/05/26

21,569

21,223

1654675.PS.FTS.B,

12.15%,

11/05/24

13,254

12,936

1654681.PS.FTS.B,

15.21%,

11/05/24

9,556

9,327

1654907.PS.FTS.B,

16%,

11/12/26

9,814

9,624

1654956.PS.FTS.B,

13.2%,

10/26/24

5,121

5,042

1655232.PS.FTS.B,

11.5%,

11/20/24

16,327

16,240

1655235.PS.FTS.B,

24.03%,

10/27/26

13,754

13,474

1655238.PS.FTS.B,

22.7%,

10/27/24

3,842

3,764

1655640.PS.FTS.B,

16.33%,

10/27/26

21,266

20,809

1655643.PS.FTS.B,

19.41%,

10/27/24

19,168

18,807

1656420.PS.FTS.B,

13.4%,

10/28/24

5,726

5,709

1656467.PS.FTS.B,

17.8%,

12/08/24

1,629

1,598

1656498.PS.FTS.B,

10.9%,

10/28/26

7,310

7,310

1656576.PS.FTS.B,

16.18%,

10/29/26

34,232

34,397

1656666.PS.FTS.B,

11.2%,

10/29/26

8,774

8,811

1657077.PS.FTS.B,

11.4%,

10/29/24

5,718

5,743

1657152.PS.FTS.B,

14.49%,

10/29/24

11,461

11,505

1657209.PS.FTS.B,

10.7%,

10/29/26

24,365

24,457

1657446.PS.FTS.B,

14.79%,

10/29/24

19,106

19,456

1657464.PS.FTS.B,

10.5%,

10/29/26

9,508

9,403

*

1657473.PS.FTS.B,

13.08%,

11/01/26

3,952

1,919

1657969.PS.FTS.B,

11.88%,

11/08/24

29,457

28,997

1657975.PS.FTS.B,

13.05%,

11/08/24

19,082

18,785

1657978.PS.FTS.B,

24%,

11/08/26

14,736

14,386

1657981.PS.FTS.B,

16.8%,

11/08/26

11,252

11,083

1658476.PS.FTS.B,

13.6%,

11/08/24

7,636

7,462

1658586.PS.FTS.B,

23.64%,

11/02/26

19,644

19,164

1658617.PS.FTS.B,

17.8%,

11/08/24

1,915

1,874

1658775.PS.FTS.B,

12.5%,

11/02/26

34,152

33,619

1658917.PS.FTS.B,

10.7%,

11/09/26

13,644

13,452

1658923.PS.FTS.B,

14.39%,

11/09/24

9,536

9,322

1659661.PS.FTS.B,

18.6%,

12/02/24

7,831

7,669

1660063.PS.FTS.B,

16.9%,

11/10/26

13,699

13,419

1660087.PS.FTS.B,

16.02%,

11/10/24

4,781

4,647

1660093.PS.FTS.B,

10.9%,

11/10/26

4,874

4,830

1660264.PS.FTS.B,

18.2%,

11/10/26

11,555

11,319

1660267.PS.FTS.B,

14%,

11/10/26

27,348

26,986

1660866.PS.FTS.B,

15.1%,

11/05/24

12,900

12,590

1660869.PS.FTS.B,

19%,

11/05/26

8,817

8,615

1660872.PS.FTS.B,

19.71%,

11/05/24

7,189

6,969

1660875.PS.FTS.B,

12%,

11/05/24

1,907

1,876

1661316.PS.FTS.B,

14.09%,

11/05/24

9,548

9,319

1661322.PS.FTS.B,

15.18%,

12/04/26

6,647

6,580

1664685.PS.FTS.B,

11.79%,

11/08/26

19,506

19,228

1664688.PS.FTS.B,

11.4%,

11/08/24

11,912

11,726

1664691.PS.FTS.B,

19.98%,

11/20/26

19,505

18,915

1664694.PS.FTS.B,

11.89%,

11/08/26

4,877

4,831

1664865.PS.FTS.B,

14.29%,

11/08/26

12,700

12,419

1665042.PS.FTS.B,

14.68%,

11/08/26

14,657

14,520

*

1665210.PS.FTS.B,

14.6%,

11/08/24

25,000

5,718

1665216.PS.FTS.B,

16.9%,

11/08/26

22,407

21,927

1665222.PS.FTS.B,

20.46%,

11/08/24

19,181

18,624

1665225.PS.FTS.B,

19.53%,

11/08/26

6,860

6,713

1665396.PS.FTS.B,

10.26%,

11/08/24

10,474

10,310

1666032.PS.FTS.B,

10.5%,

11/09/26

14,617

14,411

1666464.PS.FTS.B,

15.29%,

11/09/26

9,775

9,632

1666896.PS.FTS.B,

11.7%,

11/10/26

31,208

30,776

1666974.PS.FTS.B,

11.7%,

11/10/24

7,625

7,510

1667151.PS.FTS.B,

18.09%,

11/10/24

4,788

4,654

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

130

a

1667154.PS.FTS.B,

17.8%,

11/10/24

4,787

4,653

1667316.PS.FTS.B,

15.4%,

11/10/24

9,444

9,237

1667685.PS.FTS.B,

17.1%,

11/12/26

24,465

23,991

1673249.PS.FTS.B,

10.7%,

12/15/26

17,775

17,725

1673252.PS.FTS.B,

16.3%,

12/15/24

14,678

14,567

1673255.PS.FTS.B,

17.01%,

12/15/26

13,854

13,751

1673258.PS.FTS.B,

18.48%,

12/15/26

8,415

8,353

1673546.PS.FTS.B,

9.45%,

1/01/27

25,663

25,595

1673600.PS.FTS.B,

11.6%,

12/16/26

9,878

9,853

1673603.PS.FTS.B,

12.6%,

12/16/26

29,645

29,569

1673606.PS.FTS.B,

16.33%,

12/16/26

7,668

7,635

1673612.PS.FTS.B,

19.3%,

12/16/26

5,942

5,901

1673615.PS.FTS.B,

13.96%,

12/16/24

4,400

4,388

1674065.PS.FTS.B,

27.18%,

12/16/26

14,887

14,761

1674356.PS.FTS.B,

14.79%,

12/17/24

19,560

19,478

1674635.PS.FTS.B,

13.77%,

12/17/26

16,805

16,737

1674641.PS.FTS.B,

14.09%,

12/17/24

2,933

2,921

1674671.PS.FTS.B,

10.8%,

12/17/24

4,394

4,384

1674899.PS.FTS.B,

13.8%,

12/20/24

24,441

24,402

1675322.PS.FTS.B,

21.09%,

12/20/26

14,862

14,770

1675931.PS.FTS.B,

18.9%,

12/21/24

7,836

7,802

1675946.PS.FTS.B,

18.9%,

12/21/24

1,959

1,950

1675979.PS.FTS.B,

19.5%,

12/21/24

7,347

7,316

1676714.PS.FTS.B,

12.62%,

12/21/26

34,586

34,536

1676741.PS.FTS.B,

21.45%,

12/22/24

10,244

10,206

1676900.PS.FTS.B,

12.78%,

12/22/26

12,847

12,816

1679389.PS.FTS.B,

15.1%,

12/15/24

7,336

7,300

1679392.PS.FTS.B,

13.8%,

12/15/26

6,920

6,887

1679398.PS.FTS.B,

14.68%,

12/15/26

3,535

3,515

1679401.PS.FTS.B,

18.11%,

12/15/24

1,958

1,949

1679746.PS.FTS.B,

16.93%,

12/16/26

14,843

14,780

1679749.PS.FTS.B,

24.93%,

12/16/26

14,878

14,751

1679752.PS.FTS.B,

10.71%,

12/16/26

14,812

14,774

1679995.PS.FTS.B,

12.7%,

12/16/26

6,531

6,496

1680019.PS.FTS.B,

13.96%,

12/16/24

19,554

19,503

1680214.PS.FTS.B,

16.18%,

12/16/26

9,893

9,850

1680421.PS.FTS.B,

12.9%,

12/17/24

9,773

9,750

1680814.PS.FTS.B,

16.5%,

12/17/26

31,662

31,536

1680844.PS.FTS.B,

15.29%,

12/17/24

10,271

10,228

1680853.PS.FTS.B,

14%,

12/17/24

34,220

34,077

1681000.PS.FTS.B,

11.6%,

12/20/26

13,253

13,231

1681063.PS.FTS.B,

16%,

12/20/24

11,741

11,706

1681408.PS.FTS.B,

14.7%,

12/20/26

9,889

9,859

1681420.PS.FTS.B,

16.02%,

12/20/24

6,360

6,329

1681423.PS.FTS.B,

10.08%,

12/20/26

14,809

14,783

1681444.PS.FTS.B,

9.81%,

12/20/26

19,744

19,709

1682491.PS.FTS.B,

18.48%,

12/21/26

14,834

14,616

1682494.PS.FTS.B,

14.49%,

12/21/24

9,779

9,753

1683619.PS.FTS.B,

12.33%,

12/23/24

34,198

34,131

1686264.PS.FTS.B,

14.11%,

12/15/24

23,857

23,789

1686267.PS.FTS.B,

21.18%,

12/15/26

9,908

9,836

1686276.PS.FTS.B,

13.9%,

12/15/24

5,866

5,837

1686279.PS.FTS.B,

10.8%,

12/15/24

4,394

4,382

1686606.PS.FTS.B,

10.8%,

12/16/26

34,564

34,473

1686609.PS.FTS.B,

11.16%,

12/16/24

9,767

9,741

1686612.PS.FTS.B,

16.8%,

12/16/26

24,661

24,357

1686615.PS.FTS.B,

24.77%,

12/16/26

9,918

9,834

1686618.PS.FTS.B,

11.7%,

12/16/26

19,757

19,706

1686624.PS.FTS.B,

11.2%,

12/16/26

5,926

5,911

1686630.PS.FTS.B,

15.1%,

12/16/24

5,869

5,842

1686639.PS.FTS.B,

18.33%,

12/16/26

4,950

4,916

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

131

a

1686963.PS.FTS.B,

16%,

12/16/24

8,806

8,744

1687077.PS.FTS.B,

18.33%,

12/16/26

17,820

17,697

1687224.PS.FTS.B,

19.6%,

12/17/24

4,898

4,867

1687257.PS.FTS.B,

16%,

12/17/24

11,741

11,693

1687683.PS.FTS.B,

11.61%,

1/02/27

17,781

17,739

1687826.PS.FTS.B,

12.6%,

1/12/27

12,000

11,955

1687829.PS.FTS.B,

15.6%,

1/12/25

7,000

6,954

1687832.PS.FTS.B,

18.78%,

1/12/27

12,000

11,893

1687838.PS.FTS.B,

14.6%,

1/12/25

14,000

13,908

1687868.PS.FTS.B,

23.4%,

1/12/27

2,000

1,979

1687962.PS.FTS.B,

10.8%,

12/20/26

6,419

6,408

1688043.PS.FTS.B,

10.5%,

12/20/26

11,849

11,829

1688138.PS.FTS.B,

13.6%,

1/12/27

35,000

34,791

1688198.PS.FTS.B,

19.5%,

1/12/25

20,000

19,815

1688201.PS.FTS.B,

24.03%,

1/12/27

10,000

9,893

1688219.PS.FTS.B,

16.7%,

1/12/25

4,000

3,963

1688388.PS.FTS.B,

13.7%,

12/20/24

7,332

7,310

1688477.PS.FTS.B,

17.59%,

1/13/25

2,900

2,882

1688543.PS.FTS.B,

16.18%,

1/13/27

15,000

14,916

1688547.PS.FTS.B,

10.9%,

12/20/26

6,831

6,784

1688975.PS.FTS.B,

12.4%,

1/13/27

22,000

21,921

1688978.PS.FTS.B,

11.79%,

1/13/25

3,000

2,988

1689314.PS.FTS.B,

10.26%,

1/14/27

35,000

34,882

1689317.PS.FTS.B,

13.4%,

1/14/25

22,500

22,368

1689320.PS.FTS.B,

12%,

1/14/25

20,000

19,924

1689323.PS.FTS.B,

26.88%,

1/14/27

3,000

2,972

1689326.PS.FTS.B,

19.3%,

1/14/25

10,000

9,918

1689332.PS.FTS.B,

14.29%,

1/14/27

18,000

17,905

1689335.PS.FTS.B,

18.7%,

1/14/25

2,000

1,984

1689341.PS.FTS.B,

11.7%,

1/14/27

15,000

14,950

1689350.PS.FTS.B,

14.89%,

1/14/25

5,000

4,971

1689353.PS.FTS.B,

16%,

1/14/27

4,500

4,464

1689444.PS.FTS.B,

11.79%,

12/21/24

14,653

14,633

1689533.PS.FTS.B,

10.5%,

1/14/27

5,500

5,481

1689572.PS.FTS.B,

15.1%,

1/14/25

8,000

7,953

1689608.PS.FTS.B,

28.23%,

1/14/27

15,000

14,858

1689626.PS.FTS.B,

19%,

1/14/27

10,000

9,921

1689689.PS.FTS.B,

15.1%,

1/14/25

8,000

7,953

1689947.PS.FTS.B,

18.2%,

1/18/27

6,000

5,965

1689992.PS.FTS.B,

11.7%,

1/18/27

31,000

30,923

1690034.PS.FTS.B,

11.6%,

1/18/25

5,500

5,485

1690635.PS.FTS.B,

16%,

12/23/26

23,743

23,661

1690636.PS.FTS.B,

17%,

1/07/25

10,000

9,881

1691013.PS.FTS.B,

19.5%,

12/23/24

9,797

9,765

1691363.PS.FTS.B,

11.4%,

1/19/25

5,000

4,987

1691645.PS.FTS.B,

22.9%,

1/19/27

2,000

1,987

1692299.PS.FTS.B,

21.5%,

1/19/25

4,000

3,978

1692635.PS.FTS.B,

14.7%,

1/20/27

25,000

24,920

1693040.PS.FTS.B,

15.29%,

1/20/27

15,000

14,952

1693289.PS.FTS.B,

12.9%,

1/21/27

10,000

9,982

1693661.PS.FTS.B,

21.69%,

1/21/25

3,500

3,481

1693702.PS.FTS.B,

18.33%,

1/12/27

18,000

17,840

1693705.PS.FTS.B,

18.41%,

1/12/25

15,000

14,902

1693708.PS.FTS.B,

14.49%,

1/12/25

10,000

9,934

1693711.PS.FTS.B,

21.63%,

1/12/27

10,000

9,892

1693714.PS.FTS.B,

22.6%,

1/12/25

10,000

9,889

1693717.PS.FTS.B,

15.7%,

1/12/25

15,000

14,901

1693720.PS.FTS.B,

16.18%,

1/12/27

8,000

7,952

1693726.PS.FTS.B,

17%,

1/12/27

10,000

9,911

1693741.PS.FTS.B,

13.36%,

1/12/25

6,000

5,974

1693747.PS.FTS.B,

10.9%,

1/12/27

5,000

4,981

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

132

a

1693750.PS.FTS.B,

19.3%,

1/12/25

5,000

4,954

1693753.PS.FTS.B,

24.4%,

1/12/25

3,500

3,461

1693775.PS.FTS.B,

22.6%,

1/21/25

5,000

4,973

1694068.PS.FTS.B,

14.38%,

1/12/27

18,600

18,530

1694140.PS.FTS.B,

12.3%,

1/12/25

17,000

16,927

1694158.PS.FTS.B,

12.54%,

1/12/27

6,000

5,977

1694575.PS.FTS.B,

11.99%,

1/13/27

21,000

20,925

1694581.PS.FTS.B,

10.5%,

1/13/27

15,000

14,946

1695016.PS.FTS.B,

12.2%,

1/13/25

19,000

18,923

1695319.PS.FTS.B,

10.5%,

1/14/27

25,000

24,915

1695322.PS.FTS.B,

13.7%,

1/14/25

3,500

3,487

1695325.PS.FTS.B,

18.09%,

1/14/25

10,000

9,918

1695328.PS.FTS.B,

13.6%,

1/14/25

4,000

3,977

1695331.PS.FTS.B,

23.9%,

1/14/25

2,500

2,475

1695334.PS.FTS.B,

15.1%,

1/14/27

11,000

10,942

1695337.PS.FTS.B,

13.6%,

1/14/25

2,000

1,992

1695349.PS.FTS.B,

14.39%,

1/14/25

7,500

7,456

1695352.PS.FTS.B,

12.1%,

1/14/25

22,000

21,916

1695374.PS.FTS.B,

15.12%,

1/25/27

35,000

34,948

1695658.PS.FTS.B,

15.8%,

1/14/25

10,000

9,942

1695730.PS.FTS.B,

16.6%,

1/14/25

8,000

7,953

1696093.PS.FTS.B,

16%,

1/18/27

15,000

14,912

1696453.PS.FTS.B,

14.39%,

1/18/25

6,000

5,974

1698355.PS.FTS.B,

16.7%,

1/19/27

23,400

23,275

1698682.PS.FTS.B,

22.6%,

1/20/25

6,000

5,964

1700008.PS.FTS.B,

17.8%,

1/21/25

15,000

14,933

1700553.PS.FTS.B,

16.4%,

1/12/27

34,800

34,595

1700556.PS.FTS.B,

16.8%,

1/12/25

20,000

19,869

1700559.PS.FTS.B,

15.29%,

1/12/27

25,000

24,851

1700562.PS.FTS.B,

15.18%,

1/12/27

25,000

24,906

1700565.PS.FTS.B,

14.39%,

1/12/27

25,000

24,851

1700568.PS.FTS.B,

11.6%,

1/12/25

20,000

19,914

1700571.PS.FTS.B,

18.11%,

1/12/25

12,000

11,921

1700574.PS.FTS.B,

14%,

1/12/27

9,500

9,443

1700577.PS.FTS.B,

15.4%,

1/12/25

7,740

7,694

1700580.PS.FTS.B,

25.4%,

1/12/27

15,000

14,839

1700589.PS.FTS.B,

22.6%,

1/12/25

6,500

6,428

1700598.PS.FTS.B,

14.74%,

1/12/25

5,895

5,870

1700610.PS.FTS.B,

22.6%,

1/12/25

5,000

4,945

1700725.PS.FTS.B,

18.4%,

1/24/25

15,000

14,957

1700814.PS.FTS.B,

16.6%,

1/12/25

15,000

14,901

1701024.PS.FTS.B,

15.1%,

1/12/25

15,000

14,901

1701357.PS.FTS.B,

11.7%,

1/13/27

10,000

9,964

1701363.PS.FTS.B,

10.5%,

1/13/27

8,000

7,971

1701786.PS.FTS.B,

20.01%,

1/13/25

3,000

2,974

1702020.PS.FTS.B,

13.59%,

1/14/25

7,721

7,681

1702050.PS.FTS.B,

18.78%,

1/14/27

10,000

9,921

1702071.PS.FTS.B,

25.99%,

1/14/25

2,000

1,980

1702114.PS.FTS.B,

16%,

1/25/25

3,000

2,995

1702128.PS.FTS.B,

13.4%,

1/14/27

15,000

14,950

1702131.PS.FTS.B,

14.49%,

1/14/25

16,000

15,907

1702134.PS.FTS.B,

19.3%,

1/14/25

15,000

14,877

1702146.PS.FTS.B,

13.2%,

1/14/25

4,000

3,985

1702158.PS.FTS.B,

14.89%,

1/14/25

9,000

8,947

1702164.PS.FTS.B,

16.2%,

1/14/25

2,000

1,984

1702474.PS.FTS.B,

22%,

1/25/25

25,000

24,942

1702536.PS.FTS.B,

11.2%,

1/14/27

13,500

13,455

1702737.PS.FTS.B,

15.1%,

1/18/25

10,000

9,957

1703229.PS.FTS.B,

17.5%,

1/18/27

6,500

6,462

1704399.PS.FTS.B,

13.8%,

1/19/27

35,000

34,875

1704441.PS.FTS.B,

18.5%,

1/19/25

7,504

7,465

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

133

a

1704912.PS.FTS.B,

12.3%,

1/19/25

10,000

9,974

1705371.PS.FTS.B,

12.62%,

1/20/27

30,000

29,939

1705407.PS.FTS.B,

13.5%,

1/20/25

10,000

9,964

1705788.PS.FTS.B,

15.5%,

1/20/25

25,000

24,911

1705833.PS.FTS.B,

18.48%,

1/20/27

4,000

3,981

1706154.PS.FTS.B,

15.29%,

1/20/25

9,000

8,968

1706943.PS.FTS.B,

17.7%,

1/24/25

20,000

19,942

3,644,433

Upgrade,

Inc…................................................................

22437514.UG.FTS.B,

23.3%,

9/05/22

1,429

1,433

22438775.UG.FTS.B,

25.26%,

9/05/22

291

293

22438888.UG.FTS.B,

30.51%,

9/05/22

1,531

1,565

*

22441115.UG.FTS.B,

30.51%,

9/05/22

1,494

220

*

22444070.UG.FTS.B,

27.74%,

9/10/24

8,888

2,266

*

22666335.UG.FTS.B,

16.89%,

9/10/22

299

100

22666892.UG.FTS.B,

21.38%,

9/13/22

840

847

22667351.UG.FTS.B,

24.29%,

9/16/22

2,882

2,915

22672182.UG.FTS.B,

18.46%,

9/12/22

272

273

22673829.UG.FTS.B,

25.26%,

9/17/22

49

49

22697680.UG.FTS.B,

30.51%,

9/13/22

889

914

22698048.UG.FTS.B,

25.26%,

9/28/22

1,598

1,626

22699744.UG.FTS.B,

24.29%,

9/16/22

1,442

1,453

22702134.UG.FTS.B,

25.26%,

9/13/22

873

883

22702948.UG.FTS.B,

30.51%,

9/13/22

612

629

22724262.UG.FTS.B,

29.69%,

9/17/24

17,633

18,503

22728779.UG.FTS.B,

15.62%,

9/20/24

8,162

8,410

22732959.UG.FTS.B,

28.71%,

10/03/24

17,867

18,481

22753858.UG.FTS.B,

25.26%,

9/16/22

728

737

22753947.UG.FTS.B,

28.99%,

9/16/24

13,341

13,905

22759588.UG.FTS.B,

30.51%,

10/11/22

3,399

3,505

22762086.UG.FTS.B,

29.69%,

10/01/24

28,487

26,911

22763832.UG.FTS.B,

24.99%,

9/23/22

1,306

1,326

22770418.UG.FTS.B,

24.99%,

9/16/22

1,231

1,237

*

22778946.UG.FTS.B,

25.26%,

10/02/22

699

52

22779897.UG.FTS.B,

23.3%,

9/20/22

16,830

16,647

*

22781339.UG.FTS.B,

Zero

Cpn.,

9/29/22

2,294

176

22781468.UG.FTS.B,

25.26%,

10/02/22

810

816

22781687.UG.FTS.B,

24.99%,

9/25/22

1,767

1,788

22783150.UG.FTS.B,

23.3%,

9/20/22

10,101

10,176

22836099.UG.FTS.B,

21.38%,

9/20/22

917

918

22838562.UG.FTS.B,

14.99%,

9/30/22

7,485

7,504

22841486.UG.FTS.B,

25.26%,

9/18/22

582

594

22855147.UG.FTS.B,

24.29%,

9/30/22

1,615

1,633

22857786.UG.FTS.B,

25.26%,

9/18/22

524

531

*

22861454.UG.FTS.B,

14.29%,

9/19/22

4,405

4,387

22873129.UG.FTS.B,

25.26%,

10/01/22

578

580

22876808.UG.FTS.B,

25.26%,

9/20/22

291

295

*

22924193.UG.FTS.B,

27.74%,

9/26/24

12,934

13,033

22932098.UG.FTS.B,

28.71%,

10/01/24

14,294

14,777

22939405.UG.FTS.B,

25.26%,

9/23/22

878

888

22941723.UG.FTS.B,

29.69%,

9/30/24

10,641

11,183

22944878.UG.FTS.B,

25.26%,

9/23/22

1,384

1,404

22946187.UG.FTS.B,

14.19%,

9/26/22

6,997

7,041

22954021.UG.FTS.B,

22.34%,

9/25/22

2,262

2,288

22961760.UG.FTS.B,

25.26%,

9/23/22

291

295

22964190.UG.FTS.B,

25.26%,

9/23/22

613

620

*

22967213.UG.FTS.B,

25.26%,

9/24/22

2,515

(28)

22979375.UG.FTS.B,

25.26%,

9/23/22

1,455

1,478

22986535.UG.FTS.B,

25.26%,

9/27/22

291

296

22987919.UG.FTS.B,

19.99%,

9/15/22

271

273

*

22988429.UG.FTS.B,

25.26%,

9/24/22

1,727

682

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

134

a

*

22994162.UG.FTS.B,

25.26%,

1/27/23

16,523

14,376

22994971.UG.FTS.B,

25.26%,

9/24/22

291

296

23002914.UG.FTS.B,

24.29%,

10/01/22

642

645

23005274.UG.FTS.B,

25.26%,

9/30/22

2,909

2,960

23005382.UG.FTS.B,

25.26%,

9/30/22

1,745

1,776

23005783.UG.FTS.B,

25.26%,

9/27/22

879

894

23007956.UG.FTS.B,

16.89%,

9/25/22

2,339

2,331

23023508.UG.FTS.B,

25.26%,

9/25/22

2,118

1,854

23024406.UG.FTS.B,

25.26%,

10/10/22

6,912

6,895

23029314.UG.FTS.B,

24.29%,

10/10/22

216

216

23032371.UG.FTS.B,

23.3%,

9/25/22

4,282

4,334

23034614.UG.FTS.B,

14.29%,

9/25/22

781

786

23037218.UG.FTS.B,

25.26%,

9/25/22

1,911

1,920

23038391.UG.FTS.B,

26.77%,

9/26/24

8,625

8,981

23040213.UG.FTS.B,

30.51%,

9/25/22

306

318

23044060.UG.FTS.B,

24.29%,

9/25/22

1,443

1,458

23046422.UG.FTS.B,

24.99%,

9/30/22

1,015

1,033

23047561.UG.FTS.B,

25.26%,

9/26/22

2,167

2,179

23051867.UG.FTS.B,

24.29%,

9/27/22

6,311

6,403

23055231.UG.FTS.B,

25.26%,

9/26/22

582

592

*

23057378.UG.FTS.B,

25.26%,

9/30/22

1,247

197

23059552.UG.FTS.B,

29.69%,

9/26/24

24,686

26,008

23078447.UG.FTS.B,

25.26%,

9/26/22

291

296

*

23084716.UG.FTS.B,

25.26%,

9/27/22

577

51

23086157.UG.FTS.B,

14.19%,

10/01/22

223

223

23089998.UG.FTS.B,

21.38%,

11/13/22

914

897

23091427.UG.FTS.B,

29.69%,

10/08/24

17,998

18,675

23093039.UG.FTS.B,

19.99%,

9/30/22

2,761

2,789

23094195.UG.FTS.B,

25.26%,

9/27/22

2,328

2,368

*

23095930.UG.FTS.B,

24.99%,

9/27/22

728

736

23096819.UG.FTS.B,

22.34%,

10/11/22

3,579

3,585

*

23101902.UG.FTS.B,

25.26%,

9/30/22

7,352

6,301

23103311.UG.FTS.B,

25.26%,

9/27/22

830

842

23104544.UG.FTS.B,

30.51%,

9/30/22

306

318

23108898.UG.FTS.B,

23.3%,

9/30/22

553

556

23114330.UG.FTS.B,

14.29%,

9/27/22

260

262

23118664.UG.FTS.B,

14.19%,

10/11/22

2,037

2,040

*

23118724.UG.FTS.B,

25.26%,

9/30/22

3,394

3,434

23481115.UG.FTS.B,

14.99%,

10/11/22

2,053

2,067

23523541.UG.FTS.B,

25.26%,

10/15/22

536

540

23524670.UG.FTS.B,

25.26%,

10/15/22

324

328

23527524.UG.FTS.B,

25.26%,

10/15/22

1,322

1,326

*

23575274.UG.FTS.B,

25.26%,

10/16/22

448

451

23584111.UG.FTS.B,

25.26%,

10/18/22

972

984

23675246.UG.FTS.B,

19.99%,

10/18/22

1,541

1,551

23733323.UG.FTS.B,

25.26%,

10/21/22

323

327

23742441.UG.FTS.B,

23.3%,

10/22/22

318

321

23755909.UG.FTS.B,

29.69%,

11/06/24

11,031

11,403

23762524.UG.FTS.B,

24.99%,

10/24/22

3,257

3,290

23762585.UG.FTS.B,

25.26%,

10/22/22

1,620

1,643

23781973.UG.FTS.B,

25.26%,

10/27/22

1,133

1,138

23786228.UG.FTS.B,

29.69%,

10/28/24

8,712

9,133

23791466.UG.FTS.B,

25.26%,

10/15/22

6,544

6,592

23822313.UG.FTS.B,

25.26%,

10/24/22

4,500

4,510

23841243.UG.FTS.B,

23.3%,

10/25/22

1,976

1,988

23846140.UG.FTS.B,

19.99%,

11/18/22

2,208

2,219

23859482.UG.FTS.B,

22.34%,

10/29/22

946

956

24180488.UG.FTS.B,

25.26%,

11/06/22

1,782

1,793

24184289.UG.FTS.B,

27.74%,

11/06/24

11,583

11,939

24193519.UG.FTS.B,

21.38%,

11/06/22

2,062

2,055

24217416.UG.FTS.B,

24.29%,

11/13/22

7,067

7,117

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

135

a

24221831.UG.FTS.B,

25.26%,

11/01/22

350

352

24306897.UG.FTS.B,

18.46%,

11/12/22

1,005

1,007

24326904.UG.FTS.B,

25.26%,

11/27/22

982

984

24334777.UG.FTS.B,

30.51%,

11/12/22

373

385

24350329.UG.FTS.B,

27.74%,

11/29/24

8,687

9,032

24373284.UG.FTS.B,

24.29%,

11/12/22

2,913

2,923

24385906.UG.FTS.B,

25.26%,

11/13/22

619

553

24404955.UG.FTS.B,

25.26%,

11/13/22

5,400

5,426

24412738.UG.FTS.B,

25.26%,

11/13/22

714

718

24437345.UG.FTS.B,

23.3%,

11/14/22

2,190

2,187

24439599.UG.FTS.B,

25.26%,

11/21/22

1,753

1,762

24446475.UG.FTS.B,

24.99%,

11/14/22

2,667

2,690

24491583.UG.FTS.B,

25.26%,

11/18/22

2,557

2,422

24500657.UG.FTS.B,

30.51%,

12/01/22

732

743

24554031.UG.FTS.B,

24.29%,

11/18/22

735

737

24575211.UG.FTS.B,

24.99%,

11/19/22

1,422

1,437

24590722.UG.FTS.B,

25.26%,

11/19/22

3,857

3,850

24595955.UG.FTS.B,

29.69%,

11/29/24

19,544

18,680

24615342.UG.FTS.B,

22.34%,

11/20/22

347

350

24625123.UG.FTS.B,

14.29%,

11/22/22

2,896

2,917

24649283.UG.FTS.B,

25.26%,

11/30/22

1,927

1,949

24705845.UG.FTS.B,

25.26%,

12/02/22

861

860

24709922.UG.FTS.B,

25.26%,

11/25/22

466

466

24728093.UG.FTS.B,

25.26%,

11/25/22

891

903

24755186.UG.FTS.B,

25.26%,

11/29/22

5,346

5,423

*

24763225.UG.FTS.B,

27.74%,

12/24/24

28,939

4,057

24800940.UG.FTS.B,

25.82%,

11/27/24

21,426

22,170

24808854.UG.FTS.B,

24.29%,

11/29/22

1,769

1,783

24847883.UG.FTS.B,

21.38%,

11/29/22

2,203

2,215

24902955.UG.FTS.B,

21.38%,

12/02/22

2,671

2,650

24925862.UG.FTS.B,

25.26%,

12/10/22

988

990

24938220.UG.FTS.B,

26.77%,

12/03/24

14,635

15,001

24945189.UG.FTS.B,

25.26%,

11/30/22

7,789

7,889

24977020.UG.FTS.B,

30.51%,

12/04/22

288

292

*

24979660.UG.FTS.B,

25.26%,

12/05/22

434

130

24982240.UG.FTS.B,

30.51%,

12/12/22

1,006

1,038

24984674.UG.FTS.B,

18.46%,

12/05/22

9,140

9,136

24996014.UG.FTS.B,

25.26%,

12/21/22

7,197

5,634

25012265.UG.FTS.B,

25.26%,

12/06/22

388

390

25024273.UG.FTS.B,

21.38%,

12/09/22

2,627

2,633

25041265.UG.FTS.B,

23.3%,

12/16/22

3,162

3,107

25091700.UG.FTS.B,

29.69%,

12/16/24

11,344

11,770

25142159.UG.FTS.B,

25.26%,

12/10/22

9,704

9,759

25173580.UG.FTS.B,

25.26%,

12/11/22

388

390

25181624.UG.FTS.B,

25.26%,

12/19/22

11,152

11,251

25184152.UG.FTS.B,

23.3%,

12/16/22

3,053

3,068

25206108.UG.FTS.B,

25.82%,

12/20/24

10,926

11,250

25213484.UG.FTS.B,

25.26%,

12/13/22

776

782

25235421.UG.FTS.B,

24.99%,

12/16/22

2,711

2,731

25262625.UG.FTS.B,

25.26%,

12/16/22

360

362

25318603.UG.FTS.B,

29.69%,

12/30/24

17,601

14,652

25348625.UG.FTS.B,

25.26%,

12/19/22

9,704

9,790

25350019.UG.FTS.B,

19.99%,

12/18/22

3,707

3,719

25361397.UG.FTS.B,

25.82%,

12/21/24

10,936

11,224

25363736.UG.FTS.B,

25.26%,

12/19/22

777

780

25366758.UG.FTS.B,

25.26%,

12/18/22

8,927

9,005

25412581.UG.FTS.B,

30.51%,

12/23/22

608

631

25425443.UG.FTS.B,

25.26%,

12/23/22

388

392

25440936.UG.FTS.B,

24.85%,

12/23/24

9,767

9,987

25448082.UG.FTS.B,

24.29%,

12/23/22

3,849

3,882

*

25455694.UG.FTS.B,

22.34%,

12/23/22

1,311

1,076

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

136

a

25461625.UG.FTS.B,

25.26%,

12/24/22

2,321

2,096

25472241.UG.FTS.B,

25.26%,

12/23/22

389

391

25496460.UG.FTS.B,

25.26%,

12/26/22

3,882

3,926

*

25501555.UG.FTS.B,

25.26%,

12/30/22

1,319

1,329

25521511.UG.FTS.B,

25.26%,

12/27/22

395

398

25533812.UG.FTS.B,

30.51%,

12/26/22

4,056

4,217

25546900.UG.FTS.B,

25.26%,

12/27/22

699

707

25558719.UG.FTS.B,

28.99%,

12/31/24

22,709

23,338

25561593.UG.FTS.B,

21.93%,

12/27/24

15,367

15,767

25584542.UG.FTS.B,

25.26%,

12/27/22

2,329

2,357

25623976.UG.FTS.B,

24.99%,

12/30/22

1,411

1,418

25635833.UG.FTS.B,

25.26%,

1/03/23

629

629

25640923.UG.FTS.B,

24.99%,

12/30/22

8,487

8,587

25646311.UG.FTS.B,

25.26%,

12/31/22

4,188

4,188

25693748.UG.FTS.B,

24.99%,

1/02/23

2,510

2,510

25697010.UG.FTS.B,

21.38%,

1/07/23

10,960

10,959

25702061.UG.FTS.B,

25.26%,

1/02/23

1,678

1,671

25702486.UG.FTS.B,

29.69%,

1/17/25

12,518

12,922

25716714.UG.FTS.B,

25.26%,

1/03/23

419

420

25718200.UG.FTS.B,

25.26%,

1/03/23

2,096

2,097

25763764.UG.FTS.B,

14.19%,

1/03/23

2,288

2,290

25770054.UG.FTS.B,

25.26%,

1/03/23

420

418

*

25772708.UG.FTS.B,

25.26%,

1/06/23

1,530

215

25774878.UG.FTS.B,

29.69%,

1/25/25

26,468

26,205

25777408.UG.FTS.B,

25.26%,

1/06/23

2,630

2,620

25786616.UG.FTS.B,

25.26%,

1/07/23

1,474

1,461

25794770.UG.FTS.B,

25.26%,

1/06/23

1,167

1,167

25820593.UG.FTS.B,

26.77%,

1/17/25

10,286

10,562

821,541

Upstart

Network,

Inc….....................................................

FW1680820.UP.FTS.B,

31.24%,

9/15/26

10,679

10,615

FW1687695.UP.FTS.B,

31.01%,

9/15/26

4,104

4,049

FW1701600.UP.FTS.B,

18.45%,

9/15/26

5,749

5,690

FW1708223.UP.FTS.B,

31.43%,

9/15/26

3,690

3,668

FW1712750.UP.FTS.B,

31.43%,

9/15/26

17,477

17,373

*

FW1713484.UP.FTS.B,

30.9%,

9/15/26

7,835

7,455

FW1714101.UP.FTS.B,

31.22%,

9/15/26

1,747

1,737

FW1714313.UP.FTS.B,

25.63%,

9/15/26

48,284

47,965

FW1714451.UP.FTS.B,

30.33%,

9/15/24

2,577

2,546

FW1714502.UP.FTS.B,

28.45%,

9/15/26

8,037

7,987

FW1714524.UP.FTS.B,

30.07%,

9/15/26

5,863

5,574

FW1714570.UP.FTS.B,

27.72%,

9/15/26

7,476

7,414

FW1714702.UP.FTS.B,

24.7%,

9/15/26

38,590

38,331

FW1714926.UP.FTS.B,

28.33%,

9/15/24

4,630

4,580

FW1714949.UP.FTS.B,

21.12%,

9/15/26

19,221

19,085

FW1714958.UP.FTS.B,

16.26%,

9/15/24

5,121

5,043

FW1715088.UP.FTS.B,

30.08%,

9/15/26

5,863

5,574

FW1715167.UP.FTS.B,

30.5%,

9/15/26

2,541

2,416

FW1715222.UP.FTS.B,

13.81%,

9/15/24

3,633

3,614

FW1715615.UP.FTS.B,

31.45%,

9/15/26

5,085

5,058

FW1715798.UP.FTS.B,

29.92%,

9/15/24

1,299

1,285

FW1715883.UP.FTS.B,

28.82%,

9/15/26

9,687

9,626

FW1716114.UP.FTS.B,

10.5%,

9/15/26

945

941

FW1716481.UP.FTS.B,

26.69%,

9/15/26

24,650

24,490

FW1717010.UP.FTS.B,

28.17%,

9/15/26

14,409

14,307

FW1717064.UP.FTS.B,

29.03%,

9/15/24

2,873

2,842

FW1717121.UP.FTS.B,

26.43%,

9/15/26

2,416

2,400

FW1717339.UP.FTS.B,

31.08%,

9/15/26

1,532

1,521

FW1717416.UP.FTS.B,

27%,

9/15/24

2,958

2,926

FW1717605.UP.FTS.B,

32.67%,

9/15/26

2,236

2,223

*

FW1717710.UP.FTS.B,

31.28%,

9/15/26

1,800

(17)

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

137

a

FW1717727.UP.FTS.B,

27.26%,

9/15/26

16,443

16,337

FW1717776.UP.FTS.B,

30.58%,

9/15/26

2,501

2,484

*

FW1717834.UP.FTS.B,

31.41%,

9/15/26

1,300

(12)

FW1717862.UP.FTS.B,

25.93%,

9/15/24

1,846

1,826

FW1717945.UP.FTS.B,

25.32%,

9/15/24

5,950

5,887

FW1718140.UP.FTS.B,

28.3%,

9/15/26

2,785

2,761

FW1718296.UP.FTS.B,

26.73%,

9/15/26

7,264

7,209

FW1718304.UP.FTS.B,

30.56%,

9/15/26

2,717

2,700

FW1718307.UP.FTS.B,

30.23%,

9/15/26

6,207

6,170

*

FW1718408.UP.FTS.B,

29.37%,

9/15/26

2,936

2,793

FW1718497.UP.FTS.B,

32.01%,

9/15/26

2,234

2,221

FW1718538.UP.FTS.B,

27.07%,

9/15/26

29,978

29,785

*

FW1718714.UP.FTS.B,

31.23%,

9/15/26

4,929

1,451

FW1718853.UP.FTS.B,

27.42%,

9/15/26

6,841

6,806

FW1718952.UP.FTS.B,

31.98%,

9/15/26

7,577

7,532

*

FW1879396.UP.FTS.B,

31.13%,

10/20/26

2,185

651

FW1880410.UP.FTS.B,

27.93%,

10/20/24

3,781

3,755

*

FW1882547.UP.FTS.B,

31.57%,

10/20/26

3,800

3,669

FW1882702.UP.FTS.B,

30.82%,

10/20/26

1,522

1,513

FW1882891.UP.FTS.B,

25.65%,

10/20/26

2,616

2,585

FW1882972.UP.FTS.B,

25.9%,

10/20/26

1,756

1,749

*

FW1883595.UP.FTS.B,

22.59%,

10/20/26

2,967

2,830

FW1883864.UP.FTS.B,

31.23%,

10/20/26

1,267

1,258

FW1884123.UP.FTS.B,

27.3%,

10/20/26

2,499

2,486

FW1884144.UP.FTS.B,

31.17%,

10/20/26

23,100

23,031

FW1884150.UP.FTS.B,

30.85%,

10/20/26

1,600

273

FW1884398.UP.FTS.B,

30.02%,

10/20/26

4,856

4,835

FW1884445.UP.FTS.B,

29.15%,

10/20/24

1,060

1,008

*

FW1884654.UP.FTS.B,

28.78%,

10/20/26

2,800

880

FW1884662.UP.FTS.B,

31.19%,

10/20/26

2,545

2,537

FW1884718.UP.FTS.B,

28.21%,

10/20/26

14,652

14,602

FW1884796.UP.FTS.B,

22.4%,

10/20/26

6,807

6,779

FW1884837.UP.FTS.B,

25.6%,

10/20/26

32,756

32,634

FW1884875.UP.FTS.B,

26.98%,

10/20/24

1,700

1,688

FW1884970.UP.FTS.B,

22.98%,

10/20/26

4,864

4,845

FW1885004.UP.FTS.B,

23.56%,

10/20/24

8,659

8,597

FW1885055.UP.FTS.B,

30.19%,

10/20/26

36,965

36,735

FW1885095.UP.FTS.B,

28.6%,

10/20/24

4,677

4,637

*

FW1885149.UP.FTS.B,

25.87%,

10/20/24

6,737

6,415

FW1885177.UP.FTS.B,

19.83%,

10/20/26

5,822

5,796

FW1885184.UP.FTS.B,

29.51%,

10/20/26

13,101

13,059

FW1885381.UP.FTS.B,

27.55%,

10/20/24

8,078

8,010

FW1885395.UP.FTS.B,

26.24%,

10/20/24

2,831

2,812

FW1885417.UP.FTS.B,

25.25%,

10/20/26

4,873

4,855

FW1885521.UP.FTS.B,

18.95%,

10/20/26

2,715

2,702

FW1885563.UP.FTS.B,

27.6%,

10/20/24

2,835

2,816

FW1885604.UP.FTS.B,

21.27%,

10/20/24

28,831

28,562

FW1885617.UP.FTS.B,

31.09%,

10/20/26

48,937

48,790

FW1885667.UP.FTS.B,

29.34%,

10/20/26

27,084

26,904

FW1885763.UP.FTS.B,

30.45%,

10/20/26

1,712

1,698

FW1885766.UP.FTS.B,

12.47%,

10/20/26

30,791

30,663

FW1885835.UP.FTS.B,

22.35%,

10/20/26

3,112

3,099

FW1885946.UP.FTS.B,

31.07%,

10/20/26

19,183

18,982

FW1886121.UP.FTS.B,

7.36%,

10/20/26

3,834

3,832

FW1886189.UP.FTS.B,

30.94%,

10/20/26

3,425

3,415

FW1886213.UP.FTS.B,

26.39%,

10/20/26

7,218

7,192

FW1886233.UP.FTS.B,

25.87%,

10/20/24

1,879

1,863

FW1886267.UP.FTS.B,

17.53%,

10/20/26

10,070

10,003

FW1886414.UP.FTS.B,

28.39%,

10/20/24

1,891

1,879

FW1886460.UP.FTS.B,

31.71%,

10/20/26

3,917

3,905

FW1886514.UP.FTS.B,

31.22%,

10/20/26

6,264

6,245

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

138

a

FW1886539.UP.FTS.B,

27.96%,

10/20/26

6,836

6,813

FW1886614.UP.FTS.B,

31.93%,

10/20/26

5,680

5,663

*

FW1886644.UP.FTS.B,

27.14%,

10/20/26

3,374

1,001

FW1886674.UP.FTS.B,

31.35%,

10/20/26

4,634

4,612

FW1886716.UP.FTS.B,

19.8%,

10/20/26

28,043

27,897

FW1886872.UP.FTS.B,

30.11%,

10/20/26

1,761

1,755

FW1886875.UP.FTS.B,

20.29%,

10/20/26

3,106

3,092

FW1886962.UP.FTS.B,

27.78%,

10/20/26

9,765

9,731

FW1886975.UP.FTS.B,

25.84%,

10/20/26

2,048

2,040

*

FW1886997.UP.FTS.B,

26.23%,

10/20/24

1,177

349

FW1886998.UP.FTS.B,

30.95%,

10/20/26

1,762

1,756

FW1887038.UP.FTS.B,

25.36%,

10/20/24

2,357

2,341

FW1887343.UP.FTS.B,

17.02%,

10/20/26

2,850

2,830

FW1887393.UP.FTS.B,

31.08%,

10/20/26

10,766

10,734

*

FW1887401.UP.FTS.B,

27.16%,

10/20/26

25,000

4,233

FW1887414.UP.FTS.B,

31.43%,

10/20/26

8,909

8,882

FW1887444.UP.FTS.B,

31.55%,

10/20/26

1,860

1,855

FW1887450.UP.FTS.B,

25.16%,

10/20/26

14,618

14,563

*

FW1887575.UP.FTS.B,

29.49%,

10/20/26

2,600

396

FW1887676.UP.FTS.B,

31.23%,

10/20/26

2,839

2,830

FW1887695.UP.FTS.B,

31.4%,

10/20/26

7,538

7,516

FW1887715.UP.FTS.B,

13.02%,

10/20/26

7,231

7,209

FW1888130.UP.FTS.B,

31.35%,

10/20/26

1,273

1,269

FW1888148.UP.FTS.B,

31.17%,

10/20/26

3,413

3,400

*

FW1888195.UP.FTS.B,

30.94%,

10/20/26

6,269

5,997

FW1888248.UP.FTS.B,

31.19%,

10/20/26

13,738

13,683

*

FW1888413.UP.FTS.B,

13.2%,

10/20/26

2,432

2,300

FW1888517.UP.FTS.B,

31.21%,

10/20/26

1,958

1,952

FW1888999.UP.FTS.B,

23.52%,

10/20/26

4,867

4,848

FW1889076.UP.FTS.B,

30.32%,

10/20/24

3,315

3,294

FW1889085.UP.FTS.B,

27.59%,

10/20/26

976

973

FW1889091.UP.FTS.B,

29.67%,

10/20/26

3,129

3,119

*

FW1889257.UP.FTS.B,

31.11%,

10/20/26

2,760

2,635

FW1889308.UP.FTS.B,

31.17%,

10/20/26

7,343

7,322

FW1979816.UP.FTS.B,

31.12%,

11/15/26

2,760

2,745

FW2003302.UP.FTS.B,

31.06%,

11/15/26

8,970

8,921

FW2014368.UP.FTS.B,

29.7%,

11/15/26

4,926

4,898

FW2019057.UP.FTS.B,

28.27%,

11/15/24

1,928

1,913

FW2024402.UP.FTS.B,

24.5%,

11/22/26

11,792

11,760

FW2025322.UP.FTS.B,

30.89%,

11/15/26

3,943

3,921

FW2027220.UP.FTS.B,

25.94%,

11/15/26

1,672

1,662

FW2034466.UP.FTS.B,

24.37%,

11/15/26

2,751

2,735

FW2042992.UP.FTS.B,

31.74%,

11/15/26

2,465

2,452

FW2044634.UP.FTS.B,

31.42%,

11/15/26

3,549

3,530

FW2045384.UP.FTS.B,

31.05%,

11/15/26

2,070

2,059

FW2045584.UP.FTS.B,

27.07%,

11/15/26

6,395

6,359

FW2045662.UP.FTS.B,

29.86%,

11/15/26

9,810

9,743

FW2046290.UP.FTS.B,

30.86%,

11/15/26

1,588

1,510

FW2046574.UP.FTS.B,

27.41%,

11/15/26

1,082

1,076

FW2046653.UP.FTS.B,

30.94%,

11/15/26

2,168

2,157

FW2046664.UP.FTS.B,

30.63%,

11/15/26

4,876

4,841

FW2046687.UP.FTS.B,

30.69%,

11/15/26

2,583

2,460

FW2046700.UP.FTS.B,

16.57%,

11/15/26

7,826

7,793

FW2046704.UP.FTS.B,

9.53%,

11/15/26

14,607

14,581

*

FW2046749.UP.FTS.B,

32.37%,

11/15/26

4,300

1,267

FW2046765.UP.FTS.B,

30.71%,

11/15/26

986

980

FW2046847.UP.FTS.B,

24.26%,

11/15/24

5,883

5,584

FW2046887.UP.FTS.B,

17.65%,

11/15/26

9,789

9,739

FW2046908.UP.FTS.B,

31.04%,

11/15/26

2,576

2,563

FW2046927.UP.FTS.B,

25.78%,

11/15/26

7,375

7,332

FW2046950.UP.FTS.B,

31.12%,

11/15/26

7,393

7,353

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

139

a

FW2046973.UP.FTS.B,

31.05%,

11/15/26

3,450

3,431

FW2046975.UP.FTS.B,

29.11%,

11/15/26

4,924

4,897

FW2046988.UP.FTS.B,

27.85%,

11/15/26

7,868

7,816

FW2047068.UP.FTS.B,

12.14%,

11/15/26

1,268

1,264

FW2047086.UP.FTS.B,

16.6%,

11/15/24

3,826

3,801

FW2047100.UP.FTS.B,

26.77%,

11/15/26

2,951

2,934

FW2047187.UP.FTS.B,

22.1%,

11/15/26

15,702

15,608

FW2047226.UP.FTS.B,

20.73%,

11/15/26

4,903

4,860

FW2047227.UP.FTS.B,

19.97%,

11/15/24

1,342

1,334

FW2047266.UP.FTS.B,

22.86%,

11/15/26

6,878

6,838

FW2047282.UP.FTS.B,

16.13%,

11/15/26

4,890

4,876

FW2047309.UP.FTS.B,

27.44%,

11/15/24

5,780

5,735

FW2047316.UP.FTS.B,

25.83%,

11/15/26

4,130

4,106

FW2047371.UP.FTS.B,

32.56%,

11/15/26

21,060

20,997

FW2047393.UP.FTS.B,

14.85%,

11/15/26

9,772

9,702

FW2047468.UP.FTS.B,

30.8%,

11/15/26

2,460

2,440

FW2047533.UP.FTS.B,

27.2%,

11/15/26

2,952

2,935

FW2047542.UP.FTS.B,

24.24%,

11/15/26

9,805

9,737

FW2047561.UP.FTS.B,

27.77%,

11/15/24

6,359

6,310

FW2047594.UP.FTS.B,

31.24%,

11/15/26

1,676

1,667

FW2047603.UP.FTS.B,

24.9%,

11/15/26

4,128

4,104

FW2047632.UP.FTS.B,

31.02%,

11/15/26

4,928

4,902

FW2047649.UP.FTS.B,

24.82%,

11/15/24

1,923

1,908

FW2047658.UP.FTS.B,

31.11%,

11/15/26

2,563

2,549

FW2047660.UP.FTS.B,

31.1%,

11/15/26

2,563

2,549

FW2047661.UP.FTS.B,

29.89%,

11/15/26

4,926

4,899

FW2047676.UP.FTS.B,

29.96%,

11/15/26

24,753

24,625

FW2047688.UP.FTS.B,

20.13%,

11/15/24

5,753

5,705

FW2047739.UP.FTS.B,

31.1%,

11/15/26

8,280

8,235

FW2047749.UP.FTS.B,

31.18%,

11/15/26

6,506

6,471

FW2047774.UP.FTS.B,

30.23%,

11/15/26

985

980

FW2047777.UP.FTS.B,

22.57%,

11/15/26

3,338

3,318

FW2047783.UP.FTS.B,

19.18%,

11/15/24

954

944

FW2047813.UP.FTS.B,

24.09%,

11/15/26

2,554

2,539

FW2047818.UP.FTS.B,

31.21%,

11/15/26

3,154

3,137

FW2047866.UP.FTS.B,

23.86%,

11/15/26

5,423

5,399

FW2047897.UP.FTS.B,

22.1%,

11/15/26

1,963

1,951

FW2047914.UP.FTS.B,

21.49%,

11/15/26

24,527

24,370

FW2047921.UP.FTS.B,

24.73%,

11/15/24

1,923

1,908

FW2047937.UP.FTS.B,

22.8%,

11/15/24

3,921

3,721

FW2047988.UP.FTS.B,

29.5%,

11/15/26

8,239

8,183

FW2047989.UP.FTS.B,

31.24%,

11/15/26

19,327

19,229

FW2048015.UP.FTS.B,

28.64%,

11/15/26

48,571

48,214

FW2048031.UP.FTS.B,

14.7%,

11/15/24

7,164

7,137

FW2048179.UP.FTS.B,

28.8%,

11/15/26

4,848

4,812

FW2048202.UP.FTS.B,

30.45%,

11/15/26

1,183

1,176

FW2048209.UP.FTS.B,

27.57%,

11/15/26

4,921

4,893

FW2048300.UP.FTS.B,

30.61%,

11/15/26

4,928

4,901

FW2048331.UP.FTS.B,

23.57%,

11/15/24

2,871

2,842

FW2048332.UP.FTS.B,

26.99%,

11/15/24

1,926

1,911

FW2048362.UP.FTS.B,

30.1%,

11/15/26

1,129

1,117

FW2048391.UP.FTS.B,

31.16%,

11/15/26

2,165

2,151

FW2048525.UP.FTS.B,

17.72%,

11/15/26

14,685

14,609

*

FW2048540.UP.FTS.B,

24.54%,

11/15/24

981

931

FW2048559.UP.FTS.B,

27.21%,

11/15/24

821

811

FW2048599.UP.FTS.B,

28.16%,

11/15/26

984

979

FW2048610.UP.FTS.B,

31.92%,

11/15/26

6,409

6,375

FW2048616.UP.FTS.B,

27.91%,

11/15/24

2,891

2,868

FW2048646.UP.FTS.B,

16.12%,

11/15/26

6,846

6,810

FW2048680.UP.FTS.B,

25.7%,

11/15/24

1,925

1,909

FW2048743.UP.FTS.B,

29.66%,

11/15/26

9,851

9,796

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

140

a

FW2048745.UP.FTS.B,

28.25%,

11/15/26

2,461

2,447

FW2048749.UP.FTS.B,

31.13%,

11/15/26

2,554

2,537

FW2048754.UP.FTS.B,

28.46%,

11/15/26

14,768

14,685

*

FW2048785.UP.FTS.B,

23.35%,

11/15/26

9,908

9,418

FW2048800.UP.FTS.B,

31.12%,

11/15/26

2,958

2,942

FW2048838.UP.FTS.B,

31.38%,

11/15/26

14,721

14,622

FW2048849.UP.FTS.B,

30.57%,

11/15/26

19,710

19,602

FW2048854.UP.FTS.B,

25.05%,

11/15/24

1,924

1,908

FW2048861.UP.FTS.B,

16.4%,

11/15/26

47,886

47,670

FW2048881.UP.FTS.B,

18.48%,

11/15/26

6,464

6,421

FW2048976.UP.FTS.B,

31.2%,

11/15/26

4,566

4,343

FW2048990.UP.FTS.B,

20.89%,

11/15/26

3,040

3,021

FW2049034.UP.FTS.B,

15.15%,

11/15/26

6,329

6,282

FW2049037.UP.FTS.B,

25.72%,

11/15/26

4,916

4,888

FW2049063.UP.FTS.B,

22.49%,

11/15/26

27,485

27,311

FW2049072.UP.FTS.B,

24.18%,

11/15/26

1,946

1,932

FW2049085.UP.FTS.B,

31.63%,

11/15/26

9,564

9,512

FW2049100.UP.FTS.B,

17.84%,

11/15/26

1,958

1,948

FW2049130.UP.FTS.B,

18.42%,

11/15/26

29,381

29,187

FW2049144.UP.FTS.B,

20.94%,

11/15/24

3,837

3,806

FW2049180.UP.FTS.B,

20.6%,

11/15/26

29,329

29,119

FW2049190.UP.FTS.B,

26.92%,

11/15/26

3,417

3,392

FW2049296.UP.FTS.B,

30.21%,

11/15/26

6,897

6,859

FW2049311.UP.FTS.B,

21.75%,

11/15/26

4,944

4,917

FW2049349.UP.FTS.B,

30.81%,

11/15/26

1,577

1,568

FW2049383.UP.FTS.B,

23.93%,

11/15/26

6,385

6,348

FW2049409.UP.FTS.B,

31.09%,

11/15/26

9,857

9,804

FW2049415.UP.FTS.B,

19.34%,

11/15/26

3,920

3,909

FW2049433.UP.FTS.B,

22.79%,

11/15/26

5,302

5,270

FW2049484.UP.FTS.B,

25.73%,

11/15/26

9,832

9,776

FW2071752.UP.FTS.B,

30.07%,

11/22/26

5,419

5,407

FW2073665.UP.FTS.B,

27.21%,

11/22/26

3,936

3,926

FW2083090.UP.FTS.B,

12.64%,

11/22/26

990

938

FW2083347.UP.FTS.B,

31.08%,

11/22/26

11,828

11,804

FW2088883.UP.FTS.B,

29.82%,

11/22/26

1,970

1,966

FW2089645.UP.FTS.B,

31.75%,

11/22/26

9,367

9,348

FW2091484.UP.FTS.B,

19.01%,

11/22/24

4,791

4,772

FW2092331.UP.FTS.B,

23.1%,

11/22/24

3,334

3,311

FW2092356.UP.FTS.B,

17.97%,

11/22/24

3,351

3,338

*

FW2093970.UP.FTS.B,

31.15%,

11/22/26

2,300

2,219

FW2094058.UP.FTS.B,

31.18%,

11/22/26

1,570

1,565

FW2094102.UP.FTS.B,

22.44%,

11/22/24

1,056

1,051

FW2094110.UP.FTS.B,

19.91%,

11/22/24

959

955

FW2094132.UP.FTS.B,

25.16%,

11/22/26

5,898

5,877

FW2094159.UP.FTS.B,

20.44%,

11/22/26

9,217

9,181

FW2094168.UP.FTS.B,

28.88%,

11/22/24

2,651

2,526

FW2094197.UP.FTS.B,

24.43%,

11/22/24

1,923

1,914

FW2094263.UP.FTS.B,

30.68%,

11/22/26

3,806

3,789

FW2094320.UP.FTS.B,

29.51%,

11/22/26

16,617

16,555

FW2094328.UP.FTS.B,

17.48%,

11/22/26

9,730

9,664

FW2094367.UP.FTS.B,

25.82%,

11/22/26

4,916

4,904

FW2094373.UP.FTS.B,

14.38%,

11/22/26

10,258

10,241

*

FW2094402.UP.FTS.B,

28.65%,

11/22/26

3,300

3,155

FW2094419.UP.FTS.B,

28.57%,

11/22/26

985

982

FW2094441.UP.FTS.B,

27.88%,

11/22/24

1,445

1,439

FW2094521.UP.FTS.B,

31.21%,

11/22/26

2,859

2,853

*

FW2094585.UP.FTS.B,

27.16%,

11/22/26

5,000

4,780

FW2094613.UP.FTS.B,

15.15%,

11/22/26

10,696

10,663

FW2094660.UP.FTS.B,

31.22%,

11/22/26

10,697

10,661

FW2094693.UP.FTS.B,

30.21%,

11/22/26

3,134

3,123

FW2094704.UP.FTS.B,

30.41%,

11/22/26

1,547

1,541

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

141

a

FW2094706.UP.FTS.B,

14.02%,

11/22/26

16,116

16,088

FW2094718.UP.FTS.B,

27.18%,

11/22/26

9,839

9,815

FW2094746.UP.FTS.B,

22.41%,

11/22/26

14,819

14,743

FW2094830.UP.FTS.B,

26.46%,

11/22/26

1,967

1,962

FW2094834.UP.FTS.B,

29.86%,

11/22/26

4,926

4,915

FW2094840.UP.FTS.B,

13.13%,

11/22/26

25,166

25,084

FW2094863.UP.FTS.B,

19.11%,

11/22/24

958

954

FW2094882.UP.FTS.B,

26.76%,

11/22/26

9,837

9,813

FW2094890.UP.FTS.B,

17.34%,

11/22/26

14,681

14,636

FW2094906.UP.FTS.B,

12.24%,

11/22/26

2,634

2,629

FW2094908.UP.FTS.B,

29.15%,

11/22/26

49,243

49,131

FW2094909.UP.FTS.B,

31.13%,

11/22/26

9,069

9,050

FW2094919.UP.FTS.B,

31.15%,

11/22/26

3,549

3,541

FW2094924.UP.FTS.B,

20.42%,

11/22/26

2,941

2,930

FW2095024.UP.FTS.B,

21.71%,

11/22/26

1,079

1,076

FW2095068.UP.FTS.B,

28.4%,

11/22/24

9,471

9,403

FW2095095.UP.FTS.B,

15.88%,

11/22/24

2,379

2,366

FW2095096.UP.FTS.B,

31.32%,

11/22/26

3,647

3,640

FW2095121.UP.FTS.B,

24.32%,

11/22/26

6,364

6,340

FW2095190.UP.FTS.B,

28.27%,

11/22/26

3,150

3,143

FW2095223.UP.FTS.B,

25.09%,

11/22/26

4,915

4,902

FW2095268.UP.FTS.B,

28.13%,

11/22/26

4,922

4,905

FW2095271.UP.FTS.B,

23.29%,

11/22/26

17,284

17,234

FW2095277.UP.FTS.B,

25.75%,

11/22/26

14,749

14,710

FW2095290.UP.FTS.B,

30.84%,

11/22/26

4,664

4,642

FW2095326.UP.FTS.B,

16.9%,

11/22/26

4,892

4,877

FW2095351.UP.FTS.B,

29.21%,

11/22/26

22,751

22,699

FW2095378.UP.FTS.B,

29.05%,

11/22/26

8,863

8,843

FW2095395.UP.FTS.B,

22.89%,

11/22/26

1,766

1,756

FW2095533.UP.FTS.B,

26.09%,

11/22/24

4,235

4,216

FW2095579.UP.FTS.B,

22.78%,

11/22/26

24,544

24,482

FW2095619.UP.FTS.B,

23.57%,

11/22/24

4,805

4,782

FW2095637.UP.FTS.B,

26.8%,

11/22/26

3,935

3,925

FW2095652.UP.FTS.B,

28.05%,

11/22/24

9,637

9,596

FW2095701.UP.FTS.B,

31.2%,

11/22/26

1,084

1,082

*

FW2095709.UP.FTS.B,

28.64%,

11/22/24

1,981

1,893

FW2095720.UP.FTS.B,

27.1%,

11/22/26

9,695

9,651

FW2095752.UP.FTS.B,

22.05%,

11/22/26

15,211

15,155

FW2095758.UP.FTS.B,

30.37%,

11/22/26

11,825

11,799

FW2095770.UP.FTS.B,

30.45%,

11/22/26

11,234

11,210

FW2095823.UP.FTS.B,

27.47%,

11/22/26

7,184

7,166

FW2095845.UP.FTS.B,

15.91%,

11/22/24

5,258

5,237

FW2095953.UP.FTS.B,

29.33%,

11/22/26

4,952

4,931

FW2095960.UP.FTS.B,

29.98%,

11/22/26

18,227

18,187

FW2096022.UP.FTS.B,

29.48%,

11/22/26

14,775

14,742

FW2096040.UP.FTS.B,

17.38%,

11/22/26

992

984

FW2096042.UP.FTS.B,

25.59%,

11/22/24

3,272

3,257

FW2096102.UP.FTS.B,

7.51%,

11/22/26

8,265

8,256

FW2096115.UP.FTS.B,

23.24%,

11/22/26

3,142

3,133

FW2096158.UP.FTS.B,

19.95%,

11/22/26

4,901

4,882

FW2096177.UP.FTS.B,

29.94%,

11/22/26

5,911

5,898

*

FW2096201.UP.FTS.B,

30.1%,

11/22/26

1,200

358

FW2096255.UP.FTS.B,

18.65%,

11/22/26

24,740

23,499

FW2096279.UP.FTS.B,

30.8%,

11/22/26

1,183

1,180

FW2096280.UP.FTS.B,

19.26%,

11/22/26

9,761

9,719

FW2096286.UP.FTS.B,

30.75%,

11/22/26

3,140

3,129

FW2096292.UP.FTS.B,

18.39%,

11/22/26

8,422

8,388

FW2096310.UP.FTS.B,

31%,

11/22/26

3,450

3,443

FW2096312.UP.FTS.B,

17.78%,

11/22/24

4,021

4,005

FW2096342.UP.FTS.B,

28.48%,

11/22/26

4,923

4,911

FW2096376.UP.FTS.B,

29.09%,

11/22/26

5,465

5,443

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

142

a

FW2096422.UP.FTS.B,

31.04%,

11/22/26

1,616

1,608

FW2096500.UP.FTS.B,

30.74%,

11/22/26

4,898

4,880

*

FW2096531.UP.FTS.B,

31.54%,

11/22/26

5,000

1,582

FW2096571.UP.FTS.B,

21.28%,

11/22/26

2,943

2,934

FW2096578.UP.FTS.B,

30.87%,

11/22/26

2,661

2,656

*

FW2096628.UP.FTS.B,

22.48%,

11/22/26

3,199

3,051

FW2096631.UP.FTS.B,

26.76%,

11/22/26

3,935

3,925

FW2096638.UP.FTS.B,

22.72%,

11/22/26

4,884

4,863

FW2096653.UP.FTS.B,

20.55%,

11/22/26

5,883

5,861

FW2096662.UP.FTS.B,

31.94%,

11/22/26

11,143

11,120

FW2096663.UP.FTS.B,

31.48%,

11/22/26

4,929

4,919

*

FW2096677.UP.FTS.B,

31.63%,

11/22/26

3,900

1,167

FW2096685.UP.FTS.B,

31.01%,

11/22/26

9,477

9,442

FW2096834.UP.FTS.B,

16.52%,

11/22/26

2,935

2,926

FW2096839.UP.FTS.B,

28.22%,

11/22/26

2,750

2,733

FW2096872.UP.FTS.B,

28.81%,

11/22/24

9,486

9,419

FW2226660.UP.FTS.B,

30.82%,

12/22/26

4,967

4,970

FW2235699.UP.FTS.B,

19.99%,

12/22/26

6,933

6,927

FW2242642.UP.FTS.B,

17.23%,

12/22/26

6,904

6,887

FW2247824.UP.FTS.B,

28.87%,

12/21/26

4,964

4,957

FW2272171.UP.FTS.B,

26.33%,

12/21/26

24,806

24,762

FW2275119.UP.FTS.B,

10.09%,

12/22/26

29,618

29,634

FW2281021.UP.FTS.B,

30.86%,

12/22/26

5,563

5,566

FW2289691.UP.FTS.B,

20.05%,

12/21/26

4,953

4,941

FW2289917.UP.FTS.B,

24.12%,

12/21/26

5,355

5,345

FW2292307.UP.FTS.B,

29.55%,

12/21/26

14,697

14,675

FW2292520.UP.FTS.B,

14.69%,

12/21/24

978

976

FW2292661.UP.FTS.B,

10.72%,

12/21/26

14,813

14,802

FW2292759.UP.FTS.B,

21.98%,

12/21/26

25,272

25,252

FW2292845.UP.FTS.B,

31.12%,

12/21/26

2,781

2,778

FW2292873.UP.FTS.B,

31.09%,

12/21/26

993

992

FW2292945.UP.FTS.B,

31.23%,

12/21/26

2,583

2,579

FW2293069.UP.FTS.B,

31.16%,

12/21/26

1,874

1,868

FW2293082.UP.FTS.B,

6.16%,

12/21/26

4,633

4,633

FW2293228.UP.FTS.B,

30.97%,

12/21/26

2,483

2,480

FW2293250.UP.FTS.B,

26.48%,

12/21/26

1,985

1,981

FW2293261.UP.FTS.B,

30.26%,

12/21/26

1,093

1,091

FW2293310.UP.FTS.B,

31.11%,

12/21/26

1,788

1,786

FW2293337.UP.FTS.B,

27.46%,

12/21/26

4,963

4,954

FW2293338.UP.FTS.B,

11.67%,

12/21/26

17,781

17,770

FW2293376.UP.FTS.B,

31.54%,

12/21/26

37,554

37,505

FW2293434.UP.FTS.B,

31.29%,

12/21/26

1,686

1,681

FW2293501.UP.FTS.B,

7.39%,

12/21/26

7,299

7,296

FW2293524.UP.FTS.B,

17.65%,

12/21/26

29,694

29,659

*

FW2293544.UP.FTS.B,

14.04%,

12/21/26

4,500

4,278

FW2293588.UP.FTS.B,

31.17%,

12/21/26

993

992

FW2293608.UP.FTS.B,

28.99%,

12/21/26

9,730

9,716

FW2293617.UP.FTS.B,

19.06%,

12/21/26

6,931

6,924

FW2293618.UP.FTS.B,

29.66%,

12/21/26

1,986

1,983

FW2293631.UP.FTS.B,

26.49%,

12/21/24

19,639

19,594

FW2293665.UP.FTS.B,

26.78%,

12/21/26

16,274

16,247

FW2293684.UP.FTS.B,

31.29%,

12/21/26

2,980

2,976

FW2293724.UP.FTS.B,

31.23%,

12/21/26

3,676

3,671

FW2293727.UP.FTS.B,

31.05%,

12/21/26

1,490

1,488

FW2293764.UP.FTS.B,

6.23%,

12/21/26

21,689

21,689

FW2293788.UP.FTS.B,

28.94%,

12/21/26

9,736

9,693

FW2293806.UP.FTS.B,

19.41%,

12/21/26

7,893

7,865

FW2293821.UP.FTS.B,

17.3%,

12/21/26

1,781

1,781

FW2293852.UP.FTS.B,

7.5%,

12/21/26

26,138

26,129

FW2293867.UP.FTS.B,

30.1%,

12/21/26

9,931

9,917

FW2293923.UP.FTS.B,

16.04%,

12/21/26

4,946

4,940

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

143

a

FW2293946.UP.FTS.B,

6.19%,

12/21/24

7,789

7,775

FW2294007.UP.FTS.B,

24.91%,

12/21/24

1,472

1,469

FW2294010.UP.FTS.B,

9.53%,

12/21/26

14,806

14,804

FW2294081.UP.FTS.B,

25.98%,

12/21/26

9,326

9,310

FW2294105.UP.FTS.B,

30.94%,

12/21/26

13,001

12,964

FW2294163.UP.FTS.B,

27.62%,

12/21/24

1,129

1,122

FW2294187.UP.FTS.B,

27.27%,

12/21/24

5,276

5,249

FW2294211.UP.FTS.B,

6.31%,

12/21/24

7,214

7,211

FW2294223.UP.FTS.B,

31.19%,

12/21/26

24,040

24,009

FW2294247.UP.FTS.B,

28.6%,

12/21/26

6,051

6,033

FW2294300.UP.FTS.B,

29.67%,

12/21/26

4,965

4,958

*

FW2294323.UP.FTS.B,

28.23%,

12/21/26

2,000

1,910

FW2294336.UP.FTS.B,

25.77%,

12/21/26

4,564

4,555

FW2294358.UP.FTS.B,

24.02%,

12/21/26

2,182

2,177

FW2294359.UP.FTS.B,

31.33%,

12/22/26

49,672

49,708

FW2294402.UP.FTS.B,

13.84%,

12/21/26

17,300

17,292

FW2294439.UP.FTS.B,

7.72%,

12/21/24

10,345

10,336

FW2294527.UP.FTS.B,

29.54%,

12/21/26

3,325

3,312

*

FW2294584.UP.FTS.B,

28.34%,

12/21/26

5,400

5,203

FW2294598.UP.FTS.B,

30.58%,

12/21/26

3,178

3,174

FW2294602.UP.FTS.B,

28.58%,

12/21/26

6,950

6,939

*

FW2294618.UP.FTS.B,

30.98%,

12/21/26

1,100

1,060

FW2294642.UP.FTS.B,

11.72%,

12/21/26

5,927

5,923

FW2294665.UP.FTS.B,

5.75%,

12/21/24

1,949

1,948

FW2294675.UP.FTS.B,

28.68%,

12/21/26

7,633

7,609

FW2294687.UP.FTS.B,

28.91%,

12/21/24

983

981

FW2294735.UP.FTS.B,

8.57%,

12/21/26

3,932

3,927

FW2294827.UP.FTS.B,

31.11%,

12/21/26

1,963

1,956

FW2294886.UP.FTS.B,

19.07%,

12/21/26

1,980

1,978

FW2294915.UP.FTS.B,

16.02%,

12/21/26

1,979

1,976

FW2294924.UP.FTS.B,

28.38%,

12/21/26

5,758

5,749

FW2295002.UP.FTS.B,

13.45%,

12/22/26

1,680

1,681

*

FW2295082.UP.FTS.B,

31.01%,

12/21/26

1,000

955

FW2295132.UP.FTS.B,

26.71%,

12/21/26

35,128

35,068

*

FW2295152.UP.FTS.B,

25.13%,

12/21/26

10,000

9,545

FW2295156.UP.FTS.B,

30.61%,

12/21/26

2,086

2,083

FW2295194.UP.FTS.B,

30.14%,

12/21/26

38,995

38,838

FW2295227.UP.FTS.B,

22.11%,

12/21/26

4,956

4,945

FW2295248.UP.FTS.B,

30.94%,

12/21/26

3,775

3,770

FW2295283.UP.FTS.B,

5.97%,

12/21/24

6,823

6,820

FW2295360.UP.FTS.B,

32.1%,

12/22/26

16,891

16,906

FW2295364.UP.FTS.B,

17.88%,

12/22/26

4,949

4,950

*

FW2295391.UP.FTS.B,

21.33%,

12/21/24

6,700

6,394

FW2295412.UP.FTS.B,

30.28%,

12/21/26

18,175

18,150

*

FW2295416.UP.FTS.B,

29.82%,

12/21/26

13,000

12,415

*

FW2295460.UP.FTS.B,

23.88%,

12/21/26

27,000

25,729

FW2295496.UP.FTS.B,

31.18%,

12/21/26

2,682

2,679

FW2295512.UP.FTS.B,

25.12%,

12/22/26

12,625

12,557

FW2295529.UP.FTS.B,

32.21%,

12/21/26

6,464

6,457

FW2295530.UP.FTS.B,

15.84%,

12/21/24

6,359

6,345

FW2295584.UP.FTS.B,

23.79%,

12/21/24

2,453

2,449

FW2295585.UP.FTS.B,

22.9%,

12/21/26

2,987

2,986

FW2295605.UP.FTS.B,

11.71%,

12/21/26

4,917

4,905

FW2295693.UP.FTS.B,

29.44%,

12/21/26

2,582

2,578

FW2295706.UP.FTS.B,

32.31%,

12/22/26

9,638

9,647

FW2295721.UP.FTS.B,

31.1%,

12/21/26

1,987

1,984

FW2295730.UP.FTS.B,

30.86%,

12/21/26

1,198

1,191

FW2295741.UP.FTS.B,

20.38%,

12/21/24

980

978

FW2295743.UP.FTS.B,

30.31%,

12/21/26

7,873

7,845

FW2295751.UP.FTS.B,

26.57%,

12/21/24

4,910

4,899

FW2295790.UP.FTS.B,

25.57%,

12/21/24

2,160

2,155

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

144

a

FW2295797.UP.FTS.B,

28.21%,

12/21/24

2,947

2,941

FW2295810.UP.FTS.B,

29.82%,

12/22/26

1,291

1,292

FW2295823.UP.FTS.B,

31.65%,

12/21/26

4,889

4,885

FW2295843.UP.FTS.B,

30.82%,

12/21/26

5,265

5,257

FW2295876.UP.FTS.B,

31.13%,

12/22/26

13,609

13,619

FW2295879.UP.FTS.B,

25.12%,

12/21/26

21,821

21,781

FW2295890.UP.FTS.B,

25.77%,

12/21/26

9,524

9,507

FW2295899.UP.FTS.B,

32.71%,

12/21/26

4,600

4,634

FW2295900.UP.FTS.B,

12.11%,

12/22/24

3,908

3,906

*

FW2295907.UP.FTS.B,

28.62%,

12/22/26

3,200

3,089

FW2295922.UP.FTS.B,

18.94%,

12/22/26

4,951

4,952

FW2295931.UP.FTS.B,

5.9%,

12/21/26

14,786

14,786

FW2295966.UP.FTS.B,

31.81%,

12/21/26

2,981

2,977

FW2295991.UP.FTS.B,

29.39%,

12/21/24

4,532

4,513

FW2296027.UP.FTS.B,

26.18%,

12/21/26

4,465

4,457

FW2296031.UP.FTS.B,

22.11%,

12/21/26

4,460

4,451

FW2296033.UP.FTS.B,

16.61%,

12/21/26

4,749

4,748

FW2296051.UP.FTS.B,

31.18%,

12/21/26

1,185

1,181

*

FW2296073.UP.FTS.B,

20.65%,

12/21/26

4,300

4,102

FW2296108.UP.FTS.B,

32.09%,

12/22/26

7,713

7,706

FW2296110.UP.FTS.B,

30.89%,

12/21/26

1,093

1,091

*

FW2296124.UP.FTS.B,

30.3%,

12/22/24

5,000

4,832

FW2296126.UP.FTS.B,

21.1%,

12/21/24

980

978

FW2296139.UP.FTS.B,

26.64%,

12/21/26

6,926

6,903

FW2296196.UP.FTS.B,

29.85%,

12/21/26

1,092

1,091

FW2296208.UP.FTS.B,

31.74%,

12/22/26

6,768

6,774

*

FW2296255.UP.FTS.B,

30.89%,

12/21/26

1,400

1,349

FW2296256.UP.FTS.B,

30.68%,

12/22/26

3,278

3,280

FW2296267.UP.FTS.B,

31.25%,

12/21/26

4,768

4,762

FW2296289.UP.FTS.B,

23.69%,

12/21/26

8,031

8,016

FW2296306.UP.FTS.B,

28.05%,

12/21/26

14,682

14,624

FW2296310.UP.FTS.B,

24.81%,

12/21/26

2,975

2,970

FW2296329.UP.FTS.B,

27.9%,

12/21/26

3,605

3,589

FW2296331.UP.FTS.B,

29.64%,

12/22/26

2,979

2,981

FW2296337.UP.FTS.B,

33.15%,

12/22/26

5,764

5,770

FW2296401.UP.FTS.B,

16.73%,

12/21/24

9,787

9,766

FW2296458.UP.FTS.B,

30.75%,

12/22/26

8,542

8,548

FW2296477.UP.FTS.B,

25.18%,

12/22/26

1,000

953

FW2296510.UP.FTS.B,

28.63%,

12/21/26

6,652

6,642

*

FW2296522.UP.FTS.B,

27.68%,

12/22/26

18,800

17,984

FW2296542.UP.FTS.B,

31%,

12/22/26

5,761

5,765

FW2296544.UP.FTS.B,

14.31%,

12/22/26

4,944

4,946

FW2296545.UP.FTS.B,

28.87%,

12/21/26

5,957

5,948

FW2296565.UP.FTS.B,

24.56%,

12/22/26

2,281

2,281

FW2296618.UP.FTS.B,

19.77%,

12/22/24

980

979

FW2296692.UP.FTS.B,

24.93%,

12/22/24

1,472

1,471

FW2296795.UP.FTS.B,

30.46%,

12/22/26

1,490

1,491

FW2296796.UP.FTS.B,

29.02%,

12/22/26

24,405

24,349

FW2296819.UP.FTS.B,

12.8%,

12/22/26

988

989

FW2296838.UP.FTS.B,

5.56%,

12/22/26

11,827

11,831

FW2296844.UP.FTS.B,

16.78%,

12/22/26

2,472

2,467

FW2296846.UP.FTS.B,

24.39%,

12/22/24

1,963

1,961

FW2296865.UP.FTS.B,

16.7%,

12/22/26

9,895

9,894

FW2296909.UP.FTS.B,

29.46%,

12/22/24

6,914

6,915

FW2296911.UP.FTS.B,

31.17%,

12/22/26

1,265

1,262

FW2296914.UP.FTS.B,

26.15%,

12/22/24

1,080

1,079

FW2296934.UP.FTS.B,

28.08%,

12/22/26

5,658

5,660

*

FW2296961.UP.FTS.B,

25.86%,

12/22/24

1,000

956

FW2296980.UP.FTS.B,

33.56%,

12/22/26

1,751

1,749

FW2297065.UP.FTS.B,

30.7%,

12/22/26

9,933

9,939

FW2297083.UP.FTS.B,

27.85%,

12/22/26

14,889

14,893

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

145

a

FW2297093.UP.FTS.B,

31.19%,

12/22/26

993

994

FW2297124.UP.FTS.B,

30.5%,

12/22/26

5,463

5,466

FW2297165.UP.FTS.B,

31.1%,

12/22/26

6,457

6,462

FW2297186.UP.FTS.B,

19.59%,

12/22/26

9,904

9,907

FW2297196.UP.FTS.B,

28.3%,

12/22/26

9,927

9,930

FW2297226.UP.FTS.B,

17.41%,

12/22/26

12,829

12,798

FW2297229.UP.FTS.B,

26.75%,

12/22/26

13,021

12,999

FW2297240.UP.FTS.B,

16.99%,

12/22/26

21,029

21,012

FW2297303.UP.FTS.B,

28.74%,

12/22/26

10,623

10,627

FW2297340.UP.FTS.B,

22.67%,

12/22/26

4,956

4,954

FW2297351.UP.FTS.B,

16.06%,

12/22/24

2,446

2,443

FW2297374.UP.FTS.B,

23.21%,

12/22/26

2,181

2,180

FW2297380.UP.FTS.B,

30.57%,

12/22/26

5,960

5,963

FW2297392.UP.FTS.B,

29.67%,

12/22/26

2,121

2,116

FW2297415.UP.FTS.B,

8.71%,

12/22/24

3,903

3,902

FW2297423.UP.FTS.B,

26.64%,

12/22/26

5,976

5,978

FW2297460.UP.FTS.B,

22.74%,

12/22/26

49,564

49,540

*

FW2297474.UP.FTS.B,

13.74%,

12/22/26

7,400

7,015

*

FW2297476.UP.FTS.B,

31.04%,

12/22/26

2,900

2,800

FW2297489.UP.FTS.B,

6.61%,

12/22/24

975

975

FW2297492.UP.FTS.B,

25.9%,

12/22/26

49,606

49,604

FW2297499.UP.FTS.B,

30.95%,

12/22/26

1,093

1,093

*

FW2297595.UP.FTS.B,

31.2%,

12/22/26

2,500

2,393

FW2297621.UP.FTS.B,

13.91%,

12/22/26

2,315

2,311

FW2297623.UP.FTS.B,

25.32%,

12/22/26

3,571

3,575

FW2297741.UP.FTS.B,

8.43%,

12/22/26

5,920

5,922

FW2297763.UP.FTS.B,

23.23%,

12/22/26

2,986

2,987

FW2297780.UP.FTS.B,

27.51%,

12/22/26

19,730

19,683

FW2297793.UP.FTS.B,

31%,

12/22/26

5,165

5,169

FW2297812.UP.FTS.B,

27.74%,

12/22/26

4,566

4,567

*

FW2297841.UP.FTS.B,

28.6%,

12/22/26

6,000

5,792

FW2297886.UP.FTS.B,

29.13%,

12/22/26

3,072

3,068

FW2297887.UP.FTS.B,

14.01%,

12/22/26

8,898

8,902

FW2297895.UP.FTS.B,

16.41%,

12/22/26

2,966

2,958

FW2297899.UP.FTS.B,

6.12%,

12/22/24

975

973

FW2297938.UP.FTS.B,

22.24%,

12/22/24

1,172

1,167

FW2297945.UP.FTS.B,

28.62%,

12/22/26

9,432

9,435

FW2298033.UP.FTS.B,

21.61%,

12/22/26

16,351

16,352

FW2298046.UP.FTS.B,

19.21%,

12/22/26

9,903

9,900

FW2298048.UP.FTS.B,

7.04%,

12/22/24

13,651

13,653

FW2298121.UP.FTS.B,

26.21%,

12/22/26

962

959

FW2298127.UP.FTS.B,

18.19%,

12/22/24

1,958

1,957

FW2298143.UP.FTS.B,

30.98%,

12/22/26

3,377

3,380

FW2298159.UP.FTS.B,

31.15%,

12/22/26

2,881

2,883

FW2298230.UP.FTS.B,

8.66%,

12/22/24

976

975

FW2298270.UP.FTS.B,

31%,

12/22/26

1,583

1,581

FW2298293.UP.FTS.B,

28.3%,

12/22/26

1,688

1,688

FW2298296.UP.FTS.B,

31.07%,

12/22/26

14,205

14,215

FW2298308.UP.FTS.B,

10.89%,

12/22/24

976

975

FW2298313.UP.FTS.B,

17.76%,

12/22/26

15,045

15,046

FW2298345.UP.FTS.B,

31.12%,

12/22/26

1,689

1,690

FW2298365.UP.FTS.B,

30.7%,

12/22/26

3,477

3,479

FW2298369.UP.FTS.B,

27.48%,

12/22/26

17,947

17,956

FW2298373.UP.FTS.B,

19.34%,

12/22/24

2,939

2,937

FW2298451.UP.FTS.B,

10.42%,

12/22/26

11,849

11,848

FW2298522.UP.FTS.B,

29.71%,

12/22/26

3,476

3,477

FW2298545.UP.FTS.B,

26.68%,

12/22/26

13,495

13,497

FW2298568.UP.FTS.B,

28.54%,

12/22/26

7,545

7,548

FW2298595.UP.FTS.B,

30.48%,

12/22/26

7,350

7,354

FW2298599.UP.FTS.B,

30.89%,

12/22/26

1,391

1,392

*

FW2298637.UP.FTS.B,

31.12%,

12/22/26

18,100

17,325

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

146

a

FW2298647.UP.FTS.B,

6.85%,

12/22/26

49,304

49,329

FW2298652.UP.FTS.B,

30.98%,

12/22/26

2,583

2,584

FW2298675.UP.FTS.B,

31.12%,

12/22/26

7,005

6,996

FW2298689.UP.FTS.B,

15.52%,

12/22/26

17,310

17,305

FW2298699.UP.FTS.B,

30.83%,

12/22/26

6,159

6,163

FW2298735.UP.FTS.B,

26.94%,

12/22/26

14,773

14,735

FW2298781.UP.FTS.B,

7.35%,

12/22/26

10,536

10,527

FW2298789.UP.FTS.B,

16.35%,

12/22/26

8,108

8,080

FW2298853.UP.FTS.B,

33.16%,

12/22/26

4,274

4,278

FW2298854.UP.FTS.B,

8.03%,

12/22/24

2,439

2,438

*

FW2298858.UP.FTS.B,

25.22%,

12/22/26

1,700

1,626

*

FW2298989.UP.FTS.B,

15.65%,

12/22/26

7,500

7,178

FW2299013.UP.FTS.B,

28.16%,

12/22/26

4,963

4,965

FW2299026.UP.FTS.B,

7.03%,

12/22/26

4,931

4,931

FW2299062.UP.FTS.B,

18.65%,

12/22/26

4,455

4,454

FW2299096.UP.FTS.B,

24.52%,

12/22/24

1,668

1,667

FW2299098.UP.FTS.B,

9.21%,

12/22/24

1,457

1,455

FW2299110.UP.FTS.B,

28.13%,

12/22/26

14,890

14,894

FW2299147.UP.FTS.B,

9.27%,

12/22/24

3,904

3,903

FW2299169.UP.FTS.B,

30.82%,

12/22/26

4,073

4,075

FW2299172.UP.FTS.B,

10.19%,

12/22/24

1,757

1,757

FW2299381.UP.FTS.B,

17.29%,

12/22/24

2,937

2,934

FW2299410.UP.FTS.B,

26.2%,

12/22/26

5,953

5,953

FW2299436.UP.FTS.B,

27.39%,

12/22/26

4,146

4,140

FW2299443.UP.FTS.B,

22.44%,

12/22/24

19,514

19,438

FW2299450.UP.FTS.B,

27.52%,

12/22/24

3,340

3,339

FW2299535.UP.FTS.B,

30.63%,

12/22/26

1,391

1,391

FW2299651.UP.FTS.B,

30.79%,

12/22/26

2,980

2,982

FW2299655.UP.FTS.B,

31.17%,

12/22/26

3,974

3,976

FW2299670.UP.FTS.B,

20.32%,

12/22/26

9,906

9,910

FW2299680.UP.FTS.B,

19.7%,

12/22/26

6,933

6,931

FW2299691.UP.FTS.B,

22.8%,

12/22/24

1,962

1,960

FW2299708.UP.FTS.B,

22.93%,

12/22/26

4,461

4,464

FW2299807.UP.FTS.B,

27.27%,

12/22/26

49,623

49,631

FW2299900.UP.FTS.B,

19.29%,

12/22/26

49,488

49,331

FW2299910.UP.FTS.B,

19.59%,

12/22/24

4,880

4,866

FW2299932.UP.FTS.B,

21.85%,

12/22/24

10,785

10,782

FW2299939.UP.FTS.B,

30.93%,

12/22/26

1,093

1,093

FW2299972.UP.FTS.B,

30.53%,

12/22/26

1,780

1,778

FW2299990.UP.FTS.B,

31.19%,

12/22/26

17,087

17,099

FW2299999.UP.FTS.B,

30.69%,

12/22/26

1,975

1,972

FW2300011.UP.FTS.B,

30.61%,

12/22/26

1,093

1,093

FW2300018.UP.FTS.B,

31.65%,

12/22/26

5,464

5,469

FW2300051.UP.FTS.B,

26.29%,

12/22/26

11,898

11,881

FW2300108.UP.FTS.B,

31.04%,

12/22/26

1,291

1,292

FW2300114.UP.FTS.B,

21.91%,

12/22/24

4,902

4,897

FW2300172.UP.FTS.B,

21.86%,

12/22/26

9,910

9,904

FW2300319.UP.FTS.B,

9.33%,

12/22/26

4,145

4,147

FW2300328.UP.FTS.B,

21.6%,

12/22/24

19,465

19,411

FW2300383.UP.FTS.B,

20.68%,

12/22/26

1,964

1,958

FW2300410.UP.FTS.B,

8.97%,

12/22/24

7,894

7,876

FW2300425.UP.FTS.B,

23.57%,

12/22/26

9,915

9,911

FW2300491.UP.FTS.B,

11.05%,

12/22/26

2,765

2,761

FW2300548.UP.FTS.B,

26.24%,

12/22/26

3,969

3,972

FW2300597.UP.FTS.B,

26.14%,

12/22/26

9,922

9,943

FW2300636.UP.FTS.B,

7.72%,

12/22/24

2,438

2,437

FW2386556.UP.FTS.B,

14.67%,

1/18/27

26,900

26,877

FW2398372.UP.FTS.B,

15.37%,

1/13/27

11,800

11,777

FW2412323.UP.FTS.B,

15.91%,

1/13/27

10,000

10,030

FW2412469.UP.FTS.B,

31.07%,

1/14/27

2,200

2,215

FW2417863.UP.FTS.B,

29.02%,

1/14/25

1,544

1,539

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

147

a

FW2418004.UP.FTS.B,

6.27%,

1/13/27

29,800

29,832

FW2418141.UP.FTS.B,

24.21%,

1/14/27

8,400

8,380

FW2419292.UP.FTS.B,

13.72%,

1/13/25

2,000

2,007

FW2422585.UP.FTS.B,

30.74%,

1/13/27

3,400

3,394

FW2422846.UP.FTS.B,

26.62%,

1/13/25

6,600

6,580

FW2422891.UP.FTS.B,

29.39%,

1/13/27

2,000

1,996

FW2422950.UP.FTS.B,

12.73%,

1/13/27

7,000

7,002

FW2422977.UP.FTS.B,

28.17%,

1/13/27

20,000

20,125

FW2423090.UP.FTS.B,

10.24%,

1/13/25

2,700

2,698

FW2423092.UP.FTS.B,

22.82%,

1/13/25

9,400

9,450

FW2423151.UP.FTS.B,

17.2%,

1/13/27

4,400

4,421

FW2423167.UP.FTS.B,

15.7%,

1/13/25

3,500

3,517

FW2423178.UP.FTS.B,

28.33%,

1/13/25

1,600

1,595

FW2423280.UP.FTS.B,

26.88%,

1/13/25

6,500

6,480

FW2423306.UP.FTS.B,

29.18%,

1/13/25

6,700

6,746

FW2423329.UP.FTS.B,

10.39%,

1/13/27

1,000

1,000

FW2423361.UP.FTS.B,

26.6%,

1/13/27

3,500

3,522

FW2423392.UP.FTS.B,

32.25%,

1/13/27

3,900

3,894

FW2423407.UP.FTS.B,

30.57%,

1/13/27

2,300

2,315

FW2423451.UP.FTS.B,

30.19%,

1/13/27

1,000

1,006

FW2423517.UP.FTS.B,

29.09%,

1/13/27

6,000

6,038

FW2423548.UP.FTS.B,

30.41%,

1/13/27

2,600

2,595

FW2423626.UP.FTS.B,

28.37%,

1/13/27

4,000

3,991

FW2423642.UP.FTS.B,

28.44%,

1/13/27

4,000

4,025

FW2423658.UP.FTS.B,

27.05%,

1/13/25

2,500

2,517

FW2423715.UP.FTS.B,

32.57%,

1/13/27

1,000

998

FW2423719.UP.FTS.B,

8.04%,

1/13/27

15,100

15,126

FW2423807.UP.FTS.B,

10.5%,

1/13/25

2,000

2,005

FW2423910.UP.FTS.B,

15.96%,

1/13/27

8,000

7,985

FW2423992.UP.FTS.B,

30.98%,

1/13/27

3,300

3,321

FW2424097.UP.FTS.B,

29.01%,

1/13/27

4,000

4,025

FW2424161.UP.FTS.B,

9.93%,

1/13/27

2,200

2,200

FW2424256.UP.FTS.B,

30.67%,

1/13/27

1,300

1,298

FW2424318.UP.FTS.B,

30.99%,

1/13/27

2,000

1,996

FW2424326.UP.FTS.B,

27.8%,

1/13/27

10,000

9,978

FW2424349.UP.FTS.B,

31.49%,

1/13/27

3,100

3,120

FW2424413.UP.FTS.B,

12.24%,

1/13/27

21,500

21,559

FW2424580.UP.FTS.B,

31.2%,

1/13/27

18,800

18,767

FW2424596.UP.FTS.B,

23.51%,

1/13/27

2,000

1,994

FW2424610.UP.FTS.B,

24.07%,

1/13/27

9,000

9,054

FW2424710.UP.FTS.B,

21.52%,

1/13/27

16,300

16,384

FW2424742.UP.FTS.B,

30.86%,

1/13/27

1,700

1,697

FW2424834.UP.FTS.B,

26.08%,

1/13/27

5,400

5,433

FW2424871.UP.FTS.B,

23.25%,

1/13/25

6,000

6,039

FW2424974.UP.FTS.B,

28.61%,

1/13/27

17,500

17,465

FW2425011.UP.FTS.B,

31.18%,

1/13/27

2,300

2,298

FW2425055.UP.FTS.B,

17.43%,

1/13/27

16,400

16,357

FW2425143.UP.FTS.B,

23.59%,

1/13/25

1,100

1,096

FW2425245.UP.FTS.B,

26.25%,

1/13/27

1,600

1,610

FW2425278.UP.FTS.B,

31%,

1/14/27

2,000

2,014

FW2425340.UP.FTS.B,

31.15%,

1/13/27

1,600

1,610

FW2425371.UP.FTS.B,

30.51%,

1/13/27

2,000

1,996

FW2425381.UP.FTS.B,

25.75%,

1/13/27

6,700

6,741

FW2425464.UP.FTS.B,

30.97%,

1/13/27

2,700

2,717

FW2425483.UP.FTS.B,

15.58%,

1/13/27

11,000

11,045

FW2425524.UP.FTS.B,

29.54%,

1/13/27

22,500

22,455

FW2425640.UP.FTS.B,

29.76%,

1/13/27

21,000

21,133

FW2425652.UP.FTS.B,

31.61%,

1/13/27

10,000

10,064

FW2425681.UP.FTS.B,

11.84%,

1/13/27

31,000

30,974

FW2425689.UP.FTS.B,

27.43%,

1/13/27

10,000

10,062

FW2425746.UP.FTS.B,

27.06%,

1/13/27

9,000

9,056

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

148

a

FW2425791.UP.FTS.B,

29.41%,

1/13/27

3,000

2,994

FW2425795.UP.FTS.B,

30.94%,

1/13/27

4,000

3,993

FW2425922.UP.FTS.B,

21.25%,

1/13/27

1,800

1,798

FW2425927.UP.FTS.B,

10.97%,

1/13/27

50,000

50,132

FW2425948.UP.FTS.B,

27.28%,

1/13/27

7,000

7,043

FW2425961.UP.FTS.B,

31.09%,

1/13/27

1,100

1,098

FW2426081.UP.FTS.B,

28.91%,

1/13/27

5,600

5,588

FW2426089.UP.FTS.B,

30.97%,

1/13/27

6,000

5,989

FW2426096.UP.FTS.B,

5.45%,

1/13/25

2,500

2,498

FW2426148.UP.FTS.B,

26.83%,

1/13/27

1,000

1,006

FW2426166.UP.FTS.B,

5.22%,

1/13/27

3,200

3,203

FW2426259.UP.FTS.B,

26.65%,

1/13/27

5,000

5,031

FW2426314.UP.FTS.B,

18.24%,

1/13/25

2,419

2,411

FW2426323.UP.FTS.B,

31.14%,

1/13/27

7,500

7,548

FW2426488.UP.FTS.B,

14.89%,

1/13/27

7,000

6,997

FW2426510.UP.FTS.B,

31.33%,

1/13/27

3,800

3,793

FW2426523.UP.FTS.B,

8.45%,

1/13/27

5,000

5,009

FW2426553.UP.FTS.B,

14.04%,

1/13/27

6,500

6,497

FW2426646.UP.FTS.B,

25.03%,

1/13/25

3,000

3,020

FW2426682.UP.FTS.B,

6.38%,

1/13/27

15,000

15,002

FW2426733.UP.FTS.B,

25.56%,

1/13/25

1,500

1,495

FW2426742.UP.FTS.B,

27.82%,

1/13/25

1,000

997

FW2426815.UP.FTS.B,

21.17%,

1/13/27

13,800

13,881

FW2426856.UP.FTS.B,

16.14%,

1/13/27

10,000

10,041

FW2426907.UP.FTS.B,

29.43%,

1/13/27

42,700

42,615

FW2426985.UP.FTS.B,

30.26%,

1/13/27

33,600

33,537

FW2426991.UP.FTS.B,

9.24%,

1/13/27

6,000

6,011

FW2427001.UP.FTS.B,

25.82%,

1/13/27

10,000

10,061

FW2427047.UP.FTS.B,

22.2%,

1/13/27

21,800

21,929

FW2427065.UP.FTS.B,

6.14%,

1/13/27

8,500

8,501

FW2427083.UP.FTS.B,

27.94%,

1/13/27

5,100

5,128

FW2427291.UP.FTS.B,

22.37%,

1/13/27

4,500

4,487

FW2427295.UP.FTS.B,

28.62%,

1/13/27

1,600

1,597

FW2427306.UP.FTS.B,

29.68%,

1/13/27

1,400

1,397

FW2427396.UP.FTS.B,

24.97%,

1/13/27

1,100

1,098

FW2427445.UP.FTS.B,

7.98%,

1/13/27

8,000

8,014

FW2427523.UP.FTS.B,

29.85%,

1/13/27

3,000

2,994

FW2427533.UP.FTS.B,

6.14%,

1/13/25

8,000

8,013

FW2427561.UP.FTS.B,

31.19%,

1/13/27

1,600

1,610

FW2427607.UP.FTS.B,

7.35%,

1/13/27

15,900

15,926

FW2427636.UP.FTS.B,

31.15%,

1/13/27

5,700

5,690

FW2427741.UP.FTS.B,

9.76%,

1/13/27

8,000

8,015

FW2427848.UP.FTS.B,

24.93%,

1/13/27

3,200

3,219

FW2427875.UP.FTS.B,

30.3%,

1/13/27

1,000

998

FW2427907.UP.FTS.B,

30.41%,

1/13/27

6,000

5,989

FW2427919.UP.FTS.B,

26.2%,

1/14/27

10,000

9,979

FW2428112.UP.FTS.B,

19.29%,

1/13/27

15,000

15,004

FW2428153.UP.FTS.B,

11.37%,

1/13/27

10,000

9,991

FW2428166.UP.FTS.B,

19.59%,

1/14/27

12,000

11,987

FW2428287.UP.FTS.B,

26.84%,

1/13/27

6,000

6,037

FW2428510.UP.FTS.B,

11.44%,

1/13/25

10,000

10,033

FW2428576.UP.FTS.B,

10.33%,

1/13/25

10,000

9,992

FW2428725.UP.FTS.B,

26.68%,

1/13/27

2,800

2,817

FW2428740.UP.FTS.B,

25.25%,

1/13/27

4,000

3,990

FW2428748.UP.FTS.B,

17.09%,

1/13/27

10,000

9,983

FW2428770.UP.FTS.B,

24.12%,

1/13/25

5,500

5,481

FW2428845.UP.FTS.B,

16.32%,

1/14/27

10,000

9,984

FW2428851.UP.FTS.B,

10.68%,

1/14/25

3,100

3,108

FW2428881.UP.FTS.B,

8.87%,

1/14/25

10,000

9,991

FW2428882.UP.FTS.B,

27.27%,

1/14/27

6,000

5,988

FW2428964.UP.FTS.B,

29.05%,

1/14/27

8,700

8,685

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

149

a

FW2428982.UP.FTS.B,

24.9%,

1/14/27

27,200

27,375

FW2428995.UP.FTS.B,

13.01%,

1/14/25

4,000

3,994

FW2428997.UP.FTS.B,

8.05%,

1/14/25

3,500

3,496

FW2429011.UP.FTS.B,

30.58%,

1/14/27

2,100

2,114

FW2429026.UP.FTS.B,

7.87%,

1/14/27

3,000

3,005

FW2429090.UP.FTS.B,

23%,

1/14/27

3,000

3,019

FW2429109.UP.FTS.B,

31.06%,

1/14/27

2,200

2,215

FW2429115.UP.FTS.B,

23.87%,

1/14/27

4,400

4,389

FW2429170.UP.FTS.B,

31.05%,

1/14/27

1,700

1,712

FW2429192.UP.FTS.B,

34.62%,

1/14/27

6,600

6,594

FW2429288.UP.FTS.B,

33.13%,

1/14/27

1,300

1,309

FW2429314.UP.FTS.B,

30.55%,

1/14/27

1,600

1,598

FW2429354.UP.FTS.B,

6.79%,

1/14/27

50,000

50,059

FW2429440.UP.FTS.B,

28.89%,

1/14/27

9,000

9,060

FW2429458.UP.FTS.B,

31.02%,

1/14/27

1,600

1,611

FW2429468.UP.FTS.B,

29.55%,

1/14/27

1,800

1,797

FW2429485.UP.FTS.B,

6.09%,

1/14/25

22,000

22,037

FW2429509.UP.FTS.B,

30.98%,

1/14/27

3,100

3,121

FW2429553.UP.FTS.B,

9.84%,

1/14/27

10,000

10,000

FW2429579.UP.FTS.B,

8.83%,

1/14/27

6,400

6,412

FW2429601.UP.FTS.B,

26.35%,

1/14/27

8,700

8,757

FW2429622.UP.FTS.B,

15.13%,

1/14/27

5,000

4,999

FW2429724.UP.FTS.B,

29.45%,

1/14/27

1,000

1,007

FW2429810.UP.FTS.B,

28.7%,

1/14/27

8,500

8,556

FW2429859.UP.FTS.B,

26.53%,

1/14/27

6,000

6,039

FW2429972.UP.FTS.B,

28.92%,

1/14/27

2,000

2,013

FW2430067.UP.FTS.B,

32.35%,

1/14/27

4,900

4,934

FW2430090.UP.FTS.B,

31.24%,

1/14/27

1,200

1,208

FW2430164.UP.FTS.B,

9.11%,

1/14/27

5,500

5,510

FW2430438.UP.FTS.B,

20.15%,

1/14/27

3,900

3,921

FW2430664.UP.FTS.B,

9.41%,

1/14/25

5,000

4,996

FW2430671.UP.FTS.B,

32%,

1/14/27

2,100

2,097

FW2430681.UP.FTS.B,

7.21%,

1/14/27

32,000

32,009

FW2430692.UP.FTS.B,

13.13%,

1/14/27

9,000

8,995

FW2430722.UP.FTS.B,

26.47%,

1/14/27

11,800

11,776

FW2430783.UP.FTS.B,

31.45%,

1/14/27

10,000

10,068

FW2430797.UP.FTS.B,

27.91%,

1/14/27

23,300

23,454

FW2430872.UP.FTS.B,

6.87%,

1/14/27

3,500

3,501

FW2430908.UP.FTS.B,

17.59%,

1/14/27

35,000

35,114

FW2430909.UP.FTS.B,

27.26%,

1/14/25

2,500

2,493

FW2430915.UP.FTS.B,

16.81%,

1/14/27

10,800

10,784

FW2430961.UP.FTS.B,

10.21%,

1/14/25

3,100

3,108

FW2431037.UP.FTS.B,

6.01%,

1/14/27

4,000

4,000

FW2431039.UP.FTS.B,

11.16%,

1/14/27

12,000

12,034

FW2431106.UP.FTS.B,

30.38%,

1/14/27

5,400

5,392

FW2431137.UP.FTS.B,

29.79%,

1/14/27

5,000

5,034

FW2431198.UP.FTS.B,

8.63%,

1/14/27

4,000

3,999

FW2431217.UP.FTS.B,

31.18%,

1/14/27

5,900

5,940

FW2431224.UP.FTS.B,

31.01%,

1/14/27

2,000

1,997

FW2431310.UP.FTS.B,

30.03%,

1/14/27

15,000

14,977

FW2431318.UP.FTS.B,

21.26%,

1/14/25

20,000

19,931

FW2431321.UP.FTS.B,

31.23%,

1/14/27

2,600

2,618

FW2431351.UP.FTS.B,

20.08%,

1/14/27

2,500

2,513

FW2431470.UP.FTS.B,

29.12%,

1/14/27

3,100

3,095

FW2431489.UP.FTS.B,

27.48%,

1/14/25

2,200

2,216

FW2431660.UP.FTS.B,

30.55%,

1/14/27

12,000

12,081

FW2431803.UP.FTS.B,

21.19%,

1/14/27

3,900

3,893

FW2431859.UP.FTS.B,

24.16%,

1/14/25

5,000

5,035

FW2431901.UP.FTS.B,

9.92%,

1/14/27

11,996

11,985

FW2431957.UP.FTS.B,

25.68%,

1/14/27

11,000

11,071

FW2431990.UP.FTS.B,

31.19%,

1/14/27

3,800

3,795

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

150

a

FW2432066.UP.FTS.B,

25.64%,

1/14/27

15,000

14,968

FW2432090.UP.FTS.B,

12.83%,

1/14/27

6,500

6,496

FW2432104.UP.FTS.B,

31.23%,

1/14/27

1,600

1,611

FW2432124.UP.FTS.B,

5.02%,

1/14/27

50,000

50,052

FW2432136.UP.FTS.B,

30.97%,

1/14/27

1,200

1,208

FW2432234.UP.FTS.B,

27.65%,

1/14/27

7,000

7,046

FW2432260.UP.FTS.B,

13.46%,

1/14/27

5,000

5,015

FW2432267.UP.FTS.B,

31.09%,

1/14/27

1,300

1,308

FW2432338.UP.FTS.B,

6.53%,

1/14/25

12,000

11,994

FW2432424.UP.FTS.B,

32.08%,

1/14/27

2,900

2,896

FW2432645.UP.FTS.B,

11.94%,

1/14/27

6,500

6,496

FW2432670.UP.FTS.B,

31.91%,

1/14/27

5,000

4,994

FW2432673.UP.FTS.B,

28.08%,

1/14/27

2,200

2,196

FW2432748.UP.FTS.B,

28.28%,

1/14/27

3,000

3,020

FW2432940.UP.FTS.B,

25.3%,

1/14/27

1,300

1,297

FW2432960.UP.FTS.B,

30.52%,

1/14/27

1,700

1,711

FW2432969.UP.FTS.B,

29.06%,

1/14/27

10,000

10,067

FW2433055.UP.FTS.B,

10.82%,

1/14/27

3,500

3,510

FW2433199.UP.FTS.B,

12.56%,

1/14/27

3,000

3,009

FW2433245.UP.FTS.B,

22.87%,

1/14/27

6,600

6,583

FW2433251.UP.FTS.B,

31.21%,

1/14/27

1,800

1,812

FW2433283.UP.FTS.B,

19.48%,

1/18/27

5,000

4,991

FW2433285.UP.FTS.B,

26.57%,

1/14/27

8,000

8,052

FW2433292.UP.FTS.B,

21.29%,

1/14/25

10,900

10,879

FW2433321.UP.FTS.B,

26.46%,

1/14/27

2,000

1,996

FW2433366.UP.FTS.B,

32.7%,

1/14/27

2,000

1,998

FW2433372.UP.FTS.B,

26.59%,

1/14/27

6,400

6,387

FW2433517.UP.FTS.B,

31.16%,

1/14/27

5,000

5,034

FW2433535.UP.FTS.B,

22.79%,

1/14/27

20,000

19,949

FW2433619.UP.FTS.B,

31.47%,

1/14/27

4,000

3,995

FW2433653.UP.FTS.B,

7.07%,

1/14/25

8,500

8,496

FW2433698.UP.FTS.B,

9.22%,

1/14/25

1,000

1,002

FW2433720.UP.FTS.B,

33.91%,

1/14/27

4,000

4,028

FW2433730.UP.FTS.B,

12.25%,

1/14/27

50,000

49,968

FW2434043.UP.FTS.B,

30.96%,

1/14/27

30,000

30,203

FW2434057.UP.FTS.B,

27.5%,

1/14/27

3,000

3,020

FW2434063.UP.FTS.B,

22.84%,

1/14/27

5,000

4,992

FW2434111.UP.FTS.B,

30.65%,

1/14/27

2,000

2,014

FW2434137.UP.FTS.B,

24.72%,

1/14/27

29,000

28,934

FW2434152.UP.FTS.B,

22.94%,

1/14/27

16,100

16,059

FW2434176.UP.FTS.B,

21.73%,

1/18/27

20,000

20,046

FW2434209.UP.FTS.B,

14.25%,

1/14/25

10,000

9,971

FW2434228.UP.FTS.B,

31.29%,

1/14/27

3,400

3,423

FW2434298.UP.FTS.B,

26.5%,

1/14/27

3,300

3,293

FW2434302.UP.FTS.B,

31.74%,

1/14/27

3,500

3,524

FW2434310.UP.FTS.B,

13.84%,

1/18/27

16,500

16,485

FW2434353.UP.FTS.B,

30.98%,

1/14/27

1,100

1,107

FW2434406.UP.FTS.B,

13.8%,

1/14/25

1,500

1,506

FW2434437.UP.FTS.B,

30.78%,

1/14/27

2,000

1,997

FW2434442.UP.FTS.B,

31.66%,

1/14/27

7,000

7,048

FW2434470.UP.FTS.B,

31.22%,

1/14/27

2,100

2,097

FW2434481.UP.FTS.B,

6.18%,

1/14/27

9,500

9,511

FW2434494.UP.FTS.B,

12.99%,

1/14/27

5,000

4,997

FW2434573.UP.FTS.B,

26.92%,

1/14/27

9,100

9,082

FW2434680.UP.FTS.B,

30.17%,

1/14/27

1,300

1,309

FW2434725.UP.FTS.B,

31.06%,

1/14/27

3,200

3,222

FW2434936.UP.FTS.B,

32.93%,

1/14/25

3,200

3,224

FW2435037.UP.FTS.B,

7.47%,

1/18/27

13,900

13,892

FW2435057.UP.FTS.B,

5.13%,

1/14/25

3,300

3,298

FW2435140.UP.FTS.B,

30.13%,

1/18/27

9,000

8,977

FW2435168.UP.FTS.B,

33.41%,

1/14/27

1,800

1,812

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

151

a

FW2435200.UP.FTS.B,

21.71%,

1/14/27

6,600

6,641

FW2435220.UP.FTS.B,

30.47%,

1/14/27

3,100

3,095

FW2435246.UP.FTS.B,

14.6%,

1/18/27

2,200

2,198

FW2435248.UP.FTS.B,

31.26%,

1/14/27

5,300

5,293

FW2435279.UP.FTS.B,

23.88%,

1/14/25

3,200

3,190

FW2435280.UP.FTS.B,

31.75%,

1/14/27

13,900

13,882

FW2435291.UP.FTS.B,

16.08%,

1/14/27

45,000

45,142

FW2435357.UP.FTS.B,

30.38%,

1/14/27

16,500

16,611

FW2435389.UP.FTS.B,

28.43%,

1/14/27

1,000

1,007

FW2435436.UP.FTS.B,

30.46%,

1/14/27

4,000

3,994

FW2435458.UP.FTS.B,

28.74%,

1/14/27

5,000

4,991

FW2435471.UP.FTS.B,

19.27%,

1/14/25

2,000

2,011

FW2435527.UP.FTS.B,

16.65%,

1/14/27

18,200

18,172

FW2435564.UP.FTS.B,

30.13%,

1/18/27

1,000

1,006

FW2435569.UP.FTS.B,

30.79%,

1/18/27

3,800

3,791

FW2435573.UP.FTS.B,

28.71%,

1/18/27

9,400

9,453

FW2435607.UP.FTS.B,

26.08%,

1/18/27

2,600

2,615

FW2435617.UP.FTS.B,

31.17%,

1/18/27

6,300

6,335

FW2435630.UP.FTS.B,

31.26%,

1/18/27

12,200

12,170

FW2435640.UP.FTS.B,

28.51%,

1/18/27

5,000

4,987

FW2435658.UP.FTS.B,

27.83%,

1/18/27

1,300

1,307

FW2435672.UP.FTS.B,

29.47%,

1/18/27

1,500

1,496

FW2435703.UP.FTS.B,

27.19%,

1/18/27

1,500

1,507

FW2435735.UP.FTS.B,

22.33%,

1/18/25

10,000

10,065

FW2435774.UP.FTS.B,

7.71%,

1/18/27

3,000

3,004

FW2435782.UP.FTS.B,

6.15%,

1/18/25

5,805

5,799

FW2435900.UP.FTS.B,

11.42%,

1/18/27

5,400

5,413

FW2435922.UP.FTS.B,

28.48%,

1/18/27

4,000

3,989

FW2435944.UP.FTS.B,

26.26%,

1/18/27

3,900

3,889

FW2435953.UP.FTS.B,

14.04%,

1/18/27

3,500

3,497

FW2435979.UP.FTS.B,

8.48%,

1/18/27

18,000

17,990

FW2435988.UP.FTS.B,

31.72%,

1/18/27

7,800

7,781

FW2436022.UP.FTS.B,

28.8%,

1/18/27

10,000

10,057

FW2436112.UP.FTS.B,

23.4%,

1/18/27

3,500

3,490

FW2436127.UP.FTS.B,

30.15%,

1/18/27

7,500

7,481

FW2436155.UP.FTS.B,

27.89%,

1/18/27

9,000

8,976

FW2436236.UP.FTS.B,

9.07%,

1/18/27

2,300

2,303

FW2436263.UP.FTS.B,

29.06%,

1/18/25

5,000

5,032

FW2436323.UP.FTS.B,

8.17%,

1/18/27

4,000

3,998

FW2436384.UP.FTS.B,

23.41%,

1/18/27

7,500

7,478

FW2436414.UP.FTS.B,

31.16%,

1/18/27

6,300

6,284

FW2436417.UP.FTS.B,

30.84%,

1/18/27

6,000

5,985

FW2436439.UP.FTS.B,

30.41%,

1/18/27

4,200

4,189

FW2436494.UP.FTS.B,

22.91%,

1/18/25

1,500

1,510

FW2436511.UP.FTS.B,

13.11%,

1/18/25

4,000

3,993

FW2436576.UP.FTS.B,

19.32%,

1/18/25

4,000

3,990

FW2436593.UP.FTS.B,

26.2%,

1/18/27

14,000

13,972

FW2436617.UP.FTS.B,

8.87%,

1/18/27

5,000

4,997

FW2436660.UP.FTS.B,

28.46%,

1/18/27

4,000

3,989

FW2436675.UP.FTS.B,

10.58%,

1/18/27

10,000

10,025

FW2436679.UP.FTS.B,

8.8%,

1/18/27

5,000

4,997

FW2436712.UP.FTS.B,

13.19%,

1/18/27

28,000

27,973

FW2436713.UP.FTS.B,

26.86%,

1/18/27

10,000

10,057

FW2436806.UP.FTS.B,

12.34%,

1/18/27

10,000

10,024

FW2436839.UP.FTS.B,

29.58%,

1/18/27

2,300

2,313

FW2436856.UP.FTS.B,

21.01%,

1/18/27

10,600

10,652

FW2436983.UP.FTS.B,

22.03%,

1/18/27

20,000

20,096

FW2437025.UP.FTS.B,

32.34%,

1/18/27

4,700

4,726

FW2437100.UP.FTS.B,

8.44%,

1/18/27

6,000

5,997

FW2437117.UP.FTS.B,

5.57%,

1/18/27

12,000

12,010

FW2437152.UP.FTS.B,

29.32%,

1/18/27

7,600

7,580

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

152

a

FW2437190.UP.FTS.B,

29.17%,

1/18/27

3,500

3,520

FW2437239.UP.FTS.B,

25.2%,

1/18/25

3,200

3,221

FW2437284.UP.FTS.B,

31.34%,

1/18/27

1,500

1,508

FW2437301.UP.FTS.B,

28.28%,

1/18/27

30,000

30,170

FW2437343.UP.FTS.B,

9.49%,

1/18/27

6,000

6,009

FW2437396.UP.FTS.B,

31.04%,

1/18/27

1,700

1,710

FW2437419.UP.FTS.B,

16.93%,

1/18/27

15,000

14,989

FW2437428.UP.FTS.B,

9.23%,

1/18/27

4,300

4,306

FW2437431.UP.FTS.B,

30.95%,

1/18/27

1,800

1,810

FW2437437.UP.FTS.B,

25.06%,

1/18/27

19,000

19,042

FW2437446.UP.FTS.B,

16.7%,

1/18/25

8,000

7,989

FW2437462.UP.FTS.B,

26.24%,

1/18/27

50,000

50,286

FW2437597.UP.FTS.B,

31.16%,

1/18/27

1,200

1,207

FW2437637.UP.FTS.B,

31.11%,

1/18/27

1,700

1,710

FW2437643.UP.FTS.B,

25.44%,

1/18/27

18,000

17,949

FW2437692.UP.FTS.B,

6.91%,

1/18/25

6,000

6,009

FW2437702.UP.FTS.B,

31.33%,

1/18/27

4,200

4,223

FW2437715.UP.FTS.B,

16.25%,

1/18/27

25,000

25,099

FW2437841.UP.FTS.B,

10.83%,

1/18/25

2,000

1,996

FW2437955.UP.FTS.B,

29.06%,

1/18/27

35,000

34,909

FW2438088.UP.FTS.B,

28.61%,

1/18/27

4,800

4,827

FW2438118.UP.FTS.B,

31.57%,

1/18/27

8,200

8,246

FW2438200.UP.FTS.B,

13.65%,

1/18/27

1,000

1,002

FW2438258.UP.FTS.B,

13.5%,

1/18/25

3,000

2,995

FW2438330.UP.FTS.B,

31.74%,

1/18/27

3,600

3,591

FW2438349.UP.FTS.B,

30.51%,

1/18/27

1,700

1,696

FW2438353.UP.FTS.B,

29.22%,

1/18/25

2,100

2,113

FW2438416.UP.FTS.B,

28.97%,

1/18/27

1,500

1,508

FW2438484.UP.FTS.B,

5.73%,

1/18/27

10,000

9,998

FW2438526.UP.FTS.B,

9.32%,

1/18/27

6,000

6,009

FW2438551.UP.FTS.B,

30.08%,

1/18/27

5,000

4,987

FW2438585.UP.FTS.B,

30.32%,

1/18/27

10,000

10,056

FW2438645.UP.FTS.B,

31.19%,

1/18/27

3,200

3,218

FW2438660.UP.FTS.B,

27.49%,

1/18/27

4,000

3,989

FW2438683.UP.FTS.B,

25.27%,

1/18/27

1,700

1,695

FW2438725.UP.FTS.B,

29.91%,

1/18/27

6,000

5,985

FW2438742.UP.FTS.B,

11.7%,

1/18/27

10,000

9,989

FW2438777.UP.FTS.B,

30.99%,

1/18/27

1,500

1,508

FW2438891.UP.FTS.B,

31.01%,

1/18/27

4,900

4,888

FW2438905.UP.FTS.B,

31.2%,

1/18/27

2,300

2,313

FW2438913.UP.FTS.B,

30.85%,

1/18/27

1,700

1,710

FW2439031.UP.FTS.B,

7.7%,

1/18/25

7,500

7,491

FW2439101.UP.FTS.B,

32.41%,

1/18/27

4,600

4,626

FW2439140.UP.FTS.B,

31.1%,

1/18/27

1,900

1,911

FW2439168.UP.FTS.B,

8.76%,

1/18/25

5,000

5,011

FW2439188.UP.FTS.B,

26.09%,

1/18/27

10,000

9,972

FW2439200.UP.FTS.B,

18.01%,

1/18/25

2,000

1,995

FW2439251.UP.FTS.B,

24.63%,

1/18/25

4,600

4,630

FW2439287.UP.FTS.B,

27.86%,

1/18/27

8,500

8,548

L1692458.UP.FTS.B,

22.21%,

9/15/26

4,811

4,778

L1694887.UP.FTS.B,

15.52%,

9/15/26

5,728

5,702

L1705442.UP.FTS.B,

26.69%,

9/15/26

6,767

6,723

*

L1708448.UP.FTS.B,

23.23%,

9/14/26

4,284

1,242

L1712019.UP.FTS.B,

25.79%,

9/15/26

2,488

2,458

L1712309.UP.FTS.B,

10.63%,

9/15/26

3,794

3,774

L1712382.UP.FTS.B,

23.73%,

9/15/24

12,888

12,744

L1712708.UP.FTS.B,

25.51%,

9/15/26

4,828

4,796

L1712773.UP.FTS.B,

26.27%,

9/15/26

3,412

3,244

L1712895.UP.FTS.B,

24.25%,

9/15/24

7,738

7,652

L1713636.UP.FTS.B,

22.84%,

9/15/26

4,306

4,270

L1713640.UP.FTS.B,

26.25%,

9/15/26

4,059

4,033

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

153

a

L1713740.UP.FTS.B,

18.67%,

9/15/26

5,751

5,726

*

L1714417.UP.FTS.B,

19.34%,

9/15/26

2,897

2,735

L1714475.UP.FTS.B,

16.18%,

9/15/26

6,689

6,658

L1714497.UP.FTS.B,

5.26%,

9/15/24

8,965

8,927

L1714525.UP.FTS.B,

12.1%,

9/15/26

47,526

47,284

L1714660.UP.FTS.B,

8.12%,

9/15/26

32,834

32,713

L1714703.UP.FTS.B,

19.72%,

9/15/24

12,821

12,707

L1714711.UP.FTS.B,

24.61%,

9/15/26

10,164

10,098

L1714787.UP.FTS.B,

19.9%,

9/15/26

1,807

1,790

L1714798.UP.FTS.B,

25.5%,

9/15/26

4,924

4,892

L1714869.UP.FTS.B,

15.65%,

9/15/24

11,393

11,288

L1715015.UP.FTS.B,

15.83%,

9/15/26

4,775

4,753

L1715024.UP.FTS.B,

9.8%,

9/15/24

2,704

2,690

L1715044.UP.FTS.B,

18.15%,

9/15/26

5,268

5,226

L1715138.UP.FTS.B,

13.13%,

9/15/26

2,892

2,727

L1715151.UP.FTS.B,

23.45%,

9/15/24

1,892

1,793

L1715219.UP.FTS.B,

24.66%,

9/15/24

8,295

8,203

*

L1715268.UP.FTS.B,

18.67%,

9/15/26

3,000

103

L1715279.UP.FTS.B,

18.5%,

9/15/24

9,100

9,013

L1715370.UP.FTS.B,

14.13%,

9/15/26

9,531

9,484

L1715411.UP.FTS.B,

19.4%,

9/15/26

1,055

1,044

L1715513.UP.FTS.B,

13.27%,

9/15/26

28,560

28,418

L1715518.UP.FTS.B,

26.49%,

9/15/26

7,925

7,874

L1715574.UP.FTS.B,

25.72%,

9/15/26

6,567

6,524

L1715589.UP.FTS.B,

16.64%,

9/15/24

13,678

13,553

L1715704.UP.FTS.B,

11.53%,

9/15/24

13,578

13,502

L1715725.UP.FTS.B,

20.44%,

9/15/26

7,875

7,797

L1715732.UP.FTS.B,

25.07%,

9/15/26

13,512

13,422

L1715797.UP.FTS.B,

22.6%,

9/15/26

1,925

1,912

L1715815.UP.FTS.B,

21.76%,

9/15/26

37,379

37,066

L1715893.UP.FTS.B,

19.55%,

9/15/24

2,766

2,743

L1715955.UP.FTS.B,

21.3%,

9/15/24

9,177

9,072

L1716020.UP.FTS.B,

23.35%,

9/15/24

1,656

1,642

L1716025.UP.FTS.B,

10.69%,

9/15/24

4,520

4,495

*

L1716066.UP.FTS.B,

21%,

9/15/26

2,464

2,339

L1716148.UP.FTS.B,

25%,

9/15/26

1,158

1,150

L1716174.UP.FTS.B,

24.2%,

9/15/26

17,839

17,718

L1716175.UP.FTS.B,

19.72%,

9/15/26

9,596

9,499

L1716238.UP.FTS.B,

14.13%,

9/15/24

4,369

4,321

L1716286.UP.FTS.B,

13.58%,

9/15/26

14,286

14,215

L1716305.UP.FTS.B,

19.95%,

9/15/26

4,799

4,751

L1716315.UP.FTS.B,

22.19%,

9/15/26

5,791

5,752

L1716369.UP.FTS.B,

24.88%,

9/15/26

1,930

1,917

L1716380.UP.FTS.B,

13.61%,

9/15/24

1,816

1,806

L1716455.UP.FTS.B,

14.23%,

9/15/24

1,545

1,537

L1716530.UP.FTS.B,

24.96%,

9/15/26

1,448

1,438

L1716537.UP.FTS.B,

25.41%,

9/15/26

1,738

1,722

L1716662.UP.FTS.B,

18.68%,

9/15/24

911

902

L1716674.UP.FTS.B,

25.03%,

9/15/26

965

959

L1716713.UP.FTS.B,

17%,

9/15/26

5,739

5,680

L1716811.UP.FTS.B,

16.92%,

9/15/24

1,372

1,360

L1716828.UP.FTS.B,

17.26%,

9/15/24

2,738

2,713

L1716875.UP.FTS.B,

24.44%,

9/15/26

2,990

2,970

L1716921.UP.FTS.B,

23.03%,

9/15/24

4,599

4,547

L1716943.UP.FTS.B,

9.3%,

9/15/24

9,004

8,954

L1716982.UP.FTS.B,

24.74%,

9/15/26

9,562

9,490

L1717139.UP.FTS.B,

20.78%,

9/15/26

9,706

9,167

L1717152.UP.FTS.B,

24.37%,

9/15/26

6,172

6,131

L1717181.UP.FTS.B,

22.62%,

9/15/26

6,931

6,864

L1717305.UP.FTS.B,

24.28%,

9/15/26

1,157

1,149

L1717347.UP.FTS.B,

10.59%,

9/15/24

4,365

4,339

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

154

a

L1717453.UP.FTS.B,

9.3%,

9/15/26

47,342

47,202

L1717607.UP.FTS.B,

13.74%,

9/15/24

9,081

9,033

L1717659.UP.FTS.B,

24.51%,

9/15/26

2,920

2,760

L1717684.UP.FTS.B,

25.05%,

9/15/24

2,194

2,167

L1717926.UP.FTS.B,

11.94%,

9/15/24

4,505

4,478

L1717974.UP.FTS.B,

25.5%,

9/15/26

2,704

2,686

L1717984.UP.FTS.B,

22.49%,

9/15/26

3,207

3,030

L1718145.UP.FTS.B,

26.73%,

9/15/26

9,667

9,605

L1718188.UP.FTS.B,

26.1%,

9/15/26

6,210

6,163

L1718329.UP.FTS.B,

15.98%,

9/15/26

3,821

3,790

L1718350.UP.FTS.B,

25.38%,

9/15/26

3,799

3,609

L1718702.UP.FTS.B,

26.02%,

9/15/28

4,913

4,884

L1718819.UP.FTS.B,

23.98%,

9/15/28

2,943

2,930

L1718923.UP.FTS.B,

23.78%,

9/15/26

964

957

L1718940.UP.FTS.B,

16.78%,

9/15/24

6,841

6,778

L1718966.UP.FTS.B,

18.89%,

9/15/28

9,764

9,743

L1718985.UP.FTS.B,

14.33%,

9/15/26

9,533

9,487

L1842690.UP.FTS.B,

17.51%,

10/20/26

5,804

5,766

L1862311.UP.FTS.B,

26.09%,

10/20/26

7,800

7,771

L1865153.UP.FTS.B,

25.42%,

10/20/26

7,116

7,089

L1877670.UP.FTS.B,

10.82%,

10/20/26

2,405

2,401

L1882034.UP.FTS.B,

17.06%,

10/20/26

4,839

4,807

L1882558.UP.FTS.B,

25.08%,

10/20/26

1,587

1,516

L1882812.UP.FTS.B,

8.28%,

10/20/26

28,781

28,728

L1883194.UP.FTS.B,

19.58%,

10/20/24

2,062

2,051

L1883366.UP.FTS.B,

19.16%,

10/20/26

4,364

4,354

L1883791.UP.FTS.B,

16%,

10/20/26

10,637

10,581

L1883950.UP.FTS.B,

24.4%,

10/20/26

6,818

6,791

L1884096.UP.FTS.B,

13.31%,

10/20/24

6,506

6,479

L1884125.UP.FTS.B,

14.92%,

10/20/26

9,928

9,860

L1884193.UP.FTS.B,

14.57%,

10/20/26

37,562

37,359

L1884335.UP.FTS.B,

22.8%,

10/20/26

13,133

13,079

L1884376.UP.FTS.B,

20.79%,

10/20/24

16,802

16,647

L1884411.UP.FTS.B,

17.65%,

10/20/26

6,198

6,156

L1884412.UP.FTS.B,

17.98%,

10/20/26

6,781

6,736

L1884649.UP.FTS.B,

19.11%,

10/20/26

12,606

12,524

L1884842.UP.FTS.B,

17.41%,

10/20/26

10,975

10,889

*

L1885011.UP.FTS.B,

26.84%,

10/20/26

7,674

7,320

L1885127.UP.FTS.B,

15.93%,

10/20/24

4,670

4,640

L1885219.UP.FTS.B,

25.47%,

10/20/26

975

971

L1885346.UP.FTS.B,

12.58%,

10/20/26

2,891

2,882

L1885374.UP.FTS.B,

19.52%,

10/20/26

7,890

7,818

L1885428.UP.FTS.B,

25.94%,

10/20/26

13,944

13,893

L1885440.UP.FTS.B,

22.25%,

10/20/24

940

935

L1885460.UP.FTS.B,

21.1%,

10/20/26

3,594

3,572

L1885593.UP.FTS.B,

10.23%,

10/20/26

42,877

42,730

L1885599.UP.FTS.B,

18.65%,

10/20/24

937

931

L1885611.UP.FTS.B,

20.87%,

10/20/26

9,621

9,539

L1885749.UP.FTS.B,

20.4%,

10/20/24

3,282

3,260

L1885846.UP.FTS.B,

13.96%,

10/20/26

24,126

24,055

L1885954.UP.FTS.B,

10.47%,

10/20/24

4,641

4,627

L1886082.UP.FTS.B,

11.37%,

10/20/26

41,388

41,252

L1886214.UP.FTS.B,

22.83%,

10/20/26

1,933

1,923

*

L1886326.UP.FTS.B,

22.16%,

10/20/26

49,566

47,336

L1886386.UP.FTS.B,

23.7%,

10/20/26

5,257

5,236

L1886466.UP.FTS.B,

20.85%,

10/20/26

13,563

13,495

L1886505.UP.FTS.B,

13.79%,

10/20/24

932

926

L1886564.UP.FTS.B,

13.29%,

10/20/26

3,375

3,365

L1886617.UP.FTS.B,

19.5%,

10/20/28

9,832

9,805

L1886653.UP.FTS.B,

12.11%,

10/20/24

1,860

1,853

L1886663.UP.FTS.B,

17.66%,

10/20/26

3,123

3,098

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

155

a

L1886677.UP.FTS.B,

13.95%,

10/20/24

3,197

3,162

L1886707.UP.FTS.B,

16.94%,

10/20/26

24,195

24,030

L1886773.UP.FTS.B,

18.69%,

10/20/24

3,704

3,677

L1886838.UP.FTS.B,

9.58%,

10/20/26

8,646

8,632

L1886870.UP.FTS.B,

21.7%,

10/20/26

16,521

16,451

L1886904.UP.FTS.B,

25.49%,

10/20/26

3,022

3,011

L1887035.UP.FTS.B,

24.47%,

10/20/26

3,409

3,396

*

L1887062.UP.FTS.B,

16.6%,

10/20/26

4,892

4,644

L1887186.UP.FTS.B,

23.15%,

10/20/26

1,946

1,938

L1887264.UP.FTS.B,

18.46%,

10/20/24

4,682

4,654

L1887293.UP.FTS.B,

25.85%,

10/20/28

10,663

10,643

L1887487.UP.FTS.B,

17.44%,

10/20/24

2,526

2,510

*

L1887499.UP.FTS.B,

15.8%,

10/20/26

9,789

9,282

*

L1887521.UP.FTS.B,

24.21%,

10/20/26

4,500

1,329

L1887570.UP.FTS.B,

22.24%,

10/20/26

3,111

3,098

*

L1887600.UP.FTS.B,

24.44%,

10/20/26

4,000

610

L1887716.UP.FTS.B,

16.64%,

10/20/24

3,738

3,715

L1887864.UP.FTS.B,

14.09%,

10/20/24

1,864

1,858

L1888117.UP.FTS.B,

25.32%,

10/20/26

3,996

3,981

L1888147.UP.FTS.B,

20.2%,

10/20/26

1,941

1,933

L1888179.UP.FTS.B,

11.03%,

10/20/26

2,223

2,212

L1888251.UP.FTS.B,

14.9%,

10/20/26

2,898

2,882

L1888296.UP.FTS.B,

25.48%,

10/20/26

8,383

8,352

L1888429.UP.FTS.B,

23.3%,

10/20/26

12,164

12,115

L1888453.UP.FTS.B,

25.56%,

10/20/26

15,598

15,539

L1888552.UP.FTS.B,

7.94%,

10/20/26

28,770

28,716

L1888563.UP.FTS.B,

22.92%,

10/20/26

14,592

14,505

L1888623.UP.FTS.B,

13.96%,

10/20/24

2,796

2,787

L1888679.UP.FTS.B,

19.37%,

10/20/24

9,841

9,784

*

L1888732.UP.FTS.B,

18.47%,

10/20/24

3,812

3,616

*

L1888797.UP.FTS.B,

25.75%,

10/20/26

6,449

6,162

L1888822.UP.FTS.B,

21.71%,

10/20/26

3,401

3,387

L1888883.UP.FTS.B,

8.11%,

10/20/26

12,417

12,385

*

L1888919.UP.FTS.B,

17.33%,

10/20/26

5,500

796

L1888979.UP.FTS.B,

20.2%,

10/20/26

17,471

17,393

L1888992.UP.FTS.B,

17.92%,

10/20/26

4,843

4,811

*

L1889026.UP.FTS.B,

25.25%,

10/20/26

1,400

213

L1889126.UP.FTS.B,

20.94%,

10/20/24

9,826

9,737

L1889255.UP.FTS.B,

22.61%,

10/20/24

4,138

4,107

L1889281.UP.FTS.B,

9.75%,

10/20/26

7,687

7,660

L1889326.UP.FTS.B,

16.75%,

10/20/26

4,838

4,813

L1889370.UP.FTS.B,

21.62%,

10/20/26

9,718

9,658

L2019591.UP.FTS.B,

24.92%,

11/15/26

8,846

8,791

L2023190.UP.FTS.B,

22.35%,

11/15/26

31,450

31,253

L2032354.UP.FTS.B,

18.46%,

11/15/24

1,628

1,617

L2037773.UP.FTS.B,

5.25%,

11/15/24

8,536

8,506

L2039266.UP.FTS.B,

10.56%,

11/15/26

4,664

4,642

L2039391.UP.FTS.B,

7.16%,

11/15/24

1,425

1,422

L2040394.UP.FTS.B,

25.47%,

11/15/26

2,556

2,541

L2041607.UP.FTS.B,

23.52%,

11/15/26

5,009

4,979

L2041972.UP.FTS.B,

10.92%,

11/15/26

48,736

48,512

L2043947.UP.FTS.B,

25.57%,

11/15/26

2,360

2,346

L2045526.UP.FTS.B,

16.56%,

11/15/26

19,566

19,389

L2046259.UP.FTS.B,

24.55%,

11/15/26

1,376

1,368

L2046597.UP.FTS.B,

14.02%,

11/15/26

19,535

19,448

L2046679.UP.FTS.B,

6.86%,

11/15/24

9,497

9,475

L2046696.UP.FTS.B,

11.82%,

11/15/24

5,720

5,696

L2046773.UP.FTS.B,

21.75%,

11/15/24

1,536

1,523

L2046780.UP.FTS.B,

21.44%,

11/15/26

5,165

5,118

L2046828.UP.FTS.B,

12.17%,

11/15/24

4,768

4,749

L2046867.UP.FTS.B,

18.23%,

11/15/26

6,365

6,323

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

156

a

L2046907.UP.FTS.B,

21.17%,

11/15/26

3,531

3,509

L2046912.UP.FTS.B,

23.87%,

11/15/26

3,143

3,125

L2046925.UP.FTS.B,

19.69%,

11/15/26

2,936

2,915

L2046932.UP.FTS.B,

17.96%,

11/15/26

19,571

19,489

L2046948.UP.FTS.B,

17.39%,

11/15/26

14,682

14,606

*

L2046949.UP.FTS.B,

18.49%,

11/15/26

10,790

10,215

L2046952.UP.FTS.B,

18.41%,

11/15/26

2,938

2,923

L2046957.UP.FTS.B,

25.14%,

11/15/26

9,338

9,284

L2046992.UP.FTS.B,

21.33%,

11/15/26

6,927

6,568

L2047014.UP.FTS.B,

11.93%,

11/15/24

9,487

9,439

L2047021.UP.FTS.B,

10.99%,

11/15/26

36,262

36,141

L2047044.UP.FTS.B,

11.1%,

11/15/26

14,623

14,555

L2047067.UP.FTS.B,

21.22%,

11/15/26

22,562

22,450

L2047130.UP.FTS.B,

22.56%,

11/15/26

12,859

12,771

L2047144.UP.FTS.B,

22.18%,

11/15/26

17,175

17,072

L2047173.UP.FTS.B,

11.49%,

11/15/24

5,692

5,668

L2047175.UP.FTS.B,

21.59%,

11/15/26

1,177

1,170

L2047190.UP.FTS.B,

13.12%,

11/15/24

3,817

3,802

L2047192.UP.FTS.B,

26.58%,

11/15/26

8,891

8,844

L2047197.UP.FTS.B,

21.93%,

11/15/26

10,696

10,628

L2047202.UP.FTS.B,

22.35%,

11/15/24

3,841

3,817

L2047210.UP.FTS.B,

23.31%,

11/15/26

8,838

8,786

L2047211.UP.FTS.B,

23.39%,

11/15/26

6,285

6,248

L2047237.UP.FTS.B,

9.32%,

11/15/26

6,815

6,797

L2047238.UP.FTS.B,

20.7%,

11/15/26

9,806

9,720

L2047240.UP.FTS.B,

24.44%,

11/15/26

8,282

8,222

L2047243.UP.FTS.B,

14.23%,

11/15/26

17,584

17,529

L2047279.UP.FTS.B,

20.87%,

11/15/26

8,827

8,773

L2047288.UP.FTS.B,

11.81%,

11/15/26

1,268

1,266

L2047304.UP.FTS.B,

17.38%,

11/15/26

8,320

8,276

L2047358.UP.FTS.B,

21.89%,

11/15/26

4,906

4,877

L2047421.UP.FTS.B,

22.37%,

11/15/26

6,871

6,830

*

L2047435.UP.FTS.B,

23.78%,

11/15/26

2,477

2,348

L2047438.UP.FTS.B,

15.22%,

11/15/26

5,877

5,846

L2047467.UP.FTS.B,

14.6%,

11/15/24

7,641

7,590

L2047474.UP.FTS.B,

21.16%,

11/15/26

11,758

11,676

L2047532.UP.FTS.B,

21.84%,

11/15/26

4,906

4,877

*

L2047552.UP.FTS.B,

25.17%,

11/15/26

2,700

2,572

L2047573.UP.FTS.B,

23.3%,

11/15/24

16,612

16,445

L2047582.UP.FTS.B,

20.47%,

11/15/24

4,891

4,860

L2047586.UP.FTS.B,

24.7%,

11/15/26

2,260

2,247

L2047596.UP.FTS.B,

10.13%,

11/15/24

11,044

11,010

L2047619.UP.FTS.B,

13.37%,

11/15/24

8,814

8,759

L2047620.UP.FTS.B,

10.51%,

11/15/24

2,864

2,855

L2047629.UP.FTS.B,

21.75%,

11/15/26

1,472

1,459

L2047674.UP.FTS.B,

25.3%,

11/15/26

3,932

3,909

L2047678.UP.FTS.B,

23.49%,

11/15/26

4,420

4,393

L2047708.UP.FTS.B,

16.09%,

11/15/26

10,660

10,584

L2047716.UP.FTS.B,

15.83%,

11/15/24

8,370

8,301

L2047722.UP.FTS.B,

19.71%,

11/15/26

9,752

9,682

L2047733.UP.FTS.B,

21.64%,

11/15/24

3,359

3,332

L2047756.UP.FTS.B,

18.93%,

11/15/24

5,748

5,711

L2047759.UP.FTS.B,

17.02%,

11/15/24

1,052

1,046

L2047775.UP.FTS.B,

18.5%,

11/15/26

4,874

4,839

L2047779.UP.FTS.B,

8.03%,

11/15/26

19,455

19,402

L2047798.UP.FTS.B,

7.62%,

11/15/24

4,751

4,736

L2047831.UP.FTS.B,

20.33%,

11/15/24

6,233

6,194

L2047834.UP.FTS.B,

9.02%,

11/15/24

3,040

3,027

L2047847.UP.FTS.B,

25.96%,

11/15/26

6,884

6,844

L2047848.UP.FTS.B,

20.77%,

11/15/26

32,069

31,862

L2047868.UP.FTS.B,

10.51%,

11/15/26

38,978

38,911

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

157

a

L2047884.UP.FTS.B,

7.92%,

11/15/26

15,237

15,191

L2047893.UP.FTS.B,

10.71%,

11/15/26

4,871

4,849

L2047919.UP.FTS.B,

10.97%,

11/15/24

16,185

16,119

L2047926.UP.FTS.B,

25.21%,

11/15/26

13,519

13,424

L2047934.UP.FTS.B,

23.08%,

11/15/24

3,830

3,791

L2047942.UP.FTS.B,

23.17%,

11/15/24

3,843

3,812

L2047984.UP.FTS.B,

27.37%,

11/15/26

1,378

1,371

L2048001.UP.FTS.B,

10.35%,

11/15/24

4,761

4,747

L2048019.UP.FTS.B,

19.76%,

11/15/24

1,630

1,619

L2048036.UP.FTS.B,

16.2%,

11/15/26

14,671

14,628

L2048037.UP.FTS.B,

25.43%,

11/15/26

2,261

2,247

L2048059.UP.FTS.B,

10.92%,

11/15/24

5,144

5,123

L2048072.UP.FTS.B,

11.58%,

11/15/26

11,702

11,664

L2048098.UP.FTS.B,

12.76%,

11/15/26

5,856

5,829

L2048113.UP.FTS.B,

16.14%,

11/15/26

4,303

4,281

L2048116.UP.FTS.B,

12.09%,

11/15/26

1,171

1,165

L2048156.UP.FTS.B,

13.55%,

11/15/26

6,341

6,313

L2048157.UP.FTS.B,

21.93%,

11/15/24

2,880

2,856

L2048180.UP.FTS.B,

17.57%,

11/15/26

19,578

19,447

L2048190.UP.FTS.B,

23.66%,

11/15/26

12,769

12,693

L2048194.UP.FTS.B,

25.64%,

11/15/26

4,031

4,008

L2048201.UP.FTS.B,

18%,

11/15/26

26,223

26,103

L2048206.UP.FTS.B,

8.69%,

11/15/26

1,071

1,068

L2048218.UP.FTS.B,

10.37%,

11/15/26

29,612

29,535

L2048298.UP.FTS.B,

17.75%,

11/15/26

14,645

14,512

L2048336.UP.FTS.B,

24.12%,

11/15/26

3,930

3,907

L2048349.UP.FTS.B,

19.37%,

11/15/26

7,447

7,399

L2048360.UP.FTS.B,

14.07%,

11/15/26

5,851

5,825

L2048370.UP.FTS.B,

21.39%,

11/15/26

19,621

19,495

L2048375.UP.FTS.B,

21.41%,

11/15/26

6,437

6,100

L2048381.UP.FTS.B,

12.98%,

11/15/24

3,721

3,706

L2048386.UP.FTS.B,

16.67%,

11/15/26

9,826

9,776

L2048395.UP.FTS.B,

12.59%,

11/15/26

3,121

3,107

L2048411.UP.FTS.B,

8.56%,

11/15/26

3,881

3,870

L2048415.UP.FTS.B,

9.54%,

11/15/26

15,577

15,536

*

L2048463.UP.FTS.B,

24.95%,

11/15/26

1,500

1,429

L2048482.UP.FTS.B,

25.39%,

11/15/26

29,660

29,499

L2048500.UP.FTS.B,

14.96%,

11/15/26

24,410

24,303

L2048520.UP.FTS.B,

16.63%,

11/15/24

19,131

19,005

L2048530.UP.FTS.B,

24.05%,

11/15/26

27,745

27,598

L2048596.UP.FTS.B,

15.55%,

11/15/26

5,866

5,848

L2048597.UP.FTS.B,

22.48%,

11/15/24

4,802

4,763

L2048606.UP.FTS.B,

21.48%,

11/15/26

9,835

9,778

L2048614.UP.FTS.B,

13.61%,

11/15/26

4,436

4,410

L2048617.UP.FTS.B,

26.41%,

11/15/26

3,344

3,325

L2048627.UP.FTS.B,

23.71%,

11/15/26

4,972

4,933

L2048654.UP.FTS.B,

15.34%,

11/15/24

4,683

4,652

L2048679.UP.FTS.B,

20.38%,

11/15/26

4,912

4,883

L2048706.UP.FTS.B,

18.46%,

11/15/26

12,634

12,570

L2048717.UP.FTS.B,

14.61%,

11/15/24

981

976

L2048741.UP.FTS.B,

20.49%,

11/15/24

3,357

3,335

L2048756.UP.FTS.B,

19.75%,

11/15/24

5,752

5,715

L2048758.UP.FTS.B,

17.17%,

11/15/26

19,573

19,516

L2048784.UP.FTS.B,

13.49%,

11/15/24

2,863

2,849

L2048811.UP.FTS.B,

16.74%,

11/15/26

975

970

L2048823.UP.FTS.B,

22.5%,

11/15/26

10,761

10,685

L2048855.UP.FTS.B,

15.99%,

11/15/26

9,533

9,459

L2048873.UP.FTS.B,

20.43%,

11/15/26

4,706

4,683

L2048877.UP.FTS.B,

16.73%,

11/15/26

9,779

9,710

L2048896.UP.FTS.B,

19.39%,

11/15/26

1,470

1,457

L2048900.UP.FTS.B,

18.76%,

11/15/24

1,916

1,904

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

158

a

L2048909.UP.FTS.B,

25.5%,

11/15/26

2,556

2,541

L2048918.UP.FTS.B,

25.37%,

11/15/26

4,044

4,022

L2048946.UP.FTS.B,

20.7%,

11/15/26

15,691

15,589

L2048978.UP.FTS.B,

25.37%,

11/15/26

9,831

9,774

L2048994.UP.FTS.B,

24.16%,

11/15/24

2,211

2,193

L2049043.UP.FTS.B,

8.02%,

11/15/26

16,536

16,491

L2049049.UP.FTS.B,

18.57%,

11/15/24

6,705

6,661

L2049051.UP.FTS.B,

7.06%,

11/15/26

29,162

29,080

L2049093.UP.FTS.B,

16.57%,

11/15/24

872

862

L2049134.UP.FTS.B,

15.26%,

11/15/26

24,332

24,223

L2049148.UP.FTS.B,

25.5%,

11/15/26

2,261

2,248

L2049153.UP.FTS.B,

19.94%,

11/15/26

9,802

9,742

L2049238.UP.FTS.B,

25.22%,

11/15/26

4,359

4,305

*

L2049259.UP.FTS.B,

21.62%,

11/15/26

3,466

3,285

L2049268.UP.FTS.B,

19.7%,

11/15/26

6,861

6,816

L2049272.UP.FTS.B,

24.23%,

11/15/26

1,461

1,447

L2049293.UP.FTS.B,

16.54%,

11/15/24

4,782

4,751

L2049297.UP.FTS.B,

15.42%,

11/15/26

1,955

1,947

L2049330.UP.FTS.B,

8.87%,

11/15/24

9,512

9,472

L2049374.UP.FTS.B,

10.93%,

11/15/26

2,415

2,408

L2049386.UP.FTS.B,

19.96%,

11/15/26

5,391

5,356

L2049398.UP.FTS.B,

12.72%,

11/15/24

1,806

1,798

L2049419.UP.FTS.B,

25.38%,

11/15/26

1,237

1,227

L2049423.UP.FTS.B,

21.02%,

11/15/26

7,823

7,767

L2049455.UP.FTS.B,

16.62%,

11/15/26

1,467

1,463

L2085074.UP.FTS.B,

25.06%,

11/22/26

1,081

1,077

L2088829.UP.FTS.B,

21.32%,

11/22/26

9,810

9,773

L2092869.UP.FTS.B,

15.96%,

11/22/26

11,735

11,717

L2093911.UP.FTS.B,

23.08%,

11/22/26

1,866

1,860

L2093917.UP.FTS.B,

19.94%,

11/22/26

11,763

11,717

L2093956.UP.FTS.B,

25.33%,

11/22/26

3,342

3,334

L2094100.UP.FTS.B,

16.83%,

11/22/26

14,775

14,729

*

L2094154.UP.FTS.B,

22.63%,

11/22/26

29,961

28,621

L2094161.UP.FTS.B,

9.77%,

11/22/26

19,479

19,461

L2094270.UP.FTS.B,

25.87%,

11/22/26

3,147

3,138

L2094312.UP.FTS.B,

25.16%,

11/22/26

29,686

29,606

*

L2094333.UP.FTS.B,

17%,

11/22/24

12,791

12,188

L2094380.UP.FTS.B,

14.25%,

11/22/24

4,572

4,540

L2094395.UP.FTS.B,

11.38%,

11/22/24

3,812

3,805

L2094403.UP.FTS.B,

16.85%,

11/22/26

6,826

6,791

L2094418.UP.FTS.B,

13.53%,

11/22/26

4,878

4,863

*

L2094459.UP.FTS.B,

25.39%,

11/22/26

1,487

1,418

L2094507.UP.FTS.B,

25.13%,

11/22/26

1,278

1,270

*

L2094528.UP.FTS.B,

21.15%,

11/22/26

7,427

7,049

L2094728.UP.FTS.B,

10%,

11/22/26

3,896

3,888

L2094764.UP.FTS.B,

11.93%,

11/22/26

2,926

2,921

L2094766.UP.FTS.B,

16.38%,

11/22/26

3,913

3,900

L2094775.UP.FTS.B,

7.57%,

11/22/24

4,751

4,736

L2094789.UP.FTS.B,

24.85%,

11/22/26

19,537

19,459

L2094827.UP.FTS.B,

15.86%,

11/22/24

6,692

6,679

L2094838.UP.FTS.B,

25.25%,

11/22/26

4,129

4,118

L2094851.UP.FTS.B,

18.61%,

11/22/26

44,982

44,762

L2094888.UP.FTS.B,

12.99%,

11/22/26

1,464

1,461

L2094894.UP.FTS.B,

22.2%,

11/22/26

1,570

1,563

L2094961.UP.FTS.B,

18.66%,

11/22/24

958

954

L2094965.UP.FTS.B,

25.66%,

11/22/26

4,005

3,989

L2095105.UP.FTS.B,

17.31%,

11/22/26

20,553

20,490

L2095141.UP.FTS.B,

14.76%,

11/22/26

2,932

2,927

*

L2095154.UP.FTS.B,

25.65%,

11/22/26

3,979

3,795

L2095193.UP.FTS.B,

13.04%,

11/22/26

6,833

6,820

L2095314.UP.FTS.B,

17.06%,

11/22/26

24,465

24,389

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

159

a

L2095323.UP.FTS.B,

10.22%,

11/22/24

1,428

1,426

L2095349.UP.FTS.B,

13.57%,

11/22/26

4,101

4,094

*

L2095431.UP.FTS.B,

24.36%,

11/22/26

1,000

295

L2095437.UP.FTS.B,

19.77%,

11/22/24

2,876

2,865

L2095545.UP.FTS.B,

25.48%,

11/22/26

2,477

2,459

*

L2095546.UP.FTS.B,

17.27%,

11/22/26

2,884

2,742

L2095646.UP.FTS.B,

21.32%,

11/22/26

1,466

1,459

L2095754.UP.FTS.B,

16.91%,

11/22/24

4,767

4,740

L2095799.UP.FTS.B,

14.18%,

11/22/24

7,633

7,589

L2095820.UP.FTS.B,

19.69%,

11/22/26

10,781

10,739

L2095891.UP.FTS.B,

20.05%,

11/22/24

3,356

3,343

L2095963.UP.FTS.B,

14.96%,

11/22/24

1,893

1,887

L2095965.UP.FTS.B,

23.28%,

11/22/26

3,437

3,424

L2096034.UP.FTS.B,

25.07%,

11/22/26

1,474

1,470

L2096046.UP.FTS.B,

25.18%,

11/22/26

983

980

L2096054.UP.FTS.B,

27.38%,

11/22/26

3,247

3,239

L2096106.UP.FTS.B,

15.93%,

11/22/26

6,454

6,444

L2096134.UP.FTS.B,

22.43%,

11/22/26

6,380

6,357

L2096144.UP.FTS.B,

19.54%,

11/22/26

14,659

14,565

L2096178.UP.FTS.B,

25.35%,

11/22/26

17,504

17,428

L2096245.UP.FTS.B,

7.08%,

11/22/24

7,493

7,473

L2096303.UP.FTS.B,

17.14%,

11/22/26

7,829

7,818

*

L2096327.UP.FTS.B,

23.18%,

11/22/26

1,394

1,329

L2096355.UP.FTS.B,

11.72%,

11/22/26

9,753

9,734

L2096356.UP.FTS.B,

25.27%,

11/22/26

983

980

L2096384.UP.FTS.B,

27.83%,

11/22/26

9,055

9,033

L2096413.UP.FTS.B,

11.37%,

11/22/24

19,059

19,025

L2096414.UP.FTS.B,

14.36%,

11/22/26

6,632

6,612

L2096451.UP.FTS.B,

13.69%,

11/22/26

1,074

1,072

L2096519.UP.FTS.B,

14.25%,

11/22/26

10,355

10,337

L2096619.UP.FTS.B,

25.51%,

11/22/26

10,618

10,582

L2096649.UP.FTS.B,

19.98%,

11/22/26

7,811

7,791

*

L2096669.UP.FTS.B,

25.46%,

11/22/26

1,289

1,224

L2096695.UP.FTS.B,

15.09%,

11/22/24

1,911

1,903

L2096715.UP.FTS.B,

25.36%,

11/22/26

30,475

30,394

L2096743.UP.FTS.B,

17.97%,

11/22/24

957

954

L2096755.UP.FTS.B,

25.38%,

11/22/26

14,201

14,146

L2096760.UP.FTS.B,

21.84%,

11/22/26

10,794

10,762

L2096773.UP.FTS.B,

24.83%,

11/22/26

2,948

2,940

L2096800.UP.FTS.B,

22.67%,

11/22/26

19,622

19,547

L2096815.UP.FTS.B,

21.75%,

11/22/26

35,324

35,218

L2096824.UP.FTS.B,

14.34%,

11/22/24

7,640

7,607

L2096857.UP.FTS.B,

21.9%,

11/22/26

34,345

34,137

L2096899.UP.FTS.B,

19.33%,

11/22/26

15,678

15,616

L2096905.UP.FTS.B,

22.44%,

11/22/26

24,631

24,545

L2096975.UP.FTS.B,

17%,

11/22/26

24,468

24,392

L2241296.UP.FTS.B,

22.93%,

12/21/26

19,827

19,786

L2246443.UP.FTS.B,

25.23%,

12/21/26

1,091

1,089

L2258143.UP.FTS.B,

14.69%,

12/21/26

20,766

20,758

L2259929.UP.FTS.B,

21.46%,

12/21/26

6,936

6,927

L2261699.UP.FTS.B,

10.41%,

12/22/26

3,950

3,952

L2263482.UP.FTS.B,

18.35%,

12/22/26

14,850

14,844

L2270088.UP.FTS.B,

15.26%,

12/22/24

5,378

5,360

L2272259.UP.FTS.B,

15.03%,

12/22/26

3,943

3,932

L2275171.UP.FTS.B,

9.45%,

12/22/26

2,468

2,469

L2275604.UP.FTS.B,

8%,

12/22/26

9,865

9,868

L2277340.UP.FTS.B,

24.46%,

12/22/26

4,399

4,388

L2282956.UP.FTS.B,

25.27%,

12/22/26

1,163

1,160

L2285455.UP.FTS.B,

19.28%,

12/21/24

1,959

1,955

L2286362.UP.FTS.B,

19.22%,

12/22/24

8,228

8,223

L2286942.UP.FTS.B,

22.51%,

12/21/26

2,260

2,251

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

160

a

L2286999.UP.FTS.B,

18.31%,

12/22/26

40,590

40,633

L2287500.UP.FTS.B,

25.45%,

12/21/26

6,434

6,413

L2288091.UP.FTS.B,

12.04%,

12/22/26

9,880

9,882

L2288373.UP.FTS.B,

24.94%,

12/21/26

992

990

L2288385.UP.FTS.B,

12.86%,

12/21/26

4,941

4,939

L2288895.UP.FTS.B,

8.82%,

12/21/26

3,257

3,256

L2289317.UP.FTS.B,

12.5%,

12/22/24

6,838

6,827

L2289378.UP.FTS.B,

23.7%,

12/22/26

5,354

5,352

L2289495.UP.FTS.B,

27.03%,

12/21/26

5,161

5,156

*

L2290213.UP.FTS.B,

23.47%,

12/21/26

6,400

6,108

L2292073.UP.FTS.B,

25.46%,

12/21/26

2,976

2,971

L2292250.UP.FTS.B,

12.42%,

12/21/26

11,363

11,357

L2292373.UP.FTS.B,

25.33%,

12/22/26

1,686

1,687

L2292446.UP.FTS.B,

16.92%,

12/22/26

1,373

1,372

L2292686.UP.FTS.B,

7.74%,

12/21/26

2,959

2,958

L2292994.UP.FTS.B,

5.09%,

12/21/24

2,923

2,921

L2293012.UP.FTS.B,

24.54%,

12/21/26

2,975

2,972

L2293030.UP.FTS.B,

8.8%,

12/21/26

2,960

2,960

L2293039.UP.FTS.B,

16.32%,

12/21/24

3,914

3,906

L2293167.UP.FTS.B,

8.19%,

12/21/26

7,893

7,891

L2293185.UP.FTS.B,

17.25%,

12/21/26

14,845

14,818

L2293224.UP.FTS.B,

25.74%,

12/21/26

1,786

1,783

L2293291.UP.FTS.B,

18.66%,

12/21/26

2,574

2,571

L2293293.UP.FTS.B,

10.2%,

12/21/26

14,810

14,808

L2293347.UP.FTS.B,

20.07%,

12/21/26

29,715

29,669

*

L2293350.UP.FTS.B,

19.62%,

12/21/24

1,300

1,248

L2293386.UP.FTS.B,

22.55%,

12/21/26

7,930

7,913

L2293422.UP.FTS.B,

22.57%,

12/21/24

16,672

16,628

L2293437.UP.FTS.B,

11.78%,

12/21/24

5,001

4,986

L2293438.UP.FTS.B,

25.49%,

12/21/26

6,448

6,436

L2293479.UP.FTS.B,

7.9%,

12/21/24

975

975

L2293509.UP.FTS.B,

25.48%,

12/21/26

2,083

2,079

L2293516.UP.FTS.B,

21.61%,

12/21/26

1,685

1,681

L2293520.UP.FTS.B,

17.78%,

12/21/26

4,949

4,941

L2293602.UP.FTS.B,

17.68%,

12/21/26

10,393

10,381

L2293609.UP.FTS.B,

16.79%,

12/21/24

5,376

5,353

L2293653.UP.FTS.B,

25.22%,

12/21/26

1,686

1,683

L2293707.UP.FTS.B,

21.03%,

12/21/26

7,431

7,420

L2293790.UP.FTS.B,

12.43%,

12/21/26

4,940

4,938

L2293794.UP.FTS.B,

25.5%,

12/21/26

2,282

2,277

L2293908.UP.FTS.B,

9.98%,

12/21/26

26,521

26,439

L2293969.UP.FTS.B,

25.41%,

12/21/26

12,995

12,971

L2293989.UP.FTS.B,

24.69%,

12/21/26

2,975

2,970

L2294062.UP.FTS.B,

8.01%,

12/21/24

7,316

7,310

L2294084.UP.FTS.B,

17.86%,

12/21/24

1,469

1,466

L2294095.UP.FTS.B,

13.3%,

12/21/24

1,173

1,172

L2294127.UP.FTS.B,

16.18%,

12/21/24

4,892

4,882

L2294148.UP.FTS.B,

14.17%,

12/21/26

5,438

5,435

L2294150.UP.FTS.B,

5.26%,

12/21/24

974

974

L2294153.UP.FTS.B,

5.94%,

12/22/26

27,108

27,118

L2294199.UP.FTS.B,

20.47%,

12/21/24

2,940

2,932

L2294220.UP.FTS.B,

13.69%,

12/21/26

5,931

5,928

L2294231.UP.FTS.B,

17.06%,

12/21/26

3,952

3,938

L2294325.UP.FTS.B,

9.41%,

12/22/24

5,844

5,835

L2294345.UP.FTS.B,

12.41%,

12/21/26

8,390

8,372

L2294351.UP.FTS.B,

19.21%,

12/21/24

2,645

2,640

L2294373.UP.FTS.B,

13.7%,

12/21/26

5,239

5,237

L2294383.UP.FTS.B,

12.3%,

12/21/26

5,900

5,886

L2294387.UP.FTS.B,

22.74%,

12/21/26

3,965

3,957

L2294392.UP.FTS.B,

25.44%,

12/21/26

19,146

19,111

L2294417.UP.FTS.B,

26.45%,

12/21/26

28,775

28,726

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

161

a

L2294471.UP.FTS.B,

7.33%,

12/21/24

4,876

4,871

L2294540.UP.FTS.B,

16.91%,

12/21/26

4,948

4,942

L2294550.UP.FTS.B,

22.46%,

12/21/26

4,956

4,946

L2294559.UP.FTS.B,

19.51%,

12/21/26

6,932

6,916

L2294601.UP.FTS.B,

24.7%,

12/21/26

49,590

49,497

L2294636.UP.FTS.B,

21.75%,

12/21/26

32,147

32,002

L2294640.UP.FTS.B,

9.73%,

12/21/26

3,258

3,255

L2294654.UP.FTS.B,

15.21%,

12/21/26

9,890

9,887

L2294758.UP.FTS.B,

17.93%,

12/21/26

47,712

47,658

L2294767.UP.FTS.B,

23.15%,

12/21/26

2,578

2,572

L2294775.UP.FTS.B,

8.85%,

12/21/24

2,927

2,925

L2294790.UP.FTS.B,

13.78%,

12/21/26

6,426

6,423

L2294814.UP.FTS.B,

7.77%,

12/21/24

4,500

4,284

L2294834.UP.FTS.B,

25.4%,

12/21/26

1,290

1,288

L2294842.UP.FTS.B,

21.22%,

12/21/26

4,954

4,943

L2294851.UP.FTS.B,

13.12%,

12/21/24

1,958

1,955

L2294913.UP.FTS.B,

5.24%,

12/21/24

2,144

2,143

L2294949.UP.FTS.B,

13.95%,

12/21/24

3,911

3,901

L2294977.UP.FTS.B,

13.32%,

12/21/24

5,278

5,272

L2295041.UP.FTS.B,

8.37%,

12/21/24

976

975

L2295046.UP.FTS.B,

21.11%,

12/21/24

4,901

4,888

L2295069.UP.FTS.B,

25.39%,

12/21/26

2,155

2,146

L2295070.UP.FTS.B,

26.38%,

12/22/26

8,930

8,930

L2295080.UP.FTS.B,

13.33%,

12/21/26

7,413

7,409

L2295100.UP.FTS.B,

7.19%,

12/21/24

1,069

1,067

L2295101.UP.FTS.B,

25.65%,

12/21/26

2,739

2,728

L2295111.UP.FTS.B,

5.95%,

12/21/24

4,386

4,384

L2295159.UP.FTS.B,

21.2%,

12/21/26

3,270

3,263

L2295179.UP.FTS.B,

18.86%,

12/21/24

2,078

2,067

L2295180.UP.FTS.B,

22.24%,

12/21/24

4,413

4,401

L2295213.UP.FTS.B,

14.68%,

12/21/26

4,944

4,942

L2295222.UP.FTS.B,

15.07%,

12/21/24

3,423

3,415

L2295258.UP.FTS.B,

23.19%,

12/21/26

5,329

5,310

L2295296.UP.FTS.B,

25.25%,

12/21/26

1,290

1,287

L2295310.UP.FTS.B,

9.3%,

12/21/26

7,896

7,895

L2295322.UP.FTS.B,

25.28%,

12/21/26

4,365

4,357

L2295367.UP.FTS.B,

5.78%,

12/21/24

2,144

2,143

L2295385.UP.FTS.B,

19.32%,

12/21/24

1,959

1,955

L2295422.UP.FTS.B,

22.2%,

12/21/26

3,568

3,561

L2295428.UP.FTS.B,

9.02%,

12/21/26

19,738

19,734

L2295430.UP.FTS.B,

18.6%,

12/21/26

14,455

14,431

L2295431.UP.FTS.B,

25.44%,

12/21/26

12,797

12,783

L2295474.UP.FTS.B,

19.79%,

12/21/24

3,919

3,911

L2295478.UP.FTS.B,

26.3%,

12/21/26

4,155

4,138

L2295502.UP.FTS.B,

23.94%,

12/21/26

9,718

9,699

L2295504.UP.FTS.B,

26%,

12/21/26

8,136

8,121

L2295515.UP.FTS.B,

24.19%,

12/21/26

14,875

14,846

*

L2295532.UP.FTS.B,

11.83%,

12/21/24

10,000

9,552

L2295608.UP.FTS.B,

18.98%,

12/21/26

9,902

9,886

L2295630.UP.FTS.B,

25.47%,

12/21/26

6,746

6,733

L2295643.UP.FTS.B,

16.65%,

12/21/26

3,822

3,808

L2295697.UP.FTS.B,

8.34%,

12/21/26

1,184

1,184

L2295702.UP.FTS.B,

14.73%,

12/21/26

3,955

3,954

L2295704.UP.FTS.B,

25.79%,

12/21/26

5,456

5,447

L2295776.UP.FTS.B,

19.35%,

12/21/26

1,485

1,484

L2295852.UP.FTS.B,

22.6%,

12/21/24

9,807

9,781

L2295861.UP.FTS.B,

17.13%,

12/21/26

4,948

4,939

L2295873.UP.FTS.B,

11.31%,

12/21/26

29,631

29,631

L2295874.UP.FTS.B,

7.93%,

12/21/26

7,194

7,185

L2295880.UP.FTS.B,

8.72%,

12/21/26

2,960

2,960

L2295918.UP.FTS.B,

22.06%,

12/21/24

16,669

16,625

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

162

a

L2295990.UP.FTS.B,

24.34%,

12/21/26

4,325

4,309

L2296002.UP.FTS.B,

25.46%,

12/21/26

1,587

1,586

L2296037.UP.FTS.B,

22.38%,

12/21/26

4,916

4,897

L2296049.UP.FTS.B,

17.33%,

12/21/26

4,948

4,943

L2296054.UP.FTS.B,

9.4%,

12/21/26

9,476

9,474

L2296094.UP.FTS.B,

25.1%,

12/21/26

2,739

2,727

L2296095.UP.FTS.B,

23.73%,

12/21/26

9,765

9,726

L2296117.UP.FTS.B,

25.43%,

12/21/26

1,587

1,584

L2296142.UP.FTS.B,

25.12%,

12/21/26

1,091

1,089

L2296169.UP.FTS.B,

21.4%,

12/21/24

4,849

4,827

L2296171.UP.FTS.B,

25.41%,

12/21/26

2,282

2,277

L2296190.UP.FTS.B,

15.78%,

12/21/26

24,730

24,723

L2296192.UP.FTS.B,

20.3%,

12/22/24

983

983

L2296216.UP.FTS.B,

13.69%,

12/21/24

3,490

3,480

L2296294.UP.FTS.B,

19.65%,

12/21/26

1,800

1,714

L2296315.UP.FTS.B,

25.46%,

12/21/26

4,936

4,918

L2296325.UP.FTS.B,

11.73%,

12/21/26

3,260

3,258

L2296355.UP.FTS.B,

14.84%,

12/22/26

9,889

9,885

L2296379.UP.FTS.B,

26.17%,

12/22/26

9,922

9,922

L2296399.UP.FTS.B,

14.35%,

12/21/26

9,887

9,883

L2296417.UP.FTS.B,

22.8%,

12/22/24

10,494

10,492

L2296425.UP.FTS.B,

22.43%,

12/22/24

7,355

7,347

*

L2296427.UP.FTS.B,

22.94%,

12/22/26

2,700

2,596

L2296434.UP.FTS.B,

21.52%,

12/21/26

2,477

2,474

L2296465.UP.FTS.B,

21.24%,

12/22/24

4,901

4,895

L2296476.UP.FTS.B,

22.83%,

12/22/24

6,473

6,467

L2296489.UP.FTS.B,

20.18%,

12/21/26

5,923

5,896

L2296496.UP.FTS.B,

25.46%,

12/21/26

6,021

6,000

L2296512.UP.FTS.B,

6.86%,

12/22/26

29,583

29,597

L2296513.UP.FTS.B,

7.11%,

12/21/26

3,896

3,894

L2296514.UP.FTS.B,

17.72%,

12/21/26

7,226

7,225

L2296515.UP.FTS.B,

22.98%,

12/22/26

2,974

2,973

L2296549.UP.FTS.B,

25.23%,

12/22/26

7,320

7,307

L2296567.UP.FTS.B,

21.87%,

12/22/26

1,956

1,950

L2296578.UP.FTS.B,

28.56%,

12/21/26

4,865

4,857

L2296608.UP.FTS.B,

15.19%,

12/22/26

16,714

16,725

L2296625.UP.FTS.B,

5.45%,

12/22/24

4,872

4,872

L2296627.UP.FTS.B,

19.74%,

12/22/26

4,952

4,954

L2296638.UP.FTS.B,

23.96%,

12/22/26

981

979

L2296651.UP.FTS.B,

25.31%,

12/22/26

3,945

3,912

L2296664.UP.FTS.B,

19.37%,

12/22/26

9,903

9,915

L2296665.UP.FTS.B,

14.98%,

12/22/26

9,873

9,846

L2296700.UP.FTS.B,

9.69%,

12/22/24

4,881

4,880

L2296736.UP.FTS.B,

10.73%,

12/22/24

3,418

3,415

L2296751.UP.FTS.B,

9.09%,

12/22/26

5,922

5,924

L2296757.UP.FTS.B,

16.99%,

12/22/26

5,938

5,943

L2296775.UP.FTS.B,

23.9%,

12/22/26

4,462

4,461

L2296777.UP.FTS.B,

21.4%,

12/22/26

9,909

9,902

L2296860.UP.FTS.B,

12.01%,

12/22/26

17,783

17,797

L2296874.UP.FTS.B,

24.85%,

12/22/26

1,100

1,052

L2296884.UP.FTS.B,

10.85%,

12/22/26

9,875

9,876

L2296896.UP.FTS.B,

10.8%,

12/22/26

2,963

2,963

L2296898.UP.FTS.B,

16.28%,

12/22/26

10,784

10,782

L2296913.UP.FTS.B,

12.48%,

12/22/26

10,474

10,477

L2296920.UP.FTS.B,

13.62%,

12/22/24

6,843

6,841

L2296947.UP.FTS.B,

23.56%,

12/22/26

9,915

9,911

L2296958.UP.FTS.B,

14.87%,

12/22/26

8,519

8,516

L2296962.UP.FTS.B,

25.46%,

12/22/26

3,373

3,372

L2296988.UP.FTS.B,

5.71%,

12/22/24

6,821

6,811

L2296994.UP.FTS.B,

25.2%,

12/22/26

3,622

3,613

L2297088.UP.FTS.B,

20.56%,

12/22/26

32,692

32,666

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

163

a

L2297091.UP.FTS.B,

25.5%,

12/22/26

3,869

3,868

*

L2297100.UP.FTS.B,

11.43%,

12/22/24

2,000

1,902

L2297168.UP.FTS.B,

9.21%,

12/22/26

4,934

4,931

L2297183.UP.FTS.B,

6.74%,

12/22/24

9,750

9,750

L2297195.UP.FTS.B,

18.28%,

12/22/26

25,739

25,767

L2297197.UP.FTS.B,

17.21%,

12/22/24

1,958

1,956

L2297223.UP.FTS.B,

25.61%,

12/22/26

3,671

3,670

L2297288.UP.FTS.B,

23.27%,

12/22/24

2,053

2,053

L2297301.UP.FTS.B,

13.19%,

12/22/26

4,942

4,944

L2297370.UP.FTS.B,

21.38%,

12/22/26

11,891

11,891

L2297376.UP.FTS.B,

12.81%,

12/22/26

14,823

14,828

L2297394.UP.FTS.B,

13.43%,

12/22/26

3,954

3,955

L2297395.UP.FTS.B,

17.85%,

12/22/24

10,142

10,110

L2297409.UP.FTS.B,

23.84%,

12/22/26

6,346

6,344

L2297428.UP.FTS.B,

25.42%,

12/22/26

9,920

9,919

L2297452.UP.FTS.B,

9.57%,

12/22/24

1,952

1,952

L2297459.UP.FTS.B,

6.46%,

12/22/24

4,868

4,862

L2297484.UP.FTS.B,

25.49%,

12/22/26

22,205

22,172

L2297511.UP.FTS.B,

21.76%,

12/22/24

9,804

9,793

L2297545.UP.FTS.B,

16.01%,

12/22/26

3,957

3,960

L2297546.UP.FTS.B,

21.15%,

12/22/26

1,982

1,980

L2297547.UP.FTS.B,

25.64%,

12/22/26

9,325

9,331

L2297554.UP.FTS.B,

5.64%,

12/22/24

5,360

5,359

L2297555.UP.FTS.B,

6.86%,

12/22/24

3,900

3,900

L2297567.UP.FTS.B,

14.38%,

12/22/26

1,342

1,337

L2297574.UP.FTS.B,

15.1%,

12/22/24

14,672

14,654

L2297583.UP.FTS.B,

14.22%,

12/22/26

18,489

18,498

L2297598.UP.FTS.B,

25.45%,

12/22/26

1,190

1,190

L2297604.UP.FTS.B,

24.33%,

12/22/26

1,488

1,487

L2297622.UP.FTS.B,

17.73%,

12/22/26

5,939

5,945

L2297696.UP.FTS.B,

24.62%,

12/22/26

1,984

1,983

L2297700.UP.FTS.B,

23.06%,

12/22/26

45,206

45,186

L2297702.UP.FTS.B,

16.54%,

12/22/26

1,484

1,484

L2297730.UP.FTS.B,

25.14%,

12/22/26

992

992

L2297755.UP.FTS.B,

24.49%,

12/22/26

4,959

4,958

L2297795.UP.FTS.B,

26.01%,

12/22/26

12,699

12,699

L2297858.UP.FTS.B,

8.61%,

12/22/24

4,878

4,877

L2297921.UP.FTS.B,

24.04%,

12/22/26

5,950

5,948

L2297930.UP.FTS.B,

7.09%,

12/22/24

3,403

3,398

L2297949.UP.FTS.B,

18.76%,

12/22/26

3,960

3,959

L2297966.UP.FTS.B,

23.1%,

12/22/24

4,882

4,870

L2297988.UP.FTS.B,

25.38%,

12/22/26

1,126

1,122

L2297999.UP.FTS.B,

13.52%,

12/22/24

978

977

L2298024.UP.FTS.B,

26.92%,

12/22/26

39,695

39,699

L2298036.UP.FTS.B,

10.46%,

12/22/24

6,835

6,835

L2298042.UP.FTS.B,

5.42%,

12/22/26

9,855

9,858

L2298051.UP.FTS.B,

10.22%,

12/22/24

4,872

4,865

L2298066.UP.FTS.B,

11.27%,

12/22/26

5,926

5,927

L2298101.UP.FTS.B,

15.46%,

12/22/26

4,940

4,918

L2298149.UP.FTS.B,

5.81%,

12/22/26

46,328

46,344

L2298155.UP.FTS.B,

23.84%,

12/22/26

12,791

12,787

L2298178.UP.FTS.B,

7.89%,

12/22/24

5,853

5,850

L2298179.UP.FTS.B,

25.49%,

12/22/26

4,563

4,563

L2298193.UP.FTS.B,

14.62%,

12/22/24

3,912

3,907

L2298268.UP.FTS.B,

8.16%,

12/22/26

19,732

19,737

L2298269.UP.FTS.B,

8.91%,

12/22/24

19,516

19,512

L2298273.UP.FTS.B,

13.81%,

12/22/26

26,691

26,703

L2298303.UP.FTS.B,

22.22%,

12/22/26

5,947

5,948

L2298344.UP.FTS.B,

7.65%,

12/22/24

7,803

7,800

L2298368.UP.FTS.B,

11.21%,

12/22/26

4,857

4,848

L2298372.UP.FTS.B,

7.96%,

12/22/26

21,308

21,313

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

164

a

L2298393.UP.FTS.B,

19.2%,

12/22/24

7,748

7,722

L2298428.UP.FTS.B,

8.15%,

12/22/24

6,243

6,241

L2298438.UP.FTS.B,

13.79%,

12/22/26

19,771

19,780

L2298450.UP.FTS.B,

7.99%,

12/22/26

15,094

15,097

L2298467.UP.FTS.B,

25.12%,

12/22/26

2,182

2,182

L2298480.UP.FTS.B,

20.19%,

12/22/26

4,961

4,961

L2298508.UP.FTS.B,

19.73%,

12/22/26

4,952

4,951

L2298513.UP.FTS.B,

20.02%,

12/22/24

16,960

16,889

L2298515.UP.FTS.B,

23.69%,

12/22/24

9,811

9,802

L2298532.UP.FTS.B,

17.26%,

12/22/24

1,958

1,956

L2298544.UP.FTS.B,

25.47%,

12/22/26

4,944

4,936

L2298624.UP.FTS.B,

7.52%,

12/22/26

34,514

34,486

L2298627.UP.FTS.B,

10.13%,

12/22/24

4,881

4,881

L2298631.UP.FTS.B,

20.64%,

12/22/26

217

216

L2298636.UP.FTS.B,

11.78%,

12/22/24

3,419

3,417

L2298642.UP.FTS.B,

26.29%,

12/22/26

14,586

14,586

L2298646.UP.FTS.B,

14.93%,

12/22/26

34,612

34,600

L2298677.UP.FTS.B,

6.71%,

12/22/26

3,447

3,447

*

L2298706.UP.FTS.B,

26.09%,

12/22/26

3,000

2,869

L2298737.UP.FTS.B,

20.98%,

12/22/26

4,954

4,954

L2298756.UP.FTS.B,

12.5%,

12/22/26

49,406

49,419

L2298784.UP.FTS.B,

14.44%,

12/22/24

9,779

9,766

L2298796.UP.FTS.B,

7.68%,

12/22/26

1,973

1,973

L2298829.UP.FTS.B,

22.17%,

12/22/26

6,442

6,443

L2298851.UP.FTS.B,

25.44%,

12/22/26

1,488

1,488

L2298860.UP.FTS.B,

23.92%,

12/22/26

14,874

14,869

L2298867.UP.FTS.B,

6.47%,

12/22/26

14,296

14,303

L2298922.UP.FTS.B,

26.34%,

12/22/26

2,977

2,977

L2298974.UP.FTS.B,

23.47%,

12/22/26

1,785

1,785

L2299006.UP.FTS.B,

7.25%,

12/22/26

15,681

15,683

L2299053.UP.FTS.B,

7.5%,

12/22/24

5,852

5,849

L2299056.UP.FTS.B,

22%,

12/22/26

5,748

5,745

L2299060.UP.FTS.B,

6.81%,

12/22/24

975

975

L2299084.UP.FTS.B,

11.37%,

12/22/26

7,902

7,903

L2299086.UP.FTS.B,

22.64%,

12/22/26

3,568

3,567

L2299094.UP.FTS.B,

19.48%,

12/22/24

1,176

1,175

L2299156.UP.FTS.B,

19.91%,

12/22/26

10,793

10,756

L2299162.UP.FTS.B,

11.99%,

12/22/26

11,804

11,786

L2299170.UP.FTS.B,

10.02%,

12/22/26

7,404

7,408

L2299176.UP.FTS.B,

25.35%,

12/22/26

17,360

17,369

L2299208.UP.FTS.B,

7.87%,

12/22/24

6,828

6,825

L2299210.UP.FTS.B,

16.21%,

12/22/24

1,073

1,072

L2299229.UP.FTS.B,

17.12%,

12/22/26

5,918

5,903

L2299334.UP.FTS.B,

17.94%,

12/22/26

1,089

1,090

L2299353.UP.FTS.B,

18.42%,

12/22/26

6,930

6,927

L2299432.UP.FTS.B,

24.17%,

12/22/24

3,336

3,333

L2299447.UP.FTS.B,

24.64%,

12/22/26

1,984

1,983

L2299477.UP.FTS.B,

18.77%,

12/22/26

7,426

7,427

L2299489.UP.FTS.B,

13.74%,

12/22/26

29,656

29,669

L2299498.UP.FTS.B,

12.01%,

12/22/26

6,913

6,904

L2299517.UP.FTS.B,

11.74%,

12/22/26

12,348

12,350

L2299568.UP.FTS.B,

21.13%,

12/22/24

10,782

10,778

L2299578.UP.FTS.B,

10.73%,

12/22/26

4,345

4,345

L2299594.UP.FTS.B,

27.23%,

12/22/26

4,962

4,963

L2299671.UP.FTS.B,

12.16%,

12/22/26

14,820

14,823

L2299695.UP.FTS.B,

19.97%,

12/22/26

1,486

1,485

L2299701.UP.FTS.B,

23.55%,

12/22/26

4,462

4,463

L2299789.UP.FTS.B,

25.32%,

12/22/26

1,488

1,488

L2299805.UP.FTS.B,

8.23%,

12/22/26

2,205

2,201

L2299809.UP.FTS.B,

24.98%,

12/22/26

29,613

29,557

L2299850.UP.FTS.B,

23.44%,

12/22/24

4,905

4,905

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

165

a

L2299865.UP.FTS.B,

22.56%,

12/22/24

1,570

1,569

L2299887.UP.FTS.B,

9.18%,

12/22/26

9,870

9,874

L2299890.UP.FTS.B,

9.98%,

12/22/26

5,923

5,923

*

L2299895.UP.FTS.B,

19.99%,

12/22/26

1,500

1,437

L2299918.UP.FTS.B,

25.41%,

12/22/26

1,786

1,785

L2299952.UP.FTS.B,

25.26%,

12/22/26

3,373

3,372

L2299986.UP.FTS.B,

25.69%,

12/22/26

2,280

2,277

L2300049.UP.FTS.B,

11.22%,

12/22/26

24,692

24,694

L2300059.UP.FTS.B,

7.96%,

12/22/26

4,933

4,934

L2300066.UP.FTS.B,

17.65%,

12/22/24

1,958

1,956

L2300125.UP.FTS.B,

25.27%,

12/22/26

3,472

3,471

L2300130.UP.FTS.B,

8.16%,

12/22/24

1,463

1,463

L2300131.UP.FTS.B,

24.08%,

12/22/26

13,585

13,581

L2300162.UP.FTS.B,

5.78%,

12/22/26

1,479

1,479

L2300171.UP.FTS.B,

22.14%,

12/22/24

1,960

1,955

L2300266.UP.FTS.B,

15.81%,

12/22/26

21,466

21,481

L2300339.UP.FTS.B,

18.46%,

12/22/24

979

979

L2300367.UP.FTS.B,

22.94%,

12/22/26

1,983

1,983

L2300368.UP.FTS.B,

25.11%,

12/22/26

1,984

1,984

L2300374.UP.FTS.B,

21.31%,

12/22/26

2,960

2,954

L2300474.UP.FTS.B,

25.38%,

12/22/26

2,379

2,375

L2300702.UP.FTS.B,

15.45%,

12/22/26

34,124

34,147

L2367693.UP.FTS.B,

24.73%,

1/13/27

45,000

45,273

L2394315.UP.FTS.B,

7.03%,

1/13/25

5,000

5,008

L2395761.UP.FTS.B,

22.53%,

1/13/27

30,000

30,178

L2398504.UP.FTS.B,

11.71%,

1/13/25

1,000

1,003

L2398543.UP.FTS.B,

22.71%,

1/13/27

4,000

3,996

L2399133.UP.FTS.B,

25.24%,

1/13/27

5,200

5,232

L2399706.UP.FTS.B,

25.18%,

1/13/27

14,400

14,363

L2400286.UP.FTS.B,

8.75%,

1/13/27

7,400

7,413

L2400391.UP.FTS.B,

11.4%,

1/13/27

35,000

35,094

L2400561.UP.FTS.B,

25.15%,

1/14/27

1,600

1,610

L2403095.UP.FTS.B,

10.86%,

1/14/27

8,500

8,493

L2404751.UP.FTS.B,

24.81%,

1/13/27

18,000

18,109

L2405316.UP.FTS.B,

10.34%,

1/18/27

2,000

1,998

L2405396.UP.FTS.B,

20.43%,

1/13/27

7,500

7,484

L2405416.UP.FTS.B,

12.97%,

1/13/25

5,000

4,992

L2406011.UP.FTS.B,

20.17%,

1/14/25

5,500

5,530

L2406128.UP.FTS.B,

11.74%,

1/18/25

2,000

2,007

L2406518.UP.FTS.B,

16%,

1/13/27

5,000

4,991

L2409032.UP.FTS.B,

20.72%,

1/18/27

9,000

9,052

L2410874.UP.FTS.B,

25.13%,

1/18/27

2,300

2,313

L2413076.UP.FTS.B,

22.22%,

1/18/27

10,000

9,970

L2416312.UP.FTS.B,

22.24%,

1/13/25

2,500

2,491

L2416454.UP.FTS.B,

20%,

1/13/25

6,000

5,986

L2416948.UP.FTS.B,

25.44%,

1/14/27

3,700

3,692

L2417962.UP.FTS.B,

5.74%,

1/13/27

5,000

5,000

L2418575.UP.FTS.B,

5.02%,

1/14/25

40,000

40,063

L2419915.UP.FTS.B,

25.22%,

1/13/27

1,900

1,912

L2421481.UP.FTS.B,

5.96%,

1/14/25

2,500

2,499

L2421701.UP.FTS.B,

5.91%,

1/13/27

24,000

24,001

L2422250.UP.FTS.B,

25.13%,

1/13/27

3,100

3,119

L2422871.UP.FTS.B,

25.28%,

1/13/27

2,300

2,297

L2422890.UP.FTS.B,

23.18%,

1/13/27

3,200

3,191

L2422943.UP.FTS.B,

17.4%,

1/13/27

6,000

5,984

L2422983.UP.FTS.B,

19.45%,

1/13/27

28,200

28,323

L2422984.UP.FTS.B,

23.24%,

1/13/27

12,600

12,675

L2423014.UP.FTS.B,

10.64%,

1/13/27

27,000

27,001

L2423182.UP.FTS.B,

21.65%,

1/13/25

2,000

1,992

L2423259.UP.FTS.B,

16.37%,

1/13/27

20,000

19,964

L2423321.UP.FTS.B,

7.44%,

1/13/27

8,000

7,996

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

166

a

L2423394.UP.FTS.B,

6.27%,

1/13/25

10,000

9,994

L2423418.UP.FTS.B,

20.43%,

1/13/27

4,400

4,390

L2423475.UP.FTS.B,

10.43%,

1/13/25

3,500

3,509

L2423494.UP.FTS.B,

6.28%,

1/13/27

10,000

10,011

L2423497.UP.FTS.B,

25.16%,

1/13/27

1,600

1,596

L2423541.UP.FTS.B,

9.05%,

1/13/27

1,657

1,656

L2423545.UP.FTS.B,

15.28%,

1/13/27

21,400

21,393

L2423675.UP.FTS.B,

12.15%,

1/13/27

6,500

6,495

L2423738.UP.FTS.B,

10.57%,

1/13/27

3,000

3,008

L2423758.UP.FTS.B,

20.41%,

1/13/27

2,000

2,010

L2423795.UP.FTS.B,

25.46%,

1/13/27

7,100

7,082

L2423887.UP.FTS.B,

23.16%,

1/13/27

19,800

19,743

L2423964.UP.FTS.B,

18.15%,

1/13/27

7,000

6,982

L2423971.UP.FTS.B,

5.38%,

1/13/25

4,800

4,807

L2423989.UP.FTS.B,

13.92%,

1/13/25

3,100

3,115

L2424008.UP.FTS.B,

18.11%,

1/13/25

5,000

5,025

L2424056.UP.FTS.B,

5.61%,

1/13/25

4,000

4,006

L2424123.UP.FTS.B,

12.83%,

1/13/27

12,000

12,033

L2424153.UP.FTS.B,

4.86%,

1/13/27

50,000

50,049

L2424171.UP.FTS.B,

9.46%,

1/13/25

10,000

9,990

L2424212.UP.FTS.B,

25.42%,

1/13/27

1,000

997

L2424244.UP.FTS.B,

21.43%,

1/13/25

7,000

6,973

L2424270.UP.FTS.B,

15.87%,

1/13/27

5,000

4,991

L2424284.UP.FTS.B,

25.23%,

1/13/27

4,600

4,625

L2424344.UP.FTS.B,

23.87%,

1/13/27

1,000

1,006

L2424441.UP.FTS.B,

8.96%,

1/13/27

2,000

2,000

L2424490.UP.FTS.B,

25.49%,

1/13/27

7,100

7,143

L2424505.UP.FTS.B,

25.26%,

1/13/27

4,600

4,588

L2424529.UP.FTS.B,

17.26%,

1/13/27

10,000

9,999

L2424670.UP.FTS.B,

5.86%,

1/13/27

9,500

9,500

L2424684.UP.FTS.B,

20.1%,

1/13/27

6,000

5,980

L2424761.UP.FTS.B,

8.01%,

1/13/27

6,000

6,010

L2424771.UP.FTS.B,

25.96%,

1/13/27

2,200

2,213

L2424813.UP.FTS.B,

6.62%,

1/13/27

18,000

18,002

L2424817.UP.FTS.B,

17.78%,

1/13/27

13,000

13,064

L2424838.UP.FTS.B,

19.97%,

1/13/27

9,944

9,931

L2424865.UP.FTS.B,

24.59%,

1/13/27

10,000

9,984

L2424903.UP.FTS.B,

6.05%,

1/13/25

3,200

3,198

L2424946.UP.FTS.B,

25.46%,

1/13/27

2,400

2,411

L2425018.UP.FTS.B,

24.54%,

1/13/27

6,000

6,032

L2425046.UP.FTS.B,

20.89%,

1/13/25

4,000

3,985

L2425077.UP.FTS.B,

25.43%,

1/13/27

9,400

9,457

L2425118.UP.FTS.B,

17.11%,

1/13/27

7,000

6,981

L2425208.UP.FTS.B,

9.97%,

1/13/27

7,000

7,000

L2425211.UP.FTS.B,

8.5%,

1/13/25

7,000

7,016

L2425214.UP.FTS.B,

21.28%,

1/13/27

5,500

5,489

L2425262.UP.FTS.B,

8.32%,

1/13/25

6,500

6,493

L2425291.UP.FTS.B,

23.25%,

1/13/25

6,000

6,039

L2425329.UP.FTS.B,

7.75%,

1/13/25

5,400

5,394

L2425390.UP.FTS.B,

25.36%,

1/13/27

3,000

2,992

L2425395.UP.FTS.B,

7.04%,

1/13/27

30,000

30,049

L2425497.UP.FTS.B,

7.24%,

1/13/25

20,000

19,990

L2425510.UP.FTS.B,

19.97%,

1/13/27

15,000

14,951

L2425627.UP.FTS.B,

6.24%,

1/13/27

27,200

27,202

L2425650.UP.FTS.B,

20.51%,

1/13/27

26,000

25,968

L2425660.UP.FTS.B,

25.25%,

1/13/27

1,900

1,909

L2425662.UP.FTS.B,

25.5%,

1/13/27

1,500

1,496

L2425747.UP.FTS.B,

25.48%,

1/13/27

14,000

14,076

L2425780.UP.FTS.B,

20.91%,

1/13/27

6,000

6,003

L2425886.UP.FTS.B,

24.76%,

1/13/27

5,000

4,987

L2425900.UP.FTS.B,

23.2%,

1/13/27

8,800

8,852

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

167

a

L2425940.UP.FTS.B,

5.96%,

1/13/27

20,000

20,001

L2425992.UP.FTS.B,

7.55%,

1/13/27

5,300

5,306

L2425994.UP.FTS.B,

15.97%,

1/13/25

1,000

1,005

L2426044.UP.FTS.B,

25.4%,

1/13/27

2,200

2,194

L2426191.UP.FTS.B,

15.29%,

1/13/27

9,815

9,809

L2426247.UP.FTS.B,

4.87%,

1/13/27

15,600

15,615

L2426279.UP.FTS.B,

17.73%,

1/13/27

4,100

4,117

L2426346.UP.FTS.B,

13.31%,

1/13/27

7,500

7,521

L2426379.UP.FTS.B,

19.1%,

1/14/27

5,500

5,525

L2426387.UP.FTS.B,

7.28%,

1/13/27

4,500

4,505

L2426394.UP.FTS.B,

14.04%,

1/13/25

7,000

6,990

L2426414.UP.FTS.B,

5.26%,

1/13/25

25,000

25,038

L2426437.UP.FTS.B,

13.53%,

1/13/27

9,000

8,995

L2426444.UP.FTS.B,

25.36%,

1/13/27

3,700

3,691

L2426445.UP.FTS.B,

8.42%,

1/13/27

3,000

2,999

L2426489.UP.FTS.B,

7.81%,

1/13/27

12,000

12,020

L2426497.UP.FTS.B,

20.53%,

1/13/25

6,600

6,585

L2426521.UP.FTS.B,

25.33%,

1/13/27

3,500

3,491

L2426530.UP.FTS.B,

15.97%,

1/13/25

4,000

3,988

L2426591.UP.FTS.B,

9.03%,

1/13/25

1,433

1,431

L2426634.UP.FTS.B,

19.2%,

1/13/27

7,400

7,437

L2426649.UP.FTS.B,

16.44%,

1/13/27

2,400

2,396

L2426699.UP.FTS.B,

13.25%,

1/13/27

12,000

11,992

L2426770.UP.FTS.B,

20.84%,

1/13/27

15,000

14,952

L2426798.UP.FTS.B,

16.24%,

1/13/27

16,000

16,048

L2426848.UP.FTS.B,

25.4%,

1/13/27

9,500

9,558

L2426893.UP.FTS.B,

11.99%,

1/13/27

1,500

1,499

L2426951.UP.FTS.B,

24.27%,

1/13/27

5,500

5,485

L2427013.UP.FTS.B,

6.64%,

1/13/25

4,400

4,407

L2427021.UP.FTS.B,

11.18%,

1/13/25

5,000

4,996

L2427070.UP.FTS.B,

25.42%,

1/13/27

3,400

3,421

L2427076.UP.FTS.B,

9.69%,

1/13/27

8,400

8,399

L2427091.UP.FTS.B,

8.49%,

1/13/27

7,000

6,998

L2427159.UP.FTS.B,

19.03%,

1/13/27

4,500

4,519

L2427169.UP.FTS.B,

25.5%,

1/13/27

4,700

4,688

L2427199.UP.FTS.B,

12.84%,

1/13/27

5,000

4,997

L2427221.UP.FTS.B,

9.21%,

1/13/27

3,400

3,406

L2427236.UP.FTS.B,

21.91%,

1/13/25

2,100

2,096

L2427303.UP.FTS.B,

22.98%,

1/13/27

3,800

3,823

L2427316.UP.FTS.B,

9.44%,

1/13/27

25,000

25,045

L2427370.UP.FTS.B,

7%,

1/13/25

2,000

1,999

L2427527.UP.FTS.B,

22.56%,

1/13/25

1,500

1,510

L2427585.UP.FTS.B,

8.16%,

1/13/25

1,500

1,498

L2427597.UP.FTS.B,

18.22%,

1/13/27

5,000

5,021

L2427644.UP.FTS.B,

7.93%,

1/13/27

2,500

2,499

L2427647.UP.FTS.B,

25.29%,

1/13/27

5,800

5,785

L2427657.UP.FTS.B,

9.7%,

1/13/27

5,000

4,999

L2427738.UP.FTS.B,

11.82%,

1/13/27

10,000

10,027

L2427759.UP.FTS.B,

23.56%,

1/13/25

5,000

4,982

L2427766.UP.FTS.B,

22.36%,

1/13/27

5,500

5,529

L2427827.UP.FTS.B,

23.01%,

1/13/27

12,000

12,063

L2427860.UP.FTS.B,

22.44%,

1/13/27

1,600

1,609

L2427874.UP.FTS.B,

25.33%,

1/13/27

1,300

1,299

L2427912.UP.FTS.B,

21.34%,

1/13/27

1,000

1,006

L2427954.UP.FTS.B,

5.98%,

1/13/27

30,000

30,032

L2427960.UP.FTS.B,

25.49%,

1/13/27

1,700

1,699

L2427993.UP.FTS.B,

7.96%,

1/13/25

10,000

9,988

L2428102.UP.FTS.B,

25.04%,

1/14/27

4,600

4,630

L2428185.UP.FTS.B,

9.7%,

1/13/25

10,000

10,024

L2428214.UP.FTS.B,

10.52%,

1/13/27

2,700

2,705

L2428227.UP.FTS.B,

22.1%,

1/18/27

3,700

3,718

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

168

a

L2428256.UP.FTS.B,

16.26%,

1/13/27

15,000

14,973

L2428326.UP.FTS.B,

7.87%,

1/13/27

10,000

10,017

L2428347.UP.FTS.B,

16.79%,

1/13/27

7,000

6,999

L2428382.UP.FTS.B,

25.1%,

1/13/27

1,300

1,308

L2428394.UP.FTS.B,

17.4%,

1/13/27

6,000

5,990

L2428411.UP.FTS.B,

15.14%,

1/13/27

4,800

4,790

L2428444.UP.FTS.B,

16.71%,

1/13/27

6,000

6,025

L2428445.UP.FTS.B,

14.58%,

1/13/27

6,800

6,797

L2428454.UP.FTS.B,

18.63%,

1/13/27

7,500

7,537

L2428498.UP.FTS.B,

18.5%,

1/13/27

5,000

5,025

L2428568.UP.FTS.B,

12.86%,

1/13/25

7,000

6,989

L2428590.UP.FTS.B,

12.98%,

1/13/25

4,000

3,994

L2428592.UP.FTS.B,

25.23%,

1/14/27

2,500

2,514

L2428658.UP.FTS.B,

22.41%,

1/13/27

10,800

10,768

L2428662.UP.FTS.B,

6.19%,

1/14/25

2,000

1,999

L2428771.UP.FTS.B,

8.99%,

1/13/27

9,000

9,016

L2428794.UP.FTS.B,

5.98%,

1/14/27

15,000

15,001

L2428799.UP.FTS.B,

4.81%,

1/13/27

13,000

12,998

L2428807.UP.FTS.B,

6.19%,

1/13/27

7,500

7,501

L2428819.UP.FTS.B,

25.51%,

1/14/27

9,300

9,360

L2428904.UP.FTS.B,

6.39%,

1/14/25

5,000

4,997

L2428923.UP.FTS.B,

22.2%,

1/14/27

10,700

10,767

L2428990.UP.FTS.B,

21.05%,

1/14/27

20,000

19,944

L2428993.UP.FTS.B,

23.35%,

1/14/25

1,600

1,595

L2429006.UP.FTS.B,

25.32%,

1/14/27

3,600

3,592

L2429021.UP.FTS.B,

22.9%,

1/14/27

6,000

6,038

L2429049.UP.FTS.B,

28.73%,

1/14/27

8,300

8,286

L2429267.UP.FTS.B,

16.52%,

1/14/27

10,000

10,044

L2429273.UP.FTS.B,

22.43%,

1/14/25

1,000

1,007

L2429292.UP.FTS.B,

7.41%,

1/14/27

12,000

12,021

L2429304.UP.FTS.B,

9.92%,

1/14/25

11,000

11,028

L2429348.UP.FTS.B,

25.22%,

1/14/27

5,000

4,989

L2429367.UP.FTS.B,

5.33%,

1/14/27

15,000

15,000

L2429404.UP.FTS.B,

9.12%,

1/14/27

50,000

49,995

L2429408.UP.FTS.B,

20.87%,

1/14/27

10,000

9,991

L2429435.UP.FTS.B,

24.72%,

1/14/27

12,000

12,068

L2429437.UP.FTS.B,

5.17%,

1/14/27

12,000

12,013

L2429477.UP.FTS.B,

8.93%,

1/14/27

13,900

13,898

L2429502.UP.FTS.B,

23.45%,

1/14/27

2,200

2,195

L2429569.UP.FTS.B,

21.08%,

1/14/27

2,500

2,515

L2429588.UP.FTS.B,

8.57%,

1/14/25

22,000

21,979

L2429608.UP.FTS.B,

24.17%,

1/14/27

7,600

7,582

L2429626.UP.FTS.B,

16.81%,

1/14/27

4,000

4,018

L2429653.UP.FTS.B,

21.57%,

1/14/27

6,500

6,540

L2429660.UP.FTS.B,

15.34%,

1/14/25

1,000

1,005

L2429715.UP.FTS.B,

8.3%,

1/14/27

4,000

4,007

L2429739.UP.FTS.B,

25.61%,

1/14/27

2,800

2,794

L2429743.UP.FTS.B,

7.27%,

1/14/27

3,200

3,204

L2429755.UP.FTS.B,

19.15%,

1/14/27

15,000

14,954

L2429838.UP.FTS.B,

25.4%,

1/14/27

7,900

7,883

L2429867.UP.FTS.B,

21.01%,

1/14/25

10,000

10,055

L2429881.UP.FTS.B,

15.91%,

1/14/27

22,000

21,964

L2429892.UP.FTS.B,

24.74%,

1/14/27

1,900

1,896

L2429964.UP.FTS.B,

9.01%,

1/14/27

5,000

5,009

L2429979.UP.FTS.B,

9.08%,

1/14/27

3,000

3,006

L2429989.UP.FTS.B,

25.78%,

1/14/27

2,800

2,818

L2429992.UP.FTS.B,

12.6%,

1/14/27

5,300

5,297

L2429998.UP.FTS.B,

23.47%,

1/14/27

25,000

24,963

L2430004.UP.FTS.B,

16.23%,

1/14/27

9,000

8,986

L2430005.UP.FTS.B,

6.62%,

1/14/25

2,000

1,999

L2430162.UP.FTS.B,

23.44%,

1/14/25

5,000

4,992

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

169

a

L2430189.UP.FTS.B,

25.96%,

1/14/27

6,500

6,542

L2430348.UP.FTS.B,

5.31%,

1/14/25

6,400

6,410

L2430381.UP.FTS.B,

5.33%,

1/14/27

17,500

17,519

L2430396.UP.FTS.B,

18.27%,

1/14/25

6,500

6,535

L2430447.UP.FTS.B,

12.57%,

1/14/25

8,331

8,308

L2430454.UP.FTS.B,

7.62%,

1/14/27

14,000

13,995

L2430462.UP.FTS.B,

8.4%,

1/14/27

25,000

25,046

L2430465.UP.FTS.B,

9.43%,

1/14/27

15,000

15,028

L2430498.UP.FTS.B,

25.11%,

1/14/27

1,100

1,098

L2430593.UP.FTS.B,

13.89%,

1/14/27

10,000

9,996

L2430601.UP.FTS.B,

11.3%,

1/14/27

17,500

17,487

L2430606.UP.FTS.B,

20.16%,

1/14/27

13,100

13,170

L2430627.UP.FTS.B,

24.59%,

1/14/27

10,000

10,064

L2430735.UP.FTS.B,

20.49%,

1/14/27

7,000

6,980

L2430801.UP.FTS.B,

25.58%,

1/14/27

1,700

1,711

L2430844.UP.FTS.B,

13.1%,

1/14/27

16,200

16,248

L2430864.UP.FTS.B,

13.6%,

1/14/25

14,000

13,981

L2430869.UP.FTS.B,

9.13%,

1/14/27

11,000

11,021

L2430888.UP.FTS.B,

11.1%,

1/14/27

8,000

7,994

L2430969.UP.FTS.B,

25.5%,

1/14/27

3,300

3,321

L2430976.UP.FTS.B,

19.8%,

1/14/27

10,000

9,989

L2431067.UP.FTS.B,

12.57%,

1/14/27

6,000

6,017

L2431105.UP.FTS.B,

16.43%,

1/14/25

2,000

1,995

L2431283.UP.FTS.B,

6.13%,

1/14/27

10,000

10,001

L2431333.UP.FTS.B,

25.27%,

1/14/27

1,300

1,308

L2431355.UP.FTS.B,

6.97%,

1/14/25

2,000

2,003

L2431423.UP.FTS.B,

11.01%,

1/14/27

3,000

2,998

L2431586.UP.FTS.B,

18.56%,

1/14/27

10,000

9,978

L2431623.UP.FTS.B,

19.58%,

1/18/27

38,600

38,751

L2431627.UP.FTS.B,

21.05%,

1/14/27

10,000

10,047

L2431628.UP.FTS.B,

12.97%,

1/18/27

15,000

15,036

L2431631.UP.FTS.B,

5.94%,

1/14/27

3,800

3,804

L2431712.UP.FTS.B,

12.53%,

1/14/27

1,472

1,471

L2431725.UP.FTS.B,

12.26%,

1/14/27

40,000

39,975

L2431798.UP.FTS.B,

6.68%,

1/14/27

14,500

14,517

L2431824.UP.FTS.B,

15.27%,

1/14/27

6,000

5,990

L2431842.UP.FTS.B,

15.8%,

1/14/27

38,990

38,974

L2431865.UP.FTS.B,

7.24%,

1/14/27

17,000

17,021

L2431885.UP.FTS.B,

10.04%,

1/14/27

28,000

28,054

L2431902.UP.FTS.B,

19.35%,

1/14/25

2,500

2,514

L2431958.UP.FTS.B,

14.35%,

1/14/25

4,000

4,020

L2432009.UP.FTS.B,

8.47%,

1/14/27

20,000

20,037

L2432010.UP.FTS.B,

22.75%,

1/14/27

30,000

29,923

L2432199.UP.FTS.B,

7.42%,

1/14/27

4,500

4,498

L2432213.UP.FTS.B,

12.69%,

1/14/25

3,100

3,095

L2432222.UP.FTS.B,

7.3%,

1/14/25

5,000

4,994

L2432300.UP.FTS.B,

15.27%,

1/14/27

1,000

1,003

L2432301.UP.FTS.B,

6.51%,

1/14/27

5,000

5,006

L2432337.UP.FTS.B,

25.36%,

1/14/27

13,100

13,165

L2432353.UP.FTS.B,

7.41%,

1/14/27

20,000

20,035

L2432494.UP.FTS.B,

18.24%,

1/14/27

4,000

3,995

L2432514.UP.FTS.B,

9.62%,

1/14/27

35,000

34,999

L2432554.UP.FTS.B,

7.39%,

1/14/25

16,000

15,982

L2432621.UP.FTS.B,

21.66%,

1/14/25

4,000

3,986

L2432641.UP.FTS.B,

5.99%,

1/14/27

10,000

10,011

L2432647.UP.FTS.B,

21.91%,

1/14/27

3,600

3,620

L2432680.UP.FTS.B,

13.04%,

1/14/27

5,000

4,997

L2432682.UP.FTS.B,

25.13%,

1/14/27

4,600

4,590

L2432687.UP.FTS.B,

18.15%,

1/14/27

1,000

998

L2432699.UP.FTS.B,

17.44%,

1/14/27

5,500

5,492

L2432731.UP.FTS.B,

13.82%,

1/14/27

21,100

21,091

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

170

a

L2432759.UP.FTS.B,

18.08%,

1/14/25

1,400

1,397

L2432761.UP.FTS.B,

21.77%,

1/14/27

2,500

2,512

L2432768.UP.FTS.B,

9.94%,

1/14/27

3,300

3,300

L2432796.UP.FTS.B,

9.5%,

1/14/27

2,500

2,505

L2432829.UP.FTS.B,

9.84%,

1/14/27

9,500

9,500

L2432838.UP.FTS.B,

9.34%,

1/14/27

18,000

18,034

L2432854.UP.FTS.B,

22.72%,

1/14/27

12,000

12,066

L2432901.UP.FTS.B,

6.93%,

1/14/27

19,000

19,023

L2432911.UP.FTS.B,

25.19%,

1/14/27

5,400

5,435

L2432951.UP.FTS.B,

9.1%,

1/14/27

15,600

15,598

L2432955.UP.FTS.B,

6.09%,

1/14/27

2,000

2,000

L2432971.UP.FTS.B,

6.45%,

1/14/27

4,700

4,705

L2432996.UP.FTS.B,

11.65%,

1/14/25

8,000

8,028

L2433061.UP.FTS.B,

9.38%,

1/14/27

7,500

7,499

L2433080.UP.FTS.B,

22.02%,

1/14/27

15,800

15,899

L2433083.UP.FTS.B,

25.18%,

1/14/27

5,800

5,787

L2433097.UP.FTS.B,

7.62%,

1/14/27

39,000

39,069

L2433122.UP.FTS.B,

23.25%,

1/14/27

10,000

10,063

L2433278.UP.FTS.B,

6.42%,

1/14/27

14,000

14,002

L2433406.UP.FTS.B,

10.87%,

1/14/27

16,200

16,232

L2433457.UP.FTS.B,

27.15%,

1/14/25

11,000

11,078

L2433502.UP.FTS.B,

20.59%,

1/14/27

2,649

2,643

L2433523.UP.FTS.B,

22.41%,

1/14/27

14,000

14,088

L2433575.UP.FTS.B,

8.87%,

1/14/27

8,600

8,616

L2433602.UP.FTS.B,

6.82%,

1/14/25

5,000

5,009

L2433771.UP.FTS.B,

16.58%,

1/14/25

10,000

9,974

L2433785.UP.FTS.B,

22.06%,

1/14/27

1,000

1,006

L2433810.UP.FTS.B,

21.65%,

1/14/27

18,000

18,063

L2433874.UP.FTS.B,

25.44%,

1/14/27

7,800

7,783

L2433884.UP.FTS.B,

22.52%,

1/14/27

5,000

4,992

L2433923.UP.FTS.B,

13.81%,

1/14/27

10,000

9,996

L2433930.UP.FTS.B,

22.17%,

1/14/27

10,800

10,771

L2433980.UP.FTS.B,

21.4%,

1/14/27

4,000

3,993

L2433991.UP.FTS.B,

7.94%,

1/14/27

7,000

6,998

L2434046.UP.FTS.B,

17.57%,

1/14/27

9,500

9,531

L2434076.UP.FTS.B,

21.06%,

1/14/27

10,000

9,972

L2434103.UP.FTS.B,

25.19%,

1/14/27

1,200

1,197

L2434116.UP.FTS.B,

4.81%,

1/14/25

6,500

6,510

L2434119.UP.FTS.B,

5.98%,

1/14/27

1,500

1,500

L2434122.UP.FTS.B,

25.98%,

1/14/27

4,000

3,996

L2434126.UP.FTS.B,

25.3%,

1/14/27

2,600

2,594

L2434141.UP.FTS.B,

21.61%,

1/14/27

3,900

3,921

L2434159.UP.FTS.B,

21.72%,

1/14/27

1,500

1,496

L2434166.UP.FTS.B,

20.69%,

1/14/27

40,000

39,925

L2434222.UP.FTS.B,

9.93%,

1/14/27

10,000

10,000

L2434330.UP.FTS.B,

21.77%,

1/14/27

9,000

9,043

L2434345.UP.FTS.B,

9.69%,

1/14/27

10,000

10,000

L2434354.UP.FTS.B,

13.48%,

1/14/27

5,000

5,015

L2434369.UP.FTS.B,

22.99%,

1/14/27

2,000

1,995

L2434462.UP.FTS.B,

12.63%,

1/14/27

2,000

1,999

L2434502.UP.FTS.B,

17.17%,

1/14/27

16,400

16,361

L2434529.UP.FTS.B,

8.37%,

1/14/27

7,000

6,998

L2434626.UP.FTS.B,

6.42%,

1/14/25

17,500

17,530

L2434635.UP.FTS.B,

7.74%,

1/14/27

21,200

21,193

L2434674.UP.FTS.B,

20.19%,

1/14/27

40,000

40,137

L2434787.UP.FTS.B,

9.78%,

1/14/27

3,000

3,000

L2434796.UP.FTS.B,

9.68%,

1/14/27

25,000

24,999

L2434814.UP.FTS.B,

6.49%,

1/14/27

2,600

2,600

L2434822.UP.FTS.B,

5.8%,

1/14/25

5,300

5,297

L2434832.UP.FTS.B,

9.93%,

1/14/27

6,500

6,513

L2434868.UP.FTS.B,

6.25%,

1/14/27

11,000

11,012

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

171

a

L2434872.UP.FTS.B,

5.3%,

1/14/27

5,000

5,000

L2434928.UP.FTS.B,

15.16%,

1/14/27

5,000

4,999

L2434958.UP.FTS.B,

21.53%,

1/14/27

5,500

5,485

L2434966.UP.FTS.B,

13.37%,

1/14/27

10,000

9,995

L2435013.UP.FTS.B,

8.08%,

1/14/27

10,000

9,997

L2435059.UP.FTS.B,

7.82%,

1/14/25

3,000

3,007

L2435061.UP.FTS.B,

23.28%,

1/14/25

1,700

1,712

L2435071.UP.FTS.B,

18.87%,

1/14/25

5,000

4,989

L2435082.UP.FTS.B,

5.24%,

1/14/27

27,100

27,129

L2435102.UP.FTS.B,

15.04%,

1/14/27

15,000

14,997

L2435110.UP.FTS.B,

20.58%,

1/14/27

1,700

1,697

L2435111.UP.FTS.B,

25.27%,

1/18/27

2,000

1,994

L2435114.UP.FTS.B,

28.47%,

1/14/25

13,400

13,496

L2435136.UP.FTS.B,

5.4%,

1/14/27

10,500

10,500

L2435145.UP.FTS.B,

23.16%,

1/14/25

5,000

5,034

L2435184.UP.FTS.B,

18.26%,

1/14/25

10,000

10,053

L2435208.UP.FTS.B,

8.4%,

1/14/27

45,000

44,990

L2435214.UP.FTS.B,

12.31%,

1/14/27

6,000

5,996

L2435241.UP.FTS.B,

21.3%,

1/14/27

7,700

7,727

L2435242.UP.FTS.B,

10.25%,

1/14/25

3,000

3,008

L2435303.UP.FTS.B,

22.6%,

1/14/25

8,000

8,055

L2435334.UP.FTS.B,

5.79%,

1/14/27

3,100

3,100

L2435380.UP.FTS.B,

12.98%,

1/14/27

5,500

5,497

L2435410.UP.FTS.B,

17.3%,

1/14/27

12,000

11,983

L2435421.UP.FTS.B,

6.73%,

1/14/25

6,000

5,997

L2435422.UP.FTS.B,

8.9%,

1/14/27

10,000

10,019

L2435424.UP.FTS.B,

10.13%,

1/14/27

5,000

5,014

L2435425.UP.FTS.B,

19.56%,

1/14/27

6,000

6,032

L2435457.UP.FTS.B,

5.9%,

1/14/25

2,500

2,499

L2435493.UP.FTS.B,

17.63%,

1/14/27

16,000

16,002

L2435514.UP.FTS.B,

24.62%,

1/14/27

10,000

9,977

L2435560.UP.FTS.B,

10.15%,

1/14/27

27,000

27,001

L2435572.UP.FTS.B,

5.11%,

1/18/27

8,000

7,998

L2435585.UP.FTS.B,

25.45%,

1/18/27

1,400

1,396

L2435597.UP.FTS.B,

23.94%,

1/18/27

5,000

4,985

L2435608.UP.FTS.B,

24.85%,

1/18/27

1,500

1,496

L2435641.UP.FTS.B,

9.42%,

1/18/27

15,000

15,022

L2435644.UP.FTS.B,

25.47%,

1/18/27

12,600

12,565

L2435663.UP.FTS.B,

24.48%,

1/18/27

3,000

3,017

L2435681.UP.FTS.B,

23.28%,

1/18/27

2,000

2,012

L2435690.UP.FTS.B,

16.27%,

1/18/25

35,000

34,949

L2435694.UP.FTS.B,

23.43%,

1/18/25

1,400

1,395

L2435696.UP.FTS.B,

25.47%,

1/18/27

7,000

7,040

L2435758.UP.FTS.B,

8.38%,

1/18/27

6,500

6,510

L2435765.UP.FTS.B,

24.15%,

1/18/27

1,600

1,595

L2435766.UP.FTS.B,

10.44%,

1/18/27

11,500

11,495

L2435792.UP.FTS.B,

25.45%,

1/18/27

2,500

2,495

L2435800.UP.FTS.B,

13.45%,

1/18/27

3,000

3,007

L2435811.UP.FTS.B,

10.45%,

1/18/27

40,000

40,058

L2435828.UP.FTS.B,

15.11%,

1/18/27

10,000

10,024

L2435894.UP.FTS.B,

22.32%,

1/18/27

15,000

15,072

L2435930.UP.FTS.B,

10.61%,

1/18/27

1,000

1,000

L2435933.UP.FTS.B,

21.5%,

1/18/25

2,500

2,516

L2435936.UP.FTS.B,

25.47%,

1/18/27

2,000

1,994

L2435949.UP.FTS.B,

25.18%,

1/18/27

3,000

3,017

L2435959.UP.FTS.B,

26.49%,

1/18/27

9,000

8,975

L2435960.UP.FTS.B,

5.66%,

1/18/27

4,000

3,999

L2435968.UP.FTS.B,

8.28%,

1/18/27

50,000

49,973

L2435975.UP.FTS.B,

12.06%,

1/18/27

6,000

6,015

L2436007.UP.FTS.B,

16.06%,

1/18/25

1,500

1,496

L2436019.UP.FTS.B,

8.91%,

1/18/27

5,500

5,508

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

172

a

L2436053.UP.FTS.B,

13.19%,

1/18/27

45,000

44,956

L2436076.UP.FTS.B,

6.4%,

1/18/27

10,000

10,008

L2436109.UP.FTS.B,

9.68%,

1/18/27

50,000

50,073

L2436120.UP.FTS.B,

16.49%,

1/18/27

3,000

2,994

L2436150.UP.FTS.B,

10.72%,

1/18/25

4,500

4,492

L2436162.UP.FTS.B,

11.76%,

1/18/25

10,000

10,033

L2436166.UP.FTS.B,

7.3%,

1/18/27

10,000

9,999

L2436167.UP.FTS.B,

7.17%,

1/18/27

25,000

24,997

L2436170.UP.FTS.B,

15.51%,

1/18/27

5,000

5,020

L2436181.UP.FTS.B,

20.04%,

1/18/25

5,400

5,380

L2436225.UP.FTS.B,

25.02%,

1/18/27

1,500

1,509

L2436235.UP.FTS.B,

19.1%,

1/18/27

4,500

4,522

L2436245.UP.FTS.B,

17.45%,

1/18/27

7,000

7,028

L2436279.UP.FTS.B,

25.97%,

1/18/27

4,100

4,123

L2436314.UP.FTS.B,

6.73%,

1/18/27

8,500

8,507

L2436396.UP.FTS.B,

26.15%,

1/18/27

29,500

29,418

L2436421.UP.FTS.B,

5.98%,

1/18/25

7,000

6,995

L2436422.UP.FTS.B,

6.2%,

1/18/25

9,000

9,013

L2436458.UP.FTS.B,

23.16%,

1/18/27

2,000

1,994

L2436533.UP.FTS.B,

23.74%,

1/18/27

12,000

11,965

L2436538.UP.FTS.B,

21.66%,

1/18/25

6,500

6,542

L2436577.UP.FTS.B,

18.55%,

1/18/27

4,600

4,592

L2436597.UP.FTS.B,

9.15%,

1/18/27

5,000

5,007

L2436629.UP.FTS.B,

13.84%,

1/18/25

1,200

1,198

L2436631.UP.FTS.B,

21.63%,

1/18/27

7,000

7,027

L2436647.UP.FTS.B,

8.52%,

1/18/25

3,100

3,107

L2436781.UP.FTS.B,

9.67%,

1/18/25

10,000

9,990

L2436823.UP.FTS.B,

26.4%,

1/18/27

3,900

3,922

L2436825.UP.FTS.B,

9.41%,

1/18/27

44,000

43,979

L2436835.UP.FTS.B,

20.74%,

1/18/27

15,000

15,087

L2436879.UP.FTS.B,

8.26%,

1/18/25

2,000

2,004

L2436892.UP.FTS.B,

24.08%,

1/18/25

4,200

4,186

L2436937.UP.FTS.B,

25.26%,

1/18/27

1,800

1,795

L2436938.UP.FTS.B,

21.6%,

1/18/27

10,000

9,984

L2436944.UP.FTS.B,

13.68%,

1/18/27

30,000

30,073

L2436966.UP.FTS.B,

19.94%,

1/18/25

3,000

2,993

L2437051.UP.FTS.B,

8.16%,

1/18/25

6,000

6,013

L2437139.UP.FTS.B,

5.87%,

1/18/25

1,000

1,001

L2437164.UP.FTS.B,

11.6%,

1/18/27

6,000

6,015

L2437166.UP.FTS.B,

11.13%,

1/18/25

3,000

2,997

L2437183.UP.FTS.B,

19.56%,

1/18/27

5,500

5,487

L2437289.UP.FTS.B,

5.21%,

1/18/27

20,000

19,995

L2437298.UP.FTS.B,

12.04%,

1/18/27

6,000

5,994

L2437345.UP.FTS.B,

17.3%,

1/18/27

11,000

11,043

L2437360.UP.FTS.B,

24.68%,

1/18/27

1,800

1,807

L2437375.UP.FTS.B,

7.41%,

1/18/27

15,000

14,998

L2437378.UP.FTS.B,

18.5%,

1/18/25

10,500

10,552

L2437383.UP.FTS.B,

25.04%,

1/18/27

12,000

11,966

L2437454.UP.FTS.B,

24.13%,

1/18/27

2,000

2,012

L2437491.UP.FTS.B,

10.26%,

1/18/25

2,000

1,998

L2437498.UP.FTS.B,

13%,

1/18/27

50,000

50,122

L2437504.UP.FTS.B,

27.79%,

1/18/27

1,800

1,795

L2437520.UP.FTS.B,

19.6%,

1/18/27

5,500

5,487

L2437522.UP.FTS.B,

20.01%,

1/18/27

1,500

1,496

L2437526.UP.FTS.B,

8.11%,

1/18/27

5,400

5,408

L2437607.UP.FTS.B,

9.5%,

1/18/25

5,000

5,011

L2437623.UP.FTS.B,

21.63%,

1/18/25

3,000

2,989

L2437624.UP.FTS.B,

7.39%,

1/18/25

3,500

3,505

L2437642.UP.FTS.B,

9.64%,

1/18/27

1,500

1,502

L2437670.UP.FTS.B,

8.31%,

1/18/27

5,000

4,997

L2437709.UP.FTS.B,

25.43%,

1/18/27

2,400

2,393

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

173

a

L2437712.UP.FTS.B,

7.07%,

1/18/27

6,000

6,005

L2437744.UP.FTS.B,

5.82%,

1/18/27

3,500

3,503

L2437784.UP.FTS.B,

21.86%,

1/18/27

9,800

9,847

L2437834.UP.FTS.B,

25.39%,

1/18/27

10,900

10,878

L2437836.UP.FTS.B,

5.32%,

1/18/25

10,000

10,015

L2437879.UP.FTS.B,

24.72%,

1/18/27

1,300

1,307

L2437916.UP.FTS.B,

11.63%,

1/18/27

5,000

5,012

L2437978.UP.FTS.B,

23.73%,

1/18/27

3,400

3,393

L2438010.UP.FTS.B,

11.18%,

1/18/25

2,000

1,998

L2438018.UP.FTS.B,

23.78%,

1/18/25

5,000

4,983

L2438042.UP.FTS.B,

20.46%,

1/18/25

1,500

1,496

L2438087.UP.FTS.B,

9.91%,

1/18/27

47,000

46,979

L2438096.UP.FTS.B,

23.15%,

1/18/27

2,200

2,194

L2438150.UP.FTS.B,

25.03%,

1/18/27

1,100

1,097

L2438233.UP.FTS.B,

13.97%,

1/18/27

50,000

50,121

L2438282.UP.FTS.B,

18.01%,

1/18/25

2,600

2,593

L2438298.UP.FTS.B,

9.72%,

1/18/27

15,000

15,022

L2438341.UP.FTS.B,

10.14%,

1/18/25

1,500

1,499

L2438360.UP.FTS.B,

8.62%,

1/18/27

17,000

17,025

L2438451.UP.FTS.B,

24.73%,

1/18/27

7,500

7,479

L2438468.UP.FTS.B,

9.26%,

1/18/27

18,000

17,991

L2438471.UP.FTS.B,

9.13%,

1/18/27

10,000

10,015

L2438529.UP.FTS.B,

28.84%,

1/18/27

7,700

7,744

L2438687.UP.FTS.B,

13.46%,

1/18/27

30,000

30,073

L2438702.UP.FTS.B,

6.59%,

1/18/27

1,000

1,000

L2438734.UP.FTS.B,

18.88%,

1/18/25

5,000

4,987

L2438751.UP.FTS.B,

22.96%,

1/18/27

6,000

6,035

L2438797.UP.FTS.B,

24.88%,

1/18/27

1,100

1,097

L2438805.UP.FTS.B,

9.71%,

1/18/27

11,500

11,517

L2438839.UP.FTS.B,

7.09%,

1/18/27

20,000

20,016

L2438850.UP.FTS.B,

5.32%,

1/18/27

20,000

20,016

L2438887.UP.FTS.B,

26.2%,

1/18/27

2,400

2,411

L2438923.UP.FTS.B,

25.2%,

1/18/27

2,000

2,011

L2438983.UP.FTS.B,

22.44%,

1/18/27

40,000

40,232

L2439024.UP.FTS.B,

9.19%,

1/18/27

50,000

50,073

L2439073.UP.FTS.B,

13.38%,

1/18/27

13,000

12,988

L2439081.UP.FTS.B,

9.27%,

1/18/25

10,000

10,022

L2439151.UP.FTS.B,

5.81%,

1/18/25

4,500

4,507

L2439219.UP.FTS.B,

6.74%,

1/18/25

2,000

2,003

L2439293.UP.FTS.B,

9.38%,

1/18/27

5,000

4,998

L2439306.UP.FTS.B,

26.22%,

1/18/27

4,400

4,388

L2439317.UP.FTS.B,

24.04%,

1/18/27

1,000

1,005

L2439324.UP.FTS.B,

8.14%,

1/18/25

5,000

4,994

L2439326.UP.FTS.B,

6.99%,

1/18/25

5,000

4,997

18,704,209

Total

Marketplace

Loans

(Cost

$58,147,544)…...............

$56,624,245

*

Interest

payment

overdue.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

174

At

January

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

January

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

1,280

$

163,800,000

3/22/22

$

1,230,328

U.S.

Treasury

2

Year

Notes

.....................

Long

4,475

969,536,719

3/31/22

(7,608,040)

U.S.

Treasury

5

Year

Notes

.....................

Short

753

89,759,953

3/31/22

963,286

Total

Futures

Contracts

......................................................................

$(5,414,426)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Brazilian

Real

......

JPHQ

Sell

7,465,623

1,285,957

2/07/22

$

—

$

(118,371)

Australian

Dollar

....

JPHQ

Buy

4,250,000

3,138,149

3/01/22

—

(133,363)

Australian

Dollar

....

JPHQ

Sell

4,250,000

3,078,377

3/01/22

73,591

—

New

Zealand

Dollar

.

JPHQ

Buy

4,000,000

2,709,600

3/01/22

—

(77,852)

New

Zealand

Dollar

.

JPHQ

Sell

4,000,000

2,821,806

3/01/22

190,059

—

Euro

.............

JPHQ

Sell

18,480,000

21,022,650

3/18/22

239,438

—

Turkish

Lira

........

JPHQ

Buy

12,510,000

1,290,888

3/22/22

—

(374,431)

Turkish

Lira

........

JPHQ

Sell

12,510,000

1,064,635

3/22/22

148,178

—

Euro

.............

JPHQ

Sell

40,110,000

45,549,867

6/07/22

324,616

—

Japanese

Yen

......

JPHQ

Buy

218,000,000

1,926,579

6/22/22

—

(27,470)

Australian

Dollar

....

JPHQ

Buy

3,490,000

2,544,315

7/21/22

—

(74,037)

South

Korean

Won

..

JPHQ

Buy

3,000,000,000

2,528,402

7/21/22

—

(45,116)

Total

Forward

Exchange

Contracts

...................................................

$975,882

$(850,640)

Net

unrealized

appreciation

(depreciation)

............................................

$125,242

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

175

At

January

31,

2022,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

3. 

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Unamortized

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.37

.

5.00%

Quarterly

12/20/26

4,200,000

$

315,075

$

299,502

$

15,573

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$315,075

$299,502

$15,573

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Single

Name

Avon

Products,

Inc.

.......

(5.00)%

Quarterly

CITI

3/20/23

5,835,000

(274,234)

(191,754)

(82,480)

HCA,

Inc.

.....

(5.00)%

Quarterly

FBCO

3/20/22

2,050,000

(25,189)

(9,666)

(15,523)

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Air

France-KLM

.

5.00%

Quarterly

BOFA

6/20/26

600,000

EUR

25,935

10,606

15,329

NR

Air

France-KLM

.

5.00%

Quarterly

JPHQ

6/20/26

1,420,000

EUR

61,380

21,926

39,454

NR

Air

France-KLM

.

5.00%

Quarterly

JPHQ

12/20/26

1,500,000

EUR

62,280

26,881

35,399

NR

Air

France-KLM

.

5.00%

Quarterly

MSCO

12/20/25

1,320,000

EUR

59,403

1,238

58,165

NR

American

Airlines

Group,

Inc.

..

5.00%

Quarterly

GSCO

6/20/22

1,000,000

6,412

(3,578)

9,990

CCC

American

Airlines

Group,

Inc.

..

5.00%

Quarterly

GSCO

12/20/22

4,400,000

36,463

(37,830)

74,293

CCC

Carnival

Corp.

..

1.00%

Quarterly

CITI

12/20/26

2,692,000

(434,344)

(337,810)

(96,534)

B-

Mexico

Government

Bond

......

1.00%

Quarterly

GSCO

6/20/26

7,000,000

21,715

17,830

3,885

BBB

Nabors

Industries,

Inc.

.......

1.00%

Quarterly

CITI

12/20/23

6,200,000

(502,165)

(349,320)

(152,845)

CCC-

Nordstrom,

Inc.

.

1.00%

Quarterly

JPHQ

12/20/26

6,600,000

(760,139)

(550,325)

(209,814)

BB+

United

Airlines

Holdings,

Inc.

.

5.00%

Quarterly

JPHQ

12/20/26

3,900,000

51,044

117,146

(66,102)

B

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

2,300,000

EUR

44,522

—

44,522

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

13,550,000

(5,103,089)

(3,912,292)

(1,190,797)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kona

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/22

2,500,000

(432,159)

(304,844)

(127,315)

Non-

Investment

Grade

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

176

*Posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

the

agreement.

The

table below

summarizes

the

cash

and/or

securities

held

as

collateral

for

each

applicable

counterparty

at

period

end.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Unamortized

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

(c)(d)

(continued)

Traded

Index

(continued)

(e)

Citibank

Bespoke

Kona

Index,

Mezzanine

Tranche

5-10%

2.42%

Quarterly

CITI

12/20/22

5,600,000

$

36,227

$

—

$

36,227

Non-

Investment

Grade

(e)

Citibank

Bespoke

Palm

Beach

Index,

Mezzanine

Tranche

5-10%

1.97%

Quarterly

CITI

12/20/22

7,400,000

64,022

—

64,022

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

5,000,000

(37,129)

—

(37,129)

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

12,200,000

151,024

47,336

103,688

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(6,948,021)

$(5,454,456)

$(1,493,565)

Total

Credit

Default

Swap

Contracts

....................................

$(6,632,946)

$

(5,154,954)

$(1,477,992)

Counterparty

Collateral

Pledged

(Received)

CITI

$4,920,000

FBCO

30,000

DBAB

(346,971)

MSCO

(50,000)

Total

collateral

$4,553,029

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

(e)

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

177

At

January

31,

2022,

the

Fund

had

the

following cross-currency

swap

contracts outstanding.

See

Note

3. 

See

A

bbreviations

on

page

654

.

Cross-Currency

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

Value/

Unrealized

Appreciation

(Depreciation)

aA

aaa

aaa

aaa

OTC

Swap

Contracts

Receive

Floating

3-month

USD

LIBOR

+

0.938%

.....

Quarterly

23,823,800

USD

Pay

Floating

3-month

EURIBOR

+

0.88%

.........

Quarterly

CITI

6/29/22

20,020,000

EUR

$

1,357,643

Receive

Floating

3-month

USD

LIBOR

+

0.849%

.....

Quarterly

3,472,000

USD

Pay

Fixed

0.75%

............................

Annual

DBAB

9/14/22

2,800,000

EUR

314,760

Total

Cross

Currency

Swap

Contracts

...........................................................

$1,672,403

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Managed

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

178

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

45.4%

Aerospace

&

Defense

2.4%

Lockheed

Martin

Corp.

.................................

United

States

75,000

$

29,184,750

Northrop

Grumman

Corp.

...............................

United

States

42,900

15,868,710

Raytheon

Technologies

Corp.

............................

United

States

600,000

54,114,000

99,167,460

Air

Freight

&

Logistics

0.8%

United

Parcel

Service,

Inc.,

B

............................

United

States

175,000

35,386,750

Banks

5.7%

Bank

of

America

Corp.

.................................

United

States

2,000,000

92,280,000

Citigroup,

Inc.

........................................

United

States

350,000

22,792,000

JPMorgan

Chase

&

Co.

.................................

United

States

350,000

52,010,000

Truist

Financial

Corp.

..................................

United

States

700,100

43,980,282

US

Bancorp

.........................................

United

States

500,000

29,095,000

240,157,282

Beverages

2.6%

Coca-Cola

Co.

(The)

...................................

United

States

785,000

47,892,850

PepsiCo,

Inc.

........................................

United

States

350,000

60,732,000

108,624,850

Biotechnology

0.2%

AbbVie,

Inc.

.........................................

United

States

69,600

9,527,544

Capital

Markets

1.2%

Morgan

Stanley

.......................................

United

States

500,000

51,270,000

Chemicals

1.4%

Air

Products

and

Chemicals,

Inc.

..........................

United

States

150,000

42,318,000

Huntsman

Corp.

......................................

United

States

500,000

17,915,000

60,233,000

Communications

Equipment

1.4%

Cisco

Systems,

Inc.

...................................

United

States

1,039,339

57,860,002

Diversified

Telecommunication

Services

3.0%

BCE,

Inc.

...........................................

Canada

450,000

23,507,198

Deutsche

Telekom

AG

..................................

Germany

1,200,000

22,656,798

Verizon

Communications,

Inc.

............................

United

States

1,500,000

79,845,000

126,008,996

Electric

Utilities

2.4%

American

Electric

Power

Co.,

Inc.

.........................

United

States

125,000

11,300,000

Duke

Energy

Corp.

....................................

United

States

450,000

47,277,000

Edison

International

...................................

United

States

500,000

31,395,000

Southern

Co.

(The)

....................................

United

States

175,000

12,160,750

102,132,750

Entertainment

0.7%

a

Walt

Disney

Co.

(The)

..................................

United

States

200,000

28,594,000

Health

Care

Equipment

&

Supplies

0.2%

Medtronic

plc

........................................

United

States

100,000

10,349,000

Health

Care

Providers

&

Services

1.0%

Quest

Diagnostics,

Inc.

.................................

United

States

300,000

40,506,000

Household

Products

1.2%

Procter

&

Gamble

Co.

(The)

.............................

United

States

300,000

48,135,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

179

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Industrial

Conglomerates

1.5%

Honeywell

International,

Inc.

.............................

United

States

300,000

$

61,344,000

Insurance

0.4%

Travelers

Cos.,

Inc.

(The)

...............................

United

States

100,000

16,618,000

IT

Services

1.0%

Fidelity

National

Information

Services,

Inc.

...................

United

States

222,014

26,623,919

International

Business

Machines

Corp.

.....................

United

States

100,000

13,357,000

a

Kyndryl

Holdings,

Inc.

..................................

United

States

20,000

337,600

40,318,519

Media

1.0%

Comcast

Corp.,

A

.....................................

United

States

800,000

39,992,000

Metals

&

Mining

0.7%

Rio

Tinto

plc,

ADR

.....................................

Australia

400,000

28,560,000

Multiline

Retail

0.5%

Target

Corp.

.........................................

United

States

100,000

22,043,000

Multi-Utilities

2.5%

Dominion

Energy,

Inc.

..................................

United

States

500,000

40,330,000

DTE

Energy

Co.

......................................

United

States

200,000

24,086,000

Sempra

Energy

.......................................

United

States

300,000

41,448,000

105,864,000

Oil,

Gas

&

Consumable

Fuels

2.9%

Chevron

Corp.

.......................................

United

States

450,000

59,098,500

Exxon

Mobil

Corp.

.....................................

United

States

500,000

37,980,000

TotalEnergies

SE,

ADR

.................................

France

400,000

22,720,000

119,798,500

Pharmaceuticals

6.0%

AstraZeneca

plc,

ADR

..................................

United

Kingdom

550,000

32,015,500

Bristol-Myers

Squibb

Co.

................................

United

States

750,000

48,667,500

Eli

Lilly

&

Co.

........................................

United

States

90,000

22,085,100

Johnson

&

Johnson

...................................

United

States

250,000

43,072,500

Merck

&

Co.,

Inc.

.....................................

United

States

500,000

40,740,000

Pfizer,

Inc.

...........................................

United

States

1,271,323

66,986,009

253,566,609

Road

&

Rail

1.2%

Union

Pacific

Corp.

....................................

United

States

205,000

50,132,750

Semiconductors

&

Semiconductor

Equipment

2.2%

Texas

Instruments,

Inc.

.................................

United

States

517,361

92,861,126

Specialty

Retail

1.3%

Home

Depot,

Inc.

(The)

.................................

United

States

150,000

55,047,000

Total

Common

Stocks

(Cost

$1,432,465,470)

....................................

1,904,098,138

Management

Investment

Companies

2.8%

Capital

Markets

2.8%

b

Franklin

FTSE

Japan

ETF

...............................

United

States

700,000

19,740,000

b

Franklin

FTSE

United

Kingdom

ETF

.......................

United

States

1,250,000

32,262,500

b

Franklin

Liberty

Systematic

Style

Premia

ETF

................

United

States

1,175,000

25,098,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

180

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

(continued)

Capital

Markets

(continued)

b

Franklin

Liberty

U.S.

Low

Volatility

ETF

.....................

United

States

860,000

$

41,966,022

119,066,522

Total

Management

Investment

Companies

(Cost

$110,440,138)

...................

119,066,522

Equity-Linked

Securities

9.5%

Automobiles

0.8%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Ford

Motor

Co.,

144A,

12.5%,

1/12/23

.....................................

United

States

1,755,000

35,089,659

Banks

0.8%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

JPMorgan

Chase

&

Co.,

144A,

8%,

8/15/22

...................................

United

States

230,000

34,006,828

Capital

Markets

0.4%

c

UBS

AG

into

Morgan

Stanley,

144A,

8.5%,

2/11/22

............

United

States

220,000

18,473,526

Chemicals

0.6%

c

National

Bank

of

Canada

into

Air

Products

and

Chemicals,

Inc.,

144A,

8.5%,

4/13/22

.................................

United

States

86,000

24,177,036

Energy

Equipment

&

Services

0.7%

c

Royal

Bank

of

Canada

into

Schlumberger

NV,

144A,

10%,

3/01/22

United

States

850,000

29,520,171

Health

Care

Providers

&

Services

0.8%

c

Royal

Bank

of

Canada

into

CVS

Health

Corp.,

144A,

8%,

12/16/22

United

States

350,000

33,849,942

Internet

&

Direct

Marketing

Retail

1.3%

c

Credit

Suisse

AG

into

Amazon.com,

Inc.,

144A,

6%,

9/09/22

.....

United

States

18,000

55,206,632

Oil,

Gas

&

Consumable

Fuels

0.8%

c

UBS

AG

into

Chevron

Corp.,

144A,

10%,

8/16/22

.............

United

States

310,000

34,238,700

Semiconductors

&

Semiconductor

Equipment

2.0%

c

National

Bank

of

Canada

into

Microchip

Technology,

Inc.,

144A,

6.5%,

6/01/22

......................................

United

States

284,200

43,084,865

c

Royal

Bank

of

Canada

into

Analog

Devices,

Inc.,

144A,

8%,

2/01/22

United

States

246,000

38,784,674

81,869,539

Software

1.3%

c

Societe

Generale

SA

into

Workday,

Inc.,

144A,

8%,

9/02/22

......

United

States

218,000

52,399,895

Total

Equity-Linked

Securities

(Cost

$388,652,902)

..............................

398,831,928

Convertible

Preferred

Stocks

8.7%

Capital

Markets

0.4%

KKR

&

Co.,

Inc.,

6%,

C

.................................

United

States

200,000

17,752,000

Electric

Utilities

4.0%

American

Electric

Power

Co.,

Inc.,

6.125%

..................

United

States

700,000

35,455,000

American

Electric

Power

Co.,

Inc.,

6.125%

..................

United

States

200,000

10,616,000

NextEra

Energy,

Inc.,

5.279%

............................

United

States

1,200,000

61,188,000

Southern

Co.

(The),

6.75%,

2019

.........................

United

States

1,150,000

61,295,000

168,554,000

Health

Care

Equipment

&

Supplies

0.7%

Boston

Scientific

Corp.,

5.5%,

A

..........................

United

States

250,000

29,135,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

181

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

(continued)

Health

Care

Technology

0.4%

Change

Healthcare,

Inc.,

6%

.............................

United

States

250,000

$

16,405,000

Life

Sciences

Tools

&

Services

0.7%

d

Danaher

Corp.,

5%,

B

..................................

United

States

20,000

30,884,000

Machinery

0.3%

RBC

Bearings,

Inc.,

5%,

A

...............................

United

States

125,000

11,973,750

Multi-Utilities

1.3%

Dominion

Energy,

Inc.,

7.25%,

A

..........................

United

States

150,000

15,303,000

DTE

Energy

Co.,

6.25%

................................

United

States

750,000

38,137,500

53,440,500

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.,

8%,

A

..................................

United

States

20,000

36,632,400

Total

Convertible

Preferred

Stocks

(Cost

$295,481,645)

..........................

364,776,650

Principal

Amount

*

Corporate

Bonds

26.3%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

..............

United

States

5,000,000

4,918,262

Huntington

Ingalls

Industries,

Inc.

,

Senior

Note

,

3.483

%

,

12/01/27

.

United

States

10,000,000

10,395,802

15,314,064

Automobiles

0.3%

General

Motors

Co.

,

Senior

Note

,

5.4

%

,

10/02/23

.............

United

States

10,000,000

10,599,470

Banks

2.6%

Bank

of

America

Corp.

,

Senior

Bond,

3.419%

to

12/20/27,

FRN

thereafter,

12/20/28

...

United

States

15,000,000

15,591,765

Senior

Note,

3.55%

to

3/05/23,

FRN

thereafter,

3/05/24

.......

United

States

7,500,000

7,670,458

L,

Sub.

Bond,

4.183%,

11/25/27

........................

United

States

10,000,000

10,740,466

Barclays

plc

,

Senior

Bond

,

3.65

%

,

3/16/25

..................

United

Kingdom

15,000,000

15,612,331

Citigroup,

Inc.

,

Sub.

Bond

,

4.125

%

,

7/25/28

..................

United

States

20,000,000

21,437,539

e

JPMorgan

Chase

&

Co.

,

KK

,

Junior

Sub.

Bond

,

3.65%

to

6/01/26,

FRN

thereafter

,

Perpetual

.............................

United

States

10,000,000

9,638,700

e

Truist

Financial

Corp.

,

N

,

Junior

Sub.

Bond

,

4.8%

to

9/01/24,

FRN

thereafter

,

Perpetual

.................................

United

States

10,000,000

10,225,000

e

US

Bancorp

,

Junior

Sub.

Bond

,

3.7%

to

1/15/27,

FRN

thereafter

,

Perpetual

..........................................

United

States

10,000,000

9,635,000

e

Wells

Fargo

&

Co.

,

BB

,

Junior

Sub.

Bond

,

3.9%

to

3/15/26,

FRN

thereafter

,

Perpetual

.................................

United

States

10,000,000

9,910,750

110,462,009

Biotechnology

0.8%

AbbVie,

Inc.

,

Senior

Note

,

3.25

%

,

10/01/22

..................

United

States

5,000,000

5,051,375

Biogen,

Inc.

,

Senior

Note

,

3.625

%

,

9/15/22

..................

United

States

10,000,000

10,153,937

c

Grifols

Escrow

Issuer

SA

,

Senior

Note

,

144A,

4.75

%

,

10/15/28

...

Spain

20,000,000

19,908,400

35,113,712

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

182

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

1.6%

e

Charles

Schwab

Corp.

(The)

,

I

,

Junior

Sub.

Bond

,

4%

to

6/01/26,

FRN

thereafter

,

Perpetual

.............................

United

States

17,000,000

$

16,816,060

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/16/26

..

United

States

15,000,000

15,625,753

Morgan

Stanley

,

Senior

Bond,

3.75%,

2/25/23

...........................

United

States

10,000,000

10,299,860

Sub.

Bond,

4.35%,

9/08/26

............................

United

States

15,000,000

16,215,744

Owl

Rock

Capital

Corp.

,

Senior

Note

,

3.4

%

,

7/15/26

...........

United

States

10,000,000

9,963,618

68,921,035

Chemicals

0.7%

DuPont

de

Nemours,

Inc.

,

Senior

Note

,

4.493

%

,

11/15/25

.......

United

States

20,000,000

21,639,193

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

...........................................

United

States

10,000,000

9,398,800

31,037,993

Communications

Equipment

0.2%

c

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

6

%

,

6/15/25

.

United

States

10,000,000

9,757,015

Consumer

Finance

1.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

3.15%,

2/15/24

...........................

Ireland

5,000,000

5,097,710

Senior

Note,

2.45%,

10/29/26

..........................

Ireland

5,000,000

4,920,074

Capital

One

Financial

Corp.

,

Senior

Bond,

3.75%,

3/09/27

...........................

United

States

10,000,000

10,589,947

Sub.

Bond,

3.75%,

7/28/26

............................

United

States

10,000,000

10,486,178

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

5.113

%

,

5/03/29

.......

United

States

25,000,000

26,793,875

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

3.7

%

,

5/09/23

...

United

States

5,000,000

5,119,288

63,007,072

Containers

&

Packaging

0.5%

c

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4

%

,

9/01/29

.......

United

States

10,000,000

9,542,450

c

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note

,

144A,

7.25

%

,

4/15/25

...........................................

United

States

10,000,000

9,954,650

19,497,100

Diversified

Telecommunication

Services

0.6%

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

5/01/27

................................

United

States

15,000,000

15,395,250

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.55

%

,

3/21/31

.....

United

States

10,000,000

9,772,972

25,168,222

Electric

Utilities

1.0%

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

2.95%,

3/01/26

...........................

United

States

10,000,000

10,015,072

Senior

Note,

3.15%,

1/01/26

...........................

United

States

10,000,000

10,040,030

c

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

...........................................

United

States

20,000,000

20,720,095

40,775,197

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

American

Tower

Corp.

,

Senior

Bond,

3.5%,

1/31/23

............................

United

States

5,000,000

5,110,818

Senior

Bond,

3.375%,

10/15/26

.........................

United

States

15,000,000

15,609,979

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

183

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

American

Tower

Corp.,

(continued)

Senior

Bond,

3.6%,

1/15/28

............................

United

States

10,000,000

$

10,454,674

31,175,471

Food

Products

0.8%

c

JBS

Finance

Luxembourg

SARL

,

Senior

Note

,

144A,

2.5

%

,

1/15/27

United

States

20,000,000

19,425,200

c

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.5

%

,

9/15/31

.........

United

States

15,000,000

14,300,700

33,725,900

Health

Care

Equipment

&

Supplies

0.3%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

9,700,000

10,663,016

Health

Care

Providers

&

Services

3.8%

Anthem,

Inc.

,

Senior

Bond

,

3.3

%

,

1/15/23

...................

United

States

5,000,000

5,104,434

c

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.875%,

4/15/29

....................

United

States

20,000,000

19,806,600

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

15,000,000

14,304,000

Senior

Secured

Note,

144A,

6.625%,

2/15/25

..............

United

States

25,000,000

25,885,000

Senior

Secured

Note,

144A,

8%,

3/15/26

..................

United

States

25,000,000

26,059,500

f

Senior

Secured

Note,

144A,

5.25%,

5/15/30

...............

United

States

10,000,000

9,974,750

Cigna

Corp.

,

Senior

Note,

3.75%,

7/15/23

...........................

United

States

7,216,000

7,446,046

Senior

Note,

3.4%,

3/01/27

............................

United

States

15,000,000

15,681,882

CVS

Health

Corp.

,

Senior

Bond

,

3.875

%

,

7/20/25

.............

United

States

15,000,000

15,886,647

c

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

12,000,000

11,692,319

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

4.625

%

,

7/15/24

...

United

States

7,004,000

7,038,880

158,880,058

Hotels,

Restaurants

&

Leisure

0.7%

Las

Vegas

Sands

Corp.

,

Senior

Bond,

3.9%,

8/08/29

............................

United

States

10,000,000

9,984,797

Senior

Note,

3.2%,

8/08/24

............................

United

States

10,000,000

10,126,713

c

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/25

.................................

United

States

10,000,000

10,069,649

30,181,159

Household

Products

0.4%

c

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Senior

Bond

,

144A,

2.431

%

,

7/01/31

...........................................

Mexico

15,500,000

15,019,267

Insurance

0.4%

c

Liberty

Mutual

Group,

Inc.

,

Senior

Note

,

144A,

4.95

%

,

5/01/22

...

United

States

7,100,000

7,175,768

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond

,

3.7%

to

10/01/30,

FRN

thereafter

,

10/01/50

..................................

United

States

10,000,000

9,801,847

16,977,615

IT

Services

0.5%

Fiserv,

Inc.

,

Senior

Bond

,

4.2

%

,

10/01/28

...................

United

States

20,000,000

21,740,714

Machinery

0.2%

CNH

Industrial

NV

,

Senior

Bond

,

3.85

%

,

11/15/27

.............

United

Kingdom

7,500,000

7,985,571

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

184

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

0.6%

c

CSC

Holdings

LLC

,

Senior

Bond

,

144A,

5.5

%

,

4/15/27

.........

United

States

12,500,000

$

12,795,500

DISH

DBS

Corp.

,

Senior

Note

,

5.875

%

,

7/15/22

..............

United

States

12,000,000

12,165,000

24,960,500

Metals

&

Mining

0.5%

c

Cleveland-Cliffs,

Inc.

,

Senior

Secured

Note

,

144A,

9.875

%

,

10/17/25

United

States

6,620,000

7,406,754

c

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

...........................................

Australia

15,000,000

15,121,425

22,528,179

Oil,

Gas

&

Consumable

Fuels

0.7%

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/25

........................

United

States

15,000,000

16,181,400

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

......

United

States

10,000,000

11,390,550

27,571,950

Paper

&

Forest

Products

0.5%

Suzano

Austria

GmbH

,

DM3N,

Senior

Bond,

3.125%,

1/15/32

....................

Brazil

15,000,000

13,895,775

Senior

Note,

2.5%,

9/15/28

............................

Brazil

5,000,000

4,741,250

18,637,025

Pharmaceuticals

3.1%

c

Bausch

Health

Cos.,

Inc.

,

Senior

Note,

144A,

5%,

1/30/28

........................

United

States

10,000,000

8,447,800

Senior

Note,

144A,

5%,

2/15/29

........................

United

States

10,000,000

8,064,900

Senior

Secured

Note,

144A,

5.5%,

11/01/25

...............

United

States

10,000,000

10,089,200

c

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

...

Germany

15,000,000

16,002,510

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

3.4

%

,

7/26/29

..........

United

States

10,000,000

10,624,944

c

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

....................

United

States

15,000,000

14,275,875

c

Jazz

Securities

DAC

,

Senior

Secured

Note

,

144A,

4.375

%

,

1/15/29

United

States

25,000,000

24,728,000

Mylan,

Inc.

,

Senior

Note

,

4.55

%

,

4/15/28

....................

United

States

19,000,000

20,711,862

c

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Secured

Note

,

144A,

4.125

%

,

4/30/28

....................

United

States

15,000,000

14,795,775

127,740,866

Semiconductors

&

Semiconductor

Equipment

0.6%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

.....................................

United

States

10,000,000

10,552,943

Microchip

Technology,

Inc.

,

Senior

Secured

Note

,

4.333

%

,

6/01/23

United

States

15,000,000

15,511,586

26,064,529

Tobacco

1.3%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45

%

,

2/04/32

...............

United

States

15,000,000

13,657,579

BAT

Capital

Corp.

,

Senior

Note

,

3.557

%

,

8/15/27

.............

United

Kingdom

25,000,000

25,595,882

Reynolds

American,

Inc.

,

Senior

Bond

,

4.45

%

,

6/12/25

.........

United

Kingdom

15,000,000

15,922,931

55,176,392

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

185

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

1.0%

Sprint

Corp.

,

Senior

Note

,

7.625

%

,

2/15/25

..................

United

States

10,000,000

$

11,141,300

c

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

,

Senior

Secured

Note

,

144A,

4.738

%

,

9/20/29

...........................................

United

States

6,093,750

6,367,390

T-Mobile

USA,

Inc.

,

Senior

Secured

Note

,

3.875

%

,

4/15/30

......

United

States

25,000,000

26,238,659

43,747,349

Total

Corporate

Bonds

(Cost

$1,079,840,156)

...................................

1,102,428,450

U.S.

Government

and

Agency

Securities

5.1%

U.S.

Treasury

Notes

,

2.875%,

10/31/23

....................................

United

States

50,000,000

51,525,391

0.25%,

3/15/24

.....................................

United

States

25,000,000

24,493,164

0.375%,

9/15/24

.....................................

United

States

90,000,000

87,841,406

0.5%,

3/31/25

......................................

United

States

50,000,000

48,599,609

Total

U.S.

Government

and

Agency

Securities

(Cost

$213,807,170)

................

212,459,570

Asset-Backed

Securities

0.5%

Airlines

0.5%

United

Airlines

Pass-Through

Trust

,

2020-1,

A,

5.875%,

10/15/27

...........................

United

States

8,750,708

9,428,768

2020-1,

B,

4.875%,

7/15/27

............................

United

States

10,368,000

10,738,435

20,167,203

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$19,118,708)

...............................

20,167,203

Mortgage-Backed

Securities

0.0%

†

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

30

Year,

4%,

8/01/49

.............................

United

States

1,377,295

1,478,432

Total

Mortgage-Backed

Securities

(Cost

$1,459,072)

.............................

1,478,432

Total

Long

Term

Investments

(Cost

$3,541,265,261)

.............................

4,123,306,893

a

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.7%

b,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

70,991,762

70,991,762

Total

Money

Market

Funds

(Cost

$70,991,762)

..................................

70,991,762

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

a

a

a

a

a

Money

Market

Funds

0.3%

b,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

14,371,000

14,371,000

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

186

See

Abbreviations

on

page

654

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.1%

h

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$3,593,101)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$3,664,958)

.....................

3,593,096

$

3,593,096

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$17,964,096)

...........................................................

17,964,096

Total

Short

Term

Investments

(Cost

$88,955,858

)

................................

88,955,858

a

Total

Investments

(Cost

$3,630,221,119)

100.4%

.................................

$4,212,262,751

Other

Assets,

less

Liabilities

(0.4)%

...........................................

(17,369,964)

Net

Assets

100.0%

...........................................................

$4,194,892,787

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$821,497,870,

representing

19.6%

of

net

assets.

d

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

e

Perpetual

security

with

no

stated

maturity

date.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Total

Return

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

187

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Energy

Equipment

&

Services

0.0%

†

a

Valaris

Ltd.

..........................................

United

States

2,435

$

101,028

a

Weatherford

International

plc

.............................

United

States

34,108

1,023,240

1,124,268

Multiline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

.........................

South

Africa

28,762,824

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

.........................

South

Africa

2,862,311

—

—

Oil,

Gas

&

Consumable

Fuels

0.0%

a,b,c

Riviera

Resources,

Inc.

.................................

United

States

12,605

—

Total

Common

Stocks

(Cost

$1,831,531)

.......................................

1,124,268

Management

Investment

Companies

19.1%

Capital

Markets

19.1%

d

Franklin

Floating

Rate

Income

Fund

.......................

United

States

24,116,234

196,547,305

d

Franklin

Liberty

High

Yield

Corporate

ETF

...................

United

States

4,700,000

120,555,000

d

Franklin

Liberty

Investment

Grade

Corporate

ETF

.............

United

States

18,335,000

458,008,300

d,e

Franklin

Liberty

Senior

Loan

ETF

.........................

United

States

1,737,400

43,374,191

e

SPDR

Blackstone

Senior

Loan

ETF

.......................

United

States

1,725,000

78,642,750

897,127,546

Total

Management

Investment

Companies

(Cost

$895,598,684)

...................

897,127,546

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII,

6.669%

............................

United

States

93,000

2,503,560

Total

Preferred

Stocks

(Cost

$2,325,000)

.......................................

2,503,560

Warrants

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a,b

Battalion

Oil

Corp.,

A,

10/08/22

...........................

United

States

2,551

379

a,b

Battalion

Oil

Corp.,

B,

10/08/22

...........................

United

States

3,189

214

a,b

Battalion

Oil

Corp.,

C,

10/08/22

...........................

United

States

4,100

93

686

Paper

&

Forest

Products

0.0%

a

Verso

Corp.,

7/25/23

...................................

United

States

732

—

Total

Warrants

(Cost

$—)

.....................................................

686

Principal

Amount

*

Corporate

Bonds

20.3%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

Senior

Note

,

5.15

%

,

5/01/30

...............

United

States

13,500,000

15,215,626

Northrop

Grumman

Corp.

,

Senior

Bond

,

5.25

%

,

5/01/50

........

United

States

3,500,000

4,606,716

19,822,342

Air

Freight

&

Logistics

0.1%

f

DAE

Funding

LLC

,

Senior

Note

,

144A,

1.55

%

,

8/01/24

.........

United

Arab

Emirates

3,300,000

3,216,968

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

188

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Air

Freight

&

Logistics

(continued)

FedEx

Corp.

,

Senior

Bond

,

4.05

%

,

2/15/48

..................

United

States

2,000,000

$

2,117,131

5,334,099

Airlines

1.0%

f

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

............................

United

States

2,600,000

2,666,196

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.....................................

United

States

12,400,000

12,875,296

f

Hawaiian

Brand

Intellectual

Property

Ltd.

/

HawaiianMiles

Loyalty

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

1/20/26

............

United

States

12,200,000

12,495,545

f

International

Consolidated

Airlines

Group

SA

,

Senior

Note

,

Reg

S,

3.75

%

,

3/25/29

.....................................

United

Kingdom

13,000,000

EUR

14,405,315

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

.

United

States

2,200,000

2,187,614

44,629,966

Banks

1.6%

f

Banco

de

Chile

,

Senior

Bond

,

144A,

2.99

%

,

12/09/31

..........

Chile

5,700,000

5,518,427

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

...........

Spain

3,600,000

3,393,008

Bank

of

America

Corp.

,

Senior

Bond,

2.592%

to

4/29/30,

FRN

thereafter,

4/29/31

.....

United

States

6,700,000

6,569,373

Sub.

Bond,

6.11%,

1/29/37

............................

United

States

2,800,000

3,624,776

Citigroup,

Inc.

,

Senior

Bond,

2.572%

to

6/03/30,

FRN

thereafter,

6/03/31

.....

United

States

8,000,000

7,802,379

Senior

Bond,

3.057%

to

1/25/32,

FRN

thereafter,

1/25/33

.....

United

States

8,600,000

8,693,819

Senior

Bond,

4.65%,

7/23/48

...........................

United

States

3,700,000

4,467,560

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.493%

to

3/24/30,

FRN

thereafter,

3/24/31

.....

United

States

17,100,000

19,136,566

Sub.

Bond,

4.95%,

6/01/45

............................

United

States

1,600,000

1,946,324

f

Societe

Generale

SA

,

Senior

Note

,

144A,

1.792%

to

6/09/26,

FRN

thereafter

,

6/09/27

...................................

France

7,500,000

7,167,900

f

UniCredit

SpA

,

Senior

Note

,

144A,

1.982%

to

6/03/26,

FRN

thereafter

,

6/03/27

...................................

Italy

7,300,000

6,945,817

75,265,949

Beverages

0.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond,

4.7%,

2/01/36

............................

Belgium

1,800,000

2,071,058

Senior

Bond,

4.9%,

2/01/46

............................

Belgium

3,400,000

4,030,400

6,101,458

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Bond

,

4.7

%

,

5/14/45

...................

United

States

3,200,000

3,705,669

Capital

Markets

0.9%

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/21/31,

FRN

thereafter,

10/21/32

....

United

States

15,000,000

14,622,524

Senior

Bond,

6.25%,

2/01/41

...........................

United

States

2,800,000

3,863,268

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/28/31,

FRN

thereafter

,

4/28/32

...........................................

United

States

20,200,000

18,595,722

f

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.25

%

,

8/15/33

...............

United

States

3,500,000

3,287,200

40,368,714

Chemicals

1.2%

f

Alpek

SAB

de

CV

,

Senior

Bond

,

144A,

3.25

%

,

2/25/31

.........

Mexico

5,800,000

5,594,419

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

189

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

f,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

631,671

$

647,854

f

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

...........................................

United

States

1,100,000

1,082,829

f

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

9,300,000

9,243,875

f

Braskem

Netherlands

Finance

BV

,

Senior

Bond

,

144A,

4.5

%

,

1/31/30

...........................................

Brazil

11,800,000

12,004,258

CF

Industries,

Inc.

,

Senior

Bond

,

5.15

%

,

3/15/34

..............

United

States

10,400,000

12,017,900

Sasol

Financing

USA

LLC

,

Senior

Bond

,

6.5

%

,

9/27/28

.........

South

Africa

12,200,000

12,891,069

f

Yara

International

ASA

,

Senior

Bond

,

144A,

3.148

%

,

6/04/30

.....

Brazil

1,700,000

1,709,373

55,191,577

Commercial

Services

&

Supplies

0.1%

f

APCOA

Parking

Holdings

GmbH

,

Senior

Secured

Note

,

144A,

4.625

%

,

1/15/27

.....................................

Germany

2,300,000

EUR

2,557,008

Communications

Equipment

0.1%

f

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

5

%

,

3/15/27

.

United

States

3,000,000

2,678,175

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.................................

Ireland

14,600,000

14,184,172

Containers

&

Packaging

0.2%

f

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note

,

144A,

7.25

%

,

4/15/25

...........................................

United

States

3,000,000

2,986,395

f

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

700,000

671,269

f

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC/Reynolds

Group

Holdings

Ltd.

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.......................................

United

States

2,300,000

2,178,100

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

....................

United

States

4,700,000

4,642,901

10,478,665

Diversified

Financial

Services

0.1%

f

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

...........................................

United

States

5,300,000

5,096,586

Shell

International

Finance

BV

,

Senior

Bond

,

4.55

%

,

8/12/43

.....

Netherlands

1,700,000

2,003,237

7,099,823

Diversified

Telecommunication

Services

0.2%

f

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

3,000,000

2,868,960

AT&T,

Inc.

,

Senior

Bond

,

3.5

%

,

6/01/41

.....................

United

States

8,000,000

7,813,602

10,682,562

Electric

Utilities

1.3%

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.......

United

States

700,000

960,999

Duke

Energy

Corp.

,

Senior

Bond

,

3.75

%

,

9/01/46

.............

United

States

2,000,000

2,043,459

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.........

United

States

1,300,000

1,809,066

f

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

.

Italy

3,000,000

4,070,154

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

..................

United

States

8,400,000

9,093,203

Georgia

Power

Co.

,

Senior

Bond

,

4.3

%

,

3/15/42

..............

United

States

9,000,000

9,809,061

Southern

Co.

(The)

,

Senior

Bond,

4.4%,

7/01/46

............................

United

States

2,000,000

2,215,678

A,

Senior

Bond,

3.7%,

4/30/30

.........................

United

States

13,900,000

14,687,808

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

190

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

f

State

Grid

Overseas

Investment

BVI

Ltd.

,

Senior

Bond

,

144A,

3.5

%

,

5/04/27

...........................................

China

10,700,000

$

11,381,005

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

...

United

States

520,000

719,049

f

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

..

United

States

3,100,000

2,996,739

59,786,221

Electronic

Equipment,

Instruments

&

Components

0.4%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

....................

United

States

17,500,000

19,362,783

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor,

Inc.

,

Senior

Bond

,

4.08

%

,

12/15/47

................................

United

States

3,000,000

3,184,053

f

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

11

%

,

12/01/24

.

United

States

125,000

129,209

3,313,262

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Equinix,

Inc.

,

Senior

Bond

,

3.2

%

,

11/18/29

..................

United

States

3,500,000

3,544,033

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

......................................

United

States

1,400,000

1,353,359

4,897,392

Food

&

Staples

Retailing

0.2%

f

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

...........

Chile

9,700,000

10,229,863

Food

Products

0.3%

f

Bimbo

Bakeries

USA,

Inc.

,

Senior

Bond

,

144A,

4

%

,

5/17/51

.....

Mexico

2,700,000

2,805,839

f

JBS

Finance

Luxembourg

SARL

,

Senior

Bond,

144A,

3.625%,

1/15/32

.....................

United

States

2,500,000

2,375,712

Senior

Note,

144A,

2.5%,

1/15/27

.......................

United

States

8,200,000

7,964,332

13,145,883

Health

Care

Equipment

&

Supplies

0.1%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.......

United

States

1,700,000

1,868,776

STERIS

Irish

FinCo.

UnLtd.

Co.

,

Senior

Note

,

2.7

%

,

3/15/31

.....

United

States

2,400,000

2,336,174

4,204,950

Health

Care

Providers

&

Services

1.0%

Anthem,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

..................

United

States

3,100,000

3,623,030

Centene

Corp.

,

Senior

Bond,

3%,

10/15/30

............................

United

States

12,300,000

11,954,309

Senior

Note,

4.25%,

12/15/27

..........................

United

States

2,000,000

2,051,940

CVS

Health

Corp.

,

Senior

Bond

,

4.78

%

,

3/25/38

..............

United

States

3,200,000

3,698,013

f

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,900,000

1,851,284

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

United

States

11,270,000

11,680,489

Orlando

Health

Obligated

Group

,

3.777

%

,

10/01/28

............

United

States

2,810,000

3,006,333

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

United

States

8,875,000

9,152,991

47,018,389

Hotels,

Restaurants

&

Leisure

1.4%

f

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/01/27

............

United

States

3,744,000

3,599,931

f

Genting

New

York

LLC

/

GENNY

Capital,

Inc.

,

Senior

Note

,

144A,

3.3

%

,

2/15/26

......................................

United

States

2,100,000

2,046,850

Las

Vegas

Sands

Corp.

,

Senior

Bond

,

3.9

%

,

8/08/29

...........

United

States

8,500,000

8,487,078

f

Melco

Resorts

Finance

Ltd.

,

Senior

Note

,

144A,

5.75

%

,

7/21/28

..

Hong

Kong

7,800,000

7,499,037

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

191

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

f

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

15,300,000

$

14,599,413

f

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

8/31/26

..

United

States

13,300,000

12,988,780

f

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

13,000,000

11,317,540

f

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

8/26/28

.........

Macau

7,800,000

7,148,115

67,686,744

Household

Durables

0.2%

Mohawk

Industries,

Inc.

,

Senior

Bond

,

3.625

%

,

5/15/30

.........

United

States

10,400,000

10,866,277

Independent

Power

and

Renewable

Electricity

Producers

0.2%

f

Colbun

SA

,

Senior

Bond

,

144A,

3.15

%

,

3/06/30

...............

Chile

4,400,000

4,247,672

f

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

3,300,000

3,250,384

f

Talen

Energy

Supply

LLC

,

Senior

Secured

Note

,

144A,

7.25

%

,

5/15/27

...........................................

United

States

3,000,000

2,693,490

10,191,546

Interactive

Media

&

Services

0.3%

f

Tencent

Holdings

Ltd.

,

Senior

Bond

,

144A,

2.39

%

,

6/03/30

......

China

15,000,000

14,322,080

Internet

&

Direct

Marketing

Retail

0.5%

Alibaba

Group

Holding

Ltd.

,

Senior

Bond,

3.4%,

12/06/27

...........................

China

14,700,000

15,284,426

Senior

Bond,

2.125%,

2/09/31

..........................

China

7,400,000

6,943,329

f

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

3.625

%

,

10/01/31

United

States

1,300,000

1,193,358

23,421,113

IT

Services

0.2%

Fiserv,

Inc.

,

Senior

Bond

,

2.65

%

,

6/01/30

...................

United

States

8,600,000

8,430,033

f

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

3,000,000

3,171,015

11,601,048

Life

Sciences

Tools

&

Services

0.0%

†

PerkinElmer,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

...............

United

States

1,800,000

1,678,984

Media

1.0%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

.......

United

States

18,200,000

17,252,787

Comcast

Corp.

,

Senior

Bond

,

4.25

%

,

1/15/33

................

United

States

10,000,000

11,312,088

f

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Secured

Note

,

144A,

5.375

%

,

8/15/26

....................

United

States

8,000,000

3,713,400

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

...................

United

States

4,800,000

5,817,361

Time

Warner

Cable

LLC

,

Senior

Secured

Bond,

6.55%,

5/01/37

....................

United

States

5,700,000

7,075,189

Senior

Secured

Bond,

6.75%,

6/15/39

....................

United

States

2,400,000

3,068,778

48,239,603

Multiline

Retail

0.3%

b,f,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

2,455,813

—

b,f,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

976,022

—

Kohl's

Corp.

,

Senior

Bond

,

3.375

%

,

5/01/31

.................

United

States

15,800,000

15,579,036

15,579,036

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

192

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Multi-Utilities

0.2%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

..

United

States

2,700,000

$

3,556,948

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

........

United

States

4,351,000

4,516,396

8,073,344

Oil,

Gas

&

Consumable

Fuels

2.2%

f

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

...............

Norway

10,400,000

10,892,967

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

...........

United

States

6,275,000

6,274,979

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75

%

,

11/15/39

...........

Canada

1,500,000

1,960,139

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

1,600,000

1,748,255

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

1,700,000

1,728,330

f

Continental

Resources,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/15/31

..

United

States

15,500,000

17,693,947

f

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/29

....................

United

States

3,500,000

3,532,007

Energy

Transfer

LP

,

Senior

Bond,

4.75%,

1/15/26

...........................

United

States

4,500,000

4,835,784

Senior

Bond,

5.15%,

2/01/43

...........................

United

States

6,000,000

6,313,338

Senior

Bond,

5%,

5/15/44

.............................

United

States

1,200,000

1,254,825

Senior

Note,

3.9%,

5/15/24

............................

United

States

3,600,000

3,725,620

EnLink

Midstream

LLC

,

Senior

Bond

,

5.375

%

,

6/01/29

.........

United

States

400,000

404,302

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

United

States

2,000,000

2,057,073

Exxon

Mobil

Corp.

,

Senior

Bond,

2.61%,

10/15/30

..........................

United

States

6,100,000

6,152,191

Senior

Bond,

3.452%,

4/15/51

..........................

United

States

2,000,000

2,075,922

f

Harvest

Operations

Corp.

,

Senior

Note

,

144A,

4.2

%

,

6/01/23

.....

South

Korea

3,800,000

3,927,600

f

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note,

144A,

10%,

2/29/24

......................

United

States

151,936

156,461

Secured

Note,

144A,

11.5%,

2/28/25

.....................

United

States

689,984

720,750

MPLX

LP

,

Senior

Bond,

4.7%,

4/15/48

............................

United

States

2,000,000

2,187,122

Senior

Note,

4.875%,

6/01/25

..........................

United

States

4,500,000

4,838,561

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.125

%

,

1/01/31

......

United

States

1,800,000

2,080,575

Phillips

66

,

Senior

Bond

,

2.15

%

,

12/15/30

...................

United

States

4,900,000

4,584,682

f

Rattler

Midstream

LP

,

Senior

Note

,

144A,

5.625

%

,

7/15/25

......

United

States

900,000

928,067

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note

,

4.5

%

,

5/15/29

..

United

States

1,400,000

1,373,029

TotalEnergies

Capital

International

SA

,

Senior

Bond

,

3.455

%

,

2/19/29

...........................................

France

1,800,000

1,902,916

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

......

Canada

3,400,000

3,685,816

f

Tullow

Oil

plc

,

Senior

Note

,

144A,

7

%

,

3/01/25

...............

Ghana

600,000

504,798

f

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

1,000,000

1,008,256

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

500,000

500,000

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.........

United

States

3,200,000

3,308,098

102,356,410

Paper

&

Forest

Products

0.2%

Suzano

Austria

GmbH

,

Senior

Bond,

3.75%,

1/15/31

...........................

Brazil

5,000,000

4,870,750

DM3N,

Senior

Bond,

3.125%,

1/15/32

....................

Brazil

7,300,000

6,762,611

11,633,361

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

193

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Products

0.2%

Avon

Products,

Inc.

,

Senior

Bond

,

6.5

%

,

3/15/23

..............

United

Kingdom

8,800,000

$

9,040,328

f

Oriflame

Investment

Holding

plc

,

Senior

Secured

Note

,

144A,

5.125

%

,

5/04/26

.....................................

Switzerland

2,600,000

2,326,350

11,366,678

Pharmaceuticals

0.3%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

.............

United

States

11,800,000

10,798,171

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

.....................................

Israel

2,000,000

1,943,700

12,741,871

Real

Estate

Management

&

Development

0.3%

f

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

.....................................

China

12,900,000

11,358,450

f

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

...............................

United

States

600,000

619,695

f

Vivion

Investments

SARL

,

Senior

Note

,

Reg

S,

3

%

,

8/08/24

.....

Luxembourg

1,700,000

EUR

1,828,763

13,806,908

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond,

4.9%,

4/01/44

............................

United

States

1,600,000

1,980,231

Senior

Bond,

3.9%,

8/01/46

............................

United

States

5,000,000

5,525,525

f

Kazakhstan

Temir

Zholy

Finance

BV

,

Senior

Bond

,

144A,

6.95

%

,

7/10/42

...........................................

Kazakhstan

7,500,000

9,390,300

16,896,056

Semiconductors

&

Semiconductor

Equipment

0.4%

f

SK

Hynix,

Inc.

,

Senior

Bond

,

144A,

2.375

%

,

1/19/31

...........

South

Korea

20,500,000

19,089,862

Specialty

Retail

0.1%

AutoNation,

Inc.

,

Senior

Bond

,

4.75

%

,

6/01/30

...............

United

States

2,400,000

2,654,410

Thrifts

&

Mortgage

Finance

0.4%

Radian

Group,

Inc.

,

Senior

Note

,

4.875

%

,

3/15/27

.............

United

States

16,800,000

17,420,004

Tobacco

0.5%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

5/06/30

................

United

States

21,900,000

22,032,013

Wireless

Telecommunication

Services

1.1%

America

Movil

SAB

de

CV

,

Senior

Bond

,

2.875

%

,

5/07/30

.......

Mexico

12,200,000

12,256,707

T-Mobile

USA,

Inc.

,

Senior

Secured

Bond,

4.375%,

4/15/40

...................

United

States

3,400,000

3,655,074

Senior

Secured

Bond,

3.3%,

2/15/51

.....................

United

States

5,700,000

5,155,982

Senior

Secured

Note,

3.875%,

4/15/30

...................

United

States

10,000,000

10,495,464

Vodafone

Group

plc

,

Senior

Bond

,

6.15

%

,

2/27/37

.............

United

Kingdom

16,000,000

20,724,425

52,287,652

Total

Corporate

Bonds

(Cost

$977,991,698)

.....................................

954,003,922

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

194

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

h

Senior

Floating

Rate

Interests

1.3%

Aerospace

&

Defense

0.2%

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

5,125,550

$

5,029,445

2020

Term

Loan,

B2,

3.724%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

...........................................

United

States

2,755,672

2,704,003

7,733,448

a

a

a

a

a

a

Airlines

0.4%

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

...........................................

Canada

13,000,000

13,062,270

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

..........................................

Canada

4,247,989

4,157,125

17,219,395

a

a

a

a

a

a

Diversified

Consumer

Services

0.1%

KUEHG

Corp.

,

Term

Loan,

B3

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

.....................................

United

States

6,558,701

6,482,194

Entertainment

0.1%

Diamond

Sports

Group

LLC

,

Term

Loan

,

3.36

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/24/26

..............................

United

States

4,777,809

1,975,337

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

2.86

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

..............................

United

States

4,540,834

4,472,086

6,447,423

a

a

a

a

a

a

Leisure

Products

0.3%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

..........................................

United

States

7,531,743

7,416,433

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

4,528,448

4,474,265

Term

Loan,

B2,

3.474%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

645,585

637,860

12,528,558

a

a

a

a

a

a

Media

0.1%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........................

United

States

6,059,215

6,087,088

Personal

Products

0.1%

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.354

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

.....................................

United

States

4,852,502

4,786,653

Total

Senior

Floating

Rate

Interests

(Cost

$63,099,473)

..........................

61,284,759

b

Marketplace

Loans

2.5%

Diversified

Financial

Services

2.5%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$121,617,491)

...................................

118,584,180

Foreign

Government

and

Agency

Securities

5.4%

f

African

Export-Import

Bank

(The)

,

Senior

Bond,

144A,

3.994%,

9/21/29

.....................

Supranational

i

1,400,000

1,425,914

Senior

Bond,

144A,

3.798%,

5/17/31

.....................

Supranational

i

11,600,000

11,602,030

f

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

...........................................

Supranational

i

10,700,000

11,603,722

f

Belarus

Government

Bond

,

Senior

Bond

,

144A,

7.625

%

,

6/29/27

.

Belarus

13,300,000

11,690,567

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

195

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Brazil

Government

Bond

,

Senior

Bond

,

5.625

%

,

2/21/47

........

Brazil

6,500,000

$

6,147,050

Colombia

Government

Bond

,

Senior

Bond

,

5

%

,

6/15/45

........

Colombia

8,800,000

7,510,888

f

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348

%

,

2/09/31

...........................................

Mexico

12,200,000

11,446,894

f

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

...........................................

Chile

6,500,000

6,758,844

f

Dominican

Republic

Government

Bond

,

Senior

Note

,

144A,

8.9

%

,

2/15/23

...........................................

Dominican

Republic

610,400,000

DOP

10,910,707

Ecopetrol

SA

,

Senior

Bond,

5.375%,

6/26/26

..........................

Colombia

6,200,000

6,418,860

Senior

Bond,

4.625%,

11/02/31

.........................

Colombia

7,000,000

6,461,280

f

Egypt

Government

Bond

,

Senior

Bond,

144A,

7.625%,

5/29/32

.....................

Egypt

5,000,000

4,507,570

Senior

Bond,

144A,

8.875%,

5/29/50

.....................

Egypt

4,500,000

3,867,161

f,j

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

5.25%

to

1/29/23,

FRN

thereafter

,

Perpetual

.............................

France

24,000,000

24,420,000

f

Gabon

Government

Bond

,

Senior

Bond

,

144A,

6.625

%

,

2/06/31

..

Gabon

5,000,000

4,856,860

f

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

9,100,000

9,935,219

f

Iraq

Government

Bond

,

Senior

Bond

,

144A,

5.8

%

,

1/15/28

......

Iraq

12,225,000

11,750,670

f

Israel

Electric

Corp.

Ltd.

,

Senior

Secured

Bond

,

144A,

Reg

S,

4.25

%

,

8/14/28

...........................................

Israel

6,700,000

7,290,438

f

Nigeria

Government

Bond

,

Senior

Bond

,

144A,

9.248

%

,

1/21/49

.

Nigeria

3,600,000

3,605,670

f

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75

%

,

4/17/26

..

Panama

5,700,000

5,928,570

Peru

Government

Bond

,

Senior

Bond,

2.783%,

1/23/31

..........................

Peru

8,000,000

7,750,880

Senior

Bond,

6.55%,

3/14/37

...........................

Peru

2,900,000

3,815,109

Petroleos

Mexicanos

,

Senior

Bond

,

6.625

%

,

6/15/35

..........

Mexico

6,000,000

5,603,880

f

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.125

%

,

1/22/44

Romania

9,500,000

11,867,704

f

Russia

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

9/16/23

..

Russia

11,600,000

12,066,436

e

South

Africa

Government

Bond

,

Senior

Bond

,

5.875

%

,

6/22/30

...

South

Africa

9,500,000

10,350,250

f

Tunisia

Government

Bond

,

Senior

Bond

,

144A,

5.75

%

,

1/30/25

..

Tunisia

8,000,000

6,219,280

Turkey

Government

Bond

,

Senior

Bond

,

5.25

%

,

3/13/30

........

Turkey

16,000,000

13,734,720

f

Ukraine

Government

Bond

,

Senior

Bond,

144A,

7.75%,

9/01/26

......................

Ukraine

229,000

200,897

Senior

Bond,

144A,

7.75%,

9/01/27

......................

Ukraine

229,000

201,885

Senior

Bond,

144A,

7.375%,

9/25/32

.....................

Ukraine

12,400,000

10,522,888

Senior

Note,

144A,

7.75%,

9/01/22

.......................

Ukraine

229,000

220,446

Senior

Note,

144A,

7.75%,

9/01/23

.......................

Ukraine

229,000

211,600

Senior

Note,

144A,

7.75%,

9/01/24

.......................

Ukraine

229,000

204,817

Senior

Note,

144A,

7.75%,

9/01/25

.......................

Ukraine

229,000

202,070

k

VRI,

GDP

Linked

Security,

Senior

Bond,

144A,

5/31/40

.......

Ukraine

474,000

359,790

Total

Foreign

Government

and

Agency

Securities

(Cost

$268,519,609)

............

251,671,566

U.S.

Government

and

Agency

Securities

22.4%

U.S.

Treasury

Bonds

,

1.125%,

5/15/40

.....................................

United

States

25,000,000

21,100,586

1.125%,

8/15/40

.....................................

United

States

5,800,000

4,876,984

1.75%,

8/15/41

.....................................

United

States

11,500,000

10,712,969

3.125%,

11/15/41

....................................

United

States

12,000,000

13,886,250

2.5%,

5/15/46

......................................

United

States

9,000,000

9,543,164

2.25%,

8/15/46

.....................................

United

States

28,800,000

29,190,375

2.75%,

11/15/47

.....................................

United

States

25,500,000

28,497,246

3.125%,

5/15/48

.....................................

United

States

16,500,000

19,802,578

3%,

8/15/48

........................................

United

States

17,000,000

19,975,664

2.875%,

5/15/49

.....................................

United

States

14,000,000

16,191,328

2.25%,

8/15/49

.....................................

United

States

39,000,000

40,038,984

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

196

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Bonds,

(continued)

1.25%,

5/15/50

.....................................

United

States

6,500,000

$

5,288,613

2.375%,

5/15/51

.....................................

United

States

15,800,000

16,730,719

1.875%,

11/15/51

....................................

United

States

9,000,000

8,535,938

U.S.

Treasury

Notes

,

0.125%,

1/31/23

.....................................

United

States

75,000,000

74,488,073

1.125%,

2/28/25

.....................................

United

States

50,000,000

49,591,797

0.25%,

6/30/25

.....................................

United

States

145,000,000

139,200,000

0.25%,

7/31/25

.....................................

United

States

90,000,000

86,280,469

0.25%,

8/31/25

.....................................

United

States

74,000,000

70,811,641

0.25%,

9/30/25

.....................................

United

States

150,000,000

143,402,343

0.375%,

11/30/25

....................................

United

States

128,000,000

122,555,000

0.375%,

12/31/25

....................................

United

States

124,000,000

118,599,219

0.75%,

5/31/26

.....................................

United

States

2,000,000

1,930,781

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,080,599,170)

..............

1,051,230,721

Asset-Backed

Securities

13.1%

Airlines

0.1%

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

..

United

States

1,296,000

1,342,305

Commercial

Services

&

Supplies

0.1%

f,l

Armada

Euro

CLO

IV

DAC

,

4A

,

B

,

144A,

FRN

,

1.7

%

,

7/15/33

.

....

Ireland

5,100,000

EUR

5,735,632

Diversified

Financial

Services

12.9%

f,m

Adagio

CLO

VIII

DAC

,

VIII-A

,

B1

,

144A,

FRN

,

1.65

%

,

(

3-month

EURIBOR

+

1.65

%

),

4/15/32

.

...........................

Ireland

2,050,000

EUR

2,304,577

f,m

AMMC

CLO

15

Ltd.

,

2014-15A

,

BR3

,

144A,

FRN

,

1.891

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

1/15/32

.

.........................

United

States

945,000

945,458

f,m

AMMC

CLO

21

Ltd.

,

2017-21A

,

C

,

144A,

FRN

,

2.232

%

,

(

3-month

USD

LIBOR

+

2.1

%

),

11/02/30

.

.........................

United

States

1,000,000

997,558

f,m

AMMC

CLO

XI

Ltd.

,

2012-11A,

BR2,

144A,

FRN,

1.899%,

(3-month

USD

LIBOR

+

1.6%),

4/30/31

......................................

United

States

5,050,000

5,058,835

2012-11A,

CR2,

144A,

FRN,

2.199%,

(3-month

USD

LIBOR

+

1.9%),

4/30/31

......................................

United

States

2,750,000

2,742,000

f,m

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

1.904

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

4/20/31

.

.............................

United

States

12,900,000

12,887,100

f,m

Ares

European

CLO

VIII

DAC

,

8A

,

BR

,

144A,

FRN

,

1.6

%

,

(

3-month

EURIBOR

+

1.6

%

),

4/17/32

.

............................

Ireland

2,900,000

EUR

3,254,037

f,m

Ares

XLVIII

CLO

Ltd.

,

2018-48A

,

D

,

144A,

FRN

,

2.954

%

,

(

3-month

USD

LIBOR

+

2.7

%

),

7/20/30

.

..........................

United

States

2,000,000

1,918,649

f,m

Bain

Capital

Credit

CLO

Ltd.

,

2018-1A,

A1,

144A,

FRN,

1.219%,

(3-month

USD

LIBOR

+

0.96%),

4/23/31

.....................................

United

States

12,000,000

12,005,995

2018-1A,

A2,

144A,

FRN,

1.409%,

(3-month

USD

LIBOR

+

1.15%),

4/23/31

.....................................

United

States

5,100,000

5,102,540

2020-4A,

B,

144A,

FRN,

2.204%,

(3-month

USD

LIBOR

+

1.95%),

10/20/33

..........................................

United

States

8,350,000

8,365,297

f,m

BCC

Middle

Market

CLO

LLC

,

2018-1A

,

A2

,

144A,

FRN

,

2.404

%

,

(

3-month

USD

LIBOR

+

2.15

%

),

10/20/30

.

.................

United

States

5,100,000

5,081,797

f,m

Blackrock

European

CLO

IX

DAC

,

9A

,

A

,

144A,

FRN

,

0.9

%

,

(

3-month

EURIBOR

+

0.9

%

),

12/15/32

.

...................

Ireland

17,350,000

EUR

19,469,804

f,m

BlueMountain

CLO

Ltd.

,

2014-2A,

CR2,

144A,

FRN,

2.454%,

(3-month

USD

LIBOR

+

2.2%),

10/20/30

.....................................

United

States

4,700,000

4,708,028

2016-3A,

CR,

144A,

FRN,

2.356%,

(3-month

USD

LIBOR

+

2.2%),

11/15/30

..........................................

United

States

500,000

500,455

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

197

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,m

BlueMountain

CLO

Ltd.,

(continued)

2018-1A,

B,

144A,

FRN,

1.999%,

(3-month

USD

LIBOR

+

1.7%),

7/30/30

...........................................

United

States

272,725

$

272,930

2018-3A,

C,

144A,

FRN,

2.458%,

(3-month

USD

LIBOR

+

2.2%),

10/25/30

..........................................

United

States

1,071,430

1,073,276

f,m

BlueMountain

Fuji

EUR

CLO

V

DAC

,

5A

,

B

,

144A,

FRN

,

1.55

%

,

(

3-month

EURIBOR

+

1.55

%

),

1/15/33

.

...................

Ireland

6,250,000

EUR

6,998,437

f,m

BlueMountain

Fuji

US

CLO

III

Ltd.

,

2017-3A,

C,

144A,

FRN,

1.941%,

(3-month

USD

LIBOR

+

1.7%),

1/15/30

...........................................

United

States

2,300,000

2,282,384

2017-3A,

D,

144A,

FRN,

2.641%,

(3-month

USD

LIBOR

+

2.4%),

1/15/30

...........................................

United

States

1,600,000

1,575,418

f,m

Burnham

Park

CLO

Ltd.

,

2016-1A

,

BR

,

144A,

FRN

,

1.754

%

,

(

3-month

USD

LIBOR

+

1.5

%

),

10/20/29

.

..................

United

States

1,488,189

1,485,188

f,m

Buttermilk

Park

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

2.341

%

,

(

3-month

USD

LIBOR

+

2.1

%

),

10/15/31

.

..................

United

States

1,452,380

1,454,189

f,m

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

A1R2,

144A,

FRN,

1.211%,

(3-month

USD

LIBOR

+

0.97%),

4/17/31

.....................................

United

States

722,802

722,802

2014-1A,

A2R2,

144A,

FRN,

1.371%,

(3-month

USD

LIBOR

+

1.13%),

4/17/31

.....................................

United

States

6,300,000

6,300,059

2014-1A,

DR,

144A,

FRN,

2.841%,

(3-month

USD

LIBOR

+

2.6%),

4/17/31

...........................................

United

States

3,175,000

3,092,315

f,m

Carlyle

GMS

Finance

MM

CLO

LLC

,

2015-1A

,

A2R

,

144A,

FRN

,

2.441

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/31

.

...........

United

States

10,000,000

9,953,589

f,m

Carlyle

US

CLO

Ltd.

,

2017-4A,

C,

144A,

FRN,

3.041%,

(3-month

USD

LIBOR

+

2.8%),

1/15/30

...........................................

United

States

545,000

526,782

2017-5A,

A2,

144A,

FRN,

1.654%,

(3-month

USD

LIBOR

+

1.4%),

1/20/30

...........................................

United

States

2,740,000

2,738,573

2017-5A,

B,

144A,

FRN,

2.054%,

(3-month

USD

LIBOR

+

1.8%),

1/20/30

...........................................

United

States

7,000,000

6,981,575

f,m

Cent

CLO

21

Ltd.

,

2014-21A

,

CR2

,

144A,

FRN

,

3.468

%

,

(

3-month

USD

LIBOR

+

3.2

%

),

7/27/30

.

..........................

United

States

3,123,000

3,092,565

f,l

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-14,

PT,

144A,

FRN,

9.77%,

9/16/41

..................

United

States

10,912

10,272

2018-29,

PT,

144A,

FRN,

25.081%,

12/15/43

...............

United

States

376,551

371,955

2019-26,

PT,

144A,

FRN,

17.366%,

8/15/44

................

United

States

1,767,976

1,751,505

2019-31,

PT,

144A,

FRN,

16.917%,

9/15/44

................

United

States

1,569,316

1,540,587

2019-37,

PT,

144A,

FRN,

17.917%,

10/17/44

...............

United

States

1,844,107

1,805,768

2019-42,

PT,

144A,

FRN,

17.17%,

11/15/44

................

United

States

2,188,640

2,165,933

2019-51,

PT,

144A,

FRN,

15.325%,

1/15/45

................

United

States

2,682,600

2,659,715

2019-52,

PT,

144A,

FRN,

16.217%,

1/15/45

................

United

States

2,781,145

2,776,565

2019-S1,

PT,

144A,

FRN,

13.764%,

4/15/44

................

United

States

763,367

742,978

2019-S2,

PT,

144A,

FRN,

13.895%,

5/16/44

................

United

States

601,450

589,103

2019-S3,

PT,

144A,

FRN,

12.778%,

6/15/44

................

United

States

1,029,487

1,013,971

2019-S4,

PT,

144A,

FRN,

10.207%,

8/15/44

................

United

States

1,276,695

1,267,162

2019-S5,

PT,

144A,

FRN,

12.571%,

9/15/44

................

United

States

1,355,893

1,341,902

2019-S6,

PT,

144A,

FRN,

10.816%,

10/17/44

...............

United

States

1,316,926

1,286,357

2019-S7,

PT,

144A,

FRN,

11.228%,

12/15/44

...............

United

States

1,434,173

1,408,151

2019-S8,

PT,

144A,

FRN,

9.822%,

1/15/45

.................

United

States

1,907,225

1,864,988

2020-2,

PT,

144A,

FRN,

15.725%,

3/15/45

.................

United

States

2,787,010

2,769,349

2020-7,

PT,

144A,

FRN,

15.469%,

4/17/45

.................

United

States

1,706,851

1,674,034

f,m

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

1.361

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

4/17/30

.

.........................

United

States

6,000,000

5,956,704

m

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

0.858

%

,

(

1-month

USD

LIBOR

+

0.75

%

),

3/25/34

.

....................................

United

States

167,389

167,073

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

198

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,m

Dryden

45

Senior

Loan

Fund

,

2016-45A

,

CR

,

144A,

FRN

,

2.441

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/30

.

..................

United

States

1,250,000

$

1,250,941

f,m

Dryden

55

CLO

Ltd.

,

2018-55A

,

D

,

144A,

FRN

,

3.091

%

,

(

3-month

USD

LIBOR

+

2.85

%

),

4/15/31

.

.........................

United

States

2,000,000

1,925,085

f,m

Ellington

CLO

III

Ltd.

,

2018-3A,

A1,

144A,

FRN,

1.904%,

(3-month

USD

LIBOR

+

1.65%),

7/20/30

.....................................

United

States

5,123,962

5,112,059

2018-3A,

A2R,

144A,

FRN,

2.004%,

(3-month

USD

LIBOR

+

1.75%),

7/20/30

.....................................

United

States

9,488,818

9,490,529

f

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

...

United

States

11,576,974

11,182,206

f,m

Galaxy

XXVII

CLO

Ltd.

,

2018-27A,

A,

144A,

FRN,

1.175%,

(3-month

USD

LIBOR

+

1.02%),

5/16/31

.....................................

United

States

1,000,000

999,074

2018-27A,

C,

144A,

FRN,

1.955%,

(3-month

USD

LIBOR

+

1.8%),

5/16/31

...........................................

United

States

4,000,000

3,998,531

f,m

Gilbert

Park

CLO

Ltd.

,

2017-1A

,

B

,

144A,

FRN

,

1.841

%

,

(

3-month

USD

LIBOR

+

1.6

%

),

10/15/30

.

.........................

United

States

1,000,000

1,001,758

f,m

Halcyon

Loan

Advisors

Funding

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

2.054

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

7/21/31

.

............

United

States

4,500,000

4,454,405

f,m

Hayfin

US

XII

Ltd.

,

2018-9A

,

BR

,

144A,

FRN

,

2.078

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

4/28/31

.

..........................

United

States

14,500,000

14,487,316

f,m

Highbridge

Loan

Management

Ltd.

,

2013-2A

,

BR

,

144A,

FRN

,

2.154

%

,

(

3-month

USD

LIBOR

+

1.9

%

),

10/20/29

.

...........

United

States

700,000

695,998

f,m

Holland

Park

CLO

DAC

,

1A

,

A1RR

,

144A,

FRN

,

0.92

%

,

(

3-month

EURIBOR

+

0.92

%

),

11/14/32

.

..........................

Ireland

50,450,000

EUR

56,782,293

f

Home

Partners

of

America

Trust

,

2021-2,

B,

144A,

2.302%,

12/17/26

......................

United

States

15,831,678

15,511,692

2021-3,

B,

144A,

2.649%,

1/17/41

.......................

United

States

6,347,000

6,296,163

f,m

HPS

Loan

Management

Ltd.

,

13A-18

,

C

,

144A,

FRN

,

2.391

%

,

(

3-month

USD

LIBOR

+

2.15

%

),

10/15/30

.

.................

United

States

3,000,000

3,002,909

f,m

LCM

26

Ltd.

,

26A,

B,

144A,

FRN,

1.654%,

(3-month

USD

LIBOR

+

1.4%),

1/20/31

...........................................

United

States

2,000,000

1,997,000

26A,

C,

144A,

FRN,

2.054%,

(3-month

USD

LIBOR

+

1.8%),

1/20/31

...........................................

United

States

9,600,000

9,508,388

26A,

D,

144A,

FRN,

2.754%,

(3-month

USD

LIBOR

+

2.5%),

1/20/31

...........................................

United

States

600,000

563,305

f,m

LCM

XVIII

LP

,

18A,

BR,

144A,

FRN,

1.854%,

(3-month

USD

LIBOR

+

1.6%),

4/20/31

...........................................

United

States

1,090,000

1,085,367

18A,

CR,

144A,

FRN,

2.104%,

(3-month

USD

LIBOR

+

1.85%),

4/20/31

...........................................

United

States

2,000,000

1,979,485

f,m

LCM

XXII

Ltd.

,

22A,

A2R,

144A,

FRN,

1.704%,

(3-month

USD

LIBOR

+

1.45%),

10/20/28

..........................................

United

States

1,000,000

996,289

22A,

CR,

144A,

FRN,

3.054%,

(3-month

USD

LIBOR

+

2.8%),

10/20/28

..........................................

United

States

1,000,000

988,131

f,m

Logan

CLO

I

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

1.414

%

,

(

3-month

USD

LIBOR

+

1.16

%

),

7/20/34

.

.............................

United

States

4,750,000

4,752,372

f,m

Long

Point

Park

CLO

Ltd.

,

2017-1A,

A2,

144A,

FRN,

1.616%,

(3-month

USD

LIBOR

+

1.375%),

1/17/30

....................................

United

States

5,800,000

5,762,478

2017-1A,

B,

144A,

FRN,

1.941%,

(3-month

USD

LIBOR

+

1.7%),

1/17/30

...........................................

United

States

2,700,000

2,681,262

2017-1A,

C,

144A,

FRN,

2.641%,

(3-month

USD

LIBOR

+

2.4%),

1/17/30

...........................................

United

States

3,100,000

2,984,485

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

199

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,m

Madison

Park

Euro

Funding

VIII

DAC

,

8A,

ARN,

144A,

FRN,

0.95%,

(3-month

EURIBOR

+

0.95%),

4/15/32

...........................................

Ireland

33,550,000

EUR

$

37,845,237

n

8A,

ARR,

144A,

FRN,

0.82%,

(3-month

EURIBOR

+

0.82%),

4/15/32

...........................................

Ireland

36,350,000

EUR

40,841,043

f,m

Madison

Park

Funding

XIII

Ltd.

,

2014-13A

,

DR2

,

144A,

FRN

,

3.098

%

,

(

3-month

USD

LIBOR

+

2.85

%

),

4/19/30

.

...........

United

States

1,973,000

1,923,833

f,m

Madison

Park

Funding

XLII

Ltd.

,

13A,

B,

144A,

FRN,

1.759%,

(3-month

USD

LIBOR

+

1.5%),

11/21/30

..........................................

United

States

2,700,000

2,693,776

13A,

C,

144A,

FRN,

2.059%,

(3-month

USD

LIBOR

+

1.8%),

11/21/30

..........................................

United

States

3,753,500

3,722,235

f,m

Madison

Park

Funding

XXII

Ltd.

,

2016-22A

,

CR

,

144A,

FRN

,

2.241

%

,

(

3-month

USD

LIBOR

+

2

%

),

1/15/33

.

..............

United

States

7,790,000

7,799,737

f,m

Madison

Park

Funding

XXIX

Ltd.

,

2018-29A

,

C

,

144A,

FRN

,

2.441

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/18/30

.

..................

United

States

1,072,581

1,073,380

f,m

Madison

Park

Funding

XXVII

Ltd.

,

2018-27A

,

C

,

144A,

FRN

,

2.854

%

,

(

3-month

USD

LIBOR

+

2.6

%

),

4/20/30

.

............

United

States

2,125,000

2,103,490

f,m

Madison

Park

Funding

XXXI

Ltd.

,

2018-31A,

B,

144A,

FRN,

1.959%,

(3-month

USD

LIBOR

+

1.7%),

1/23/31

...........................................

United

States

1,500,000

1,501,157

2018-31A,

C,

144A,

FRN,

2.409%,

(3-month

USD

LIBOR

+

2.15%),

1/23/31

.....................................

United

States

650,000

651,118

f,m

Magnetite

VII

Ltd.

,

2012-7A

,

CR2

,

144A,

FRN

,

2.291

%

,

(

3-month

USD

LIBOR

+

2.05

%

),

1/15/28

.

.........................

United

States

2,000,000

1,978,261

f,l

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.

...........................................

United

States

8,436,356

8,590,095

f,m

Neuberger

Berman

CLO

XVIII

Ltd.

,

2014-18A

,

A1BR

,

144A,

FRN

,

1.655

%

,

(

3-month

USD

LIBOR

+

1.4

%

),

10/21/30

.

...........

United

States

1,700,000

1,700,000

f,m

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA,

CR,

144A,

FRN,

2.141%,

(3-month

USD

LIBOR

+

1.9%),

4/15/34

......................................

United

States

2,350,000

2,338,646

2017-16SA,

DR,

144A,

FRN,

3.141%,

(3-month

USD

LIBOR

+

2.9%),

4/15/34

......................................

United

States

650,000

647,824

f,m

Neuberger

Berman

Loan

Advisers

CLO

27

Ltd.

,

2018-27A

,

C

,

144A,

FRN

,

1.941

%

,

(

3-month

USD

LIBOR

+

1.7

%

),

1/15/30

.

........

United

States

4,900,000

4,888,247

f

New

Economy

Assets

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

....................................

United

States

19,400,000

18,925,090

f,m

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

C

,

144A,

FRN

,

2.941

%

,

(

3-month

USD

LIBOR

+

2.7

%

),

4/16/31

.

............

United

States

9,050,000

8,661,439

f,m

Octagon

Investment

Partners

33

Ltd.

,

2017-1A,

A2,

144A,

FRN,

1.754%,

(3-month

USD

LIBOR

+

1.5%),

1/20/31

...........................................

United

States

400,000

400,220

2017-1A,

C,

144A,

FRN,

3.004%,

(3-month

USD

LIBOR

+

2.75%),

1/20/31

...........................................

United

States

2,800,000

2,775,510

f,m

Octagon

Investment

Partners

35

Ltd.

,

2018-1A,

A1B,

144A,

FRN,

1.354%,

(3-month

USD

LIBOR

+

1.1%),

1/20/31

......................................

United

States

3,325,000

3,301,468

2018-1A,

B,

144A,

FRN,

1.954%,

(3-month

USD

LIBOR

+

1.7%),

1/20/31

...........................................

United

States

450,000

446,411

f,m

Octagon

Investment

Partners

36

Ltd.

,

2018-1A,

A1,

144A,

FRN,

1.211%,

(3-month

USD

LIBOR

+

0.97%),

4/15/31

...........................................

United

States

18,000,000

17,960,719

2018-1A,

A2,

144A,

FRN,

1.441%,

(3-month

USD

LIBOR

+

1.2%),

4/15/31

...........................................

United

States

8,500,000

8,465,552

f,m

Octagon

Investment

Partners

37

Ltd.

,

2018-2A

,

C

,

144A,

FRN

,

3.108

%

,

(

3-month

USD

LIBOR

+

2.85

%

),

7/25/30

.

...........

United

States

2,000,000

1,992,029

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

200

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

f,m

Octagon

Investment

Partners

38

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

3.204

%

,

(

3-month

USD

LIBOR

+

2.95

%

),

7/20/30

.

...........

United

States

4,000,000

$

3,842,434

f,m

Octagon

Investment

Partners

XVII

Ltd.

,

2013-1A,

BR2,

144A,

FRN,

1.658%,

(3-month

USD

LIBOR

+

1.4%),

1/25/31

......................................

United

States

4,020,000

3,991,535

2013-1A,

CR2,

144A,

FRN,

1.958%,

(3-month

USD

LIBOR

+

1.7%),

1/25/31

......................................

United

States

5,250,000

5,177,297

f,m

Octagon

Loan

Funding

Ltd.

,

2014-1A

,

CRR

,

144A,

FRN

,

2.36

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

11/18/31

.

..................

United

States

750,000

747,282

f,m

Palmer

Square

CLO

Ltd.

,

2021-2A

,

A

,

144A,

FRN

,

1.391

%

,

(

3-month

USD

LIBOR

+

1.15

%

),

7/15/34

.

.........................

United

States

1,000,000

1,001,151

f,m

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

1.33

%

,

(

3-month

USD

LIBOR

+

1.17

%

),

5/18/34

.

.........................

United

States

4,500,000

4,503,782

f,l

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

8.796%,

3/15/26

.................

United

States

1,631,223

1,660,867

2020-PT2,

A,

144A,

FRN,

9.444%,

4/15/26

.................

United

States

1,970,397

1,938,007

2020-PT3,

A,

144A,

FRN,

7.183%,

5/15/26

.................

United

States

562,728

565,324

f,m

Race

Point

X

CLO

Ltd.

,

2016-10A

,

B1R

,

144A,

FRN

,

1.908

%

,

(

3-month

USD

LIBOR

+

1.65

%

),

7/25/31

.

..................

United

States

3,600,000

3,602,631

f,m

Sound

Point

CLO

V-R

Ltd.

,

2014-1RA

,

D

,

144A,

FRN

,

3.341

%

,

(

3-month

USD

LIBOR

+

3.1

%

),

7/18/31

.

...................

United

States

5,780,000

5,589,225

f,m

Strata

CLO

I

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

2.441

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

1/15/31

.

..............................

United

States

11,000,000

10,991,223

f,m

TCI-Flatiron

CLO

Ltd.

,

2017-1A,

B,

144A,

FRN,

1.718%,

(3-month

USD

LIBOR

+

1.56%),

11/18/30

..........................................

United

States

3,500,000

3,498,745

2017-1A,

C,

144A,

FRN,

2.008%,

(3-month

USD

LIBOR

+

1.85%),

11/18/30

..........................................

United

States

2,800,000

2,801,040

f,m

TICP

CLO

VI

Ltd.

,

2016-6A

,

AR2

,

144A,

FRN

,

1.361

%

,

(

3-month

USD

LIBOR

+

1.12

%

),

1/15/34

.

.........................

United

States

9,200,000

9,209,119

f,l

Towd

Point

Mortgage

Trust

,

2017-1,

A1,

144A,

FRN,

2.75%,

10/25/56

..................

United

States

2,227,977

2,245,044

2017-1,

A2,

144A,

FRN,

3.5%,

10/25/56

...................

United

States

8,862,000

9,073,431

2017-2,

A1,

144A,

FRN,

2.75%,

4/25/57

...................

United

States

1,032,279

1,039,936

f,l

Upgrade

Master

Pass-Thru

Trust

,

2019-PT1,

A,

144A,

FRN,

16.574%,

6/15/25

................

United

States

505,217

473,566

2019-PT2,

A,

144A,

FRN,

15.773%,

2/15/26

................

United

States

1,481,273

1,516,804

f,m

Voya

CLO

Ltd.

,

2013-2A,

CR,

144A,

FRN,

3.008%,

(3-month

USD

LIBOR

+

2.75%),

4/25/31

.....................................

United

States

1,650,000

1,551,775

2014-1A,

BR2,

144A,

FRN,

2.141%,

(3-month

USD

LIBOR

+

1.9%),

4/18/31

......................................

United

States

1,000,000

992,239

2014-1A,

CR2,

144A,

FRN,

3.041%,

(3-month

USD

LIBOR

+

2.8%),

4/18/31

......................................

United

States

3,750,000

3,528,944

2016-3A,

CR,

144A,

FRN,

3.491%,

(3-month

USD

LIBOR

+

3.25%),

10/18/31

....................................

United

States

2,547,170

2,458,681

2018-2A,

A2,

144A,

FRN,

1.491%,

(3-month

USD

LIBOR

+

1.25%),

7/15/31

.....................................

United

States

1,500,000

1,489,125

2018-2A,

C1,

144A,

FRN,

2.091%,

(3-month

USD

LIBOR

+

1.85%),

7/15/31

.....................................

United

States

700,000

698,430

f,m

Webster

Park

CLO

Ltd.

,

2015-1A

,

BR

,

144A,

FRN

,

2.054

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

7/20/30

.

..........................

United

States

2,000,000

1,986,976

605,946,935

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

201

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Road

&

Rail

0.0%

†

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

2005-1

,

5.082

%

,

1/02/29

.

...........................................

United

States

47,600

$

52,613

Total

Asset-Backed

Securities

(Cost

$611,314,268)

..............................

613,077,485

Commercial

Mortgage-Backed

Securities

0.7%

Diversified

Financial

Services

0.7%

f,m

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

1.056

%

,

(

1-month

USD

LIBOR

+

0.95

%

),

9/15/36

..................

United

States

9,840,000

9,755,723

f,m

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

1.006

%

,

(

1-month

USD

LIBOR

+

0.899

%

),

10/15/36

........................

United

States

9,220,000

9,118,160

l

Commercial

Mortgage

Trust

,

2006-GG7

,

AJ

,

FRN

,

6.214

%

,

7/10/38

United

States

1,576,925

1,303,525

f,m

DBCG

Mortgage

Trust

,

2017-BBG

,

A

,

144A,

FRN

,

0.806

%

,

(

1-month

USD

LIBOR

+

0.7

%

),

6/15/34

...........................

United

States

9,840,000

9,818,655

f,l

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

.....................................

United

States

3,255,000

3,396,893

33,392,956

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

0.0%

†

m

FNMA

,

2005-122

,

FN

,

FRN

,

0.458

%

,

(

1-month

USD

LIBOR

+

0.35

%

),

1/25/36

.....................................

United

States

380,188

368,009

b

Weyerhaeuser

Mortgage

Co.

of

Texas

,

1984-A

,

7.43

%

,

1/01/24

...

United

States

4,750

4,749

372,758

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$34,071,660)

................

33,765,714

Mortgage-Backed

Securities

14.4%

o

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC,

1.475%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

..

United

States

675,454

677,870

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.6%

FHLMC

Gold

Pools,

15

Year,

5.5%,

11/01/22

.................

United

States

7,058

7,092

FHLMC

Gold

Pools,

15

Year,

6%,

8/01/22

-

9/01/22

............

United

States

5,159

5,187

FHLMC

Gold

Pools,

30

Year,

4.5%,

3/01/39

..................

United

States

685,510

752,569

FHLMC

Gold

Pools,

30

Year,

5%,

8/01/33

-

2/01/39

............

United

States

4,413,672

4,956,693

FHLMC

Gold

Pools,

30

Year,

5.5%,

1/01/35

-

12/01/37

.........

United

States

361,910

409,589

FHLMC

Gold

Pools,

30

Year,

6%,

5/01/33

-

4/01/38

............

United

States

504,390

579,070

FHLMC

Gold

Pools,

30

Year,

6.5%,

8/01/25

-

3/01/39

..........

United

States

466,209

518,572

FHLMC

Gold

Pools,

30

Year,

7%,

1/01/28

-

7/01/32

............

United

States

31,598

34,899

FHLMC

Gold

Pools,

30

Year,

7.5%,

3/01/32

..................

United

States

7,675

8,856

FHLMC

Gold

Pools,

30

Year,

8%,

2/01/30

...................

United

States

9,646

10,697

FHLMC

Gold

Pools,

30

Year,

8.5%,

10/01/24

-

8/01/30

.........

United

States

2,130

2,315

FHLMC

Pool,

15

Year,

2%,

7/01/36

........................

United

States

5,063,447

5,102,702

FHLMC

Pool,

30

Year,

2%,

5/01/51

-

12/01/51

................

United

States

7,061,529

6,895,606

FHLMC

Pool,

30

Year,

2.5%,

11/01/51

......................

United

States

2,552,346

2,551,112

FHLMC

Pool,

30

Year,

3%,

1/01/52

........................

United

States

4,980,487

5,094,785

26,929,744

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.1%

FNMA,

1.539%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

10/01/32

.

United

States

56,529

56,856

FNMA,

1.588%

-

4.104%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

...................................

United

States

1,412,183

1,498,255

FNMA,

1.72%

-

2.047%,

(12-month

USD

LIBOR

+/-

MBS

Margin),

2/01/34

-

3/01/37

....................................

United

States

408,565

416,001

FNMA,

2.114%

-

2.972%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/25

-

10/01/36

...................................

United

States

82,711

83,623

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

202

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA,

2.607%,

(3-year

CMT

T-Note

+/-

MBS

Margin),

12/01/24

..

United

States

2,333

$

2,339

2,057,074

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

12.2%

FNMA,

15

Year,

2%,

9/01/36

-

11/01/36

.....................

United

States

11,241,665

11,322,104

FNMA,

15

Year,

2.5%,

10/01/31

-

12/01/35

..................

United

States

1,213,759

1,243,328

FNMA,

15

Year,

3%,

12/01/32

-

2/01/35

.....................

United

States

5,974,001

6,198,809

FNMA,

15

Year,

5.5%,

12/01/22

-

12/01/23

..................

United

States

12,198

12,343

FNMA,

15

Year,

6%,

9/01/22

.............................

United

States

6,347

6,377

FNMA,

30

Year,

2%,

9/01/51

-

12/01/51

.....................

United

States

4,094,986

3,997,899

FNMA,

30

Year,

2.5%,

2/01/51

-

1/01/52

....................

United

States

20,175,952

20,173,058

FNMA,

30

Year,

3%,

12/01/51

-

1/01/52

.....................

United

States

10,073,935

10,310,306

FNMA,

30

Year,

3.5%,

1/01/51

-

1/01/52

....................

United

States

9,544,744

9,953,281

FNMA,

30

Year,

5%,

6/01/36

-

5/01/39

......................

United

States

948,556

1,062,708

FNMA,

30

Year,

5.5%,

6/01/33

-

8/01/37

....................

United

States

2,955,476

3,278,730

FNMA,

30

Year,

6%,

9/01/32

-

9/01/38

......................

United

States

3,247,006

3,723,568

FNMA,

30

Year,

6.5%,

8/01/28

-

5/01/37

....................

United

States

110,252

122,558

FNMA,

30

Year,

7%,

11/01/25

............................

United

States

1,811

1,817

FNMA,

30

Year,

7.5%,

1/01/30

...........................

United

States

6,561

7,516

FNMA,

30

Year,

8.5%,

4/01/30

-

5/01/32

....................

United

States

29,714

34,018

FNMA,

30

Year,

9%,

5/01/27

.............................

United

States

3,565

3,575

p

FNMA,

Single-family,

15

Year,

2%,

2/25/37

..................

United

States

145,190,000

145,879,086

p

FNMA,

Single-family,

30

Year,

2.5%,

2/25/52

.................

United

States

357,349,000

356,762,726

574,093,807

o

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II,

1.75%

-

2%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

1/20/23

-

10/20/26

.........................................

United

States

11,726

11,973

11,973

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.5%

GNMA

I,

30

Year,

7%,

10/15/27

-

6/15/31

....................

United

States

11,037

12,631

GNMA

I,

Single-family,

30

Year,

6%,

1/15/39

.................

United

States

61,678

70,867

GNMA

I,

Single-family,

30

Year,

6.5%,

10/15/31

-

7/15/38

........

United

States

12,714

13,916

GNMA

I,

Single-family,

30

Year,

7%,

3/15/28

-

4/15/28

..........

United

States

5,333

5,452

GNMA

I,

Single-family,

30

Year,

7.5%,

2/15/22

-

2/15/26

........

United

States

6,428

6,596

GNMA

I,

Single-family,

30

Year,

9%,

9/15/25

.................

United

States

22

22

GNMA

II,

Single-family,

30

Year,

2.5%,

6/20/50

-

10/20/50

.......

United

States

7,192,845

7,249,554

p

GNMA

II,

Single-family,

30

Year,

2.5%,

2/15/52

...............

United

States

53,940,000

54,281,339

GNMA

II,

Single-family,

30

Year,

3%,

10/20/49

-

12/20/51

........

United

States

7,011,453

7,187,985

GNMA

II,

Single-family,

30

Year,

3.5%,

2/20/51

...............

United

States

2,126,972

2,205,141

GNMA

II,

Single-family,

30

Year,

6%,

5/20/31

.................

United

States

1,736

1,925

GNMA

II,

Single-family,

30

Year,

6.5%,

3/20/28

-

7/20/38

........

United

States

191,012

223,694

GNMA

II,

Single-family,

30

Year,

7.5%,

8/20/30

-

1/20/33

........

United

States

24,466

27,120

71,286,242

Total

Mortgage-Backed

Securities

(Cost

$675,827,426)

...........................

675,056,710

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

203

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

5.1%

California

2.0%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax,

Revenue,

Senior

Lien,

2019,

2.934%,

6/01/32

..............................

United

States

6,810,000

$

6,981,991

State

of

California

Personal

Income

Tax,

Revenue,

Senior

Lien,

2019,

2.984%,

6/01/33

..............................

United

States

5,870,000

5,996,659

State

of

California

Personal

Income

Tax,

Revenue,

Senior

Lien,

2019,

3.034%,

6/01/34

..............................

United

States

4,445,000

4,554,472

California

Municipal

Finance

Authority

,

United

States

General

Services

Administration

,

Revenue

,

2020

,

2.519

%

,

10/01/35

....

United

States

9,870,000

9,286,418

California

State

University

,

Revenue

,

2021

B

,

Refunding

,

2.719

%

,

11/01/52

..........................................

United

States

7,185,000

6,697,811

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2019

A

,

Refunding

,

4.094

%

,

1/15/49

............................

United

States

3,470,000

3,681,625

Gilroy

Unified

School

District

,

GO

,

2019

,

Refunding

,

3.364

%

,

8/01/47

United

States

7,220,000

7,402,260

San

Bernardino

Community

College

District

,

GO,

2021,

Refunding,

2.686%,

8/01/41

...................

United

States

19,690,000

18,853,553

GO,

2021,

Refunding,

2.856%,

8/01/49

...................

United

States

11,465,000

11,112,403

San

Jose

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Senior

Lien

,

2017

A-T

,

Refunding

,

3.226

%

,

8/01/27

..........

United

States

6,150,000

6,542,990

University

of

California

,

Revenue

,

2015

J

,

Refunding

,

4.131

%

,

5/15/45

...........................................

United

States

10,750,000

12,306,517

93,416,699

Florida

0.1%

County

of

Broward

,

Airport

System

,

Revenue

,

2019

C

,

Refunding

,

3.477

%

,

10/01/43

....................................

United

States

7,145,000

7,195,972

Illinois

0.2%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

,

Revenue

,

2008

A

,

6.899

%

,

12/01/40

.............................

United

States

800,000

1,111,790

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

...................

United

States

8,900,000

9,911,396

11,023,186

Louisiana

0.1%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2021,

Refunding,

AGMC

Insured,

1.791%,

6/01/30

...................................

United

States

1,300,000

1,240,085

Water

System,

Revenue,

2021,

Refunding,

AGMC

Insured,

1.841%,

12/01/30

..................................

United

States

1,400,000

1,327,448

2,567,533

Massachusetts

0.3%

Massachusetts

School

Building

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.395

%

,

10/15/40

...........................

United

States

6,760,000

6,983,715

Massachusetts

State

College

Building

Authority

,

Revenue

,

2019

C

,

Refunding

,

3.373

%

,

5/01/43

............................

United

States

5,900,000

6,102,366

13,086,081

Minnesota

0.1%

State

of

Minnesota

,

GO

,

2013

F

,

Refunding

,

4

%

,

10/01/24

.......

United

States

5,760,000

6,055,045

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

B

,

Refunding

,

4.131

%

,

6/15/42

............................

United

States

4,060,000

4,471,732

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

204

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

4

%

,

11/15/45

.......................................

United

States

6,715,000

$

7,242,523

New

York

State

Dormitory

Authority

,

State

University

of

New

York

,

Revenue

,

2019

B

,

Refunding

,

3.142

%

,

7/01/43

..............

United

States

3,605,000

3,682,670

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

191,

4.823%,

6/01/45

.........................

United

States

4,570,000

4,988,982

Revenue,

192,

4.81%,

10/15/65

.........................

United

States

5,000,000

6,572,237

22,486,412

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

...........................................

United

States

16,585,000

17,194,606

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

G

,

Refunding

,

3.276

%

,

1/01/42

.............

United

States

2,265,000

2,302,835

19,497,441

Pennsylvania

0.7%

Commonwealth

Financing

Authority

,

Revenue

,

2021

A

,

2.991

%

,

6/01/42

...........................................

United

States

25,050,000

24,836,354

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

2017

C

,

Refunding

,

3.005

%

,

9/15/41

.....

United

States

6,315,000

6,267,253

31,103,607

Texas

0.4%

City

of

Austin

,

Electric

Utility

,

Revenue

,

2008

,

Refunding

,

AGMC

Insured

,

6.262

%

,

11/15/32

.............................

United

States

12,050,000

15,179,307

Texas

State

University

System

,

Revenue,

2019

B,

Refunding,

2.938%,

3/15/33

..............

United

States

2,655,000

2,775,967

Revenue,

2019

B,

Refunding,

3.289%,

3/15/40

..............

United

States

2,255,000

2,321,416

20,276,690

Utah

0.2%

City

of

Salt

Lake

City

,

Sales

and

Excise

Tax

,

Revenue

,

2019

B

,

Refunding

,

3.102

%

,

4/01/38

............................

United

States

3,155,000

3,226,920

Utah

Transit

Authority

,

Revenue,

Senior

Lien

,

2019

B

,

Refunding

,

3.443

%

,

12/15/42

....................................

United

States

4,510,000

4,626,706

7,853,626

Total

Municipal

Bonds

(Cost

$233,511,465)

.....................................

239,034,024

Residential

Mortgage-Backed

Securities

6.7%

Capital

Markets

0.0%

†

m

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

0.848

%

,

(

1-month

USD

LIBOR

+

0.74

%

),

3/25/28

..................

United

States

330,892

331,959

Diversified

Financial

Services

2.3%

f

BRAVO

Residential

Funding

Trust

,

2019-1,

A1C,

144A,

3.5%,

3/25/58

.......................

United

States

4,341,184

4,390,782

l

2019-2,

A3,

144A,

FRN,

3.5%,

10/25/44

...................

United

States

6,187,095

6,312,769

f,l

CIM

Trust

,

2018-INV1,

A4,

144A,

FRN,

4%,

8/25/48

..................

United

States

1,920,404

1,948,406

2019-INV1,

A1,

144A,

FRN,

4%,

2/25/49

..................

United

States

1,457,215

1,469,819

2019-INV2,

A3,

144A,

FRN,

4%,

5/25/49

..................

United

States

3,322,266

3,365,591

f,l

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

United

States

195,766

196,792

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

205

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

9/29/34

........................................

Switzerland

76,780

$

59,121

f,m

FHLMC

STACR

REMIC

Trust

,

2020-DNA1

,

M2

,

144A,

FRN

,

1.808

%

,

(

1-month

USD

LIBOR

+

1.7

%

),

1/25/50

...................

United

States

3,655,984

3,673,456

f,l

J.P.

Morgan

Mortgage

Trust

,

2021-13,

A4,

144A,

FRN,

2.5%,

4/25/52

...................

United

States

19,044,955

18,962,871

2021-14,

A4,

144A,

FRN,

2.5%,

5/25/52

...................

United

States

15,142,924

15,077,658

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

...................

United

States

8,672,549

8,635,171

f,l

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

...........

United

States

3,883,157

3,866,421

f,l

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

...........................................

United

States

11,797,103

11,746,258

f,l

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

..........................................

United

States

2,155,267

2,141,921

f,l

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

...........

United

States

22,758,583

22,717,344

104,564,380

a

a

a

a

a

a

Thrifts

&

Mortgage

Finance

4.4%

m

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

2014-DN3,

M3,

FRN,

4.108%,

(1-month

USD

LIBOR

+

4%),

8/25/24

...........................................

United

States

3,948,482

4,020,403

2014-DN4,

M3,

FRN,

4.658%,

(1-month

USD

LIBOR

+

4.55%),

10/25/24

..........................................

United

States

1,963,189

2,004,132

2014-HQ1,

M3,

FRN,

4.208%,

(1-month

USD

LIBOR

+

4.1%),

8/25/24

...........................................

United

States

155,062

155,771

2015-DNA2,

M3,

FRN,

4.008%,

(1-month

USD

LIBOR

+

3.9%),

12/25/27

..........................................

United

States

4,717,637

4,742,299

2015-DNA3,

M3,

FRN,

4.808%,

(1-month

USD

LIBOR

+

4.7%),

4/25/28

...........................................

United

States

1,849,635

1,911,577

2015-HQ2,

M3,

FRN,

3.358%,

(1-month

USD

LIBOR

+

3.25%),

5/25/25

...........................................

United

States

1,479,995

1,499,327

2016-DNA1,

M3,

FRN,

5.658%,

(1-month

USD

LIBOR

+

5.55%),

7/25/28

...........................................

United

States

11,564,504

12,102,598

2016-DNA2,

M3,

FRN,

4.758%,

(1-month

USD

LIBOR

+

4.65%),

10/25/28

..........................................

United

States

15,288,974

15,873,964

2016-DNA4,

M3,

FRN,

3.908%,

(1-month

USD

LIBOR

+

3.8%),

3/25/29

...........................................

United

States

6,734,811

6,971,052

2016-HQA2,

M3,

FRN,

5.258%,

(1-month

USD

LIBOR

+

5.15%),

11/25/28

..........................................

United

States

16,242,064

16,833,483

2017-DNA2,

M2,

FRN,

3.558%,

(1-month

USD

LIBOR

+

3.45%),

10/25/29

..........................................

United

States

26,261,472

27,076,680

2017-DNA3,

M2,

FRN,

2.608%,

(1-month

USD

LIBOR

+

2.5%),

3/25/30

...........................................

United

States

12,797,588

13,002,915

m

FNMA

Connecticut

Avenue

Securities

,

2013-C01,

M2,

FRN,

5.358%,

(1-month

USD

LIBOR

+

5.25%),

10/25/23

..........................................

United

States

3,545,765

3,705,883

2014-C02,

2M2,

FRN,

2.708%,

(1-month

USD

LIBOR

+

2.6%),

5/25/24

...........................................

United

States

2,432,744

2,468,103

2014-C03,

2M2,

FRN,

3.008%,

(1-month

USD

LIBOR

+

2.9%),

7/25/24

...........................................

United

States

779,713

791,625

2014-C04,

1M2,

FRN,

5.008%,

(1-month

USD

LIBOR

+

4.9%),

11/25/24

..........................................

United

States

8,068,219

8,419,040

2014-C04,

2M2,

FRN,

5.108%,

(1-month

USD

LIBOR

+

5%),

11/25/24

..........................................

United

States

584,252

591,932

2015-C02,

2M2,

FRN,

4.108%,

(1-month

USD

LIBOR

+

4%),

5/25/25

...........................................

United

States

91,941

92,100

2015-C03,

2M2,

FRN,

5.108%,

(1-month

USD

LIBOR

+

5%),

7/25/25

...........................................

United

States

133,945

134,391

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

206

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Thrifts

&

Mortgage

Finance

(continued)

m

FNMA

Connecticut

Avenue

Securities,

(continued)

2016-C02,

1M2,

FRN,

6.108%,

(1-month

USD

LIBOR

+

6%),

9/25/28

...........................................

United

States

8,823,728

$

9,089,831

2016-C03,

1M2,

FRN,

5.408%,

(1-month

USD

LIBOR

+

5.3%),

10/25/28

..........................................

United

States

3,975,802

4,122,585

2016-C05,

2M2,

FRN,

4.558%,

(1-month

USD

LIBOR

+

4.45%),

1/25/29

...........................................

United

States

10,444,722

10,827,884

2016-C07,

2M2,

FRN,

4.458%,

(1-month

USD

LIBOR

+

4.35%),

5/25/29

...........................................

United

States

7,532,303

7,813,247

2017-C01,

1M2,

FRN,

3.658%,

(1-month

USD

LIBOR

+

3.55%),

7/25/29

...........................................

United

States

11,018,781

11,306,965

2017-C03,

1M2,

FRN,

3.108%,

(1-month

USD

LIBOR

+

3%),

10/25/29

..........................................

United

States

21,801,057

22,348,113

2017-C05,

1M2,

FRN,

2.308%,

(1-month

USD

LIBOR

+

2.2%),

1/25/30

...........................................

United

States

18,843,981

19,110,126

207,016,026

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$321,767,600)

................

311,912,365

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

..............

South

Africa

141,599

—

Mesquite

Energy,

Inc.,

Escrow

Account

.....................

United

States

3,000,000

67,500

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

............

United

States

73,753

—

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

..............

United

States

73,753

—

Total

Escrows

and

Litigation

Trusts

(Cost

$2,814,454)

...........................

67,500

Total

Long

Term

Investments

(Cost

$5,290,889,529)

.............................

5,210,445,006

a

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.0%

†

Calls

-

Over-the-Counter

Interest

Rate

Swaptions

0.0%

†

Receive

Fixed

1.17%,

Pay

Floating

1-day

SOFR,

Counterparty

JPHQ,

Expires

7/14/22

................................

1

244,300,000

1,348,846

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

EUR/NOK,

Counterparty

GSCO,

October

Strike

Price

9.37

NOK,

Expires

10/20/22

.......................

1

16,723,000

EUR

96,340

Foreign

Exchange

EUR/RUB,

Counterparty

GSCO,

October

Strike

Price

83.32

RUB,

Expires

10/20/22

......................

1

25,085,000

EUR

382,543

478,883

Total

Options

Purchased

(Cost

$1,631,722)

.....................................

1,827,729

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

207

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.0%

d,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

47,255,617

$

47,255,617

Total

Money

Market

Funds

(Cost

$47,255,617)

..................................

47,255,617

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

a

a

a

a

a

Money

Market

Funds

0.6%

d,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

27,269,000

27,269,000

Principal

Amount

*

Repurchase

Agreements

0.1%

r

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

2/01/22

(Maturity

Value

$6,818,290)

Collateralized

by

U.S.

Treasury

Bonds,

6.25%

-

7.5%,

8/15/23

-

11/15/24;

U.S.

Treasury

Bond,

Strip,

5/15/25;

U.S.

Treasury

Notes,

0.339%

-

2.125%,

5/31/22

-

11/15/26;

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

7/15/24

-

7/15/26;

and

U.S.

Treasury

Bill,

Discount

Note,

8/11/22

(valued

at

$6,954,647)

.....................

6,818,281

6,818,281

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$34,087,281)

...........................................................

34,087,281

Total

Short

Term

Investments

(Cost

$81,342,898

)

................................

81,342,898

a

Total

Investments

(Cost

$5,373,864,149)

112.8%

.................................

$5,293,615,633

Other

Assets,

less

Liabilities

(12.8)%

..........................................

(604,676,228)

Net

Assets

100.0%

...........................................................

$4,688,939,405

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

208

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

See

Note

6

regarding

restricted

securities.

d

See

Note

9

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2022.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2022,

the

aggregate

value

of

these

securities

was

$1,272,147,687,

representing

27.1%

of

net

assets.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

j

Perpetual

security

with

no

stated

maturity

date.

k

The

principal

represents

the

notional

amount.

See

Note

3

regarding

value

recovery

instruments.

l

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

m

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

n

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

o

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

p

Security

purchased

on

a

to-be-announced

(TBA)

basis.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

January

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

At

January

31,

2022,

the

Fund

had

the

following

marketplace

loans

outstanding.

Marketplace

Loans

Description

Principal

Value

Value

Block,

Inc…....................................................................

4570571.SQ.FTS.B,

Zero

Cpn.,

3/29/23

$11,011

$9,970

4570579.SQ.FTS.B,

Zero

Cpn.,

3/29/23

431

397

4570585.SQ.FTS.B,

Zero

Cpn.,

3/29/23

21,812

21,001

4570712.SQ.FTS.B,

Zero

Cpn.,

3/29/23

6,978

6,808

4570774.SQ.FTS.B,

Zero

Cpn.,

3/29/23

10,300

9,951

4570993.SQ.FTS.B,

Zero

Cpn.,

3/29/23

4,456

4,270

4571076.SQ.FTS.B,

Zero

Cpn.,

3/29/23

2,034

1,958

4571123.SQ.FTS.B,

Zero

Cpn.,

3/29/23

6,924

6,686

4571251.SQ.FTS.B,

Zero

Cpn.,

3/29/23

5,348

5,069

4571318.SQ.FTS.B,

Zero

Cpn.,

3/29/23

9,345

8,901

4571414.SQ.FTS.B,

Zero

Cpn.,

3/29/23

6,504

6,347

4571718.SQ.FTS.B,

Zero

Cpn.,

3/29/23

11,974

10,746

4571960.SQ.FTS.B,

Zero

Cpn.,

3/29/23

1,384

1,349

4572045.SQ.FTS.B,

Zero

Cpn.,

3/29/23

11,267

10,682

4572224.SQ.FTS.B,

Zero

Cpn.,

3/29/23

2,736

2,630

4572264.SQ.FTS.B,

Zero

Cpn.,

3/29/23

7,476

7,170

4574014.SQ.FTS.B,

Zero

Cpn.,

3/30/23

853

831

4574037.SQ.FTS.B,

Zero

Cpn.,

3/30/23

2,857

2,786

4574176.SQ.FTS.B,

Zero

Cpn.,

3/30/23

21,230

16,287

4574564.SQ.FTS.B,

Zero

Cpn.,

3/30/23

830

732

4574594.SQ.FTS.B,

Zero

Cpn.,

3/30/23

1,647

1,597

4574670.SQ.FTS.B,

Zero

Cpn.,

3/30/23

2,029

1,953

4574726.SQ.FTS.B,

Zero

Cpn.,

3/30/23

4,115

3,865

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

209

a

4574811.SQ.FTS.B,

Zero

Cpn.,

3/30/23

12,131

11,360

4575040.SQ.FTS.B,

Zero

Cpn.,

3/30/23

949

913

4575073.SQ.FTS.B,

Zero

Cpn.,

3/30/23

8,814

8,397

4575343.SQ.FTS.B,

Zero

Cpn.,

3/30/23

3,445

3,308

4575458.SQ.FTS.B,

Zero

Cpn.,

3/30/23

18,070

17,040

4575737.SQ.FTS.B,

Zero

Cpn.,

3/30/23

2,331

2,188

4575860.SQ.FTS.B,

Zero

Cpn.,

3/30/23

10,056

9,583

4576177.SQ.FTS.B,

Zero

Cpn.,

3/30/23

8,446

7,273

4576450.SQ.FTS.B,

Zero

Cpn.,

3/30/23

7,316

7,144

4576819.SQ.FTS.B,

Zero

Cpn.,

3/30/23

906

853

4576847.SQ.FTS.B,

Zero

Cpn.,

3/30/23

5,318

5,089

4576975.SQ.FTS.B,

Zero

Cpn.,

3/30/23

6,098

5,858

4577142.SQ.FTS.B,

Zero

Cpn.,

3/30/23

569

553

4577176.SQ.FTS.B,

Zero

Cpn.,

3/30/23

8,623

8,327

4577450.SQ.FTS.B,

Zero

Cpn.,

3/30/23

2,125

2,066

4577494.SQ.FTS.B,

Zero

Cpn.,

3/30/23

3,844

3,709

4577527.SQ.FTS.B,

Zero

Cpn.,

3/30/23

15,594

14,975

4577708.SQ.FTS.B,

Zero

Cpn.,

4/01/23

10,419

10,018

4577925.SQ.FTS.B,

Zero

Cpn.,

4/01/23

2,082

2,001

4577987.SQ.FTS.B,

Zero

Cpn.,

4/01/23

892

869

4578001.SQ.FTS.B,

Zero

Cpn.,

4/01/23

21,607

20,782

4578566.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,658

1,607

4578725.SQ.FTS.B,

Zero

Cpn.,

4/01/23

4,301

4,031

4578954.SQ.FTS.B,

Zero

Cpn.,

4/01/23

883

845

4578999.SQ.FTS.B,

Zero

Cpn.,

4/01/23

136

134

4579030.SQ.FTS.B,

Zero

Cpn.,

4/01/23

4,378

4,064

4579142.SQ.FTS.B,

Zero

Cpn.,

4/01/23

868

854

4579247.SQ.FTS.B,

Zero

Cpn.,

4/01/23

6,069

5,550

4579417.SQ.FTS.B,

Zero

Cpn.,

4/01/23

595

583

4579442.SQ.FTS.B,

Zero

Cpn.,

4/01/23

2,980

2,619

4579543.SQ.FTS.B,

Zero

Cpn.,

4/01/23

2,553

2,351

4579580.SQ.FTS.B,

Zero

Cpn.,

4/01/23

4,306

3,982

4579723.SQ.FTS.B,

Zero

Cpn.,

4/01/23

1,859

1,773

4579758.SQ.FTS.B,

Zero

Cpn.,

4/01/23

16,868

16,315

4580096.SQ.FTS.B,

Zero

Cpn.,

4/01/23

376

356

4580099.SQ.FTS.B,

Zero

Cpn.,

4/01/23

9,593

8,489

4580217.SQ.FTS.B,

Zero

Cpn.,

4/01/23

2,168

2,098

4580302.SQ.FTS.B,

Zero

Cpn.,

4/01/23

31,486

30,508

4580892.SQ.FTS.B,

Zero

Cpn.,

4/01/23

2,387

2,313

4580921.SQ.FTS.B,

Zero

Cpn.,

4/01/23

3,274

3,183

4581003.SQ.FTS.B,

Zero

Cpn.,

4/01/23

11,063

10,672

4581052.SQ.FTS.B,

Zero

Cpn.,

4/02/23

1,487

1,188

4581084.SQ.FTS.B,

Zero

Cpn.,

4/02/23

4,299

4,145

4581117.SQ.FTS.B,

Zero

Cpn.,

4/02/23

2,578

2,512

4581154.SQ.FTS.B,

Zero

Cpn.,

4/02/23

572

529

4581157.SQ.FTS.B,

Zero

Cpn.,

4/02/23

23,319

21,876

4581331.SQ.FTS.B,

Zero

Cpn.,

4/02/23

4,430

4,245

4581377.SQ.FTS.B,

Zero

Cpn.,

4/02/23

717

631

4581382.SQ.FTS.B,

Zero

Cpn.,

4/02/23

1,342

1,304

4581398.SQ.FTS.B,

Zero

Cpn.,

4/02/23

3,054

2,966

4581424.SQ.FTS.B,

Zero

Cpn.,

4/02/23

17,417

16,851

4581608.SQ.FTS.B,

Zero

Cpn.,

4/02/23

5,030

4,654

4581667.SQ.FTS.B,

Zero

Cpn.,

4/02/23

4,502

4,400

4581745.SQ.FTS.B,

Zero

Cpn.,

4/02/23

5,696

5,163

4581801.SQ.FTS.B,

Zero

Cpn.,

4/02/23

6,670

6,484

4581904.SQ.FTS.B,

Zero

Cpn.,

4/03/23

1,957

1,792

4581917.SQ.FTS.B,

Zero

Cpn.,

4/03/23

796

758

*

4581962.SQ.FTS.B,

Zero

Cpn.,

4/03/23

1,804

1,221

*

4581979.SQ.FTS.B,

Zero

Cpn.,

4/03/23

2,035

1,284

4582010.SQ.FTS.B,

Zero

Cpn.,

4/03/23

948

662

4582016.SQ.FTS.B,

Zero

Cpn.,

4/03/23

3,066

2,966

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

210

a

4582062.SQ.FTS.B,

Zero

Cpn.,

4/03/23

3,316

3,129

*

4582091.SQ.FTS.B,

Zero

Cpn.,

4/03/23

4,453

2,076

4582135.SQ.FTS.B,

Zero

Cpn.,

4/03/23

12,442

11,006

4582252.SQ.FTS.B,

Zero

Cpn.,

4/03/23

11,239

10,907

4582384.SQ.FTS.B,

Zero

Cpn.,

4/03/23

1,279

1,172

4582393.SQ.FTS.B,

Zero

Cpn.,

4/03/23

4,217

4,121

4582468.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,941

1,841

4582567.SQ.FTS.B,

Zero

Cpn.,

4/04/23

6,476

6,308

4582809.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,016

2,933

4582893.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,813

2,675

4582992.SQ.FTS.B,

Zero

Cpn.,

4/04/23

6,110

5,846

4583113.SQ.FTS.B,

Zero

Cpn.,

4/04/23

12,119

11,761

4583459.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,425

2,371

4583549.SQ.FTS.B,

Zero

Cpn.,

4/04/23

957

882

4583571.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,339

2,289

4583696.SQ.FTS.B,

Zero

Cpn.,

4/04/23

18,445

17,895

4584124.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,556

1,509

4584162.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,394

1,335

4584187.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,212

1,159

4584225.SQ.FTS.B,

Zero

Cpn.,

4/04/23

5,430

5,232

4584275.SQ.FTS.B,

Zero

Cpn.,

4/04/23

5,466

5,299

4584344.SQ.FTS.B,

Zero

Cpn.,

4/04/23

4,289

4,161

4584420.SQ.FTS.B,

Zero

Cpn.,

4/04/23

12,103

11,253

4584566.SQ.FTS.B,

Zero

Cpn.,

4/04/23

3,530

3,240

4584586.SQ.FTS.B,

Zero

Cpn.,

4/04/23

11,343

10,826

4584761.SQ.FTS.B,

Zero

Cpn.,

4/04/23

390

384

4584804.SQ.FTS.B,

Zero

Cpn.,

4/04/23

7,229

6,982

4584901.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,604

1,542

4584917.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,968

2,757

4584934.SQ.FTS.B,

Zero

Cpn.,

4/04/23

516

504

4584950.SQ.FTS.B,

Zero

Cpn.,

4/04/23

28,306

27,433

4585542.SQ.FTS.B,

Zero

Cpn.,

4/04/23

7,540

5,810

4585609.SQ.FTS.B,

Zero

Cpn.,

4/04/23

364

338

4585613.SQ.FTS.B,

Zero

Cpn.,

4/04/23

18,116

14,865

4585874.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,354

943

4586009.SQ.FTS.B,

Zero

Cpn.,

4/04/23

4,510

3,896

4586039.SQ.FTS.B,

Zero

Cpn.,

4/04/23

328

321

4586047.SQ.FTS.B,

Zero

Cpn.,

4/04/23

2,259

2,089

4586082.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,299

1,219

4586154.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,114

1,083

4586173.SQ.FTS.B,

Zero

Cpn.,

4/04/23

16,688

15,564

4586356.SQ.FTS.B,

Zero

Cpn.,

4/04/23

4,093

3,914

4586411.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,624

1,514

4586446.SQ.FTS.B,

Zero

Cpn.,

4/04/23

6,162

4,403

4586496.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,134

1,079

4586511.SQ.FTS.B,

Zero

Cpn.,

4/04/23

1,958

1,900

4586555.SQ.FTS.B,

Zero

Cpn.,

4/04/23

4,856

4,559

4586586.SQ.FTS.B,

Zero

Cpn.,

4/04/23

10,161

8,620

4586758.SQ.FTS.B,

Zero

Cpn.,

4/05/23

813

760

4586790.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,898

2,707

4586854.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,852

1,800

4586888.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,636

1,315

4586916.SQ.FTS.B,

Zero

Cpn.,

4/05/23

4,362

4,173

4587169.SQ.FTS.B,

Zero

Cpn.,

4/05/23

356

348

4587187.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,027

1,952

4587214.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,842

2,746

4587276.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,361

1,329

4587318.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,576

2,488

4587361.SQ.FTS.B,

Zero

Cpn.,

4/05/23

6,843

6,653

4588198.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,603

2,511

4588235.SQ.FTS.B,

Zero

Cpn.,

4/05/23

10,589

10,148

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

211

a

4588473.SQ.FTS.B,

Zero

Cpn.,

4/05/23

16,871

16,162

4588950.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,500

3,393

4589065.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,828

1,786

4589134.SQ.FTS.B,

Zero

Cpn.,

4/05/23

18,715

17,766

4589536.SQ.FTS.B,

Zero

Cpn.,

4/05/23

409

398

4589545.SQ.FTS.B,

Zero

Cpn.,

4/05/23

605

586

4590037.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,409

1,357

4590098.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,727

3,540

4590183.SQ.FTS.B,

Zero

Cpn.,

4/05/23

3,328

3,196

4590242.SQ.FTS.B,

Zero

Cpn.,

4/05/23

791

775

4590307.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,997

1,921

4590335.SQ.FTS.B,

Zero

Cpn.,

4/05/23

2,515

2,448

4590433.SQ.FTS.B,

Zero

Cpn.,

4/05/23

1,294

1,244

4590485.SQ.FTS.B,

Zero

Cpn.,

4/06/23

11,742

11,314

4590664.SQ.FTS.B,

Zero

Cpn.,

4/06/23

709

672

4590665.SQ.FTS.B,

Zero

Cpn.,

4/06/23

879

860

4590693.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,018

981

4590729.SQ.FTS.B,

Zero

Cpn.,

4/06/23

7,074

6,644

4590851.SQ.FTS.B,

Zero

Cpn.,

4/06/23

3,500

3,365

4590892.SQ.FTS.B,

Zero

Cpn.,

4/06/23

12,647

11,837

4591041.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,704

1,635

4591055.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,237

4,891

4591233.SQ.FTS.B,

Zero

Cpn.,

4/06/23

677

634

4591237.SQ.FTS.B,

Zero

Cpn.,

4/06/23

20,593

15,663

4591449.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,276

1,233

4591469.SQ.FTS.B,

Zero

Cpn.,

4/06/23

7,362

7,150

4591587.SQ.FTS.B,

Zero

Cpn.,

4/06/23

273

265

4591593.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,475

1,374

4591605.SQ.FTS.B,

Zero

Cpn.,

4/06/23

290

283

4591627.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,119

1,031

4591635.SQ.FTS.B,

Zero

Cpn.,

4/06/23

10,622

10,279

4591766.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,225

4,334

4591793.SQ.FTS.B,

Zero

Cpn.,

4/06/23

752

694

4591813.SQ.FTS.B,

Zero

Cpn.,

4/06/23

6,759

6,533

4591902.SQ.FTS.B,

Zero

Cpn.,

4/06/23

8,417

7,815

4591961.SQ.FTS.B,

Zero

Cpn.,

4/06/23

4,494

2,433

4591971.SQ.FTS.B,

Zero

Cpn.,

4/06/23

19,344

18,278

4592193.SQ.FTS.B,

Zero

Cpn.,

4/06/23

4,706

4,525

4592271.SQ.FTS.B,

Zero

Cpn.,

4/06/23

15,534

15,173

4592572.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,632

1,559

4592594.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,553

1,489

4592621.SQ.FTS.B,

Zero

Cpn.,

4/06/23

738

689

4592631.SQ.FTS.B,

Zero

Cpn.,

4/06/23

9,968

9,611

4592774.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,127

2,062

4592791.SQ.FTS.B,

Zero

Cpn.,

4/06/23

34

34

4592824.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,426

2,349

4592845.SQ.FTS.B,

Zero

Cpn.,

4/06/23

641

610

4592849.SQ.FTS.B,

Zero

Cpn.,

4/06/23

4,920

4,382

4592902.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,103

2,038

4592916.SQ.FTS.B,

Zero

Cpn.,

4/06/23

4,369

4,245

4592989.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,281

2,163

4593021.SQ.FTS.B,

Zero

Cpn.,

4/06/23

5,479

5,274

4593136.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,078

1,028

4593143.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,147

2,038

4593177.SQ.FTS.B,

Zero

Cpn.,

4/06/23

6,194

5,970

4593217.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,951

2,826

4593252.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,570

1,528

4593284.SQ.FTS.B,

Zero

Cpn.,

4/06/23

669

510

4593295.SQ.FTS.B,

Zero

Cpn.,

4/06/23

866

833

4593307.SQ.FTS.B,

Zero

Cpn.,

4/06/23

11,663

11,248

4593447.SQ.FTS.B,

Zero

Cpn.,

4/06/23

384

377

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

212

a

4593453.SQ.FTS.B,

Zero

Cpn.,

4/06/23

8,229

8,024

4593570.SQ.FTS.B,

Zero

Cpn.,

4/06/23

2,395

2,266

4593600.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,647

1,587

4593610.SQ.FTS.B,

Zero

Cpn.,

4/06/23

3,320

2,927

4593670.SQ.FTS.B,

Zero

Cpn.,

4/06/23

13,240

12,801

4593818.SQ.FTS.B,

Zero

Cpn.,

4/06/23

7,345

7,083

4593880.SQ.FTS.B,

Zero

Cpn.,

4/06/23

1,671

1,618

4597839.SQ.FTS.B,

Zero

Cpn.,

4/07/23

971

905

4597863.SQ.FTS.B,

Zero

Cpn.,

4/07/23

11,601

10,794

4598004.SQ.FTS.B,

Zero

Cpn.,

4/07/23

4,201

4,060

4598077.SQ.FTS.B,

Zero

Cpn.,

4/07/23

3,290

3,183

4598155.SQ.FTS.B,

Zero

Cpn.,

4/07/23

10,122

9,406

4598454.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,592

2,248

4598535.SQ.FTS.B,

Zero

Cpn.,

4/07/23

4,293

4,028

4598631.SQ.FTS.B,

Zero

Cpn.,

4/07/23

8,509

7,918

4598812.SQ.FTS.B,

Zero

Cpn.,

4/07/23

531

512

4598823.SQ.FTS.B,

Zero

Cpn.,

4/07/23

66,737

58,824

4599855.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,117

1,078

4599873.SQ.FTS.B,

Zero

Cpn.,

4/07/23

5,415

5,279

4599996.SQ.FTS.B,

Zero

Cpn.,

4/07/23

3,881

3,643

4600088.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,959

1,390

4600142.SQ.FTS.B,

Zero

Cpn.,

4/07/23

24,063

21,241

4600636.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,804

2,654

4600684.SQ.FTS.B,

Zero

Cpn.,

4/07/23

4,273

4,175

4600818.SQ.FTS.B,

Zero

Cpn.,

4/07/23

1,905

1,684

4600871.SQ.FTS.B,

Zero

Cpn.,

4/07/23

14,296

13,707

4601081.SQ.FTS.B,

Zero

Cpn.,

4/07/23

2,816

2,635

4601110.SQ.FTS.B,

Zero

Cpn.,

4/07/23

3,669

3,517

4601276.SQ.FTS.B,

Zero

Cpn.,

4/08/23

13,178

11,313

4601496.SQ.FTS.B,

Zero

Cpn.,

4/08/23

770

727

4601526.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,091

705

4601538.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,955

3,812

4601597.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,768

1,725

4601629.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,185

2,054

4601649.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,572

3,428

4601706.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,154

3,053

4601779.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,132

3,181

4601846.SQ.FTS.B,

Zero

Cpn.,

4/08/23

13,365

12,916

4602194.SQ.FTS.B,

Zero

Cpn.,

4/08/23

418

408

4602511.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,596

1,508

4602536.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,074

2,978

4602608.SQ.FTS.B,

Zero

Cpn.,

4/08/23

5,521

5,256

4602665.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,441

1,391

4602996.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,175

972

4603029.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,114

2,976

4603109.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,543

4,374

4603179.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,830

4,652

4603271.SQ.FTS.B,

Zero

Cpn.,

4/08/23

10,717

10,276

4603467.SQ.FTS.B,

Zero

Cpn.,

4/08/23

2,637

2,546

4603503.SQ.FTS.B,

Zero

Cpn.,

4/08/23

15,792

14,665

4603700.SQ.FTS.B,

Zero

Cpn.,

4/08/23

7,296

6,736

4603766.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,241

1,217

4603867.SQ.FTS.B,

Zero

Cpn.,

4/08/23

1,855

1,663

4603891.SQ.FTS.B,

Zero

Cpn.,

4/08/23

4,611

4,251

4603935.SQ.FTS.B,

Zero

Cpn.,

4/08/23

3,420

3,315

4604000.SQ.FTS.B,

Zero

Cpn.,

4/09/23

8,181

6,838

4604025.SQ.FTS.B,

Zero

Cpn.,

4/09/23

6,575

6,353

4604072.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,712

3,533

4604083.SQ.FTS.B,

Zero

Cpn.,

4/09/23

5,905

5,669

4604168.SQ.FTS.B,

Zero

Cpn.,

4/09/23

4,423

4,242

4604195.SQ.FTS.B,

Zero

Cpn.,

4/09/23

161

157

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

213

a

4604202.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,048

2,954

4604226.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,972

1,793

4604232.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,289

2,236

4604244.SQ.FTS.B,

Zero

Cpn.,

4/09/23

390

377

4604246.SQ.FTS.B,

Zero

Cpn.,

4/09/23

802

781

4604252.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,596

3,263

4604273.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,785

1,753

4604320.SQ.FTS.B,

Zero

Cpn.,

4/09/23

16,664

16,112

4604431.SQ.FTS.B,

Zero

Cpn.,

4/09/23

5,962

4,840

4604463.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,212

1,170

4604475.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,113

2,023

4604491.SQ.FTS.B,

Zero

Cpn.,

4/09/23

4,999

4,274

4604513.SQ.FTS.B,

Zero

Cpn.,

4/09/23

4,274

3,818

4604536.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,003

920

4604545.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,225

1,189

4604554.SQ.FTS.B,

Zero

Cpn.,

4/09/23

5,861

5,447

4604591.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,801

3,672

4604617.SQ.FTS.B,

Zero

Cpn.,

4/09/23

2,145

1,718

4604621.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,101

2,993

4604635.SQ.FTS.B,

Zero

Cpn.,

4/09/23

10,830

10,021

4604698.SQ.FTS.B,

Zero

Cpn.,

4/09/23

18,239

17,559

4604804.SQ.FTS.B,

Zero

Cpn.,

4/09/23

785

447

4604806.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,819

1,729

4604819.SQ.FTS.B,

Zero

Cpn.,

4/09/23

3,431

3,308

4604851.SQ.FTS.B,

Zero

Cpn.,

4/09/23

1,153

1,112

4604870.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,639

2,547

4604889.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,490

3,346

4604912.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,995

3,830

4604945.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,315

2,066

4604958.SQ.FTS.B,

Zero

Cpn.,

4/10/23

372

321

4604965.SQ.FTS.B,

Zero

Cpn.,

4/10/23

5,543

4,912

4604992.SQ.FTS.B,

Zero

Cpn.,

4/10/23

7,333

6,796

4605026.SQ.FTS.B,

Zero

Cpn.,

4/10/23

846

806

4605043.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,919

3,817

4605063.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,548

2,195

4605077.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,104

1,051

4605086.SQ.FTS.B,

Zero

Cpn.,

4/10/23

599

541

4605091.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,597

3,486

4605121.SQ.FTS.B,

Zero

Cpn.,

4/10/23

5,569

5,338

4605150.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,185

1,116

4605154.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,189

3,036

4605169.SQ.FTS.B,

Zero

Cpn.,

4/10/23

4,636

4,397

4605194.SQ.FTS.B,

Zero

Cpn.,

4/10/23

354

306

4605196.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,568

1,533

4605209.SQ.FTS.B,

Zero

Cpn.,

4/10/23

506

457

4605211.SQ.FTS.B,

Zero

Cpn.,

4/10/23

10,663

9,887

4605252.SQ.FTS.B,

Zero

Cpn.,

4/10/23

465

451

4605257.SQ.FTS.B,

Zero

Cpn.,

4/10/23

10,326

9,843

4605330.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,387

1,112

4605340.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,377

3,247

4605361.SQ.FTS.B,

Zero

Cpn.,

4/10/23

7,458

7,129

4605388.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,544

1,326

4605399.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,523

3,291

4605417.SQ.FTS.B,

Zero

Cpn.,

4/10/23

913

889

4605433.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,451

1,394

4605437.SQ.FTS.B,

Zero

Cpn.,

4/10/23

526

492

4605444.SQ.FTS.B,

Zero

Cpn.,

4/10/23

1,474

1,408

4605450.SQ.FTS.B,

Zero

Cpn.,

4/10/23

2,498

2,436

4605466.SQ.FTS.B,

Zero

Cpn.,

4/10/23

3,128

3,007

4605482.SQ.FTS.B,

Zero

Cpn.,

4/10/23

5,078

4,194

4605502.SQ.FTS.B,

Zero

Cpn.,

4/10/23

19,638

18,454

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

214

a

4605590.SQ.FTS.B,

Zero

Cpn.,

4/10/23

13,475

12,820

4605658.SQ.FTS.B,

Zero

Cpn.,

4/10/23

6,711

5,607

4605718.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,461

1,042

4605728.SQ.FTS.B,

Zero

Cpn.,

4/11/23

472

437

4605737.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,856

1,682

4605745.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,403

4,959

4605770.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,154

2,098

4605782.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,335

2,260

4605799.SQ.FTS.B,

Zero

Cpn.,

4/11/23

11,335

10,959

4605867.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,688

6,517

4605930.SQ.FTS.B,

Zero

Cpn.,

4/11/23

21,290

20,508

4606041.SQ.FTS.B,

Zero

Cpn.,

4/11/23

4,106

3,933

4606063.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,752

2,444

4606087.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,262

915

4606094.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,762

2,685

4606112.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,163

5,834

4606140.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,736

7,383

4606169.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,625

1,578

4606173.SQ.FTS.B,

Zero

Cpn.,

4/11/23

828

789

4606175.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,736

2,656

4606188.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,300

6,927

4606234.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,781

2,677

4606253.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,877

1,826

4606265.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,820

2,615

4606273.SQ.FTS.B,

Zero

Cpn.,

4/11/23

8,635

6,265

4606303.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,435

6,978

4606333.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,596

1,497

4606339.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,751

6,479

4606359.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,877

2,765

4606374.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,810

2,677

4606382.SQ.FTS.B,

Zero

Cpn.,

4/11/23

8,139

7,068

4606416.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,109

2,018

4606429.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,290

2,935

4606441.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,343

1,258

4606449.SQ.FTS.B,

Zero

Cpn.,

4/11/23

10,356

9,145

4606489.SQ.FTS.B,

Zero

Cpn.,

4/11/23

12,498

10,578

4606538.SQ.FTS.B,

Zero

Cpn.,

4/11/23

686

615

4606539.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,380

2,233

4606550.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,120

1,074

4606564.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,752

7,459

4606607.SQ.FTS.B,

Zero

Cpn.,

4/11/23

729

683

4606611.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,761

3,593

4606620.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,220

2,042

4606631.SQ.FTS.B,

Zero

Cpn.,

4/11/23

5,562

5,299

4606668.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,478

6,226

4606690.SQ.FTS.B,

Zero

Cpn.,

4/11/23

5,549

5,421

4606727.SQ.FTS.B,

Zero

Cpn.,

4/11/23

4,166

3,973

4606753.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,815

1,522

4606761.SQ.FTS.B,

Zero

Cpn.,

4/11/23

15,168

14,376

4606808.SQ.FTS.B,

Zero

Cpn.,

4/11/23

13,188

12,623

4606853.SQ.FTS.B,

Zero

Cpn.,

4/11/23

11,046

9,202

4606889.SQ.FTS.B,

Zero

Cpn.,

4/11/23

902

881

4606897.SQ.FTS.B,

Zero

Cpn.,

4/11/23

5,579

5,346

4606920.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,492

2,415

4606932.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,572

2,209

4606936.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,961

3,865

4606966.SQ.FTS.B,

Zero

Cpn.,

4/11/23

3,631

3,509

4606989.SQ.FTS.B,

Zero

Cpn.,

4/11/23

7,217

6,670

4607000.SQ.FTS.B,

Zero

Cpn.,

4/11/23

578

561

4607003.SQ.FTS.B,

Zero

Cpn.,

4/11/23

41,690

39,285

4607162.SQ.FTS.B,

Zero

Cpn.,

4/11/23

1,308

1,280

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

215

a

4607175.SQ.FTS.B,

Zero

Cpn.,

4/11/23

6,773

6,365

4607207.SQ.FTS.B,

Zero

Cpn.,

4/11/23

58,444

46,428

4607303.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,442

2,318

4607318.SQ.FTS.B,

Zero

Cpn.,

4/11/23

2,364

1,898

4607331.SQ.FTS.B,

Zero

Cpn.,

4/11/23

8,841

6,473

4607348.SQ.FTS.B,

Zero

Cpn.,

4/11/23

23,247

21,535

4607432.SQ.FTS.B,

Zero

Cpn.,

4/12/23

662

644

4607437.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,959

2,552

4607455.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,336

2,955

4607468.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,180

5,030

4607548.SQ.FTS.B,

Zero

Cpn.,

4/12/23

11,277

10,538

4607606.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,466

5,207

4607642.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,793

3,643

4607658.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,590

2,483

4607669.SQ.FTS.B,

Zero

Cpn.,

4/12/23

4,731

4,541

4607704.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,537

1,502

4607741.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,172

4,919

4607779.SQ.FTS.B,

Zero

Cpn.,

4/12/23

8,354

8,132

4607868.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,346

3,097

4607912.SQ.FTS.B,

Zero

Cpn.,

4/12/23

17,710

14,426

4608646.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,268

1,207

4608770.SQ.FTS.B,

Zero

Cpn.,

4/12/23

410

398

4608776.SQ.FTS.B,

Zero

Cpn.,

4/12/23

12,240

11,057

4608830.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,164

2,879

4608844.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,107

2,059

4608865.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,491

3,162

4608892.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,252

1,229

4608910.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,455

6,052

4608948.SQ.FTS.B,

Zero

Cpn.,

4/12/23

4,602

3,200

4608972.SQ.FTS.B,

Zero

Cpn.,

4/12/23

371

365

4608998.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,118

2,037

4609009.SQ.FTS.B,

Zero

Cpn.,

4/12/23

10,617

9,391

4609042.SQ.FTS.B,

Zero

Cpn.,

4/12/23

9,297

9,015

4609100.SQ.FTS.B,

Zero

Cpn.,

4/12/23

7,057

6,833

4609163.SQ.FTS.B,

Zero

Cpn.,

4/12/23

680

659

4609166.SQ.FTS.B,

Zero

Cpn.,

4/12/23

819

734

4609179.SQ.FTS.B,

Zero

Cpn.,

4/12/23

10,105

9,324

4609240.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,779

5,964

4609267.SQ.FTS.B,

Zero

Cpn.,

4/12/23

257

243

4609269.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,059

1,894

4609294.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,898

2,800

4609322.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,744

2,550

4609335.SQ.FTS.B,

Zero

Cpn.,

4/12/23

23,305

21,572

4609460.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,479

1,680

4609485.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,271

1,167

4609493.SQ.FTS.B,

Zero

Cpn.,

4/12/23

4,333

4,002

4609521.SQ.FTS.B,

Zero

Cpn.,

4/12/23

268

251

4609530.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,082

2,020

4609543.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,796

2,721

4609609.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,819

6,496

4609641.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,204

5,001

4609675.SQ.FTS.B,

Zero

Cpn.,

4/12/23

12,519

12,142

4609753.SQ.FTS.B,

Zero

Cpn.,

4/12/23

42,778

41,103

4609956.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,884

3,372

4609979.SQ.FTS.B,

Zero

Cpn.,

4/12/23

546

534

4609987.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,601

3,386

4610002.SQ.FTS.B,

Zero

Cpn.,

4/12/23

835

819

4610008.SQ.FTS.B,

Zero

Cpn.,

4/12/23

8,483

8,261

4610050.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,662

1,608

4610057.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,299

1,125

4610061.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,008

2,722

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

216

a

4610097.SQ.FTS.B,

Zero

Cpn.,

4/12/23

5,433

5,114

4610127.SQ.FTS.B,

Zero

Cpn.,

4/12/23

3,377

3,253

4610150.SQ.FTS.B,

Zero

Cpn.,

4/12/23

6,504

6,209

4610196.SQ.FTS.B,

Zero

Cpn.,

4/12/23

9,725

8,841

4610236.SQ.FTS.B,

Zero

Cpn.,

4/12/23

2,946

2,844

4610244.SQ.FTS.B,

Zero

Cpn.,

4/12/23

7,879

7,628

4610338.SQ.FTS.B,

Zero

Cpn.,

4/12/23

1,029

979

4610354.SQ.FTS.B,

Zero

Cpn.,

4/12/23

8,513

8,188

4610446.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,700

3,247

4610482.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,525

2,141

4610513.SQ.FTS.B,

Zero

Cpn.,

4/13/23

18,153

17,481

4610997.SQ.FTS.B,

Zero

Cpn.,

4/13/23

1,115

1,087

4611170.SQ.FTS.B,

Zero

Cpn.,

4/13/23

8,741

8,405

4611834.SQ.FTS.B,

Zero

Cpn.,

4/13/23

5,229

5,010

4611925.SQ.FTS.B,

Zero

Cpn.,

4/13/23

2,401

2,328

4611990.SQ.FTS.B,

Zero

Cpn.,

4/13/23

2,158

2,053

4612018.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,687

3,591

4612090.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,192

3,066

4612169.SQ.FTS.B,

Zero

Cpn.,

4/13/23

3,327

3,195

4612318.SQ.FTS.B,

Zero

Cpn.,

4/13/23

5,160

4,598

4612450.SQ.FTS.B,

Zero

Cpn.,

4/13/23

15,349

14,878

4612834.SQ.FTS.B,

Zero

Cpn.,

4/13/23

5,377

5,137

4612937.SQ.FTS.B,

Zero

Cpn.,

4/13/23

36,401

35,449

4614006.SQ.FTS.B,

Zero

Cpn.,

4/13/23

1,101

999

4614064.SQ.FTS.B,

Zero

Cpn.,

4/13/23

8,582

8,214

4614281.SQ.FTS.B,

Zero

Cpn.,

4/13/23

2,569

2,505

4614349.SQ.FTS.B,

Zero

Cpn.,

4/13/23

10,474

10,183

4617805.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,994

1,281

4617825.SQ.FTS.B,

Zero

Cpn.,

4/14/23

889

743

4617838.SQ.FTS.B,

Zero

Cpn.,

4/14/23

5,747

5,529

4617884.SQ.FTS.B,

Zero

Cpn.,

4/14/23

7,408

6,701

4618039.SQ.FTS.B,

Zero

Cpn.,

4/14/23

774

727

4618090.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,172

3,071

4618189.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,362

1,304

4618350.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,010

1,643

4618404.SQ.FTS.B,

Zero

Cpn.,

4/14/23

25,013

24,161

4618858.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,144

1,112

4619034.SQ.FTS.B,

Zero

Cpn.,

4/14/23

1,767

1,559

4619067.SQ.FTS.B,

Zero

Cpn.,

4/14/23

13,828

12,971

4619430.SQ.FTS.B,

Zero

Cpn.,

4/14/23

8,135

7,858

4619657.SQ.FTS.B,

Zero

Cpn.,

4/14/23

4,519

4,308

4619756.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,335

2,276

4619855.SQ.FTS.B,

Zero

Cpn.,

4/14/23

2,519

2,183

4619981.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,510

3,377

4620088.SQ.FTS.B,

Zero

Cpn.,

4/14/23

860

844

4620138.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,642

3,479

4620202.SQ.FTS.B,

Zero

Cpn.,

4/14/23

4,425

4,040

4620242.SQ.FTS.B,

Zero

Cpn.,

4/14/23

3,423

3,152

4620342.SQ.FTS.B,

Zero

Cpn.,

4/14/23

5,033

4,467

4620439.SQ.FTS.B,

Zero

Cpn.,

4/15/23

759

733

4620475.SQ.FTS.B,

Zero

Cpn.,

4/15/23

33,793

31,689

4621012.SQ.FTS.B,

Zero

Cpn.,

4/15/23

7,228

6,894

4621171.SQ.FTS.B,

Zero

Cpn.,

4/15/23

29,732

28,542

4621658.SQ.FTS.B,

Zero

Cpn.,

4/15/23

834

720

4621698.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,301

1,226

4621709.SQ.FTS.B,

Zero

Cpn.,

4/15/23

1,496

1,296

4621722.SQ.FTS.B,

Zero

Cpn.,

4/15/23

6,385

5,701

4621770.SQ.FTS.B,

Zero

Cpn.,

4/15/23

35,894

26,222

4622103.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,057

3,900

4622168.SQ.FTS.B,

Zero

Cpn.,

4/15/23

18,083

17,504

4622349.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,463

3,309

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

217

a

4622394.SQ.FTS.B,

Zero

Cpn.,

4/15/23

5,000

4,806

4622483.SQ.FTS.B,

Zero

Cpn.,

4/15/23

6,467

6,248

4622596.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,758

4,601

4622664.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,107

2,622

4622681.SQ.FTS.B,

Zero

Cpn.,

4/15/23

15,047

14,517

4622847.SQ.FTS.B,

Zero

Cpn.,

4/15/23

186

182

4622864.SQ.FTS.B,

Zero

Cpn.,

4/15/23

782

401

4622872.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,255

4,119

4623018.SQ.FTS.B,

Zero

Cpn.,

4/15/23

14,225

13,675

4623241.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,755

4,507

4623302.SQ.FTS.B,

Zero

Cpn.,

4/15/23

4,434

4,296

4623352.SQ.FTS.B,

Zero

Cpn.,

4/15/23

5,141

4,938

4623438.SQ.FTS.B,

Zero

Cpn.,

4/15/23

5,498

5,293

4623483.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,621

3,456

4623532.SQ.FTS.B,

Zero

Cpn.,

4/15/23

7,990

6,673

4623578.SQ.FTS.B,

Zero

Cpn.,

4/15/23

5,746

5,604

4623693.SQ.FTS.B,

Zero

Cpn.,

4/15/23

3,392

3,271

4623748.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,137

1,086

4623756.SQ.FTS.B,

Zero

Cpn.,

4/16/23

6,616

6,222

4623768.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,357

2,096

4623779.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,533

1,479

4623787.SQ.FTS.B,

Zero

Cpn.,

4/16/23

5,766

5,547

4623821.SQ.FTS.B,

Zero

Cpn.,

4/16/23

15,729

14,573

4623878.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,492

1,437

4623886.SQ.FTS.B,

Zero

Cpn.,

4/16/23

4,460

4,261

4623905.SQ.FTS.B,

Zero

Cpn.,

4/16/23

4,553

4,388

4623930.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,456

1,418

4623939.SQ.FTS.B,

Zero

Cpn.,

4/16/23

6,688

6,365

4623999.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,411

1,310

4624003.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,600

2,436

4624027.SQ.FTS.B,

Zero

Cpn.,

4/16/23

5,074

4,948

4624083.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,686

2,584

4624097.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,318

2,217

4624107.SQ.FTS.B,

Zero

Cpn.,

4/16/23

3,652

3,547

4624139.SQ.FTS.B,

Zero

Cpn.,

4/16/23

2,067

1,565

4624150.SQ.FTS.B,

Zero

Cpn.,

4/16/23

7,326

6,970

4624193.SQ.FTS.B,

Zero

Cpn.,

4/16/23

1,137

1,100

4624209.SQ.FTS.B,

Zero

Cpn.,

4/16/23

472

451

4624212.SQ.FTS.B,

Zero

Cpn.,

4/16/23

803

677

4624221.SQ.FTS.B,

Zero

Cpn.,

4/16/23

950

890

4624227.SQ.FTS.B,

Zero

Cpn.,

4/16/23

3,144

2,893

4624253.SQ.FTS.B,

Zero

Cpn.,

4/16/23

5,633

5,382

4624285.SQ.FTS.B,

Zero

Cpn.,

4/16/23

13,776

13,070

4624364.SQ.FTS.B,

Zero

Cpn.,

4/16/23

3,380

3,271

4624391.SQ.FTS.B,

Zero

Cpn.,

4/17/23

3,087

2,844

4624406.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,421

1,272

4624416.SQ.FTS.B,

Zero

Cpn.,

4/17/23

231

225

4624423.SQ.FTS.B,

Zero

Cpn.,

4/17/23

3,119

2,998

4624440.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,907

1,671

4624450.SQ.FTS.B,

Zero

Cpn.,

4/17/23

3,076

2,846

4624464.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,275

1,915

4624479.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,201

1,132

4624487.SQ.FTS.B,

Zero

Cpn.,

4/17/23

6,255

6,008

4624514.SQ.FTS.B,

Zero

Cpn.,

4/17/23

7,078

6,774

4624547.SQ.FTS.B,

Zero

Cpn.,

4/17/23

21,266

19,708

4624635.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,641

4,357

4624699.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,174

1,054

4624706.SQ.FTS.B,

Zero

Cpn.,

4/17/23

441

429

4624708.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,166

1,972

4624720.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,375

2,230

4624735.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,538

1,468

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

218

a

4624748.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,631

4,470

4624763.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,054

914

4624766.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,154

3,898

4624787.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,010

895

4624796.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,600

1,347

4624802.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,908

2,796

4624817.SQ.FTS.B,

Zero

Cpn.,

4/17/23

861

819

4624825.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,047

888

4624834.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,157

1,062

4624841.SQ.FTS.B,

Zero

Cpn.,

4/17/23

8,606

8,255

4624882.SQ.FTS.B,

Zero

Cpn.,

4/17/23

4,971

3,921

4624905.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,786

1,719

4624926.SQ.FTS.B,

Zero

Cpn.,

4/17/23

538

524

4624933.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,873

2,741

4624944.SQ.FTS.B,

Zero

Cpn.,

4/17/23

567

551

4624950.SQ.FTS.B,

Zero

Cpn.,

4/17/23

6,793

6,655

4625018.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,242

2,161

4625048.SQ.FTS.B,

Zero

Cpn.,

4/17/23

1,449

963

4625053.SQ.FTS.B,

Zero

Cpn.,

4/17/23

522

498

4625055.SQ.FTS.B,

Zero

Cpn.,

4/17/23

6,244

6,012

4625088.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,678

2,598

4625101.SQ.FTS.B,

Zero

Cpn.,

4/17/23

2,777

2,459

4625110.SQ.FTS.B,

Zero

Cpn.,

4/17/23

8,101

7,504

4625150.SQ.FTS.B,

Zero

Cpn.,

4/17/23

863

816

4625154.SQ.FTS.B,

Zero

Cpn.,

4/17/23

7,173

5,809

4625222.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,381

4,161

4625299.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,640

4,337

4625369.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,475

2,359

4625400.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,074

1,045

4625438.SQ.FTS.B,

Zero

Cpn.,

4/18/23

6,047

5,495

4625518.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,992

3,746

4625592.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,486

2,395

4625611.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,215

2,973

4625637.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,287

1,259

4625664.SQ.FTS.B,

Zero

Cpn.,

4/18/23

16,370

15,648

4625869.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,448

3,303

4625916.SQ.FTS.B,

Zero

Cpn.,

4/18/23

13,162

12,734

4626019.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,065

4,858

4626035.SQ.FTS.B,

Zero

Cpn.,

4/18/23

904

765

4626040.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,792

5,436

4626063.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,166

4,964

4626087.SQ.FTS.B,

Zero

Cpn.,

4/18/23

22,292

20,740

4626225.SQ.FTS.B,

Zero

Cpn.,

4/18/23

13,089

12,161

4626340.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,117

3,908

4626367.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,181

1,117

4626375.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,121

3,010

4626410.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,306

4,131

4626447.SQ.FTS.B,

Zero

Cpn.,

4/18/23

885

843

4626467.SQ.FTS.B,

Zero

Cpn.,

4/18/23

10,445

10,238

4626630.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,962

1,776

4626651.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,304

4,112

4626669.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,473

2,386

4626678.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,806

3,691

4626709.SQ.FTS.B,

Zero

Cpn.,

4/18/23

17,685

16,989

4626775.SQ.FTS.B,

Zero

Cpn.,

4/18/23

11,240

10,534

4626795.SQ.FTS.B,

Zero

Cpn.,

4/18/23

4,651

4,384

4626821.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,717

1,657

4626825.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,309

2,140

4626848.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,174

3,053

4626869.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,002

2,698

4626901.SQ.FTS.B,

Zero

Cpn.,

4/18/23

13,249

12,502

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

219

a

4626991.SQ.FTS.B,

Zero

Cpn.,

4/18/23

27,659

26,924

4627199.SQ.FTS.B,

Zero

Cpn.,

4/18/23

8,364

8,062

4627220.SQ.FTS.B,

Zero

Cpn.,

4/18/23

6,692

6,470

4627256.SQ.FTS.B,

Zero

Cpn.,

4/18/23

16,843

15,787

4627323.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,189

1,152

4627337.SQ.FTS.B,

Zero

Cpn.,

4/18/23

999

972

4627350.SQ.FTS.B,

Zero

Cpn.,

4/18/23

216

212

4627352.SQ.FTS.B,

Zero

Cpn.,

4/18/23

9,294

8,924

4627391.SQ.FTS.B,

Zero

Cpn.,

4/18/23

35,510

33,930

4627530.SQ.FTS.B,

Zero

Cpn.,

4/18/23

9,192

8,648

4627574.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,654

3,545

4627616.SQ.FTS.B,

Zero

Cpn.,

4/18/23

12,108

11,761

4627667.SQ.FTS.B,

Zero

Cpn.,

4/18/23

8,819

8,380

4627707.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,691

3,545

4627732.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,942

1,821

4627743.SQ.FTS.B,

Zero

Cpn.,

4/18/23

9,550

9,062

4627778.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,957

1,879

4627788.SQ.FTS.B,

Zero

Cpn.,

4/18/23

638

615

4627804.SQ.FTS.B,

Zero

Cpn.,

4/18/23

1,774

1,695

4627816.SQ.FTS.B,

Zero

Cpn.,

4/18/23

11,041

9,987

4627885.SQ.FTS.B,

Zero

Cpn.,

4/18/23

2,363

2,269

4627904.SQ.FTS.B,

Zero

Cpn.,

4/18/23

590

554

4627907.SQ.FTS.B,

Zero

Cpn.,

4/18/23

3,206

3,119

4627960.SQ.FTS.B,

Zero

Cpn.,

4/18/23

5,522

5,336

4628022.SQ.FTS.B,

Zero

Cpn.,

4/18/23

26,888

24,510

4628145.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,287

2,237

4628213.SQ.FTS.B,

Zero

Cpn.,

4/19/23

5,702

5,550

4628386.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,339

2,236

4628410.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,195

2,140

4628471.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,827

1,741

4628491.SQ.FTS.B,

Zero

Cpn.,

4/19/23

3,271

3,160

4628546.SQ.FTS.B,

Zero

Cpn.,

4/19/23

479

467

4628569.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,944

2,848

4628652.SQ.FTS.B,

Zero

Cpn.,

4/19/23

2,459

2,335

4628734.SQ.FTS.B,

Zero

Cpn.,

4/19/23

3,440

3,319

4628862.SQ.FTS.B,

Zero

Cpn.,

4/19/23

9,645

8,960

4628966.SQ.FTS.B,

Zero

Cpn.,

4/19/23

8,449

8,203

4629069.SQ.FTS.B,

Zero

Cpn.,

4/19/23

3,249

3,083

4629087.SQ.FTS.B,

Zero

Cpn.,

4/19/23

32,635

31,566

4629496.SQ.FTS.B,

Zero

Cpn.,

4/19/23

4,573

4,229

4629559.SQ.FTS.B,

Zero

Cpn.,

4/19/23

17,338

16,473

4629776.SQ.FTS.B,

Zero

Cpn.,

4/19/23

5,730

5,470

4629867.SQ.FTS.B,

Zero

Cpn.,

4/19/23

13,053

12,697

4630133.SQ.FTS.B,

Zero

Cpn.,

4/19/23

21,257

19,935

4630452.SQ.FTS.B,

Zero

Cpn.,

4/19/23

356

319

4630469.SQ.FTS.B,

Zero

Cpn.,

4/19/23

1,984

1,878

4630482.SQ.FTS.B,

Zero

Cpn.,

4/19/23

6,451

6,186

4630552.SQ.FTS.B,

Zero

Cpn.,

4/19/23

5,326

4,851

4630710.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,654

1,314

4630731.SQ.FTS.B,

Zero

Cpn.,

4/20/23

3,339

3,184

4630794.SQ.FTS.B,

Zero

Cpn.,

4/20/23

153

151

4630824.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,425

1,378

4630842.SQ.FTS.B,

Zero

Cpn.,

4/20/23

23,153

22,070

4631187.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,326

1,121

4631203.SQ.FTS.B,

Zero

Cpn.,

4/20/23

3,633

2,811

4631253.SQ.FTS.B,

Zero

Cpn.,

4/20/23

4,834

4,687

4631335.SQ.FTS.B,

Zero

Cpn.,

4/20/23

6,205

5,996

4631442.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,015

1,926

4631476.SQ.FTS.B,

Zero

Cpn.,

4/20/23

474

453

4631488.SQ.FTS.B,

Zero

Cpn.,

4/20/23

30,660

29,806

4631941.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,049

963

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

220

a

4632070.SQ.FTS.B,

Zero

Cpn.,

4/20/23

702

680

*

4632078.SQ.FTS.B,

Zero

Cpn.,

4/20/23

21,052

11,093

4632278.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,134

1,088

4632359.SQ.FTS.B,

Zero

Cpn.,

4/20/23

536

506

4632408.SQ.FTS.B,

Zero

Cpn.,

4/20/23

1,182

1,068

4632421.SQ.FTS.B,

Zero

Cpn.,

4/20/23

740

698

4632434.SQ.FTS.B,

Zero

Cpn.,

4/20/23

21,804

20,972

4632662.SQ.FTS.B,

Zero

Cpn.,

4/20/23

10,928

10,052

4632817.SQ.FTS.B,

Zero

Cpn.,

4/20/23

2,211

2,171

4634327.SQ.FTS.B,

Zero

Cpn.,

4/21/23

27,101

24,631

4634657.SQ.FTS.B,

Zero

Cpn.,

4/21/23

337

326

4634666.SQ.FTS.B,

Zero

Cpn.,

4/21/23

4,013

3,656

4634802.SQ.FTS.B,

Zero

Cpn.,

4/21/23

3,115

2,768

4635129.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,069

4,851

4635211.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,517

1,369

4635266.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,246

1,175

4635292.SQ.FTS.B,

Zero

Cpn.,

4/21/23

17,282

16,644

4635731.SQ.FTS.B,

Zero

Cpn.,

4/21/23

7,043

6,545

4635905.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,687

1,636

4636026.SQ.FTS.B,

Zero

Cpn.,

4/21/23

764

744

4636056.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,356

1,900

4636102.SQ.FTS.B,

Zero

Cpn.,

4/21/23

1,375

1,338

4636142.SQ.FTS.B,

Zero

Cpn.,

4/21/23

9,615

9,056

4636350.SQ.FTS.B,

Zero

Cpn.,

4/21/23

4,470

4,256

4636488.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,290

5,113

4636600.SQ.FTS.B,

Zero

Cpn.,

4/21/23

2,245

2,168

4636611.SQ.FTS.B,

Zero

Cpn.,

4/21/23

16,351

15,776

4636910.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,337

5,093

4637043.SQ.FTS.B,

Zero

Cpn.,

4/21/23

5,084

4,856

4637147.SQ.FTS.B,

Zero

Cpn.,

4/22/23

480

438

4637163.SQ.FTS.B,

Zero

Cpn.,

4/22/23

303

292

4637169.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,395

2,331

4637240.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,082

2,039

4637294.SQ.FTS.B,

Zero

Cpn.,

4/22/23

2,945

2,765

4637372.SQ.FTS.B,

Zero

Cpn.,

4/22/23

5,218

4,758

4637404.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,262

1,223

4637456.SQ.FTS.B,

Zero

Cpn.,

4/22/23

4,401

3,845

4637536.SQ.FTS.B,

Zero

Cpn.,

4/22/23

19,636

17,285

4637918.SQ.FTS.B,

Zero

Cpn.,

4/22/23

3,314

3,081

4637979.SQ.FTS.B,

Zero

Cpn.,

4/22/23

17,685

16,416

4638299.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,948

1,836

4638327.SQ.FTS.B,

Zero

Cpn.,

4/22/23

8,661

7,012

4638433.SQ.FTS.B,

Zero

Cpn.,

4/22/23

14,190

12,464

4638730.SQ.FTS.B,

Zero

Cpn.,

4/22/23

28,671

25,941

4639019.SQ.FTS.B,

Zero

Cpn.,

4/22/23

1,073

973

4639037.SQ.FTS.B,

Zero

Cpn.,

4/22/23

6,391

6,123

4639108.SQ.FTS.B,

Zero

Cpn.,

4/22/23

34,678

33,886

4639673.SQ.FTS.B,

Zero

Cpn.,

4/23/23

3,713

3,613

4639731.SQ.FTS.B,

Zero

Cpn.,

4/23/23

883

855

4639746.SQ.FTS.B,

Zero

Cpn.,

4/23/23

7,056

5,570

4639819.SQ.FTS.B,

Zero

Cpn.,

4/23/23

2,670

2,584

4639860.SQ.FTS.B,

Zero

Cpn.,

4/23/23

2,122

2,070

4639907.SQ.FTS.B,

Zero

Cpn.,

4/23/23

1,571

1,440

4639916.SQ.FTS.B,

Zero

Cpn.,

4/23/23

3,844

3,711

4639971.SQ.FTS.B,

Zero

Cpn.,

4/23/23

2,873

2,791

4640035.SQ.FTS.B,

Zero

Cpn.,

4/23/23

9,960

9,240

4640146.SQ.FTS.B,

Zero

Cpn.,

4/23/23

4,291

4,079

4640191.SQ.FTS.B,

Zero

Cpn.,

4/23/23

3,568

3,418

4640228.SQ.FTS.B,

Zero

Cpn.,

4/24/23

388

377

4640236.SQ.FTS.B,

Zero

Cpn.,

4/24/23

1,326

1,284

4640261.SQ.FTS.B,

Zero

Cpn.,

4/24/23

941

800

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

221

a

4640271.SQ.FTS.B,

Zero

Cpn.,

4/24/23

1,808

1,747

4640338.SQ.FTS.B,

Zero

Cpn.,

4/24/23

1,765

1,709

4640371.SQ.FTS.B,

Zero

Cpn.,

4/24/23

5,254

5,007

4640476.SQ.FTS.B,

Zero

Cpn.,

4/24/23

2,639

2,564

4640532.SQ.FTS.B,

Zero

Cpn.,

4/24/23

653

620

4640553.SQ.FTS.B,

Zero

Cpn.,

4/24/23

1,847

1,649

4640578.SQ.FTS.B,

Zero

Cpn.,

4/24/23

941

906

4640584.SQ.FTS.B,

Zero

Cpn.,

4/24/23

6,440

5,692

4640655.SQ.FTS.B,

Zero

Cpn.,

4/24/23

6,399

6,103

4640722.SQ.FTS.B,

Zero

Cpn.,

4/24/23

4,022

3,876

4640770.SQ.FTS.B,

Zero

Cpn.,

4/24/23

9,487

9,185

4640985.SQ.FTS.B,

Zero

Cpn.,

4/25/23

8,035

7,722

4640990.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,799

3,665

4640996.SQ.FTS.B,

Zero

Cpn.,

4/25/23

7,604

7,098

4641001.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,137

5,444

4641002.SQ.FTS.B,

Zero

Cpn.,

4/25/23

12,360

11,979

4641021.SQ.FTS.B,

Zero

Cpn.,

4/25/23

5,110

4,890

4641024.SQ.FTS.B,

Zero

Cpn.,

4/25/23

886

856

4641032.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,052

5,838

4641047.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,494

1,445

4641050.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,138

5,079

4641054.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,906

6,685

4641063.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,272

1,061

4641071.SQ.FTS.B,

Zero

Cpn.,

4/25/23

166

162

4641076.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,325

2,239

4641095.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,163

5,908

4641163.SQ.FTS.B,

Zero

Cpn.,

4/25/23

832

808

4641182.SQ.FTS.B,

Zero

Cpn.,

4/25/23

14,108

13,787

4641560.SQ.FTS.B,

Zero

Cpn.,

4/25/23

5,993

5,759

4641616.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,222

1,074

4641625.SQ.FTS.B,

Zero

Cpn.,

4/25/23

885

858

4641655.SQ.FTS.B,

Zero

Cpn.,

4/25/23

937

906

4641669.SQ.FTS.B,

Zero

Cpn.,

4/25/23

710

658

4641709.SQ.FTS.B,

Zero

Cpn.,

4/25/23

7,307

7,034

4641793.SQ.FTS.B,

Zero

Cpn.,

4/25/23

7,650

7,161

4641920.SQ.FTS.B,

Zero

Cpn.,

4/25/23

15,755

14,977

4642105.SQ.FTS.B,

Zero

Cpn.,

4/25/23

534

516

4642119.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,408

1,348

4642132.SQ.FTS.B,

Zero

Cpn.,

4/25/23

7,805

7,474

4642251.SQ.FTS.B,

Zero

Cpn.,

4/25/23

6,169

5,966

4642324.SQ.FTS.B,

Zero

Cpn.,

4/25/23

939

864

4642373.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,577

1,528

4642402.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,146

2,091

4642421.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,105

1,008

4642498.SQ.FTS.B,

Zero

Cpn.,

4/25/23

28,360

27,285

4642787.SQ.FTS.B,

Zero

Cpn.,

4/25/23

8,563

8,256

4642879.SQ.FTS.B,

Zero

Cpn.,

4/25/23

14,699

13,491

4643033.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,665

3,486

4643057.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,421

1,681

4643067.SQ.FTS.B,

Zero

Cpn.,

4/25/23

50,273

47,736

4643502.SQ.FTS.B,

Zero

Cpn.,

4/25/23

4,014

3,849

4643536.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,072

2,918

4643565.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,885

2,780

4643582.SQ.FTS.B,

Zero

Cpn.,

4/25/23

3,998

3,805

4643634.SQ.FTS.B,

Zero

Cpn.,

4/25/23

20,844

15,697

4643793.SQ.FTS.B,

Zero

Cpn.,

4/25/23

513

489

4643805.SQ.FTS.B,

Zero

Cpn.,

4/25/23

751

731

4643812.SQ.FTS.B,

Zero

Cpn.,

4/25/23

2,866

2,655

4643836.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,696

1,658

4643861.SQ.FTS.B,

Zero

Cpn.,

4/25/23

696

622

4643867.SQ.FTS.B,

Zero

Cpn.,

4/25/23

1,894

1,780

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

222

a

4643900.SQ.FTS.B,

Zero

Cpn.,

4/25/23

4,048

3,879

4643974.SQ.FTS.B,

Zero

Cpn.,

4/26/23

25,254

24,247

4644318.SQ.FTS.B,

Zero

Cpn.,

4/26/23

55,462

53,358

4645209.SQ.FTS.B,

Zero

Cpn.,

4/26/23

12,266

11,781

4645386.SQ.FTS.B,

Zero

Cpn.,

4/26/23

13,429

12,753

4645643.SQ.FTS.B,

Zero

Cpn.,

4/26/23

3,124

3,004

4645680.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,011

979

4645694.SQ.FTS.B,

Zero

Cpn.,

4/26/23

5,516

5,336

4645834.SQ.FTS.B,

Zero

Cpn.,

4/26/23

1,319

1,251

4645882.SQ.FTS.B,

Zero

Cpn.,

4/26/23

12,339

11,797

4646085.SQ.FTS.B,

Zero

Cpn.,

4/26/23

3,450

3,316

4646152.SQ.FTS.B,

Zero

Cpn.,

4/26/23

13,579

13,058

4646528.SQ.FTS.B,

Zero

Cpn.,

4/26/23

23,233

22,664

4647185.SQ.FTS.B,

Zero

Cpn.,

4/27/23

21,407

20,933

4647785.SQ.FTS.B,

Zero

Cpn.,

4/27/23

1,476

1,407

4647835.SQ.FTS.B,

Zero

Cpn.,

4/27/23

1,297

1,260

4647874.SQ.FTS.B,

Zero

Cpn.,

4/27/23

3,938

3,434

4647942.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,195

2,114

4647965.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,702

2,396

4647984.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,086

1,998

4648021.SQ.FTS.B,

Zero

Cpn.,

4/27/23

7,704

7,340

4648116.SQ.FTS.B,

Zero

Cpn.,

4/27/23

20,324

19,481

4648408.SQ.FTS.B,

Zero

Cpn.,

4/27/23

5,774

5,502

4648508.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,480

2,253

4648549.SQ.FTS.B,

Zero

Cpn.,

4/27/23

1,989

1,944

4648622.SQ.FTS.B,

Zero

Cpn.,

4/27/23

20,743

19,073

4648798.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,863

2,772

4648839.SQ.FTS.B,

Zero

Cpn.,

4/27/23

7,904

7,564

4648952.SQ.FTS.B,

Zero

Cpn.,

4/27/23

2,948

2,633

4648997.SQ.FTS.B,

Zero

Cpn.,

4/27/23

595

582

4649015.SQ.FTS.B,

Zero

Cpn.,

4/27/23

6,151

5,792

4649097.SQ.FTS.B,

Zero

Cpn.,

4/27/23

3,036

2,928

4649138.SQ.FTS.B,

Zero

Cpn.,

4/27/23

3,104

2,821

4649158.SQ.FTS.B,

Zero

Cpn.,

4/27/23

15,481

14,968

4649299.SQ.FTS.B,

Zero

Cpn.,

4/27/23

783

685

4649308.SQ.FTS.B,

Zero

Cpn.,

4/27/23

781

744

4649316.SQ.FTS.B,

Zero

Cpn.,

4/27/23

9,915

7,681

4649382.SQ.FTS.B,

Zero

Cpn.,

4/27/23

6,825

6,373

4649427.SQ.FTS.B,

Zero

Cpn.,

4/27/23

1,622

1,570

4650968.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,336

2,226

4651046.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,954

4,657

4651095.SQ.FTS.B,

Zero

Cpn.,

4/28/23

9,267

8,888

4651264.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,013

905

4651289.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,176

2,081

4651325.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,298

2,175

4651383.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,824

1,666

4651421.SQ.FTS.B,

Zero

Cpn.,

4/28/23

27,067

26,178

4651874.SQ.FTS.B,

Zero

Cpn.,

4/28/23

700

687

4651936.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,961

1,794

4651977.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,432

4,291

4652061.SQ.FTS.B,

Zero

Cpn.,

4/28/23

700

662

4652078.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,080

1,965

4652117.SQ.FTS.B,

Zero

Cpn.,

4/28/23

7,662

7,420

4652228.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,531

4,334

4652355.SQ.FTS.B,

Zero

Cpn.,

4/28/23

397

379

4652362.SQ.FTS.B,

Zero

Cpn.,

4/28/23

12,331

11,902

4652623.SQ.FTS.B,

Zero

Cpn.,

4/28/23

3,765

3,457

4652653.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,882

1,769

4652684.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,702

4,507

4652757.SQ.FTS.B,

Zero

Cpn.,

4/28/23

3,238

3,093

4652831.SQ.FTS.B,

Zero

Cpn.,

4/28/23

5,204

3,905

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

223

a

4652907.SQ.FTS.B,

Zero

Cpn.,

4/28/23

13,748

13,369

4653177.SQ.FTS.B,

Zero

Cpn.,

4/28/23

14,215

10,854

4653292.SQ.FTS.B,

Zero

Cpn.,

4/28/23

11,628

11,285

4653709.SQ.FTS.B,

Zero

Cpn.,

4/28/23

4,100

3,988

4653780.SQ.FTS.B,

Zero

Cpn.,

4/28/23

683

664

4653824.SQ.FTS.B,

Zero

Cpn.,

4/28/23

719

691

4653836.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,099

1,068

4653872.SQ.FTS.B,

Zero

Cpn.,

4/28/23

1,575

1,504

4653886.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,460

2,269

4653923.SQ.FTS.B,

Zero

Cpn.,

4/28/23

2,927

2,827

4654007.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,546

2,428

4654085.SQ.FTS.B,

Zero

Cpn.,

4/29/23

10,773

10,519

4654562.SQ.FTS.B,

Zero

Cpn.,

4/29/23

3,013

2,930

4654623.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,609

2,518

4654689.SQ.FTS.B,

Zero

Cpn.,

4/29/23

9,370

9,074

4654960.SQ.FTS.B,

Zero

Cpn.,

4/29/23

203

196

4654965.SQ.FTS.B,

Zero

Cpn.,

4/29/23

17,306

16,020

4655409.SQ.FTS.B,

Zero

Cpn.,

4/29/23

2,148

2,093

4655501.SQ.FTS.B,

Zero

Cpn.,

4/29/23

5,832

5,300

4655643.SQ.FTS.B,

Zero

Cpn.,

4/29/23

283

274

4655715.SQ.FTS.B,

Zero

Cpn.,

4/29/23

1,037

835

4655724.SQ.FTS.B,

Zero

Cpn.,

4/29/23

3,527

3,409

4655868.SQ.FTS.B,

Zero

Cpn.,

4/29/23

4,679

4,487

4655947.SQ.FTS.B,

Zero

Cpn.,

4/29/23

13,622

12,499

4656332.SQ.FTS.B,

Zero

Cpn.,

4/29/23

423

380

4656343.SQ.FTS.B,

Zero

Cpn.,

4/29/23

1,649

1,503

4656403.SQ.FTS.B,

Zero

Cpn.,

4/29/23

10,100

9,252

4656666.SQ.FTS.B,

Zero

Cpn.,

4/30/23

27,356

25,284

4656815.SQ.FTS.B,

Zero

Cpn.,

4/30/23

3,460

3,266

4656842.SQ.FTS.B,

Zero

Cpn.,

4/30/23

1,876

1,814

4656876.SQ.FTS.B,

Zero

Cpn.,

4/30/23

13,316

10,617

4656961.SQ.FTS.B,

Zero

Cpn.,

4/30/23

1,999

1,917

4656969.SQ.FTS.B,

Zero

Cpn.,

4/30/23

3,072

2,844

4657001.SQ.FTS.B,

Zero

Cpn.,

4/30/23

7,959

7,567

4657048.SQ.FTS.B,

Zero

Cpn.,

4/30/23

4,326

4,180

4657113.SQ.FTS.B,

Zero

Cpn.,

4/30/23

6,158

5,908

4657164.SQ.FTS.B,

Zero

Cpn.,

4/30/23

9,630

9,087

4657246.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,999

2,532

4657271.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,795

2,691

4657305.SQ.FTS.B,

Zero

Cpn.,

4/30/23

493

446

4657308.SQ.FTS.B,

Zero

Cpn.,

4/30/23

8,492

8,214

4657452.SQ.FTS.B,

Zero

Cpn.,

4/30/23

3,829

3,658

4657481.SQ.FTS.B,

Zero

Cpn.,

4/30/23

4,868

4,214

4657520.SQ.FTS.B,

Zero

Cpn.,

4/30/23

3,393

3,257

4657541.SQ.FTS.B,

Zero

Cpn.,

4/30/23

999

779

4657548.SQ.FTS.B,

Zero

Cpn.,

4/30/23

14,640

13,699

4657673.SQ.FTS.B,

Zero

Cpn.,

4/30/23

8,025

7,701

4657728.SQ.FTS.B,

Zero

Cpn.,

4/30/23

17,852

16,114

4657861.SQ.FTS.B,

Zero

Cpn.,

4/30/23

2,463

2,369

4657936.SQ.FTS.B,

Zero

Cpn.,

4/30/23

30,693

26,883

4658558.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,690

2,581

4658655.SQ.FTS.B,

Zero

Cpn.,

5/01/23

17,115

16,432

4658877.SQ.FTS.B,

Zero

Cpn.,

5/01/23

3,024

2,903

4658908.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,437

7,137

4658974.SQ.FTS.B,

Zero

Cpn.,

5/01/23

12,971

12,389

4659114.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,556

2,214

4659204.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,513

2,255

4659233.SQ.FTS.B,

Zero

Cpn.,

5/01/23

326

315

4659247.SQ.FTS.B,

Zero

Cpn.,

5/01/23

4,239

4,068

4659342.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,686

2,578

4659386.SQ.FTS.B,

Zero

Cpn.,

5/01/23

929

895

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

224

a

4659420.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,280

1,210

4659438.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,386

2,255

4659462.SQ.FTS.B,

Zero

Cpn.,

5/01/23

777

728

4659473.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,864

7,546

4659572.SQ.FTS.B,

Zero

Cpn.,

5/01/23

15,105

14,525

4659811.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,390

1,334

4659828.SQ.FTS.B,

Zero

Cpn.,

5/01/23

845

767

4659841.SQ.FTS.B,

Zero

Cpn.,

5/01/23

5,480

5,269

4659917.SQ.FTS.B,

Zero

Cpn.,

5/01/23

610

590

4659932.SQ.FTS.B,

Zero

Cpn.,

5/01/23

16,884

15,469

4660081.SQ.FTS.B,

Zero

Cpn.,

5/01/23

722

655

4660093.SQ.FTS.B,

Zero

Cpn.,

5/01/23

7,662

7,368

4660244.SQ.FTS.B,

Zero

Cpn.,

5/01/23

496

481

4660259.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,766

2,289

4660283.SQ.FTS.B,

Zero

Cpn.,

5/01/23

16,149

15,552

4660480.SQ.FTS.B,

Zero

Cpn.,

5/01/23

3,374

3,239

4660528.SQ.FTS.B,

Zero

Cpn.,

5/01/23

5,748

5,516

4660588.SQ.FTS.B,

Zero

Cpn.,

5/01/23

9,170

8,644

4660689.SQ.FTS.B,

Zero

Cpn.,

5/01/23

1,453

1,258

4660708.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,433

2,318

4660746.SQ.FTS.B,

Zero

Cpn.,

5/01/23

2,770

2,658

4660760.SQ.FTS.B,

Zero

Cpn.,

5/01/23

721

668

4660781.SQ.FTS.B,

Zero

Cpn.,

5/01/23

9,829

9,431

4661029.SQ.FTS.B,

Zero

Cpn.,

5/01/23

768

708

4661070.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,682

3,538

4661120.SQ.FTS.B,

Zero

Cpn.,

5/02/23

16,069

15,432

4661365.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,079

2,958

4661422.SQ.FTS.B,

Zero

Cpn.,

5/02/23

4,443

4,263

4661467.SQ.FTS.B,

Zero

Cpn.,

5/02/23

4,861

4,679

4661527.SQ.FTS.B,

Zero

Cpn.,

5/02/23

997

868

4661554.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,491

1,431

4661568.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,602

1,485

4661578.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,690

1,593

4661586.SQ.FTS.B,

Zero

Cpn.,

5/02/23

6,087

5,840

4661678.SQ.FTS.B,

Zero

Cpn.,

5/02/23

6,948

6,678

4661801.SQ.FTS.B,

Zero

Cpn.,

5/02/23

15,121

14,508

4662099.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,803

1,720

4662124.SQ.FTS.B,

Zero

Cpn.,

5/02/23

7,367

6,953

4662210.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,633

1,568

4662230.SQ.FTS.B,

Zero

Cpn.,

5/02/23

5,287

5,073

4662263.SQ.FTS.B,

Zero

Cpn.,

5/02/23

11,823

11,285

4662371.SQ.FTS.B,

Zero

Cpn.,

5/02/23

6,049

5,807

4662421.SQ.FTS.B,

Zero

Cpn.,

5/02/23

176

169

4662428.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,675

1,609

4662455.SQ.FTS.B,

Zero

Cpn.,

5/02/23

9,846

7,509

4662554.SQ.FTS.B,

Zero

Cpn.,

5/02/23

7,848

7,532

4662625.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,728

2,529

4662647.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,201

1,108

4662652.SQ.FTS.B,

Zero

Cpn.,

5/02/23

52,627

50,502

4663092.SQ.FTS.B,

Zero

Cpn.,

5/02/23

784

651

4663107.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,326

3,208

4663139.SQ.FTS.B,

Zero

Cpn.,

5/02/23

11,946

11,292

4663252.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,155

1,090

4663265.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,709

2,603

4663299.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,655

1,120

4663323.SQ.FTS.B,

Zero

Cpn.,

5/02/23

10,231

9,818

4663478.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,679

2,614

4663495.SQ.FTS.B,

Zero

Cpn.,

5/02/23

2,989

2,851

4663508.SQ.FTS.B,

Zero

Cpn.,

5/02/23

21,885

20,279

4663630.SQ.FTS.B,

Zero

Cpn.,

5/02/23

4,731

4,548

4663677.SQ.FTS.B,

Zero

Cpn.,

5/02/23

3,571

3,299

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

225

a

4663714.SQ.FTS.B,

Zero

Cpn.,

5/02/23

37,214

34,369

4663998.SQ.FTS.B,

Zero

Cpn.,

5/02/23

1,517

1,455

4664016.SQ.FTS.B,

Zero

Cpn.,

5/02/23

9,640

9,267

4664137.SQ.FTS.B,

Zero

Cpn.,

5/02/23

5,416

3,664

4664189.SQ.FTS.B,

Zero

Cpn.,

5/03/23

12,328

9,417

4664319.SQ.FTS.B,

Zero

Cpn.,

5/03/23

5,163

4,768

4664446.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,655

1,562

4664510.SQ.FTS.B,

Zero

Cpn.,

5/03/23

347

335

4664526.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,257

772

4664562.SQ.FTS.B,

Zero

Cpn.,

5/03/23

6,443

6,149

4664694.SQ.FTS.B,

Zero

Cpn.,

5/03/23

896

868

4664793.SQ.FTS.B,

Zero

Cpn.,

5/03/23

4,157

4,023

4665018.SQ.FTS.B,

Zero

Cpn.,

5/03/23

7,485

7,182

4665160.SQ.FTS.B,

Zero

Cpn.,

5/03/23

11,037

10,564

4665287.SQ.FTS.B,

Zero

Cpn.,

5/03/23

921

885

4665304.SQ.FTS.B,

Zero

Cpn.,

5/03/23

36,580

33,915

4665759.SQ.FTS.B,

Zero

Cpn.,

5/03/23

30,328

28,925

4666216.SQ.FTS.B,

Zero

Cpn.,

5/03/23

2,970

2,859

4666265.SQ.FTS.B,

Zero

Cpn.,

5/03/23

3,379

3,236

4666326.SQ.FTS.B,

Zero

Cpn.,

5/03/23

9,326

8,865

4666434.SQ.FTS.B,

Zero

Cpn.,

5/03/23

6,148

5,403

4666484.SQ.FTS.B,

Zero

Cpn.,

5/03/23

12,501

12,007

4666601.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,230

1,180

4666613.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,217

1,134

4666627.SQ.FTS.B,

Zero

Cpn.,

5/03/23

1,589

1,346

4666640.SQ.FTS.B,

Zero

Cpn.,

5/03/23

21,338

17,644

4666784.SQ.FTS.B,

Zero

Cpn.,

5/03/23

805

768

4668427.SQ.FTS.B,

Zero

Cpn.,

5/04/23

3,431

2,982

4668472.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,172

2,004

4668514.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,797

1,723

4668529.SQ.FTS.B,

Zero

Cpn.,

5/04/23

16,007

15,268

4668770.SQ.FTS.B,

Zero

Cpn.,

5/04/23

8,681

8,326

4669001.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,978

4,790

4669110.SQ.FTS.B,

Zero

Cpn.,

5/04/23

356

339

4669118.SQ.FTS.B,

Zero

Cpn.,

5/04/23

7,101

6,810

4669314.SQ.FTS.B,

Zero

Cpn.,

5/04/23

5,111

4,936

4669452.SQ.FTS.B,

Zero

Cpn.,

5/04/23

7,623

7,270

4669555.SQ.FTS.B,

Zero

Cpn.,

5/04/23

5,348

5,096

4669631.SQ.FTS.B,

Zero

Cpn.,

5/04/23

999

923

4669644.SQ.FTS.B,

Zero

Cpn.,

5/04/23

7,304

7,007

4669839.SQ.FTS.B,

Zero

Cpn.,

5/04/23

38,123

36,171

4670740.SQ.FTS.B,

Zero

Cpn.,

5/04/23

8,783

8,421

4670917.SQ.FTS.B,

Zero

Cpn.,

5/04/23

3,141

2,244

4671000.SQ.FTS.B,

Zero

Cpn.,

5/04/23

14,715

14,115

4671247.SQ.FTS.B,

Zero

Cpn.,

5/04/23

10,573

9,761

4671393.SQ.FTS.B,

Zero

Cpn.,

5/04/23

2,725

1,854

4671466.SQ.FTS.B,

Zero

Cpn.,

5/04/23

10,249

9,774

4671705.SQ.FTS.B,

Zero

Cpn.,

5/04/23

3,523

3,342

4671777.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,433

1,380

4671824.SQ.FTS.B,

Zero

Cpn.,

5/04/23

1,336

1,239

4671854.SQ.FTS.B,

Zero

Cpn.,

5/04/23

4,388

4,142

4671920.SQ.FTS.B,

Zero

Cpn.,

5/04/23

7,967

7,640

4672047.SQ.FTS.B,

Zero

Cpn.,

5/05/23

5,887

5,551

4672180.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,993

1,913

4672271.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,949

2,828

4672348.SQ.FTS.B,

Zero

Cpn.,

5/05/23

863

828

4672368.SQ.FTS.B,

Zero

Cpn.,

5/05/23

802

776

4672570.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,244

1,194

4672630.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,937

2,816

4672808.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,158

2,060

4673053.SQ.FTS.B,

Zero

Cpn.,

5/05/23

6,900

6,514

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

226

a

4673616.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,042

1,947

4673823.SQ.FTS.B,

Zero

Cpn.,

5/05/23

18,643

17,784

4674750.SQ.FTS.B,

Zero

Cpn.,

5/05/23

293

284

4674764.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,118

2,019

4674824.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,097

2,025

4674918.SQ.FTS.B,

Zero

Cpn.,

5/05/23

9,934

9,496

4675113.SQ.FTS.B,

Zero

Cpn.,

5/05/23

1,017

885

4675540.SQ.FTS.B,

Zero

Cpn.,

5/05/23

6,032

5,693

4675591.SQ.FTS.B,

Zero

Cpn.,

5/05/23

789

743

4675593.SQ.FTS.B,

Zero

Cpn.,

5/05/23

4,511

4,330

4675649.SQ.FTS.B,

Zero

Cpn.,

5/05/23

50,786

47,937

4676922.SQ.FTS.B,

Zero

Cpn.,

5/05/23

6,055

5,015

4677110.SQ.FTS.B,

Zero

Cpn.,

5/05/23

830

770

4677166.SQ.FTS.B,

Zero

Cpn.,

5/05/23

5,349

5,130

4677384.SQ.FTS.B,

Zero

Cpn.,

5/05/23

2,771

2,661

4677523.SQ.FTS.B,

Zero

Cpn.,

5/06/23

1,368

1,324

4677539.SQ.FTS.B,

Zero

Cpn.,

5/06/23

478

441

4677554.SQ.FTS.B,

Zero

Cpn.,

5/06/23

3,462

3,245

4677588.SQ.FTS.B,

Zero

Cpn.,

5/06/23

1,208

1,161

4677607.SQ.FTS.B,

Zero

Cpn.,

5/06/23

9,350

8,965

4677725.SQ.FTS.B,

Zero

Cpn.,

5/06/23

1,167

1,017

4677740.SQ.FTS.B,

Zero

Cpn.,

5/06/23

6,622

4,533

4677805.SQ.FTS.B,

Zero

Cpn.,

5/06/23

2,227

2,139

4677838.SQ.FTS.B,

Zero

Cpn.,

5/06/23

1,626

1,475

4677852.SQ.FTS.B,

Zero

Cpn.,

5/06/23

5,290

5,071

4677906.SQ.FTS.B,

Zero

Cpn.,

5/06/23

34,162

26,243

4678152.SQ.FTS.B,

Zero

Cpn.,

5/06/23

1,798

1,498

4678172.SQ.FTS.B,

Zero

Cpn.,

5/07/23

11,959

11,468

4678282.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,542

1,481

4678299.SQ.FTS.B,

Zero

Cpn.,

5/07/23

844

754

4678307.SQ.FTS.B,

Zero

Cpn.,

5/07/23

13,328

11,069

4678409.SQ.FTS.B,

Zero

Cpn.,

5/07/23

9,407

9,038

4678520.SQ.FTS.B,

Zero

Cpn.,

5/07/23

9,656

9,229

4678619.SQ.FTS.B,

Zero

Cpn.,

5/07/23

3,288

3,152

4678644.SQ.FTS.B,

Zero

Cpn.,

5/07/23

3,608

3,459

4678698.SQ.FTS.B,

Zero

Cpn.,

5/07/23

5,163

4,949

4678740.SQ.FTS.B,

Zero

Cpn.,

5/07/23

2,354

2,108

4678770.SQ.FTS.B,

Zero

Cpn.,

5/07/23

1,626

1,536

4678779.SQ.FTS.B,

Zero

Cpn.,

5/07/23

5,453

5,238

4678849.SQ.FTS.B,

Zero

Cpn.,

5/07/23

67,438

61,814

4681427.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,876

4,642

4681556.SQ.FTS.B,

Zero

Cpn.,

5/08/23

28,869

27,734

4682099.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,521

5,978

4682217.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,219

2,137

4682291.SQ.FTS.B,

Zero

Cpn.,

5/08/23

12,648

12,171

4682575.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,644

4,460

4682658.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,974

2,854

4682717.SQ.FTS.B,

Zero

Cpn.,

5/08/23

385

373

4682720.SQ.FTS.B,

Zero

Cpn.,

5/08/23

3,199

3,088

4682758.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,355

3,996

4682818.SQ.FTS.B,

Zero

Cpn.,

5/08/23

773

741

4682870.SQ.FTS.B,

Zero

Cpn.,

5/08/23

426

413

4682885.SQ.FTS.B,

Zero

Cpn.,

5/08/23

24,192

23,199

4683462.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,864

4,680

4683612.SQ.FTS.B,

Zero

Cpn.,

5/08/23

6,421

6,156

4683720.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,653

1,533

4683763.SQ.FTS.B,

Zero

Cpn.,

5/08/23

825

752

4683786.SQ.FTS.B,

Zero

Cpn.,

5/08/23

1,942

1,801

4683836.SQ.FTS.B,

Zero

Cpn.,

5/08/23

38,219

36,699

4684284.SQ.FTS.B,

Zero

Cpn.,

5/08/23

11,172

10,654

4684412.SQ.FTS.B,

Zero

Cpn.,

5/08/23

2,706

2,418

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

227

a

4684453.SQ.FTS.B,

Zero

Cpn.,

5/08/23

4,932

4,728

4689265.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,056

1,016

4689283.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,116

1,081

4689322.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,090

2,006

4689334.SQ.FTS.B,

Zero

Cpn.,

5/09/23

8,192

6,551

4689460.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,332

1,993

4689498.SQ.FTS.B,

Zero

Cpn.,

5/09/23

140

136

4689505.SQ.FTS.B,

Zero

Cpn.,

5/09/23

5,978

5,630

4689588.SQ.FTS.B,

Zero

Cpn.,

5/09/23

473

450

4689623.SQ.FTS.B,

Zero

Cpn.,

5/09/23

238

208

4689626.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,045

2,918

4689683.SQ.FTS.B,

Zero

Cpn.,

5/09/23

6,271

6,011

4689797.SQ.FTS.B,

Zero

Cpn.,

5/09/23

12,133

11,330

4689989.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,161

1,105

4690005.SQ.FTS.B,

Zero

Cpn.,

5/09/23

20,184

18,513

4690585.SQ.FTS.B,

Zero

Cpn.,

5/09/23

5,853

5,512

4691327.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,013

1,871

4691470.SQ.FTS.B,

Zero

Cpn.,

5/09/23

9,657

9,290

4691789.SQ.FTS.B,

Zero

Cpn.,

5/09/23

5,760

5,532

4692011.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,979

4,779

4692143.SQ.FTS.B,

Zero

Cpn.,

5/09/23

9,852

9,413

4692393.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,005

2,823

4692449.SQ.FTS.B,

Zero

Cpn.,

5/09/23

9,675

8,968

4692762.SQ.FTS.B,

Zero

Cpn.,

5/09/23

767

713

4692768.SQ.FTS.B,

Zero

Cpn.,

5/09/23

17,355

16,635

4692942.SQ.FTS.B,

Zero

Cpn.,

5/09/23

35,980

33,201

4693255.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,413

2,325

4693289.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,067

3,924

4693339.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,159

2,074

4693367.SQ.FTS.B,

Zero

Cpn.,

5/09/23

3,993

3,821

4693373.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,259

1,102

4693385.SQ.FTS.B,

Zero

Cpn.,

5/09/23

4,632

4,441

4693427.SQ.FTS.B,

Zero

Cpn.,

5/09/23

1,014

955

4693441.SQ.FTS.B,

Zero

Cpn.,

5/09/23

11,324

10,893

4693608.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,471

2,369

4693656.SQ.FTS.B,

Zero

Cpn.,

5/09/23

16,686

15,913

4694019.SQ.FTS.B,

Zero

Cpn.,

5/09/23

433

420

4694035.SQ.FTS.B,

Zero

Cpn.,

5/09/23

5,581

5,350

4694151.SQ.FTS.B,

Zero

Cpn.,

5/09/23

2,739

2,625

4694201.SQ.FTS.B,

Zero

Cpn.,

5/09/23

6,286

5,987

4694306.SQ.FTS.B,

Zero

Cpn.,

5/09/23

6,821

6,534

4694411.SQ.FTS.B,

Zero

Cpn.,

5/09/23

12,079

11,543

4701941.SQ.FTS.B,

Zero

Cpn.,

5/10/23

72,120

68,101

4704538.SQ.FTS.B,

Zero

Cpn.,

5/10/23

6,522

6,061

4704717.SQ.FTS.B,

Zero

Cpn.,

5/10/23

12,021

11,344

4704897.SQ.FTS.B,

Zero

Cpn.,

5/10/23

770

731

4704913.SQ.FTS.B,

Zero

Cpn.,

5/10/23

11,952

11,474

4705372.SQ.FTS.B,

Zero

Cpn.,

5/10/23

5,004

3,872

4705470.SQ.FTS.B,

Zero

Cpn.,

5/10/23

24,385

23,423

4705989.SQ.FTS.B,

Zero

Cpn.,

5/10/23

2,747

2,604

4706045.SQ.FTS.B,

Zero

Cpn.,

5/10/23

18,899

17,711

4706400.SQ.FTS.B,

Zero

Cpn.,

5/10/23

3,254

3,118

4706507.SQ.FTS.B,

Zero

Cpn.,

5/10/23

2,015

1,910

4706531.SQ.FTS.B,

Zero

Cpn.,

5/10/23

820

785

4706573.SQ.FTS.B,

Zero

Cpn.,

5/10/23

1,199

1,093

4706593.SQ.FTS.B,

Zero

Cpn.,

5/10/23

6,387

6,132

4706717.SQ.FTS.B,

Zero

Cpn.,

5/10/23

4,845

4,652

4706918.SQ.FTS.B,

Zero

Cpn.,

5/10/23

1,984

1,872

4706954.SQ.FTS.B,

Zero

Cpn.,

5/10/23

1,280

1,227

4707028.SQ.FTS.B,

Zero

Cpn.,

5/10/23

3,012

2,793

4707075.SQ.FTS.B,

Zero

Cpn.,

5/10/23

10,746

10,012

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

228

a

4707139.SQ.FTS.B,

Zero

Cpn.,

5/11/23

24,199

23,180

4707303.SQ.FTS.B,

Zero

Cpn.,

5/11/23

722

670

4707306.SQ.FTS.B,

Zero

Cpn.,

5/11/23

4,210

4,034

4707328.SQ.FTS.B,

Zero

Cpn.,

5/11/23

2,117

2,028

4707347.SQ.FTS.B,

Zero

Cpn.,

5/11/23

10,355

9,930

4707465.SQ.FTS.B,

Zero

Cpn.,

5/11/23

1,588

1,507

4707491.SQ.FTS.B,

Zero

Cpn.,

5/11/23

30,176

28,916

4707689.SQ.FTS.B,

Zero

Cpn.,

5/11/23

1,774

1,667

4707699.SQ.FTS.B,

Zero

Cpn.,

5/11/23

15,614

14,956

4707758.SQ.FTS.B,

Zero

Cpn.,

5/11/23

6,617

6,341

4707802.SQ.FTS.B,

Zero

Cpn.,

5/11/23

6,379

6,112

4707828.SQ.FTS.B,

Zero

Cpn.,

5/11/23

2,217

1,942

4707833.SQ.FTS.B,

Zero

Cpn.,

5/11/23

33,586

31,286

4708902.SQ.FTS.B,

Zero

Cpn.,

5/12/23

2,383

2,298

4709071.SQ.FTS.B,

Zero

Cpn.,

5/12/23

2,325

2,221

4709218.SQ.FTS.B,

Zero

Cpn.,

5/12/23

5,661

5,386

4709745.SQ.FTS.B,

Zero

Cpn.,

5/12/23

3,000

2,868

4710593.SQ.FTS.B,

Zero

Cpn.,

5/12/23

10,037

9,647

4711811.SQ.FTS.B,

Zero

Cpn.,

5/12/23

44,293

42,096

4713462.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,415

1,334

4713485.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,132

1,081

4713497.SQ.FTS.B,

Zero

Cpn.,

5/13/23

19,027

18,070

4713712.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,018

914

4713736.SQ.FTS.B,

Zero

Cpn.,

5/13/23

2,266

2,135

4713772.SQ.FTS.B,

Zero

Cpn.,

5/13/23

2,178

2,025

4713811.SQ.FTS.B,

Zero

Cpn.,

5/13/23

8,898

8,525

4713946.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,598

1,520

4713979.SQ.FTS.B,

Zero

Cpn.,

5/13/23

956

900

4713989.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,355

1,298

4714017.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,173

1,088

4714055.SQ.FTS.B,

Zero

Cpn.,

5/13/23

2,048

1,912

4714099.SQ.FTS.B,

Zero

Cpn.,

5/13/23

3,804

3,657

4714175.SQ.FTS.B,

Zero

Cpn.,

5/13/23

1,569

1,498

4714196.SQ.FTS.B,

Zero

Cpn.,

5/13/23

6,455

6,158

4714291.SQ.FTS.B,

Zero

Cpn.,

5/14/23

1,660

1,579

4714321.SQ.FTS.B,

Zero

Cpn.,

5/14/23

1,275

1,221

4714359.SQ.FTS.B,

Zero

Cpn.,

5/14/23

18,855

18,059

4714662.SQ.FTS.B,

Zero

Cpn.,

5/14/23

4,085

3,523

4714727.SQ.FTS.B,

Zero

Cpn.,

5/14/23

853

813

4714740.SQ.FTS.B,

Zero

Cpn.,

5/14/23

2,847

2,718

4714796.SQ.FTS.B,

Zero

Cpn.,

5/14/23

11,713

9,532

4715412.SQ.FTS.B,

Zero

Cpn.,

5/15/23

2,245

2,081

4715705.SQ.FTS.B,

Zero

Cpn.,

5/15/23

28,827

27,378

4718013.SQ.FTS.B,

Zero

Cpn.,

5/15/23

5,350

5,135

4718271.SQ.FTS.B,

Zero

Cpn.,

5/15/23

7,437

7,123

4718549.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,280

1,216

4718578.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,515

1,439

4718593.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,298

1,230

4718599.SQ.FTS.B,

Zero

Cpn.,

5/15/23

14,754

14,132

4718775.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,156

1,117

4718826.SQ.FTS.B,

Zero

Cpn.,

5/15/23

2,435

2,238

4718834.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,416

1,255

4718952.SQ.FTS.B,

Zero

Cpn.,

5/15/23

3,201

3,016

4718991.SQ.FTS.B,

Zero

Cpn.,

5/15/23

225

218

4719004.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,790

1,654

4719023.SQ.FTS.B,

Zero

Cpn.,

5/15/23

10,751

10,260

4719204.SQ.FTS.B,

Zero

Cpn.,

5/15/23

815

784

4719279.SQ.FTS.B,

Zero

Cpn.,

5/15/23

2,813

2,492

4719312.SQ.FTS.B,

Zero

Cpn.,

5/15/23

365

353

4719322.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,509

1,407

4719414.SQ.FTS.B,

Zero

Cpn.,

5/15/23

1,467

1,419

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

229

a

4720100.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,688

1,607

4720164.SQ.FTS.B,

Zero

Cpn.,

5/16/23

10,748

10,296

4720289.SQ.FTS.B,

Zero

Cpn.,

5/16/23

691

660

4720310.SQ.FTS.B,

Zero

Cpn.,

5/16/23

13,331

12,686

4720600.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,529

1,461

4720616.SQ.FTS.B,

Zero

Cpn.,

5/16/23

486

395

4720634.SQ.FTS.B,

Zero

Cpn.,

5/16/23

14,822

14,244

4721244.SQ.FTS.B,

Zero

Cpn.,

5/16/23

12,270

11,753

4722407.SQ.FTS.B,

Zero

Cpn.,

5/16/23

1,344

1,241

4722454.SQ.FTS.B,

Zero

Cpn.,

5/16/23

4,446

4,258

4722678.SQ.FTS.B,

Zero

Cpn.,

5/16/23

11,239

10,560

4722963.SQ.FTS.B,

Zero

Cpn.,

5/16/23

43,397

40,079

4723575.SQ.FTS.B,

Zero

Cpn.,

5/16/23

93,889

87,870

4725113.SQ.FTS.B,

Zero

Cpn.,

5/17/23

10,333

9,646

4725524.SQ.FTS.B,

Zero

Cpn.,

5/17/23

19,569

18,905

4728449.SQ.FTS.B,

Zero

Cpn.,

5/17/23

7,054

6,757

4728720.SQ.FTS.B,

Zero

Cpn.,

5/17/23

5,749

5,505

4728833.SQ.FTS.B,

Zero

Cpn.,

5/17/23

2,493

2,387

4728898.SQ.FTS.B,

Zero

Cpn.,

5/17/23

1,517

1,453

4729041.SQ.FTS.B,

Zero

Cpn.,

5/17/23

1,463

1,366

4729087.SQ.FTS.B,

Zero

Cpn.,

5/17/23

555

531

4729102.SQ.FTS.B,

Zero

Cpn.,

5/17/23

1,987

1,556

4729177.SQ.FTS.B,

Zero

Cpn.,

5/17/23

530

490

4729186.SQ.FTS.B,

Zero

Cpn.,

5/17/23

792

666

4729187.SQ.FTS.B,

Zero

Cpn.,

5/17/23

843

688

4729195.SQ.FTS.B,

Zero

Cpn.,

5/17/23

6,666

6,384

4729269.SQ.FTS.B,

Zero

Cpn.,

5/17/23

3,176

3,042

4729312.SQ.FTS.B,

Zero

Cpn.,

5/17/23

3,981

3,740

4729403.SQ.FTS.B,

Zero

Cpn.,

5/17/23

44,989

42,103

4730110.SQ.FTS.B,

Zero

Cpn.,

5/17/23

9,071

8,624

4730387.SQ.FTS.B,

Zero

Cpn.,

5/17/23

2,367

2,263

4730467.SQ.FTS.B,

Zero

Cpn.,

5/17/23

14,316

12,994

4738673.SQ.FTS.B,

Zero

Cpn.,

5/18/23

8,548

8,210

4739046.SQ.FTS.B,

Zero

Cpn.,

5/18/23

24,766

23,782

4740820.SQ.FTS.B,

Zero

Cpn.,

5/18/23

798

748

4740918.SQ.FTS.B,

Zero

Cpn.,

5/18/23

3,208

3,071

4741043.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,918

1,795

4741112.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,799

1,722

4741265.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,615

1,547

4741333.SQ.FTS.B,

Zero

Cpn.,

5/18/23

2,501

2,393

4741504.SQ.FTS.B,

Zero

Cpn.,

5/18/23

3,452

3,250

4741632.SQ.FTS.B,

Zero

Cpn.,

5/18/23

822

792

4741690.SQ.FTS.B,

Zero

Cpn.,

5/18/23

816

717

4741732.SQ.FTS.B,

Zero

Cpn.,

5/18/23

5,996

5,739

4741932.SQ.FTS.B,

Zero

Cpn.,

5/18/23

2,191

1,972

4742023.SQ.FTS.B,

Zero

Cpn.,

5/18/23

10,666

10,231

4742410.SQ.FTS.B,

Zero

Cpn.,

5/18/23

1,847

1,662

4742480.SQ.FTS.B,

Zero

Cpn.,

5/18/23

2,267

1,751

4742587.SQ.FTS.B,

Zero

Cpn.,

5/18/23

2,671

2,321

4742633.SQ.FTS.B,

Zero

Cpn.,

5/18/23

10,516

10,059

4742918.SQ.FTS.B,

Zero

Cpn.,

5/18/23

38,305

36,084

4743929.SQ.FTS.B,

Zero

Cpn.,

5/18/23

755

712

4744012.SQ.FTS.B,

Zero

Cpn.,

5/18/23

10,095

9,601

4744353.SQ.FTS.B,

Zero

Cpn.,

5/18/23

12,149

11,729

4744489.SQ.FTS.B,

Zero

Cpn.,

5/19/23

2,433

2,124

4744600.SQ.FTS.B,

Zero

Cpn.,

5/19/23

3,475

3,342

4744808.SQ.FTS.B,

Zero

Cpn.,

5/19/23

477

460

4744831.SQ.FTS.B,

Zero

Cpn.,

5/19/23

2,158

2,066

4744891.SQ.FTS.B,

Zero

Cpn.,

5/19/23

4,851

4,575

4745141.SQ.FTS.B,

Zero

Cpn.,

5/19/23

12,135

11,617

4746819.SQ.FTS.B,

Zero

Cpn.,

5/19/23

782

752

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

230

a

4746864.SQ.FTS.B,

Zero

Cpn.,

5/19/23

4,196

4,002

4747024.SQ.FTS.B,

Zero

Cpn.,

5/19/23

1,954

1,879

4747162.SQ.FTS.B,

Zero

Cpn.,

5/19/23

11,249

10,784

4747539.SQ.FTS.B,

Zero

Cpn.,

5/19/23

14,098

13,017

4748060.SQ.FTS.B,

Zero

Cpn.,

5/19/23

29,144

27,059

4749278.SQ.FTS.B,

Zero

Cpn.,

5/19/23

4,403

4,149

4749354.SQ.FTS.B,

Zero

Cpn.,

5/19/23

1,414

1,362

4749385.SQ.FTS.B,

Zero

Cpn.,

5/19/23

7,369

7,089

4749559.SQ.FTS.B,

Zero

Cpn.,

5/19/23

6,696

6,464

4749641.SQ.FTS.B,

Zero

Cpn.,

5/20/23

6,635

6,352

4749714.SQ.FTS.B,

Zero

Cpn.,

5/20/23

675

633

4749725.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,340

3,196

4749769.SQ.FTS.B,

Zero

Cpn.,

5/20/23

758

724

4749786.SQ.FTS.B,

Zero

Cpn.,

5/20/23

9,992

9,526

4749945.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,555

3,418

4750020.SQ.FTS.B,

Zero

Cpn.,

5/20/23

2,097

1,961

4750074.SQ.FTS.B,

Zero

Cpn.,

5/20/23

11,449

10,793

4750163.SQ.FTS.B,

Zero

Cpn.,

5/20/23

859

765

4750170.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,805

3,539

4750212.SQ.FTS.B,

Zero

Cpn.,

5/20/23

4,717

4,282

4750264.SQ.FTS.B,

Zero

Cpn.,

5/20/23

656

630

4750281.SQ.FTS.B,

Zero

Cpn.,

5/20/23

1,361

1,305

4750299.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,274

3,133

4750332.SQ.FTS.B,

Zero

Cpn.,

5/20/23

5,290

5,062

4750388.SQ.FTS.B,

Zero

Cpn.,

5/20/23

8,509

8,084

4750508.SQ.FTS.B,

Zero

Cpn.,

5/20/23

3,922

3,724

4750558.SQ.FTS.B,

Zero

Cpn.,

5/20/23

14,838

14,212

4750751.SQ.FTS.B,

Zero

Cpn.,

5/21/23

760

712

4750805.SQ.FTS.B,

Zero

Cpn.,

5/21/23

755

726

4750818.SQ.FTS.B,

Zero

Cpn.,

5/21/23

2,112

1,525

4750896.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,592

1,538

4750936.SQ.FTS.B,

Zero

Cpn.,

5/21/23

984

828

4750953.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,590

3,410

4750988.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,903

3,751

4751053.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,512

3,361

4751100.SQ.FTS.B,

Zero

Cpn.,

5/21/23

382

370

4751106.SQ.FTS.B,

Zero

Cpn.,

5/21/23

590

557

4751114.SQ.FTS.B,

Zero

Cpn.,

5/21/23

6,793

6,501

4751183.SQ.FTS.B,

Zero

Cpn.,

5/21/23

6,099

5,676

4751261.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,560

1,482

4751271.SQ.FTS.B,

Zero

Cpn.,

5/21/23

6,012

5,754

4751349.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,670

1,609

4751378.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,634

1,562

4751402.SQ.FTS.B,

Zero

Cpn.,

5/21/23

2,445

2,239

4751432.SQ.FTS.B,

Zero

Cpn.,

5/21/23

4,214

4,033

4751610.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,885

3,718

4751664.SQ.FTS.B,

Zero

Cpn.,

5/21/23

1,910

1,621

4751688.SQ.FTS.B,

Zero

Cpn.,

5/21/23

3,148

3,013

4751822.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,125

2,971

4751860.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,229

4,029

4751994.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,112

2,021

4752052.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,552

3,387

4752190.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,276

2,064

4752322.SQ.FTS.B,

Zero

Cpn.,

5/22/23

9,040

8,584

4753030.SQ.FTS.B,

Zero

Cpn.,

5/22/23

14,828

12,221

4754223.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,332

4,146

4754355.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,197

3,927

4754466.SQ.FTS.B,

Zero

Cpn.,

5/22/23

10,494

10,046

4754736.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,950

2,504

4754803.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,335

2,220

4754846.SQ.FTS.B,

Zero

Cpn.,

5/22/23

5,172

4,839

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

231

a

4754984.SQ.FTS.B,

Zero

Cpn.,

5/22/23

10,597

10,114

4755255.SQ.FTS.B,

Zero

Cpn.,

5/22/23

5,295

5,082

4755361.SQ.FTS.B,

Zero

Cpn.,

5/22/23

5,127

4,874

4755474.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,597

4,395

4755592.SQ.FTS.B,

Zero

Cpn.,

5/22/23

8,272

7,624

4755735.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,243

4,073

4755856.SQ.FTS.B,

Zero

Cpn.,

5/22/23

17,466

13,614

4756152.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,682

3,491

4756222.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,561

3,418

4756307.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,287

2,196

4756340.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,086

1,980

4756417.SQ.FTS.B,

Zero

Cpn.,

5/22/23

8,531

8,108

4756579.SQ.FTS.B,

Zero

Cpn.,

5/22/23

2,530

2,436

4756626.SQ.FTS.B,

Zero

Cpn.,

5/22/23

1,966

1,879

4756677.SQ.FTS.B,

Zero

Cpn.,

5/22/23

37,996

35,831

4757325.SQ.FTS.B,

Zero

Cpn.,

5/22/23

1,092

1,032

4757364.SQ.FTS.B,

Zero

Cpn.,

5/22/23

3,571

3,392

4757454.SQ.FTS.B,

Zero

Cpn.,

5/22/23

4,689

4,436

4761213.SQ.FTS.B,

Zero

Cpn.,

5/23/23

6,659

6,327

4761305.SQ.FTS.B,

Zero

Cpn.,

5/23/23

10,777

10,077

4761466.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,257

4,074

4761611.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,362

2,243

4761650.SQ.FTS.B,

Zero

Cpn.,

5/23/23

28,964

27,314

4762364.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,923

2,797

4762589.SQ.FTS.B,

Zero

Cpn.,

5/23/23

645

608

4762755.SQ.FTS.B,

Zero

Cpn.,

5/23/23

1,773

1,387

4763216.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,387

2,284

4763427.SQ.FTS.B,

Zero

Cpn.,

5/23/23

8,623

8,273

4763920.SQ.FTS.B,

Zero

Cpn.,

5/23/23

2,762

2,630

4764017.SQ.FTS.B,

Zero

Cpn.,

5/23/23

7,709

7,339

4764180.SQ.FTS.B,

Zero

Cpn.,

5/23/23

14,116

13,400

4764464.SQ.FTS.B,

Zero

Cpn.,

5/23/23

434

414

4764478.SQ.FTS.B,

Zero

Cpn.,

5/23/23

11,406

10,823

4764647.SQ.FTS.B,

Zero

Cpn.,

5/23/23

550

531

4764668.SQ.FTS.B,

Zero

Cpn.,

5/23/23

6,631

6,367

4764786.SQ.FTS.B,

Zero

Cpn.,

5/23/23

5,479

5,208

4764906.SQ.FTS.B,

Zero

Cpn.,

5/23/23

664

631

4764916.SQ.FTS.B,

Zero

Cpn.,

5/23/23

24,322

21,047

4765360.SQ.FTS.B,

Zero

Cpn.,

5/23/23

7,803

7,466

4765477.SQ.FTS.B,

Zero

Cpn.,

5/23/23

34,211

32,514

4766076.SQ.FTS.B,

Zero

Cpn.,

5/23/23

11,101

10,537

4766300.SQ.FTS.B,

Zero

Cpn.,

5/23/23

4,100

3,863

4773606.SQ.FTS.B,

Zero

Cpn.,

5/24/23

4,068

3,853

4773677.SQ.FTS.B,

Zero

Cpn.,

5/24/23

25,905

24,308

4774222.SQ.FTS.B,

Zero

Cpn.,

5/24/23

1,966

1,881

4774233.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,195

1,964

4774253.SQ.FTS.B,

Zero

Cpn.,

5/24/23

10,049

9,570

4774463.SQ.FTS.B,

Zero

Cpn.,

5/24/23

9,376

8,931

4774873.SQ.FTS.B,

Zero

Cpn.,

5/24/23

14,419

13,674

*

4776067.SQ.FTS.B,

Zero

Cpn.,

5/24/23

5,659

4,677

4776301.SQ.FTS.B,

Zero

Cpn.,

5/24/23

758

733

4776338.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,751

3,536

4776440.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,176

2,051

4776587.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,071

1,981

4776661.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,091

2,957

4776781.SQ.FTS.B,

Zero

Cpn.,

5/24/23

277

269

4776797.SQ.FTS.B,

Zero

Cpn.,

5/24/23

10,741

10,277

4777169.SQ.FTS.B,

Zero

Cpn.,

5/24/23

863

796

4777198.SQ.FTS.B,

Zero

Cpn.,

5/24/23

7,321

6,903

4777455.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,599

3,404

4777535.SQ.FTS.B,

Zero

Cpn.,

5/24/23

980

946

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

232

a

4777589.SQ.FTS.B,

Zero

Cpn.,

5/24/23

9,559

9,081

4777852.SQ.FTS.B,

Zero

Cpn.,

5/24/23

11,233

10,742

4778127.SQ.FTS.B,

Zero

Cpn.,

5/24/23

1,893

1,718

4778202.SQ.FTS.B,

Zero

Cpn.,

5/24/23

946

888

4778227.SQ.FTS.B,

Zero

Cpn.,

5/24/23

17,609

16,688

4778528.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,903

2,634

4778624.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,231

3,045

4778688.SQ.FTS.B,

Zero

Cpn.,

5/24/23

729

701

4778707.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,920

2,721

4778738.SQ.FTS.B,

Zero

Cpn.,

5/24/23

11,001

10,432

4778860.SQ.FTS.B,

Zero

Cpn.,

5/24/23

6,889

6,348

4779024.SQ.FTS.B,

Zero

Cpn.,

5/24/23

2,404

1,967

4779093.SQ.FTS.B,

Zero

Cpn.,

5/24/23

3,851

3,664

4779178.SQ.FTS.B,

Zero

Cpn.,

5/24/23

8,335

7,905

4779255.SQ.FTS.B,

Zero

Cpn.,

5/25/23

1,411

1,349

4779267.SQ.FTS.B,

Zero

Cpn.,

5/25/23

4,209

4,026

4779288.SQ.FTS.B,

Zero

Cpn.,

5/25/23

35,930

33,868

4779568.SQ.FTS.B,

Zero

Cpn.,

5/25/23

5,543

5,278

4779613.SQ.FTS.B,

Zero

Cpn.,

5/25/23

13,830

12,896

4779735.SQ.FTS.B,

Zero

Cpn.,

5/25/23

2,205

2,100

4779762.SQ.FTS.B,

Zero

Cpn.,

5/25/23

10,413

9,915

4779840.SQ.FTS.B,

Zero

Cpn.,

5/25/23

3,589

3,392

4779871.SQ.FTS.B,

Zero

Cpn.,

5/25/23

714

690

4779885.SQ.FTS.B,

Zero

Cpn.,

5/25/23

12,485

11,942

4780803.SQ.FTS.B,

Zero

Cpn.,

5/26/23

972

891

4780855.SQ.FTS.B,

Zero

Cpn.,

5/26/23

2,167

2,072

4780976.SQ.FTS.B,

Zero

Cpn.,

5/26/23

787

742

4781097.SQ.FTS.B,

Zero

Cpn.,

5/26/23

9,748

8,494

4782169.SQ.FTS.B,

Zero

Cpn.,

5/26/23

599

561

4782220.SQ.FTS.B,

Zero

Cpn.,

5/26/23

3,113

2,978

4782330.SQ.FTS.B,

Zero

Cpn.,

5/26/23

12,050

9,904

4782712.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,787

1,708

4782761.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,680

1,567

4782856.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,599

1,534

4782936.SQ.FTS.B,

Zero

Cpn.,

5/26/23

4,717

4,536

4783176.SQ.FTS.B,

Zero

Cpn.,

5/26/23

21,443

20,173

4783975.SQ.FTS.B,

Zero

Cpn.,

5/26/23

932

839

4784024.SQ.FTS.B,

Zero

Cpn.,

5/26/23

11,452

10,615

4784501.SQ.FTS.B,

Zero

Cpn.,

5/26/23

5,807

5,506

4784731.SQ.FTS.B,

Zero

Cpn.,

5/26/23

7,327

6,909

4785137.SQ.FTS.B,

Zero

Cpn.,

5/26/23

1,979

1,861

4785232.SQ.FTS.B,

Zero

Cpn.,

5/27/23

1,165

1,068

4785247.SQ.FTS.B,

Zero

Cpn.,

5/27/23

19,880

18,782

4785458.SQ.FTS.B,

Zero

Cpn.,

5/27/23

18,492

16,825

4785596.SQ.FTS.B,

Zero

Cpn.,

5/27/23

655

630

4785602.SQ.FTS.B,

Zero

Cpn.,

5/27/23

8,309

7,948

4785691.SQ.FTS.B,

Zero

Cpn.,

5/27/23

3,515

3,323

4785731.SQ.FTS.B,

Zero

Cpn.,

5/27/23

3,889

3,700

4785771.SQ.FTS.B,

Zero

Cpn.,

5/27/23

1,188

1,010

4785784.SQ.FTS.B,

Zero

Cpn.,

5/27/23

1,882

1,812

4785802.SQ.FTS.B,

Zero

Cpn.,

5/27/23

1,398

1,331

4785821.SQ.FTS.B,

Zero

Cpn.,

5/27/23

10,526

9,859

4785916.SQ.FTS.B,

Zero

Cpn.,

5/28/23

5,301

4,921

4785975.SQ.FTS.B,

Zero

Cpn.,

5/28/23

730

681

4786078.SQ.FTS.B,

Zero

Cpn.,

5/28/23

4,208

3,882

4786116.SQ.FTS.B,

Zero

Cpn.,

5/28/23

5,418

5,172

4786183.SQ.FTS.B,

Zero

Cpn.,

5/28/23

1,681

1,350

4786208.SQ.FTS.B,

Zero

Cpn.,

5/28/23

6,907

6,510

4786279.SQ.FTS.B,

Zero

Cpn.,

5/28/23

2,274

2,121

4786301.SQ.FTS.B,

Zero

Cpn.,

5/28/23

950

912

4786311.SQ.FTS.B,

Zero

Cpn.,

5/28/23

1,454

1,379

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

233

a

4786329.SQ.FTS.B,

Zero

Cpn.,

5/28/23

9,415

8,920

4786442.SQ.FTS.B,

Zero

Cpn.,

5/28/23

28,601

27,113

4787125.SQ.FTS.B,

Zero

Cpn.,

5/29/23

5,437

5,201

4787579.SQ.FTS.B,

Zero

Cpn.,

5/29/23

8,188

7,818

4788070.SQ.FTS.B,

Zero

Cpn.,

5/29/23

5,256

5,025

4788755.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,443

1,351

4788829.SQ.FTS.B,

Zero

Cpn.,

5/29/23

13,559

12,964

4789268.SQ.FTS.B,

Zero

Cpn.,

5/29/23

6,146

5,848

4789352.SQ.FTS.B,

Zero

Cpn.,

5/29/23

467

451

4789412.SQ.FTS.B,

Zero

Cpn.,

5/29/23

10,597

10,133

4789625.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,042

983

4789668.SQ.FTS.B,

Zero

Cpn.,

5/29/23

4,669

4,460

4789815.SQ.FTS.B,

Zero

Cpn.,

5/29/23

710

684

4789836.SQ.FTS.B,

Zero

Cpn.,

5/29/23

3,496

3,342

4789952.SQ.FTS.B,

Zero

Cpn.,

5/29/23

3,657

3,496

4790013.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,574

1,468

4790042.SQ.FTS.B,

Zero

Cpn.,

5/29/23

935

830

4790054.SQ.FTS.B,

Zero

Cpn.,

5/29/23

7,015

6,721

4790102.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,890

2,779

4790151.SQ.FTS.B,

Zero

Cpn.,

5/29/23

702

599

4790161.SQ.FTS.B,

Zero

Cpn.,

5/29/23

20,730

19,823

4790351.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,407

1,345

4790522.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,935

2,806

4790578.SQ.FTS.B,

Zero

Cpn.,

5/29/23

4,755

4,329

4790594.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,762

1,692

4790619.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,473

2,350

4790663.SQ.FTS.B,

Zero

Cpn.,

5/29/23

18,726

17,885

4790979.SQ.FTS.B,

Zero

Cpn.,

5/29/23

85,522

81,777

4791855.SQ.FTS.B,

Zero

Cpn.,

5/29/23

1,278

1,222

4791867.SQ.FTS.B,

Zero

Cpn.,

5/29/23

5,736

5,444

4791947.SQ.FTS.B,

Zero

Cpn.,

5/29/23

2,959

2,843

4791987.SQ.FTS.B,

Zero

Cpn.,

5/29/23

11,049

10,349

4792269.SQ.FTS.B,

Zero

Cpn.,

5/30/23

48,331

45,058

4792802.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,082

1,016

4792817.SQ.FTS.B,

Zero

Cpn.,

5/30/23

5,300

5,046

4792882.SQ.FTS.B,

Zero

Cpn.,

5/30/23

10,230

9,782

4793018.SQ.FTS.B,

Zero

Cpn.,

5/30/23

772

742

4793025.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,584

6,297

4793112.SQ.FTS.B,

Zero

Cpn.,

5/30/23

8,677

8,205

4793223.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,726

1,664

4793279.SQ.FTS.B,

Zero

Cpn.,

5/30/23

529

510

4793341.SQ.FTS.B,

Zero

Cpn.,

5/30/23

12,267

11,727

4793790.SQ.FTS.B,

Zero

Cpn.,

5/30/23

8,110

7,753

4794033.SQ.FTS.B,

Zero

Cpn.,

5/30/23

14,308

13,204

4794296.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,366

6,087

4794365.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,086

5,647

4794435.SQ.FTS.B,

Zero

Cpn.,

5/30/23

2,601

2,447

4794443.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,235

5,960

4794496.SQ.FTS.B,

Zero

Cpn.,

5/30/23

823

787

4794509.SQ.FTS.B,

Zero

Cpn.,

5/30/23

4,354

4,028

4794557.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,958

1,858

4794568.SQ.FTS.B,

Zero

Cpn.,

5/30/23

11,351

10,792

4794752.SQ.FTS.B,

Zero

Cpn.,

5/30/23

25,455

22,964

4794949.SQ.FTS.B,

Zero

Cpn.,

5/30/23

6,877

6,560

4795016.SQ.FTS.B,

Zero

Cpn.,

5/30/23

12,638

11,887

4795156.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,817

1,734

4795177.SQ.FTS.B,

Zero

Cpn.,

5/30/23

14,096

13,358

4795312.SQ.FTS.B,

Zero

Cpn.,

5/30/23

10,486

9,825

4795434.SQ.FTS.B,

Zero

Cpn.,

5/30/23

26,502

23,561

4795678.SQ.FTS.B,

Zero

Cpn.,

5/30/23

12,809

12,250

4795824.SQ.FTS.B,

Zero

Cpn.,

5/30/23

28,107

24,745

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

234

a

4796039.SQ.FTS.B,

Zero

Cpn.,

5/30/23

17,912

17,111

4796137.SQ.FTS.B,

Zero

Cpn.,

5/30/23

1,368

1,301

4796151.SQ.FTS.B,

Zero

Cpn.,

5/30/23

23,766

22,754

4796289.SQ.FTS.B,

Zero

Cpn.,

5/30/23

3,005

2,874

4796313.SQ.FTS.B,

Zero

Cpn.,

5/30/23

14,916

14,344

4796410.SQ.FTS.B,

Zero

Cpn.,

5/30/23

9,418

8,786

4796577.SQ.FTS.B,

Zero

Cpn.,

5/30/23

962

714

4796638.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,307

1,247

4796660.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,778

4,545

*

4796710.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,024

741

4796715.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,586

4,383

4796753.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,714

4,316

4796791.SQ.FTS.B,

Zero

Cpn.,

6/01/23

9,185

8,771

4796892.SQ.FTS.B,

Zero

Cpn.,

6/01/23

36,431

35,005

4797491.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,724

2,567

4797564.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,346

1,287

4797593.SQ.FTS.B,

Zero

Cpn.,

6/01/23

6,985

6,669

4797835.SQ.FTS.B,

Zero

Cpn.,

6/01/23

3,153

3,018

4798341.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,106

774

4798355.SQ.FTS.B,

Zero

Cpn.,

6/01/23

13,494

12,900

4798461.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,018

3,423

4798485.SQ.FTS.B,

Zero

Cpn.,

6/01/23

13,502

12,905

4798631.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,971

2,733

4798675.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,641

2,501

4798711.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,925

1,822

4798769.SQ.FTS.B,

Zero

Cpn.,

6/01/23

922

882

4798798.SQ.FTS.B,

Zero

Cpn.,

6/01/23

293

282

4798802.SQ.FTS.B,

Zero

Cpn.,

6/01/23

13,201

12,620

4798931.SQ.FTS.B,

Zero

Cpn.,

6/01/23

3,855

3,694

*

4798988.SQ.FTS.B,

Zero

Cpn.,

6/01/23

22,870

18,911

4799114.SQ.FTS.B,

Zero

Cpn.,

6/01/23

8,844

7,142

4799286.SQ.FTS.B,

Zero

Cpn.,

6/01/23

11,318

10,754

4799452.SQ.FTS.B,

Zero

Cpn.,

6/01/23

846

813

4799484.SQ.FTS.B,

Zero

Cpn.,

6/01/23

833

785

4799487.SQ.FTS.B,

Zero

Cpn.,

6/01/23

5,495

5,256

4799521.SQ.FTS.B,

Zero

Cpn.,

6/01/23

4,750

4,404

4799558.SQ.FTS.B,

Zero

Cpn.,

6/01/23

11,149

10,661

4799631.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,037

1,815

4799658.SQ.FTS.B,

Zero

Cpn.,

6/01/23

9,926

9,092

4799702.SQ.FTS.B,

Zero

Cpn.,

6/01/23

217

211

4799715.SQ.FTS.B,

Zero

Cpn.,

6/01/23

60,084

57,056

4800206.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,949

2,777

4800220.SQ.FTS.B,

Zero

Cpn.,

6/01/23

36,833

35,215

4800445.SQ.FTS.B,

Zero

Cpn.,

6/01/23

8,158

7,704

4800490.SQ.FTS.B,

Zero

Cpn.,

6/01/23

1,194

1,153

4800499.SQ.FTS.B,

Zero

Cpn.,

6/01/23

27,093

25,557

4800657.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,949

2,798

4800693.SQ.FTS.B,

Zero

Cpn.,

6/01/23

2,134

2,040

4805399.SQ.FTS.B,

Zero

Cpn.,

6/02/23

787

736

4805415.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,496

1,436

4805435.SQ.FTS.B,

Zero

Cpn.,

6/02/23

5,511

5,240

4805447.SQ.FTS.B,

Zero

Cpn.,

6/02/23

5,394

5,189

4805482.SQ.FTS.B,

Zero

Cpn.,

6/02/23

18,348

17,462

4805579.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,583

3,407

4805607.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,192

2,108

4805633.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,228

2,116

4805643.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,166

5,864

4805709.SQ.FTS.B,

Zero

Cpn.,

6/02/23

7,020

5,240

4805764.SQ.FTS.B,

Zero

Cpn.,

6/02/23

13,228

12,641

4805920.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,267

2,911

4805965.SQ.FTS.B,

Zero

Cpn.,

6/02/23

12,288

11,747

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

235

a

4806152.SQ.FTS.B,

Zero

Cpn.,

6/02/23

5,245

4,974

4806241.SQ.FTS.B,

Zero

Cpn.,

6/02/23

7,902

7,225

4806383.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,545

2,390

4806441.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,639

2,505

4806499.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,941

1,853

4806574.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,083

2,004

4806846.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,563

3,405

4806913.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,279

955

4806975.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,794

1,686

4807040.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,759

2,662

4807110.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,086

1,992

4807146.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,649

6,277

4807269.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,204

3,730

4807316.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,408

2,269

4807329.SQ.FTS.B,

Zero

Cpn.,

6/02/23

10,600

10,130

4807522.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,314

2,211

4807541.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,433

1,367

4807559.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,001

948

*

4807599.SQ.FTS.B,

Zero

Cpn.,

6/02/23

830

620

4807616.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,504

1,443

4807633.SQ.FTS.B,

Zero

Cpn.,

6/02/23

724

691

4807636.SQ.FTS.B,

Zero

Cpn.,

6/02/23

3,007

2,845

4807703.SQ.FTS.B,

Zero

Cpn.,

6/02/23

9,582

7,936

4807813.SQ.FTS.B,

Zero

Cpn.,

6/02/23

8,907

8,512

4807866.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,135

5,824

4807904.SQ.FTS.B,

Zero

Cpn.,

6/02/23

8,553

7,931

4807951.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,262

1,182

4807985.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,091

1,986

4808018.SQ.FTS.B,

Zero

Cpn.,

6/02/23

1,180

1,128

4808051.SQ.FTS.B,

Zero

Cpn.,

6/02/23

36,158

31,884

4808383.SQ.FTS.B,

Zero

Cpn.,

6/02/23

795

752

4808396.SQ.FTS.B,

Zero

Cpn.,

6/02/23

4,037

3,807

4808495.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,865

6,417

4808556.SQ.FTS.B,

Zero

Cpn.,

6/02/23

777

735

4808575.SQ.FTS.B,

Zero

Cpn.,

6/02/23

795

759

4808592.SQ.FTS.B,

Zero

Cpn.,

6/02/23

17,017

15,994

4808701.SQ.FTS.B,

Zero

Cpn.,

6/02/23

558

520

4808703.SQ.FTS.B,

Zero

Cpn.,

6/02/23

21,023

19,753

4808890.SQ.FTS.B,

Zero

Cpn.,

6/02/23

54,816

51,957

4809368.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,150

2,013

4809375.SQ.FTS.B,

Zero

Cpn.,

6/02/23

13,088

11,987

4809493.SQ.FTS.B,

Zero

Cpn.,

6/02/23

6,586

6,282

4809543.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,344

2,167

4809584.SQ.FTS.B,

Zero

Cpn.,

6/02/23

9,444

9,009

4809636.SQ.FTS.B,

Zero

Cpn.,

6/02/23

2,428

2,281

4809649.SQ.FTS.B,

Zero

Cpn.,

6/02/23

38,853

37,171

4809995.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,004

930

4810027.SQ.FTS.B,

Zero

Cpn.,

6/03/23

38,318

36,609

4810443.SQ.FTS.B,

Zero

Cpn.,

6/03/23

948

886

4810447.SQ.FTS.B,

Zero

Cpn.,

6/03/23

4,272

3,791

4810524.SQ.FTS.B,

Zero

Cpn.,

6/03/23

6,325

6,072

4810622.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,246

1,196

4810656.SQ.FTS.B,

Zero

Cpn.,

6/03/23

4,336

4,149

4810748.SQ.FTS.B,

Zero

Cpn.,

6/03/23

22,256

20,971

4811212.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,493

1,425

4811336.SQ.FTS.B,

Zero

Cpn.,

6/03/23

10,600

10,174

4811662.SQ.FTS.B,

Zero

Cpn.,

6/03/23

10,194

9,251

4811755.SQ.FTS.B,

Zero

Cpn.,

6/03/23

3,922

3,712

4811814.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,074

1,012

4811820.SQ.FTS.B,

Zero

Cpn.,

6/03/23

737

707

4811827.SQ.FTS.B,

Zero

Cpn.,

6/03/23

24,212

22,960

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

236

a

4812012.SQ.FTS.B,

Zero

Cpn.,

6/03/23

2,128

2,040

4812027.SQ.FTS.B,

Zero

Cpn.,

6/03/23

998

948

4812039.SQ.FTS.B,

Zero

Cpn.,

6/03/23

44,931

42,926

4812614.SQ.FTS.B,

Zero

Cpn.,

6/03/23

19,741

18,339

4812804.SQ.FTS.B,

Zero

Cpn.,

6/03/23

11,005

10,419

4812915.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,606

1,508

4812917.SQ.FTS.B,

Zero

Cpn.,

6/03/23

4,592

4,387

4812955.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,121

1,059

4812966.SQ.FTS.B,

Zero

Cpn.,

6/03/23

13,742

12,843

4813092.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,621

1,555

4813106.SQ.FTS.B,

Zero

Cpn.,

6/03/23

1,891

1,798

4813110.SQ.FTS.B,

Zero

Cpn.,

6/03/23

61,480

58,380

4813624.SQ.FTS.B,

Zero

Cpn.,

6/03/23

27,746

26,522

4813955.SQ.FTS.B,

Zero

Cpn.,

6/03/23

39,805

37,786

4814217.SQ.FTS.B,

Zero

Cpn.,

6/03/23

3,276

3,066

4814230.SQ.FTS.B,

Zero

Cpn.,

6/03/23

3,340

3,126

4814272.SQ.FTS.B,

Zero

Cpn.,

6/03/23

8,429

8,052

4814331.SQ.FTS.B,

Zero

Cpn.,

6/04/23

7,493

7,147

4814373.SQ.FTS.B,

Zero

Cpn.,

6/04/23

4,119

3,824

4814400.SQ.FTS.B,

Zero

Cpn.,

6/04/23

1,083

1,040

4814409.SQ.FTS.B,

Zero

Cpn.,

6/04/23

843

804

4814415.SQ.FTS.B,

Zero

Cpn.,

6/04/23

3,150

2,559

4814432.SQ.FTS.B,

Zero

Cpn.,

6/04/23

12,154

11,607

4814556.SQ.FTS.B,

Zero

Cpn.,

6/04/23

754

629

4814559.SQ.FTS.B,

Zero

Cpn.,

6/04/23

6,867

6,560

4814613.SQ.FTS.B,

Zero

Cpn.,

6/04/23

19,470

18,548

4814762.SQ.FTS.B,

Zero

Cpn.,

6/04/23

517

498

4814767.SQ.FTS.B,

Zero

Cpn.,

6/04/23

7,086

6,675

4814833.SQ.FTS.B,

Zero

Cpn.,

6/04/23

35,877

33,718

4815140.SQ.FTS.B,

Zero

Cpn.,

6/05/23

7,800

7,493

4815234.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,652

1,556

4815248.SQ.FTS.B,

Zero

Cpn.,

6/05/23

27,949

26,506

4815504.SQ.FTS.B,

Zero

Cpn.,

6/05/23

6,778

6,477

4815551.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,254

1,175

4815565.SQ.FTS.B,

Zero

Cpn.,

6/05/23

4,692

4,482

4815615.SQ.FTS.B,

Zero

Cpn.,

6/05/23

905

865

4815623.SQ.FTS.B,

Zero

Cpn.,

6/05/23

2,497

2,352

4815651.SQ.FTS.B,

Zero

Cpn.,

6/05/23

1,641

1,238

4815665.SQ.FTS.B,

Zero

Cpn.,

6/05/23

5,007

4,614

4815710.SQ.FTS.B,

Zero

Cpn.,

6/05/23

3,857

3,701

4815772.SQ.FTS.B,

Zero

Cpn.,

6/05/23

7,128

6,610

4815832.SQ.FTS.B,

Zero

Cpn.,

6/05/23

3,888

3,697

4815880.SQ.FTS.B,

Zero

Cpn.,

6/05/23

5,220

4,987

4816009.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,426

1,193

4816099.SQ.FTS.B,

Zero

Cpn.,

6/06/23

5,762

5,144

4816345.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,060

1,557

4816450.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,603

2,482

4816493.SQ.FTS.B,

Zero

Cpn.,

6/06/23

347

329

4816497.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,084

846

4816540.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,233

1,172

4816615.SQ.FTS.B,

Zero

Cpn.,

6/06/23

3,744

3,453

4816724.SQ.FTS.B,

Zero

Cpn.,

6/06/23

8,596

8,191

4816843.SQ.FTS.B,

Zero

Cpn.,

6/06/23

19,084

18,233

4817007.SQ.FTS.B,

Zero

Cpn.,

6/06/23

21,228

20,244

4817342.SQ.FTS.B,

Zero

Cpn.,

6/06/23

617

585

4817349.SQ.FTS.B,

Zero

Cpn.,

6/06/23

579

559

4817361.SQ.FTS.B,

Zero

Cpn.,

6/06/23

3,085

2,915

4817391.SQ.FTS.B,

Zero

Cpn.,

6/06/23

16,277

15,549

4817578.SQ.FTS.B,

Zero

Cpn.,

6/06/23

18,308

17,489

4817799.SQ.FTS.B,

Zero

Cpn.,

6/06/23

1,883

1,807

4817832.SQ.FTS.B,

Zero

Cpn.,

6/06/23

17,613

16,851

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

237

a

4818059.SQ.FTS.B,

Zero

Cpn.,

6/06/23

10,568

10,080

4818162.SQ.FTS.B,

Zero

Cpn.,

6/06/23

4,668

4,377

4818198.SQ.FTS.B,

Zero

Cpn.,

6/06/23

7,264

6,224

4818241.SQ.FTS.B,

Zero

Cpn.,

6/06/23

13,318

12,382

4818346.SQ.FTS.B,

Zero

Cpn.,

6/06/23

13,004

12,288

4818566.SQ.FTS.B,

Zero

Cpn.,

6/06/23

18,044

16,750

4818723.SQ.FTS.B,

Zero

Cpn.,

6/06/23

17,904

17,063

4818842.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,119

2,025

4818850.SQ.FTS.B,

Zero

Cpn.,

6/06/23

10,772

10,294

4818899.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,059

1,913

4818919.SQ.FTS.B,

Zero

Cpn.,

6/06/23

5,775

5,519

4818950.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,010

1,894

4818973.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,546

2,430

4818987.SQ.FTS.B,

Zero

Cpn.,

6/06/23

2,727

2,282

4819026.SQ.FTS.B,

Zero

Cpn.,

6/06/23

7,149

6,839

4819145.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,087

984

4819168.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,347

1,295

4819180.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,596

1,248

4819188.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,945

3,741

4819217.SQ.FTS.B,

Zero

Cpn.,

6/07/23

56,093

52,797

4819448.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,708

5,295

4819517.SQ.FTS.B,

Zero

Cpn.,

6/07/23

7,611

7,273

4819550.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,406

5,090

4819579.SQ.FTS.B,

Zero

Cpn.,

6/07/23

21,129

20,185

4819654.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,828

2,210

4819669.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,931

1,818

4819691.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,073

2,835

4819715.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,699

1,611

4819729.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,223

3,044

4819749.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,547

3,403

4819797.SQ.FTS.B,

Zero

Cpn.,

6/07/23

5,255

4,967

4819826.SQ.FTS.B,

Zero

Cpn.,

6/07/23

6,070

5,799

4819850.SQ.FTS.B,

Zero

Cpn.,

6/07/23

36,910

34,837

4819994.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,120

1,054

4819998.SQ.FTS.B,

Zero

Cpn.,

6/07/23

4,795

4,511

4820023.SQ.FTS.B,

Zero

Cpn.,

6/07/23

40,686

38,869

4820289.SQ.FTS.B,

Zero

Cpn.,

6/07/23

909

863

4820306.SQ.FTS.B,

Zero

Cpn.,

6/07/23

2,378

2,178

4820413.SQ.FTS.B,

Zero

Cpn.,

6/07/23

4,107

3,902

4820430.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,194

1,145

4820441.SQ.FTS.B,

Zero

Cpn.,

6/07/23

18,706

17,884

4820529.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,973

1,873

4820545.SQ.FTS.B,

Zero

Cpn.,

6/07/23

8,776

8,383

4820581.SQ.FTS.B,

Zero

Cpn.,

6/07/23

21,056

19,944

4821040.SQ.FTS.B,

Zero

Cpn.,

6/07/23

532

503

4821044.SQ.FTS.B,

Zero

Cpn.,

6/07/23

15,098

14,092

4821111.SQ.FTS.B,

Zero

Cpn.,

6/07/23

3,804

3,627

4821125.SQ.FTS.B,

Zero

Cpn.,

6/07/23

37,925

36,376

4821247.SQ.FTS.B,

Zero

Cpn.,

6/07/23

26,844

25,490

4821337.SQ.FTS.B,

Zero

Cpn.,

6/07/23

4,191

4,003

4821361.SQ.FTS.B,

Zero

Cpn.,

6/07/23

9,568

9,142

4821435.SQ.FTS.B,

Zero

Cpn.,

6/07/23

1,816

1,732

4821471.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,828

2,702

4821486.SQ.FTS.B,

Zero

Cpn.,

6/08/23

28,851

27,069

4821585.SQ.FTS.B,

Zero

Cpn.,

6/08/23

604

550

4821587.SQ.FTS.B,

Zero

Cpn.,

6/08/23

891

827

4821589.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,042

2,662

4821594.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,117

2,888

4821611.SQ.FTS.B,

Zero

Cpn.,

6/08/23

986

883

4821616.SQ.FTS.B,

Zero

Cpn.,

6/08/23

19,470

18,479

4821675.SQ.FTS.B,

Zero

Cpn.,

6/08/23

39,543

37,775

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

238

a

4821798.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,869

1,793

4821816.SQ.FTS.B,

Zero

Cpn.,

6/08/23

11,781

11,256

4821871.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,718

5,460

4821899.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,315

3,619

4821927.SQ.FTS.B,

Zero

Cpn.,

6/08/23

30,884

29,159

4822066.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,018

4,792

4822087.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,909

1,816

4822096.SQ.FTS.B,

Zero

Cpn.,

6/08/23

12,610

12,043

4822152.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,254

2,139

4822158.SQ.FTS.B,

Zero

Cpn.,

6/08/23

17,443

16,651

4822240.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,478

1,373

4822242.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,449

2,303

4822249.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,478

1,422

4822261.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,180

2,061

4822274.SQ.FTS.B,

Zero

Cpn.,

6/08/23

5,257

4,977

4822303.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,722

2,600

4822314.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,837

3,678

4822330.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,955

3,778

4822341.SQ.FTS.B,

Zero

Cpn.,

6/08/23

8,507

7,708

4822376.SQ.FTS.B,

Zero

Cpn.,

6/08/23

7,045

6,532

4822403.SQ.FTS.B,

Zero

Cpn.,

6/08/23

14,464

13,837

4822498.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,681

4,406

4822584.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,110

1,956

4822617.SQ.FTS.B,

Zero

Cpn.,

6/08/23

21,462

19,670

4822939.SQ.FTS.B,

Zero

Cpn.,

6/08/23

11,274

10,718

4823342.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,560

3,363

4823387.SQ.FTS.B,

Zero

Cpn.,

6/08/23

21,159

20,251

4824309.SQ.FTS.B,

Zero

Cpn.,

6/08/23

922

882

4824362.SQ.FTS.B,

Zero

Cpn.,

6/08/23

9,223

8,797

4824535.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,685

1,560

4824574.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,228

1,926

4824577.SQ.FTS.B,

Zero

Cpn.,

6/08/23

2,465

2,326

4824622.SQ.FTS.B,

Zero

Cpn.,

6/08/23

4,348

3,568

4824705.SQ.FTS.B,

Zero

Cpn.,

6/08/23

654

592

4824706.SQ.FTS.B,

Zero

Cpn.,

6/08/23

18,287

16,229

4824923.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,549

1,482

4824940.SQ.FTS.B,

Zero

Cpn.,

6/08/23

3,907

3,738

4824969.SQ.FTS.B,

Zero

Cpn.,

6/08/23

17,171

16,355

4825180.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,661

1,543

4825216.SQ.FTS.B,

Zero

Cpn.,

6/08/23

8,509

8,104

4825297.SQ.FTS.B,

Zero

Cpn.,

6/08/23

842

811

4825317.SQ.FTS.B,

Zero

Cpn.,

6/08/23

1,798

1,687

4825324.SQ.FTS.B,

Zero

Cpn.,

6/08/23

26,938

25,324

4827147.SQ.FTS.B,

Zero

Cpn.,

6/09/23

3,867

3,611

4827165.SQ.FTS.B,

Zero

Cpn.,

6/09/23

1,763

1,343

4827167.SQ.FTS.B,

Zero

Cpn.,

6/09/23

62,237

58,701

4827620.SQ.FTS.B,

Zero

Cpn.,

6/09/23

7,543

6,335

4827829.SQ.FTS.B,

Zero

Cpn.,

6/09/23

1,764

1,687

4827850.SQ.FTS.B,

Zero

Cpn.,

6/09/23

19,650

18,433

4828151.SQ.FTS.B,

Zero

Cpn.,

6/09/23

2,953

2,809

4828169.SQ.FTS.B,

Zero

Cpn.,

6/09/23

4,254

4,021

4828228.SQ.FTS.B,

Zero

Cpn.,

6/09/23

89,007

84,974

4829235.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,759

6,258

4829334.SQ.FTS.B,

Zero

Cpn.,

6/10/23

16,212

15,409

4829829.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,971

1,882

4829857.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,115

2,012

4829869.SQ.FTS.B,

Zero

Cpn.,

6/10/23

8,189

7,754

4830018.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,791

4,496

4830121.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,222

4,941

4830131.SQ.FTS.B,

Zero

Cpn.,

6/10/23

601

574

4830137.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,562

2,377

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

239

a

4830151.SQ.FTS.B,

Zero

Cpn.,

6/10/23

55,490

52,884

4830385.SQ.FTS.B,

Zero

Cpn.,

6/10/23

7,990

7,627

4830412.SQ.FTS.B,

Zero

Cpn.,

6/10/23

763

708

4830415.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,013

3,834

4830435.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,414

3,253

4830450.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,845

3,638

4830462.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,994

4,750

4830482.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,636

1,518

4830488.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,190

4,954

4830508.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,064

1,683

4830516.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,751

1,672

4830527.SQ.FTS.B,

Zero

Cpn.,

6/10/23

8,326

7,920

4830580.SQ.FTS.B,

Zero

Cpn.,

6/10/23

772

700

4830584.SQ.FTS.B,

Zero

Cpn.,

6/10/23

16,802

14,452

4830683.SQ.FTS.B,

Zero

Cpn.,

6/10/23

614

584

4830684.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,368

2,257

4830705.SQ.FTS.B,

Zero

Cpn.,

6/10/23

10,459

9,985

4830741.SQ.FTS.B,

Zero

Cpn.,

6/10/23

7,623

7,253

4830777.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,360

3,207

4830793.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,367

1,163

4830809.SQ.FTS.B,

Zero

Cpn.,

6/10/23

926

871

4830819.SQ.FTS.B,

Zero

Cpn.,

6/10/23

16,224

15,051

4830903.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,915

4,047

4831030.SQ.FTS.B,

Zero

Cpn.,

6/10/23

9,160

8,685

4831089.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,228

5,741

4831107.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,884

2,730

4831123.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,713

1,628

4831131.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,682

2,561

4831151.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,367

1,186

4831157.SQ.FTS.B,

Zero

Cpn.,

6/10/23

981

926

4831161.SQ.FTS.B,

Zero

Cpn.,

6/10/23

957

915

4831170.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,000

2,881

4831184.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,605

5,286

4831210.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,074

3,872

4831227.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,828

4,606

4831242.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,927

5,658

4831276.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,330

3,159

4831293.SQ.FTS.B,

Zero

Cpn.,

6/10/23

31,062

29,430

4831422.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,546

4,340

4831440.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,140

1,082

4831444.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,609

3,795

4831465.SQ.FTS.B,

Zero

Cpn.,

6/10/23

20,261

19,314

4831565.SQ.FTS.B,

Zero

Cpn.,

6/10/23

10,940

10,485

4831626.SQ.FTS.B,

Zero

Cpn.,

6/10/23

13,631

12,916

4831680.SQ.FTS.B,

Zero

Cpn.,

6/10/23

13,088

12,495

4831734.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,613

1,516

4831741.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,356

2,236

4831758.SQ.FTS.B,

Zero

Cpn.,

6/10/23

26,844

25,545

4831927.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,583

3,386

4831959.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,312

1,229

4831971.SQ.FTS.B,

Zero

Cpn.,

6/10/23

15,610

14,299

4832052.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,372

5,155

4832102.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,314

2,179

4832118.SQ.FTS.B,

Zero

Cpn.,

6/10/23

18,610

17,847

4832216.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,698

2,570

4832235.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,117

5,591

4832250.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,220

1,099

4832254.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,319

2,205

4832267.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,373

1,249

4832279.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,492

1,398

4832287.SQ.FTS.B,

Zero

Cpn.,

6/10/23

5,508

5,087

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

240

a

4832310.SQ.FTS.B,

Zero

Cpn.,

6/10/23

27,640

25,168

4832468.SQ.FTS.B,

Zero

Cpn.,

6/10/23

7,881

7,298

4832508.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,255

3,811

4832519.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,968

1,853

4832529.SQ.FTS.B,

Zero

Cpn.,

6/10/23

791

749

4832532.SQ.FTS.B,

Zero

Cpn.,

6/10/23

6,573

6,170

4832582.SQ.FTS.B,

Zero

Cpn.,

6/10/23

19,715

18,588

4832675.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,039

1,914

4832683.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,841

3,946

4832716.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,508

3,278

4832732.SQ.FTS.B,

Zero

Cpn.,

6/10/23

1,013

949

4832735.SQ.FTS.B,

Zero

Cpn.,

6/10/23

4,501

4,260

4832761.SQ.FTS.B,

Zero

Cpn.,

6/10/23

9,060

8,553

4832828.SQ.FTS.B,

Zero

Cpn.,

6/10/23

22,997

21,815

4832976.SQ.FTS.B,

Zero

Cpn.,

6/10/23

2,631

2,356

4832985.SQ.FTS.B,

Zero

Cpn.,

6/10/23

16,006

14,335

4833104.SQ.FTS.B,

Zero

Cpn.,

6/10/23

3,502

3,173

4833136.SQ.FTS.B,

Zero

Cpn.,

6/10/23

7,825

7,410

4833189.SQ.FTS.B,

Zero

Cpn.,

6/10/23

9,118

8,703

4833206.SQ.FTS.B,

Zero

Cpn.,

6/11/23

2,059

1,908

4833226.SQ.FTS.B,

Zero

Cpn.,

6/11/23

4,247

4,084

4833252.SQ.FTS.B,

Zero

Cpn.,

6/11/23

6,827

6,517

4833313.SQ.FTS.B,

Zero

Cpn.,

6/11/23

8,186

7,727

4833375.SQ.FTS.B,

Zero

Cpn.,

6/11/23

2,195

2,105

4833394.SQ.FTS.B,

Zero

Cpn.,

6/11/23

39,744

37,447

4833709.SQ.FTS.B,

Zero

Cpn.,

6/11/23

12,909

12,323

4833793.SQ.FTS.B,

Zero

Cpn.,

6/11/23

7,916

7,556

4833847.SQ.FTS.B,

Zero

Cpn.,

6/11/23

9,044

8,567

4833909.SQ.FTS.B,

Zero

Cpn.,

6/11/23

7,567

7,223

4833966.SQ.FTS.B,

Zero

Cpn.,

6/12/23

19,073

18,060

4834183.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,517

2,366

4834197.SQ.FTS.B,

Zero

Cpn.,

6/12/23

4,535

4,329

4834224.SQ.FTS.B,

Zero

Cpn.,

6/12/23

8,795

8,377

4834291.SQ.FTS.B,

Zero

Cpn.,

6/12/23

9,387

8,848

4834350.SQ.FTS.B,

Zero

Cpn.,

6/12/23

273

262

4834359.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,683

2,557

4834380.SQ.FTS.B,

Zero

Cpn.,

6/12/23

1,551

1,407

4834396.SQ.FTS.B,

Zero

Cpn.,

6/12/23

4,065

3,702

4834423.SQ.FTS.B,

Zero

Cpn.,

6/12/23

1,897

1,816

4834435.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,125

1,944

4834450.SQ.FTS.B,

Zero

Cpn.,

6/12/23

9,696

9,256

4834524.SQ.FTS.B,

Zero

Cpn.,

6/12/23

1,884

1,792

4834549.SQ.FTS.B,

Zero

Cpn.,

6/12/23

3,124

2,963

4834578.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,120

2,042

4834601.SQ.FTS.B,

Zero

Cpn.,

6/12/23

5,127

4,591

4834640.SQ.FTS.B,

Zero

Cpn.,

6/12/23

2,860

2,730

4834658.SQ.FTS.B,

Zero

Cpn.,

6/12/23

3,028

2,811

4834808.SQ.FTS.B,

Zero

Cpn.,

6/13/23

912

863

4834816.SQ.FTS.B,

Zero

Cpn.,

6/13/23

28,400

27,106

4835345.SQ.FTS.B,

Zero

Cpn.,

6/13/23

5,634

5,374

4835418.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,493

3,294

4835481.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,803

3,612

4835525.SQ.FTS.B,

Zero

Cpn.,

6/13/23

905

817

4835535.SQ.FTS.B,

Zero

Cpn.,

6/13/23

10,557

9,992

4835641.SQ.FTS.B,

Zero

Cpn.,

6/13/23

408

388

4835653.SQ.FTS.B,

Zero

Cpn.,

6/13/23

495

475

4835655.SQ.FTS.B,

Zero

Cpn.,

6/13/23

589

566

4835670.SQ.FTS.B,

Zero

Cpn.,

6/13/23

1,499

1,418

4835686.SQ.FTS.B,

Zero

Cpn.,

6/13/23

5,533

5,283

4835746.SQ.FTS.B,

Zero

Cpn.,

6/13/23

6,353

5,964

4836252.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,506

3,072

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

241

a

4836288.SQ.FTS.B,

Zero

Cpn.,

6/13/23

2,099

2,000

4836333.SQ.FTS.B,

Zero

Cpn.,

6/13/23

2,764

2,464

4836350.SQ.FTS.B,

Zero

Cpn.,

6/13/23

2,498

2,365

4836374.SQ.FTS.B,

Zero

Cpn.,

6/13/23

10,458

9,942

4836487.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,308

3,096

4836540.SQ.FTS.B,

Zero

Cpn.,

6/13/23

4,550

4,345

4836578.SQ.FTS.B,

Zero

Cpn.,

6/13/23

4,810

4,459

4836606.SQ.FTS.B,

Zero

Cpn.,

6/13/23

3,772

3,603

4836662.SQ.FTS.B,

Zero

Cpn.,

6/13/23

14,152

13,590

4836783.SQ.FTS.B,

Zero

Cpn.,

6/13/23

7,993

7,629

4836929.SQ.FTS.B,

Zero

Cpn.,

6/13/23

14,140

13,336

4837116.SQ.FTS.B,

Zero

Cpn.,

6/13/23

5,079

4,806

4837151.SQ.FTS.B,

Zero

Cpn.,

6/13/23

4,198

3,988

4837165.SQ.FTS.B,

Zero

Cpn.,

6/13/23

8,602

8,138

4837240.SQ.FTS.B,

Zero

Cpn.,

6/13/23

34,600

32,904

4837630.SQ.FTS.B,

Zero

Cpn.,

6/13/23

8,829

8,387

4837739.SQ.FTS.B,

Zero

Cpn.,

6/13/23

1,655

1,574

4837769.SQ.FTS.B,

Zero

Cpn.,

6/13/23

7,619

6,982

4837827.SQ.FTS.B,

Zero

Cpn.,

6/13/23

8,569

8,218

4837861.SQ.FTS.B,

Zero

Cpn.,

6/13/23

8,400

7,416

4837911.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,143

1,984

4837926.SQ.FTS.B,

Zero

Cpn.,

6/14/23

12,590

11,869

4838013.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,250

3,069

4838036.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,401

2,188

4838049.SQ.FTS.B,

Zero

Cpn.,

6/14/23

14,395

12,188

4838142.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,997

1,880

4838152.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,843

4,246

4838182.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,058

1,004

4838193.SQ.FTS.B,

Zero

Cpn.,

6/14/23

48,155

44,475

4838498.SQ.FTS.B,

Zero

Cpn.,

6/14/23

27,324

25,877

4838721.SQ.FTS.B,

Zero

Cpn.,

6/14/23

72,985

68,696

4838951.SQ.FTS.B,

Zero

Cpn.,

6/14/23

11,471

10,808

4838977.SQ.FTS.B,

Zero

Cpn.,

6/14/23

50,155

42,729

4839099.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,102

2,888

4839149.SQ.FTS.B,

Zero

Cpn.,

6/14/23

8,823

8,356

4839303.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,392

1,327

4839307.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,476

6,172

4839326.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,561

2,391

4839360.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,004

2,560

4839366.SQ.FTS.B,

Zero

Cpn.,

6/14/23

19,168

17,756

4839370.SQ.FTS.B,

Zero

Cpn.,

6/14/23

604

585

4839383.SQ.FTS.B,

Zero

Cpn.,

6/14/23

10,671

8,629

4839433.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,762

2,509

4839441.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,075

3,903

4839502.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,876

6,563

4839534.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,843

2,713

4839547.SQ.FTS.B,

Zero

Cpn.,

6/14/23

13,114

12,389

4839673.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,522

4,577

4839716.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,473

2,303

4839740.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,961

1,860

4839757.SQ.FTS.B,

Zero

Cpn.,

6/14/23

26,205

24,923

4839783.SQ.FTS.B,

Zero

Cpn.,

6/14/23

15,050

14,357

4839954.SQ.FTS.B,

Zero

Cpn.,

6/14/23

14,371

13,762

4840065.SQ.FTS.B,

Zero

Cpn.,

6/14/23

26,316

24,323

4840069.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,072

1,979

4840119.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,602

4,336

4840245.SQ.FTS.B,

Zero

Cpn.,

6/14/23

739

708

4840249.SQ.FTS.B,

Zero

Cpn.,

6/14/23

29,784

27,140

4840254.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,590

1,174

4840279.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,052

1,956

4840334.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,933

1,637

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

242

a

4840390.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,238

1,186

4840400.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,802

2,674

4840427.SQ.FTS.B,

Zero

Cpn.,

6/14/23

8,143

6,101

4840433.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,704

7,355

4840481.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,411

3,108

4840499.SQ.FTS.B,

Zero

Cpn.,

6/14/23

21,034

19,924

4840586.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,549

2,436

4840638.SQ.FTS.B,

Zero

Cpn.,

6/14/23

3,972

3,680

4840640.SQ.FTS.B,

Zero

Cpn.,

6/14/23

2,172

2,039

4840675.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,642

7,178

4840686.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,610

1,492

4840702.SQ.FTS.B,

Zero

Cpn.,

6/14/23

7,640

7,325

4840707.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,043

999

4840717.SQ.FTS.B,

Zero

Cpn.,

6/14/23

4,244

4,053

4840743.SQ.FTS.B,

Zero

Cpn.,

6/14/23

5,457

5,176

4840766.SQ.FTS.B,

Zero

Cpn.,

6/14/23

6,252

5,971

4840808.SQ.FTS.B,

Zero

Cpn.,

6/14/23

1,236

1,187

4840831.SQ.FTS.B,

Zero

Cpn.,

6/14/23

18,892

17,774

4840932.SQ.FTS.B,

Zero

Cpn.,

6/15/23

8,493

8,104

4840968.SQ.FTS.B,

Zero

Cpn.,

6/15/23

8,559

8,191

4841029.SQ.FTS.B,

Zero

Cpn.,

6/15/23

7,405

6,912

4841078.SQ.FTS.B,

Zero

Cpn.,

6/15/23

19,489

18,188

4841184.SQ.FTS.B,

Zero

Cpn.,

6/15/23

9,626

9,190

4841222.SQ.FTS.B,

Zero

Cpn.,

6/15/23

15,261

14,244

4841291.SQ.FTS.B,

Zero

Cpn.,

6/15/23

4,221

4,028

4841376.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,464

2,193

4841382.SQ.FTS.B,

Zero

Cpn.,

6/15/23

5,615

5,358

4841399.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,692

2,517

4841433.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,513

2,365

4841464.SQ.FTS.B,

Zero

Cpn.,

6/15/23

19,395

18,101

4841589.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,184

2,092

4841603.SQ.FTS.B,

Zero

Cpn.,

6/15/23

33,885

32,336

4841803.SQ.FTS.B,

Zero

Cpn.,

6/15/23

10,294

7,984

4841837.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,583

1,431

4841842.SQ.FTS.B,

Zero

Cpn.,

6/15/23

5,839

5,566

4841873.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,758

2,614

4841877.SQ.FTS.B,

Zero

Cpn.,

6/15/23

3,170

3,025

4841888.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,260

2,155

4841898.SQ.FTS.B,

Zero

Cpn.,

6/15/23

15,445

14,637

4841992.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,939

2,813

4842020.SQ.FTS.B,

Zero

Cpn.,

6/15/23

23,354

22,401

4842181.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,482

1,271

4842196.SQ.FTS.B,

Zero

Cpn.,

6/15/23

12,808

12,262

4842332.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,378

1,322

4842339.SQ.FTS.B,

Zero

Cpn.,

6/15/23

3,268

2,787

4842366.SQ.FTS.B,

Zero

Cpn.,

6/15/23

21,787

20,103

4842504.SQ.FTS.B,

Zero

Cpn.,

6/15/23

5,689

5,430

4842537.SQ.FTS.B,

Zero

Cpn.,

6/15/23

17,334

16,185

4842639.SQ.FTS.B,

Zero

Cpn.,

6/15/23

5,706

5,472

4842663.SQ.FTS.B,

Zero

Cpn.,

6/15/23

917

861

4842670.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,516

1,451

4842678.SQ.FTS.B,

Zero

Cpn.,

6/15/23

3,039

2,900

4842687.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,506

1,439

4842697.SQ.FTS.B,

Zero

Cpn.,

6/15/23

15,746

15,016

4842815.SQ.FTS.B,

Zero

Cpn.,

6/15/23

10,818

10,323

4842858.SQ.FTS.B,

Zero

Cpn.,

6/15/23

37,018

31,596

4843003.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,803

1,729

4843008.SQ.FTS.B,

Zero

Cpn.,

6/15/23

1,977

1,824

4843015.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,438

2,336

4843019.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,931

2,771

4843043.SQ.FTS.B,

Zero

Cpn.,

6/15/23

13,867

13,234

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

243

a

4843109.SQ.FTS.B,

Zero

Cpn.,

6/15/23

3,421

3,214

4843142.SQ.FTS.B,

Zero

Cpn.,

6/15/23

20,369

18,843

4843231.SQ.FTS.B,

Zero

Cpn.,

6/15/23

11,704

11,091

4843281.SQ.FTS.B,

Zero

Cpn.,

6/15/23

2,266

2,163

4843290.SQ.FTS.B,

Zero

Cpn.,

6/15/23

7,310

6,976

4848085.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,441

1,313

4848118.SQ.FTS.B,

Zero

Cpn.,

6/16/23

10,339

9,422

4848231.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,103

4,454

4848279.SQ.FTS.B,

Zero

Cpn.,

6/16/23

4,203

3,988

4848302.SQ.FTS.B,

Zero

Cpn.,

6/16/23

15,595

14,849

4848413.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,834

6,519

4848471.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,696

5,266

4848499.SQ.FTS.B,

Zero

Cpn.,

6/16/23

21,220

20,252

4848662.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,655

4,664

4848703.SQ.FTS.B,

Zero

Cpn.,

6/16/23

1,663

1,452

4848713.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,676

6,367

4848834.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,219

4,818

4848887.SQ.FTS.B,

Zero

Cpn.,

6/16/23

4,026

3,840

4848931.SQ.FTS.B,

Zero

Cpn.,

6/16/23

27,025

25,783

4849650.SQ.FTS.B,

Zero

Cpn.,

6/16/23

20,689

19,174

4849880.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,737

5,458

4849966.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,705

6,388

4850020.SQ.FTS.B,

Zero

Cpn.,

6/16/23

677

634

4850026.SQ.FTS.B,

Zero

Cpn.,

6/16/23

40,434

38,458

4850372.SQ.FTS.B,

Zero

Cpn.,

6/16/23

2,766

2,374

4850398.SQ.FTS.B,

Zero

Cpn.,

6/16/23

7,259

6,934

4850454.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,045

5,510

4850496.SQ.FTS.B,

Zero

Cpn.,

6/16/23

956

911

4850504.SQ.FTS.B,

Zero

Cpn.,

6/16/23

7,827

7,467

4850556.SQ.FTS.B,

Zero

Cpn.,

6/16/23

3,454

3,029

4850573.SQ.FTS.B,

Zero

Cpn.,

6/16/23

24,887

23,557

4850782.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,172

4,933

4850816.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,882

5,629

4850866.SQ.FTS.B,

Zero

Cpn.,

6/16/23

5,138

4,903

4850905.SQ.FTS.B,

Zero

Cpn.,

6/16/23

6,494

6,131

4850986.SQ.FTS.B,

Zero

Cpn.,

6/16/23

4,527

4,322

4850998.SQ.FTS.B,

Zero

Cpn.,

6/16/23

2,025

1,941

4851014.SQ.FTS.B,

Zero

Cpn.,

6/16/23

41,288

39,369

4855453.SQ.FTS.B,

Zero

Cpn.,

6/16/23

3,058

2,917

4856906.SQ.FTS.B,

Zero

Cpn.,

6/16/23

22,109

20,392

4857202.SQ.FTS.B,

Zero

Cpn.,

6/16/23

15,125

13,976

4857326.SQ.FTS.B,

Zero

Cpn.,

6/16/23

36,822

30,369

4857539.SQ.FTS.B,

Zero

Cpn.,

6/16/23

8,091

7,527

4857576.SQ.FTS.B,

Zero

Cpn.,

6/16/23

10,485

9,850

4857647.SQ.FTS.B,

Zero

Cpn.,

6/16/23

10,116

8,430

4857771.SQ.FTS.B,

Zero

Cpn.,

6/17/23

8,980

7,003

4857852.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,206

2,105

4857891.SQ.FTS.B,

Zero

Cpn.,

6/17/23

9,637

9,153

4858004.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,400

2,213

4858016.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,940

2,765

4858053.SQ.FTS.B,

Zero

Cpn.,

6/17/23

14,457

13,809

4858210.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,999

5,723

4858266.SQ.FTS.B,

Zero

Cpn.,

6/17/23

958

791

4858268.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,927

2,803

4858329.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,844

1,723

4858355.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,090

5,797

4858409.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,408

6,112

4858460.SQ.FTS.B,

Zero

Cpn.,

6/17/23

4,910

4,714

4858594.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,350

3,097

4858663.SQ.FTS.B,

Zero

Cpn.,

6/17/23

16,783

16,005

4859071.SQ.FTS.B,

Zero

Cpn.,

6/17/23

11,329

10,842

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

244

a

4859371.SQ.FTS.B,

Zero

Cpn.,

6/17/23

16,428

15,669

4859596.SQ.FTS.B,

Zero

Cpn.,

6/17/23

734

701

4859599.SQ.FTS.B,

Zero

Cpn.,

6/17/23

540

500

4859614.SQ.FTS.B,

Zero

Cpn.,

6/17/23

4,856

4,482

4859646.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,602

3,378

4859669.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,514

5,258

4859718.SQ.FTS.B,

Zero

Cpn.,

6/17/23

8,770

8,354

4859794.SQ.FTS.B,

Zero

Cpn.,

6/17/23

13,353

12,737

4859992.SQ.FTS.B,

Zero

Cpn.,

6/17/23

14,827

14,138

4860094.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,436

6,138

4860138.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,442

5,123

4860169.SQ.FTS.B,

Zero

Cpn.,

6/17/23

9,976

9,540

4860255.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,499

2,256

4860269.SQ.FTS.B,

Zero

Cpn.,

6/17/23

11,187

10,672

4860342.SQ.FTS.B,

Zero

Cpn.,

6/17/23

93

90

4860343.SQ.FTS.B,

Zero

Cpn.,

6/17/23

4,521

4,301

4860376.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,979

1,848

4860397.SQ.FTS.B,

Zero

Cpn.,

6/17/23

4,470

3,612

4860428.SQ.FTS.B,

Zero

Cpn.,

6/17/23

1,304

1,237

4860454.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,589

6,272

4860575.SQ.FTS.B,

Zero

Cpn.,

6/17/23

5,482

5,222

4860614.SQ.FTS.B,

Zero

Cpn.,

6/17/23

7,709

7,192

4860687.SQ.FTS.B,

Zero

Cpn.,

6/17/23

10,326

9,825

4860745.SQ.FTS.B,

Zero

Cpn.,

6/17/23

56,574

53,698

4861038.SQ.FTS.B,

Zero

Cpn.,

6/17/23

10,252

9,675

4861177.SQ.FTS.B,

Zero

Cpn.,

6/17/23

922

688

4861189.SQ.FTS.B,

Zero

Cpn.,

6/17/23

6,052

5,843

4861274.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,175

2,866

4861282.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,400

3,091

4861312.SQ.FTS.B,

Zero

Cpn.,

6/17/23

351

337

4861318.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,004

2,863

4861357.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,383

2,046

4861379.SQ.FTS.B,

Zero

Cpn.,

6/17/23

3,772

3,598

4861400.SQ.FTS.B,

Zero

Cpn.,

6/17/23

48,568

46,358

4861726.SQ.FTS.B,

Zero

Cpn.,

6/17/23

11,374

10,882

4861827.SQ.FTS.B,

Zero

Cpn.,

6/17/23

2,648

2,348

4861849.SQ.FTS.B,

Zero

Cpn.,

6/18/23

7,305

6,853

4861902.SQ.FTS.B,

Zero

Cpn.,

6/18/23

2,694

2,496

4861917.SQ.FTS.B,

Zero

Cpn.,

6/18/23

15,363

14,301

4861976.SQ.FTS.B,

Zero

Cpn.,

6/18/23

4,329

4,076

4862004.SQ.FTS.B,

Zero

Cpn.,

6/18/23

55,431

52,718

4862354.SQ.FTS.B,

Zero

Cpn.,

6/18/23

1,182

1,095

4862367.SQ.FTS.B,

Zero

Cpn.,

6/18/23

1,440

1,126

4862373.SQ.FTS.B,

Zero

Cpn.,

6/18/23

3,342

3,180

4862398.SQ.FTS.B,

Zero

Cpn.,

6/18/23

3,204

3,052

4862418.SQ.FTS.B,

Zero

Cpn.,

6/18/23

2,029

1,622

4862440.SQ.FTS.B,

Zero

Cpn.,

6/18/23

5,882

5,538

4862499.SQ.FTS.B,

Zero

Cpn.,

6/18/23

9,297

8,713

4862563.SQ.FTS.B,

Zero

Cpn.,

6/18/23

24,372

20,894

4862713.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,364

1,253

4862726.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,919

1,764

4862746.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,376

3,224

4862793.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,294

3,136

4862815.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,515

1,438

4862832.SQ.FTS.B,

Zero

Cpn.,

6/19/23

2,360

2,213

4862857.SQ.FTS.B,

Zero

Cpn.,

6/19/23

7,994

7,292

4862931.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,156

1,087

4862944.SQ.FTS.B,

Zero

Cpn.,

6/19/23

14,707

14,047

4863069.SQ.FTS.B,

Zero

Cpn.,

6/19/23

1,321

1,255

4863086.SQ.FTS.B,

Zero

Cpn.,

6/19/23

27,546

26,001

4863326.SQ.FTS.B,

Zero

Cpn.,

6/19/23

16,239

15,456

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

245

a

4863418.SQ.FTS.B,

Zero

Cpn.,

6/19/23

3,545

3,236

4863428.SQ.FTS.B,

Zero

Cpn.,

6/19/23

4,220

4,030

4863471.SQ.FTS.B,

Zero

Cpn.,

6/19/23

15,525

14,212

4863939.SQ.FTS.B,

Zero

Cpn.,

6/20/23

18,113

16,971

4864566.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,415

4,013

4864890.SQ.FTS.B,

Zero

Cpn.,

6/20/23

11,249

10,655

4865101.SQ.FTS.B,

Zero

Cpn.,

6/20/23

20,145

19,217

4865451.SQ.FTS.B,

Zero

Cpn.,

6/20/23

22,653

21,478

4865779.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,025

972

4865796.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,575

1,510

4865831.SQ.FTS.B,

Zero

Cpn.,

6/20/23

4,171

3,849

4865889.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,458

2,345

4865916.SQ.FTS.B,

Zero

Cpn.,

6/20/23

10,539

9,712

4866200.SQ.FTS.B,

Zero

Cpn.,

6/20/23

968

896

4866209.SQ.FTS.B,

Zero

Cpn.,

6/20/23

20,870

19,122

4866438.SQ.FTS.B,

Zero

Cpn.,

6/20/23

954

779

4866448.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,142

2,032

4866461.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,673

2,425

4866485.SQ.FTS.B,

Zero

Cpn.,

6/20/23

10,494

9,699

4866540.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,974

3,793

4866563.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,995

3,756

4866602.SQ.FTS.B,

Zero

Cpn.,

6/20/23

8,726

8,204

4866693.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,020

948

4866709.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,747

5,311

4866755.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,851

1,722

4866778.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,053

1,844

4866790.SQ.FTS.B,

Zero

Cpn.,

6/20/23

2,827

2,475

4866826.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,406

1,302

4866839.SQ.FTS.B,

Zero

Cpn.,

6/20/23

967

864

4866845.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,021

4,642

4866894.SQ.FTS.B,

Zero

Cpn.,

6/20/23

25,883

24,219

4867043.SQ.FTS.B,

Zero

Cpn.,

6/20/23

19,214

18,252

4867170.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,453

1,187

4867181.SQ.FTS.B,

Zero

Cpn.,

6/20/23

3,909

3,607

4867225.SQ.FTS.B,

Zero

Cpn.,

6/20/23

1,661

1,582

4867249.SQ.FTS.B,

Zero

Cpn.,

6/20/23

5,440

5,188

4867339.SQ.FTS.B,

Zero

Cpn.,

6/21/23

9,268

8,713

4867421.SQ.FTS.B,

Zero

Cpn.,

6/21/23

33,021

31,150

4867583.SQ.FTS.B,

Zero

Cpn.,

6/21/23

4,816

4,575

4867601.SQ.FTS.B,

Zero

Cpn.,

6/21/23

602

576

4867602.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,784

6,472

4867642.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,910

6,389

4867662.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,160

1,065

4867663.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,532

1,431

4867670.SQ.FTS.B,

Zero

Cpn.,

6/21/23

19,243

18,350

4867766.SQ.FTS.B,

Zero

Cpn.,

6/21/23

20,939

19,964

4867915.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,135

1,075

4867919.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,534

6,122

4867982.SQ.FTS.B,

Zero

Cpn.,

6/21/23

10,854

10,359

4868143.SQ.FTS.B,

Zero

Cpn.,

6/21/23

20,285

19,003

4868313.SQ.FTS.B,

Zero

Cpn.,

6/21/23

19,388

18,057

4868455.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,194

4,949

4868501.SQ.FTS.B,

Zero

Cpn.,

6/21/23

10,218

9,743

4868551.SQ.FTS.B,

Zero

Cpn.,

6/21/23

667

641

4868559.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,482

5,988

4868584.SQ.FTS.B,

Zero

Cpn.,

6/21/23

7,354

6,422

4868616.SQ.FTS.B,

Zero

Cpn.,

6/21/23

13,927

13,109

4868702.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,538

2,427

4868721.SQ.FTS.B,

Zero

Cpn.,

6/21/23

1,075

879

4868734.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,987

2,848

4868747.SQ.FTS.B,

Zero

Cpn.,

6/21/23

5,392

5,146

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

246

a

4868775.SQ.FTS.B,

Zero

Cpn.,

6/21/23

2,889

2,755

4868788.SQ.FTS.B,

Zero

Cpn.,

6/21/23

9,141

8,561

4868830.SQ.FTS.B,

Zero

Cpn.,

6/21/23

4,108

3,907

4868863.SQ.FTS.B,

Zero

Cpn.,

6/21/23

47,789

42,921

4868998.SQ.FTS.B,

Zero

Cpn.,

6/21/23

16,446

15,649

4869071.SQ.FTS.B,

Zero

Cpn.,

6/21/23

11,340

10,660

4869137.SQ.FTS.B,

Zero

Cpn.,

6/21/23

8,723

8,295

4869175.SQ.FTS.B,

Zero

Cpn.,

6/21/23

11,258

10,672

4869224.SQ.FTS.B,

Zero

Cpn.,

6/21/23

4,883

4,593

4869255.SQ.FTS.B,

Zero

Cpn.,

6/21/23

11,360

10,700

4869327.SQ.FTS.B,

Zero

Cpn.,

6/21/23

6,610

6,293

4869361.SQ.FTS.B,

Zero

Cpn.,

6/21/23

75,896

71,715

4869836.SQ.FTS.B,

Zero

Cpn.,

6/21/23

14,816

12,469

4871720.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,333

3,154

4871738.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,746

1,664

4871743.SQ.FTS.B,

Zero

Cpn.,

6/22/23

32,078

30,126

4871871.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,030

2,888

4871877.SQ.FTS.B,

Zero

Cpn.,

6/22/23

9,099

8,167

4871898.SQ.FTS.B,

Zero

Cpn.,

6/22/23

11,088

9,561

4871925.SQ.FTS.B,

Zero

Cpn.,

6/22/23

431

416

4871928.SQ.FTS.B,

Zero

Cpn.,

6/22/23

2,505

2,335

4871939.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,605

1,378

4871946.SQ.FTS.B,

Zero

Cpn.,

6/22/23

6,850

6,447

4871968.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,908

3,444

4871987.SQ.FTS.B,

Zero

Cpn.,

6/22/23

77,365

72,826

4872297.SQ.FTS.B,

Zero

Cpn.,

6/22/23

11,538

10,782

4872365.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,403

3,160

4872389.SQ.FTS.B,

Zero

Cpn.,

6/22/23

8,102

6,972

4872438.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,341

3,979

4872451.SQ.FTS.B,

Zero

Cpn.,

6/22/23

15,854

14,950

4872547.SQ.FTS.B,

Zero

Cpn.,

6/22/23

69,674

65,536

4873026.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,753

4,414

4873075.SQ.FTS.B,

Zero

Cpn.,

6/22/23

4,665

4,445

4873119.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,862

5,589

4873157.SQ.FTS.B,

Zero

Cpn.,

6/22/23

8,791

8,378

4873211.SQ.FTS.B,

Zero

Cpn.,

6/22/23

1,041

891

4873240.SQ.FTS.B,

Zero

Cpn.,

6/22/23

21,760

20,669

4873378.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,610

4,730

4873428.SQ.FTS.B,

Zero

Cpn.,

6/22/23

12,421

11,808

4873484.SQ.FTS.B,

Zero

Cpn.,

6/22/23

22,911

21,834

4873562.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,843

3,540

4873600.SQ.FTS.B,

Zero

Cpn.,

6/22/23

5,707

5,431

4873635.SQ.FTS.B,

Zero

Cpn.,

6/22/23

3,588

3,208

4873670.SQ.FTS.B,

Zero

Cpn.,

6/22/23

15,515

14,744

4873717.SQ.FTS.B,

Zero

Cpn.,

6/22/23

10,003

9,536

4873752.SQ.FTS.B,

Zero

Cpn.,

6/22/23

66,213

62,743

4874158.SQ.FTS.B,

Zero

Cpn.,

6/23/23

20,581

19,471

4874241.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,253

2,147

4874247.SQ.FTS.B,

Zero

Cpn.,

6/23/23

6,744

6,197

4874281.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,267

1,210

4874290.SQ.FTS.B,

Zero

Cpn.,

6/23/23

50,578

46,964

4874538.SQ.FTS.B,

Zero

Cpn.,

6/23/23

6,301

5,831

4874566.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,443

5,004

4874616.SQ.FTS.B,

Zero

Cpn.,

6/23/23

37,456

34,191

4874860.SQ.FTS.B,

Zero

Cpn.,

6/23/23

7,257

6,915

4874898.SQ.FTS.B,

Zero

Cpn.,

6/23/23

9,869

8,526

4874946.SQ.FTS.B,

Zero

Cpn.,

6/23/23

10,831

10,322

4875026.SQ.FTS.B,

Zero

Cpn.,

6/23/23

9,782

9,327

4875085.SQ.FTS.B,

Zero

Cpn.,

6/23/23

6,967

6,612

4875132.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,892

2,671

4875155.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,063

4,824

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

247

a

4875184.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,664

2,471

4875200.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,224

973

4875206.SQ.FTS.B,

Zero

Cpn.,

6/23/23

21,852

20,709

4875364.SQ.FTS.B,

Zero

Cpn.,

6/23/23

6,262

5,928

4875404.SQ.FTS.B,

Zero

Cpn.,

6/23/23

5,234

4,679

4875442.SQ.FTS.B,

Zero

Cpn.,

6/23/23

4,551

4,277

4875482.SQ.FTS.B,

Zero

Cpn.,

6/23/23

7,310

6,965

4875529.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,657

2,387

4875562.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,990

1,846

4875588.SQ.FTS.B,

Zero

Cpn.,

6/23/23

10,970

10,456

4875647.SQ.FTS.B,

Zero

Cpn.,

6/23/23

64,499

60,557

4876097.SQ.FTS.B,

Zero

Cpn.,

6/23/23

529

473

4876100.SQ.FTS.B,

Zero

Cpn.,

6/23/23

22,872

21,143

4876245.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,016

965

4876246.SQ.FTS.B,

Zero

Cpn.,

6/23/23

3,923

3,760

4876261.SQ.FTS.B,

Zero

Cpn.,

6/23/23

1,961

1,872

4876286.SQ.FTS.B,

Zero

Cpn.,

6/23/23

12,814

12,123

4876342.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,304

2,165

4876355.SQ.FTS.B,

Zero

Cpn.,

6/23/23

2,069

1,961

4876386.SQ.FTS.B,

Zero

Cpn.,

6/23/23

36,572

31,998

4876490.SQ.FTS.B,

Zero

Cpn.,

6/24/23

2,003

1,828

4876508.SQ.FTS.B,

Zero

Cpn.,

6/24/23

8,892

8,487

4876558.SQ.FTS.B,

Zero

Cpn.,

6/24/23

16,719

15,710

4876642.SQ.FTS.B,

Zero

Cpn.,

6/24/23

5,593

5,300

4876680.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,545

1,428

4876685.SQ.FTS.B,

Zero

Cpn.,

6/24/23

4,163

3,942

4876711.SQ.FTS.B,

Zero

Cpn.,

6/24/23

2,040

1,935

4876724.SQ.FTS.B,

Zero

Cpn.,

6/24/23

948

908

4876735.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,495

1,337

4876747.SQ.FTS.B,

Zero

Cpn.,

6/24/23

19,113

18,257

4876858.SQ.FTS.B,

Zero

Cpn.,

6/24/23

5,576

5,319

4876883.SQ.FTS.B,

Zero

Cpn.,

6/24/23

1,391

1,271

4876897.SQ.FTS.B,

Zero

Cpn.,

6/24/23

2,599

2,426

4876913.SQ.FTS.B,

Zero

Cpn.,

6/24/23

4,260

4,075

4876946.SQ.FTS.B,

Zero

Cpn.,

6/24/23

11,581

9,982

4877009.SQ.FTS.B,

Zero

Cpn.,

6/24/23

7,644

6,601

4877044.SQ.FTS.B,

Zero

Cpn.,

6/24/23

17,426

16,372

4877157.SQ.FTS.B,

Zero

Cpn.,

6/24/23

20,251

18,825

4877271.SQ.FTS.B,

Zero

Cpn.,

6/25/23

870

819

4877278.SQ.FTS.B,

Zero

Cpn.,

6/25/23

13,632

12,805

4877358.SQ.FTS.B,

Zero

Cpn.,

6/25/23

2,982

2,823

4877380.SQ.FTS.B,

Zero

Cpn.,

6/25/23

17,056

16,020

4877512.SQ.FTS.B,

Zero

Cpn.,

6/25/23

5,959

5,140

4877555.SQ.FTS.B,

Zero

Cpn.,

6/25/23

2,079

1,981

4877569.SQ.FTS.B,

Zero

Cpn.,

6/25/23

33,420

31,451

4877757.SQ.FTS.B,

Zero

Cpn.,

6/26/23

9,548

8,859

4877824.SQ.FTS.B,

Zero

Cpn.,

6/26/23

4,682

4,444

4877856.SQ.FTS.B,

Zero

Cpn.,

6/26/23

6,497

6,167

4877896.SQ.FTS.B,

Zero

Cpn.,

6/26/23

22,709

21,076

4878201.SQ.FTS.B,

Zero

Cpn.,

6/27/23

19,632

17,683

4878563.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,623

2,463

4878608.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,526

3,361

4878675.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,086

1,980

4878709.SQ.FTS.B,

Zero

Cpn.,

6/27/23

30,194

28,787

4879038.SQ.FTS.B,

Zero

Cpn.,

6/27/23

8,838

8,275

4879097.SQ.FTS.B,

Zero

Cpn.,

6/27/23

8,154

7,759

4879164.SQ.FTS.B,

Zero

Cpn.,

6/27/23

9,958

9,490

4879234.SQ.FTS.B,

Zero

Cpn.,

6/27/23

36,837

35,116

4879478.SQ.FTS.B,

Zero

Cpn.,

6/27/23

2,862

2,666

4879492.SQ.FTS.B,

Zero

Cpn.,

6/27/23

9,206

8,729

4879571.SQ.FTS.B,

Zero

Cpn.,

6/27/23

3,959

3,708

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

248

a

4879598.SQ.FTS.B,

Zero

Cpn.,

6/27/23

17,820

16,711

4879710.SQ.FTS.B,

Zero

Cpn.,

6/27/23

9,012

8,588

4879814.SQ.FTS.B,

Zero

Cpn.,

6/27/23

1,503

1,409

4879822.SQ.FTS.B,

Zero

Cpn.,

6/27/23

12,160

11,422

4879891.SQ.FTS.B,

Zero

Cpn.,

6/27/23

4,735

4,460

4879933.SQ.FTS.B,

Zero

Cpn.,

6/27/23

7,771

7,406

4879985.SQ.FTS.B,

Zero

Cpn.,

6/27/23

948

832

4880000.SQ.FTS.B,

Zero

Cpn.,

6/27/23

40,005

38,113

4880226.SQ.FTS.B,

Zero

Cpn.,

6/27/23

19,677

18,740

4880315.SQ.FTS.B,

Zero

Cpn.,

6/27/23

1,456

1,389

4880320.SQ.FTS.B,

Zero

Cpn.,

6/27/23

20,729

19,059

4880381.SQ.FTS.B,

Zero

Cpn.,

6/28/23

40,743

38,050

4880548.SQ.FTS.B,

Zero

Cpn.,

6/28/23

26,746

25,028

4880798.SQ.FTS.B,

Zero

Cpn.,

6/28/23

7,057

6,608

4880851.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,464

3,264

4880873.SQ.FTS.B,

Zero

Cpn.,

6/28/23

21,561

20,298

4880986.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,262

4,009

4880994.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,855

2,705

4881042.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,007

942

4881059.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,565

5,210

4881090.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,225

1,156

4881099.SQ.FTS.B,

Zero

Cpn.,

6/28/23

20,747

19,700

4881192.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,767

4,508

4881222.SQ.FTS.B,

Zero

Cpn.,

6/28/23

894

823

4881250.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,847

1,750

4881258.SQ.FTS.B,

Zero

Cpn.,

6/28/23

23,221

22,146

4881379.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,007

2,821

4881399.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,039

2,849

4881412.SQ.FTS.B,

Zero

Cpn.,

6/28/23

601

555

4881415.SQ.FTS.B,

Zero

Cpn.,

6/28/23

10,555

9,799

4881446.SQ.FTS.B,

Zero

Cpn.,

6/28/23

35,314

32,932

4881682.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,564

4,261

4881708.SQ.FTS.B,

Zero

Cpn.,

6/28/23

2,163

2,032

4881718.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,258

3,991

4881733.SQ.FTS.B,

Zero

Cpn.,

6/28/23

4,037

3,765

4881764.SQ.FTS.B,

Zero

Cpn.,

6/28/23

7,111

6,607

4881798.SQ.FTS.B,

Zero

Cpn.,

6/28/23

10,385

9,632

4881863.SQ.FTS.B,

Zero

Cpn.,

6/28/23

8,205

7,876

4881919.SQ.FTS.B,

Zero

Cpn.,

6/28/23

936

872

4881927.SQ.FTS.B,

Zero

Cpn.,

6/28/23

25,031

23,453

4882044.SQ.FTS.B,

Zero

Cpn.,

6/28/23

8,183

7,814

4882135.SQ.FTS.B,

Zero

Cpn.,

6/28/23

11,118

10,606

4882161.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,761

1,652

4882164.SQ.FTS.B,

Zero

Cpn.,

6/28/23

1,800

1,667

4882176.SQ.FTS.B,

Zero

Cpn.,

6/28/23

15,946

14,804

4882252.SQ.FTS.B,

Zero

Cpn.,

6/28/23

5,778

5,380

4882277.SQ.FTS.B,

Zero

Cpn.,

6/28/23

3,201

3,003

4882299.SQ.FTS.B,

Zero

Cpn.,

6/28/23

55,182

52,633

4882493.SQ.FTS.B,

Zero

Cpn.,

6/28/23

41,488

38,912

4882633.SQ.FTS.B,

Zero

Cpn.,

6/28/23

15,439

14,524

4884630.SQ.FTS.B,

Zero

Cpn.,

6/29/23

1,418

1,337

4884638.SQ.FTS.B,

Zero

Cpn.,

6/29/23

39,364

37,343

4884801.SQ.FTS.B,

Zero

Cpn.,

6/29/23

22,955

21,223

4884926.SQ.FTS.B,

Zero

Cpn.,

6/29/23

32,959

30,756

4885111.SQ.FTS.B,

Zero

Cpn.,

6/29/23

4,046

3,834

4885154.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,259

3,014

4885184.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,486

3,257

4885219.SQ.FTS.B,

Zero

Cpn.,

6/29/23

10,977

10,384

4885267.SQ.FTS.B,

Zero

Cpn.,

6/29/23

5,588

5,252

4885285.SQ.FTS.B,

Zero

Cpn.,

6/29/23

7,262

6,928

4885327.SQ.FTS.B,

Zero

Cpn.,

6/29/23

7,673

7,199

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

249

a

4885402.SQ.FTS.B,

Zero

Cpn.,

6/29/23

18,509

17,717

4885503.SQ.FTS.B,

Zero

Cpn.,

6/29/23

1,273

1,192

4885519.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,554

3,393

4885542.SQ.FTS.B,

Zero

Cpn.,

6/29/23

7,317

6,986

4885602.SQ.FTS.B,

Zero

Cpn.,

6/29/23

7,910

7,497

4885669.SQ.FTS.B,

Zero

Cpn.,

6/29/23

1,975

1,844

4885699.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,138

2,994

4885712.SQ.FTS.B,

Zero

Cpn.,

6/29/23

23,023

21,077

4885772.SQ.FTS.B,

Zero

Cpn.,

6/29/23

5,828

5,424

4885797.SQ.FTS.B,

Zero

Cpn.,

6/29/23

16,020

15,015

4885855.SQ.FTS.B,

Zero

Cpn.,

6/29/23

15,875

15,153

4885924.SQ.FTS.B,

Zero

Cpn.,

6/29/23

2,915

2,735

4885937.SQ.FTS.B,

Zero

Cpn.,

6/29/23

6,028

5,642

4885954.SQ.FTS.B,

Zero

Cpn.,

6/29/23

1,841

1,709

4885965.SQ.FTS.B,

Zero

Cpn.,

6/29/23

47,152

44,696

4886178.SQ.FTS.B,

Zero

Cpn.,

6/29/23

2,432

2,260

4886189.SQ.FTS.B,

Zero

Cpn.,

6/29/23

3,866

3,582

4886223.SQ.FTS.B,

Zero

Cpn.,

6/29/23

4,440

4,209

4886244.SQ.FTS.B,

Zero

Cpn.,

6/29/23

6,557

6,150

4886277.SQ.FTS.B,

Zero

Cpn.,

6/29/23

5,150

4,915

4886313.SQ.FTS.B,

Zero

Cpn.,

6/29/23

17,551

16,639

4886401.SQ.FTS.B,

Zero

Cpn.,

6/29/23

50,662

47,197

4886545.SQ.FTS.B,

Zero

Cpn.,

6/30/23

864

802

4886549.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,880

2,713

4886559.SQ.FTS.B,

Zero

Cpn.,

6/30/23

25,533

23,755

4886706.SQ.FTS.B,

Zero

Cpn.,

6/30/23

11,821

11,286

4886778.SQ.FTS.B,

Zero

Cpn.,

6/30/23

12,844

12,050

4886902.SQ.FTS.B,

Zero

Cpn.,

6/30/23

4,555

4,282

4886932.SQ.FTS.B,

Zero

Cpn.,

6/30/23

3,355

3,088

4886958.SQ.FTS.B,

Zero

Cpn.,

6/30/23

3,925

3,746

4887017.SQ.FTS.B,

Zero

Cpn.,

6/30/23

1,552

1,448

4887030.SQ.FTS.B,

Zero

Cpn.,

6/30/23

1,273

1,190

4887050.SQ.FTS.B,

Zero

Cpn.,

6/30/23

7,430

7,063

4887114.SQ.FTS.B,

Zero

Cpn.,

6/30/23

11,692

11,154

4887230.SQ.FTS.B,

Zero

Cpn.,

6/30/23

1,778

1,697

4887247.SQ.FTS.B,

Zero

Cpn.,

6/30/23

10,923

10,148

4887296.SQ.FTS.B,

Zero

Cpn.,

6/30/23

988

919

4887300.SQ.FTS.B,

Zero

Cpn.,

6/30/23

8,540

8,095

4887323.SQ.FTS.B,

Zero

Cpn.,

6/30/23

8,263

7,750

4887378.SQ.FTS.B,

Zero

Cpn.,

6/30/23

15,280

14,315

4887474.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,823

2,604

4887489.SQ.FTS.B,

Zero

Cpn.,

6/30/23

3,777

3,605

4887535.SQ.FTS.B,

Zero

Cpn.,

6/30/23

1,679

1,579

4887541.SQ.FTS.B,

Zero

Cpn.,

6/30/23

27,275

25,547

4887774.SQ.FTS.B,

Zero

Cpn.,

6/30/23

7,804

7,300

4887817.SQ.FTS.B,

Zero

Cpn.,

6/30/23

13,585

12,664

4887908.SQ.FTS.B,

Zero

Cpn.,

6/30/23

6,407

5,971

4887977.SQ.FTS.B,

Zero

Cpn.,

6/30/23

4,026

3,902

4887996.SQ.FTS.B,

Zero

Cpn.,

6/30/23

8,227

7,884

4888036.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,321

2,149

4888059.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,047

1,931

4888076.SQ.FTS.B,

Zero

Cpn.,

6/30/23

98,603

92,791

4888752.SQ.FTS.B,

Zero

Cpn.,

6/30/23

41,763

39,156

4888897.SQ.FTS.B,

Zero

Cpn.,

6/30/23

7,777

7,284

4888922.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,956

2,766

4888928.SQ.FTS.B,

Zero

Cpn.,

6/30/23

6,385

6,092

4888954.SQ.FTS.B,

Zero

Cpn.,

6/30/23

31,341

30,567

4889089.SQ.FTS.B,

Zero

Cpn.,

6/30/23

5,361

5,037

4889111.SQ.FTS.B,

Zero

Cpn.,

6/30/23

9,776

9,265

4889144.SQ.FTS.B,

Zero

Cpn.,

6/30/23

21,385

20,029

4889235.SQ.FTS.B,

Zero

Cpn.,

6/30/23

13,879

13,154

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

250

a

4889304.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,916

2,756

4889307.SQ.FTS.B,

Zero

Cpn.,

6/30/23

2,642

2,463

4889312.SQ.FTS.B,

Zero

Cpn.,

6/30/23

11,448

10,754

4889370.SQ.FTS.B,

Zero

Cpn.,

6/30/23

15,779

14,769

4889444.SQ.FTS.B,

Zero

Cpn.,

6/30/23

7,000

6,652

4889472.SQ.FTS.B,

Zero

Cpn.,

7/01/23

4,620

4,322

4889485.SQ.FTS.B,

Zero

Cpn.,

7/01/23

6,088

5,676

4889516.SQ.FTS.B,

Zero

Cpn.,

7/01/23

5,155

4,920

4889539.SQ.FTS.B,

Zero

Cpn.,

7/01/23

10,833

10,059

4889567.SQ.FTS.B,

Zero

Cpn.,

7/01/23

5,015

4,667

4889587.SQ.FTS.B,

Zero

Cpn.,

7/01/23

7,796

7,442

4889629.SQ.FTS.B,

Zero

Cpn.,

7/01/23

2,659

2,485

4889636.SQ.FTS.B,

Zero

Cpn.,

7/01/23

2,158

2,004

4889651.SQ.FTS.B,

Zero

Cpn.,

7/01/23

1,830

1,715

4889665.SQ.FTS.B,

Zero

Cpn.,

7/01/23

4,793

4,477

4889690.SQ.FTS.B,

Zero

Cpn.,

7/01/23

10,242

9,706

4889752.SQ.FTS.B,

Zero

Cpn.,

7/01/23

6,123

5,677

4889786.SQ.FTS.B,

Zero

Cpn.,

7/01/23

6,620

6,247

4889819.SQ.FTS.B,

Zero

Cpn.,

7/01/23

2,021

1,899

4889829.SQ.FTS.B,

Zero

Cpn.,

7/01/23

4,404

4,175

4889849.SQ.FTS.B,

Zero

Cpn.,

7/01/23

3,295

3,071

4889868.SQ.FTS.B,

Zero

Cpn.,

7/01/23

9,458

8,863

4889899.SQ.FTS.B,

Zero

Cpn.,

7/02/23

5,650

5,320

4889915.SQ.FTS.B,

Zero

Cpn.,

7/02/23

2,638

2,457

4889936.SQ.FTS.B,

Zero

Cpn.,

7/02/23

966

910

4889941.SQ.FTS.B,

Zero

Cpn.,

7/02/23

14,630

13,958

4890016.SQ.FTS.B,

Zero

Cpn.,

7/02/23

1,494

1,403

4890024.SQ.FTS.B,

Zero

Cpn.,

7/02/23

3,518

3,281

4890041.SQ.FTS.B,

Zero

Cpn.,

7/02/23

5,002

4,738

4890070.SQ.FTS.B,

Zero

Cpn.,

7/02/23

2,056

1,904

4890079.SQ.FTS.B,

Zero

Cpn.,

7/02/23

3,834

3,599

4890098.SQ.FTS.B,

Zero

Cpn.,

7/02/23

20,364

19,476

4890173.SQ.FTS.B,

Zero

Cpn.,

7/02/23

3,904

3,668

4890198.SQ.FTS.B,

Zero

Cpn.,

7/02/23

3,786

3,538

4890211.SQ.FTS.B,

Zero

Cpn.,

7/02/23

3,578

3,363

4890232.SQ.FTS.B,

Zero

Cpn.,

7/02/23

4,530

4,296

4890251.SQ.FTS.B,

Zero

Cpn.,

7/02/23

1,015

964

4890255.SQ.FTS.B,

Zero

Cpn.,

7/02/23

8,010

7,512

4890296.SQ.FTS.B,

Zero

Cpn.,

7/02/23

6,204

5,830

4890328.SQ.FTS.B,

Zero

Cpn.,

7/02/23

607

523

4890331.SQ.FTS.B,

Zero

Cpn.,

7/02/23

11,329

10,616

4890420.SQ.FTS.B,

Zero

Cpn.,

7/03/23

5,714

5,451

4890471.SQ.FTS.B,

Zero

Cpn.,

7/03/23

7,345

6,866

4890584.SQ.FTS.B,

Zero

Cpn.,

7/03/23

6,891

6,487

4890692.SQ.FTS.B,

Zero

Cpn.,

7/03/23

1,017

921

4890715.SQ.FTS.B,

Zero

Cpn.,

7/03/23

1,203

1,124

4890733.SQ.FTS.B,

Zero

Cpn.,

7/03/23

9,405

8,917

4890814.SQ.FTS.B,

Zero

Cpn.,

7/03/23

6,666

6,252

4890883.SQ.FTS.B,

Zero

Cpn.,

7/03/23

3,440

3,235

4890907.SQ.FTS.B,

Zero

Cpn.,

7/03/23

7,015

6,574

4890950.SQ.FTS.B,

Zero

Cpn.,

7/03/23

5,196

5,044

4891000.SQ.FTS.B,

Zero

Cpn.,

7/03/23

4,270

3,985

4891059.SQ.FTS.B,

Zero

Cpn.,

7/03/23

5,583

5,230

4891094.SQ.FTS.B,

Zero

Cpn.,

7/03/23

37,136

35,198

4891423.SQ.FTS.B,

Zero

Cpn.,

7/03/23

11,612

10,889

4891539.SQ.FTS.B,

Zero

Cpn.,

7/03/23

1,144

1,081

4891550.SQ.FTS.B,

Zero

Cpn.,

7/03/23

5,477

5,228

4891637.SQ.FTS.B,

Zero

Cpn.,

7/03/23

5,327

4,951

4891693.SQ.FTS.B,

Zero

Cpn.,

7/03/23

1,940

1,802

4891718.SQ.FTS.B,

Zero

Cpn.,

7/03/23

8,068

7,512

4891849.SQ.FTS.B,

Zero

Cpn.,

7/03/23

3,905

3,653

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

251

a

4891900.SQ.FTS.B,

Zero

Cpn.,

7/03/23

555

525

4891910.SQ.FTS.B,

Zero

Cpn.,

7/03/23

21,981

20,640

4892164.SQ.FTS.B,

Zero

Cpn.,

7/03/23

12,631

11,783

4892455.SQ.FTS.B,

Zero

Cpn.,

7/04/23

10,135

9,668

4892607.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,315

1,228

4892625.SQ.FTS.B,

Zero

Cpn.,

7/04/23

12,710

12,126

4892785.SQ.FTS.B,

Zero

Cpn.,

7/04/23

2,409

2,245

4892817.SQ.FTS.B,

Zero

Cpn.,

7/04/23

2,787

2,580

4892855.SQ.FTS.B,

Zero

Cpn.,

7/04/23

17,256

16,161

4893005.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,494

4,289

4893034.SQ.FTS.B,

Zero

Cpn.,

7/04/23

13,128

12,393

4893141.SQ.FTS.B,

Zero

Cpn.,

7/04/23

13,321

12,710

4893231.SQ.FTS.B,

Zero

Cpn.,

7/04/23

6,138

5,751

4893262.SQ.FTS.B,

Zero

Cpn.,

7/04/23

3,007

2,861

4893270.SQ.FTS.B,

Zero

Cpn.,

7/04/23

3,109

2,912

4893294.SQ.FTS.B,

Zero

Cpn.,

7/04/23

2,600

2,439

4893320.SQ.FTS.B,

Zero

Cpn.,

7/04/23

36,884

34,383

4893631.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,233

1,153

4893647.SQ.FTS.B,

Zero

Cpn.,

7/04/23

15,584

14,605

4893718.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,125

3,837

4893735.SQ.FTS.B,

Zero

Cpn.,

7/04/23

10,768

10,073

4893787.SQ.FTS.B,

Zero

Cpn.,

7/04/23

803

764

4893799.SQ.FTS.B,

Zero

Cpn.,

7/04/23

69,865

66,216

4894108.SQ.FTS.B,

Zero

Cpn.,

7/04/23

6,343

5,872

4894130.SQ.FTS.B,

Zero

Cpn.,

7/04/23

8,060

7,480

4894156.SQ.FTS.B,

Zero

Cpn.,

7/04/23

10,342

9,692

4894184.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,104

3,861

4894200.SQ.FTS.B,

Zero

Cpn.,

7/04/23

13,865

12,900

4894277.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,639

4,318

4894321.SQ.FTS.B,

Zero

Cpn.,

7/04/23

1,057

970

4894333.SQ.FTS.B,

Zero

Cpn.,

7/04/23

2,480

2,332

4894348.SQ.FTS.B,

Zero

Cpn.,

7/04/23

11,955

11,262

4894415.SQ.FTS.B,

Zero

Cpn.,

7/04/23

74,017

70,620

4894691.SQ.FTS.B,

Zero

Cpn.,

7/04/23

53,921

50,029

4894896.SQ.FTS.B,

Zero

Cpn.,

7/04/23

4,484

4,188

4894947.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,988

1,872

4894970.SQ.FTS.B,

Zero

Cpn.,

7/05/23

5,644

5,226

4895000.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,112

1,037

4895006.SQ.FTS.B,

Zero

Cpn.,

7/05/23

14,781

14,149

4895070.SQ.FTS.B,

Zero

Cpn.,

7/05/23

11,875

11,038

4895110.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,168

2,060

4895131.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,617

2,446

4895143.SQ.FTS.B,

Zero

Cpn.,

7/05/23

17,338

16,194

4895249.SQ.FTS.B,

Zero

Cpn.,

7/05/23

27,269

25,545

4895469.SQ.FTS.B,

Zero

Cpn.,

7/05/23

3,508

3,254

4895536.SQ.FTS.B,

Zero

Cpn.,

7/05/23

8,033

7,618

4895629.SQ.FTS.B,

Zero

Cpn.,

7/05/23

12,158

11,345

4895704.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,931

1,814

4895714.SQ.FTS.B,

Zero

Cpn.,

7/05/23

937

881

4895721.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,577

1,508

4895734.SQ.FTS.B,

Zero

Cpn.,

7/05/23

11,632

11,099

4895776.SQ.FTS.B,

Zero

Cpn.,

7/05/23

7,212

6,881

4895814.SQ.FTS.B,

Zero

Cpn.,

7/05/23

19,659

18,364

4895889.SQ.FTS.B,

Zero

Cpn.,

7/05/23

705

653

4895892.SQ.FTS.B,

Zero

Cpn.,

7/05/23

3,860

3,684

4895910.SQ.FTS.B,

Zero

Cpn.,

7/05/23

6,893

6,485

4895925.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,838

1,721

4895941.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,507

1,405

4895949.SQ.FTS.B,

Zero

Cpn.,

7/05/23

6,052

5,736

4895991.SQ.FTS.B,

Zero

Cpn.,

7/05/23

784

728

4896007.SQ.FTS.B,

Zero

Cpn.,

7/05/23

10,577

9,730

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

252

a

4896098.SQ.FTS.B,

Zero

Cpn.,

7/05/23

6,796

6,318

4896130.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,658

2,487

4896145.SQ.FTS.B,

Zero

Cpn.,

7/05/23

5,278

5,035

4896166.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,137

1,993

4896176.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,018

970

4896183.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,038

1,907

4896256.SQ.FTS.B,

Zero

Cpn.,

7/05/23

13,244

12,634

4896349.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,655

4,412

4896366.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,890

1,779

4896376.SQ.FTS.B,

Zero

Cpn.,

7/05/23

50,672

49,012

4896592.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,929

4,618

4896606.SQ.FTS.B,

Zero

Cpn.,

7/05/23

3,996

3,708

4896613.SQ.FTS.B,

Zero

Cpn.,

7/05/23

11,790

10,954

4896648.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,633

2,472

4896652.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,341

4,067

4896668.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,486

1,384

4896670.SQ.FTS.B,

Zero

Cpn.,

7/05/23

17,455

16,654

4896773.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,762

4,424

4896793.SQ.FTS.B,

Zero

Cpn.,

7/05/23

13,343

12,523

4896832.SQ.FTS.B,

Zero

Cpn.,

7/05/23

5,809

5,389

4896859.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,146

2,000

4896868.SQ.FTS.B,

Zero

Cpn.,

7/05/23

1,774

1,672

4896879.SQ.FTS.B,

Zero

Cpn.,

7/05/23

2,656

2,488

4896886.SQ.FTS.B,

Zero

Cpn.,

7/05/23

13,911

13,004

4896956.SQ.FTS.B,

Zero

Cpn.,

7/05/23

23,882

22,548

4897077.SQ.FTS.B,

Zero

Cpn.,

7/05/23

6,464

6,056

4897098.SQ.FTS.B,

Zero

Cpn.,

7/05/23

4,761

4,457

4898412.SQ.FTS.B,

Zero

Cpn.,

7/06/23

52,784

50,292

4898657.SQ.FTS.B,

Zero

Cpn.,

7/06/23

25,085

23,276

4898779.SQ.FTS.B,

Zero

Cpn.,

7/06/23

36,613

34,252

4899143.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,694

2,513

4899169.SQ.FTS.B,

Zero

Cpn.,

7/06/23

33,010

30,659

4899299.SQ.FTS.B,

Zero

Cpn.,

7/06/23

5,445

5,036

4899326.SQ.FTS.B,

Zero

Cpn.,

7/06/23

6,537

6,228

4899347.SQ.FTS.B,

Zero

Cpn.,

7/06/23

16,856

16,074

4899443.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,600

2,421

4899463.SQ.FTS.B,

Zero

Cpn.,

7/06/23

7,502

7,164

4899496.SQ.FTS.B,

Zero

Cpn.,

7/06/23

4,153

3,902

4899515.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,796

2,616

4899524.SQ.FTS.B,

Zero

Cpn.,

7/06/23

6,372

5,937

4899552.SQ.FTS.B,

Zero

Cpn.,

7/06/23

21,892

20,411

4899633.SQ.FTS.B,

Zero

Cpn.,

7/06/23

5,847

5,482

4899651.SQ.FTS.B,

Zero

Cpn.,

7/06/23

1,502

1,398

4899656.SQ.FTS.B,

Zero

Cpn.,

7/06/23

1,941

1,815

4899666.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,941

2,724

4899672.SQ.FTS.B,

Zero

Cpn.,

7/06/23

3,336

3,107

4899680.SQ.FTS.B,

Zero

Cpn.,

7/06/23

743

692

4899682.SQ.FTS.B,

Zero

Cpn.,

7/06/23

8,059

7,555

4899740.SQ.FTS.B,

Zero

Cpn.,

7/06/23

21,316

19,970

4899887.SQ.FTS.B,

Zero

Cpn.,

7/06/23

5,271

4,995

4899919.SQ.FTS.B,

Zero

Cpn.,

7/06/23

1,547

1,453

4899926.SQ.FTS.B,

Zero

Cpn.,

7/06/23

41,619

39,087

4900159.SQ.FTS.B,

Zero

Cpn.,

7/06/23

9,808

9,296

4900202.SQ.FTS.B,

Zero

Cpn.,

7/06/23

5,050

4,728

4900280.SQ.FTS.B,

Zero

Cpn.,

7/06/23

1,963

1,762

4900312.SQ.FTS.B,

Zero

Cpn.,

7/06/23

18,720

17,561

4900386.SQ.FTS.B,

Zero

Cpn.,

7/06/23

22,300

20,912

4900511.SQ.FTS.B,

Zero

Cpn.,

7/06/23

10,459

9,824

4900583.SQ.FTS.B,

Zero

Cpn.,

7/06/23

2,156

2,040

4900593.SQ.FTS.B,

Zero

Cpn.,

7/06/23

5,252

4,869

4900639.SQ.FTS.B,

Zero

Cpn.,

7/06/23

14,371

13,622

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

253

a

4900807.SQ.FTS.B,

Zero

Cpn.,

7/07/23

39,874

37,473

4900945.SQ.FTS.B,

Zero

Cpn.,

7/07/23

51,328

48,230

4901370.SQ.FTS.B,

Zero

Cpn.,

7/07/23

4,093

3,880

4901400.SQ.FTS.B,

Zero

Cpn.,

7/07/23

2,388

2,226

4901412.SQ.FTS.B,

Zero

Cpn.,

7/07/23

7,415

6,936

4901494.SQ.FTS.B,

Zero

Cpn.,

7/07/23

1,028

993

4901508.SQ.FTS.B,

Zero

Cpn.,

7/07/23

3,165

2,973

4901541.SQ.FTS.B,

Zero

Cpn.,

7/07/23

11,744

11,096

4901646.SQ.FTS.B,

Zero

Cpn.,

7/07/23

10,330

9,698

4901729.SQ.FTS.B,

Zero

Cpn.,

7/07/23

5,598

5,207

4901767.SQ.FTS.B,

Zero

Cpn.,

7/07/23

12,280

11,515

4901877.SQ.FTS.B,

Zero

Cpn.,

7/07/23

7,493

7,023

4901940.SQ.FTS.B,

Zero

Cpn.,

7/07/23

10,318

9,841

4902054.SQ.FTS.B,

Zero

Cpn.,

7/07/23

92,125

88,459

4902683.SQ.FTS.B,

Zero

Cpn.,

7/07/23

4,873

4,543

4902713.SQ.FTS.B,

Zero

Cpn.,

7/07/23

3,335

3,104

4902757.SQ.FTS.B,

Zero

Cpn.,

7/07/23

1,222

1,156

4902773.SQ.FTS.B,

Zero

Cpn.,

7/07/23

4,091

3,901

4902793.SQ.FTS.B,

Zero

Cpn.,

7/07/23

12,884

12,028

4902889.SQ.FTS.B,

Zero

Cpn.,

7/08/23

4,724

4,475

4902900.SQ.FTS.B,

Zero

Cpn.,

7/08/23

10,323

9,800

4902929.SQ.FTS.B,

Zero

Cpn.,

7/08/23

14,037

13,080

4902965.SQ.FTS.B,

Zero

Cpn.,

7/08/23

2,495

2,298

4902969.SQ.FTS.B,

Zero

Cpn.,

7/08/23

5,849

5,480

4902989.SQ.FTS.B,

Zero

Cpn.,

7/08/23

6,060

5,664

4903019.SQ.FTS.B,

Zero

Cpn.,

7/08/23

10,615

9,965

4903074.SQ.FTS.B,

Zero

Cpn.,

7/08/23

4,285

4,016

4903094.SQ.FTS.B,

Zero

Cpn.,

7/08/23

5,607

5,194

4903124.SQ.FTS.B,

Zero

Cpn.,

7/08/23

3,709

3,454

4903150.SQ.FTS.B,

Zero

Cpn.,

7/08/23

12,315

11,519

4903200.SQ.FTS.B,

Zero

Cpn.,

7/08/23

31,559

29,900

4903320.SQ.FTS.B,

Zero

Cpn.,

7/09/23

1,030

971

4903324.SQ.FTS.B,

Zero

Cpn.,

7/09/23

14,084

13,141

4903389.SQ.FTS.B,

Zero

Cpn.,

7/09/23

3,445

3,287

4903408.SQ.FTS.B,

Zero

Cpn.,

7/09/23

969

922

4903417.SQ.FTS.B,

Zero

Cpn.,

7/09/23

2,788

2,620

4903433.SQ.FTS.B,

Zero

Cpn.,

7/09/23

1,698

1,600

4903443.SQ.FTS.B,

Zero

Cpn.,

7/09/23

10,048

9,406

4903485.SQ.FTS.B,

Zero

Cpn.,

7/09/23

2,646

2,478

4903503.SQ.FTS.B,

Zero

Cpn.,

7/09/23

41,864

39,658

4903679.SQ.FTS.B,

Zero

Cpn.,

7/09/23

17,737

16,622

4903751.SQ.FTS.B,

Zero

Cpn.,

7/09/23

22,857

21,010

4903838.SQ.FTS.B,

Zero

Cpn.,

7/09/23

3,232

3,011

4903848.SQ.FTS.B,

Zero

Cpn.,

7/09/23

3,757

3,583

4903860.SQ.FTS.B,

Zero

Cpn.,

7/09/23

3,274

3,069

4903870.SQ.FTS.B,

Zero

Cpn.,

7/09/23

5,407

5,025

4903896.SQ.FTS.B,

Zero

Cpn.,

7/09/23

5,210

4,892

4903924.SQ.FTS.B,

Zero

Cpn.,

7/09/23

1,871

1,748

4903989.SQ.FTS.B,

Zero

Cpn.,

7/10/23

8,279

7,758

4904149.SQ.FTS.B,

Zero

Cpn.,

7/10/23

3,542

3,307

4904183.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,194

1,115

4904207.SQ.FTS.B,

Zero

Cpn.,

7/10/23

11,215

10,701

4904339.SQ.FTS.B,

Zero

Cpn.,

7/10/23

15,204

14,661

4904552.SQ.FTS.B,

Zero

Cpn.,

7/10/23

3,594

3,414

4904577.SQ.FTS.B,

Zero

Cpn.,

7/10/23

4,934

4,707

4904609.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,578

1,495

4904630.SQ.FTS.B,

Zero

Cpn.,

7/10/23

14,878

13,895

4904726.SQ.FTS.B,

Zero

Cpn.,

7/10/23

2,510

2,344

4904747.SQ.FTS.B,

Zero

Cpn.,

7/10/23

14,356

13,398

4904869.SQ.FTS.B,

Zero

Cpn.,

7/10/23

7,527

7,091

4904929.SQ.FTS.B,

Zero

Cpn.,

7/10/23

2,072

1,927

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

254

a

4904948.SQ.FTS.B,

Zero

Cpn.,

7/10/23

11,499

10,688

4905044.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,808

1,684

4905050.SQ.FTS.B,

Zero

Cpn.,

7/10/23

2,424

2,257

4905062.SQ.FTS.B,

Zero

Cpn.,

7/10/23

2,760

2,575

4905084.SQ.FTS.B,

Zero

Cpn.,

7/10/23

9,717

9,041

4905129.SQ.FTS.B,

Zero

Cpn.,

7/10/23

26,424

24,653

4905302.SQ.FTS.B,

Zero

Cpn.,

7/10/23

1,896

1,741

4905322.SQ.FTS.B,

Zero

Cpn.,

7/10/23

847

803

4905325.SQ.FTS.B,

Zero

Cpn.,

7/10/23

5,108

4,851

4905351.SQ.FTS.B,

Zero

Cpn.,

7/10/23

25,660

24,001

4905458.SQ.FTS.B,

Zero

Cpn.,

7/10/23

25,295

23,936

4905550.SQ.FTS.B,

Zero

Cpn.,

7/10/23

64,378

61,334

4905912.SQ.FTS.B,

Zero

Cpn.,

7/10/23

6,011

5,628

4905930.SQ.FTS.B,

Zero

Cpn.,

7/10/23

21,488

20,131

4906093.SQ.FTS.B,

Zero

Cpn.,

7/10/23

7,807

7,317

4906129.SQ.FTS.B,

Zero

Cpn.,

7/10/23

4,816

4,596

4906235.SQ.FTS.B,

Zero

Cpn.,

7/11/23

41,430

39,233

4906501.SQ.FTS.B,

Zero

Cpn.,

7/11/23

6,171

5,810

4906538.SQ.FTS.B,

Zero

Cpn.,

7/11/23

32,645

30,540

4906929.SQ.FTS.B,

Zero

Cpn.,

7/11/23

17,335

16,421

4907091.SQ.FTS.B,

Zero

Cpn.,

7/11/23

532

512

4907094.SQ.FTS.B,

Zero

Cpn.,

7/11/23

612

577

4907101.SQ.FTS.B,

Zero

Cpn.,

7/11/23

8,397

7,862

4907160.SQ.FTS.B,

Zero

Cpn.,

7/11/23

5,792

5,436

4907186.SQ.FTS.B,

Zero

Cpn.,

7/11/23

5,447

5,105

4907195.SQ.FTS.B,

Zero

Cpn.,

7/11/23

2,660

2,521

4907199.SQ.FTS.B,

Zero

Cpn.,

7/11/23

12,570

12,038

4907328.SQ.FTS.B,

Zero

Cpn.,

7/11/23

5,069

4,835

4907400.SQ.FTS.B,

Zero

Cpn.,

7/11/23

8,988

8,419

4907474.SQ.FTS.B,

Zero

Cpn.,

7/11/23

16,648

15,654

4907560.SQ.FTS.B,

Zero

Cpn.,

7/11/23

2,641

2,524

4907587.SQ.FTS.B,

Zero

Cpn.,

7/11/23

57,643

53,721

4908003.SQ.FTS.B,

Zero

Cpn.,

7/11/23

50,486

47,846

4908163.SQ.FTS.B,

Zero

Cpn.,

7/11/23

52,794

49,325

4908543.SQ.FTS.B,

Zero

Cpn.,

7/12/23

932

866

4908547.SQ.FTS.B,

Zero

Cpn.,

7/12/23

12,488

11,697

4908621.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,785

1,690

4908624.SQ.FTS.B,

Zero

Cpn.,

7/12/23

8,016

7,514

4908671.SQ.FTS.B,

Zero

Cpn.,

7/12/23

69,969

65,493

4909275.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,117

1,976

4909304.SQ.FTS.B,

Zero

Cpn.,

7/12/23

4,309

4,112

4909336.SQ.FTS.B,

Zero

Cpn.,

7/12/23

5,190

4,951

4909386.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,315

2,179

4909434.SQ.FTS.B,

Zero

Cpn.,

7/12/23

17,902

16,714

4909575.SQ.FTS.B,

Zero

Cpn.,

7/12/23

5,162

4,790

4909607.SQ.FTS.B,

Zero

Cpn.,

7/12/23

64,687

60,335

4910039.SQ.FTS.B,

Zero

Cpn.,

7/12/23

5,882

5,560

4910118.SQ.FTS.B,

Zero

Cpn.,

7/12/23

17,521

16,426

4910225.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,447

1,356

4910228.SQ.FTS.B,

Zero

Cpn.,

7/12/23

634

602

4910230.SQ.FTS.B,

Zero

Cpn.,

7/12/23

4,740

4,522

4910239.SQ.FTS.B,

Zero

Cpn.,

7/12/23

29,123

27,771

4910412.SQ.FTS.B,

Zero

Cpn.,

7/12/23

10,994

10,355

4910475.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,111

1,977

4910500.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,717

2,546

4910537.SQ.FTS.B,

Zero

Cpn.,

7/12/23

3,095

2,907

4910565.SQ.FTS.B,

Zero

Cpn.,

7/12/23

3,338

3,093

4910579.SQ.FTS.B,

Zero

Cpn.,

7/12/23

2,546

2,370

4910600.SQ.FTS.B,

Zero

Cpn.,

7/12/23

26,739

25,047

4910727.SQ.FTS.B,

Zero

Cpn.,

7/12/23

1,012

939

4910740.SQ.FTS.B,

Zero

Cpn.,

7/12/23

9,628

9,127

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

255

a

4913002.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,861

7,322

4913030.SQ.FTS.B,

Zero

Cpn.,

7/13/23

859

810

4913041.SQ.FTS.B,

Zero

Cpn.,

7/13/23

4,851

4,504

4913057.SQ.FTS.B,

Zero

Cpn.,

7/13/23

12,018

11,456

4913077.SQ.FTS.B,

Zero

Cpn.,

7/13/23

8,645

8,023

4913110.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,447

1,343

4913117.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,587

5,206

4913132.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,608

1,505

4913153.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,485

7,137

4913193.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,073

2,914

4913211.SQ.FTS.B,

Zero

Cpn.,

7/13/23

96,788

91,673

4913926.SQ.FTS.B,

Zero

Cpn.,

7/13/23

16,323

15,464

4914080.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,765

3,585

4914136.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,416

1,317

4914147.SQ.FTS.B,

Zero

Cpn.,

7/13/23

6,308

6,066

4914217.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,222

3,029

4914236.SQ.FTS.B,

Zero

Cpn.,

7/13/23

4,603

4,361

4914274.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,615

7,133

4914345.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,887

5,573

4914413.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,269

1,181

4914432.SQ.FTS.B,

Zero

Cpn.,

7/13/23

8,412

7,879

4914485.SQ.FTS.B,

Zero

Cpn.,

7/13/23

4,153

4,001

4914500.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,223

1,138

4914508.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,122

6,672

4914532.SQ.FTS.B,

Zero

Cpn.,

7/13/23

5,817

5,430

4914578.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,157

2,989

4914590.SQ.FTS.B,

Zero

Cpn.,

7/13/23

20,601

19,525

4914692.SQ.FTS.B,

Zero

Cpn.,

7/13/23

11,379

10,612

4914796.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,428

3,269

4914843.SQ.FTS.B,

Zero

Cpn.,

7/13/23

536

505

4914867.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,689

1,599

4914898.SQ.FTS.B,

Zero

Cpn.,

7/13/23

1,495

1,401

4914908.SQ.FTS.B,

Zero

Cpn.,

7/13/23

7,699

7,341

4914973.SQ.FTS.B,

Zero

Cpn.,

7/13/23

6,561

6,108

4914994.SQ.FTS.B,

Zero

Cpn.,

7/13/23

2,211

2,084

4915010.SQ.FTS.B,

Zero

Cpn.,

7/13/23

3,524

3,317

4915028.SQ.FTS.B,

Zero

Cpn.,

7/13/23

43,675

40,453

4915311.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,840

1,727

4915344.SQ.FTS.B,

Zero

Cpn.,

7/14/23

10,518

9,879

4915412.SQ.FTS.B,

Zero

Cpn.,

7/14/23

9,641

9,193

4915437.SQ.FTS.B,

Zero

Cpn.,

7/14/23

27,272

25,867

4915589.SQ.FTS.B,

Zero

Cpn.,

7/14/23

53,235

49,959

4915922.SQ.FTS.B,

Zero

Cpn.,

7/14/23

10,028

9,374

4916010.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,359

1,270

4916032.SQ.FTS.B,

Zero

Cpn.,

7/14/23

4,390

4,129

4916062.SQ.FTS.B,

Zero

Cpn.,

7/14/23

816

758

4916065.SQ.FTS.B,

Zero

Cpn.,

7/14/23

3,246

3,085

4916091.SQ.FTS.B,

Zero

Cpn.,

7/14/23

6,009

5,730

4916147.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,181

1,105

4916156.SQ.FTS.B,

Zero

Cpn.,

7/14/23

5,406

5,131

4916191.SQ.FTS.B,

Zero

Cpn.,

7/14/23

3,312

3,105

4916203.SQ.FTS.B,

Zero

Cpn.,

7/14/23

6,020

5,633

4916251.SQ.FTS.B,

Zero

Cpn.,

7/14/23

52,846

49,509

4916624.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,977

1,852

4916638.SQ.FTS.B,

Zero

Cpn.,

7/14/23

4,304

4,090

4916663.SQ.FTS.B,

Zero

Cpn.,

7/14/23

26,812

25,391

4916796.SQ.FTS.B,

Zero

Cpn.,

7/14/23

6,463

6,052

4916819.SQ.FTS.B,

Zero

Cpn.,

7/14/23

1,849

1,722

4916821.SQ.FTS.B,

Zero

Cpn.,

7/14/23

101,277

95,047

4922936.SQ.FTS.B,

Zero

Cpn.,

7/14/23

19,546

18,514

4923002.SQ.FTS.B,

Zero

Cpn.,

7/15/23

12,513

11,718

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

256

a

4923051.SQ.FTS.B,

Zero

Cpn.,

7/15/23

5,010

4,709

4923057.SQ.FTS.B,

Zero

Cpn.,

7/15/23

17,573

16,730

4923092.SQ.FTS.B,

Zero

Cpn.,

7/15/23

3,499

3,259

4923100.SQ.FTS.B,

Zero

Cpn.,

7/15/23

9,953

9,304

4923128.SQ.FTS.B,

Zero

Cpn.,

7/15/23

8,044

7,576

4923155.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,171

2,037

4923165.SQ.FTS.B,

Zero

Cpn.,

7/15/23

31,944

30,453

4923261.SQ.FTS.B,

Zero

Cpn.,

7/15/23

4,785

4,615

4923279.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,674

2,533

4923302.SQ.FTS.B,

Zero

Cpn.,

7/15/23

1,819

1,696

4923310.SQ.FTS.B,

Zero

Cpn.,

7/15/23

901

837

4923321.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,160

2,008

4923330.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,128

2,055

4923333.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,393

2,241

4923342.SQ.FTS.B,

Zero

Cpn.,

7/15/23

4,372

4,170

4923355.SQ.FTS.B,

Zero

Cpn.,

7/15/23

6,986

6,540

4923388.SQ.FTS.B,

Zero

Cpn.,

7/15/23

6,481

6,018

4923426.SQ.FTS.B,

Zero

Cpn.,

7/15/23

3,742

3,483

4923442.SQ.FTS.B,

Zero

Cpn.,

7/15/23

2,445

2,280

4923449.SQ.FTS.B,

Zero

Cpn.,

7/15/23

6,573

6,129

4923479.SQ.FTS.B,

Zero

Cpn.,

7/15/23

1,012

961

4923486.SQ.FTS.B,

Zero

Cpn.,

7/15/23

14,235

13,333

4923547.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,859

1,773

4923565.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,425

1,332

4923570.SQ.FTS.B,

Zero

Cpn.,

7/16/23

5,557

5,156

4923589.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,636

1,540

4923596.SQ.FTS.B,

Zero

Cpn.,

7/16/23

11,058

10,378

4923622.SQ.FTS.B,

Zero

Cpn.,

7/16/23

26,122

24,742

4923734.SQ.FTS.B,

Zero

Cpn.,

7/16/23

2,744

2,617

4923742.SQ.FTS.B,

Zero

Cpn.,

7/16/23

12,526

11,942

4923791.SQ.FTS.B,

Zero

Cpn.,

7/16/23

26,680

24,984

4923914.SQ.FTS.B,

Zero

Cpn.,

7/16/23

5,767

5,454

4923931.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,828

1,719

4923938.SQ.FTS.B,

Zero

Cpn.,

7/16/23

775

745

4923944.SQ.FTS.B,

Zero

Cpn.,

7/16/23

5,234

4,955

4923969.SQ.FTS.B,

Zero

Cpn.,

7/16/23

1,964

1,839

4923981.SQ.FTS.B,

Zero

Cpn.,

7/16/23

868

824

4923986.SQ.FTS.B,

Zero

Cpn.,

7/16/23

10,603

10,107

4924040.SQ.FTS.B,

Zero

Cpn.,

7/17/23

528

389

4924057.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,117

4,864

4924073.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,837

5,469

4924092.SQ.FTS.B,

Zero

Cpn.,

7/17/23

27,086

25,741

4924196.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,506

2,334

4924205.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,149

2,039

4924220.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,422

2,261

4924229.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,966

2,770

4924236.SQ.FTS.B,

Zero

Cpn.,

7/17/23

3,084

2,885

4924240.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,798

2,653

4924252.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,265

4,867

4924269.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,576

2,378

4924281.SQ.FTS.B,

Zero

Cpn.,

7/17/23

17,627

16,569

4924350.SQ.FTS.B,

Zero

Cpn.,

7/17/23

19,049

18,158

4924406.SQ.FTS.B,

Zero

Cpn.,

7/17/23

10,748

10,061

4924447.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,486

1,385

4924452.SQ.FTS.B,

Zero

Cpn.,

7/17/23

7,652

7,166

4924480.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,438

1,345

4924487.SQ.FTS.B,

Zero

Cpn.,

7/17/23

3,373

3,133

4924498.SQ.FTS.B,

Zero

Cpn.,

7/17/23

14,245

13,212

4924542.SQ.FTS.B,

Zero

Cpn.,

7/17/23

7,148

6,686

4924567.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,592

1,507

4924571.SQ.FTS.B,

Zero

Cpn.,

7/17/23

6,028

5,638

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

257

a

4924593.SQ.FTS.B,

Zero

Cpn.,

7/17/23

1,648

1,568

4924603.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,194

2,052

4924610.SQ.FTS.B,

Zero

Cpn.,

7/17/23

969

883

4924618.SQ.FTS.B,

Zero

Cpn.,

7/17/23

4,314

4,025

4924631.SQ.FTS.B,

Zero

Cpn.,

7/17/23

5,010

4,711

4924649.SQ.FTS.B,

Zero

Cpn.,

7/17/23

2,543

2,339

4924661.SQ.FTS.B,

Zero

Cpn.,

7/17/23

9,865

9,408

4924692.SQ.FTS.B,

Zero

Cpn.,

7/17/23

3,624

3,385

4924718.SQ.FTS.B,

Zero

Cpn.,

7/18/23

3,963

3,688

4924846.SQ.FTS.B,

Zero

Cpn.,

7/18/23

4,365

4,088

4924917.SQ.FTS.B,

Zero

Cpn.,

7/18/23

4,539

4,259

4925009.SQ.FTS.B,

Zero

Cpn.,

7/18/23

18,428

16,919

4925235.SQ.FTS.B,

Zero

Cpn.,

7/18/23

10,594

9,901

4925327.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,514

2,359

4925346.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,182

2,071

4925363.SQ.FTS.B,

Zero

Cpn.,

7/18/23

7,248

6,801

4925395.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,732

2,558

4925411.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,493

2,361

4925422.SQ.FTS.B,

Zero

Cpn.,

7/18/23

10,729

10,331

4925467.SQ.FTS.B,

Zero

Cpn.,

7/18/23

5,808

5,410

4925500.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,917

1,793

4925528.SQ.FTS.B,

Zero

Cpn.,

7/18/23

29,285

27,545

4925650.SQ.FTS.B,

Zero

Cpn.,

7/18/23

34,461

32,858

4925794.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,824

2,644

4925802.SQ.FTS.B,

Zero

Cpn.,

7/18/23

3,352

3,190

4925811.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,362

1,282

4925814.SQ.FTS.B,

Zero

Cpn.,

7/18/23

6,260

5,866

4925838.SQ.FTS.B,

Zero

Cpn.,

7/18/23

3,650

3,388

4925864.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,708

2,542

4925900.SQ.FTS.B,

Zero

Cpn.,

7/18/23

81,239

76,138

4926184.SQ.FTS.B,

Zero

Cpn.,

7/18/23

3,062

2,861

4926197.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,768

2,599

4926200.SQ.FTS.B,

Zero

Cpn.,

7/18/23

6,757

6,447

4926237.SQ.FTS.B,

Zero

Cpn.,

7/18/23

8,763

8,206

4926279.SQ.FTS.B,

Zero

Cpn.,

7/18/23

10,208

9,733

4926308.SQ.FTS.B,

Zero

Cpn.,

7/18/23

71,801

68,172

4926505.SQ.FTS.B,

Zero

Cpn.,

7/18/23

11,262

10,563

4926576.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,658

1,553

4926593.SQ.FTS.B,

Zero

Cpn.,

7/18/23

32,310

30,238

4926692.SQ.FTS.B,

Zero

Cpn.,

7/18/23

1,811

1,680

4926699.SQ.FTS.B,

Zero

Cpn.,

7/18/23

10,406

9,859

4926742.SQ.FTS.B,

Zero

Cpn.,

7/18/23

12,211

11,426

4926798.SQ.FTS.B,

Zero

Cpn.,

7/18/23

2,123

1,983

4926835.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,687

2,572

4926845.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,329

2,170

4926859.SQ.FTS.B,

Zero

Cpn.,

7/19/23

15,950

14,939

4926957.SQ.FTS.B,

Zero

Cpn.,

7/19/23

8,637

8,106

4927007.SQ.FTS.B,

Zero

Cpn.,

7/19/23

48,957

46,444

4927261.SQ.FTS.B,

Zero

Cpn.,

7/19/23

7,326

6,845

4927276.SQ.FTS.B,

Zero

Cpn.,

7/19/23

16,934

15,857

4927395.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,801

1,687

4927439.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,317

1,234

4927446.SQ.FTS.B,

Zero

Cpn.,

7/19/23

6,499

6,197

4927490.SQ.FTS.B,

Zero

Cpn.,

7/19/23

612

573

4927501.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,864

5,526

4927548.SQ.FTS.B,

Zero

Cpn.,

7/19/23

19,453

18,158

4927732.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,824

5,470

4927793.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,555

5,204

4927815.SQ.FTS.B,

Zero

Cpn.,

7/19/23

15,089

14,138

4927922.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,327

2,172

4927952.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,759

1,647

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

258

a

4927961.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,561

1,462

4927968.SQ.FTS.B,

Zero

Cpn.,

7/19/23

4,656

4,339

4927981.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,456

5,144

4928016.SQ.FTS.B,

Zero

Cpn.,

7/19/23

5,017

4,754

4928108.SQ.FTS.B,

Zero

Cpn.,

7/19/23

932

869

4928111.SQ.FTS.B,

Zero

Cpn.,

7/19/23

6,665

6,353

4928138.SQ.FTS.B,

Zero

Cpn.,

7/19/23

14,342

13,433

4928236.SQ.FTS.B,

Zero

Cpn.,

7/19/23

4,364

4,098

4928279.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,737

1,612

4928301.SQ.FTS.B,

Zero

Cpn.,

7/19/23

11,302

10,353

4928350.SQ.FTS.B,

Zero

Cpn.,

7/19/23

19,556

18,647

4928443.SQ.FTS.B,

Zero

Cpn.,

7/19/23

23,824

22,560

4928637.SQ.FTS.B,

Zero

Cpn.,

7/19/23

2,205

2,108

4928670.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,469

1,354

4928683.SQ.FTS.B,

Zero

Cpn.,

7/19/23

12,921

12,322

4928769.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,555

1,456

4928782.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,128

1,066

4928795.SQ.FTS.B,

Zero

Cpn.,

7/19/23

26,727

24,821

4928928.SQ.FTS.B,

Zero

Cpn.,

7/19/23

6,655

6,235

4928974.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,528

1,436

4928984.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,336

1,243

4928993.SQ.FTS.B,

Zero

Cpn.,

7/19/23

4,448

4,195

4929014.SQ.FTS.B,

Zero

Cpn.,

7/19/23

1,475

1,408

4929017.SQ.FTS.B,

Zero

Cpn.,

7/19/23

3,966

3,782

4930392.SQ.FTS.B,

Zero

Cpn.,

7/20/23

13,650

12,731

4930460.SQ.FTS.B,

Zero

Cpn.,

7/20/23

903

845

4930463.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,329

2,191

4930466.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,196

5,906

4930489.SQ.FTS.B,

Zero

Cpn.,

7/20/23

10,471

10,019

4930521.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,094

1,964

4930526.SQ.FTS.B,

Zero

Cpn.,

7/20/23

38,071

36,001

4930690.SQ.FTS.B,

Zero

Cpn.,

7/20/23

32,264

30,285

4930793.SQ.FTS.B,

Zero

Cpn.,

7/20/23

7,484

7,008

4930847.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,981

4,746

4930909.SQ.FTS.B,

Zero

Cpn.,

7/20/23

12,319

11,566

4931064.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,855

5,464

4931107.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,627

6,223

4931159.SQ.FTS.B,

Zero

Cpn.,

7/20/23

15,990

14,893

4931315.SQ.FTS.B,

Zero

Cpn.,

7/20/23

15,451

14,466

4931407.SQ.FTS.B,

Zero

Cpn.,

7/20/23

1,458

1,356

4931414.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,074

5,676

4931470.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,270

2,125

4931529.SQ.FTS.B,

Zero

Cpn.,

7/20/23

26,650

25,219

4931702.SQ.FTS.B,

Zero

Cpn.,

7/20/23

26,710

24,998

4931819.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,969

5,689

4931851.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,204

5,809

4931889.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,739

5,379

4931918.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,664

2,484

4931934.SQ.FTS.B,

Zero

Cpn.,

7/20/23

10,372

9,751

4931999.SQ.FTS.B,

Zero

Cpn.,

7/20/23

11,537

11,041

4932108.SQ.FTS.B,

Zero

Cpn.,

7/20/23

4,271

4,044

4932137.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,927

2,720

4932181.SQ.FTS.B,

Zero

Cpn.,

7/20/23

3,592

3,340

4932232.SQ.FTS.B,

Zero

Cpn.,

7/20/23

6,092

5,872

4932305.SQ.FTS.B,

Zero

Cpn.,

7/20/23

8,084

7,564

4932425.SQ.FTS.B,

Zero

Cpn.,

7/20/23

7,001

6,557

4932456.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,169

2,068

4932463.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,325

2,194

4932475.SQ.FTS.B,

Zero

Cpn.,

7/20/23

5,123

4,883

4932527.SQ.FTS.B,

Zero

Cpn.,

7/20/23

2,115

2,008

4932560.SQ.FTS.B,

Zero

Cpn.,

7/20/23

1,290

1,208

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

259

a

4932571.SQ.FTS.B,

Zero

Cpn.,

7/20/23

14,085

13,131

4932673.SQ.FTS.B,

Zero

Cpn.,

7/20/23

7,024

6,536

4932717.SQ.FTS.B,

Zero

Cpn.,

7/20/23

67,802

63,879

4932781.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,640

3,473

4932814.SQ.FTS.B,

Zero

Cpn.,

7/21/23

14,417

13,480

4932902.SQ.FTS.B,

Zero

Cpn.,

7/21/23

55,150

51,834

4933103.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,120

3,856

4933104.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,650

2,508

4933111.SQ.FTS.B,

Zero

Cpn.,

7/21/23

16,713

15,648

4933178.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,105

1,985

4933182.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,722

4,401

4933191.SQ.FTS.B,

Zero

Cpn.,

7/21/23

47,636

43,844

4933568.SQ.FTS.B,

Zero

Cpn.,

7/21/23

1,533

1,414

4933586.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,724

2,579

4933602.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,858

4,630

4933631.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,753

2,557

4933652.SQ.FTS.B,

Zero

Cpn.,

7/21/23

1,343

1,249

4933662.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,354

3,140

4933679.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,830

4,605

4933730.SQ.FTS.B,

Zero

Cpn.,

7/21/23

688

647

4933737.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,619

2,444

4933795.SQ.FTS.B,

Zero

Cpn.,

7/21/23

9,659

9,034

4933844.SQ.FTS.B,

Zero

Cpn.,

7/21/23

28,283

26,860

4933979.SQ.FTS.B,

Zero

Cpn.,

7/21/23

20,886

19,948

4934081.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,614

3,385

4934090.SQ.FTS.B,

Zero

Cpn.,

7/21/23

29,503

27,612

4934225.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,572

3,355

4934248.SQ.FTS.B,

Zero

Cpn.,

7/21/23

9,416

8,669

4934296.SQ.FTS.B,

Zero

Cpn.,

7/21/23

17,115

16,262

4934417.SQ.FTS.B,

Zero

Cpn.,

7/21/23

11,203

10,534

4934540.SQ.FTS.B,

Zero

Cpn.,

7/21/23

5,516

5,153

4934556.SQ.FTS.B,

Zero

Cpn.,

7/21/23

9,276

8,786

4934615.SQ.FTS.B,

Zero

Cpn.,

7/21/23

4,662

4,349

4934643.SQ.FTS.B,

Zero

Cpn.,

7/21/23

8,598

8,301

4934697.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,327

3,111

4934722.SQ.FTS.B,

Zero

Cpn.,

7/21/23

9,366

8,758

4934791.SQ.FTS.B,

Zero

Cpn.,

7/21/23

3,496

3,349

4934801.SQ.FTS.B,

Zero

Cpn.,

7/21/23

8,641

8,090

4934832.SQ.FTS.B,

Zero

Cpn.,

7/21/23

10,303

9,618

4934857.SQ.FTS.B,

Zero

Cpn.,

7/21/23

8,582

8,053

4934892.SQ.FTS.B,

Zero

Cpn.,

7/21/23

7,700

7,290

4934919.SQ.FTS.B,

Zero

Cpn.,

7/21/23

1,580

1,464

4934937.SQ.FTS.B,

Zero

Cpn.,

7/21/23

2,185

2,016

4934958.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,326

1,271

4934969.SQ.FTS.B,

Zero

Cpn.,

7/22/23

2,851

2,707

4934980.SQ.FTS.B,

Zero

Cpn.,

7/22/23

85,687

81,125

4935327.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,461

1,371

4935331.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,265

1,194

4935340.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,614

1,474

4935342.SQ.FTS.B,

Zero

Cpn.,

7/22/23

11,794

11,017

4935409.SQ.FTS.B,

Zero

Cpn.,

7/22/23

3,331

3,084

4935422.SQ.FTS.B,

Zero

Cpn.,

7/22/23

9,863

9,336

4935465.SQ.FTS.B,

Zero

Cpn.,

7/22/23

1,518

1,415

4935475.SQ.FTS.B,

Zero

Cpn.,

7/22/23

10,988

10,473

4935515.SQ.FTS.B,

Zero

Cpn.,

7/22/23

2,498

2,329

4935527.SQ.FTS.B,

Zero

Cpn.,

7/22/23

5,485

5,142

4935556.SQ.FTS.B,

Zero

Cpn.,

7/22/23

2,650

2,471

4935568.SQ.FTS.B,

Zero

Cpn.,

7/22/23

22,722

21,513

4935662.SQ.FTS.B,

Zero

Cpn.,

7/23/23

12,605

11,933

4935719.SQ.FTS.B,

Zero

Cpn.,

7/23/23

986

938

4935725.SQ.FTS.B,

Zero

Cpn.,

7/23/23

707

674

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

260

a

4935732.SQ.FTS.B,

Zero

Cpn.,

7/23/23

6,070

5,772

4935758.SQ.FTS.B,

Zero

Cpn.,

7/23/23

7,475

7,029

4935784.SQ.FTS.B,

Zero

Cpn.,

7/23/23

4,077

3,819

4935806.SQ.FTS.B,

Zero

Cpn.,

7/23/23

6,194

5,905

4935832.SQ.FTS.B,

Zero

Cpn.,

7/23/23

35,442

33,172

4935975.SQ.FTS.B,

Zero

Cpn.,

7/23/23

3,919

3,735

4935992.SQ.FTS.B,

Zero

Cpn.,

7/23/23

1,932

1,835

4936007.SQ.FTS.B,

Zero

Cpn.,

7/23/23

7,679

7,328

4936026.SQ.FTS.B,

Zero

Cpn.,

7/23/23

1,572

1,484

4936030.SQ.FTS.B,

Zero

Cpn.,

7/23/23

6,250

5,956

4936064.SQ.FTS.B,

Zero

Cpn.,

7/23/23

6,953

6,629

4936091.SQ.FTS.B,

Zero

Cpn.,

7/23/23

2,838

2,704

4936104.SQ.FTS.B,

Zero

Cpn.,

7/23/23

9,304

8,807

4936137.SQ.FTS.B,

Zero

Cpn.,

7/24/23

31,194

29,274

4936341.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,297

2,186

4936358.SQ.FTS.B,

Zero

Cpn.,

7/24/23

10,768

10,482

4936444.SQ.FTS.B,

Zero

Cpn.,

7/24/23

3,266

3,112

4936480.SQ.FTS.B,

Zero

Cpn.,

7/24/23

18,857

17,652

4936632.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,778

2,587

4936644.SQ.FTS.B,

Zero

Cpn.,

7/24/23

17,726

16,593

4936744.SQ.FTS.B,

Zero

Cpn.,

7/24/23

965

913

4936750.SQ.FTS.B,

Zero

Cpn.,

7/24/23

13,474

12,616

4936828.SQ.FTS.B,

Zero

Cpn.,

7/24/23

1,023

955

4936831.SQ.FTS.B,

Zero

Cpn.,

7/24/23

4,704

4,455

4936861.SQ.FTS.B,

Zero

Cpn.,

7/24/23

4,886

4,565

4936884.SQ.FTS.B,

Zero

Cpn.,

7/24/23

3,366

3,151

4936899.SQ.FTS.B,

Zero

Cpn.,

7/24/23

4,609

4,301

4936936.SQ.FTS.B,

Zero

Cpn.,

7/24/23

10,673

9,994

4936961.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,218

2,076

4936983.SQ.FTS.B,

Zero

Cpn.,

7/24/23

50,850

47,734

4937212.SQ.FTS.B,

Zero

Cpn.,

7/24/23

1,406

1,313

4937223.SQ.FTS.B,

Zero

Cpn.,

7/24/23

6,933

6,465

4937255.SQ.FTS.B,

Zero

Cpn.,

7/24/23

9,121

8,424

4937289.SQ.FTS.B,

Zero

Cpn.,

7/24/23

34,439

32,317

4937460.SQ.FTS.B,

Zero

Cpn.,

7/24/23

3,233

3,080

4937470.SQ.FTS.B,

Zero

Cpn.,

7/24/23

18,343

17,220

4937548.SQ.FTS.B,

Zero

Cpn.,

7/24/23

2,515

2,355

4937568.SQ.FTS.B,

Zero

Cpn.,

7/24/23

24,437

22,723

4937655.SQ.FTS.B,

Zero

Cpn.,

7/24/23

12,180

11,315

4937749.SQ.FTS.B,

Zero

Cpn.,

7/24/23

716

682

4937774.SQ.FTS.B,

Zero

Cpn.,

7/24/23

22,534

20,787

4937891.SQ.FTS.B,

Zero

Cpn.,

7/24/23

48,476

46,492

4938432.SQ.FTS.B,

Zero

Cpn.,

7/24/23

5,589

5,286

4938479.SQ.FTS.B,

Zero

Cpn.,

7/24/23

23,480

21,983

4938758.SQ.FTS.B,

Zero

Cpn.,

7/24/23

23,991

22,461

4938895.SQ.FTS.B,

Zero

Cpn.,

7/24/23

62,437

58,594

4939009.SQ.FTS.B,

Zero

Cpn.,

7/25/23

10,688

10,000

4939291.SQ.FTS.B,

Zero

Cpn.,

7/25/23

12,148

11,402

4939365.SQ.FTS.B,

Zero

Cpn.,

7/25/23

69,567

65,087

4939718.SQ.FTS.B,

Zero

Cpn.,

7/25/23

9,880

9,252

4939821.SQ.FTS.B,

Zero

Cpn.,

7/25/23

12,339

11,552

4939877.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,233

2,055

4939900.SQ.FTS.B,

Zero

Cpn.,

7/25/23

32,450

30,379

4940214.SQ.FTS.B,

Zero

Cpn.,

7/25/23

4,501

4,224

4940240.SQ.FTS.B,

Zero

Cpn.,

7/25/23

4,113

3,830

4940247.SQ.FTS.B,

Zero

Cpn.,

7/25/23

3,168

2,946

4940271.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,726

2,596

4940281.SQ.FTS.B,

Zero

Cpn.,

7/25/23

5,415

5,160

4940335.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,001

954

4940341.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,790

2,618

4940387.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,357

2,223

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

261

a

4940400.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,339

1,245

4940414.SQ.FTS.B,

Zero

Cpn.,

7/25/23

28,084

26,295

4940656.SQ.FTS.B,

Zero

Cpn.,

7/25/23

23,346

21,801

4940759.SQ.FTS.B,

Zero

Cpn.,

7/25/23

17,976

16,831

4940824.SQ.FTS.B,

Zero

Cpn.,

7/25/23

7,991

7,616

4940857.SQ.FTS.B,

Zero

Cpn.,

7/25/23

4,430

4,223

4940878.SQ.FTS.B,

Zero

Cpn.,

7/25/23

6,116

5,727

4940911.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,993

1,854

4940921.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,076

1,975

4940937.SQ.FTS.B,

Zero

Cpn.,

7/25/23

8,957

8,382

4940991.SQ.FTS.B,

Zero

Cpn.,

7/25/23

1,378

1,273

4941003.SQ.FTS.B,

Zero

Cpn.,

7/25/23

2,273

2,089

4941019.SQ.FTS.B,

Zero

Cpn.,

7/25/23

79,494

75,759

4941370.SQ.FTS.B,

Zero

Cpn.,

7/25/23

5,687

5,384

4941390.SQ.FTS.B,

Zero

Cpn.,

7/25/23

20,709

19,514

4941483.SQ.FTS.B,

Zero

Cpn.,

7/26/23

2,564

2,393

4941500.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,494

1,391

4941511.SQ.FTS.B,

Zero

Cpn.,

7/26/23

4,172

3,906

4941544.SQ.FTS.B,

Zero

Cpn.,

7/26/23

21,540

20,528

4941734.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,149

4,808

4941784.SQ.FTS.B,

Zero

Cpn.,

7/26/23

7,427

7,078

4941894.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,553

1,451

4941918.SQ.FTS.B,

Zero

Cpn.,

7/26/23

979

918

4941929.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,340

1,248

4941941.SQ.FTS.B,

Zero

Cpn.,

7/26/23

20,682

19,365

4942138.SQ.FTS.B,

Zero

Cpn.,

7/26/23

6,647

6,335

4942173.SQ.FTS.B,

Zero

Cpn.,

7/26/23

14,826

14,127

4942285.SQ.FTS.B,

Zero

Cpn.,

7/26/23

4,694

4,371

4942330.SQ.FTS.B,

Zero

Cpn.,

7/26/23

2,382

2,227

4942343.SQ.FTS.B,

Zero

Cpn.,

7/26/23

7,283

6,786

4942371.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,118

4,875

4942401.SQ.FTS.B,

Zero

Cpn.,

7/26/23

23,302

22,058

4942554.SQ.FTS.B,

Zero

Cpn.,

7/26/23

27,412

26,215

4942706.SQ.FTS.B,

Zero

Cpn.,

7/26/23

5,238

4,992

4942734.SQ.FTS.B,

Zero

Cpn.,

7/26/23

11,330

10,724

4942830.SQ.FTS.B,

Zero

Cpn.,

7/26/23

15,608

14,600

4942939.SQ.FTS.B,

Zero

Cpn.,

7/26/23

44,887

42,118

4943193.SQ.FTS.B,

Zero

Cpn.,

7/26/23

12,993

12,101

4943292.SQ.FTS.B,

Zero

Cpn.,

7/26/23

3,957

3,705

4943324.SQ.FTS.B,

Zero

Cpn.,

7/26/23

8,454

7,859

4943405.SQ.FTS.B,

Zero

Cpn.,

7/26/23

2,850

2,651

4943443.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,025

954

4943455.SQ.FTS.B,

Zero

Cpn.,

7/26/23

2,244

2,116

4943470.SQ.FTS.B,

Zero

Cpn.,

7/26/23

10,124

9,500

4943507.SQ.FTS.B,

Zero

Cpn.,

7/26/23

7,331

6,864

4943531.SQ.FTS.B,

Zero

Cpn.,

7/26/23

1,240

1,161

4943545.SQ.FTS.B,

Zero

Cpn.,

7/26/23

4,402

4,216

4943565.SQ.FTS.B,

Zero

Cpn.,

7/26/23

11,660

11,133

24,399,223

Freedom

Financial

Asset

Management

LLC…....................

APP-07979930.FP.FTS.B,

12.49%,

4/15/24

20,365

20,588

APP-08114000.FP.FTS.B,

13.24%,

8/10/26

21,726

21,990

APP-08330688.FP.FTS.B,

14.99%,

4/15/26

21,847

22,100

APP-08353307.FP.FTS.B,

5.99%,

5/16/23

7,553

7,639

APP-08419015.FP.FTS.B,

14.49%,

7/06/23

8,691

8,797

APP-08436157.FP.FTS.B,

15.49%,

6/12/26

10,768

10,944

APP-08440455.FP.FTS.B,

23.49%,

10/21/26

24,106

24,190

APP-08447355.FP.FTS.B,

17.49%,

7/10/26

13,826

13,882

APP-08447667.FP.FTS.B,

12.99%,

6/13/26

22,672

23,034

APP-08476144.FP.FTS.B,

12.99%,

5/22/26

28,338

28,721

APP-08503046.FP.FTS.B,

12.99%,

3/12/25

28,413

28,715

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

262

a

APP-08573519.FP.FTS.B,

14.49%,

7/19/24

27,360

27,732

APP-08633521.FP.FTS.B,

19.49%,

6/15/25

19,608

19,802

APP-08649324.FP.FTS.B,

20.49%,

6/13/26

23,187

23,169

APP-08676164.FP.FTS.B,

20.99%,

5/05/26

8,437

8,413

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

33,976

34,350

APP-08684402.FP.FTS.B,

5.99%,

3/20/23

3,879

3,917

APP-08684451.FP.FTS.B,

12.99%,

6/03/26

24,703

25,058

APP-08684475.FP.FTS.B,

18.99%,

7/11/26

9,508

9,497

APP-08690045.FP.FTS.B,

19.49%,

5/03/25

6,557

6,598

APP-08690959.FP.FTS.B,

5.99%,

9/30/23

6,019

6,112

APP-08696699.FP.FTS.B,

14.99%,

5/05/26

22,038

22,349

*

APP-08698355.FP.FTS.B,

18.99%,

4/17/26

16,714

16,656

APP-08709427.FP.FTS.B,

16.99%,

3/17/26

17,675

17,815

APP-08714523.FP.FTS.B,

17.49%,

6/18/26

18,379

18,449

APP-08719026.FP.FTS.B,

12.49%,

5/05/24

14,202

14,365

APP-08721759.FP.FTS.B,

16.49%,

7/10/23

7,089

7,174

APP-08726744.FP.FTS.B,

21.49%,

5/01/26

33,149

32,979

APP-08726790.FP.FTS.B,

14.49%,

4/30/24

11,875

11,978

APP-08739403.FP.FTS.B,

16.99%,

3/21/26

25,069

25,314

APP-08741967.FP.FTS.B,

17.49%,

5/05/26

27,299

27,654

APP-08749214.FP.FTS.B,

20.49%,

3/05/25

11,790

11,787

APP-08816539.FP.FTS.B,

20.49%,

6/01/26

22,476

22,258

APP-08847466.FP.FTS.B,

20.49%,

6/11/25

14,551

14,639

APP-08847606.FP.FTS.B,

15.49%,

6/04/26

36,988

37,475

APP-08847683.FP.FTS.B,

21.49%,

7/11/26

29,181

29,347

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

13,924

14,152

*

APP-08853920.FP.FTS.B,

20.49%,

4/20/26

16,502

16,454

APP-08854985.FP.FTS.B,

22.49%,

6/05/26

11,958

11,740

APP-08860858.FP.FTS.B,

17.49%,

6/14/26

43,457

44,107

*

APP-08862676.FP.FTS.B,

22.49%,

4/05/26

17,578

3,699

*

APP-08869934.FP.FTS.B,

21.99%,

7/14/26

11,380

11,407

APP-08870794.FP.FTS.B,

16.49%,

5/23/24

15,420

15,595

APP-08870796.FP.FTS.B,

19.49%,

5/23/25

7,892

7,976

APP-08870804.FP.FTS.B,

16.49%,

4/05/23

9,661

9,718

APP-08870897.FP.FTS.B,

13.99%,

5/20/23

11,527

11,666

APP-08882597.FP.FTS.B,

17.49%,

5/22/26

35,217

35,723

APP-08902866.FP.FTS.B,

20.49%,

5/23/26

22,698

22,662

APP-08906647.FP.FTS.B,

15.49%,

6/06/26

36,559

37,143

APP-08906974.FP.FTS.B,

17.49%,

5/08/26

26,765

26,950

APP-08907106.FP.FTS.B,

17.49%,

6/04/26

10,552

10,703

APP-08907777.FP.FTS.B,

17.99%,

4/12/26

6,992

7,005

APP-08914897.FP.FTS.B,

12.99%,

5/29/25

16,710

17,011

APP-08914924.FP.FTS.B,

24.99%,

7/19/26

13,145

13,062

APP-08914949.FP.FTS.B,

17.99%,

5/30/26

7,706

7,775

APP-08915011.FP.FTS.B,

19.99%,

6/06/26

14,338

14,214

APP-08915045.FP.FTS.B,

5.99%,

6/15/23

4,768

4,803

APP-08917533.FP.FTS.B,

20.49%,

5/17/26

15,434

15,364

APP-08923668.FP.FTS.B,

21.49%,

6/06/26

12,369

12,326

APP-08923693.FP.FTS.B,

14.49%,

5/20/25

16,213

16,453

APP-08923777.FP.FTS.B,

12.99%,

5/30/26

25,920

26,371

*

APP-08924259.FP.FTS.B,

15.49%,

5/29/26

32,326

32,868

APP-08924285.FP.FTS.B,

14.99%,

5/30/26

18,520

18,827

APP-08924296.FP.FTS.B,

22.49%,

5/30/26

23,322

23,443

APP-08924331.FP.FTS.B,

5.99%,

4/13/23

5,097

5,154

APP-08924343.FP.FTS.B,

16.99%,

4/14/26

14,789

14,908

APP-08924358.FP.FTS.B,

12.99%,

5/23/24

8,986

9,105

APP-08924362.FP.FTS.B,

19.49%,

5/30/23

10,379

10,528

APP-08924428.FP.FTS.B,

14.49%,

4/25/24

10,399

10,491

APP-08925461.FP.FTS.B,

17.99%,

5/31/24

8,802

8,780

APP-08926123.FP.FTS.B,

18.99%,

5/31/26

21,599

21,546

APP-08928822.FP.FTS.B,

14.99%,

5/31/25

26,296

26,696

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

263

a

APP-08929367.FP.FTS.B,

5.99%,

4/11/23

6,372

6,439

*

APP-08930507.FP.FTS.B,

16.99%,

4/15/24

27,545

27,592

APP-08932092.FP.FTS.B,

14.99%,

5/26/26

17,962

18,263

APP-08932112.FP.FTS.B,

14.49%,

5/20/23

9,559

9,667

APP-08932119.FP.FTS.B,

13.99%,

4/12/23

16,856

17,026

APP-08932151.FP.FTS.B,

14.49%,

5/31/23

6,319

6,386

APP-08932370.FP.FTS.B,

15.49%,

4/29/23

7,131

7,209

APP-08934150.FP.FTS.B,

17.99%,

5/25/26

12,200

12,195

APP-08938976.FP.FTS.B,

13.49%,

5/30/26

41,992

42,674

APP-08939051.FP.FTS.B,

20.49%,

4/15/25

8,688

8,745

APP-08944768.FP.FTS.B,

16.99%,

5/27/23

16,803

16,990

APP-08944850.FP.FTS.B,

18.49%,

5/02/25

14,065

14,179

APP-08945722.FP.FTS.B,

20.99%,

5/30/26

14,391

14,466

APP-08947167.FP.FTS.B,

14.99%,

5/30/26

19,208

19,536

APP-08949182.FP.FTS.B,

20.99%,

5/31/26

8,070

8,088

APP-08950723.FP.FTS.B,

14.99%,

5/21/26

14,126

14,301

APP-08950786.FP.FTS.B,

18.99%,

5/31/26

16,308

16,266

APP-08957004.FP.FTS.B,

19.49%,

4/15/26

18,025

18,055

APP-08957136.FP.FTS.B,

14.99%,

4/15/25

25,566

25,874

APP-08957230.FP.FTS.B,

20.49%,

5/29/26

16,483

16,521

*

APP-08957467.FP.FTS.B,

22.99%,

6/30/26

39,781

3,203

APP-08959438.FP.FTS.B,

25.49%,

4/15/24

12,021

11,759

APP-08959542.FP.FTS.B,

17.99%,

4/10/24

9,205

9,185

APP-08959797.FP.FTS.B,

17.49%,

5/30/26

30,863

31,338

APP-08960464.FP.FTS.B,

20.99%,

6/01/26

32,139

31,775

APP-08960524.FP.FTS.B,

12.99%,

6/06/26

22,183

22,519

APP-08960566.FP.FTS.B,

16.49%,

4/18/25

16,836

17,055

APP-08960668.FP.FTS.B,

15.49%,

6/13/26

43,296

43,946

APP-08961356.FP.FTS.B,

22.49%,

5/29/24

8,597

8,611

APP-08962209.FP.FTS.B,

12.99%,

5/16/25

6,381

6,463

APP-08964544.FP.FTS.B,

24.99%,

5/17/26

16,529

16,404

APP-08964838.FP.FTS.B,

19.49%,

5/16/24

10,219

10,158

APP-08965639.FP.FTS.B,

19.99%,

5/25/26

13,037

13,040

APP-08966072.FP.FTS.B,

14.99%,

4/01/26

16,850

16,972

APP-08966351.FP.FTS.B,

16.99%,

5/30/23

11,549

11,640

APP-08966993.FP.FTS.B,

14.99%,

4/15/25

20,609

20,860

APP-08967293.FP.FTS.B,

17.49%,

5/29/25

17,377

17,629

APP-08967513.FP.FTS.B,

23.49%,

6/30/26

13,870

13,885

APP-08967663.FP.FTS.B,

20.99%,

5/16/26

16,036

16,158

*

APP-08967703.FP.FTS.B,

19.49%,

5/30/26

11,288

3,778

APP-08967770.FP.FTS.B,

5.99%,

5/16/23

6,704

6,780

APP-08968271.FP.FTS.B,

19.49%,

6/06/26

31,734

32,133

APP-08968350.FP.FTS.B,

21.99%,

5/31/26

8,704

8,594

APP-08968408.FP.FTS.B,

16.99%,

5/16/26

17,166

17,336

*

APP-08969542.FP.FTS.B,

20.99%,

6/06/26

34,472

34,502

APP-08969713.FP.FTS.B,

5.99%,

6/15/23

7,953

8,045

APP-08969756.FP.FTS.B,

5.99%,

6/15/23

8,185

8,286

APP-08969775.FP.FTS.B,

12.99%,

6/21/24

26,609

26,923

APP-08969780.FP.FTS.B,

14.49%,

5/21/24

18,549

18,788

APP-08969790.FP.FTS.B,

20.49%,

6/03/25

7,601

7,645

APP-08969793.FP.FTS.B,

14.99%,

6/04/26

12,994

13,167

APP-08970191.FP.FTS.B,

19.99%,

5/30/23

287

287

*

APP-08970339.FP.FTS.B,

22.49%,

5/29/26

15,839

15,896

APP-08970462.FP.FTS.B,

14.99%,

5/16/25

8,550

8,668

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

25,294

25,734

APP-08970788.FP.FTS.B,

17.49%,

5/16/25

9,225

9,304

APP-08971565.FP.FTS.B,

17.99%,

4/16/26

25,134

25,231

APP-08972690.FP.FTS.B,

5.99%,

6/01/23

6,804

6,876

APP-08972934.FP.FTS.B,

17.49%,

5/30/26

30,142

30,630

APP-08974488.FP.FTS.B,

21.49%,

5/31/26

13,951

13,768

APP-08974998.FP.FTS.B,

19.99%,

4/15/25

10,948

10,974

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

264

a

APP-08975431.FP.FTS.B,

22.49%,

5/15/26

26,069

25,868

APP-08975462.FP.FTS.B,

20.99%,

6/13/26

9,141

9,138

APP-08975984.FP.FTS.B,

16.99%,

5/17/26

18,997

19,226

APP-08976296.FP.FTS.B,

18.49%,

5/17/25

11,596

11,735

APP-08976475.FP.FTS.B,

20.99%,

5/30/26

12,237

12,271

*

APP-08977154.FP.FTS.B,

16.99%,

5/30/23

6,248

2,183

APP-08977163.FP.FTS.B,

12.99%,

4/15/26

13,320

13,487

APP-08978315.FP.FTS.B,

22.49%,

5/17/26

28,649

28,592

APP-08978477.FP.FTS.B,

18.99%,

4/16/24

21,958

21,993

APP-08978524.FP.FTS.B,

23.99%,

4/06/25

9,357

9,323

APP-08978593.FP.FTS.B,

23.49%,

6/06/24

8,452

8,300

*

APP-08978847.FP.FTS.B,

22.49%,

5/29/26

18,189

2,103

APP-08978867.FP.FTS.B,

14.49%,

5/17/24

20,202

20,413

APP-08979130.FP.FTS.B,

24.49%,

6/30/26

28,108

28,160

APP-08979775.FP.FTS.B,

23.99%,

4/16/26

25,428

25,235

APP-08979821.FP.FTS.B,

16.49%,

5/26/26

14,011

14,194

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

23,989

24,380

APP-08979983.FP.FTS.B,

19.99%,

5/01/26

10,735

10,683

APP-08980006.FP.FTS.B,

16.49%,

4/17/25

11,332

11,471

APP-08980021.FP.FTS.B,

5.99%,

6/04/23

7,510

7,595

APP-08980050.FP.FTS.B,

14.99%,

6/04/25

22,824

23,193

APP-08980085.FP.FTS.B,

18.99%,

6/04/26

17,917

18,136

APP-08980088.FP.FTS.B,

14.99%,

6/05/26

23,364

23,683

APP-08980618.FP.FTS.B,

22.99%,

5/17/26

45,688

45,620

APP-08984175.FP.FTS.B,

23.49%,

6/05/26

18,692

18,494

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

45,834

46,426

APP-08985969.FP.FTS.B,

18.99%,

4/15/26

17,991

18,130

*

APP-08986737.FP.FTS.B,

17.49%,

5/22/26

46,732

8,855

*

APP-08988851.FP.FTS.B,

16.99%,

6/01/25

46,048

46,882

APP-08989489.FP.FTS.B,

22.99%,

5/28/26

9,188

9,226

APP-08990964.FP.FTS.B,

12.99%,

6/04/26

19,738

20,029

APP-08990977.FP.FTS.B,

17.49%,

4/20/24

11,008

11,108

APP-08991008.FP.FTS.B,

15.49%,

6/04/23

5,302

5,351

APP-08991009.FP.FTS.B,

16.49%,

5/30/25

12,897

13,090

APP-08991130.FP.FTS.B,

15.99%,

5/22/24

8,349

8,433

APP-08991172.FP.FTS.B,

17.49%,

6/05/25

6,677

6,751

APP-08991587.FP.FTS.B,

17.49%,

6/03/26

25,257

25,606

APP-08991906.FP.FTS.B,

21.49%,

6/02/26

24,608

24,553

APP-08991994.FP.FTS.B,

12.99%,

6/01/26

22,850

23,164

*

APP-08994245.FP.FTS.B,

22.99%,

5/22/26

43,423

43,318

APP-08995972.FP.FTS.B,

5.99%,

5/30/23

7,517

7,614

APP-08996497.FP.FTS.B,

22.99%,

6/04/26

34,457

34,320

*

APP-08996653.FP.FTS.B,

16.99%,

6/03/26

24,081

2,292

APP-08996892.FP.FTS.B,

18.49%,

5/22/26

36,224

36,393

APP-08996921.FP.FTS.B,

14.99%,

5/30/26

26,127

26,568

APP-08998864.FP.FTS.B,

26.49%,

7/03/26

28,860

28,487

APP-08999101.FP.FTS.B,

19.99%,

5/19/26

10,865

10,815

APP-08999178.FP.FTS.B,

17.99%,

4/20/26

24,229

24,317

*

APP-09004196.FP.FTS.B,

20.99%,

4/20/25

26,859

27,085

APP-09006952.FP.FTS.B,

5.99%,

5/22/23

4,769

4,826

APP-09009021.FP.FTS.B,

12.49%,

4/15/24

13,912

14,049

APP-09009087.FP.FTS.B,

13.49%,

5/28/26

44,626

45,336

APP-09009871.FP.FTS.B,

14.99%,

5/30/26

14,087

14,304

APP-09010058.FP.FTS.B,

23.49%,

5/21/24

18,570

18,873

APP-09010290.FP.FTS.B,

12.99%,

5/27/26

-

-

APP-09010389.FP.FTS.B,

12.99%,

6/03/26

21,212

21,518

APP-09010521.FP.FTS.B,

12.99%,

6/04/26

15,477

15,704

APP-09011629.FP.FTS.B,

20.99%,

6/01/26

32,695

32,375

APP-09012359.FP.FTS.B,

23.49%,

5/23/26

14,639

14,593

APP-09012418.FP.FTS.B,

13.49%,

5/28/23

6,593

6,682

APP-09012468.FP.FTS.B,

17.49%,

5/23/26

15,742

15,820

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

265

a

APP-09012739.FP.FTS.B,

14.49%,

6/15/25

11,788

11,973

*

APP-09013460.FP.FTS.B,

25.49%,

5/22/24

16,970

16,851

APP-09013552.FP.FTS.B,

19.49%,

5/21/26

40,719

41,155

APP-09013810.FP.FTS.B,

14.99%,

6/01/26

10,929

11,084

APP-09013962.FP.FTS.B,

16.99%,

6/01/26

17,787

17,969

APP-09014020.FP.FTS.B,

19.99%,

5/22/26

12,694

12,704

APP-09014884.FP.FTS.B,

14.99%,

5/31/25

36,111

36,650

APP-09015317.FP.FTS.B,

18.99%,

5/22/26

18,085

18,139

APP-09016364.FP.FTS.B,

18.49%,

5/23/26

45,151

45,377

APP-09016720.FP.FTS.B,

23.49%,

6/05/24

16,692

16,380

APP-09016739.FP.FTS.B,

15.49%,

5/29/26

30,306

30,708

APP-09017269.FP.FTS.B,

14.99%,

6/05/26

22,814

23,132

APP-09017547.FP.FTS.B,

15.49%,

6/05/26

13,919

13,939

APP-09017790.FP.FTS.B,

20.99%,

5/22/25

4,892

4,845

APP-09017828.FP.FTS.B,

26.49%,

5/22/26

9,234

9,200

APP-09017848.FP.FTS.B,

16.99%,

5/30/26

20,884

21,188

*

APP-09018162.FP.FTS.B,

20.49%,

5/25/25

14,330

14,487

APP-09018282.FP.FTS.B,

5.99%,

4/20/23

4,984

5,043

APP-09018294.FP.FTS.B,

18.99%,

5/23/26

21,612

21,684

APP-09018394.FP.FTS.B,

13.49%,

6/04/26

36,311

36,849

APP-09018769.FP.FTS.B,

12.99%,

5/22/26

12,838

13,032

APP-09018882.FP.FTS.B,

18.49%,

6/01/26

22,974

22,703

APP-09019228.FP.FTS.B,

16.99%,

6/05/26

19,090

19,384

APP-09019283.FP.FTS.B,

23.49%,

6/05/24

19,761

19,392

APP-09019513.FP.FTS.B,

13.49%,

6/05/26

31,882

32,367

APP-09019999.FP.FTS.B,

13.49%,

4/22/26

44,343

44,844

APP-09020006.FP.FTS.B,

18.99%,

5/22/26

18,977

19,184

APP-09020308.FP.FTS.B,

16.99%,

6/01/26

18,311

18,493

APP-09020345.FP.FTS.B,

17.49%,

5/22/26

17,172

17,229

APP-09020453.FP.FTS.B,

19.99%,

4/18/26

20,796

20,864

APP-09020682.FP.FTS.B,

12.99%,

6/05/26

12,691

12,879

APP-09021433.FP.FTS.B,

21.99%,

5/30/26

11,035

11,053

APP-09021781.FP.FTS.B,

12.99%,

5/22/24

24,838

25,139

APP-09022013.FP.FTS.B,

17.49%,

6/01/26

13,331

13,305

APP-09022279.FP.FTS.B,

23.49%,

5/30/24

14,502

14,439

APP-09022304.FP.FTS.B,

21.99%,

5/22/26

18,215

18,224

APP-09022374.FP.FTS.B,

18.99%,

5/23/26

15,408

15,453

APP-09023075.FP.FTS.B,

14.99%,

6/05/25

22,004

22,351

APP-09023948.FP.FTS.B,

17.49%,

4/21/26

8,994

9,102

APP-09024930.FP.FTS.B,

13.49%,

5/23/26

8,649

8,765

APP-09025235.FP.FTS.B,

26.99%,

7/05/26

37,622

37,200

APP-09025257.FP.FTS.B,

17.49%,

6/05/26

18,379

18,399

*

APP-09025472.FP.FTS.B,

19.99%,

5/23/26

19,901

19,953

APP-09025698.FP.FTS.B,

19.49%,

5/23/26

35,619

36,030

APP-09026416.FP.FTS.B,

19.49%,

5/23/26

16,164

16,182

APP-09026796.FP.FTS.B,

21.99%,

5/23/26

13,672

13,687

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

18,785

18,740

APP-09027273.FP.FTS.B,

14.49%,

5/25/24

7,639

7,684

APP-09028900.FP.FTS.B,

5.99%,

4/15/23

7,654

7,739

APP-09029242.FP.FTS.B,

17.49%,

6/01/26

45,656

46,024

APP-09029616.FP.FTS.B,

21.49%,

6/03/25

7,669

7,650

APP-09029746.FP.FTS.B,

14.49%,

4/23/24

15,192

15,318

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

11,357

11,502

APP-09029840.FP.FTS.B,

13.49%,

7/05/26

26,614

26,868

APP-09029863.FP.FTS.B,

11.99%,

10/19/26

11,556

11,756

APP-09031376.FP.FTS.B,

14.49%,

6/03/24

16,413

16,594

APP-09036276.FP.FTS.B,

18.99%,

6/05/25

35,602

36,100

APP-09043724.FP.FTS.B,

20.49%,

4/21/25

20,800

20,957

APP-09045155.FP.FTS.B,

20.99%,

6/29/26

13,188

13,232

APP-09045179.FP.FTS.B,

5.99%,

6/15/23

6,069

6,144

APP-09045266.FP.FTS.B,

14.49%,

6/17/24

15,512

15,721

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

266

a

APP-09045278.FP.FTS.B,

12.99%,

6/14/26

11,442

11,610

APP-09045296.FP.FTS.B,

24.49%,

7/13/26

11,065

11,000

APP-09045732.FP.FTS.B,

22.49%,

5/30/25

17,500

17,647

APP-09045901.FP.FTS.B,

14.99%,

7/13/26

20,503

20,822

APP-09045917.FP.FTS.B,

18.99%,

6/11/25

29,299

29,479

APP-09045961.FP.FTS.B,

15.49%,

6/14/26

30,343

30,803

APP-09045963.FP.FTS.B,

15.49%,

6/01/26

33,042

33,326

APP-09045970.FP.FTS.B,

12.99%,

6/01/26

19,246

19,447

APP-09046024.FP.FTS.B,

15.49%,

6/12/26

26,994

27,394

APP-09046319.FP.FTS.B,

18.99%,

2/01/24

7,500

7,581

APP-09046366.FP.FTS.B,

12.49%,

4/24/23

6,950

7,001

APP-09046413.FP.FTS.B,

12.49%,

4/23/24

21,597

21,805

APP-09046414.FP.FTS.B,

14.99%,

6/23/25

30,631

31,111

APP-09047600.FP.FTS.B,

23.49%,

5/30/26

18,298

18,290

APP-09051644.FP.FTS.B,

23.49%,

6/10/24

13,239

12,994

APP-09054133.FP.FTS.B,

20.99%,

6/08/26

9,255

9,251

APP-09056086.FP.FTS.B,

20.99%,

6/12/26

29,702

29,665

APP-09057421.FP.FTS.B,

21.49%,

6/12/26

34,211

34,324

*

APP-09057834.FP.FTS.B,

18.99%,

5/29/26

23,785

23,921

APP-09057970.FP.FTS.B,

16.99%,

5/29/26

8,987

9,095

APP-09058563.FP.FTS.B,

17.49%,

7/15/24

13,099

13,166

APP-09058670.FP.FTS.B,

16.49%,

4/27/25

8,583

8,702

APP-09060458.FP.FTS.B,

22.49%,

5/31/26

12,046

11,856

APP-09063657.FP.FTS.B,

22.99%,

5/29/26

45,063

45,211

APP-09064938.FP.FTS.B,

16.49%,

6/10/23

10,612

10,700

*

APP-09066017.FP.FTS.B,

23.49%,

7/14/26

19,055

12,166

APP-09066769.FP.FTS.B,

19.99%,

6/30/26

27,520

27,459

*

APP-09069006.FP.FTS.B,

21.99%,

4/28/26

12,457

2,784

APP-09069437.FP.FTS.B,

25.49%,

4/30/24

10,716

10,467

APP-09070087.FP.FTS.B,

24.49%,

6/12/26

28,201

28,017

APP-09070140.FP.FTS.B,

12.99%,

6/12/26

14,389

14,613

APP-09071487.FP.FTS.B,

16.99%,

5/30/25

17,222

17,479

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

11,107

11,043

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

32,163

32,587

APP-09076478.FP.FTS.B,

20.49%,

6/13/25

22,353

22,429

APP-09077004.FP.FTS.B,

16.99%,

4/17/26

9,372

9,439

APP-09077055.FP.FTS.B,

12.99%,

7/12/26

11,616

11,788

APP-09077364.FP.FTS.B,

17.49%,

6/18/26

18,379

18,449

APP-09078022.FP.FTS.B,

16.99%,

6/10/26

20,129

20,373

APP-09079083.FP.FTS.B,

21.49%,

5/30/26

30,949

31,108

APP-09079208.FP.FTS.B,

22.99%,

7/13/26

14,943

14,827

*

APP-09080306.FP.FTS.B,

14.99%,

6/15/25

9,897

1,019

*

APP-09081667.FP.FTS.B,

21.49%,

6/10/26

18,994

11,912

*

APP-09081945.FP.FTS.B,

17.49%,

6/01/26

14,864

14,884

APP-09083545.FP.FTS.B,

15.49%,

6/10/26

38,287

38,748

APP-09083557.FP.FTS.B,

18.49%,

6/15/26

14,000

14,175

APP-09085087.FP.FTS.B,

20.49%,

6/11/26

18,544

18,430

APP-09085480.FP.FTS.B,

21.49%,

6/11/26

31,164

31,140

APP-09086628.FP.FTS.B,

16.99%,

6/15/24

9,012

9,027

*

APP-09087036.FP.FTS.B,

20.99%,

6/15/26

22,248

1,743

APP-09087248.FP.FTS.B,

20.49%,

6/15/26

15,787

15,725

APP-09087474.FP.FTS.B,

22.99%,

4/30/24

6,237

6,218

APP-09087593.FP.FTS.B,

15.49%,

6/13/26

34,491

34,955

APP-09087784.FP.FTS.B,

18.99%,

6/05/26

10,118

10,072

APP-09087999.FP.FTS.B,

21.49%,

4/30/26

28,941

29,041

*

APP-09088134.FP.FTS.B,

18.99%,

5/31/26

19,679

4,409

APP-09088350.FP.FTS.B,

22.49%,

6/15/26

18,625

18,519

APP-09091637.FP.FTS.B,

12.99%,

6/14/26

13,586

13,786

*

APP-09094589.FP.FTS.B,

15.49%,

6/15/26

43,787

44,507

APP-09094826.FP.FTS.B,

19.99%,

4/28/25

6,782

6,842

APP-09094872.FP.FTS.B,

14.99%,

6/01/26

26,439

26,748

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

267

a

APP-09094979.FP.FTS.B,

19.99%,

4/30/26

14,477

14,485

APP-09095354.FP.FTS.B,

12.99%,

5/31/26

21,609

21,889

APP-09095478.FP.FTS.B,

13.49%,

6/01/26

30,666

30,985

APP-09096295.FP.FTS.B,

17.49%,

6/10/26

16,667

16,674

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

22,252

22,576

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

15,390

15,608

APP-09100185.FP.FTS.B,

18.99%,

4/30/26

10,949

10,988

APP-09100537.FP.FTS.B,

17.99%,

6/15/25

11,520

11,692

*

APP-09102580.FP.FTS.B,

26.49%,

7/15/26

9,096

9,086

APP-09104211.FP.FTS.B,

26.99%,

7/15/26

33,810

33,517

APP-09104259.FP.FTS.B,

16.49%,

6/14/26

14,303

14,455

APP-09105301.FP.FTS.B,

14.99%,

6/05/26

15,174

15,352

APP-09106073.FP.FTS.B,

19.99%,

6/14/25

9,603

9,651

APP-09106908.FP.FTS.B,

23.49%,

6/11/24

13,032

12,815

APP-09107766.FP.FTS.B,

18.99%,

6/05/26

18,722

18,635

APP-09109589.FP.FTS.B,

15.49%,

6/16/23

9,215

9,394

APP-09109620.FP.FTS.B,

20.99%,

6/15/26

13,681

13,685

APP-09109820.FP.FTS.B,

22.49%,

5/01/26

23,640

23,247

APP-09109841.FP.FTS.B,

13.49%,

5/04/23

6,341

6,399

APP-09109896.FP.FTS.B,

21.99%,

6/01/26

13,806

13,668

APP-09110351.FP.FTS.B,

18.99%,

6/01/26

22,309

22,438

APP-09110946.FP.FTS.B,

12.49%,

5/01/23

13,858

13,985

APP-09111302.FP.FTS.B,

18.49%,

6/15/26

45,996

46,107

APP-09114468.FP.FTS.B,

16.49%,

6/05/25

13,134

13,276

APP-09122466.FP.FTS.B,

16.99%,

6/20/26

24,667

24,926

APP-09125842.FP.FTS.B,

20.49%,

6/18/26

24,006

23,895

APP-09126207.FP.FTS.B,

21.99%,

6/18/26

23,640

23,504

APP-09129161.FP.FTS.B,

17.49%,

6/16/26

45,901

46,530

APP-09129616.FP.FTS.B,

20.99%,

6/28/26

19,652

19,741

APP-09129926.FP.FTS.B,

19.99%,

6/17/24

7,465

7,480

APP-09130553.FP.FTS.B,

14.99%,

6/04/25

20,720

20,941

APP-09130603.FP.FTS.B,

12.99%,

6/15/25

17,430

17,695

APP-09130807.FP.FTS.B,

14.99%,

6/16/25

18,946

19,212

APP-09132903.FP.FTS.B,

18.99%,

6/18/26

19,428

19,463

APP-09133301.FP.FTS.B,

17.49%,

6/15/26

18,403

18,449

APP-09133899.FP.FTS.B,

22.99%,

6/16/26

34,245

34,059

APP-09134525.FP.FTS.B,

19.99%,

6/05/25

24,756

24,738

*

APP-09134649.FP.FTS.B,

15.99%,

6/19/23

19,892

20,144

APP-09136982.FP.FTS.B,

19.99%,

6/05/26

13,883

13,851

APP-09138502.FP.FTS.B,

16.99%,

6/05/26

20,497

20,677

APP-09140080.FP.FTS.B,

16.49%,

6/16/24

9,448

9,562

APP-09140328.FP.FTS.B,

15.49%,

6/19/26

27,876

28,285

APP-09141634.FP.FTS.B,

18.49%,

6/05/26

45,714

45,586

APP-09142993.FP.FTS.B,

17.99%,

6/05/26

24,076

24,011

APP-09143921.FP.FTS.B,

13.99%,

5/15/24

10,146

10,212

APP-09144163.FP.FTS.B,

17.49%,

6/18/26

34,920

35,359

APP-09153670.FP.FTS.B,

5.99%,

5/01/23

5,500

5,549

APP-09161613.FP.FTS.B,

26.99%,

6/15/26

1,109

1,098

APP-09161618.FP.FTS.B,

17.99%,

7/06/26

32,184

32,121

APP-09164285.FP.FTS.B,

15.49%,

6/20/24

14,597

14,740

APP-09165088.FP.FTS.B,

20.99%,

7/13/26

9,390

9,371

APP-09196718.FP.FTS.B,

19.49%,

5/13/26

45,704

46,028

APP-09198220.FP.FTS.B,

15.49%,

6/28/26

13,095

13,180

APP-09198346.FP.FTS.B,

23.49%,

6/28/26

20,526

20,509

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

9,784

9,786

APP-09203132.FP.FTS.B,

22.99%,

5/14/26

25,237

25,021

APP-09204221.FP.FTS.B,

19.49%,

6/16/26

31,048

31,309

APP-09206091.FP.FTS.B,

17.49%,

5/27/23

29,195

29,538

APP-09207999.FP.FTS.B,

20.49%,

7/07/26

37,441

37,553

APP-09208095.FP.FTS.B,

17.49%,

7/11/26

15,529

15,557

APP-09208119.FP.FTS.B,

5.99%,

7/11/23

5,418

5,486

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

268

a

APP-09213296.FP.FTS.B,

14.99%,

6/15/26

27,078

27,394

APP-09214807.FP.FTS.B,

19.99%,

5/13/26

14,361

14,266

APP-09216358.FP.FTS.B,

14.99%,

5/16/25

39,469

39,820

APP-09228785.FP.FTS.B,

17.99%,

5/14/24

16,415

16,531

APP-09229480.FP.FTS.B,

14.99%,

6/18/25

18,332

18,584

APP-09231496.FP.FTS.B,

14.99%,

6/01/25

44,316

44,787

APP-09232139.FP.FTS.B,

22.49%,

5/07/26

29,306

28,887

APP-09232273.FP.FTS.B,

19.49%,

5/03/26

36,689

36,763

*

APP-09233989.FP.FTS.B,

20.49%,

6/29/26

38,723

4,250

APP-09238269.FP.FTS.B,

15.49%,

6/28/26

45,570

46,242

APP-09239200.FP.FTS.B,

24.99%,

6/15/26

14,913

14,754

APP-09239363.FP.FTS.B,

17.49%,

5/07/23

6,911

6,950

APP-09239475.FP.FTS.B,

19.49%,

6/16/26

32,056

32,325

APP-09240384.FP.FTS.B,

22.49%,

6/15/26

23,036

22,866

*

APP-09240400.FP.FTS.B,

14.99%,

6/15/26

22,271

22,546

APP-09240401.FP.FTS.B,

15.49%,

6/19/26

36,245

36,720

APP-09241097.FP.FTS.B,

20.49%,

6/15/26

19,662

19,526

APP-09241848.FP.FTS.B,

14.99%,

6/15/26

10,864

10,960

APP-09242266.FP.FTS.B,

22.99%,

5/15/26

28,419

28,261

APP-09242271.FP.FTS.B,

16.99%,

6/28/26

17,584

17,834

*

APP-09242288.FP.FTS.B,

26.49%,

7/29/26

9,603

9,630

APP-09242710.FP.FTS.B,

12.99%,

6/30/25

15,906

16,164

APP-09242934.FP.FTS.B,

17.99%,

6/01/24

6,517

6,573

APP-09249334.FP.FTS.B,

24.49%,

8/10/26

9,603

9,420

APP-09262014.FP.FTS.B,

14.99%,

6/27/25

20,940

21,257

APP-09263212.FP.FTS.B,

16.99%,

5/18/26

9,533

9,521

APP-09274045.FP.FTS.B,

22.49%,

7/02/26

23,545

23,384

APP-09274146.FP.FTS.B,

14.99%,

7/10/26

23,114

23,500

APP-09278781.FP.FTS.B,

25.49%,

7/16/24

8,822

8,717

APP-09280174.FP.FTS.B,

5.99%,

8/10/23

6,087

6,163

APP-09280276.FP.FTS.B,

18.99%,

7/09/26

19,284

19,548

APP-09280432.FP.FTS.B,

24.99%,

7/02/26

13,846

13,659

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

25,376

25,684

APP-09283130.FP.FTS.B,

14.99%,

7/12/26

13,848

14,059

APP-09284176.FP.FTS.B,

23.49%,

7/18/26

19,794

19,689

APP-09286902.FP.FTS.B,

16.99%,

7/05/25

25,066

25,389

APP-09290050.FP.FTS.B,

14.49%,

5/25/23

7,196

7,286

APP-09290915.FP.FTS.B,

17.49%,

7/04/26

18,542

18,535

APP-09290922.FP.FTS.B,

25.49%,

6/22/26

18,609

18,479

APP-09291173.FP.FTS.B,

13.24%,

8/15/26

26,116

26,475

APP-09291212.FP.FTS.B,

15.49%,

7/07/24

10,370

10,442

APP-09291214.FP.FTS.B,

17.99%,

7/10/26

28,248

28,366

APP-09296222.FP.FTS.B,

20.49%,

7/08/26

17,106

17,046

APP-09298328.FP.FTS.B,

25.49%,

7/03/26

18,873

18,633

APP-09299774.FP.FTS.B,

23.49%,

5/21/24

8,349

8,291

APP-09301552.FP.FTS.B,

18.99%,

5/26/26

7,227

7,313

APP-09302675.FP.FTS.B,

15.99%,

5/14/25

11,019

11,097

APP-09302720.FP.FTS.B,

22.49%,

6/30/24

6,566

6,560

APP-09302908.FP.FTS.B,

19.99%,

7/10/25

11,689

11,794

APP-09302925.FP.FTS.B,

17.49%,

7/06/26

14,031

14,056

APP-09302940.FP.FTS.B,

17.99%,

7/03/24

14,502

14,487

APP-09302964.FP.FTS.B,

14.49%,

7/10/23

6,812

6,904

APP-09302995.FP.FTS.B,

14.99%,

7/10/25

9,901

10,069

APP-09303638.FP.FTS.B,

22.99%,

7/12/26

32,555

32,275

*

APP-09305786.FP.FTS.B,

25.49%,

5/28/24

9,914

9,874

APP-09308749.FP.FTS.B,

18.99%,

7/09/26

8,778

8,673

APP-09313378.FP.FTS.B,

16.99%,

7/01/26

26,714

26,896

APP-09313512.FP.FTS.B,

23.99%,

8/10/26

26,355

26,170

APP-09313522.FP.FTS.B,

15.49%,

7/06/24

11,680

11,761

*

APP-09313552.FP.FTS.B,

18.99%,

7/07/26

9,744

3,070

APP-09313598.FP.FTS.B,

12.99%,

7/12/24

9,496

9,624

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

269

a

APP-09313611.FP.FTS.B,

22.99%,

7/09/26

29,176

29,325

APP-09313632.FP.FTS.B,

17.99%,

7/19/24

14,948

14,896

APP-09313640.FP.FTS.B,

19.49%,

7/11/26

30,124

30,572

APP-09315776.FP.FTS.B,

21.99%,

7/01/26

13,094

12,954

APP-09318563.FP.FTS.B,

14.49%,

7/09/24

15,188

15,410

APP-09321377.FP.FTS.B,

17.49%,

5/15/26

23,729

23,926

APP-09321833.FP.FTS.B,

18.99%,

7/02/26

10,285

10,237

APP-09322470.FP.FTS.B,

15.49%,

7/05/26

26,782

27,137

APP-09322505.FP.FTS.B,

19.99%,

7/12/26

22,438

22,498

APP-09328185.FP.FTS.B,

15.49%,

7/12/26

33,983

34,448

APP-09328664.FP.FTS.B,

20.99%,

5/25/26

33,718

33,317

APP-09330764.FP.FTS.B,

22.49%,

5/29/26

21,621

21,642

APP-09331237.FP.FTS.B,

16.49%,

7/05/24

8,866

8,954

APP-09331398.FP.FTS.B,

14.99%,

7/09/26

22,063

22,423

APP-09333383.FP.FTS.B,

18.49%,

5/20/25

21,900

22,089

APP-09334776.FP.FTS.B,

15.49%,

7/04/23

9,089

9,200

APP-09335187.FP.FTS.B,

16.99%,

5/20/25

11,626

11,736

APP-09335597.FP.FTS.B,

19.99%,

6/29/26

31,039

31,187

APP-09336278.FP.FTS.B,

21.99%,

5/25/26

19,215

19,202

APP-09336762.FP.FTS.B,

12.99%,

7/10/26

11,940

12,131

APP-09337683.FP.FTS.B,

13.49%,

7/10/26

42,002

43,556

APP-09341214.FP.FTS.B,

21.49%,

7/10/24

22,098

21,791

APP-09341526.FP.FTS.B,

23.49%,

6/27/26

9,249

9,257

*

APP-09341585.FP.FTS.B,

22.99%,

5/26/26

36,652

36,755

APP-09342319.FP.FTS.B,

24.99%,

8/09/26

34,744

34,446

APP-09342828.FP.FTS.B,

21.49%,

5/18/26

9,147

9,110

APP-09343037.FP.FTS.B,

21.99%,

7/11/26

16,401

16,241

APP-09343576.FP.FTS.B,

23.49%,

7/10/24

13,002

12,834

APP-09344347.FP.FTS.B,

22.49%,

7/09/26

28,537

28,323

*

APP-09344727.FP.FTS.B,

15.49%,

5/26/26

9,232

9,336

APP-09345065.FP.FTS.B,

22.49%,

5/20/26

18,357

18,300

APP-09345495.FP.FTS.B,

23.49%,

7/08/24

15,907

15,679

APP-09346283.FP.FTS.B,

5.99%,

7/02/23

8,101

8,195

*

APP-09346977.FP.FTS.B,

16.99%,

8/19/23

6,165

6,236

APP-09346983.FP.FTS.B,

15.74%,

8/24/26

27,592

28,053

APP-09347151.FP.FTS.B,

11.99%,

1/02/27

13,548

13,773

APP-09347157.FP.FTS.B,

14.99%,

7/05/26

24,626

24,891

APP-09348109.FP.FTS.B,

18.49%,

7/11/25

8,006

8,078

APP-09348113.FP.FTS.B,

12.99%,

7/09/26

18,382

18,641

APP-09349930.FP.FTS.B,

22.49%,

7/10/26

17,915

17,844

APP-09350849.FP.FTS.B,

23.49%,

6/27/26

20,995

20,969

APP-09350950.FP.FTS.B,

22.99%,

6/27/25

23,161

23,346

APP-09351048.FP.FTS.B,

22.49%,

7/01/26

15,357

15,186

APP-09351595.FP.FTS.B,

15.49%,

6/27/26

32,013

32,481

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

18,710

18,792

APP-09352017.FP.FTS.B,

16.99%,

6/27/25

8,773

8,905

APP-09352030.FP.FTS.B,

13.49%,

5/25/23

8,495

8,603

APP-09352314.FP.FTS.B,

14.99%,

7/10/26

18,490

18,799

APP-09352425.FP.FTS.B,

14.99%,

5/28/26

28,582

28,948

APP-09352674.FP.FTS.B,

22.49%,

6/27/26

20,307

20,376

APP-09352779.FP.FTS.B,

18.49%,

7/10/25

8,250

8,386

APP-09353437.FP.FTS.B,

12.99%,

7/10/26

17,902

18,177

APP-09353487.FP.FTS.B,

17.49%,

7/11/26

37,250

37,863

*

APP-09353776.FP.FTS.B,

21.99%,

6/27/24

17,076

17,119

APP-09353825.FP.FTS.B,

19.49%,

6/27/25

18,874

19,098

APP-09353834.FP.FTS.B,

17.99%,

7/09/26

23,528

23,608

APP-09353951.FP.FTS.B,

16.49%,

7/11/25

13,492

13,734

APP-09354229.FP.FTS.B,

12.99%,

6/27/26

22,538

22,867

APP-09354267.FP.FTS.B,

17.49%,

7/01/24

12,931

13,044

APP-09354449.FP.FTS.B,

23.49%,

8/11/26

14,356

14,390

APP-09354577.FP.FTS.B,

18.49%,

7/11/25

18,087

18,393

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

270

a

APP-09354737.FP.FTS.B,

15.49%,

7/07/26

6,933

7,042

APP-09354978.FP.FTS.B,

14.99%,

6/27/25

30,538

31,000

APP-09354997.FP.FTS.B,

23.49%,

6/27/24

4,389

4,366

APP-09355200.FP.FTS.B,

14.99%,

7/17/25

35,736

36,302

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

13,022

12,941

APP-09356444.FP.FTS.B,

17.49%,

5/27/26

18,188

18,275

APP-09356525.FP.FTS.B,

18.99%,

6/27/24

8,743

8,783

APP-09356858.FP.FTS.B,

17.49%,

6/27/26

45,603

46,169

APP-09356867.FP.FTS.B,

9.99%,

1/08/25

48,057

48,913

APP-09356899.FP.FTS.B,

12.24%,

7/08/26

16,041

16,224

*

APP-09356919.FP.FTS.B,

15.49%,

7/20/26

25,242

25,642

APP-09357725.FP.FTS.B,

18.99%,

7/09/23

8,365

8,423

APP-09358023.FP.FTS.B,

16.99%,

7/12/26

26,030

26,337

APP-09358847.FP.FTS.B,

19.49%,

5/17/26

11,812

11,759

APP-09359557.FP.FTS.B,

19.49%,

7/01/23

11,554

11,604

APP-09360053.FP.FTS.B,

20.99%,

7/20/26

10,510

10,521

APP-09363228.FP.FTS.B,

21.49%,

7/07/26

26,423

26,521

APP-09367148.FP.FTS.B,

24.49%,

8/12/26

9,979

9,909

APP-09367838.FP.FTS.B,

17.99%,

5/20/24

6,527

6,565

APP-09367987.FP.FTS.B,

20.49%,

6/29/24

13,047

13,013

*

APP-09371181.FP.FTS.B,

18.99%,

7/13/24

18,064

5,658

APP-09374153.FP.FTS.B,

20.49%,

7/23/26

36,201

36,472

APP-09374305.FP.FTS.B,

14.99%,

7/10/26

14,044

14,224

APP-09374555.FP.FTS.B,

22.99%,

6/29/26

11,521

11,495

APP-09374662.FP.FTS.B,

12.99%,

7/12/26

17,459

17,717

APP-09374876.FP.FTS.B,

17.49%,

6/29/26

36,418

36,850

APP-09375573.FP.FTS.B,

16.99%,

7/05/26

13,371

13,517

APP-09375788.FP.FTS.B,

18.49%,

7/10/25

9,012

9,066

APP-09376023.FP.FTS.B,

19.99%,

5/20/26

17,475

17,424

APP-09376167.FP.FTS.B,

16.99%,

5/12/25

33,143

33,349

APP-09377856.FP.FTS.B,

13.99%,

6/29/23

17,410

17,620

APP-09377950.FP.FTS.B,

16.49%,

8/10/26

10,257

10,360

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

21,503

21,247

APP-09419174.FP.FTS.B,

13.49%,

7/06/26

33,246

33,624

APP-09420738.FP.FTS.B,

20.49%,

6/15/26

23,821

23,665

APP-09424321.FP.FTS.B,

22.99%,

7/17/26

31,507

31,185

APP-09424879.FP.FTS.B,

17.99%,

7/10/26

8,433

8,451

APP-09427047.FP.FTS.B,

19.99%,

7/06/26

11,410

11,283

APP-09428299.FP.FTS.B,

17.99%,

7/19/25

33,092

33,454

APP-09429699.FP.FTS.B,

20.99%,

7/15/26

27,665

27,538

*

APP-09429726.FP.FTS.B,

23.49%,

8/19/26

14,796

14,781

APP-09430684.FP.FTS.B,

23.49%,

7/05/24

10,233

10,019

APP-09432889.FP.FTS.B,

15.49%,

8/20/23

9,347

9,459

*

APP-09433384.FP.FTS.B,

19.49%,

6/05/26

16,019

16,124

APP-09433444.FP.FTS.B,

14.99%,

7/06/26

16,523

16,707

APP-09434174.FP.FTS.B,

20.99%,

7/17/26

11,237

11,260

APP-09437723.FP.FTS.B,

20.99%,

5/27/26

20,076

20,100

APP-09440082.FP.FTS.B,

22.49%,

7/06/26

18,643

18,427

APP-09441113.FP.FTS.B,

14.99%,

7/19/26

16,698

16,969

APP-09441780.FP.FTS.B,

19.99%,

7/19/26

24,323

24,451

APP-09441854.FP.FTS.B,

17.49%,

7/06/26

18,458

18,429

APP-09443159.FP.FTS.B,

13.49%,

7/18/26

30,594

31,067

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

32,607

32,977

APP-09446853.FP.FTS.B,

25.49%,

8/19/26

23,692

23,580

APP-09447903.FP.FTS.B,

23.49%,

7/06/26

18,851

18,746

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

26,565

27,032

APP-09490285.FP.FTS.B,

19.49%,

8/24/26

25,079

25,228

APP-09490392.FP.FTS.B,

13.99%,

7/05/26

45,714

46,167

APP-09552960.FP.FTS.B,

16.99%,

10/04/26

22,801

23,094

APP-09569037.FP.FTS.B,

13.24%,

7/06/26

26,414

26,691

APP-09569048.FP.FTS.B,

19.99%,

8/23/26

19,804

19,864

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

271

a

APP-09569146.FP.FTS.B,

20.49%,

8/20/26

26,629

26,665

APP-09583612.FP.FTS.B,

15.24%,

7/01/24

16,320

16,423

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

32,517

32,892

APP-09623238.FP.FTS.B,

14.24%,

8/17/24

13,451

13,639

APP-09634185.FP.FTS.B,

16.49%,

8/22/25

25,070

25,360

APP-09647997.FP.FTS.B,

19.99%,

8/21/24

6,924

6,956

APP-09659731.FP.FTS.B,

14.24%,

8/15/25

37,399

37,949

APP-09672506.FP.FTS.B,

19.99%,

6/22/26

14,935

14,973

APP-09672610.FP.FTS.B,

25.49%,

8/10/26

28,267

27,902

APP-09678825.FP.FTS.B,

23.99%,

8/10/25

9,607

9,600

APP-09697044.FP.FTS.B,

13.99%,

8/22/24

40,881

41,524

APP-09697076.FP.FTS.B,

5.99%,

8/23/23

7,197

7,301

APP-09697087.FP.FTS.B,

13.74%,

7/16/26

34,568

34,997

APP-09708653.FP.FTS.B,

13.24%,

10/01/25

21,967

22,293

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

21,439

21,354

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

47,476

47,664

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

18,683

18,685

APP-09708878.FP.FTS.B,

15.49%,

8/24/24

6,523

6,623

APP-09709453.FP.FTS.B,

14.24%,

8/09/26

18,702

18,920

APP-09709609.FP.FTS.B,

12.74%,

8/24/26

14,441

14,526

APP-09714857.FP.FTS.B,

14.49%,

8/15/23

22,135

22,400

APP-09717599.FP.FTS.B,

19.99%,

8/12/26

10,223

10,215

APP-09717638.FP.FTS.B,

13.24%,

8/22/26

19,162

19,473

APP-09717670.FP.FTS.B,

18.49%,

8/23/24

11,462

11,517

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

20,675

20,870

APP-09717733.FP.FTS.B,

14.74%,

8/23/25

12,753

12,972

APP-09717770.FP.FTS.B,

5.99%,

8/24/23

8,496

8,620

APP-09717797.FP.FTS.B,

16.99%,

7/09/26

18,702

18,846

APP-09717803.FP.FTS.B,

18.49%,

8/10/25

9,019

9,113

APP-09717830.FP.FTS.B,

19.99%,

7/01/26

12,126

11,958

APP-09717849.FP.FTS.B,

14.49%,

8/10/23

3,263

3,280

APP-09717860.FP.FTS.B,

13.99%,

8/10/26

42,450

42,950

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

24,980

25,345

APP-09723006.FP.FTS.B,

21.49%,

8/23/26

16,036

16,038

APP-09723643.FP.FTS.B,

14.74%,

8/25/26

36,672

37,333

APP-09726257.FP.FTS.B,

12.49%,

10/13/26

38,119

38,659

APP-09726315.FP.FTS.B,

13.24%,

8/23/26

24,224

24,625

APP-09726466.FP.FTS.B,

12.74%,

8/20/25

27,141

27,586

APP-09726492.FP.FTS.B,

12.24%,

8/25/24

14,282

14,515

APP-09726552.FP.FTS.B,

12.24%,

8/20/24

12,183

12,360

APP-09726579.FP.FTS.B,

5.99%,

8/21/23

7,068

7,167

APP-09726592.FP.FTS.B,

12.24%,

8/20/24

21,469

21,781

APP-09726602.FP.FTS.B,

17.49%,

8/12/24

15,122

15,002

APP-09726614.FP.FTS.B,

16.49%,

8/21/23

7,661

7,773

APP-09726629.FP.FTS.B,

12.24%,

7/09/24

16,338

16,517

APP-09726689.FP.FTS.B,

15.99%,

8/20/24

14,394

14,574

APP-09726744.FP.FTS.B,

14.49%,

8/26/23

5,265

5,344

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

15,062

15,305

APP-09729717.FP.FTS.B,

13.74%,

7/09/24

27,029

27,286

APP-09731339.FP.FTS.B,

5.99%,

6/25/23

8,611

8,718

APP-09740470.FP.FTS.B,

14.24%,

6/30/26

17,443

17,609

APP-09745779.FP.FTS.B,

18.49%,

8/15/26

36,548

36,936

APP-09746385.FP.FTS.B,

24.49%,

8/15/26

7,394

7,353

APP-09751288.FP.FTS.B,

14.49%,

8/09/25

20,809

21,062

*

APP-09752599.FP.FTS.B,

17.49%,

7/07/26

11,740

1,262

*

APP-09754990.FP.FTS.B,

21.99%,

8/08/26

15,876

1,555

*

APP-09756352.FP.FTS.B,

16.49%,

8/20/26

20,924

2,366

APP-09759315.FP.FTS.B,

13.24%,

8/11/26

21,778

22,051

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

29,826

30,350

APP-09761722.FP.FTS.B,

17.99%,

7/08/26

112

111

*

APP-09764627.FP.FTS.B,

20.99%,

8/23/26

35,394

35,637

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

272

a

APP-09765452.FP.FTS.B,

16.49%,

8/08/25

15,410

15,471

APP-09766066.FP.FTS.B,

17.99%,

7/08/26

9,805

9,874

APP-09766134.FP.FTS.B,

15.24%,

8/23/26

23,402

23,770

APP-09766832.FP.FTS.B,

19.99%,

8/15/26

7,529

7,536

APP-09767793.FP.FTS.B,

20.49%,

8/20/26

18,204

18,193

APP-09768010.FP.FTS.B,

17.99%,

7/09/26

31,830

31,909

APP-09770326.FP.FTS.B,

25.49%,

8/24/24

7,173

7,128

*

APP-09770953.FP.FTS.B,

18.49%,

8/23/26

38,423

38,841

APP-09771129.FP.FTS.B,

13.24%,

8/15/26

28,635

29,027

APP-09771672.FP.FTS.B,

15.99%,

8/12/23

19,790

20,012

APP-09771718.FP.FTS.B,

18.49%,

7/02/26

34,895

34,818

APP-09775671.FP.FTS.B,

18.49%,

8/23/25

18,417

18,617

APP-09776153.FP.FTS.B,

16.49%,

8/20/23

9,357

9,473

APP-09776164.FP.FTS.B,

15.99%,

8/25/25

11,327

11,525

APP-09776186.FP.FTS.B,

12.24%,

7/06/24

15,948

16,133

APP-09776210.FP.FTS.B,

13.49%,

10/04/24

26,445

26,572

APP-09776261.FP.FTS.B,

16.49%,

8/24/23

2,842

2,850

APP-09776428.FP.FTS.B,

18.49%,

8/26/23

11,949

12,119

APP-09776493.FP.FTS.B,

10.49%,

9/25/24

15,998

16,213

APP-09776505.FP.FTS.B,

12.24%,

8/15/24

11,825

11,981

APP-09777429.FP.FTS.B,

14.74%,

7/09/25

18,079

18,294

*

APP-09778033.FP.FTS.B,

13.74%,

8/23/26

35,401

6,475

APP-09778390.FP.FTS.B,

18.99%,

7/09/26

21,435

21,375

APP-09778451.FP.FTS.B,

18.99%,

8/20/26

20,840

20,916

APP-09778481.FP.FTS.B,

19.99%,

8/23/26

12,297

12,295

APP-09778497.FP.FTS.B,

19.99%,

8/15/24

17,523

17,406

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

24,720

25,060

APP-09778974.FP.FTS.B,

21.49%,

7/05/26

43,005

42,642

APP-09779623.FP.FTS.B,

17.99%,

8/23/26

23,546

23,712

APP-09780110.FP.FTS.B,

15.99%,

8/17/26

45,434

46,039

APP-09780441.FP.FTS.B,

5.99%,

8/24/23

6,725

6,801

APP-09780659.FP.FTS.B,

17.49%,

8/10/26

29,723

29,979

APP-09780914.FP.FTS.B,

18.99%,

8/10/26

15,918

15,883

APP-09781225.FP.FTS.B,

15.49%,

8/10/25

40,305

40,795

APP-09781319.FP.FTS.B,

20.99%,

8/10/26

28,192

28,045

APP-09781342.FP.FTS.B,

17.99%,

8/12/26

28,064

28,124

APP-09781974.FP.FTS.B,

17.49%,

8/23/26

16,915

17,032

APP-09784264.FP.FTS.B,

16.49%,

8/22/24

12,193

12,289

APP-09785029.FP.FTS.B,

17.99%,

7/01/26

9,673

9,708

APP-09785101.FP.FTS.B,

20.49%,

8/24/24

11,157

11,097

APP-09785921.FP.FTS.B,

17.49%,

8/24/24

37,399

37,732

APP-09786718.FP.FTS.B,

21.49%,

8/20/24

8,784

8,777

APP-09786759.FP.FTS.B,

21.99%,

8/26/25

15,049

15,160

APP-09787054.FP.FTS.B,

19.99%,

8/10/26

14,073

14,002

APP-09787464.FP.FTS.B,

15.49%,

7/02/24

12,675

12,739

APP-09787784.FP.FTS.B,

13.99%,

8/15/25

7,234

7,341

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

37,504

38,114

APP-09788080.FP.FTS.B,

20.99%,

8/10/26

26,127

25,899

APP-09788355.FP.FTS.B,

17.99%,

8/23/26

47,092

47,776

APP-09788496.FP.FTS.B,

16.99%,

8/10/26

23,333

23,524

APP-09788637.FP.FTS.B,

17.99%,

8/15/26

32,816

32,913

APP-09788656.FP.FTS.B,

15.99%,

8/23/26

42,070

42,734

APP-09788767.FP.FTS.B,

19.49%,

8/23/26

29,481

29,639

APP-09789337.FP.FTS.B,

16.49%,

7/09/26

9,319

9,410

APP-09789505.FP.FTS.B,

18.99%,

7/08/26

17,083

17,026

APP-09789653.FP.FTS.B,

23.49%,

8/10/26

18,870

18,641

APP-09789796.FP.FTS.B,

17.99%,

8/24/25

24,454

24,730

APP-09789894.FP.FTS.B,

21.49%,

7/01/26

20,587

20,253

APP-09790022.FP.FTS.B,

21.49%,

8/15/26

18,406

18,338

APP-09790599.FP.FTS.B,

14.99%,

8/15/23

25,020

25,314

APP-09790607.FP.FTS.B,

22.49%,

8/24/26

24,541

24,507

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

273

a

APP-09790905.FP.FTS.B,

13.24%,

8/24/26

14,913

15,165

APP-09791612.FP.FTS.B,

18.99%,

8/20/26

47,110

47,374

APP-09791696.FP.FTS.B,

19.99%,

8/23/26

18,918

18,976

APP-09791798.FP.FTS.B,

14.99%,

8/18/24

35,161

35,571

APP-09791926.FP.FTS.B,

19.49%,

7/28/25

8,153

8,199

APP-09792266.FP.FTS.B,

14.74%,

8/24/26

12,771

12,976

*

APP-09793324.FP.FTS.B,

20.99%,

8/20/26

24,962

24,966

APP-09794128.FP.FTS.B,

19.99%,

8/13/26

14,099

14,061

APP-09794212.FP.FTS.B,

17.99%,

8/23/26

21,804

21,957

APP-09794262.FP.FTS.B,

25.49%,

8/20/26

8,645

8,677

APP-09794319.FP.FTS.B,

15.74%,

8/24/26

25,315

25,727

APP-09794328.FP.FTS.B,

19.49%,

7/10/26

25,317

25,170

APP-09794481.FP.FTS.B,

13.24%,

8/11/26

22,444

22,721

APP-09794920.FP.FTS.B,

21.49%,

8/17/26

19,832

19,747

APP-09795345.FP.FTS.B,

13.24%,

8/15/26

25,991

26,355

APP-09797126.FP.FTS.B,

5.99%,

7/10/23

9,127

9,240

APP-09797956.FP.FTS.B,

14.74%,

8/13/25

15,389

15,600

APP-09798059.FP.FTS.B,

19.49%,

8/13/26

30,066

30,086

*

APP-09798364.FP.FTS.B,

25.49%,

8/12/24

7,821

1,744

*

APP-09799026.FP.FTS.B,

25.49%,

8/15/26

8,727

8,654

APP-09799095.FP.FTS.B,

19.99%,

8/12/24

6,540

6,539

APP-09799471.FP.FTS.B,

16.49%,

8/25/25

20,993

21,278

APP-09799610.FP.FTS.B,

21.99%,

8/12/24

15,637

15,439

APP-09799620.FP.FTS.B,

21.99%,

8/24/26

9,973

10,024

APP-09799751.FP.FTS.B,

15.99%,

8/24/25

27,667

28,139

APP-09801474.FP.FTS.B,

14.74%,

8/15/24

34,551

34,974

APP-09805161.FP.FTS.B,

21.49%,

8/13/26

15,087

14,985

APP-09808235.FP.FTS.B,

19.49%,

8/13/26

28,048

28,065

APP-09808886.FP.FTS.B,

19.99%,

8/24/24

8,183

8,235

APP-09811085.FP.FTS.B,

25.49%,

8/15/26

11,171

11,096

APP-09811446.FP.FTS.B,

20.49%,

8/15/26

23,535

23,518

APP-09811518.FP.FTS.B,

15.74%,

8/27/26

25,700

26,162

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

7,111

7,106

APP-09812236.FP.FTS.B,

13.24%,

8/26/26

21,483

21,861

APP-09812417.FP.FTS.B,

19.49%,

8/20/26

24,917

25,030

*

APP-09812675.FP.FTS.B,

19.99%,

8/13/26

14,473

8,952

*

APP-09812798.FP.FTS.B,

17.99%,

8/18/24

20,528

20,592

APP-09813384.FP.FTS.B,

12.74%,

8/13/25

22,136

22,453

APP-09813593.FP.FTS.B,

17.99%,

8/27/25

25,267

25,594

APP-09814448.FP.FTS.B,

13.24%,

8/13/26

29,287

29,677

APP-09815288.FP.FTS.B,

17.49%,

7/13/26

37,406

37,789

*

APP-09816769.FP.FTS.B,

16.99%,

8/26/26

19,194

19,539

APP-09817213.FP.FTS.B,

13.24%,

8/26/26

11,778

11,989

APP-09818223.FP.FTS.B,

19.99%,

8/13/26

9,483

9,488

APP-09818529.FP.FTS.B,

17.49%,

8/15/26

18,780

18,852

APP-09818659.FP.FTS.B,

25.49%,

8/15/26

11,204

11,129

APP-09861136.FP.FTS.B,

10.49%,

1/01/25

19,580

19,907

APP-09861229.FP.FTS.B,

11.24%,

9/22/26

11,732

11,897

APP-09931267.FP.FTS.B,

12.49%,

10/01/25

46,968

47,781

APP-09931645.FP.FTS.B,

10.49%,

8/21/24

11,568

11,723

APP-09939798.FP.FTS.B,

17.99%,

9/23/24

10,664

10,752

APP-09940038.FP.FTS.B,

17.49%,

10/29/26

17,432

17,673

APP-09940049.FP.FTS.B,

11.99%,

10/04/26

11,857

12,044

APP-09954156.FP.FTS.B,

5.99%,

8/23/23

6,197

6,267

APP-09979972.FP.FTS.B,

14.49%,

10/05/25

39,641

40,139

APP-10005075.FP.FTS.B,

20.99%,

11/17/26

38,969

39,268

APP-10005303.FP.FTS.B,

17.49%,

10/04/26

12,616

12,665

APP-10013950.FP.FTS.B,

17.99%,

8/21/26

26,957

27,080

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

9,872

9,984

APP-10049793.FP.FTS.B,

10.99%,

11/15/25

28,571

29,084

APP-10054925.FP.FTS.B,

13.99%,

11/20/25

9,558

9,738

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

274

a

APP-10060529.FP.FTS.B,

10.49%,

10/25/24

14,884

15,140

APP-10060640.FP.FTS.B,

19.49%,

10/16/26

13,265

13,304

APP-10060644.FP.FTS.B,

13.99%,

10/04/24

42,548

43,135

APP-10060695.FP.FTS.B,

5.99%,

10/03/23

7,205

7,293

APP-10060728.FP.FTS.B,

11.99%,

10/26/26

30,063

30,616

APP-10060747.FP.FTS.B,

13.74%,

10/01/25

26,094

26,533

APP-10066897.FP.FTS.B,

17.49%,

10/04/23

15,344

15,515

APP-10091267.FP.FTS.B,

13.74%,

10/20/26

11,943

12,133

APP-10091993.FP.FTS.B,

19.99%,

10/08/26

19,370

19,413

APP-10092907.FP.FTS.B,

17.99%,

10/04/25

28,611

28,810

APP-10096028.FP.FTS.B,

9.99%,

11/14/24

42,670

43,371

APP-10096062.FP.FTS.B,

11.99%,

9/28/26

12,489

12,691

APP-10096145.FP.FTS.B,

14.24%,

10/20/26

22,896

23,287

APP-10101337.FP.FTS.B,

11.99%,

10/02/24

41,201

41,846

APP-10109370.FP.FTS.B,

14.24%,

10/05/26

18,003

18,231

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

19,823

19,750

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

14,158

14,309

APP-10135442.FP.FTS.B,

10.99%,

10/16/24

29,940

30,410

APP-10135473.FP.FTS.B,

14.24%,

10/01/26

19,589

19,850

APP-10135523.FP.FTS.B,

16.49%,

10/01/26

8,325

8,459

APP-10135528.FP.FTS.B,

10.49%,

10/04/24

17,291

17,542

APP-10135593.FP.FTS.B,

10.99%,

10/05/25

15,297

15,549

APP-10135657.FP.FTS.B,

12.49%,

9/25/26

39,025

39,618

APP-10135689.FP.FTS.B,

18.99%,

8/19/26

20,961

20,998

APP-10135702.FP.FTS.B,

14.24%,

8/15/26

19,068

19,260

APP-10135726.FP.FTS.B,

16.99%,

10/02/26

23,072

23,348

APP-10138068.FP.FTS.B,

14.24%,

9/21/26

14,108

14,283

*

APP-10138439.FP.FTS.B,

21.99%,

10/02/26

24,764

15,557

APP-10141430.FP.FTS.B,

18.99%,

8/21/25

18,536

18,625

APP-10142907.FP.FTS.B,

14.99%,

8/12/25

44,672

45,186

APP-10144266.FP.FTS.B,

22.99%,

8/21/26

35,236

35,111

APP-10148177.FP.FTS.B,

14.99%,

10/01/24

18,264

18,342

APP-10156518.FP.FTS.B,

19.99%,

10/05/26

13,707

13,830

APP-10156534.FP.FTS.B,

10.99%,

9/30/25

24,465

24,903

APP-10156578.FP.FTS.B,

17.99%,

10/07/26

28,375

28,453

APP-10156629.FP.FTS.B,

14.49%,

10/04/26

9,428

9,579

APP-10156644.FP.FTS.B,

14.49%,

9/27/25

28,843

29,202

APP-10156658.FP.FTS.B,

18.99%,

10/05/26

16,220

16,258

APP-10156710.FP.FTS.B,

5.99%,

8/16/23

5,413

5,477

APP-10156714.FP.FTS.B,

5.99%,

10/02/23

9,756

9,895

APP-10156728.FP.FTS.B,

11.74%,

10/01/26

12,732

12,898

APP-10156735.FP.FTS.B,

16.49%,

9/23/25

24,951

25,216

APP-10156862.FP.FTS.B,

17.99%,

8/06/26

46,900

47,045

APP-10156869.FP.FTS.B,

14.74%,

10/16/26

29,364

29,777

APP-10156876.FP.FTS.B,

17.49%,

10/04/26

36,873

37,351

APP-10156986.FP.FTS.B,

19.99%,

10/03/26

20,870

20,838

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

14,679

14,897

APP-10157156.FP.FTS.B,

16.99%,

10/15/26

21,082

21,176

APP-10157176.FP.FTS.B,

16.49%,

10/01/25

21,760

21,943

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

37,516

38,026

*

APP-10158725.FP.FTS.B,

25.49%,

10/05/24

8,500

2,042

APP-10159829.FP.FTS.B,

15.49%,

8/15/24

12,396

12,502

APP-10163490.FP.FTS.B,

17.99%,

8/20/26

24,014

24,112

APP-10168479.FP.FTS.B,

11.99%,

10/02/26

17,040

17,322

APP-10169709.FP.FTS.B,

16.99%,

8/17/26

25,514

25,803

APP-10170132.FP.FTS.B,

10.49%,

9/01/24

21,587

21,809

APP-10170227.FP.FTS.B,

14.99%,

10/01/23

27,913

28,353

APP-10170244.FP.FTS.B,

13.24%,

10/02/24

33,923

34,420

APP-10170262.FP.FTS.B,

14.24%,

10/01/26

14,991

15,222

APP-10170330.FP.FTS.B,

11.99%,

8/20/26

12,400

12,566

APP-10170358.FP.FTS.B,

15.49%,

10/01/24

31,880

32,003

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

275

a

APP-10173450.FP.FTS.B,

15.49%,

10/01/26

14,413

14,471

APP-10174050.FP.FTS.B,

12.74%,

10/03/26

37,734

38,256

APP-10176592.FP.FTS.B,

15.99%,

8/17/26

45,289

45,805

APP-10177953.FP.FTS.B,

17.99%,

9/30/24

14,274

14,441

APP-10195666.FP.FTS.B,

20.99%,

8/20/26

29,805

29,806

APP-10195787.FP.FTS.B,

25.49%,

10/04/24

9,805

9,695

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

16,685

16,936

APP-10196365.FP.FTS.B,

16.99%,

8/17/25

46,221

46,841

APP-10198914.FP.FTS.B,

12.49%,

10/01/26

40,149

40,806

APP-10199991.FP.FTS.B,

16.99%,

10/15/26

19,207

19,474

APP-10200104.FP.FTS.B,

16.99%,

10/06/26

24,831

25,183

APP-10201551.FP.FTS.B,

20.49%,

9/24/24

12,499

12,522

APP-10201640.FP.FTS.B,

21.49%,

9/22/26

19,085

19,114

*

APP-10203061.FP.FTS.B,

18.99%,

8/17/26

20,159

20,252

APP-10203214.FP.FTS.B,

18.99%,

10/01/25

19,953

19,971

APP-10203250.FP.FTS.B,

13.24%,

8/17/25

16,535

16,775

APP-10203378.FP.FTS.B,

18.99%,

10/01/26

17,045

17,055

APP-10203826.FP.FTS.B,

13.24%,

9/25/26

47,118

47,925

APP-10203850.FP.FTS.B,

10.49%,

8/21/24

20,869

21,149

APP-10204096.FP.FTS.B,

10.99%,

10/01/25

19,672

20,003

APP-10204385.FP.FTS.B,

14.49%,

9/20/24

15,921

15,989

APP-10205994.FP.FTS.B,

17.99%,

10/04/23

8,634

8,718

APP-10206598.FP.FTS.B,

23.49%,

10/01/26

10,412

10,374

APP-10207517.FP.FTS.B,

20.99%,

9/30/26

29,712

29,987

APP-10207562.FP.FTS.B,

17.99%,

9/30/26

41,177

41,908

APP-10207639.FP.FTS.B,

18.99%,

8/18/24

13,395

13,462

APP-10208570.FP.FTS.B,

11.99%,

9/21/26

14,083

14,303

APP-10208624.FP.FTS.B,

14.24%,

10/02/26

14,388

14,615

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

12,307

12,485

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

8,389

8,392

APP-10210542.FP.FTS.B,

16.99%,

9/18/26

18,984

19,219

APP-10210618.FP.FTS.B,

14.74%,

10/03/26

31,340

31,784

APP-10210662.FP.FTS.B,

18.99%,

10/05/26

46,940

47,159

APP-10211188.FP.FTS.B,

20.99%,

10/02/26

38,801

38,830

APP-10211394.FP.FTS.B,

14.24%,

9/30/26

18,925

19,266

APP-10211578.FP.FTS.B,

17.49%,

9/23/26

12,195

12,303

APP-10212295.FP.FTS.B,

18.99%,

10/02/23

6,500

6,555

APP-10212839.FP.FTS.B,

12.24%,

8/20/26

13,116

13,281

APP-10213640.FP.FTS.B,

10.99%,

8/21/25

14,552

14,742

APP-10213921.FP.FTS.B,

13.24%,

10/12/25

21,029

21,317

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

17,070

17,151

APP-10214566.FP.FTS.B,

17.99%,

8/18/26

24,125

24,238

APP-10214931.FP.FTS.B,

15.99%,

8/19/25

36,843

37,299

APP-10220069.FP.FTS.B,

11.99%,

10/04/26

28,633

29,114

APP-10221767.FP.FTS.B,

15.99%,

10/02/25

7,548

7,665

APP-10221821.FP.FTS.B,

15.49%,

10/02/26

28,600

28,925

APP-10226534.FP.FTS.B,

19.99%,

9/30/26

9,348

9,375

APP-10226583.FP.FTS.B,

16.99%,

10/04/26

22,124

22,106

APP-10227214.FP.FTS.B,

21.99%,

8/17/24

19,646

19,521

APP-10227379.FP.FTS.B,

19.99%,

9/21/26

7,115

7,135

APP-10228488.FP.FTS.B,

23.99%,

8/20/24

17,062

16,982

APP-10229284.FP.FTS.B,

18.99%,

10/04/26

14,112

14,175

*

APP-10229378.FP.FTS.B,

20.99%,

9/25/26

34,156

34,382

APP-10230539.FP.FTS.B,

15.49%,

10/03/26

46,826

47,495

APP-10233694.FP.FTS.B,

18.99%,

8/21/26

17,797

17,863

APP-10234140.FP.FTS.B,

15.49%,

10/01/26

42,193

42,761

APP-10234320.FP.FTS.B,

17.49%,

10/03/23

13,104

13,239

APP-10235883.FP.FTS.B,

16.99%,

10/04/26

15,397

15,595

APP-10235999.FP.FTS.B,

22.99%,

11/05/26

34,010

33,820

APP-10236085.FP.FTS.B,

19.99%,

8/20/26

9,479

9,500

APP-10237302.FP.FTS.B,

13.24%,

10/05/26

47,876

48,647

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

276

a

APP-10237332.FP.FTS.B,

10.49%,

9/23/26

37,347

37,896

*

APP-10237615.FP.FTS.B,

23.49%,

8/21/26

23,469

2,778

APP-10237773.FP.FTS.B,

11.99%,

10/03/24

45,477

46,136

APP-10239177.FP.FTS.B,

10.99%,

10/05/24

34,354

34,819

APP-10239339.FP.FTS.B,

14.24%,

8/21/26

14,928

15,104

APP-10240073.FP.FTS.B,

14.74%,

8/21/26

38,488

38,962

APP-10240431.FP.FTS.B,

14.24%,

10/01/26

23,458

23,772

APP-10240697.FP.FTS.B,

15.49%,

9/25/26

47,206

47,877

APP-10240734.FP.FTS.B,

11.99%,

8/15/26

16,848

17,046

APP-10241015.FP.FTS.B,

12.49%,

8/18/25

38,472

38,978

APP-10241331.FP.FTS.B,

19.49%,

10/04/25

7,626

7,680

APP-10241637.FP.FTS.B,

14.49%,

8/21/25

46,007

46,644

APP-10242846.FP.FTS.B,

20.49%,

10/04/26

17,415

17,332

APP-10243189.FP.FTS.B,

18.49%,

10/04/26

17,024

16,937

APP-10243564.FP.FTS.B,

20.49%,

8/21/26

18,983

18,949

APP-10243948.FP.FTS.B,

18.99%,

10/04/25

20,351

20,355

*

APP-10244251.FP.FTS.B,

20.49%,

9/28/26

22,203

22,393

APP-10244412.FP.FTS.B,

14.24%,

8/20/26

17,768

17,981

APP-10244672.FP.FTS.B,

20.99%,

10/01/25

19,006

18,909

APP-10244692.FP.FTS.B,

20.99%,

8/20/26

36,546

36,547

APP-10244874.FP.FTS.B,

10.99%,

8/16/25

23,656

23,964

APP-10245072.FP.FTS.B,

19.99%,

10/05/26

14,549

14,487

APP-10245113.FP.FTS.B,

20.99%,

10/04/25

6,897

6,911

APP-10245175.FP.FTS.B,

15.49%,

10/04/25

20,748

21,060

APP-10245403.FP.FTS.B,

5.99%,

8/15/23

5,396

5,458

APP-10246401.FP.FTS.B,

15.49%,

9/01/23

6,386

6,446

APP-10246465.FP.FTS.B,

5.99%,

8/21/23

7,798

7,906

APP-10246680.FP.FTS.B,

20.99%,

8/21/26

11,489

11,465

APP-10246758.FP.FTS.B,

15.49%,

10/05/26

18,600

18,637

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

17,158

17,394

APP-10247533.FP.FTS.B,

12.99%,

8/19/23

10,049

10,179

APP-10247750.FP.FTS.B,

20.49%,

8/22/26

24,110

24,217

*

APP-10247786.FP.FTS.B,

16.99%,

9/23/25

22,000

2,352

APP-10247805.FP.FTS.B,

18.99%,

8/22/26

15,186

15,239

*

APP-10248500.FP.FTS.B,

22.99%,

9/27/25

46,549

16,269

APP-10251523.FP.FTS.B,

19.99%,

10/04/26

13,527

13,473

APP-10253670.FP.FTS.B,

19.99%,

10/06/26

7,134

7,146

APP-10254713.FP.FTS.B,

19.99%,

8/17/24

8,904

8,920

APP-10258074.FP.FTS.B,

16.99%,

8/23/26

16,535

16,617

APP-10258442.FP.FTS.B,

10.49%,

8/15/24

14,685

14,860

APP-10260301.FP.FTS.B,

22.49%,

10/07/26

11,854

11,799

APP-10263399.FP.FTS.B,

26.49%,

10/08/25

7,219

7,224

*

APP-10264378.FP.FTS.B,

17.99%,

10/08/26

9,770

5,038

APP-10265826.FP.FTS.B,

14.49%,

8/24/26

9,417

9,559

APP-10266247.FP.FTS.B,

21.99%,

10/08/26

9,715

9,744

APP-10267332.FP.FTS.B,

18.99%,

8/21/26

16,756

16,818

APP-10268200.FP.FTS.B,

10.49%,

10/07/24

14,036

14,235

APP-10268822.FP.FTS.B,

16.99%,

10/08/24

9,197

9,333

APP-10269102.FP.FTS.B,

25.49%,

10/01/24

9,565

9,449

APP-10269575.FP.FTS.B,

18.99%,

10/06/26

24,146

24,234

APP-10272295.FP.FTS.B,

13.24%,

8/16/25

15,165

15,355

APP-10272491.FP.FTS.B,

14.24%,

8/17/26

18,019

18,221

APP-10274873.FP.FTS.B,

20.49%,

10/15/26

18,866

18,860

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

19,161

19,238

APP-10293468.FP.FTS.B,

12.49%,

10/15/25

43,036

43,703

APP-10293482.FP.FTS.B,

11.99%,

8/22/26

15,736

15,908

APP-10293501.FP.FTS.B,

14.24%,

9/05/26

21,988

22,332

APP-10308476.FP.FTS.B,

20.49%,

8/28/26

23,609

23,629

APP-10310900.FP.FTS.B,

17.99%,

10/16/23

7,827

7,915

APP-10314505.FP.FTS.B,

23.99%,

10/18/24

11,275

11,253

APP-10314676.FP.FTS.B,

12.74%,

10/26/24

19,729

20,068

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

277

a

APP-10314863.FP.FTS.B,

17.49%,

10/04/24

11,713

11,712

APP-10314976.FP.FTS.B,

5.99%,

10/24/23

10,121

10,284

APP-10315400.FP.FTS.B,

16.49%,

10/22/25

24,785

25,111

APP-10315402.FP.FTS.B,

22.99%,

11/15/26

15,760

15,793

APP-10333533.FP.FTS.B,

15.99%,

10/22/24

36,607

37,001

APP-10346165.FP.FTS.B,

16.99%,

10/17/26

9,998

10,077

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

18,234

18,415

APP-10352466.FP.FTS.B,

19.99%,

10/18/26

13,078

13,120

APP-10352497.FP.FTS.B,

20.49%,

9/11/26

9,198

9,132

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

13,369

13,538

APP-10352555.FP.FTS.B,

5.99%,

10/12/23

7,110

7,208

APP-10352664.FP.FTS.B,

16.99%,

10/26/26

22,092

22,474

APP-10352703.FP.FTS.B,

11.99%,

10/26/26

24,297

24,744

APP-10352769.FP.FTS.B,

21.49%,

10/25/26

48,446

48,733

APP-10352789.FP.FTS.B,

5.99%,

9/03/23

7,979

8,081

APP-10352813.FP.FTS.B,

14.24%,

10/29/26

18,253

18,606

APP-10354360.FP.FTS.B,

19.49%,

10/15/25

23,690

23,773

APP-10357544.FP.FTS.B,

11.99%,

9/04/26

25,633

25,944

APP-10362761.FP.FTS.B,

22.99%,

10/24/26

15,653

15,706

APP-10363825.FP.FTS.B,

21.99%,

10/18/26

11,627

11,689

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

47,660

48,512

APP-10364780.FP.FTS.B,

11.74%,

10/25/25

28,638

29,158

APP-10365078.FP.FTS.B,

17.99%,

9/07/24

26,033

26,042

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

14,365

14,594

APP-10372817.FP.FTS.B,

15.49%,

10/17/24

14,417

14,626

APP-10373851.FP.FTS.B,

10.99%,

9/11/25

21,086

21,387

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

18,994

19,231

APP-10379461.FP.FTS.B,

10.49%,

9/02/24

21,790

22,040

APP-10384245.FP.FTS.B,

5.99%,

9/01/23

10,014

10,142

APP-10384915.FP.FTS.B,

16.49%,

10/17/25

16,962

17,218

APP-10384916.FP.FTS.B,

5.99%,

10/25/23

7,220

7,338

APP-10384922.FP.FTS.B,

16.99%,

9/01/26

21,395

21,503

APP-10385640.FP.FTS.B,

23.99%,

10/17/24

7,450

7,464

*

APP-10389402.FP.FTS.B,

22.99%,

10/15/26

16,550

16,561

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

18,943

18,938

APP-10390602.FP.FTS.B,

13.49%,

10/17/23

22,469

22,840

APP-10390975.FP.FTS.B,

12.49%,

10/05/26

37,774

38,385

APP-10396556.FP.FTS.B,

25.49%,

10/05/24

9,304

9,176

APP-10400698.FP.FTS.B,

12.74%,

10/26/24

18,680

19,002

APP-10400699.FP.FTS.B,

5.99%,

10/25/23

7,004

7,115

APP-10400798.FP.FTS.B,

14.24%,

9/15/26

21,925

22,233

APP-10400834.FP.FTS.B,

11.99%,

10/20/26

24,365

24,755

APP-10400857.FP.FTS.B,

12.74%,

11/20/24

23,686

24,086

APP-10400942.FP.FTS.B,

10.99%,

9/10/25

14,131

14,329

APP-10402043.FP.FTS.B,

17.99%,

10/05/24

21,628

21,495

APP-10402327.FP.FTS.B,

23.49%,

9/10/26

19,230

19,067

APP-10402441.FP.FTS.B,

5.99%,

10/05/23

6,309

6,394

*

APP-10402516.FP.FTS.B,

14.24%,

10/15/26

19,922

3,627

APP-10408188.FP.FTS.B,

18.99%,

10/18/26

14,406

14,511

APP-10422166.FP.FTS.B,

14.24%,

10/15/26

17,172

17,407

APP-10424941.FP.FTS.B,

5.99%,

10/25/23

6,327

6,427

APP-10426099.FP.FTS.B,

17.99%,

9/10/26

14,341

14,315

APP-10426895.FP.FTS.B,

21.99%,

10/25/26

7,348

7,411

APP-10431143.FP.FTS.B,

17.99%,

10/15/24

15,094

15,186

APP-10432275.FP.FTS.B,

12.49%,

10/24/26

32,676

33,258

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

29,499

30,046

APP-10432695.FP.FTS.B,

16.99%,

9/20/25

47,168

47,782

APP-10432773.FP.FTS.B,

16.99%,

9/30/24

8,742

8,849

APP-10433068.FP.FTS.B,

15.49%,

10/15/26

47,779

48,431

*

APP-10435915.FP.FTS.B,

19.99%,

10/12/24

47,673

30,130

APP-10436820.FP.FTS.B,

19.99%,

10/23/26

14,484

14,548

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

278

a

*

APP-10440732.FP.FTS.B,

23.99%,

10/20/24

14,186

14,225

APP-10440863.FP.FTS.B,

25.49%,

10/25/24

7,732

7,756

APP-10443029.FP.FTS.B,

22.49%,

9/01/26

11,456

11,293

APP-10444335.FP.FTS.B,

11.49%,

9/11/25

37,500

38,028

APP-10444462.FP.FTS.B,

8.49%,

10/23/24

27,970

28,426

APP-10445458.FP.FTS.B,

5.99%,

9/10/23

8,411

8,523

APP-10445608.FP.FTS.B,

14.74%,

10/19/26

1,577

1,577

APP-10446303.FP.FTS.B,

19.99%,

10/15/24

46,011

46,059

APP-10450083.FP.FTS.B,

21.49%,

9/10/26

18,137

18,010

APP-10450365.FP.FTS.B,

10.99%,

9/03/25

16,728

16,928

APP-10450638.FP.FTS.B,

16.99%,

10/18/25

14,745

14,901

APP-10451723.FP.FTS.B,

15.49%,

9/10/26

19,068

19,119

APP-10451908.FP.FTS.B,

11.99%,

10/20/24

45,410

46,134

*

APP-10452029.FP.FTS.B,

21.99%,

9/11/24

18,733

12,200

APP-10453291.FP.FTS.B,

17.99%,

10/12/26

23,952

24,060

APP-10455715.FP.FTS.B,

19.49%,

10/25/25

14,248

14,421

APP-10455900.FP.FTS.B,

20.99%,

10/25/26

27,108

27,265

APP-10459241.FP.FTS.B,

17.99%,

10/01/25

12,793

12,844

APP-10459273.FP.FTS.B,

15.99%,

9/03/24

17,875

17,887

APP-10459435.FP.FTS.B,

19.99%,

10/29/26

12,002

12,113

APP-10459518.FP.FTS.B,

15.49%,

10/29/24

22,285

22,607

APP-10459604.FP.FTS.B,

16.99%,

10/20/23

7,151

7,249

APP-10459721.FP.FTS.B,

20.99%,

10/23/26

37,608

37,877

APP-10460000.FP.FTS.B,

14.74%,

9/10/26

35,848

36,263

APP-10460288.FP.FTS.B,

25.49%,

10/20/24

9,279

9,274

APP-10460680.FP.FTS.B,

5.99%,

9/11/23

7,652

7,747

APP-10463368.FP.FTS.B,

5.99%,

10/25/23

8,855

9,000

APP-10463389.FP.FTS.B,

12.49%,

10/20/26

38,139

38,767

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

48,238

48,759

APP-10464177.FP.FTS.B,

16.49%,

10/24/24

15,001

15,178

APP-10474872.FP.FTS.B,

18.99%,

10/28/25

12,345

12,530

APP-10475255.FP.FTS.B,

21.99%,

10/16/26

7,220

7,252

APP-10475943.FP.FTS.B,

14.74%,

10/25/26

38,737

39,422

APP-10476345.FP.FTS.B,

13.24%,

10/12/26

47,579

48,211

*

APP-10476373.FP.FTS.B,

10.99%,

10/25/25

14,353

14,629

APP-10476509.FP.FTS.B,

19.49%,

10/12/25

31,104

31,242

*

APP-10476590.FP.FTS.B,

17.49%,

10/12/26

39,637

11,367

APP-10476876.FP.FTS.B,

16.99%,

10/25/26

23,827

24,227

APP-10476920.FP.FTS.B,

8.99%,

9/06/25

19,023

19,277

APP-10477590.FP.FTS.B,

17.99%,

10/15/26

25,192

25,347

APP-10477663.FP.FTS.B,

20.99%,

10/12/26

38,415

38,367

APP-10477679.FP.FTS.B,

17.49%,

10/14/26

26,282

26,382

APP-10478261.FP.FTS.B,

18.99%,

10/17/26

9,421

9,487

APP-10478957.FP.FTS.B,

14.24%,

10/12/26

19,056

19,286

APP-10478982.FP.FTS.B,

21.49%,

10/26/26

18,034

18,129

APP-10479074.FP.FTS.B,

22.49%,

10/22/26

12,569

12,593

APP-10479080.FP.FTS.B,

19.49%,

10/12/26

11,416

11,371

APP-10479148.FP.FTS.B,

18.99%,

9/02/25

26,129

26,105

APP-10479307.FP.FTS.B,

19.99%,

10/15/25

15,514

15,578

APP-10479319.FP.FTS.B,

19.49%,

10/28/26

28,690

29,061

APP-10479777.FP.FTS.B,

17.49%,

10/12/24

16,310

16,303

APP-10480296.FP.FTS.B,

19.49%,

10/12/25

14,327

14,353

APP-10480948.FP.FTS.B,

17.49%,

10/15/26

17,618

17,724

APP-10481071.FP.FTS.B,

18.99%,

10/18/26

24,037

24,181

APP-10481124.FP.FTS.B,

12.74%,

10/12/24

20,849

21,099

APP-10481822.FP.FTS.B,

18.49%,

10/30/26

23,649

23,950

APP-10481945.FP.FTS.B,

11.99%,

10/24/26

23,568

23,990

APP-10482228.FP.FTS.B,

20.99%,

9/02/26

30,295

30,119

APP-10482401.FP.FTS.B,

20.49%,

10/29/26

25,089

25,325

APP-10482600.FP.FTS.B,

16.49%,

10/30/26

10,915

11,138

APP-10482607.FP.FTS.B,

22.49%,

10/29/26

9,745

9,844

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

279

a

APP-10485308.FP.FTS.B,

16.99%,

10/12/25

14,752

14,872

APP-10486503.FP.FTS.B,

5.99%,

10/15/23

6,423

6,518

APP-10486553.FP.FTS.B,

14.24%,

10/26/26

14,473

14,733

APP-10492436.FP.FTS.B,

16.99%,

9/13/26

21,690

21,931

APP-10497677.FP.FTS.B,

12.74%,

10/20/25

12,184

12,390

APP-10503718.FP.FTS.B,

19.99%,

10/16/23

6,305

6,350

APP-10505100.FP.FTS.B,

25.49%,

10/15/26

8,014

8,008

APP-10508459.FP.FTS.B,

15.99%,

9/15/26

41,608

42,032

APP-10508713.FP.FTS.B,

22.49%,

9/15/26

31,089

31,095

APP-10510050.FP.FTS.B,

16.99%,

9/18/25

13,972

14,109

APP-10511819.FP.FTS.B,

14.74%,

10/28/26

34,517

35,183

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

19,239

19,473

APP-10513603.FP.FTS.B,

23.99%,

9/19/24

14,069

14,031

APP-10514404.FP.FTS.B,

18.99%,

10/17/26

23,516

23,675

APP-10516445.FP.FTS.B,

11.49%,

10/16/25

32,645

33,162

APP-10516614.FP.FTS.B,

11.99%,

10/29/26

22,081

22,511

APP-10516972.FP.FTS.B,

5.99%,

10/29/23

5,822

5,910

APP-10517288.FP.FTS.B,

18.49%,

10/20/24

22,922

23,004

APP-10518491.FP.FTS.B,

20.49%,

10/22/26

23,149

23,280

APP-10519197.FP.FTS.B,

15.99%,

10/29/25

33,085

33,750

APP-10519975.FP.FTS.B,

20.99%,

10/20/26

32,004

32,148

APP-10520303.FP.FTS.B,

12.49%,

10/23/26

32,942

33,526

APP-10520402.FP.FTS.B,

25.49%,

9/10/26

9,352

9,350

APP-10520539.FP.FTS.B,

10.49%,

10/29/24

13,963

14,212

APP-10521838.FP.FTS.B,

17.99%,

10/29/26

25,655

26,014

APP-10523061.FP.FTS.B,

17.99%,

10/22/26

13,799

13,825

APP-10525907.FP.FTS.B,

11.99%,

9/15/26

17,582

17,846

APP-10527263.FP.FTS.B,

12.24%,

10/30/26

14,338

14,608

APP-10537549.FP.FTS.B,

11.99%,

11/02/26

27,071

27,518

APP-10540443.FP.FTS.B,

19.49%,

9/18/26

13,616

13,600

APP-10550854.FP.FTS.B,

13.99%,

11/05/24

16,971

17,220

APP-10550902.FP.FTS.B,

9.99%,

1/08/27

30,316

30,921

APP-10551317.FP.FTS.B,

15.99%,

11/15/25

31,366

31,726

*

APP-10551421.FP.FTS.B,

17.99%,

11/05/26

7,500

1,370

APP-10558557.FP.FTS.B,

17.99%,

11/23/26

42,046

42,866

APP-10560067.FP.FTS.B,

17.99%,

9/16/26

19,178

19,206

APP-10561131.FP.FTS.B,

17.49%,

11/16/26

33,804

34,365

APP-10561269.FP.FTS.B,

5.99%,

1/02/24

7,180

7,290

APP-10561277.FP.FTS.B,

19.49%,

9/25/25

23,415

23,557

APP-10561719.FP.FTS.B,

12.74%,

9/20/25

11,457

11,631

APP-10566209.FP.FTS.B,

5.99%,

10/20/23

7,657

7,768

*

APP-10566307.FP.FTS.B,

5.99%,

11/04/23

11,135

6,098

APP-10566736.FP.FTS.B,

16.49%,

11/04/24

14,532

14,652

APP-10567121.FP.FTS.B,

13.24%,

10/20/25

22,253

22,591

APP-10568969.FP.FTS.B,

17.49%,

10/20/26

38,262

38,733

*

APP-10572212.FP.FTS.B,

25.49%,

10/21/24

9,000

1,087

APP-10578108.FP.FTS.B,

14.49%,

10/22/25

28,122

28,470

APP-10580822.FP.FTS.B,

18.49%,

10/22/26

19,174

19,254

APP-10581119.FP.FTS.B,

20.99%,

11/05/26

35,361

35,622

APP-10583684.FP.FTS.B,

16.99%,

11/02/26

19,462

19,539

*

APP-10602597.FP.FTS.B,

19.49%,

9/24/25

33,796

34,132

APP-10605893.FP.FTS.B,

18.99%,

11/17/25

20,030

20,200

APP-10605959.FP.FTS.B,

19.99%,

11/15/26

41,020

41,372

APP-10605982.FP.FTS.B,

10.99%,

11/09/25

27,111

27,550

APP-10606091.FP.FTS.B,

15.49%,

11/15/26

41,570

42,285

APP-10606158.FP.FTS.B,

14.74%,

11/05/26

27,192

27,547

APP-10606168.FP.FTS.B,

11.99%,

11/16/26

24,178

24,610

APP-10606291.FP.FTS.B,

18.49%,

12/28/26

20,780

21,084

APP-10606420.FP.FTS.B,

10.99%,

11/15/25

29,943

30,481

APP-10608955.FP.FTS.B,

19.49%,

11/23/26

48,804

49,336

APP-10612686.FP.FTS.B,

12.74%,

11/05/26

23,982

24,218

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

280

a

APP-10621087.FP.FTS.B,

9.99%,

11/13/26

16,765

17,043

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

12,591

12,492

APP-10623835.FP.FTS.B,

16.49%,

11/05/23

9,767

9,870

APP-10623980.FP.FTS.B,

18.99%,

11/10/26

4,315

4,310

APP-10624096.FP.FTS.B,

14.24%,

11/23/26

18,217

18,557

APP-10624265.FP.FTS.B,

14.24%,

11/06/26

15,999

16,214

APP-10624388.FP.FTS.B,

15.49%,

10/02/24

6,994

7,071

APP-10624425.FP.FTS.B,

11.99%,

11/16/26

20,450

20,816

*

APP-10624530.FP.FTS.B,

24.99%,

12/15/26

35,299

35,720

APP-10624553.FP.FTS.B,

17.99%,

11/04/23

10,116

10,203

APP-10624639.FP.FTS.B,

10.49%,

1/03/25

24,413

24,863

APP-10643613.FP.FTS.B,

20.49%,

11/16/26

24,866

25,171

APP-10650694.FP.FTS.B,

23.49%,

10/02/26

19,439

19,248

APP-10657484.FP.FTS.B,

21.99%,

9/22/24

16,487

16,468

APP-10657504.FP.FTS.B,

14.99%,

11/22/24

32,800

33,195

APP-10661338.FP.FTS.B,

16.99%,

9/24/24

11,526

11,563

APP-10662001.FP.FTS.B,

16.99%,

11/15/26

24,327

24,717

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

36,851

37,371

APP-10670486.FP.FTS.B,

12.74%,

10/08/26

28,103

28,452

APP-10670754.FP.FTS.B,

17.99%,

11/22/24

25,125

25,412

APP-10670881.FP.FTS.B,

10.24%,

11/17/24

12,584

12,781

APP-10670959.FP.FTS.B,

14.49%,

11/13/26

8,327

8,457

APP-10672023.FP.FTS.B,

18.49%,

11/15/26

19,498

19,567

APP-10673814.FP.FTS.B,

19.99%,

11/19/26

12,959

13,044

APP-10674729.FP.FTS.B,

23.49%,

11/15/26

41,256

41,234

APP-10678508.FP.FTS.B,

14.49%,

11/16/26

11,285

11,464

APP-10678947.FP.FTS.B,

17.49%,

10/02/23

44,715

45,124

APP-10679263.FP.FTS.B,

17.49%,

11/14/26

16,495

16,558

APP-10679270.FP.FTS.B,

18.99%,

11/16/26

9,760

9,864

APP-10681833.FP.FTS.B,

15.99%,

11/16/25

28,680

29,105

APP-10682190.FP.FTS.B,

19.49%,

10/09/26

19,851

19,787

APP-10682601.FP.FTS.B,

16.49%,

10/02/25

33,685

33,900

APP-10682620.FP.FTS.B,

16.49%,

11/07/23

7,998

8,080

APP-10683206.FP.FTS.B,

18.49%,

11/15/26

38,996

39,384

APP-10683469.FP.FTS.B,

23.99%,

11/16/24

18,997

19,004

APP-10683702.FP.FTS.B,

17.49%,

11/15/26

29,093

29,515

APP-10683820.FP.FTS.B,

19.99%,

10/02/26

9,693

9,685

APP-10683987.FP.FTS.B,

12.49%,

11/16/26

38,713

39,408

APP-10684832.FP.FTS.B,

20.99%,

10/02/25

9,271

9,271

APP-10687242.FP.FTS.B,

20.49%,

9/20/26

20,959

20,960

APP-10687787.FP.FTS.B,

23.99%,

10/02/24

7,052

6,974

APP-10688392.FP.FTS.B,

21.99%,

11/15/26

24,520

24,595

APP-10688393.FP.FTS.B,

12.74%,

11/15/24

21,028

21,370

APP-10688538.FP.FTS.B,

14.24%,

11/05/26

23,853

24,165

APP-10688549.FP.FTS.B,

18.99%,

11/16/26

30,647

30,859

APP-10689192.FP.FTS.B,

12.49%,

11/16/26

38,713

39,408

APP-10689729.FP.FTS.B,

13.99%,

11/05/25

9,583

9,727

APP-10692380.FP.FTS.B,

16.49%,

10/01/25

28,090

28,234

APP-10692429.FP.FTS.B,

20.99%,

11/22/25

10,198

10,340

APP-10692432.FP.FTS.B,

21.99%,

11/19/26

9,138

9,183

*

APP-10692601.FP.FTS.B,

22.49%,

11/23/26

9,589

9,716

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

17,118

17,349

APP-10693186.FP.FTS.B,

10.49%,

11/10/24

16,265

16,516

APP-10710819.FP.FTS.B,

16.99%,

10/09/26

17,496

17,686

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

28,924

29,394

APP-10718831.FP.FTS.B,

23.99%,

11/15/26

26,989

27,055

APP-10734778.FP.FTS.B,

11.99%,

10/07/26

17,306

17,534

APP-10744150.FP.FTS.B,

20.49%,

10/08/26

24,867

24,867

APP-10746025.FP.FTS.B,

16.49%,

12/20/26

12,530

12,737

APP-10746117.FP.FTS.B,

8.99%,

12/26/25

18,272

18,588

APP-10746959.FP.FTS.B,

17.49%,

10/09/26

29,004

29,317

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

281

a

APP-10747991.FP.FTS.B,

15.49%,

9/24/25

24,600

24,845

APP-10750422.FP.FTS.B,

17.49%,

11/21/26

19,454

19,694

APP-10752847.FP.FTS.B,

18.99%,

11/21/26

11,578

11,725

APP-10754061.FP.FTS.B,

23.49%,

11/18/26

48,864

49,123

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

31,963

32,549

APP-10756837.FP.FTS.B,

18.99%,

11/20/26

32,625

32,922

APP-10759731.FP.FTS.B,

16.99%,

11/21/26

42,252

42,668

APP-10760769.FP.FTS.B,

16.49%,

10/08/26

11,175

11,317

APP-10762262.FP.FTS.B,

15.49%,

10/08/25

19,015

19,248

APP-10762415.FP.FTS.B,

17.99%,

11/24/26

13,737

13,860

APP-10762866.FP.FTS.B,

15.99%,

9/25/25

14,737

14,914

APP-10762908.FP.FTS.B,

17.99%,

12/31/24

23,861

24,082

APP-10763123.FP.FTS.B,

13.24%,

11/15/26

48,273

49,061

APP-10764525.FP.FTS.B,

20.49%,

11/22/26

18,068

18,220

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

7,238

7,342

*

APP-10766953.FP.FTS.B,

21.49%,

11/23/26

49,584

50,495

APP-10767127.FP.FTS.B,

21.99%,

11/21/26

8,799

8,890

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

38,720

39,370

APP-10768953.FP.FTS.B,

18.99%,

11/17/25

12,675

12,809

APP-10769203.FP.FTS.B,

18.99%,

11/22/26

24,666

24,959

APP-10769483.FP.FTS.B,

17.99%,

11/22/26

29,214

29,591

APP-10769596.FP.FTS.B,

5.99%,

11/23/23

6,832

6,945

APP-10769646.FP.FTS.B,

11.99%,

11/18/26

25,350

25,758

APP-10769779.FP.FTS.B,

5.99%,

10/09/23

10,209

10,351

APP-10770088.FP.FTS.B,

10.99%,

11/18/25

28,643

29,149

APP-10770205.FP.FTS.B,

18.49%,

10/09/25

10,509

10,599

APP-10773207.FP.FTS.B,

10.49%,

1/02/25

16,140

16,433

APP-10773457.FP.FTS.B,

11.49%,

11/22/25

28,045

28,409

APP-10776411.FP.FTS.B,

11.99%,

10/09/26

28,883

29,282

APP-10776817.FP.FTS.B,

16.99%,

11/15/25

37,123

37,719

APP-10776963.FP.FTS.B,

14.24%,

10/09/26

21,210

21,477

APP-10780891.FP.FTS.B,

17.99%,

11/23/26

42,933

43,727

APP-10782023.FP.FTS.B,

17.49%,

10/10/25

19,103

19,253

APP-10783696.FP.FTS.B,

19.99%,

11/15/26

9,721

9,800

APP-10790084.FP.FTS.B,

18.49%,

11/25/26

18,490

18,666

APP-10839237.FP.FTS.B,

10.99%,

11/15/25

22,013

22,362

APP-10840208.FP.FTS.B,

18.49%,

1/02/27

16,540

16,631

APP-10852925.FP.FTS.B,

11.99%,

11/25/26

26,912

27,339

APP-10903829.FP.FTS.B,

15.49%,

11/18/24

12,767

12,930

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

10,730

10,862

APP-11008190.FP.FTS.B,

17.49%,

1/02/27

29,822

30,379

APP-11022117.FP.FTS.B,

8.49%,

1/02/25

15,815

16,092

APP-11022245.FP.FTS.B,

15.99%,

1/02/25

18,610

18,813

APP-11036230.FP.FTS.B,

18.99%,

1/01/27

16,877

17,018

APP-11038460.FP.FTS.B,

12.49%,

1/02/27

34,656

35,231

APP-11045167.FP.FTS.B,

10.49%,

12/28/24

15,246

15,514

APP-11062102.FP.FTS.B,

19.99%,

1/08/25

19,728

19,812

APP-11089858.FP.FTS.B,

11.99%,

1/02/27

11,979

12,212

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

11,684

11,805

APP-11103030.FP.FTS.B,

20.49%,

11/23/26

23,492

23,652

APP-11104135.FP.FTS.B,

11.49%,

1/03/26

38,002

38,751

APP-11104456.FP.FTS.B,

10.99%,

11/10/25

11,757

11,926

APP-11112479.FP.FTS.B,

16.99%,

12/31/26

18,638

18,972

APP-11123890.FP.FTS.B,

18.99%,

1/01/27

17,438

17,638

APP-11124061.FP.FTS.B,

11.99%,

12/28/26

26,359

26,890

APP-11125930.FP.FTS.B,

22.49%,

11/18/26

29,448

29,730

APP-11128695.FP.FTS.B,

14.49%,

1/08/27

7,452

7,593

APP-11131824.FP.FTS.B,

17.99%,

11/20/26

14,154

14,237

APP-11138919.FP.FTS.B,

11.99%,

1/01/27

14,785

15,064

APP-11139070.FP.FTS.B,

5.99%,

11/18/23

7,668

7,790

APP-11139483.FP.FTS.B,

5.99%,

11/14/23

6,903

7,012

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

282

a

APP-11139518.FP.FTS.B,

12.74%,

1/03/25

19,755

20,086

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

39,072

39,782

APP-11187320.FP.FTS.B,

14.99%,

1/03/25

20,525

20,754

APP-11193583.FP.FTS.B,

14.49%,

1/02/27

9,939

10,129

APP-11194436.FP.FTS.B,

15.99%,

1/01/25

28,893

29,146

APP-11194490.FP.FTS.B,

5.99%,

12/20/23

7,301

7,426

APP-11194500.FP.FTS.B,

10.49%,

12/20/24

23,207

23,609

APP-11194578.FP.FTS.B,

18.99%,

12/25/26

18,519

18,819

APP-11194608.FP.FTS.B,

10.99%,

12/20/25

18,487

18,815

APP-11194609.FP.FTS.B,

18.49%,

11/18/26

22,344

22,535

APP-11194668.FP.FTS.B,

14.24%,

1/03/27

18,867

19,197

APP-11194733.FP.FTS.B,

8.99%,

11/11/24

34,446

34,947

APP-11196657.FP.FTS.B,

17.99%,

1/03/27

24,920

25,261

APP-11197492.FP.FTS.B,

18.99%,

11/12/23

9,267

9,354

APP-11205636.FP.FTS.B,

19.99%,

11/18/26

19,011

19,171

APP-11210666.FP.FTS.B,

10.99%,

11/15/25

21,431

21,742

APP-11216238.FP.FTS.B,

16.99%,

1/03/25

10,737

10,843

APP-11217813.FP.FTS.B,

14.24%,

12/30/26

22,822

23,302

APP-11231188.FP.FTS.B,

14.74%,

1/03/27

29,799

30,324

APP-11232283.FP.FTS.B,

19.49%,

11/07/26

39,221

39,657

APP-11236671.FP.FTS.B,

14.49%,

11/10/26

9,247

9,366

APP-11237613.FP.FTS.B,

14.49%,

11/19/26

11,140

11,330

APP-11237745.FP.FTS.B,

17.49%,

12/20/25

8,516

8,659

APP-11237793.FP.FTS.B,

18.99%,

12/23/26

10,782

10,923

APP-11237796.FP.FTS.B,

16.49%,

11/15/25

17,430

17,625

APP-11237818.FP.FTS.B,

17.99%,

12/31/25

26,229

26,581

APP-11237906.FP.FTS.B,

14.99%,

1/02/27

20,916

21,291

APP-11237920.FP.FTS.B,

17.99%,

11/17/24

10,004

10,100

APP-11237950.FP.FTS.B,

5.99%,

11/18/23

6,904

7,016

APP-11237990.FP.FTS.B,

10.74%,

1/02/25

18,999

19,309

APP-11238314.FP.FTS.B,

25.49%,

2/10/27

7,498

7,568

APP-11238359.FP.FTS.B,

18.99%,

2/11/27

27,000

27,662

APP-11238373.FP.FTS.B,

16.99%,

1/02/27

11,334

11,454

APP-11242662.FP.FTS.B,

21.49%,

1/02/27

43,299

43,659

APP-11249658.FP.FTS.B,

10.49%,

1/02/26

44,417

45,265

APP-11251772.FP.FTS.B,

11.99%,

11/16/26

19,549

19,866

*

APP-11253357.FP.FTS.B,

13.24%,

12/20/25

17,822

18,152

APP-11254936.FP.FTS.B,

20.99%,

11/17/26

40,459

40,675

APP-11265301.FP.FTS.B,

14.99%,

11/17/23

20,120

20,437

APP-11265704.FP.FTS.B,

13.99%,

1/03/25

37,229

37,691

APP-11265912.FP.FTS.B,

17.49%,

1/03/27

12,555

12,725

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

25,918

26,411

APP-11271721.FP.FTS.B,

11.99%,

1/02/27

16,868

17,191

APP-11275067.FP.FTS.B,

19.99%,

12/22/26

10,801

10,957

APP-11277041.FP.FTS.B,

20.49%,

1/01/27

23,182

23,302

APP-11277516.FP.FTS.B,

18.49%,

11/18/26

24,510

24,763

APP-11277746.FP.FTS.B,

25.49%,

12/21/26

9,824

9,869

APP-11278827.FP.FTS.B,

20.99%,

1/08/27

12,072

12,169

APP-11279539.FP.FTS.B,

15.99%,

1/09/26

10,405

10,608

APP-11279541.FP.FTS.B,

12.49%,

1/02/27

35,416

36,110

APP-11280007.FP.FTS.B,

17.99%,

11/15/24

7,616

7,671

APP-11280073.FP.FTS.B,

17.49%,

11/15/25

31,972

32,291

APP-11282858.FP.FTS.B,

19.49%,

1/03/27

39,742

40,145

APP-11283774.FP.FTS.B,

8.49%,

11/25/24

17,946

18,233

APP-11283833.FP.FTS.B,

14.24%,

1/09/27

24,996

25,427

APP-11283880.FP.FTS.B,

16.49%,

12/28/26

12,729

12,939

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

49,288

49,933

APP-11283955.FP.FTS.B,

14.24%,

12/26/26

16,594

16,863

APP-11285613.FP.FTS.B,

16.49%,

12/31/26

12,771

12,959

APP-11286200.FP.FTS.B,

22.49%,

11/18/26

7,362

7,437

APP-11287073.FP.FTS.B,

21.99%,

1/03/26

31,760

32,015

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

283

a

*

APP-11288220.FP.FTS.B,

19.99%,

11/18/24

9,820

9,971

APP-11289548.FP.FTS.B,

19.99%,

11/19/23

23,276

23,602

APP-11290144.FP.FTS.B,

19.99%,

1/03/26

16,876

16,989

APP-11292086.FP.FTS.B,

11.99%,

1/02/25

11,774

11,994

APP-11294831.FP.FTS.B,

25.49%,

12/31/24

1,580

1,591

APP-11294990.FP.FTS.B,

22.49%,

1/08/27

11,983

12,074

APP-11296028.FP.FTS.B,

23.49%,

11/19/26

49,928

50,246

APP-11297354.FP.FTS.B,

8.49%,

1/01/25

13,600

13,836

APP-11298390.FP.FTS.B,

20.99%,

12/19/26

39,256

39,680

APP-11299692.FP.FTS.B,

23.99%,

1/01/25

25,497

25,475

APP-11300855.FP.FTS.B,

23.99%,

11/19/23

10,271

10,403

APP-11301237.FP.FTS.B,

18.49%,

1/02/27

18,188

18,326

APP-11301348.FP.FTS.B,

15.99%,

12/19/26

24,460

24,791

APP-11301490.FP.FTS.B,

11.24%,

12/28/26

41,164

41,986

APP-11302708.FP.FTS.B,

20.49%,

1/08/27

25,165

25,344

APP-11303292.FP.FTS.B,

16.49%,

11/19/26

9,782

9,945

APP-11303675.FP.FTS.B,

22.99%,

11/19/26

16,692

16,854

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

13,683

13,812

APP-11304026.FP.FTS.B,

25.49%,

11/25/24

11,496

11,573

APP-11304077.FP.FTS.B,

18.99%,

12/20/26

21,075

21,354

APP-11304132.FP.FTS.B,

22.99%,

1/02/27

15,000

15,106

APP-11304254.FP.FTS.B,

21.49%,

11/19/26

48,964

49,267

APP-11304434.FP.FTS.B,

13.99%,

1/01/26

36,446

37,104

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

48,994

49,402

APP-11304753.FP.FTS.B,

16.99%,

1/08/27

14,964

15,136

APP-11304895.FP.FTS.B,

13.24%,

1/03/25

28,829

29,361

APP-11305215.FP.FTS.B,

13.24%,

12/19/25

16,457

16,739

APP-11305667.FP.FTS.B,

20.49%,

12/27/26

27,471

27,807

APP-11305757.FP.FTS.B,

11.99%,

11/19/26

24,386

24,804

APP-11306679.FP.FTS.B,

5.99%,

1/08/24

7,588

7,718

APP-11306682.FP.FTS.B,

17.49%,

1/07/27

20,114

20,367

APP-11306703.FP.FTS.B,

18.99%,

12/28/26

22,615

22,940

APP-11306719.FP.FTS.B,

11.99%,

1/08/27

15,846

16,139

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

15,822

16,074

APP-11307115.FP.FTS.B,

21.99%,

12/20/26

25,861

26,132

APP-11307681.FP.FTS.B,

25.49%,

11/16/24

7,640

7,642

APP-11307931.FP.FTS.B,

21.99%,

1/02/25

13,342

13,366

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

21,744

22,024

APP-11309855.FP.FTS.B,

19.49%,

11/15/26

29,332

29,566

APP-11312173.FP.FTS.B,

20.49%,

12/20/26

24,528

24,832

APP-11312458.FP.FTS.B,

5.99%,

11/17/23

11,049

11,228

APP-11313044.FP.FTS.B,

19.99%,

12/20/26

9,808

9,938

APP-11313333.FP.FTS.B,

20.99%,

1/03/27

29,913

30,177

APP-11313488.FP.FTS.B,

5.99%,

1/03/24

7,223

7,345

APP-11313930.FP.FTS.B,

25.49%,

11/15/24

9,593

9,617

APP-11314507.FP.FTS.B,

19.99%,

11/15/26

14,760

14,835

APP-11314530.FP.FTS.B,

18.49%,

1/01/24

16,484

16,743

APP-11314678.FP.FTS.B,

15.49%,

12/31/24

13,740

13,990

APP-11314953.FP.FTS.B,

11.99%,

1/03/27

31,309

31,873

APP-11315623.FP.FTS.B,

15.49%,

1/02/27

17,934

18,157

APP-11315766.FP.FTS.B,

24.49%,

11/15/26

27,927

28,010

APP-11316386.FP.FTS.B,

13.49%,

12/20/24

14,799

15,044

APP-11316423.FP.FTS.B,

14.74%,

12/20/26

26,038

26,387

APP-11317083.FP.FTS.B,

20.49%,

1/03/27

10,492

10,559

APP-11318066.FP.FTS.B,

17.49%,

12/25/26

15,654

15,830

APP-11319269.FP.FTS.B,

21.99%,

1/09/25

19,272

19,355

APP-11319315.FP.FTS.B,

19.99%,

1/02/27

9,993

10,099

APP-11319377.FP.FTS.B,

25.49%,

12/20/24

9,629

9,724

APP-11319641.FP.FTS.B,

19.49%,

11/17/26

11,747

11,840

APP-11320504.FP.FTS.B,

17.99%,

12/22/26

19,800

20,066

APP-11320650.FP.FTS.B,

23.99%,

1/06/25

14,816

14,854

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

284

a

APP-11321062.FP.FTS.B,

14.49%,

1/03/26

14,045

14,254

APP-11323384.FP.FTS.B,

12.74%,

1/04/27

32,902

33,482

APP-11323523.FP.FTS.B,

23.99%,

12/30/24

10,149

10,283

APP-11329490.FP.FTS.B,

17.99%,

1/03/27

10,004

10,105

APP-11332621.FP.FTS.B,

19.99%,

1/04/27

14,936

15,074

APP-11332760.FP.FTS.B,

22.49%,

11/15/26

9,730

9,745

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

15,000

15,165

APP-11333109.FP.FTS.B,

15.99%,

1/03/27

23,313

23,504

APP-11333230.FP.FTS.B,

12.49%,

11/25/24

26,923

27,327

APP-11333236.FP.FTS.B,

13.49%,

1/08/24

33,898

34,532

APP-11333266.FP.FTS.B,

15.49%,

1/02/25

11,804

11,912

APP-11333295.FP.FTS.B,

8.49%,

11/15/24

12,835

13,017

APP-11333322.FP.FTS.B,

18.49%,

1/08/27

23,010

23,207

APP-11333365.FP.FTS.B,

11.99%,

12/26/26

17,766

18,033

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

19,297

19,452

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

13,270

13,384

APP-11333496.FP.FTS.B,

18.99%,

1/07/25

8,768

8,869

APP-11333513.FP.FTS.B,

5.99%,

1/07/24

7,595

7,726

APP-11333515.FP.FTS.B,

16.49%,

11/16/24

14,087

14,206

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

14,921

15,068

APP-11334236.FP.FTS.B,

15.99%,

11/15/24

20,361

20,443

APP-11335242.FP.FTS.B,

19.49%,

12/21/25

10,686

10,809

APP-11335385.FP.FTS.B,

10.99%,

1/04/26

19,029

19,346

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

17,994

18,223

APP-11336215.FP.FTS.B,

17.99%,

12/21/26

7,828

7,933

APP-11336668.FP.FTS.B,

16.49%,

1/03/24

11,373

11,564

APP-11338199.FP.FTS.B,

20.99%,

11/15/26

29,301

29,370

APP-11338600.FP.FTS.B,

18.99%,

1/03/25

7,992

8,073

APP-11339522.FP.FTS.B,

23.49%,

12/21/26

19,629

19,716

APP-11341001.FP.FTS.B,

5.99%,

1/09/24

11,016

11,205

APP-11341268.FP.FTS.B,

12.49%,

1/03/27

39,113

39,778

APP-11343991.FP.FTS.B,

17.49%,

12/26/26

39,153

39,755

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

39,684

40,382

APP-11360195.FP.FTS.B,

20.99%,

12/26/26

31,443

31,840

APP-11361502.FP.FTS.B,

5.99%,

1/07/24

11,550

11,750

APP-11361916.FP.FTS.B,

23.49%,

12/26/26

49,106

49,643

APP-11363035.FP.FTS.B,

11.99%,

11/15/26

19,436

19,679

APP-11370104.FP.FTS.B,

15.99%,

1/07/25

20,252

20,608

APP-11370718.FP.FTS.B,

23.49%,

1/07/27

19,971

20,113

APP-11373259.FP.FTS.B,

14.99%,

1/07/25

32,917

33,278

APP-11373585.FP.FTS.B,

11.99%,

11/25/26

19,502

19,811

APP-11373885.FP.FTS.B,

14.49%,

1/09/27

10,436

10,631

APP-11374960.FP.FTS.B,

14.99%,

1/02/26

15,777

15,963

APP-11375423.FP.FTS.B,

18.49%,

1/07/27

20,908

21,075

APP-11376149.FP.FTS.B,

20.99%,

11/25/26

18,363

18,489

APP-11376181.FP.FTS.B,

10.99%,

11/15/25

13,990

14,179

APP-11376511.FP.FTS.B,

17.99%,

1/08/24

10,684

10,850

APP-11377526.FP.FTS.B,

20.49%,

1/01/27

23,843

24,004

APP-11378054.FP.FTS.B,

9.99%,

12/26/26

27,142

27,607

APP-11378327.FP.FTS.B,

17.99%,

1/07/26

13,382

13,489

APP-11379674.FP.FTS.B,

11.49%,

12/26/25

38,705

39,365

APP-11380226.FP.FTS.B,

13.99%,

1/07/26

12,530

12,747

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

19,919

20,189

APP-11380825.FP.FTS.B,

18.49%,

1/08/26

17,936

18,093

APP-11381570.FP.FTS.B,

17.99%,

1/09/27

7,970

8,116

APP-11382173.FP.FTS.B,

20.49%,

1/17/27

31,400

32,129

APP-11382186.FP.FTS.B,

21.99%,

1/07/26

29,661

29,875

APP-11382302.FP.FTS.B,

16.99%,

11/25/24

10,361

10,508

APP-11382734.FP.FTS.B,

23.49%,

1/04/25

11,341

11,354

APP-11383917.FP.FTS.B,

12.74%,

12/26/24

15,262

15,513

APP-11384170.FP.FTS.B,

11.99%,

1/08/27

20,889

21,277

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

285

a

APP-11384860.FP.FTS.B,

12.49%,

12/28/25

39,619

40,263

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

14,923

15,101

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

7,344

7,424

APP-11386768.FP.FTS.B,

12.24%,

1/08/27

19,794

20,146

APP-11387591.FP.FTS.B,

14.49%,

11/25/26

9,463

9,602

APP-11387733.FP.FTS.B,

19.99%,

1/07/27

9,965

10,082

APP-11388022.FP.FTS.B,

19.99%,

12/28/24

9,582

9,700

APP-11388172.FP.FTS.B,

25.49%,

1/07/25

7,914

7,942

APP-11388598.FP.FTS.B,

11.99%,

1/11/27

24,797

25,276

APP-11389002.FP.FTS.B,

17.99%,

1/09/25

7,392

7,493

APP-11389142.FP.FTS.B,

14.49%,

1/09/26

26,232

26,617

APP-11389311.FP.FTS.B,

17.49%,

1/07/27

39,799

40,484

APP-11390583.FP.FTS.B,

17.99%,

1/08/27

49,790

50,385

APP-11391376.FP.FTS.B,

19.99%,

12/26/26

19,602

19,795

APP-11392474.FP.FTS.B,

21.99%,

1/03/27

10,477

10,560

APP-11392548.FP.FTS.B,

22.99%,

1/08/27

15,264

15,632

APP-11393178.FP.FTS.B,

18.99%,

1/07/27

14,939

15,112

APP-11393205.FP.FTS.B,

21.99%,

1/08/27

9,827

9,895

APP-11393301.FP.FTS.B,

21.99%,

1/08/25

24,693

24,783

APP-11393534.FP.FTS.B,

16.99%,

12/26/26

14,678

14,877

APP-11393685.FP.FTS.B,

17.49%,

11/18/25

27,641

28,129

APP-11393790.FP.FTS.B,

25.49%,

12/26/24

9,429

9,534

APP-11394308.FP.FTS.B,

14.49%,

11/15/24

19,735

19,946

APP-11394558.FP.FTS.B,

14.99%,

11/15/24

19,017

19,183

APP-11394701.FP.FTS.B,

21.49%,

1/08/27

24,950

25,135

APP-11394769.FP.FTS.B,

24.49%,

12/26/26

31,051

31,386

APP-11394790.FP.FTS.B,

15.99%,

1/09/27

24,874

25,201

APP-11395025.FP.FTS.B,

15.49%,

1/09/27

17,108

17,332

APP-11395038.FP.FTS.B,

16.99%,

12/26/26

18,697

18,892

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

27,201

27,532

*

APP-11395928.FP.FTS.B,

17.99%,

12/26/25

39,594

40,256

APP-11396060.FP.FTS.B,

23.99%,

1/08/25

11,908

11,957

APP-11396072.FP.FTS.B,

22.99%,

1/09/27

16,692

16,832

APP-11396135.FP.FTS.B,

18.99%,

1/08/27

24,126

24,413

APP-11396422.FP.FTS.B,

18.99%,

1/08/27

18,434

18,658

APP-11396589.FP.FTS.B,

20.49%,

1/07/27

18,205

18,252

*

APP-11397332.FP.FTS.B,

20.49%,

12/26/26

25,000

25,788

APP-11397396.FP.FTS.B,

21.99%,

1/08/27

7,487

7,571

APP-11397553.FP.FTS.B,

10.49%,

1/01/25

29,335

29,802

APP-11397672.FP.FTS.B,

12.49%,

1/08/26

49,407

50,344

APP-11398203.FP.FTS.B,

17.49%,

1/09/27

16,907

17,133

APP-11398271.FP.FTS.B,

12.49%,

12/26/26

35,945

36,546

APP-11398498.FP.FTS.B,

19.49%,

1/08/25

36,385

36,591

APP-11398866.FP.FTS.B,

12.74%,

11/16/25

12,476

12,636

*

APP-11399287.FP.FTS.B,

22.49%,

11/15/26

9,838

9,881

APP-11399469.FP.FTS.B,

16.49%,

12/26/26

14,674

14,901

APP-11399720.FP.FTS.B,

21.49%,

1/04/27

20,809

20,925

APP-11400033.FP.FTS.B,

21.49%,

12/28/24

7,193

7,272

APP-11400433.FP.FTS.B,

15.49%,

1/06/25

12,232

12,429

APP-11402164.FP.FTS.B,

16.99%,

1/01/26

49,256

49,941

APP-11403530.FP.FTS.B,

19.49%,

1/09/26

10,413

10,561

APP-11405208.FP.FTS.B,

13.49%,

1/05/26

24,665

25,067

APP-11405262.FP.FTS.B,

14.49%,

1/10/27

10,925

11,138

APP-11408867.FP.FTS.B,

20.49%,

1/10/27

28,840

29,306

APP-11409258.FP.FTS.B,

20.49%,

11/20/26

18,045

18,132

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

9,815

9,900

APP-11411443.FP.FTS.B,

17.49%,

1/03/26

13,192

13,283

APP-11412825.FP.FTS.B,

16.49%,

11/20/25

16,423

16,624

APP-11413232.FP.FTS.B,

14.99%,

1/11/27

24,239

24,681

APP-11496149.FP.FTS.B,

13.74%,

2/11/27

10,000

10,189

APP-11496336.FP.FTS.B,

11.24%,

2/11/27

17,000

17,377

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

286

a

APP-11594848.FP.FTS.B,

14.99%,

2/12/25

21,734

21,995

*

APP-11689215.FP.FTS.B,

14.74%,

12/18/26

30,000

30,413

APP-11693698.FP.FTS.B,

16.74%,

2/02/27

50,000

50,723

APP-11693773.FP.FTS.B,

13.74%,

12/21/25

37,296

37,835

APP-11693780.FP.FTS.B,

10.99%,

12/16/26

33,466

33,926

APP-11693993.FP.FTS.B,

21.99%,

2/11/27

24,485

24,727

APP-11694342.FP.FTS.B,

7.74%,

2/02/25

17,533

17,881

APP-11694425.FP.FTS.B,

11.74%,

2/12/27

42,428

43,250

APP-11694481.FP.FTS.B,

16.49%,

2/11/27

13,255

13,566

APP-11694688.FP.FTS.B,

18.99%,

1/12/25

11,828

12,069

APP-11703270.FP.FTS.B,

19.99%,

12/29/26

14,857

15,118

APP-11731938.FP.FTS.B,

16.99%,

2/11/26

15,000

15,357

APP-11738960.FP.FTS.B,

11.24%,

12/23/26

15,182

15,422

APP-11740044.FP.FTS.B,

15.24%,

12/28/26

38,555

39,148

APP-11740757.FP.FTS.B,

19.74%,

12/22/26

36,346

36,714

APP-11740981.FP.FTS.B,

9.24%,

2/11/27

16,000

16,301

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

10,325

10,402

APP-11742033.FP.FTS.B,

19.99%,

2/10/27

9,300

9,422

*

APP-11745382.FP.FTS.B,

17.74%,

12/29/26

36,800

37,476

APP-11751019.FP.FTS.B,

15.99%,

2/05/26

15,000

15,310

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

15,000

15,165

APP-11753813.FP.FTS.B,

9.24%,

2/09/27

15,000

15,274

APP-11755374.FP.FTS.B,

5.99%,

2/12/24

10,011

10,190

APP-11767460.FP.FTS.B,

13.74%,

2/12/25

31,048

31,775

APP-11769543.FP.FTS.B,

18.24%,

2/11/27

29,535

29,911

APP-11770041.FP.FTS.B,

15.99%,

2/02/26

12,209

12,342

APP-11772465.FP.FTS.B,

10.99%,

12/27/25

49,145

49,995

APP-11772938.FP.FTS.B,

16.49%,

2/01/27

20,000

20,281

APP-11774364.FP.FTS.B,

20.49%,

2/10/27

19,000

19,467

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

39,551

40,051

APP-11777594.FP.FTS.B,

19.99%,

12/27/26

20,777

21,047

APP-11779274.FP.FTS.B,

19.99%,

2/11/27

26,000

26,320

APP-11779303.FP.FTS.B,

10.99%,

2/11/27

20,000

20,447

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

50,000

50,925

APP-11781212.FP.FTS.B,

18.99%,

12/27/24

13,183

13,363

APP-11781355.FP.FTS.B,

5.99%,

2/11/24

10,000

10,185

*

APP-11785403.FP.FTS.B,

12.49%,

12/29/25

18,945

19,294

APP-11785448.FP.FTS.B,

13.49%,

2/11/26

20,000

20,308

APP-11785699.FP.FTS.B,

18.99%,

2/05/27

16,275

16,623

APP-11787493.FP.FTS.B,

14.99%,

2/12/26

18,000

18,289

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

7,500

7,599

APP-11788952.FP.FTS.B,

16.49%,

2/11/27

15,000

15,277

APP-11789087.FP.FTS.B,

18.99%,

12/29/26

14,845

15,060

APP-11789125.FP.FTS.B,

11.24%,

12/29/26

37,532

38,222

APP-11789582.FP.FTS.B,

19.49%,

2/11/27

13,178

13,339

APP-11789588.FP.FTS.B,

5.99%,

2/05/24

10,000

10,175

APP-11791248.FP.FTS.B,

11.24%,

2/11/27

40,000

40,739

APP-11791702.FP.FTS.B,

13.24%,

2/05/27

29,607

30,086

APP-11791795.FP.FTS.B,

13.99%,

2/10/24

26,346

26,852

APP-11791965.FP.FTS.B,

18.24%,

12/29/26

31,102

31,653

*

APP-11792334.FP.FTS.B,

13.24%,

12/29/24

50,000

50,920

APP-11792403.FP.FTS.B,

13.99%,

2/03/26

23,500

23,793

APP-11792552.FP.FTS.B,

17.49%,

2/01/25

27,842

28,361

APP-11793006.FP.FTS.B,

21.24%,

12/29/26

22,145

22,533

APP-11793362.FP.FTS.B,

17.99%,

12/20/25

36,002

36,391

APP-11793842.FP.FTS.B,

12.99%,

12/28/26

13,296

13,488

APP-11793984.FP.FTS.B,

25.49%,

12/20/24

9,753

9,824

APP-11793986.FP.FTS.B,

11.24%,

2/12/27

14,500

14,829

APP-11794186.FP.FTS.B,

14.74%,

2/12/27

50,000

51,179

APP-11794207.FP.FTS.B,

11.49%,

2/12/27

15,000

15,283

APP-11794602.FP.FTS.B,

17.49%,

2/11/27

15,000

15,215

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

287

a

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

26,000

26,425

APP-11795686.FP.FTS.B,

16.49%,

2/11/27

15,389

15,673

APP-11798052.FP.FTS.B,

18.49%,

2/12/27

29,318

29,632

APP-11798110.FP.FTS.B,

24.99%,

2/11/26

7,500

7,579

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

44,274

45,042

APP-11798644.FP.FTS.B,

18.99%,

12/24/26

8,057

8,159

APP-11798675.FP.FTS.B,

15.49%,

2/10/27

14,616

14,813

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

12,999

13,224

APP-11799028.FP.FTS.B,

9.24%,

1/31/27

19,999

20,374

APP-11799086.FP.FTS.B,

5.99%,

2/11/24

10,260

10,449

APP-11799271.FP.FTS.B,

14.99%,

12/21/24

20,778

21,043

APP-11799282.FP.FTS.B,

9.74%,

2/12/25

16,969

17,350

APP-11799285.FP.FTS.B,

9.49%,

2/11/26

30,000

30,576

APP-11799309.FP.FTS.B,

5.99%,

12/26/23

7,201

7,329

APP-11799332.FP.FTS.B,

17.49%,

2/12/27

13,923

14,094

APP-11799399.FP.FTS.B,

5.99%,

2/07/24

11,142

11,333

APP-11799474.FP.FTS.B,

5.99%,

2/07/24

10,004

10,182

APP-11799486.FP.FTS.B,

5.99%,

12/29/23

9,234

9,407

APP-11799504.FP.FTS.B,

9.74%,

2/05/25

12,726

12,986

APP-11799510.FP.FTS.B,

16.99%,

12/15/24

9,723

9,821

APP-11799511.FP.FTS.B,

13.49%,

2/11/27

14,874

15,155

APP-11799543.FP.FTS.B,

13.24%,

2/12/26

10,287

10,524

APP-11799618.FP.FTS.B,

15.24%,

2/11/26

10,176

10,378

APP-11800198.FP.FTS.B,

16.99%,

12/25/26

19,496

19,781

APP-11800362.FP.FTS.B,

25.49%,

3/11/27

11,000

11,287

APP-11800371.FP.FTS.B,

19.74%,

2/10/27

40,000

40,469

APP-11800507.FP.FTS.B,

18.49%,

12/28/26

19,791

20,080

APP-11800708.FP.FTS.B,

19.99%,

2/07/27

14,104

14,247

APP-11800806.FP.FTS.B,

19.99%,

2/10/27

27,618

27,932

APP-11801033.FP.FTS.B,

11.24%,

2/01/27

31,119

31,703

APP-11801305.FP.FTS.B,

18.24%,

2/12/27

35,613

36,499

APP-11802110.FP.FTS.B,

16.99%,

2/13/26

25,000

25,392

APP-11802431.FP.FTS.B,

10.24%,

12/18/25

13,404

13,602

APP-11802457.FP.FTS.B,

22.49%,

2/10/27

9,600

9,699

APP-11802632.FP.FTS.B,

9.74%,

12/29/24

11,714

11,930

APP-11802820.FP.FTS.B,

18.49%,

12/25/26

20,489

20,752

APP-11803364.FP.FTS.B,

10.24%,

2/01/26

18,502

18,809

APP-11803514.FP.FTS.B,

10.99%,

2/12/27

20,000

20,453

APP-11803536.FP.FTS.B,

13.99%,

2/01/25

28,814

29,220

APP-11803618.FP.FTS.B,

19.99%,

2/12/27

18,100

18,331

APP-11803668.FP.FTS.B,

23.99%,

2/13/25

12,000

12,090

APP-11803838.FP.FTS.B,

16.99%,

12/29/26

17,812

18,127

APP-11804078.FP.FTS.B,

16.49%,

2/01/27

28,500

28,900

APP-11804310.FP.FTS.B,

15.49%,

2/03/24

7,500

7,621

APP-11804667.FP.FTS.B,

19.99%,

2/11/27

21,400

21,624

APP-11804977.FP.FTS.B,

16.74%,

1/31/26

30,000

30,493

APP-11805029.FP.FTS.B,

25.49%,

2/10/27

10,000

10,254

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

21,100

21,358

APP-11805285.FP.FTS.B,

16.99%,

12/29/25

12,947

13,174

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

10,000

10,115

APP-11806256.FP.FTS.B,

19.99%,

2/11/27

10,000

10,137

APP-11806647.FP.FTS.B,

23.99%,

2/10/25

12,200

12,267

APP-11806809.FP.FTS.B,

19.99%,

12/16/26

11,800

11,877

APP-11807115.FP.FTS.B,

8.24%,

12/17/25

17,087

17,342

APP-11807330.FP.FTS.B,

17.99%,

12/29/26

9,899

10,072

APP-11807428.FP.FTS.B,

17.99%,

2/03/27

9,000

9,178

APP-11807491.FP.FTS.B,

13.24%,

12/28/26

19,709

20,041

APP-11807542.FP.FTS.B,

10.99%,

2/12/27

40,000

40,906

APP-11810344.FP.FTS.B,

17.49%,

2/10/27

26,313

26,678

APP-11810406.FP.FTS.B,

11.74%,

2/10/27

50,000

50,947

APP-11810724.FP.FTS.B,

18.99%,

2/01/24

8,042

8,129

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

288

a

APP-11815201.FP.FTS.B,

10.99%,

12/30/26

27,258

27,758

APP-11815802.FP.FTS.B,

17.49%,

2/11/27

17,000

17,242

APP-11816651.FP.FTS.B,

26.49%,

2/01/26

7,700

7,721

APP-11817724.FP.FTS.B,

20.74%,

2/12/26

23,000

23,238

APP-11818506.FP.FTS.B,

18.49%,

12/28/26

20,572

20,869

APP-11821370.FP.FTS.B,

5.99%,

2/12/24

11,578

11,794

APP-11821456.FP.FTS.B,

23.74%,

2/11/25

25,000

25,154

APP-11821897.FP.FTS.B,

25.49%,

3/12/27

7,500

7,700

APP-11822567.FP.FTS.B,

5.99%,

2/11/24

7,500

7,638

APP-11823747.FP.FTS.B,

13.74%,

2/11/27

11,458

11,680

32,173,283

LendingClub

Corp.

-

LCX…...............................................

155233113.LC.FTS.B,

10.33%,

7/16/24

20,435

19,377

156658855.LC.FTS.B,

8.81%,

8/08/22

3,069

1,055

156733268.LC.FTS.B,

13.08%,

9/03/24

9,108

8,760

157826557.LC.FTS.B,

12.4%,

9/03/24

15,922

14,158

158109104.LC.FTS.B,

6.46%,

9/04/22

1,688

1,524

160977025.LC.FTS.B,

12.4%,

11/12/24

23,581

22,481

161569311.LC.FTS.B,

8.19%,

11/12/24

24,732

24,019

161603667.LC.FTS.B,

8.81%,

11/13/24

19,035

18,523

161667236.LC.FTS.B,

8.19%,

11/12/24

20,333

19,780

161704230.LC.FTS.B,

13.08%,

11/22/22

16,439

15,242

161755229.LC.FTS.B,

6.46%,

11/12/22

11,600

11,470

*

161896871.LC.FTS.B,

11.02%,

12/10/24

23,451

3,816

161914714.LC.FTS.B,

18.62%,

12/06/24

20,727

19,566

161924848.LC.FTS.B,

8.19%,

12/13/22

6,638

6,550

162032767.LC.FTS.B,

11.02%,

11/22/22

13,733

13,380

162038214.LC.FTS.B,

7.56%,

12/13/22

7,636

7,508

*

162072108.LC.FTS.B,

17.74%,

11/19/24

28,332

1,298

162096852.LC.FTS.B,

14.3%,

11/19/22

11,429

11,103

162155933.LC.FTS.B,

8.19%,

11/21/22

8,928

8,552

162183906.LC.FTS.B,

10.33%,

11/22/22

2,850

2,615

162202500.LC.FTS.B,

10.33%,

11/22/22

5,569

5,474

162235860.LC.FTS.B,

10.33%,

11/22/22

928

913

162236067.LC.FTS.B,

13.08%,

11/29/22

10,140

9,893

162438385.LC.FTS.B,

14.3%,

11/26/22

7,299

7,038

162545418.LC.FTS.B,

8.19%,

12/06/24

23,281

22,581

162633514.LC.FTS.B,

13.08%,

12/03/22

10,437

10,196

162671029.LC.FTS.B,

11.71%,

12/03/22

5,021

4,619

162691230.LC.FTS.B,

10.33%,

12/03/22

16,612

16,098

162753603.LC.FTS.B,

12.4%,

12/30/22

7,556

7,351

162876938.LC.FTS.B,

8.81%,

12/06/24

14,624

14,184

162903601.LC.FTS.B,

12.4%,

12/30/22

15,006

14,578

163000138.LC.FTS.B,

6.46%,

12/13/22

13,069

12,875

163006105.LC.FTS.B,

11.02%,

12/13/22

3,332

3,259

163023181.LC.FTS.B,

8.81%,

12/13/22

3,570

3,518

163087577.LC.FTS.B,

11.71%,

12/13/22

6,868

6,716

163123524.LC.FTS.B,

6.46%,

12/13/22

3,263

3,220

163145010.LC.FTS.B,

11.02%,

12/13/24

26,096

24,686

163257946.LC.FTS.B,

13.08%,

12/24/24

22,385

21,089

163371603.LC.FTS.B,

10.33%,

1/13/25

7,107

6,227

163423054.LC.FTS.B,

7.56%,

12/17/22

3,299

3,255

163434307.LC.FTS.B,

11.71%,

12/17/22

1,017

987

163438663.LC.FTS.B,

16.95%,

12/17/24

27,273

25,746

163477091.LC.FTS.B,

11.02%,

12/17/24

19,481

18,481

163548042.LC.FTS.B,

6.46%,

12/19/22

14,504

13,253

163589300.LC.FTS.B,

7.56%,

12/19/22

1,592

1,487

*

163620572.LC.FTS.B,

20.55%,

12/20/24

15,558

3,035

163629418.LC.FTS.B,

11.02%,

12/23/22

10,234

10,017

163632898.LC.FTS.B,

6.46%,

12/20/22

12,735

9,048

163663218.LC.FTS.B,

20.55%,

12/31/24

16,537

15,099

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

289

a

163822655.LC.FTS.B,

13.08%,

12/24/22

3,827

3,747

163825750.LC.FTS.B,

20.55%,

12/26/22

3,665

3,584

163849354.LC.FTS.B,

11.71%,

12/30/24

5,364

5,075

163856054.LC.FTS.B,

8.19%,

12/26/24

15,805

14,465

163859690.LC.FTS.B,

16.95%,

1/03/25

13,936

12,350

163877923.LC.FTS.B,

13.08%,

12/31/24

17,063

16,095

163887122.LC.FTS.B,

18.62%,

12/30/22

12,684

12,350

163902257.LC.FTS.B,

16.12%,

1/27/23

9,309

9,081

163972960.LC.FTS.B,

20.55%,

12/30/22

3,103

3,020

163973756.LC.FTS.B,

12.4%,

12/30/24

27,105

25,575

164009169.LC.FTS.B,

11.02%,

12/30/22

1,514

1,473

164028463.LC.FTS.B,

10.33%,

12/30/22

14,724

14,289

164033983.LC.FTS.B,

8.19%,

12/30/24

17,499

15,734

164037541.LC.FTS.B,

10.33%,

12/30/22

2,540

2,469

164073339.LC.FTS.B,

14.3%,

12/31/22

4,967

4,772

164094705.LC.FTS.B,

20.55%,

12/30/22

6,448

6,283

164132559.LC.FTS.B,

16.12%,

12/31/22

8,251

8,040

164136024.LC.FTS.B,

8.81%,

1/03/23

10,907

10,725

164140916.LC.FTS.B,

14.3%,

1/07/23

2,307

2,108

164148303.LC.FTS.B,

8.19%,

1/14/23

4,700

4,628

164155926.LC.FTS.B,

8.81%,

1/14/23

6,200

6,101

164172772.LC.FTS.B,

8.81%,

1/03/23

10,163

10,002

164222970.LC.FTS.B,

8.19%,

1/07/25

25,926

25,086

164246253.LC.FTS.B,

11.02%,

1/03/23

11,952

11,605

164275670.LC.FTS.B,

16.12%,

1/21/23

3,879

3,780

164285377.LC.FTS.B,

14.3%,

1/03/23

14,060

12,832

164377342.LC.FTS.B,

8.81%,

1/10/23

14,521

14,281

164424854.LC.FTS.B,

16.12%,

1/24/25

12,462

11,698

164499922.LC.FTS.B,

8.81%,

1/10/23

10,163

10,005

164509815.LC.FTS.B,

16.95%,

1/10/23

4,797

4,661

164526400.LC.FTS.B,

12.4%,

1/14/23

2,095

2,039

164580459.LC.FTS.B,

11.02%,

1/10/23

4,075

3,963

164583230.LC.FTS.B,

6.46%,

1/10/23

14,865

14,590

164601035.LC.FTS.B,

13.08%,

1/10/23

9,438

9,185

164604215.LC.FTS.B,

7.56%,

1/10/23

3,651

3,595

*

164614036.LC.FTS.B,

11.71%,

1/21/23

8,673

3,361

164650755.LC.FTS.B,

10.33%,

1/10/23

3,692

3,584

164665238.LC.FTS.B,

10.33%,

1/17/23

5,868

5,703

164676050.LC.FTS.B,

6.46%,

1/14/23

14,201

13,982

164684956.LC.FTS.B,

16.12%,

1/10/23

776

754

164697305.LC.FTS.B,

15.24%,

1/10/23

20,863

19,717

164714191.LC.FTS.B,

Zero

Cpn.,

1/10/25

7,609

3,479

164752026.LC.FTS.B,

13.08%,

1/14/23

8,271

7,950

164793469.LC.FTS.B,

7.56%,

1/14/23

11,157

10,985

164800330.LC.FTS.B,

8.19%,

1/14/25

25,926

25,101

164807302.LC.FTS.B,

8.81%,

1/14/25

26,079

25,230

164841930.LC.FTS.B,

10.33%,

1/14/23

5,522

5,374

164854573.LC.FTS.B,

8.81%,

1/14/23

10,889

10,722

164869691.LC.FTS.B,

6.46%,

1/14/23

4,230

3,852

164931192.LC.FTS.B,

6.46%,

1/24/23

11,148

10,982

164939612.LC.FTS.B,

12.4%,

1/17/23

9,254

8,899

164995310.LC.FTS.B,

13.08%,

1/24/23

2,001

1,950

165021303.LC.FTS.B,

7.02%,

1/28/23

13,143

12,905

165024772.LC.FTS.B,

13.08%,

1/17/23

2,076

2,022

165105516.LC.FTS.B,

10.33%,

1/17/23

3,911

3,811

165130758.LC.FTS.B,

6.46%,

1/31/23

9,119

8,589

165138625.LC.FTS.B,

6.46%,

1/24/23

6,431

6,343

165147890.LC.FTS.B,

10.33%,

1/21/23

8,200

8,001

*

165153868.LC.FTS.B,

8.19%,

1/21/25

25,390

4,218

165157005.LC.FTS.B,

14.3%,

1/21/25

17,956

16,826

165182473.LC.FTS.B,

8.19%,

1/28/23

4,632

4,385

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

290

a

165282620.LC.FTS.B,

11.02%,

1/24/23

7,367

6,753

165291952.LC.FTS.B,

16.95%,

1/21/23

6,640

6,386

165297083.LC.FTS.B,

17.74%,

1/24/23

4,277

4,108

165333612.LC.FTS.B,

11.71%,

1/23/25

8,017

7,183

165360980.LC.FTS.B,

Zero

Cpn.,

1/24/23

2,567

1,098

165377205.LC.FTS.B,

11.02%,

1/24/23

3,936

3,836

165396023.LC.FTS.B,

16.12%,

1/24/23

12,907

12,584

165425976.LC.FTS.B,

7.02%,

1/24/23

12,328

11,023

165427525.LC.FTS.B,

14.3%,

1/23/25

10,410

9,783

165450743.LC.FTS.B,

16.95%,

1/23/25

22,661

21,135

165459089.LC.FTS.B,

14.3%,

1/23/23

7,400

7,131

165461334.LC.FTS.B,

14.3%,

1/24/25

4,095

3,844

165465550.LC.FTS.B,

16.12%,

1/24/23

13,544

13,040

165466503.LC.FTS.B,

13.08%,

1/23/25

12,618

10,774

165490615.LC.FTS.B,

16.12%,

1/24/23

787

772

165490643.LC.FTS.B,

18.62%,

2/04/25

23,140

21,443

165498269.LC.FTS.B,

23.05%,

2/24/23

2,761

2,736

165498935.LC.FTS.B,

6.46%,

1/28/23

14,201

13,943

165508383.LC.FTS.B,

15.24%,

1/27/25

24,065

22,595

165509821.LC.FTS.B,

11.71%,

1/27/25

9,318

8,036

165533845.LC.FTS.B,

16.12%,

1/24/25

16,616

15,624

165574843.LC.FTS.B,

17.74%,

1/27/23

6,492

6,332

165584619.LC.FTS.B,

17.74%,

1/27/23

2,572

2,473

165618377.LC.FTS.B,

8.81%,

1/28/25

8,472

7,510

165736531.LC.FTS.B,

7.02%,

1/30/23

4,057

3,826

165746807.LC.FTS.B,

6.46%,

1/28/23

1,420

1,394

165751647.LC.FTS.B,

8.19%,

1/30/23

8,182

7,753

165799463.LC.FTS.B,

12.4%,

1/30/25

8,904

7,815

165920964.LC.FTS.B,

7.02%,

1/31/23

8,367

7,905

*

165942279.LC.FTS.B,

16.95%,

2/03/23

1,175

211

166104484.LC.FTS.B,

14.3%,

2/27/25

19,336

16,627

166153251.LC.FTS.B,

14.3%,

2/13/23

12,452

11,164

166330132.LC.FTS.B,

16.95%,

2/24/23

6,277

6,093

166372697.LC.FTS.B,

17.74%,

2/19/23

2,856

2,610

166619009.LC.FTS.B,

20.55%,

2/24/25

18,251

17,167

166622143.LC.FTS.B,

20.55%,

2/21/23

2,165

2,120

166741999.LC.FTS.B,

17.74%,

2/18/23

423

396

166836534.LC.FTS.B,

7.56%,

3/13/23

1,215

1,152

166868646.LC.FTS.B,

16.12%,

2/18/25

3,536

3,144

166977058.LC.FTS.B,

23.05%,

2/20/25

11,226

10,525

166982249.LC.FTS.B,

20.55%,

2/21/25

8,760

8,238

166989795.LC.FTS.B,

20.55%,

2/20/25

23,294

21,818

166995526.LC.FTS.B,

25.65%,

2/20/25

12,134

11,380

166998287.LC.FTS.B,

23.05%,

2/20/25

8,909

8,377

167003367.LC.FTS.B,

Zero

Cpn.,

2/21/23

26,850

13,313

167007080.LC.FTS.B,

20.55%,

2/21/23

1,299

1,272

167008405.LC.FTS.B,

16.95%,

2/24/25

23,482

22,045

167016743.LC.FTS.B,

16.95%,

2/24/25

22,877

21,477

167019591.LC.FTS.B,

7.56%,

3/11/23

10,244

9,540

167033130.LC.FTS.B,

20.55%,

2/20/25

7,665

7,208

167037232.LC.FTS.B,

23.05%,

2/20/23

2,386

2,335

167045062.LC.FTS.B,

20.55%,

2/20/23

7,056

6,768

167046067.LC.FTS.B,

20.55%,

2/20/23

3,545

3,344

167046083.LC.FTS.B,

20.55%,

2/21/25

20,386

18,748

167077001.LC.FTS.B,

23.05%,

2/21/25

4,083

3,840

167079353.LC.FTS.B,

23.05%,

2/21/23

4,419

4,326

167134704.LC.FTS.B,

13.08%,

2/24/23

14,238

13,840

167149200.LC.FTS.B,

16.12%,

2/21/23

835

812

167156729.LC.FTS.B,

17.74%,

2/24/23

4,232

4,117

167165051.LC.FTS.B,

16.12%,

2/24/25

7,072

6,639

167180462.LC.FTS.B,

16.95%,

2/24/23

2,102

2,045

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

291

a

167210728.LC.FTS.B,

11.71%,

2/24/23

1,206

1,136

167294071.LC.FTS.B,

13.08%,

2/25/25

3,869

3,474

*

167319828.LC.FTS.B,

14.3%,

2/25/23

2,418

298

167417233.LC.FTS.B,

7.02%,

2/27/23

5,833

5,496

167422583.LC.FTS.B,

7.02%,

2/27/23

641

619

167474153.LC.FTS.B,

8.81%,

2/27/23

11,843

10,057

167498735.LC.FTS.B,

10.33%,

2/28/23

3,288

3,010

167658700.LC.FTS.B,

20.55%,

3/03/23

3,234

3,113

167692607.LC.FTS.B,

16.95%,

3/03/23

2,383

2,291

167814487.LC.FTS.B,

8.19%,

3/05/23

17,145

13,543

167898599.LC.FTS.B,

8.81%,

3/06/23

3,027

2,884

168170703.LC.FTS.B,

8.19%,

3/13/25

10,636

9,425

168227112.LC.FTS.B,

15.24%,

4/14/23

8,583

8,104

168514492.LC.FTS.B,

7.56%,

3/17/23

9,747

9,231

168556644.LC.FTS.B,

16.95%,

3/20/23

4,891

4,596

168559827.LC.FTS.B,

7.02%,

3/19/23

9,939

9,279

168563219.LC.FTS.B,

8.81%,

3/19/25

16,654

14,929

168657342.LC.FTS.B,

11.71%,

4/14/25

18,973

16,604

1,703,326

LendingClub

Corp.

-

LCX

PM….........................................

*

170692669.LC.FTS.B,

16.08%,

10/09/23

2,799

2,084

170762714.LC.FTS.B,

16.08%,

10/13/25

16,385

15,830

170824911.LC.FTS.B,

9.02%,

10/09/23

12,316

11,680

170880199.LC.FTS.B,

16.08%,

10/07/23

8,774

8,538

170882145.LC.FTS.B,

8.46%,

10/09/23

9,207

8,793

170898869.LC.FTS.B,

18.24%,

10/16/25

12,413

11,854

171003078.LC.FTS.B,

10.81%,

10/07/23

3,422

3,234

171017047.LC.FTS.B,

8.46%,

10/07/23

9,207

8,644

171036531.LC.FTS.B,

10.81%,

10/07/23

3,111

2,970

171045369.LC.FTS.B,

16.08%,

10/07/25

8,192

7,940

171046663.LC.FTS.B,

9.56%,

10/07/23

11,119

10,619

171130012.LC.FTS.B,

17.3%,

10/09/25

9,831

9,345

171209679.LC.FTS.B,

10.81%,

10/16/23

6,170

5,992

171239013.LC.FTS.B,

10.19%,

10/16/23

6,157

5,813

171260087.LC.FTS.B,

10.19%,

10/16/23

11,699

11,257

*

171291195.LC.FTS.B,

14.02%,

10/20/23

15,130

1,125

171295682.LC.FTS.B,

14.71%,

10/16/23

3,179

3,014

171339542.LC.FTS.B,

10.81%,

10/29/23

1,983

1,871

171343880.LC.FTS.B,

10.81%,

11/12/23

2,665

2,583

171404953.LC.FTS.B,

10.19%,

11/13/23

2,590

2,487

171440597.LC.FTS.B,

8.46%,

11/13/23

3,508

3,334

171443227.LC.FTS.B,

10.19%,

11/04/23

12,936

12,464

171594396.LC.FTS.B,

8.46%,

10/29/23

5,127

4,872

171643853.LC.FTS.B,

16.08%,

10/29/25

8,325

8,058

171671693.LC.FTS.B,

13.33%,

11/04/25

5,716

5,408

171672235.LC.FTS.B,

13.33%,

11/04/25

12,332

11,122

171698001.LC.FTS.B,

10.81%,

11/04/23

19,468

18,561

171698236.LC.FTS.B,

8.46%,

11/16/23

12,533

11,790

171709430.LC.FTS.B,

13.33%,

11/13/25

18,203

16,253

171752223.LC.FTS.B,

8.46%,

11/06/23

4,486

4,232

171759988.LC.FTS.B,

16.08%,

11/06/25

8,324

7,825

171793496.LC.FTS.B,

8.46%,

11/10/23

19,163

18,279

171825004.LC.FTS.B,

15.4%,

11/06/25

23,238

22,529

171872747.LC.FTS.B,

9.02%,

11/10/23

12,855

12,036

171881564.LC.FTS.B,

10.19%,

11/10/23

16,170

15,079

171885695.LC.FTS.B,

18.24%,

11/09/25

8,450

8,059

171893215.LC.FTS.B,

16.08%,

11/10/25

16,649

15,799

171895455.LC.FTS.B,

9.56%,

11/12/23

8,787

8,501

171898688.LC.FTS.B,

10.81%,

11/10/23

16,223

15,631

171901101.LC.FTS.B,

13.33%,

11/10/23

6,575

6,146

171902167.LC.FTS.B,

8.46%,

11/10/23

7,690

7,306

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

292

a

171905795.LC.FTS.B,

16.08%,

11/10/25

11,022

10,706

171920958.LC.FTS.B,

9.56%,

11/12/23

7,789

7,393

*

171921256.LC.FTS.B,

13.33%,

11/10/23

14,216

2,444

171927180.LC.FTS.B,

10.81%,

11/13/23

11,690

10,766

171929422.LC.FTS.B,

9.56%,

11/10/23

19,339

18,505

171938996.LC.FTS.B,

14.71%,

11/10/23

993

962

171972764.LC.FTS.B,

8.46%,

11/13/23

9,613

9,330

171991292.LC.FTS.B,

9.02%,

11/13/23

7,713

7,354

171994710.LC.FTS.B,

9.56%,

11/16/23

1,601

1,568

171997415.LC.FTS.B,

9.02%,

11/13/23

3,214

3,119

172000836.LC.FTS.B,

15.4%,

11/13/25

16,707

16,216

172007952.LC.FTS.B,

20.74%,

11/16/23

682

648

172021697.LC.FTS.B,

10.81%,

11/13/23

15,574

15,220

172292139.LC.FTS.B,

10.19%,

12/02/23

16,836

16,431

172326263.LC.FTS.B,

14.02%,

12/22/23

6,860

6,611

172382360.LC.FTS.B,

14.02%,

12/15/25

10,059

9,766

172424365.LC.FTS.B,

15.4%,

12/14/25

9,306

9,048

172464877.LC.FTS.B,

14.02%,

12/15/23

19,094

18,573

172486420.LC.FTS.B,

19.95%,

12/02/23

1,572

1,502

172518768.LC.FTS.B,

10.81%,

12/07/23

8,106

7,686

172540829.LC.FTS.B,

18.24%,

12/07/23

5,667

5,402

172543832.LC.FTS.B,

10.81%,

12/03/23

946

920

172560239.LC.FTS.B,

16.08%,

12/03/23

17,318

16,532

172563412.LC.FTS.B,

16.08%,

12/31/25

29,929

28,987

172591096.LC.FTS.B,

10.81%,

12/07/23

4,882

4,645

172604109.LC.FTS.B,

16.08%,

12/22/25

20,968

20,382

172661353.LC.FTS.B,

9.56%,

12/07/23

5,399

5,237

172672091.LC.FTS.B,

14.02%,

12/07/23

4,116

3,986

172770386.LC.FTS.B,

19.12%,

12/22/25

16,260

15,656

172802413.LC.FTS.B,

16.08%,

12/09/25

15,218

14,756

172830533.LC.FTS.B,

20.74%,

1/04/24

4,394

4,211

172834572.LC.FTS.B,

15.4%,

12/18/25

12,683

12,344

172844657.LC.FTS.B,

14.71%,

12/31/23

6,758

6,439

172871335.LC.FTS.B,

17.3%,

12/18/25

29,738

28,473

172876605.LC.FTS.B,

17.3%,

12/14/25

10,196

9,696

172894773.LC.FTS.B,

15.4%,

12/14/25

8,451

8,213

172935214.LC.FTS.B,

16.08%,

12/18/23

20,781

19,928

172960729.LC.FTS.B,

14.02%,

12/18/25

18,441

17,476

172968764.LC.FTS.B,

16.08%,

1/04/24

4,310

4,195

172969402.LC.FTS.B,

20.74%,

12/21/23

1,981

1,914

172979926.LC.FTS.B,

16.08%,

12/15/25

10,734

10,424

172991771.LC.FTS.B,

15.4%,

12/18/25

8,431

8,192

173000593.LC.FTS.B,

14.71%,

12/21/23

18,583

17,829

173012538.LC.FTS.B,

20.74%,

1/04/26

30,481

29,130

173018414.LC.FTS.B,

13.33%,

12/22/25

13,327

12,637

173021253.LC.FTS.B,

10.19%,

12/18/23

8,755

8,490

173046390.LC.FTS.B,

14.02%,

12/22/25

17,111

15,175

173053425.LC.FTS.B,

10.19%,

12/21/23

17,799

17,101

173069321.LC.FTS.B,

17.3%,

12/18/23

3,483

3,364

173075170.LC.FTS.B,

19.12%,

12/22/25

9,413

9,064

173076663.LC.FTS.B,

19.12%,

12/22/23

6,743

6,519

173088500.LC.FTS.B,

14.02%,

12/21/23

17,151

16,455

173100997.LC.FTS.B,

14.02%,

12/21/23

24,075

23,330

173106203.LC.FTS.B,

20.74%,

12/18/23

11,992

11,579

173107270.LC.FTS.B,

17.3%,

12/18/23

1,393

1,346

173129067.LC.FTS.B,

20.74%,

12/21/23

2,273

2,176

173133595.LC.FTS.B,

19.12%,

12/21/23

1,405

1,358

173134451.LC.FTS.B,

16.08%,

12/21/25

21,137

20,542

173208716.LC.FTS.B,

17.3%,

12/22/23

4,076

3,897

173261475.LC.FTS.B,

19.95%,

12/31/23

1,314

1,258

173277936.LC.FTS.B,

16.08%,

12/31/25

34,330

33,248

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

293

a

173321906.LC.FTS.B,

10.81%,

12/31/23

5,965

5,754

173359214.LC.FTS.B,

14.02%,

12/30/23

14,237

13,377

173365718.LC.FTS.B,

17.3%,

12/30/23

7,220

6,913

173377479.LC.FTS.B,

18.24%,

1/12/26

34,680

33,335

173378319.LC.FTS.B,

14.71%,

12/31/23

4,284

4,042

173378479.LC.FTS.B,

17.3%,

12/31/25

25,864

23,884

173383392.LC.FTS.B,

15.4%,

1/12/26

10,273

9,732

173388155.LC.FTS.B,

17.3%,

12/31/23

1,083

1,037

173394313.LC.FTS.B,

16.08%,

1/04/26

15,021

14,666

173395883.LC.FTS.B,

17.3%,

12/31/25

21,554

20,005

173399124.LC.FTS.B,

16.08%,

12/30/23

7,182

6,941

173400785.LC.FTS.B,

16.08%,

12/31/25

8,656

8,406

173403754.LC.FTS.B,

18.24%,

12/30/25

12,048

11,518

173413369.LC.FTS.B,

19.95%,

12/30/23

1,460

1,397

173415544.LC.FTS.B,

19.12%,

12/30/23

695

666

173421687.LC.FTS.B,

16.08%,

1/04/26

4,625

4,521

173423229.LC.FTS.B,

16.08%,

1/04/26

17,167

16,761

173430575.LC.FTS.B,

16.08%,

1/04/26

21,458

20,952

173431262.LC.FTS.B,

19.95%,

12/30/23

1,752

1,676

173431392.LC.FTS.B,

19.12%,

12/31/23

3,637

3,483

173441306.LC.FTS.B,

18.24%,

12/31/23

2,536

2,429

173441334.LC.FTS.B,

17.3%,

1/28/26

31,041

29,945

173462475.LC.FTS.B,

19.95%,

1/04/24

11,681

11,196

*

173506829.LC.FTS.B,

20.74%,

1/12/24

2,904

2,790

173559970.LC.FTS.B,

20.74%,

1/26/24

12,657

12,241

173604231.LC.FTS.B,

14.02%,

1/12/26

15,328

13,987

173633820.LC.FTS.B,

16.99%,

2/05/24

6,086

5,969

173663810.LC.FTS.B,

17.3%,

1/12/26

7,326

6,976

173666949.LC.FTS.B,

20.74%,

1/12/26

8,819

8,504

173709848.LC.FTS.B,

18.24%,

1/12/26

22,428

21,587

173720769.LC.FTS.B,

16.99%,

1/28/24

17,306

17,030

173725842.LC.FTS.B,

16.08%,

1/12/24

22,639

21,938

173769784.LC.FTS.B,

12.49%,

2/05/24

2,188

2,165

173841938.LC.FTS.B,

15.99%,

2/08/26

11,320

11,071

173913063.LC.FTS.B,

17.24%,

2/08/26

10,494

10,262

173938930.LC.FTS.B,

16.99%,

1/28/24

5,192

5,079

173990194.LC.FTS.B,

13.99%,

1/28/24

5,694

5,492

173993696.LC.FTS.B,

19.49%,

1/28/24

25,507

24,804

173995037.LC.FTS.B,

16.19%,

1/28/24

862

849

174017574.LC.FTS.B,

9.99%,

1/29/24

20,968

20,129

174028958.LC.FTS.B,

14.99%,

1/26/24

24,575

23,137

174036213.LC.FTS.B,

6.49%,

2/05/24

7,148

6,761

174039169.LC.FTS.B,

17.24%,

2/04/26

20,460

19,653

174042657.LC.FTS.B,

13.74%,

1/26/26

16,454

15,555

174043763.LC.FTS.B,

20.44%,

2/04/26

8,837

8,609

174048004.LC.FTS.B,

12.49%,

1/26/24

7,071

6,684

174084354.LC.FTS.B,

12.49%,

1/26/26

33,855

31,274

174090524.LC.FTS.B,

12.74%,

1/29/24

21,225

20,100

174096433.LC.FTS.B,

21.49%,

1/28/24

7,346

7,252

174098325.LC.FTS.B,

12.49%,

1/26/24

19,799

18,648

174102738.LC.FTS.B,

15.44%,

1/28/26

6,992

6,809

174107383.LC.FTS.B,

12.34%,

2/05/24

13,249

13,099

174117079.LC.FTS.B,

12.74%,

1/26/24

14,158

13,624

174117472.LC.FTS.B,

12.34%,

2/05/24

9,522

9,046

174118594.LC.FTS.B,

11.34%,

1/26/24

11,256

10,821

174134234.LC.FTS.B,

9.59%,

1/29/24

20,930

20,020

174138465.LC.FTS.B,

8.59%,

1/28/24

12,506

11,837

174143158.LC.FTS.B,

11.34%,

1/26/24

6,984

6,763

174146725.LC.FTS.B,

Zero

Cpn.,

2/05/24

25,629

2,391

*

174152126.LC.FTS.B,

15%,

2/05/26

20,548

20,372

174155308.LC.FTS.B,

8.59%,

1/29/24

3,472

3,299

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

294

a

174169568.LC.FTS.B,

7.74%,

2/04/24

25,154

23,878

174171737.LC.FTS.B,

15.99%,

1/28/26

28,060

27,511

174181203.LC.FTS.B,

16.99%,

1/26/24

1,298

1,277

174205068.LC.FTS.B,

13.99%,

1/28/24

10,677

10,521

174206502.LC.FTS.B,

17.99%,

2/04/26

28,601

28,067

174214837.LC.FTS.B,

13.49%,

1/28/24

3,551

3,499

174224259.LC.FTS.B,

14.74%,

1/28/26

21,740

21,391

174224849.LC.FTS.B,

13.99%,

1/29/24

2,845

2,754

174232024.LC.FTS.B,

21.49%,

1/29/26

15,739

15,396

174235765.LC.FTS.B,

12.74%,

1/29/24

4,952

4,881

174239289.LC.FTS.B,

15.44%,

1/29/24

2,147

2,114

174239520.LC.FTS.B,

16.99%,

1/29/24

4,323

4,255

174240247.LC.FTS.B,

18.49%,

1/29/24

8,700

8,503

174241094.LC.FTS.B,

13.99%,

1/29/24

8,536

8,412

174241821.LC.FTS.B,

16.49%,

2/04/24

12,758

12,538

174262461.LC.FTS.B,

10.24%,

2/05/24

21,143

20,068

174267823.LC.FTS.B,

16.99%,

2/04/26

13,082

12,727

174279916.LC.FTS.B,

13.04%,

2/08/24

18,732

17,983

174284597.LC.FTS.B,

17.44%,

2/08/26

11,022

10,812

174293135.LC.FTS.B,

14.74%,

2/04/26

28,544

27,005

174293219.LC.FTS.B,

19.44%,

2/05/24

3,389

3,294

174297080.LC.FTS.B,

15.74%,

2/05/26

8,700

8,437

174297569.LC.FTS.B,

10.99%,

2/05/24

10,198

9,692

174306657.LC.FTS.B,

11.34%,

2/05/24

13,526

12,855

174313049.LC.FTS.B,

12.49%,

2/08/24

4,393

4,202

174320226.LC.FTS.B,

16.19%,

2/05/26

6,971

6,870

174332832.LC.FTS.B,

15.99%,

2/04/26

23,946

23,029

174333350.LC.FTS.B,

15.44%,

2/04/26

6,841

6,527

174343617.LC.FTS.B,

11.29%,

2/05/24

16,036

15,513

*

174346169.LC.FTS.B,

9.59%,

2/08/24

10,157

9,707

174347591.LC.FTS.B,

13.99%,

2/08/24

11,110

10,666

174350896.LC.FTS.B,

16.19%,

2/08/26

8,749

8,574

174351573.LC.FTS.B,

16.99%,

2/08/24

22,531

21,991

174353511.LC.FTS.B,

14.74%,

2/04/26

24,473

23,992

174354729.LC.FTS.B,

17.24%,

2/04/26

17,489

17,026

174362204.LC.FTS.B,

11.99%,

2/05/26

22,317

21,704

174453354.LC.FTS.B,

16.74%,

2/08/26

30,708

30,031

181268329.LC.FTS.B,

22.99%,

10/13/26

24,310

22,727

181324642.LC.FTS.B,

15.19%,

10/13/26

28,976

26,683

181449908.LC.FTS.B,

22.99%,

10/14/26

17,503

17,265

181599922.LC.FTS.B,

22.99%,

10/15/24

9,731

9,625

181671017.LC.FTS.B,

19.49%,

10/14/26

23,270

22,830

181681556.LC.FTS.B,

19.49%,

10/14/26

14,544

14,269

181717704.LC.FTS.B,

22.49%,

10/19/24

23,494

23,256

181746904.LC.FTS.B,

12.99%,

11/05/26

29,334

29,147

181823934.LC.FTS.B,

18.99%,

10/14/24

14,048

13,718

181832576.LC.FTS.B,

27.49%,

10/18/26

24,392

24,072

181861314.LC.FTS.B,

18.99%,

10/18/24

9,365

9,234

181963473.LC.FTS.B,

21.49%,

10/19/26

11,655

11,240

181977814.LC.FTS.B,

19.49%,

10/14/26

17,503

16,931

182054732.LC.FTS.B,

18.99%,

11/05/24

4,562

4,526

182060544.LC.FTS.B,

18.99%,

10/18/24

7,867

7,791

182070060.LC.FTS.B,

18.99%,

10/18/24

2,997

2,968

182072801.LC.FTS.B,

21.99%,

10/14/26

15,556

15,338

182090100.LC.FTS.B,

16.49%,

10/18/24

6,072

5,766

182097380.LC.FTS.B,

28.99%,

10/13/26

14,651

14,298

182100249.LC.FTS.B,

28.99%,

10/15/26

9,767

9,634

182112904.LC.FTS.B,

19.49%,

10/19/24

18,271

17,453

182127030.LC.FTS.B,

23.99%,

10/18/24

9,414

9,358

182128512.LC.FTS.B,

18.99%,

10/14/24

2,814

2,751

182135115.LC.FTS.B,

24.99%,

10/14/26

23,609

23,539

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

295

a

182138019.LC.FTS.B,

15.99%,

11/08/24

5,736

5,712

182140694.LC.FTS.B,

18.99%,

10/13/24

22,477

21,049

182142308.LC.FTS.B,

23.49%,

10/20/26

9,728

9,564

182147568.LC.FTS.B,

16.49%,

10/19/24

26,156

25,888

*

182159321.LC.FTS.B,

24.99%,

10/15/26

11,898

2,255

182165350.LC.FTS.B,

20.99%,

11/01/26

23,537

23,318

182168238.LC.FTS.B,

18.99%,

10/14/24

16,857

16,091

182171506.LC.FTS.B,

21.49%,

10/18/26

23,309

23,011

182183875.LC.FTS.B,

20.99%,

10/15/24

9,384

9,289

182184928.LC.FTS.B,

21.99%,

10/18/26

20,763

20,597

182185437.LC.FTS.B,

19.99%,

10/14/26

15,818

15,315

182189422.LC.FTS.B,

19.99%,

10/14/24

9,562

9,421

182191083.LC.FTS.B,

18.99%,

10/13/24

4,683

4,569

182193671.LC.FTS.B,

14.49%,

10/19/24

5,861

5,716

182196271.LC.FTS.B,

20.49%,

10/18/26

9,704

9,615

182200785.LC.FTS.B,

15.99%,

10/14/24

7,469

7,223

182205876.LC.FTS.B,

18.49%,

10/15/24

19,713

19,104

182207425.LC.FTS.B,

18.49%,

10/18/24

10,297

10,197

182208099.LC.FTS.B,

24.99%,

10/13/26

24,348

23,879

182215764.LC.FTS.B,

20.99%,

10/15/24

18,768

18,578

182219920.LC.FTS.B,

23.99%,

10/14/26

29,054

28,653

182220241.LC.FTS.B,

23.99%,

10/14/26

8,272

8,159

182222867.LC.FTS.B,

18.49%,

10/18/24

9,361

9,270

182227875.LC.FTS.B,

19.49%,

10/14/24

18,740

18,300

182230252.LC.FTS.B,

23.19%,

10/14/26

9,726

9,593

182232885.LC.FTS.B,

23.99%,

10/13/26

23,389

22,501

182237890.LC.FTS.B,

18.49%,

10/14/26

14,531

13,787

182239660.LC.FTS.B,

19.99%,

10/15/26

14,550

14,413

182240755.LC.FTS.B,

20.44%,

11/05/26

18,683

18,493

182249975.LC.FTS.B,

25.99%,

10/18/26

11,914

11,924

182251543.LC.FTS.B,

15.99%,

10/14/24

8,898

8,757

182253442.LC.FTS.B,

11.99%,

10/14/24

18,593

17,878

182261797.LC.FTS.B,

21.99%,

10/14/26

24,441

24,209

182267011.LC.FTS.B,

28.99%,

10/19/26

19,534

19,192

182268975.LC.FTS.B,

25.99%,

10/14/24

3,961

3,935

182272557.LC.FTS.B,

15.49%,

11/05/24

5,734

5,709

182272740.LC.FTS.B,

28.99%,

10/14/26

23,441

23,114

182279306.LC.FTS.B,

15.99%,

10/15/24

11,204

11,133

182279442.LC.FTS.B,

21.99%,

10/20/26

23,319

22,927

182281352.LC.FTS.B,

18.99%,

11/04/24

11,496

11,402

182281831.LC.FTS.B,

19.49%,

10/15/26

18,907

18,729

182283124.LC.FTS.B,

21.99%,

10/18/26

19,918

19,663

182288146.LC.FTS.B,

22.99%,

11/02/24

11,526

11,400

182293592.LC.FTS.B,

18.99%,

10/15/24

9,365

9,271

182294171.LC.FTS.B,

22.99%,

10/15/24

9,323

9,183

182296093.LC.FTS.B,

18.19%,

11/04/26

5,875

5,828

182299128.LC.FTS.B,

18.99%,

10/15/24

1,124

1,113

182308436.LC.FTS.B,

23.99%,

10/14/26

24,329

23,996

182308670.LC.FTS.B,

19.49%,

10/15/24

8,433

8,348

182309726.LC.FTS.B,

27.99%,

10/18/26

23,425

23,117

182309932.LC.FTS.B,

19.49%,

10/15/24

9,381

9,338

182310621.LC.FTS.B,

21.49%,

10/15/24

19,528

19,317

182312904.LC.FTS.B,

28.99%,

10/18/26

8,588

8,474

182316493.LC.FTS.B,

15.99%,

10/18/24

10,270

10,163

182319471.LC.FTS.B,

19.99%,

10/18/24

5,625

5,570

182322335.LC.FTS.B,

20.49%,

10/18/24

23,448

23,220

182323369.LC.FTS.B,

23.99%,

10/14/26

19,461

19,195

182327350.LC.FTS.B,

18.99%,

10/18/24

7,867

7,791

182329589.LC.FTS.B,

24.99%,

10/20/26

7,791

7,695

182330305.LC.FTS.B,

19.99%,

10/18/24

1,919

1,516

182332114.LC.FTS.B,

22.99%,

10/18/24

1,880

1,861

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

296

a

182333831.LC.FTS.B,

19.44%,

10/15/24

4,684

4,617

182334335.LC.FTS.B,

23.99%,

10/15/26

19,463

19,114

182334375.LC.FTS.B,

23.99%,

10/15/24

14,117

13,900

182334791.LC.FTS.B,

22.99%,

10/18/24

2,351

2,326

182337953.LC.FTS.B,

15.19%,

10/15/26

15,951

15,938

182340872.LC.FTS.B,

20.99%,

10/18/24

9,384

9,293

182341717.LC.FTS.B,

18.99%,

10/18/24

9,644

9,599

182342567.LC.FTS.B,

16.99%,

11/01/26

12,524

12,007

182343246.LC.FTS.B,

22.99%,

11/03/24

5,763

5,702

182344363.LC.FTS.B,

15.99%,

11/05/24

32,518

32,230

182348001.LC.FTS.B,

19.44%,

10/19/24

9,330

9,119

182348144.LC.FTS.B,

18.99%,

10/18/24

9,403

9,377

182350782.LC.FTS.B,

21.49%,

10/18/26

24,718

24,401

182351714.LC.FTS.B,

23.99%,

10/18/26

9,732

9,606

182352192.LC.FTS.B,

17.44%,

10/19/24

9,350

9,255

182361225.LC.FTS.B,

16.49%,

10/19/24

8,734

8,335

182365065.LC.FTS.B,

23.99%,

10/18/26

7,785

7,685

182372852.LC.FTS.B,

23.99%,

10/18/26

18,926

18,676

182373053.LC.FTS.B,

20.44%,

10/20/26

19,408

19,240

182374675.LC.FTS.B,

17.49%,

10/19/26

24,198

22,746

182379386.LC.FTS.B,

23.99%,

11/15/26

21,610

21,404

182379594.LC.FTS.B,

18.99%,

10/19/24

22,477

21,670

182381955.LC.FTS.B,

26.99%,

10/20/26

3,901

3,853

182385569.LC.FTS.B,

21.49%,

11/01/24

23,990

23,722

182386230.LC.FTS.B,

15.99%,

10/19/24

8,412

8,170

182386753.LC.FTS.B,

23.19%,

11/04/26

19,638

19,391

182390204.LC.FTS.B,

18.99%,

11/12/24

17,321

17,359

182398569.LC.FTS.B,

20.49%,

10/19/26

23,290

22,867

182398953.LC.FTS.B,

23.99%,

11/05/24

7,689

7,617

182399699.LC.FTS.B,

24.99%,

10/19/24

14,669

14,547

182400368.LC.FTS.B,

24.99%,

10/19/26

3,965

3,935

182400546.LC.FTS.B,

20.44%,

10/20/26

6,736

6,584

182404645.LC.FTS.B,

20.24%,

10/19/26

33,958

33,499

182406475.LC.FTS.B,

19.99%,

10/19/24

10,781

10,679

182410510.LC.FTS.B,

27.99%,

10/21/24

14,169

14,040

182411428.LC.FTS.B,

18.44%,

10/18/24

16,924

16,727

182412380.LC.FTS.B,

23.99%,

11/01/26

9,821

9,636

182413362.LC.FTS.B,

22.99%,

10/20/24

3,317

3,285

182416200.LC.FTS.B,

21.49%,

10/19/26

19,425

19,182

182419678.LC.FTS.B,

19.99%,

10/19/26

21,340

21,151

182420043.LC.FTS.B,

26.99%,

10/20/26

19,507

19,174

182424479.LC.FTS.B,

28.99%,

10/19/26

19,348

19,026

182425449.LC.FTS.B,

15.44%,

11/02/26

14,663

13,924

*

182428388.LC.FTS.B,

22.99%,

11/01/24

16,000

2,947

182431329.LC.FTS.B,

13.04%,

11/01/24

4,604

4,558

182433195.LC.FTS.B,

25.99%,

11/05/26

8,653

8,546

182434150.LC.FTS.B,

20.44%,

10/19/24

6,590

6,571

182447710.LC.FTS.B,

18.44%,

10/20/26

18,599

18,354

182448851.LC.FTS.B,

16.49%,

11/02/24

10,120

10,142

182452855.LC.FTS.B,

19.44%,

11/04/26

9,438

9,342

182453849.LC.FTS.B,

20.74%,

10/19/24

13,585

13,388

182455989.LC.FTS.B,

17.44%,

10/19/24

9,350

9,296

182456004.LC.FTS.B,

16.49%,

10/19/26

3,779

3,763

182460757.LC.FTS.B,

17.44%,

11/01/24

9,570

9,092

182469398.LC.FTS.B,

21.99%,

11/05/26

19,625

19,386

182477114.LC.FTS.B,

17.49%,

10/20/24

3,343

3,310

182487044.LC.FTS.B,

14.99%,

11/01/24

14,379

13,836

182488402.LC.FTS.B,

19.49%,

11/04/24

6,229

6,178

182489147.LC.FTS.B,

18.99%,

10/20/26

33,922

33,474

182489685.LC.FTS.B,

19.49%,

11/01/24

16,292

16,135

182493547.LC.FTS.B,

17.49%,

11/01/26

29,496

28,829

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

297

a

182498467.LC.FTS.B,

14.99%,

11/05/24

7,165

7,092

182501698.LC.FTS.B,

16.19%,

11/01/24

38,610

37,875

182516076.LC.FTS.B,

15.99%,

11/22/24

10,540

10,335

182525265.LC.FTS.B,

22.99%,

11/01/24

11,252

11,222

182530390.LC.FTS.B,

21.49%,

11/02/26

21,756

21,288

182537821.LC.FTS.B,

14.99%,

11/02/26

14,398

14,286

182541261.LC.FTS.B,

17.99%,

11/12/26

13,707

13,619

182543126.LC.FTS.B,

19.49%,

11/08/24

23,258

23,207

182543501.LC.FTS.B,

16.99%,

11/01/26

9,785

9,743

182545979.LC.FTS.B,

11.99%,

11/01/24

17,160

17,192

182547090.LC.FTS.B,

18.99%,

11/01/24

14,483

14,418

182558045.LC.FTS.B,

19.49%,

11/22/26

14,111

14,057

182562706.LC.FTS.B,

17.49%,

11/01/26

15,768

15,500

182567745.LC.FTS.B,

21.49%,

11/15/26

14,715

14,438

182567782.LC.FTS.B,

13.74%,

11/08/26

24,412

24,183

182573041.LC.FTS.B,

17.74%,

11/15/26

19,578

19,551

182592773.LC.FTS.B,

23.99%,

11/23/26

9,966

9,883

182593987.LC.FTS.B,

14.19%,

11/01/24

18,186

18,149

182618845.LC.FTS.B,

18.99%,

11/23/24

9,580

9,507

182655109.LC.FTS.B,

13.19%,

11/03/26

22,451

22,433

182663344.LC.FTS.B,

24.99%,

11/01/26

17,690

16,786

182675743.LC.FTS.B,

19.49%,

11/04/26

34,508

34,531

182688806.LC.FTS.B,

24.99%,

11/04/24

6,276

6,251

182708985.LC.FTS.B,

21.99%,

11/01/26

13,738

13,292

182709715.LC.FTS.B,

19.49%,

11/02/24

12,458

12,013

182712600.LC.FTS.B,

19.49%,

11/02/24

9,583

9,198

182713608.LC.FTS.B,

22.99%,

11/01/24

5,763

5,698

182715994.LC.FTS.B,

18.99%,

11/03/26

11,241

11,143

182716700.LC.FTS.B,

14.99%,

11/05/24

9,592

9,630

182718150.LC.FTS.B,

24.99%,

11/01/26

7,122

7,098

182725535.LC.FTS.B,

19.49%,

11/04/26

23,518

23,329

182726206.LC.FTS.B,

19.99%,

11/04/24

4,314

4,278

182726662.LC.FTS.B,

17.24%,

11/15/26

23,601

23,683

182729893.LC.FTS.B,

23.99%,

11/01/26

19,646

18,734

182736548.LC.FTS.B,

22.49%,

11/01/26

31,438

30,181

182737632.LC.FTS.B,

20.99%,

11/01/24

9,593

9,458

182737896.LC.FTS.B,

19.49%,

11/01/26

18,764

18,768

182741643.LC.FTS.B,

22.99%,

11/01/24

1,441

1,418

182746441.LC.FTS.B,

17.44%,

11/01/24

15,418

15,307

182747742.LC.FTS.B,

28.99%,

11/01/26

3,586

3,607

182748274.LC.FTS.B,

18.99%,

11/01/24

9,580

9,446

182748705.LC.FTS.B,

18.49%,

11/01/26

29,380

28,567

182749224.LC.FTS.B,

15.99%,

11/18/24

6,836

6,826

182749329.LC.FTS.B,

18.99%,

11/01/24

14,370

14,170

182753052.LC.FTS.B,

25.99%,

11/01/26

23,598

23,262

182753800.LC.FTS.B,

16.49%,

11/05/24

11,560

11,439

182757904.LC.FTS.B,

16.49%,

11/05/24

7,688

7,565

182761301.LC.FTS.B,

14.74%,

11/01/26

25,967

25,695

182761588.LC.FTS.B,

18.49%,

11/01/26

19,587

19,406

182762119.LC.FTS.B,

15.49%,

11/01/24

7,698

7,716

182762220.LC.FTS.B,

24.99%,

11/03/26

14,152

13,960

182763696.LC.FTS.B,

23.99%,

11/01/26

14,734

14,526

182764835.LC.FTS.B,

13.99%,

11/02/24

5,728

5,462

182765403.LC.FTS.B,

24.99%,

11/01/26

8,845

8,719

182766834.LC.FTS.B,

15.99%,

11/01/24

23,946

23,945

182769411.LC.FTS.B,

18.44%,

11/08/24

4,597

4,562

182770234.LC.FTS.B,

24.99%,

11/01/26

11,793

11,626

182775915.LC.FTS.B,

19.99%,

11/01/26

15,683

15,537

182779398.LC.FTS.B,

27.99%,

11/08/26

23,621

23,337

182781985.LC.FTS.B,

19.49%,

11/02/24

9,583

9,241

182782330.LC.FTS.B,

17.44%,

11/01/26

19,594

19,581

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

298

a

182783983.LC.FTS.B,

17.49%,

11/15/24

21,055

20,904

182784886.LC.FTS.B,

16.49%,

11/01/26

24,454

24,351

182785608.LC.FTS.B,

15.19%,

11/02/26

28,344

26,917

182785786.LC.FTS.B,

24.99%,

11/08/26

19,542

19,386

182786114.LC.FTS.B,

28.99%,

11/15/26

5,908

5,850

182786422.LC.FTS.B,

13.99%,

11/02/24

12,411

12,000

182787978.LC.FTS.B,

16.99%,

11/05/24

4,592

4,572

182790988.LC.FTS.B,

24.99%,

11/17/26

19,656

19,480

182792605.LC.FTS.B,

20.49%,

11/15/26

24,641

24,344

182797314.LC.FTS.B,

15.99%,

11/02/24

9,561

9,254

182798212.LC.FTS.B,

24.99%,

11/02/26

11,793

11,412

182800255.LC.FTS.B,

24.99%,

11/02/24

22,365

22,358

182804522.LC.FTS.B,

19.49%,

11/05/24

17,296

17,328

182810364.LC.FTS.B,

19.49%,

11/05/24

18,366

18,404

182810616.LC.FTS.B,

18.99%,

11/08/26

14,694

14,585

182810684.LC.FTS.B,

21.49%,

11/04/26

19,620

19,514

182810881.LC.FTS.B,

28.99%,

11/02/26

5,908

5,715

182811241.LC.FTS.B,

16.74%,

11/01/26

24,458

24,128

182814285.LC.FTS.B,

15.44%,

11/02/26

27,371

26,374

182816829.LC.FTS.B,

21.99%,

11/18/26

10,205

10,125

182821347.LC.FTS.B,

20.99%,

11/05/24

23,982

23,790

182824507.LC.FTS.B,

16.49%,

11/19/24

4,782

4,776

182828421.LC.FTS.B,

11.49%,

11/08/24

28,589

28,667

182830334.LC.FTS.B,

12.99%,

11/02/24

9,540

9,436

182830358.LC.FTS.B,

24.99%,

11/02/24

7,422

7,390

182830626.LC.FTS.B,

13.44%,

11/03/26

5,858

5,853

182832352.LC.FTS.B,

13.99%,

11/03/24

13,432

12,922

182832700.LC.FTS.B,

14.99%,

11/04/24

12,420

12,401

182833905.LC.FTS.B,

15.49%,

11/02/24

23,893

23,551

182834096.LC.FTS.B,

15.49%,

11/08/26

26,312

26,201

182836722.LC.FTS.B,

23.99%,

11/23/26

34,380

33,662

182836852.LC.FTS.B,

17.44%,

11/02/26

22,022

21,932

182840575.LC.FTS.B,

18.99%,

11/18/24

4,790

4,770

182841357.LC.FTS.B,

26.49%,

11/04/26

18,685

18,447

182842302.LC.FTS.B,

23.99%,

11/02/26

19,765

19,454

182842810.LC.FTS.B,

17.49%,

11/02/24

8,613

8,565

182843663.LC.FTS.B,

22.49%,

11/02/26

4,711

4,625

182845003.LC.FTS.B,

18.99%,

11/02/24

5,984

5,902

182845074.LC.FTS.B,

20.99%,

11/16/26

26,725

26,580

182845986.LC.FTS.B,

19.99%,

11/05/26

8,567

8,500

182850075.LC.FTS.B,

17.99%,

11/02/24

22,977

22,848

182850730.LC.FTS.B,

22.99%,

11/02/24

17,442

17,345

182852118.LC.FTS.B,

16.49%,

11/02/24

10,520

10,462

182852389.LC.FTS.B,

19.44%,

11/02/24

23,958

23,735

182854752.LC.FTS.B,

18.99%,

11/02/24

19,160

18,982

182855294.LC.FTS.B,

15.99%,

11/02/24

9,561

9,508

182856346.LC.FTS.B,

16.99%,

11/19/26

14,677

14,675

182857090.LC.FTS.B,

21.99%,

11/02/26

14,273

14,239

182859815.LC.FTS.B,

16.99%,

11/03/24

14,351

14,147

182860020.LC.FTS.B,

15.44%,

12/01/24

35,207

35,153

182860335.LC.FTS.B,

20.49%,

11/02/26

24,564

24,510

182860477.LC.FTS.B,

21.99%,

11/02/26

24,531

24,194

182861390.LC.FTS.B,

18.99%,

11/18/24

19,117

19,015

182861657.LC.FTS.B,

12.99%,

11/17/24

11,925

11,822

182861781.LC.FTS.B,

22.99%,

11/02/24

15,369

15,201

182862683.LC.FTS.B,

11.04%,

11/08/24

11,432

10,948

182863345.LC.FTS.B,

18.99%,

11/02/24

4,790

4,746

182863664.LC.FTS.B,

19.99%,

11/02/24

4,217

4,179

182864591.LC.FTS.B,

18.44%,

11/05/24

33,806

33,538

182864988.LC.FTS.B,

24.49%,

11/03/26

19,651

19,385

182868795.LC.FTS.B,

14.49%,

11/03/24

2,498

2,488

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

299

a

182869782.LC.FTS.B,

22.99%,

11/12/24

14,984

14,879

182871003.LC.FTS.B,

24.99%,

11/03/26

17,690

17,450

182871113.LC.FTS.B,

21.99%,

11/02/26

19,625

19,355

182873325.LC.FTS.B,

23.19%,

11/08/26

9,819

9,703

182874149.LC.FTS.B,

22.99%,

11/02/24

19,211

19,001

182874527.LC.FTS.B,

15.99%,

11/03/24

23,901

23,774

182874683.LC.FTS.B,

16.19%,

11/08/24

23,623

23,488

182874871.LC.FTS.B,

18.49%,

11/03/24

21,069

20,880

182875454.LC.FTS.B,

12.99%,

11/02/24

15,795

15,811

182876690.LC.FTS.B,

17.44%,

11/03/24

957

952

182877276.LC.FTS.B,

17.49%,

11/03/24

6,221

6,187

182881545.LC.FTS.B,

18.99%,

11/04/24

9,772

9,691

182882013.LC.FTS.B,

24.99%,

11/24/26

19,656

19,544

182882751.LC.FTS.B,

18.99%,

11/03/24

3,353

3,323

182883648.LC.FTS.B,

17.49%,

11/03/24

9,570

9,519

182883867.LC.FTS.B,

24.99%,

11/03/26

6,879

6,786

182884112.LC.FTS.B,

15.74%,

11/18/24

33,456

32,791

182884372.LC.FTS.B,

19.99%,

11/03/26

1,137

1,140

182884975.LC.FTS.B,

15.99%,

11/03/24

23,901

23,774

182888667.LC.FTS.B,

24.99%,

11/03/26

9,828

9,695

182892460.LC.FTS.B,

20.49%,

11/03/26

24,511

24,296

182892987.LC.FTS.B,

18.99%,

11/05/24

11,496

11,405

182894263.LC.FTS.B,

22.49%,

11/03/26

23,556

23,240

182894637.LC.FTS.B,

24.99%,

11/04/26

24,570

24,259

182895500.LC.FTS.B,

19.49%,

11/03/24

16,292

16,145

182897546.LC.FTS.B,

27.49%,

11/04/26

24,833

24,999

182901080.LC.FTS.B,

22.49%,

11/03/24

3,841

3,800

182903788.LC.FTS.B,

19.49%,

11/04/24

20,252

20,266

182905174.LC.FTS.B,

22.99%,

11/04/26

22,991

22,912

182905625.LC.FTS.B,

20.99%,

11/22/26

16,689

16,620

182907566.LC.FTS.B,

15.99%,

11/04/24

2,677

2,664

182908181.LC.FTS.B,

17.99%,

11/04/24

5,744

5,717

182908610.LC.FTS.B,

18.49%,

11/08/24

28,653

28,396

182911086.LC.FTS.B,

16.49%,

11/15/26

29,345

28,334

182914089.LC.FTS.B,

17.19%,

11/03/24

4,308

4,306

182914824.LC.FTS.B,

16.49%,

11/04/24

9,564

9,519

182916807.LC.FTS.B,

19.12%,

11/04/26

17,761

17,782

182918052.LC.FTS.B,

12.99%,

11/03/24

7,632

7,617

182918122.LC.FTS.B,

17.74%,

11/03/26

5,873

5,851

182918450.LC.FTS.B,

22.99%,

11/05/24

9,605

9,515

182918515.LC.FTS.B,

16.49%,

11/16/24

13,397

12,931

182919920.LC.FTS.B,

10.34%,

11/04/24

14,283

14,318

182920963.LC.FTS.B,

18.99%,

11/03/26

27,429

27,190

182921002.LC.FTS.B,

23.99%,

11/05/26

12,858

12,835

182921573.LC.FTS.B,

18.99%,

11/04/24

17,244

17,102

182921780.LC.FTS.B,

11.04%,

11/03/24

20,549

20,573

182921838.LC.FTS.B,

17.24%,

11/03/26

9,263

9,226

182921955.LC.FTS.B,

28.99%,

11/05/26

4,923

4,862

182922353.LC.FTS.B,

15.49%,

11/18/26

34,215

34,204

182923000.LC.FTS.B,

18.99%,

11/05/24

23,950

23,760

182923608.LC.FTS.B,

18.99%,

11/12/24

5,748

5,636

182924017.LC.FTS.B,

23.99%,

11/05/26

18,172

18,078

182925177.LC.FTS.B,

22.99%,

11/04/24

9,605

9,512

182925213.LC.FTS.B,

21.49%,

11/12/24

1,439

1,423

182925439.LC.FTS.B,

18.19%,

11/03/26

9,862

9,869

182925584.LC.FTS.B,

21.49%,

11/03/26

19,620

19,357

182925771.LC.FTS.B,

23.99%,

11/12/26

34,380

33,716

182925976.LC.FTS.B,

18.99%,

11/03/26

7,837

7,769

182926067.LC.FTS.B,

20.99%,

11/03/26

24,745

24,749

182927640.LC.FTS.B,

16.49%,

11/04/24

8,247

8,209

182928222.LC.FTS.B,

18.49%,

11/05/24

10,535

10,451

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

300

a

182929096.LC.FTS.B,

18.99%,

11/05/24

5,748

5,702

182931056.LC.FTS.B,

17.49%,

11/04/26

9,806

9,837

182931548.LC.FTS.B,

24.99%,

11/05/26

10,865

10,834

182931569.LC.FTS.B,

17.49%,

11/04/26

22,512

22,438

182932552.LC.FTS.B,

13.19%,

11/04/26

14,642

14,637

182933015.LC.FTS.B,

19.49%,

11/24/26

27,437

27,367

182934282.LC.FTS.B,

15.44%,

11/04/26

13,686

13,642

182934535.LC.FTS.B,

18.49%,

11/08/24

33,519

33,266

182935882.LC.FTS.B,

14.49%,

11/08/24

9,550

9,497

182936009.LC.FTS.B,

13.04%,

11/04/24

17,679

17,694

182937534.LC.FTS.B,

15.99%,

11/08/24

9,561

9,478

182938354.LC.FTS.B,

12.34%,

11/03/24

6,305

6,265

182940029.LC.FTS.B,

16.49%,

11/08/24

6,358

6,383

182940512.LC.FTS.B,

9.34%,

11/04/24

1,958

1,915

182942183.LC.FTS.B,

24.99%,

11/08/26

4,914

4,855

182946096.LC.FTS.B,

22.99%,

11/08/24

4,803

4,760

182946956.LC.FTS.B,

24.99%,

11/15/26

18,869

18,511

182949386.LC.FTS.B,

18.44%,

11/04/26

19,303

19,148

182950120.LC.FTS.B,

22.99%,

11/08/24

24,543

19,649

182951096.LC.FTS.B,

12.99%,

11/08/24

20,512

20,489

182951468.LC.FTS.B,

12.49%,

11/05/24

23,842

23,492

182953244.LC.FTS.B,

17.49%,

11/04/24

9,570

9,525

182954228.LC.FTS.B,

13.49%,

11/04/26

26,504

26,386

182954507.LC.FTS.B,

18.44%,

11/05/24

7,182

7,126

182954964.LC.FTS.B,

19.49%,

11/24/26

21,068

21,014

182956146.LC.FTS.B,

13.49%,

11/03/26

14,645

14,497

182956744.LC.FTS.B,

16.49%,

11/05/26

29,345

28,845

182956795.LC.FTS.B,

15.44%,

11/05/24

15,291

15,223

182957590.LC.FTS.B,

18.99%,

11/04/26

19,592

19,436

182957882.LC.FTS.B,

11.04%,

11/05/24

14,290

14,327

182958729.LC.FTS.B,

18.99%,

11/08/24

9,197

9,127

182962134.LC.FTS.B,

24.99%,

11/08/26

19,755

19,706

182966758.LC.FTS.B,

18.99%,

11/08/24

28,982

29,053

182967907.LC.FTS.B,

18.19%,

11/05/24

33,513

33,247

182970406.LC.FTS.B,

16.99%,

11/05/26

29,354

29,264

182973058.LC.FTS.B,

15.99%,

11/05/24

6,214

6,187

182973540.LC.FTS.B,

23.99%,

11/05/26

19,646

19,405

182975891.LC.FTS.B,

18.49%,

11/08/26

14,743

14,746

182977352.LC.FTS.B,

17.44%,

11/12/24

9,570

9,542

182977646.LC.FTS.B,

16.99%,

11/08/26

29,469

29,541

182980965.LC.FTS.B,

17.24%,

11/22/26

19,572

19,573

182983769.LC.FTS.B,

12.99%,

11/22/24

4,579

4,564

182986114.LC.FTS.B,

15.44%,

11/05/26

14,663

14,619

182988125.LC.FTS.B,

15.49%,

11/26/24

3,536

3,537

182988380.LC.FTS.B,

13.99%,

11/08/24

6,492

6,485

182988585.LC.FTS.B,

19.49%,

11/12/26

14,698

14,611

182990403.LC.FTS.B,

16.49%,

11/08/24

9,624

9,629

182991246.LC.FTS.B,

16.49%,

11/08/24

7,651

7,619

182991428.LC.FTS.B,

11.04%,

11/08/24

4,240

4,250

182991991.LC.FTS.B,

11.49%,

11/05/24

8,005

7,954

182998182.LC.FTS.B,

13.19%,

11/08/26

9,664

9,664

182999016.LC.FTS.B,

23.99%,

11/08/26

34,380

34,115

182999357.LC.FTS.B,

18.44%,

11/08/24

9,577

9,504

182999628.LC.FTS.B,

17.74%,

11/08/26

11,789

11,815

182999964.LC.FTS.B,

17.19%,

11/05/26

1,893

1,895

183000324.LC.FTS.B,

15.44%,

11/08/26

6,495

6,520

183001639.LC.FTS.B,

23.99%,

11/08/26

29,468

29,119

183005145.LC.FTS.B,

14.49%,

11/08/24

17,191

17,172

183005424.LC.FTS.B,

13.49%,

11/05/26

14,059

13,925

183008113.LC.FTS.B,

11.99%,

11/05/24

5,720

5,683

183009664.LC.FTS.B,

14.19%,

11/16/24

14,353

14,424

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

301

a

183010490.LC.FTS.B,

16.49%,

11/08/26

21,541

20,845

183010571.LC.FTS.B,

16.99%,

12/27/24

12,714

12,769

183012848.LC.FTS.B,

12.34%,

11/08/24

11,443

11,328

183013124.LC.FTS.B,

16.99%,

11/15/26

14,677

14,657

183015727.LC.FTS.B,

20.44%,

11/15/26

14,639

14,555

183017036.LC.FTS.B,

16.44%,

12/01/24

34,241

34,187

183022196.LC.FTS.B,

15.99%,

11/12/24

9,178

9,152

183027816.LC.FTS.B,

18.99%,

11/12/24

9,269

9,260

183030288.LC.FTS.B,

18.99%,

11/12/26

16,458

15,818

183031081.LC.FTS.B,

15.99%,

11/12/24

18,165

17,618

183031560.LC.FTS.B,

18.19%,

11/08/26

15,603

15,395

183032996.LC.FTS.B,

19.99%,

11/12/26

19,502

18,799

183036723.LC.FTS.B,

16.49%,

11/17/24

13,772

13,742

183039504.LC.FTS.B,

18.99%,

11/12/24

13,412

13,333

183046392.LC.FTS.B,

13.19%,

12/08/26

24,704

24,775

183048902.LC.FTS.B,

19.49%,

11/15/24

23,958

23,824

183067587.LC.FTS.B,

23.99%,

12/02/26

29,737

29,541

183076741.LC.FTS.B,

26.99%,

11/12/26

9,837

9,600

183082106.LC.FTS.B,

15.99%,

11/19/24

10,995

10,778

183084148.LC.FTS.B,

21.49%,

11/15/26

8,529

8,443

183087067.LC.FTS.B,

24.49%,

11/12/26

11,857

11,798

183092655.LC.FTS.B,

16.99%,

11/17/26

34,246

33,402

183094596.LC.FTS.B,

8.99%,

11/29/24

17,148

17,100

183095344.LC.FTS.B,

13.44%,

11/24/26

39,052

39,172

183098245.LC.FTS.B,

17.49%,

11/22/24

14,834

14,750

183101425.LC.FTS.B,

17.44%,

11/15/26

27,405

27,366

183102073.LC.FTS.B,

18.99%,

11/16/24

4,311

4,269

183108062.LC.FTS.B,

16.99%,

11/22/26

19,569

19,571

183108244.LC.FTS.B,

15.99%,

11/12/24

1,912

1,907

183108587.LC.FTS.B,

15.99%,

11/15/24

23,901

23,296

183110376.LC.FTS.B,

22.49%,

11/15/24

4,801

4,769

183115274.LC.FTS.B,

24.99%,

11/12/26

9,336

9,243

183121003.LC.FTS.B,

15.99%,

11/16/26

14,668

14,166

183121061.LC.FTS.B,

21.49%,

11/16/26

29,430

29,161

183126500.LC.FTS.B,

16.44%,

11/15/26

15,650

15,259

183127694.LC.FTS.B,

19.49%,

11/15/24

14,375

14,099

183127870.LC.FTS.B,

21.99%,

11/18/26

5,888

5,841

183128706.LC.FTS.B,

16.99%,

11/12/26

9,393

9,201

183129988.LC.FTS.B,

16.99%,

12/10/26

17,808

17,744

183131010.LC.FTS.B,

18.99%,

11/17/24

3,449

3,432

183132597.LC.FTS.B,

19.99%,

11/15/26

5,881

5,792

183136026.LC.FTS.B,

28.99%,

11/15/26

11,816

11,701

183136939.LC.FTS.B,

21.49%,

11/16/26

24,525

23,840

183139110.LC.FTS.B,

19.74%,

11/12/26

34,301

33,936

183139511.LC.FTS.B,

27.49%,

11/15/26

24,736

24,731

183140288.LC.FTS.B,

16.49%,

11/23/26

19,564

19,573

183143740.LC.FTS.B,

16.49%,

11/12/24

8,129

8,069

183145768.LC.FTS.B,

19.49%,

11/26/26

19,599

19,547

183146083.LC.FTS.B,

23.99%,

11/19/26

19,646

19,496

183147387.LC.FTS.B,

19.99%,

11/15/26

23,524

23,391

183147548.LC.FTS.B,

18.99%,

11/15/24

13,412

13,337

183148468.LC.FTS.B,

18.99%,

11/15/24

6,706

6,669

183149293.LC.FTS.B,

21.49%,

11/15/26

24,525

24,293

183149370.LC.FTS.B,

15.19%,

11/12/24

4,778

4,764

183149701.LC.FTS.B,

18.49%,

11/12/26

29,380

29,207

183150801.LC.FTS.B,

18.99%,

11/15/24

9,580

9,527

183152720.LC.FTS.B,

28.99%,

11/15/26

19,693

19,501

183154136.LC.FTS.B,

18.49%,

11/16/26

9,793

9,741

183154424.LC.FTS.B,

15.99%,

11/15/24

13,385

13,350

183156026.LC.FTS.B,

15.99%,

11/19/24

16,731

16,710

183157600.LC.FTS.B,

14.99%,

11/15/24

18,436

18,280

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

302

a

183157728.LC.FTS.B,

18.49%,

11/12/26

11,783

11,782

183158266.LC.FTS.B,

20.44%,

11/15/26

19,471

18,996

183159092.LC.FTS.B,

28.99%,

11/15/26

6,893

6,825

183159318.LC.FTS.B,

15.44%,

11/12/26

17,649

17,686

183164730.LC.FTS.B,

18.99%,

11/15/24

1,150

1,143

183167278.LC.FTS.B,

20.99%,

11/17/26

24,518

24,391

183169104.LC.FTS.B,

12.34%,

12/07/24

25,400

25,217

183169657.LC.FTS.B,

17.99%,

11/16/24

4,784

4,641

183170401.LC.FTS.B,

21.99%,

11/30/26

11,889

11,796

183170547.LC.FTS.B,

16.49%,

11/29/24

27,369

26,579

183171929.LC.FTS.B,

16.49%,

11/15/24

5,738

5,723

183173731.LC.FTS.B,

19.49%,

11/24/24

9,605

9,633

183174334.LC.FTS.B,

19.49%,

11/16/26

25,869

25,730

183178213.LC.FTS.B,

16.99%,

11/15/24

4,784

4,771

183179352.LC.FTS.B,

14.49%,

11/16/26

19,884

19,417

183180134.LC.FTS.B,

19.49%,

11/15/26

34,353

34,359

183180958.LC.FTS.B,

18.99%,

11/30/26

11,879

11,830

183184685.LC.FTS.B,

13.24%,

12/03/24

7,818

7,847

183189944.LC.FTS.B,

13.04%,

12/06/24

14,226

14,191

183193272.LC.FTS.B,

15.44%,

11/15/26

5,238

5,231

183193558.LC.FTS.B,

12.49%,

12/07/24

24,424

23,796

183195827.LC.FTS.B,

16.49%,

11/18/24

33,474

32,807

183197708.LC.FTS.B,

21.99%,

11/19/26

23,550

23,372

183197788.LC.FTS.B,

25.99%,

11/16/26

19,665

19,112

183199016.LC.FTS.B,

18.99%,

11/16/24

4,790

4,699

183199235.LC.FTS.B,

10.99%,

11/17/24

14,289

14,212

183199521.LC.FTS.B,

18.99%,

11/19/24

8,622

8,588

183200190.LC.FTS.B,

19.49%,

11/16/26

5,879

5,820

183203230.LC.FTS.B,

24.99%,

11/16/26

8,255

8,179

183203390.LC.FTS.B,

15.49%,

12/02/24

24,450

24,428

183204737.LC.FTS.B,

19.49%,

11/16/24

6,229

6,177

183205986.LC.FTS.B,

15.44%,

12/13/26

9,888

9,666

183205988.LC.FTS.B,

20.99%,

11/17/26

34,331

34,353

183211187.LC.FTS.B,

18.99%,

12/03/26

20,198

20,337

183217981.LC.FTS.B,

28.99%,

11/16/26

20,087

20,041

183220999.LC.FTS.B,

18.99%,

11/16/24

2,299

2,287

183224681.LC.FTS.B,

13.49%,

11/15/26

15,621

15,491

183227368.LC.FTS.B,

16.44%,

11/16/26

23,965

23,370

183228318.LC.FTS.B,

15.19%,

12/14/26

34,607

32,836

183231714.LC.FTS.B,

19.99%,

11/16/24

5,924

5,936

183234734.LC.FTS.B,

27.99%,

11/18/26

23,621

23,430

183237884.LC.FTS.B,

18.19%,

11/18/24

22,980

22,884

183238154.LC.FTS.B,

18.19%,

11/16/26

19,094

18,812

183238822.LC.FTS.B,

16.99%,

11/16/26

23,483

23,011

183239325.LC.FTS.B,

24.99%,

11/16/26

14,081

13,917

183239686.LC.FTS.B,

20.44%,

11/16/24

23,015

22,892

183239755.LC.FTS.B,

21.99%,

11/16/26

24,531

24,307

183248270.LC.FTS.B,

18.99%,

11/16/24

9,580

9,529

183249731.LC.FTS.B,

17.49%,

11/24/26

13,641

13,629

183249845.LC.FTS.B,

18.99%,

11/16/24

8,143

8,100

183250462.LC.FTS.B,

14.99%,

11/24/24

8,819

8,871

183252907.LC.FTS.B,

15%,

11/17/26

15,000

14,971

183253428.LC.FTS.B,

25.99%,

11/17/26

19,665

19,489

183258872.LC.FTS.B,

17.99%,

11/17/24

10,340

10,317

183259213.LC.FTS.B,

18.99%,

11/16/24

5,112

5,146

183260410.LC.FTS.B,

17.49%,

11/17/24

4,785

4,775

183261327.LC.FTS.B,

11.04%,

11/16/24

16,195

15,884

183262918.LC.FTS.B,

18.99%,

11/17/24

7,808

7,769

183263467.LC.FTS.B,

23.99%,

11/16/26

9,823

9,732

183264472.LC.FTS.B,

18.99%,

11/17/24

5,748

5,719

183265092.LC.FTS.B,

20.44%,

11/16/24

7,192

7,154

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

303

a

183265121.LC.FTS.B,

21.99%,

11/30/26

32,025

31,776

183265800.LC.FTS.B,

18.99%,

11/17/24

9,209

9,216

183267202.LC.FTS.B,

12.99%,

11/17/26

14,640

14,523

183268922.LC.FTS.B,

17.99%,

11/22/24

22,977

22,953

183270133.LC.FTS.B,

14.44%,

11/16/24

7,659

7,662

183270309.LC.FTS.B,

18.99%,

11/17/26

24,490

24,366

183270410.LC.FTS.B,

21.99%,

11/16/26

15,700

15,557

183270584.LC.FTS.B,

22.99%,

11/17/24

9,527

9,432

183270743.LC.FTS.B,

21.49%,

11/16/26

15,800

15,825

183273399.LC.FTS.B,

18.99%,

11/19/24

6,898

6,871

183274086.LC.FTS.B,

14.44%,

12/09/26

16,805

16,861

183274263.LC.FTS.B,

15.44%,

11/16/26

19,551

19,529

183278521.LC.FTS.B,

15.99%,

11/17/24

6,214

6,201

183280795.LC.FTS.B,

24.99%,

11/17/26

7,862

7,792

183280820.LC.FTS.B,

15.99%,

11/17/24

6,214

6,201

183281498.LC.FTS.B,

18.99%,

11/17/24

9,580

9,532

183281940.LC.FTS.B,

22.99%,

11/17/24

3,922

3,899

183282117.LC.FTS.B,

22.99%,

11/17/24

7,204

7,161

183282809.LC.FTS.B,

16.49%,

11/16/24

4,782

4,771

183287022.LC.FTS.B,

21.99%,

11/24/26

19,625

19,515

183287166.LC.FTS.B,

18.49%,

11/22/24

12,450

12,406

183287259.LC.FTS.B,

18.19%,

11/16/26

10,771

10,713

183287872.LC.FTS.B,

23.99%,

11/18/26

11,129

11,034

183290549.LC.FTS.B,

18.99%,

11/18/24

18,101

17,973

183291733.LC.FTS.B,

19.99%,

11/18/24

6,902

6,873

183293164.LC.FTS.B,

17.49%,

11/16/26

6,851

6,843

183293391.LC.FTS.B,

23.99%,

11/18/26

13,181

13,201

183294173.LC.FTS.B,

15.99%,

12/09/24

5,869

5,873

183294973.LC.FTS.B,

27.99%,

12/07/24

17,675

17,598

183295428.LC.FTS.B,

17.49%,

11/16/26

12,332

12,201

183295571.LC.FTS.B,

19.49%,

11/18/24

5,175

5,153

183297337.LC.FTS.B,

15.49%,

11/18/24

10,513

10,497

183297858.LC.FTS.B,

18.49%,

11/18/24

5,746

5,722

183298862.LC.FTS.B,

14.19%,

11/18/26

39,151

39,385

183299280.LC.FTS.B,

13.04%,

11/16/24

19,081

19,087

183301563.LC.FTS.B,

15.99%,

11/18/24

5,258

5,250

183301694.LC.FTS.B,

19.95%,

11/18/24

6,615

6,587

183303729.LC.FTS.B,

21.99%,

11/23/26

12,756

12,673

183304070.LC.FTS.B,

15.99%,

11/16/26

35,204

34,830

183304150.LC.FTS.B,

16.49%,

12/14/24

11,251

11,266

183306252.LC.FTS.B,

22.99%,

11/18/24

7,684

7,646

183306428.LC.FTS.B,

16.99%,

11/18/24

9,184

9,086

183306593.LC.FTS.B,

13.44%,

11/23/26

21,479

21,534

183306891.LC.FTS.B,

25.99%,

11/19/26

14,749

14,636

183307678.LC.FTS.B,

18.99%,

11/18/24

7,185

7,155

183308830.LC.FTS.B,

22.99%,

11/18/24

3,458

3,440

183309840.LC.FTS.B,

20.99%,

12/07/26

17,704

17,156

183312099.LC.FTS.B,

18.99%,

12/07/26

11,087

11,009

183312258.LC.FTS.B,

16.44%,

11/29/24

9,783

9,723

183312442.LC.FTS.B,

17.44%,

11/17/24

7,656

7,639

183317457.LC.FTS.B,

18.99%,

11/18/24

14,370

14,310

183317991.LC.FTS.B,

16.49%,

11/18/26

23,476

23,133

183318889.LC.FTS.B,

15.99%,

11/23/24

6,476

6,518

183319106.LC.FTS.B,

18.99%,

11/18/24

9,580

9,540

183319328.LC.FTS.B,

17.44%,

12/10/24

39,205

39,452

183320473.LC.FTS.B,

16.49%,

11/18/26

31,302

30,248

183320582.LC.FTS.B,

18.99%,

11/17/26

15,605

15,493

183321499.LC.FTS.B,

16.49%,

11/17/26

3,130

3,127

183321695.LC.FTS.B,

21.49%,

11/18/26

16,677

16,546

183325965.LC.FTS.B,

15.99%,

11/19/24

18,605

18,581

183326198.LC.FTS.B,

18.99%,

11/22/24

7,664

7,637

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

304

a

183327727.LC.FTS.B,

16.99%,

11/17/26

1,957

1,946

183328750.LC.FTS.B,

28.99%,

11/22/26

7,459

7,402

183333541.LC.FTS.B,

14.19%,

11/22/26

21,489

21,332

183333618.LC.FTS.B,

21.49%,

11/18/26

9,983

10,004

183334857.LC.FTS.B,

15.99%,

11/19/24

11,359

11,171

183334882.LC.FTS.B,

11.99%,

11/16/24

5,720

5,688

183336666.LC.FTS.B,

22.49%,

11/19/26

19,630

19,482

183336838.LC.FTS.B,

20.99%,

11/17/26

23,537

23,416

183336844.LC.FTS.B,

14.74%,

11/30/26

31,636

31,086

*

183338396.LC.FTS.B,

28.99%,

11/19/26

11,909

11,827

183339461.LC.FTS.B,

18.99%,

11/22/24

17,711

17,756

183339518.LC.FTS.B,

18.99%,

11/19/24

9,580

9,543

183339903.LC.FTS.B,

18.99%,

11/26/24

10,347

10,327

183340558.LC.FTS.B,

17.74%,

11/17/26

32,304

32,272

183342456.LC.FTS.B,

22.49%,

11/26/24

24,006

23,949

183343101.LC.FTS.B,

15.99%,

11/22/24

7,457

7,381

183343693.LC.FTS.B,

16.99%,

12/02/26

9,727

9,758

183346627.LC.FTS.B,

17.74%,

11/29/26

14,249

14,236

183350780.LC.FTS.B,

24.99%,

11/19/26

5,897

5,852

183351808.LC.FTS.B,

11.49%,

11/19/24

14,295

14,223

183354100.LC.FTS.B,

23.99%,

11/18/26

15,225

15,104

183354385.LC.FTS.B,

12.49%,

12/03/24

5,862

5,872

183355832.LC.FTS.B,

24.99%,

11/19/26

24,570

24,381

183355970.LC.FTS.B,

22.99%,

11/19/24

9,605

9,560

183356155.LC.FTS.B,

16.99%,

11/19/24

24,581

24,690

183356336.LC.FTS.B,

19.49%,

11/18/26

11,391

11,341

183357567.LC.FTS.B,

19.99%,

12/15/24

6,868

6,911

183358581.LC.FTS.B,

16.49%,

11/22/26

11,738

11,739

183359486.LC.FTS.B,

16.99%,

11/18/24

9,354

9,399

183359589.LC.FTS.B,

21.99%,

11/22/26

14,719

14,613

183359968.LC.FTS.B,

16.49%,

11/18/26

21,520

21,512

183362712.LC.FTS.B,

15.99%,

11/22/24

15,715

15,784

183362865.LC.FTS.B,

20.99%,

11/18/26

29,564

29,667

*

183365514.LC.FTS.B,

28.99%,

11/22/26

7,939

6,335

183366235.LC.FTS.B,

22.99%,

11/19/24

4,803

4,780

183367264.LC.FTS.B,

18.49%,

11/22/26

24,392

24,255

183368090.LC.FTS.B,

19.49%,

11/18/26

10,779

10,732

183369248.LC.FTS.B,

11.99%,

11/18/24

13,823

13,880

183369334.LC.FTS.B,

22.99%,

11/22/24

18,508

18,427

183369356.LC.FTS.B,

20.99%,

11/29/26

4,952

4,908

183369624.LC.FTS.B,

16.44%,

11/19/26

6,291

6,289

183370137.LC.FTS.B,

16.44%,

11/24/26

23,476

23,501

183371105.LC.FTS.B,

20.49%,

11/19/26

23,310

23,214

183371257.LC.FTS.B,

17.74%,

11/18/26

29,367

29,356

183371602.LC.FTS.B,

18.99%,

11/24/24

19,160

19,118

183373318.LC.FTS.B,

16.99%,

11/23/26

18,789

18,865

183376238.LC.FTS.B,

15.19%,

11/18/24

13,377

13,358

183384203.LC.FTS.B,

20.49%,

11/24/26

15,581

15,539

183385993.LC.FTS.B,

23.99%,

11/19/26

4,868

4,829

183388949.LC.FTS.B,

14.19%,

11/19/24

30,555

30,590

183390242.LC.FTS.B,

16.99%,

11/19/26

29,297

28,990

183390362.LC.FTS.B,

24.99%,

11/26/26

11,793

11,731

183391565.LC.FTS.B,

23.99%,

11/19/26

6,818

6,764

183392577.LC.FTS.B,

16.49%,

11/19/24

19,178

18,834

183392833.LC.FTS.B,

15.19%,

11/19/26

24,435

24,432

183393938.LC.FTS.B,

13.99%,

11/19/24

13,366

13,381

183394419.LC.FTS.B,

16.49%,

11/19/26

4,891

4,890

183394488.LC.FTS.B,

18.99%,

11/22/24

4,790

4,773

183395168.LC.FTS.B,

23.99%,

12/07/26

24,781

24,290

183395605.LC.FTS.B,

18.99%,

11/23/24

3,832

3,820

183397042.LC.FTS.B,

17.74%,

11/19/26

27,409

27,404

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

305

a

183398584.LC.FTS.B,

22.99%,

12/15/24

3,899

3,893

183400615.LC.FTS.B,

12.49%,

11/23/24

23,842

23,883

183401161.LC.FTS.B,

23.99%,

11/19/26

14,734

14,622

183402493.LC.FTS.B,

22.99%,

11/23/24

6,513

6,529

183402569.LC.FTS.B,

23.99%,

12/06/26

8,425

8,376

183402694.LC.FTS.B,

11.99%,

11/19/24

11,761

11,736

183403661.LC.FTS.B,

17.74%,

11/19/26

14,684

14,681

183407041.LC.FTS.B,

24.99%,

11/23/26

2,359

2,287

*

183407963.LC.FTS.B,

18.99%,

11/24/24

8,287

8,309

183408551.LC.FTS.B,

28.49%,

12/16/26

5,808

5,870

183409505.LC.FTS.B,

15.19%,

11/19/26

29,346

29,448

183409645.LC.FTS.B,

14.49%,

12/20/24

23,464

23,451

183410744.LC.FTS.B,

15.99%,

12/06/24

11,738

11,733

183412419.LC.FTS.B,

16.49%,

11/19/26

9,390

9,389

183414176.LC.FTS.B,

20.99%,

11/22/26

7,840

7,810

183415342.LC.FTS.B,

19.49%,

12/07/26

29,701

28,501

183417393.LC.FTS.B,

17.24%,

11/22/26

23,487

23,152

183418746.LC.FTS.B,

19.49%,

11/22/26

29,397

29,285

183420014.LC.FTS.B,

13.49%,

11/22/24

19,087

18,937

183420205.LC.FTS.B,

16.49%,

11/22/24

26,779

26,381

183421809.LC.FTS.B,

23.99%,

11/22/26

39,291

39,007

183422493.LC.FTS.B,

14.99%,

11/22/24

2,293

2,296

183424030.LC.FTS.B,

12.24%,

11/22/24

9,535

9,460

183424118.LC.FTS.B,

18.49%,

11/22/26

17,628

17,561

183425358.LC.FTS.B,

18.49%,

11/22/26

7,835

7,805

183425417.LC.FTS.B,

16.49%,

11/29/24

14,339

14,262

183425539.LC.FTS.B,

18.49%,

11/23/26

17,628

17,570

183426450.LC.FTS.B,

18.99%,

11/23/26

34,287

33,846

183426724.LC.FTS.B,

21.49%,

11/22/26

11,772

11,688

183426912.LC.FTS.B,

12.49%,

11/22/24

14,305

14,325

183428100.LC.FTS.B,

16.99%,

11/22/24

19,134

19,115

183428892.LC.FTS.B,

15.99%,

11/22/26

11,246

11,247

183430526.LC.FTS.B,

18.99%,

11/23/24

9,580

9,551

183430676.LC.FTS.B,

21.99%,

11/23/26

22,569

22,421

183430694.LC.FTS.B,

18.49%,

11/23/26

20,566

19,910

183430858.LC.FTS.B,

18.49%,

11/22/26

11,752

11,652

183431297.LC.FTS.B,

18.99%,

11/23/24

3,832

3,803

183431866.LC.FTS.B,

26.49%,

11/23/26

24,439

24,208

183434269.LC.FTS.B,

17.24%,

11/22/26

7,633

7,634

183434525.LC.FTS.B,

19.99%,

12/02/24

18,806

18,737

183434742.LC.FTS.B,

23.19%,

11/22/26

8,100

8,042

183434882.LC.FTS.B,

20.99%,

11/23/26

22,924

21,972

183435100.LC.FTS.B,

18.99%,

12/06/26

31,676

31,595

183435689.LC.FTS.B,

13.24%,

11/22/26

22,452

22,289

183436430.LC.FTS.B,

16.99%,

12/17/26

34,626

34,718

183436461.LC.FTS.B,

12.74%,

11/22/26

35,131

34,876

183437265.LC.FTS.B,

18.49%,

11/23/24

14,365

14,322

183437929.LC.FTS.B,

20.49%,

11/23/26

24,511

24,429

183439412.LC.FTS.B,

26.99%,

11/23/26

14,958

14,969

183439545.LC.FTS.B,

19.49%,

11/26/24

5,358

5,343

183440797.LC.FTS.B,

11.99%,

11/22/24

38,133

37,946

183441212.LC.FTS.B,

22.99%,

11/26/24

2,065

2,060

183442249.LC.FTS.B,

15.19%,

11/29/26

9,888

9,786

183446729.LC.FTS.B,

22.49%,

11/23/26

14,723

14,556

183447586.LC.FTS.B,

17.49%,

11/23/26

20,554

19,973

183447683.LC.FTS.B,

20.44%,

11/29/26

19,311

19,236

183453750.LC.FTS.B,

23.99%,

11/23/26

39,291

38,845

183454305.LC.FTS.B,

17.19%,

12/03/24

5,871

5,840

183454994.LC.FTS.B,

18.99%,

11/23/26

18,788

18,725

183455680.LC.FTS.B,

20.44%,

11/23/26

39,217

38,150

183456635.LC.FTS.B,

16.44%,

12/20/26

19,783

19,457

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

306

a

183457596.LC.FTS.B,

18.99%,

12/21/24

10,800

10,819

183459184.LC.FTS.B,

15.44%,

11/23/26

13,692

13,285

183461812.LC.FTS.B,

16.74%,

12/09/26

19,290

19,125

183464008.LC.FTS.B,

15.24%,

11/23/24

25,943

25,568

183464408.LC.FTS.B,

15.99%,

11/24/24

6,329

6,275

183467716.LC.FTS.B,

18.99%,

11/23/24

2,166

2,166

183468715.LC.FTS.B,

17.44%,

11/23/26

19,575

19,209

183470077.LC.FTS.B,

18.99%,

11/24/26

24,343

24,211

183472728.LC.FTS.B,

16.49%,

12/01/26

5,935

5,929

183473491.LC.FTS.B,

18.99%,

11/23/24

33,381

33,204

183474005.LC.FTS.B,

16.49%,

12/01/24

10,762

10,745

183474066.LC.FTS.B,

18.44%,

11/23/24

22,026

21,960

183476493.LC.FTS.B,

17.49%,

11/24/24

7,656

7,657

183476845.LC.FTS.B,

16.49%,

11/23/26

14,184

14,190

183476973.LC.FTS.B,

16.49%,

11/24/24

14,274

14,008

183477091.LC.FTS.B,

13.19%,

11/23/26

9,762

9,740

183478931.LC.FTS.B,

22.49%,

11/26/26

6,723

6,688

183481452.LC.FTS.B,

19.99%,

12/03/24

15,672

15,619

183483044.LC.FTS.B,

18.99%,

12/15/24

23,500

23,489

183483610.LC.FTS.B,

17.24%,

12/03/26

19,687

19,590

183484795.LC.FTS.B,

15.44%,

11/24/26

12,708

12,539

183485184.LC.FTS.B,

13.99%,

11/23/26

5,860

5,847

183486662.LC.FTS.B,

12.49%,

11/23/24

18,912

18,945

183488017.LC.FTS.B,

15.49%,

12/02/24

18,063

18,123

183490789.LC.FTS.B,

14.49%,

11/23/26

7,816

7,761

183490891.LC.FTS.B,

16.99%,

11/24/26

11,742

11,585

183492757.LC.FTS.B,

16.99%,

12/08/26

14,840

14,846

183493762.LC.FTS.B,

12.24%,

11/26/24

33,492

33,259

183494147.LC.FTS.B,

17.19%,

11/23/24

3,062

3,060

183494555.LC.FTS.B,

15.49%,

11/23/26

19,967

19,786

183495228.LC.FTS.B,

20.44%,

12/07/26

5,935

5,893

183496969.LC.FTS.B,

23.99%,

11/29/24

6,121

6,083

183497464.LC.FTS.B,

27.99%,

11/24/26

7,874

7,828

183499399.LC.FTS.B,

15.44%,

11/24/26

11,912

11,980

183499719.LC.FTS.B,

15.44%,

11/26/26

14,663

14,118

183499818.LC.FTS.B,

16.44%,

11/26/26

39,126

38,235

183500540.LC.FTS.B,

15.99%,

11/30/24

7,825

7,811

183501675.LC.FTS.B,

18.44%,

11/23/24

15,664

15,612

183501862.LC.FTS.B,

16.19%,

11/23/24

12,521

12,510

183502152.LC.FTS.B,

18.99%,

11/24/24

10,921

10,897

183502968.LC.FTS.B,

15.19%,

11/29/24

6,863

6,861

183504509.LC.FTS.B,

18.49%,

11/26/24

17,239

17,206

183505251.LC.FTS.B,

16.49%,

11/23/26

9,782

9,786

183505272.LC.FTS.B,

21.49%,

11/26/26

6,082

6,050

183511360.LC.FTS.B,

15.44%,

11/24/26

20,528

20,551

183511562.LC.FTS.B,

21.99%,

11/30/24

9,801

9,739

183512455.LC.FTS.B,

16.99%,

11/26/26

25,440

24,983

183514721.LC.FTS.B,

22.49%,

11/26/26

6,869

6,833

183518965.LC.FTS.B,

24.99%,

11/26/24

4,809

4,797

183519416.LC.FTS.B,

15.49%,

11/26/24

11,049

11,055

*

183519699.LC.FTS.B,

21.49%,

11/26/26

19,812

19,710

183520272.LC.FTS.B,

21.49%,

11/26/26

21,374

21,259

183520286.LC.FTS.B,

16.99%,

11/26/24

8,610

8,613

183521126.LC.FTS.B,

18.99%,

11/26/24

6,706

6,693

183522342.LC.FTS.B,

19.49%,

11/29/26

34,651

34,517

183522405.LC.FTS.B,

17.99%,

11/29/24

34,260

34,203

183522613.LC.FTS.B,

15.99%,

12/16/24

19,563

19,236

183523727.LC.FTS.B,

16.99%,

11/26/26

20,548

20,475

183524052.LC.FTS.B,

16.49%,

11/26/24

23,910

23,917

183524280.LC.FTS.B,

16.99%,

11/30/26

29,679

29,643

183524568.LC.FTS.B,

16.49%,

12/03/26

22,751

22,531

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

307

a

183524584.LC.FTS.B,

13.19%,

11/24/26

9,721

9,750

183525639.LC.FTS.B,

21.99%,

11/26/26

5,888

5,857

183527341.LC.FTS.B,

18.49%,

11/29/24

14,968

14,837

183529593.LC.FTS.B,

17.49%,

12/22/26

17,612

17,508

183529769.LC.FTS.B,

23.99%,

11/29/26

31,719

31,480

183531699.LC.FTS.B,

19.99%,

11/30/26

14,853

14,791

183532051.LC.FTS.B,

16.49%,

11/26/26

6,260

6,268

183532866.LC.FTS.B,

15.99%,

11/24/24

5,736

5,737

183532916.LC.FTS.B,

22.99%,

12/06/24

8,824

8,785

183532974.LC.FTS.B,

21.99%,

11/29/26

14,961

14,759

183534540.LC.FTS.B,

17.24%,

11/24/26

4,893

4,898

183535525.LC.FTS.B,

17.99%,

11/29/24

6,873

6,743

183535656.LC.FTS.B,

18.44%,

12/02/24

4,503

4,487

183536773.LC.FTS.B,

19.74%,

12/08/26

34,654

34,581

183538925.LC.FTS.B,

15.99%,

11/29/24

13,694

13,672

183540100.LC.FTS.B,

23.99%,

11/30/26

5,947

5,900

183540900.LC.FTS.B,

18.44%,

11/24/24

2,394

2,389

183540917.LC.FTS.B,

16.49%,

11/24/24

2,391

2,391

183541185.LC.FTS.B,

14.99%,

11/29/26

39,548

38,124

183541347.LC.FTS.B,

22.99%,

12/06/24

9,805

9,761

183543583.LC.FTS.B,

23.99%,

12/16/26

14,868

14,839

183544070.LC.FTS.B,

21.99%,

11/30/26

19,814

19,660

183545708.LC.FTS.B,

18.49%,

11/24/26

17,628

17,583

183546115.LC.FTS.B,

19.73%,

12/09/26

16,187

16,318

183547689.LC.FTS.B,

16.99%,

11/26/26

14,677

14,696

183548843.LC.FTS.B,

17.19%,

11/26/26

9,786

9,751

183549091.LC.FTS.B,

18.44%,

11/26/26

9,793

9,771

183551116.LC.FTS.B,

18.99%,

12/08/24

6,854

6,837

*

183552245.LC.FTS.B,

19.99%,

11/24/26

22,947

22,884

183552770.LC.FTS.B,

17.24%,

12/06/26

24,735

24,735

183554355.LC.FTS.B,

15.19%,

11/24/24

10,511

10,512

183555873.LC.FTS.B,

16.99%,

12/01/24

19,570

19,271

183556398.LC.FTS.B,

23.99%,

11/26/26

9,822

9,770

183557623.LC.FTS.B,

16.19%,

11/26/26

14,670

14,548

183558965.LC.FTS.B,

18.99%,

12/06/24

7,050

7,029

183559023.LC.FTS.B,

15.99%,

12/03/24

9,768

9,806

183560621.LC.FTS.B,

16.99%,

11/29/26

14,246

13,830

183562403.LC.FTS.B,

23.99%,

12/01/26

11,887

11,797

183562559.LC.FTS.B,

15.24%,

11/26/26

27,368

27,141

183565213.LC.FTS.B,

16.19%,

11/24/24

2,869

2,842

183566565.LC.FTS.B,

16.49%,

11/26/26

12,227

12,243

183566597.LC.FTS.B,

17.24%,

12/09/26

22,388

22,411

183566958.LC.FTS.B,

20.49%,

11/30/26

3,095

3,082

183567257.LC.FTS.B,

21.49%,

11/26/26

19,620

19,517

183568984.LC.FTS.B,

15.99%,

11/30/24

29,438

29,167

183571826.LC.FTS.B,

17.44%,

11/29/26

17,591

17,246

183572600.LC.FTS.B,

18.44%,

11/26/24

30,645

30,587

183574216.LC.FTS.B,

15.99%,

12/06/26

20,571

20,377

183576479.LC.FTS.B,

17.44%,

12/09/26

23,747

23,771

183576580.LC.FTS.B,

20.44%,

12/09/24

24,491

24,449

183578940.LC.FTS.B,

15.19%,

11/29/26

12,854

12,661

183582634.LC.FTS.B,

11.04%,

12/08/24

4,833

4,654

183582737.LC.FTS.B,

18.99%,

12/03/24

8,584

8,610

183583366.LC.FTS.B,

21.99%,

12/02/26

23,470

23,315

183585296.LC.FTS.B,

17.49%,

12/07/24

9,787

9,693

183585512.LC.FTS.B,

19.99%,

11/30/26

23,804

23,407

183587648.LC.FTS.B,

15.99%,

12/08/24

12,716

12,422

183588509.LC.FTS.B,

19.49%,

11/29/26

14,850

14,793

183589846.LC.FTS.B,

19.44%,

12/27/24

39,173

39,287

183590285.LC.FTS.B,

21.99%,

12/16/26

19,814

19,776

183591995.LC.FTS.B,

24.99%,

11/30/26

11,545

11,133

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

308

a

183592956.LC.FTS.B,

13.99%,

11/30/24

9,775

9,381

183593989.LC.FTS.B,

27.49%,

12/01/26

24,802

24,611

183595941.LC.FTS.B,

18.44%,

12/03/24

4,895

4,879

183600928.LC.FTS.B,

11.99%,

12/02/24

9,768

9,809

183602283.LC.FTS.B,

15.99%,

12/01/24

24,621

24,205

183602959.LC.FTS.B,

18.49%,

11/30/24

6,364

6,333

183603668.LC.FTS.B,

17.19%,

12/01/26

17,809

17,539

183604911.LC.FTS.B,

10.24%,

12/17/24

9,637

9,378

183606069.LC.FTS.B,

16.49%,

11/30/24

24,459

24,191

183607115.LC.FTS.B,

17.24%,

12/01/26

22,756

22,518

183609082.LC.FTS.B,

19.49%,

12/03/24

3,917

3,904

183610309.LC.FTS.B,

24.99%,

12/07/26

19,036

18,205

183610499.LC.FTS.B,

19.99%,

11/30/26

23,715

23,504

183610510.LC.FTS.B,

15.99%,

12/09/24

21,520

21,433

183611465.LC.FTS.B,

24.99%,

11/30/26

11,898

11,803

183611528.LC.FTS.B,

23.99%,

12/10/26

29,737

29,619

183612692.LC.FTS.B,

13.49%,

12/17/26

13,835

13,766

183614435.LC.FTS.B,

15.99%,

12/01/24

6,847

6,691

183616541.LC.FTS.B,

24.99%,

11/30/26

19,830

19,672

183616976.LC.FTS.B,

18.99%,

11/30/24

10,183

10,135

183618465.LC.FTS.B,

16.49%,

12/15/26

29,675

28,873

183618524.LC.FTS.B,

22.99%,

11/30/26

24,774

24,581

183619170.LC.FTS.B,

14.19%,

11/30/24

9,776

9,783

183620106.LC.FTS.B,

21.99%,

11/30/26

10,898

10,813

183621316.LC.FTS.B,

16.99%,

12/02/26

15,829

15,823

183623138.LC.FTS.B,

23.99%,

12/14/26

11,895

11,856

183623497.LC.FTS.B,

13.24%,

12/03/26

28,657

28,453

183623738.LC.FTS.B,

21.99%,

11/30/26

5,846

5,800

183624476.LC.FTS.B,

16.49%,

11/30/24

6,848

6,836

183626356.LC.FTS.B,

13.24%,

12/01/24

8,795

8,804

183626362.LC.FTS.B,

23.99%,

11/30/26

7,930

7,867

183627901.LC.FTS.B,

18.49%,

12/14/26

16,826

16,494

183629352.LC.FTS.B,

17.74%,

11/30/26

29,686

29,649

183630072.LC.FTS.B,

22.49%,

12/02/26

11,890

11,813

183630947.LC.FTS.B,

18.99%,

11/30/26

23,757

23,660

183633965.LC.FTS.B,

24.99%,

11/30/26

5,949

5,902

183636681.LC.FTS.B,

18.49%,

11/30/26

33,256

33,119

183637140.LC.FTS.B,

16.99%,

12/14/24

14,678

14,697

183638388.LC.FTS.B,

17.24%,

12/01/26

27,703

27,675

183640739.LC.FTS.B,

18.49%,

11/30/24

18,601

18,513

183641094.LC.FTS.B,

24.99%,

12/14/26

9,915

9,882

183644660.LC.FTS.B,

22.49%,

11/30/24

4,901

4,870

183645675.LC.FTS.B,

19.99%,

12/01/24

3,918

3,900

183649644.LC.FTS.B,

16.99%,

11/30/26

10,882

10,869

183649794.LC.FTS.B,

21.49%,

11/30/26

25,854

25,654

183651373.LC.FTS.B,

16.44%,

12/03/24

4,892

4,888

183651950.LC.FTS.B,

18.49%,

12/03/26

21,774

21,713

183651961.LC.FTS.B,

14.99%,

12/06/24

9,778

9,570

183652852.LC.FTS.B,

20.99%,

12/01/26

9,904

9,865

183653450.LC.FTS.B,

23.99%,

12/01/26

17,119

17,121

183655931.LC.FTS.B,

23.99%,

12/03/26

2,447

2,476

183656375.LC.FTS.B,

14.44%,

12/03/26

7,100

6,746

183660366.LC.FTS.B,

15.99%,

12/01/24

11,738

11,720

183661163.LC.FTS.B,

23.19%,

12/01/26

29,731

29,509

183661700.LC.FTS.B,

12.74%,

12/07/24

9,813

9,513

183661974.LC.FTS.B,

16.44%,

12/03/24

9,783

9,776

183662088.LC.FTS.B,

19.49%,

12/03/26

8,910

8,885

183663596.LC.FTS.B,

16.19%,

12/01/24

15,652

15,627

183667452.LC.FTS.B,

20.49%,

12/01/26

14,855

14,797

183669209.LC.FTS.B,

21.99%,

12/01/26

21,796

21,634

183669687.LC.FTS.B,

23.99%,

12/01/26

29,018

28,800

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

309

a

183671598.LC.FTS.B,

13.99%,

12/01/24

19,550

19,568

183673337.LC.FTS.B,

23.99%,

12/01/24

24,519

24,369

183673632.LC.FTS.B,

15.44%,

12/03/26

14,929

14,608

183673813.LC.FTS.B,

19.74%,

12/01/26

35,000

35,222

183674531.LC.FTS.B,

21.99%,

12/01/24

10,782

10,717

183676944.LC.FTS.B,

17.24%,

12/01/26

5,936

5,930

183678049.LC.FTS.B,

21.49%,

12/01/26

11,681

11,649

183680345.LC.FTS.B,

16.44%,

12/10/26

12,859

12,875

183682790.LC.FTS.B,

16.44%,

12/03/26

29,674

29,669

183683504.LC.FTS.B,

19.49%,

12/02/26

10,890

10,856

183684135.LC.FTS.B,

23.99%,

12/06/26

13,803

13,722

183684333.LC.FTS.B,

19.99%,

12/01/24

9,483

9,544

183685842.LC.FTS.B,

11.04%,

12/03/24

12,694

12,398

183686236.LC.FTS.B,

20.49%,

12/01/26

19,806

19,729

183687452.LC.FTS.B,

18.99%,

12/10/24

979

978

183687581.LC.FTS.B,

15.99%,

12/09/24

4,402

4,400

183687593.LC.FTS.B,

20.99%,

12/02/26

24,761

24,682

183687642.LC.FTS.B,

15.99%,

12/02/26

22,747

22,739

183688484.LC.FTS.B,

21.99%,

12/01/24

10,782

10,717

183688838.LC.FTS.B,

18.49%,

12/02/26

18,805

18,747

183689897.LC.FTS.B,

18.99%,

12/02/24

7,950

7,923

183691517.LC.FTS.B,

28.99%,

12/01/26

24,811

24,617

183691663.LC.FTS.B,

13.04%,

12/02/24

7,817

7,505

183693231.LC.FTS.B,

12.49%,

12/02/24

3,517

3,522

183693847.LC.FTS.B,

19.99%,

12/02/24

9,867

9,934

183695174.LC.FTS.B,

23.99%,

12/02/26

18,598

18,653

183695657.LC.FTS.B,

15.44%,

12/02/26

14,833

14,828

183695879.LC.FTS.B,

14.19%,

12/02/24

9,430

9,458

183695899.LC.FTS.B,

18.49%,

12/02/26

15,836

15,787

183695987.LC.FTS.B,

15.99%,

12/03/24

20,053

19,577

183697716.LC.FTS.B,

22.99%,

12/02/24

980

975

183699303.LC.FTS.B,

17.24%,

12/02/26

15,830

15,598

183699899.LC.FTS.B,

15.99%,

12/07/24

11,523

10,945

183700079.LC.FTS.B,

15.44%,

12/06/26

14,891

14,486

183700292.LC.FTS.B,

22.49%,

12/01/26

12,881

12,785

183702434.LC.FTS.B,

20.49%,

12/02/26

29,189

29,097

183703028.LC.FTS.B,

22.99%,

12/02/24

3,530

3,511

183703232.LC.FTS.B,

20.49%,

12/02/26

19,806

19,743

183704686.LC.FTS.B,

15.44%,

12/06/26

12,855

12,428

183704689.LC.FTS.B,

21.99%,

12/02/26

9,907

9,843

183705079.LC.FTS.B,

17.44%,

12/03/26

17,810

17,721

183705826.LC.FTS.B,

15.99%,

12/02/24

21,031

21,011

183706984.LC.FTS.B,

21.49%,

12/13/26

9,410

9,378

183707036.LC.FTS.B,

18.19%,

12/02/26

14,845

14,799

183708997.LC.FTS.B,

13.44%,

12/03/24

4,909

4,948

183710611.LC.FTS.B,

22.49%,

12/02/24

3,921

3,901

183710879.LC.FTS.B,

19.95%,

12/06/26

23,764

23,702

183711809.LC.FTS.B,

17.49%,

12/02/24

17,686

17,797

183712326.LC.FTS.B,

15.44%,

12/02/26

6,364

6,381

183717093.LC.FTS.B,

18.99%,

12/15/24

6,854

6,851

183719486.LC.FTS.B,

21.99%,

12/07/26

19,814

18,953

183721314.LC.FTS.B,

17.44%,

12/03/26

15,831

15,828

183722505.LC.FTS.B,

15.99%,

12/02/26

8,308

8,226

183725391.LC.FTS.B,

13.49%,

12/08/24

4,105

4,114

183726442.LC.FTS.B,

22.99%,

12/09/24

5,883

5,866

183726564.LC.FTS.B,

21.49%,

12/09/26

19,979

20,152

183731402.LC.FTS.B,

19.44%,

12/13/26

15,840

15,828

183732977.LC.FTS.B,

14.49%,

12/08/24

14,665

14,696

183733171.LC.FTS.B,

18.99%,

12/17/24

4,700

4,703

183739101.LC.FTS.B,

18.99%,

12/07/24

7,833

7,703

183744098.LC.FTS.B,

22.99%,

12/02/26

9,910

9,845

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

310

a

183746554.LC.FTS.B,

18.49%,

12/03/26

5,442

5,427

183747630.LC.FTS.B,

20.99%,

12/03/26

22,830

22,780

183750856.LC.FTS.B,

27.99%,

12/06/26

16,272

16,173

183752485.LC.FTS.B,

16.99%,

12/16/24

19,570

19,613

183753816.LC.FTS.B,

16.49%,

12/03/24

19,677

19,823

183755210.LC.FTS.B,

21.99%,

12/02/26

10,999

11,066

183755503.LC.FTS.B,

18.99%,

12/03/24

11,750

11,711

183756956.LC.FTS.B,

17.49%,

12/23/24

10,765

10,806

183758691.LC.FTS.B,

23.99%,

12/15/26

5,947

5,930

183759744.LC.FTS.B,

24.99%,

12/06/26

9,915

9,856

183759828.LC.FTS.B,

18.49%,

12/03/26

16,930

17,047

183762903.LC.FTS.B,

15.44%,

12/02/24

7,482

7,406

183762991.LC.FTS.B,

19.49%,

12/07/26

22,003

21,534

183766217.LC.FTS.B,

16.49%,

12/06/24

8,316

8,197

183766454.LC.FTS.B,

16.99%,

12/06/26

21,765

21,455

183767102.LC.FTS.B,

19.99%,

12/06/26

21,568

21,737

183768005.LC.FTS.B,

13.74%,

12/02/26

34,591

34,339

183768813.LC.FTS.B,

13.24%,

12/02/26

14,822

14,715

183769143.LC.FTS.B,

16.99%,

12/03/24

4,893

4,889

183769602.LC.FTS.B,

16.19%,

12/03/24

8,816

8,864

183770308.LC.FTS.B,

21.49%,

12/13/24

3,038

3,032

183771195.LC.FTS.B,

25.99%,

12/03/26

23,801

23,650

183771469.LC.FTS.B,

12.74%,

12/03/24

19,541

19,573

183771895.LC.FTS.B,

21.99%,

12/03/26

17,833

17,723

183773059.LC.FTS.B,

21.99%,

12/03/24

14,702

14,632

183775188.LC.FTS.B,

14.44%,

12/10/24

15,642

15,173

183775899.LC.FTS.B,

18.99%,

12/14/26

19,025

18,705

183776421.LC.FTS.B,

11.04%,

12/08/24

7,519

7,345

183776889.LC.FTS.B,

19.49%,

12/03/24

9,815

9,859

183776961.LC.FTS.B,

12.99%,

12/10/24

19,586

19,369

183777302.LC.FTS.B,

13.99%,

12/03/24

3,421

3,395

183777683.LC.FTS.B,

18.99%,

12/03/24

8,225

8,197

183778919.LC.FTS.B,

24.99%,

12/03/26

24,787

24,630

183780343.LC.FTS.B,

18.44%,

12/06/24

5,287

5,271

183782594.LC.FTS.B,

20.49%,

12/06/26

14,855

14,816

183784635.LC.FTS.B,

16.49%,

12/03/24

17,106

17,163

183785169.LC.FTS.B,

17.99%,

12/03/24

10,278

10,270

183785739.LC.FTS.B,

18.44%,

12/06/24

3,916

3,904

183787389.LC.FTS.B,

18.19%,

12/06/26

10,886

10,859

183787906.LC.FTS.B,

19.12%,

12/13/24

1,958

1,956

183788093.LC.FTS.B,

17.49%,

12/06/26

7,943

7,956

183788160.LC.FTS.B,

23.99%,

12/06/26

9,912

9,854

183788267.LC.FTS.B,

22.99%,

12/03/24

3,530

3,513

183788883.LC.FTS.B,

21.99%,

12/06/26

23,777

23,640

183789247.LC.FTS.B,

16.19%,

12/06/24

5,451

5,445

183789584.LC.FTS.B,

21.99%,

12/03/26

18,328

18,215

183789603.LC.FTS.B,

14.99%,

12/13/24

15,645

15,178

183790054.LC.FTS.B,

18.49%,

12/06/26

6,235

6,220

183793588.LC.FTS.B,

17.24%,

12/06/26

6,939

6,981

183794044.LC.FTS.B,

18.99%,

12/06/24

11,750

11,715

183794746.LC.FTS.B,

21.99%,

12/07/26

27,740

26,930

183795092.LC.FTS.B,

17.49%,

12/06/24

15,659

15,579

183795435.LC.FTS.B,

26.99%,

12/03/26

15,000

15,092

183795795.LC.FTS.B,

17.49%,

12/08/26

5,937

5,939

183796732.LC.FTS.B,

18.99%,

12/06/24

7,871

7,921

183797655.LC.FTS.B,

15.99%,

12/21/24

17,439

17,266

183798048.LC.FTS.B,

18.99%,

12/06/24

4,896

4,881

183798352.LC.FTS.B,

17.74%,

12/06/26

29,686

29,686

183799482.LC.FTS.B,

18.99%,

12/06/24

9,792

9,762

183799901.LC.FTS.B,

17.74%,

12/06/26

9,895

9,895

183801171.LC.FTS.B,

18.99%,

12/21/24

9,792

9,664

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

311

a

183801317.LC.FTS.B,

23.99%,

12/09/26

29,997

30,245

183801794.LC.FTS.B,

19.44%,

12/08/24

9,745

9,721

183802837.LC.FTS.B,

17.99%,

12/06/24

27,726

27,711

183804040.LC.FTS.B,

21.49%,

12/07/26

29,986

29,026

183804480.LC.FTS.B,

13.99%,

12/06/24

31,280

31,336

183804788.LC.FTS.B,

18.99%,

12/06/24

3,917

3,905

183805030.LC.FTS.B,

17.49%,

12/14/26

27,732

27,117

183805940.LC.FTS.B,

23.99%,

12/07/26

11,597

11,092

183809680.LC.FTS.B,

17.24%,

12/07/26

33,243

31,824

183810721.LC.FTS.B,

19.99%,

12/14/24

817

824

183818205.LC.FTS.B,

18.99%,

12/06/24

23,500

23,429

183825295.LC.FTS.B,

25.99%,

12/16/26

12,892

12,865

183827173.LC.FTS.B,

14.99%,

12/06/24

9,649

9,699

183828952.LC.FTS.B,

18.99%,

12/10/24

7,050

7,040

183835670.LC.FTS.B,

16.99%,

12/13/26

30,866

30,615

183835763.LC.FTS.B,

15.99%,

12/06/26

6,000

2,102

183835868.LC.FTS.B,

24.99%,

12/07/24

9,811

9,769

183835923.LC.FTS.B,

15.19%,

12/09/24

11,211

11,281

183840027.LC.FTS.B,

21.49%,

12/09/26

15,849

15,783

183840398.LC.FTS.B,

16.99%,

12/13/26

34,238

33,647

183840993.LC.FTS.B,

21.49%,

12/16/26

23,774

23,729

183841644.LC.FTS.B,

19.99%,

12/14/26

12,872

12,494

183842381.LC.FTS.B,

24.99%,

12/07/24

11,773

11,669

183842914.LC.FTS.B,

17.44%,

12/13/26

21,768

21,799

183843773.LC.FTS.B,

27.99%,

12/07/24

5,892

5,866

183844133.LC.FTS.B,

17.99%,

12/07/24

11,806

11,494

183844253.LC.FTS.B,

18.99%,

12/07/26

28,707

28,368

183852446.LC.FTS.B,

17.99%,

12/07/26

15,922

15,651

183853227.LC.FTS.B,

15.99%,

12/07/24

7,825

7,643

183853313.LC.FTS.B,

15.24%,

12/10/24

34,227

34,258

183856495.LC.FTS.B,

16.49%,

12/07/24

7,827

7,716

183860801.LC.FTS.B,

28.99%,

12/07/26

9,924

9,772

183862022.LC.FTS.B,

19.99%,

12/07/26

7,376

7,359

183862855.LC.FTS.B,

17.44%,

12/07/24

7,829

7,791

183862994.LC.FTS.B,

13.99%,

12/07/24

2,932

2,911

183864519.LC.FTS.B,

22.49%,

12/07/24

17,090

16,831

183866022.LC.FTS.B,

24.99%,

12/07/26

9,915

9,812

183866613.LC.FTS.B,

25.99%,

12/07/26

9,917

9,767

183867910.LC.FTS.B,

23.99%,

12/07/26

14,868

14,786

183868559.LC.FTS.B,

23.99%,

12/17/26

7,930

7,917

183868821.LC.FTS.B,

13.49%,

12/06/26

29,726

29,624

183869083.LC.FTS.B,

15.19%,

12/15/24

9,779

9,795

183870325.LC.FTS.B,

14.19%,

12/10/26

20,758

20,830

183872755.LC.FTS.B,

22.99%,

12/07/24

9,700

9,615

183874472.LC.FTS.B,

15.44%,

12/10/26

15,876

15,223

183874684.LC.FTS.B,

19.49%,

12/07/24

10,844

10,924

183874898.LC.FTS.B,

27.49%,

12/07/26

24,897

24,961

183876125.LC.FTS.B,

22.49%,

12/07/26

13,872

13,730

183877158.LC.FTS.B,

20.44%,

12/07/26

15,000

15,118

183877324.LC.FTS.B,

16.49%,

12/06/26

39,566

39,192

183877346.LC.FTS.B,

15.99%,

12/23/26

34,615

34,752

183878811.LC.FTS.B,

15.99%,

12/07/24

7,857

7,877

183880382.LC.FTS.B,

22.99%,

12/07/24

4,902

4,859

183882038.LC.FTS.B,

20.99%,

12/07/26

28,525

28,456

183882045.LC.FTS.B,

15.99%,

12/07/24

14,673

14,466

183882847.LC.FTS.B,

21.99%,

12/07/24

9,409

9,371

183882896.LC.FTS.B,

17.24%,

12/07/26

17,809

17,643

183883221.LC.FTS.B,

10.99%,

12/08/24

11,717

11,664

183883305.LC.FTS.B,

24.99%,

12/07/26

19,594

19,479

183884773.LC.FTS.B,

18.99%,

12/07/24

2,938

2,929

183885314.LC.FTS.B,

21.99%,

12/07/26

5,944

5,912

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

312

a

183885405.LC.FTS.B,

20.99%,

12/15/26

7,952

8,014

183885718.LC.FTS.B,

28.99%,

12/07/26

7,443

7,400

183886671.LC.FTS.B,

7.59%,

12/09/24

39,007

37,454

183886863.LC.FTS.B,

23.99%,

12/07/26

13,877

13,800

183888494.LC.FTS.B,

17.99%,

12/07/26

9,074

9,150

183890926.LC.FTS.B,

15.19%,

12/07/24

35,204

35,198

183891836.LC.FTS.B,

18.99%,

12/07/24

5,875

5,859

183892244.LC.FTS.B,

21.49%,

12/07/24

24,410

24,397

183892275.LC.FTS.B,

18.44%,

12/14/26

26,723

26,710

183892876.LC.FTS.B,

23.49%,

12/07/26

9,727

9,722

183893289.LC.FTS.B,

18.44%,

12/07/24

2,447

2,430

183894941.LC.FTS.B,

23.99%,

12/07/26

19,891

19,945

183895042.LC.FTS.B,

12.49%,

12/07/24

9,770

9,790

183895252.LC.FTS.B,

14.44%,

12/21/24

14,665

14,028

183900196.LC.FTS.B,

13.19%,

12/07/26

10,870

10,899

183901831.LC.FTS.B,

16.49%,

12/07/24

29,350

29,343

183902006.LC.FTS.B,

23.99%,

12/07/26

31,911

32,092

183902344.LC.FTS.B,

17.49%,

12/07/26

19,644

19,647

183902971.LC.FTS.B,

18.49%,

12/08/24

18,748

18,907

183905553.LC.FTS.B,

13.44%,

12/16/26

6,423

6,172

183907505.LC.FTS.B,

19.99%,

12/13/26

15,736

15,675

183908611.LC.FTS.B,

23.99%,

12/13/26

15,860

15,803

183908633.LC.FTS.B,

18.99%,

12/08/24

17,625

17,582

183909323.LC.FTS.B,

28.99%,

12/07/26

14,830

14,744

183909483.LC.FTS.B,

16.99%,

12/08/26

5,936

5,882

183911031.LC.FTS.B,

22.99%,

12/08/24

9,805

9,767

183911700.LC.FTS.B,

23.99%,

12/08/26

19,825

19,721

183912771.LC.FTS.B,

19.49%,

12/10/26

12,899

12,970

183913486.LC.FTS.B,

14.49%,

12/08/24

4,888

4,899

183915427.LC.FTS.B,

13.24%,

12/08/24

27,362

27,422

183916918.LC.FTS.B,

13.19%,

12/08/26

22,786

22,961

183917868.LC.FTS.B,

21.49%,

12/15/26

18,499

18,447

183919301.LC.FTS.B,

19.99%,

12/21/26

12,872

12,888

183921890.LC.FTS.B,

15.44%,

12/08/26

10,383

10,388

183922734.LC.FTS.B,

14.99%,

12/08/24

9,387

9,407

183926594.LC.FTS.B,

15.99%,

12/08/24

8,217

8,217

183929309.LC.FTS.B,

16.99%,

12/10/24

19,570

19,586

183929820.LC.FTS.B,

15.49%,

12/08/24

4,912

4,950

183930981.LC.FTS.B,

15.44%,

12/20/26

12,855

12,581

183931492.LC.FTS.B,

16.99%,

12/09/24

19,570

19,399

183933487.LC.FTS.B,

23.99%,

12/08/26

14,868

14,791

183935167.LC.FTS.B,

16.19%,

12/13/26

21,265

20,582

183936400.LC.FTS.B,

16.99%,

12/17/26

17,808

17,510

183938262.LC.FTS.B,

28.99%,

12/08/26

15,470

15,549

183938966.LC.FTS.B,

18.49%,

12/08/24

12,627

12,597

183940387.LC.FTS.B,

19.99%,

12/08/26

17,823

17,786

183942336.LC.FTS.B,

24.99%,

12/10/26

19,830

19,750

183942448.LC.FTS.B,

17.99%,

12/08/24

3,524

3,524

183942663.LC.FTS.B,

17.24%,

12/08/26

9,894

9,898

183942961.LC.FTS.B,

18.99%,

12/08/24

4,896

4,884

183943387.LC.FTS.B,

15.44%,

12/13/26

23,238

23,050

183943415.LC.FTS.B,

19.99%,

12/17/24

14,692

14,701

183946773.LC.FTS.B,

21.49%,

12/08/26

17,959

18,086

183947592.LC.FTS.B,

19.49%,

12/08/24

8,324

8,304

183948591.LC.FTS.B,

16.44%,

12/08/24

17,717

17,865

183949342.LC.FTS.B,

18.74%,

12/08/26

8,908

8,890

183951356.LC.FTS.B,

17.49%,

12/09/24

17,127

17,137

183953934.LC.FTS.B,

16.99%,

12/08/24

9,394

9,393

183954033.LC.FTS.B,

14.49%,

12/08/24

13,687

13,716

183955270.LC.FTS.B,

16.49%,

12/08/24

2,446

2,446

183956072.LC.FTS.B,

15.99%,

12/08/24

7,825

7,825

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

313

a

183958487.LC.FTS.B,

16.19%,

12/09/24

5,478

5,431

183959313.LC.FTS.B,

13.24%,

12/09/24

14,658

14,629

183959795.LC.FTS.B,

15.99%,

12/08/24

9,782

9,782

183961259.LC.FTS.B,

12.74%,

12/09/24

9,770

9,797

183961839.LC.FTS.B,

11.04%,

12/10/24

7,848

7,654

183963258.LC.FTS.B,

18.49%,

12/09/24

18,601

18,571

183964831.LC.FTS.B,

13.24%,

12/13/24

4,886

4,672

183965552.LC.FTS.B,

16.49%,

12/13/26

14,872

14,970

183966000.LC.FTS.B,

24.99%,

12/09/26

4,957

4,936

183966895.LC.FTS.B,

19.99%,

12/09/24

11,754

11,734

183967026.LC.FTS.B,

22.99%,

12/09/24

17,648

17,598

183967451.LC.FTS.B,

16.49%,

12/09/24

4,917

4,959

183968599.LC.FTS.B,

18.99%,

12/09/24

3,917

3,910

183969487.LC.FTS.B,

22.99%,

12/09/24

14,716

14,776

183969661.LC.FTS.B,

21.49%,

12/14/26

11,887

11,564

183970462.LC.FTS.B,

24.99%,

12/09/26

2,974

2,961

183970602.LC.FTS.B,

24.99%,

12/10/26

11,898

11,850

183971412.LC.FTS.B,

28.49%,

12/09/26

9,551

9,508

183972047.LC.FTS.B,

17.49%,

12/09/24

979

979

183973489.LC.FTS.B,

14.44%,

12/09/24

5,866

5,881

183974082.LC.FTS.B,

15.99%,

12/10/24

20,542

20,560

183974148.LC.FTS.B,

20.49%,

12/09/26

22,274

22,244

183974150.LC.FTS.B,

19.99%,

12/10/26

24,754

24,727

183974444.LC.FTS.B,

16.99%,

12/09/24

4,907

4,943

183975067.LC.FTS.B,

15.49%,

12/09/24

4,914

4,956

183975814.LC.FTS.B,

19.99%,

12/09/26

8,350

8,409

183975954.LC.FTS.B,

16.49%,

12/09/24

4,696

4,699

183977917.LC.FTS.B,

16.49%,

12/14/26

24,729

23,581

183978363.LC.FTS.B,

13.24%,

12/09/24

13,717

13,698

183979122.LC.FTS.B,

18.99%,

12/10/24

2,350

2,347

183980484.LC.FTS.B,

21.99%,

12/09/24

24,503

24,434

183983086.LC.FTS.B,

12.49%,

12/09/24

18,562

18,439

183983228.LC.FTS.B,

26.49%,

12/09/24

24,264

24,189

183985034.LC.FTS.B,

14.44%,

12/13/24

9,776

9,439

183987324.LC.FTS.B,

23.99%,

12/09/26

15,860

15,791

183991943.LC.FTS.B,

18.44%,

12/08/26

24,102

23,828

183992321.LC.FTS.B,

17.44%,

12/21/24

39,146

37,951

183992651.LC.FTS.B,

17.99%,

12/10/24

2,873

2,875

183994819.LC.FTS.B,

13.99%,

12/14/24

7,820

7,551

183996173.LC.FTS.B,

17.44%,

12/09/26

35,620

35,315

183997026.LC.FTS.B,

22.99%,

12/10/24

5,910

5,949

183997716.LC.FTS.B,

16.49%,

12/09/24

4,892

4,895

183999420.LC.FTS.B,

12.99%,

12/09/26

39,523

39,278

184000110.LC.FTS.B,

15.49%,

12/10/24

15,648

15,662

184001961.LC.FTS.B,

16.99%,

12/10/24

7,800

2,796

184003016.LC.FTS.B,

13.19%,

12/08/24

1,466

1,455

184003319.LC.FTS.B,

18.19%,

12/09/26

9,897

9,884

184003705.LC.FTS.B,

17.99%,

12/13/24

14,683

14,698

184003793.LC.FTS.B,

23.99%,

12/10/26

19,825

19,746

184004060.LC.FTS.B,

16.49%,

12/10/24

27,394

27,417

184005390.LC.FTS.B,

19.99%,

12/10/24

2,938

2,934

184005719.LC.FTS.B,

20.44%,

12/10/26

13,323

13,350

184006108.LC.FTS.B,

16.99%,

12/10/24

12,231

12,242

184007129.LC.FTS.B,

23.99%,

12/09/26

7,930

7,896

184008079.LC.FTS.B,

13.19%,

12/15/24

1,891

1,899

184008894.LC.FTS.B,

17.99%,

12/10/24

9,788

9,796

184009395.LC.FTS.B,

9.49%,

12/10/26

32,568

31,493

184009446.LC.FTS.B,

16.49%,

12/13/24

7,827

7,835

184009581.LC.FTS.B,

22.99%,

12/13/26

34,684

34,561

184010339.LC.FTS.B,

23.99%,

12/17/26

15,860

15,833

184011802.LC.FTS.B,

21.49%,

12/10/26

9,906

9,868

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

314

a

184012121.LC.FTS.B,

13.44%,

12/10/26

18,776

18,752

184012465.LC.FTS.B,

21.99%,

12/13/26

9,907

9,872

184013288.LC.FTS.B,

24.99%,

12/10/26

19,830

19,750

184014658.LC.FTS.B,

19.44%,

12/09/24

11,752

11,732

184014809.LC.FTS.B,

17.74%,

12/14/26

31,665

31,412

184015727.LC.FTS.B,

18.99%,

12/17/24

9,792

9,798

184016257.LC.FTS.B,

18.99%,

12/14/26

10,000

9,928

184016559.LC.FTS.B,

16.44%,

12/16/24

6,223

6,162

184016592.LC.FTS.B,

20.24%,

12/15/26

34,658

34,648

184017324.LC.FTS.B,

11.29%,

12/10/24

6,347

6,321

184017343.LC.FTS.B,

23.99%,

12/10/26

12,489

12,440

184017594.LC.FTS.B,

20.99%,

12/10/26

15,800

15,762

184017730.LC.FTS.B,

23.99%,

12/10/26

29,737

29,619

184018293.LC.FTS.B,

17.74%,

12/10/26

23,749

23,777

184020224.LC.FTS.B,

23.19%,

12/10/26

20,812

20,730

184020309.LC.FTS.B,

13.99%,

12/14/24

7,545

7,206

184020332.LC.FTS.B,

16.49%,

12/16/26

9,892

9,821

184022156.LC.FTS.B,

20.49%,

12/10/26

9,858

9,826

184025076.LC.FTS.B,

18.99%,

12/10/24

10,771

10,756

184026094.LC.FTS.B,

22.99%,

12/10/24

7,059

7,041

184027233.LC.FTS.B,

16.99%,

12/09/26

18,797

18,636

184028586.LC.FTS.B,

10.99%,

12/14/24

29,293

28,626

184029176.LC.FTS.B,

21.99%,

12/14/26

8,718

8,691

184029644.LC.FTS.B,

17.49%,

12/16/26

29,684

29,756

184030029.LC.FTS.B,

18.49%,

12/10/26

24,744

24,718

184030481.LC.FTS.B,

11.04%,

12/13/24

6,835

6,711

184030866.LC.FTS.B,

16.99%,

12/13/24

19,570

19,408

184031238.LC.FTS.B,

16.49%,

12/10/26

9,892

9,904

184032290.LC.FTS.B,

20.99%,

12/21/26

19,809

19,063

184033080.LC.FTS.B,

17.44%,

12/13/26

21,682

21,370

184033235.LC.FTS.B,

24.99%,

12/10/26

23,795

23,700

184033253.LC.FTS.B,

28.99%,

12/10/26

9,000

9,075

184034044.LC.FTS.B,

20.49%,

12/10/26

29,812

30,021

184034650.LC.FTS.B,

18.99%,

12/27/24

11,579

11,613

184035087.LC.FTS.B,

10.34%,

12/13/24

9,762

9,723

184035152.LC.FTS.B,

21.49%,

12/23/26

7,132

7,135

184035228.LC.FTS.B,

13.04%,

12/09/24

14,657

14,560

184035860.LC.FTS.B,

15.44%,

12/16/26

17,305

16,846

184036052.LC.FTS.B,

19.49%,

12/10/26

24,751

24,724

184036706.LC.FTS.B,

19.49%,

12/10/26

4,950

4,945

184037034.LC.FTS.B,

12.49%,

12/10/24

977

980

184037141.LC.FTS.B,

13.19%,

12/09/24

7,384

7,337

184037325.LC.FTS.B,

17.24%,

12/10/26

3,562

3,566

184038361.LC.FTS.B,

18.44%,

12/15/24

7,327

7,324

184038787.LC.FTS.B,

18.99%,

12/13/24

7,833

7,825

184039087.LC.FTS.B,

24.99%,

12/13/26

9,419

9,385

184040533.LC.FTS.B,

14.49%,

12/09/26

19,771

19,647

184040777.LC.FTS.B,

23.99%,

12/21/26

9,912

9,903

184041474.LC.FTS.B,

27.49%,

12/13/26

24,398

24,301

*

184043465.LC.FTS.B,

17.3%,

12/13/26

20,000

20,126

184044208.LC.FTS.B,

16.99%,

12/10/24

25,833

25,854

184045620.LC.FTS.B,

18.99%,

12/13/24

8,813

8,803

184046212.LC.FTS.B,

11.99%,

12/17/24

3,907

3,931

184046281.LC.FTS.B,

18.99%,

12/13/24

1,175

1,174

184048740.LC.FTS.B,

12.49%,

12/23/24

17,341

17,264

184049185.LC.FTS.B,

13.24%,

12/13/24

17,590

17,644

184049331.LC.FTS.B,

18.99%,

12/13/24

4,896

4,891

184051226.LC.FTS.B,

14.99%,

12/15/24

34,297

33,424

184051343.LC.FTS.B,

28.99%,

12/13/26

17,864

17,795

184053243.LC.FTS.B,

17.44%,

12/14/24

16,148

15,409

184053369.LC.FTS.B,

16.99%,

12/13/26

15,829

15,852

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

315

a

184055849.LC.FTS.B,

23.99%,

12/13/26

39,649

39,506

184056585.LC.FTS.B,

21.99%,

12/15/26

24,768

24,697

184056676.LC.FTS.B,

15.99%,

12/14/24

4,891

4,737

184056742.LC.FTS.B,

15.44%,

12/13/26

14,833

14,855

184056762.LC.FTS.B,

17.44%,

12/13/26

6,926

6,870

184057784.LC.FTS.B,

17.19%,

12/16/24

9,786

9,761

184058069.LC.FTS.B,

11.04%,

12/14/24

6,835

6,647

184058193.LC.FTS.B,

18.49%,

12/14/24

9,790

9,783

184059193.LC.FTS.B,

21.99%,

12/13/26

21,492

21,642

184059520.LC.FTS.B,

16.49%,

12/15/24

7,338

7,349

184061435.LC.FTS.B,

22.49%,

12/14/26

11,890

11,396

184061839.LC.FTS.B,

21.49%,

12/21/26

14,859

14,414

184062734.LC.FTS.B,

21.49%,

12/13/26

4,755

4,738

184063399.LC.FTS.B,

18.99%,

12/14/24

6,854

6,849

184064152.LC.FTS.B,

19.49%,

12/13/26

19,811

19,927

184065866.LC.FTS.B,

19.49%,

12/14/24

11,752

11,412

184065895.LC.FTS.B,

15.49%,

12/20/24

11,736

11,768

184066257.LC.FTS.B,

23.99%,

12/13/26

29,737

29,630

184066327.LC.FTS.B,

14.19%,

12/22/26

13,838

13,916

184068437.LC.FTS.B,

23.99%,

12/14/26

17,842

17,784

184068690.LC.FTS.B,

18.49%,

12/14/24

9,862

9,676

184069276.LC.FTS.B,

11.49%,

12/20/26

28,714

28,613

184070958.LC.FTS.B,

10.49%,

12/14/24

5,478

5,472

184073189.LC.FTS.B,

15.19%,

12/15/24

4,889

4,897

184073466.LC.FTS.B,

17.44%,

12/13/24

5,872

5,878

184073751.LC.FTS.B,

20.49%,

12/14/26

19,806

19,224

184074389.LC.FTS.B,

16.49%,

12/13/24

10,273

10,284

184075164.LC.FTS.B,

17.74%,

12/16/26

31,200

31,334

184075307.LC.FTS.B,

16.44%,

12/23/24

30,000

30,121

184076230.LC.FTS.B,

21.99%,

12/15/24

5,881

5,872

184078696.LC.FTS.B,

17.99%,

12/14/24

9,788

9,801

184081621.LC.FTS.B,

13.99%,

12/15/24

14,030

13,487

184082880.LC.FTS.B,

15.44%,

12/20/26

8,900

8,667

184083997.LC.FTS.B,

16.44%,

12/13/24

6,359

6,307

184084669.LC.FTS.B,

17.3%,

12/15/26

11,873

11,895

184087086.LC.FTS.B,

15.99%,

12/14/24

3,424

3,412

184087392.LC.FTS.B,

21.49%,

12/14/26

19,919

19,684

184087692.LC.FTS.B,

18.99%,

12/22/24

23,000

23,062

184090113.LC.FTS.B,

16.49%,

12/15/26

20,772

20,812

184090151.LC.FTS.B,

19.99%,

12/22/24

29,385

29,452

184090890.LC.FTS.B,

16.49%,

12/23/24

5,865

5,887

184091538.LC.FTS.B,

19.99%,

12/14/24

5,877

5,817

184099284.LC.FTS.B,

19.49%,

12/15/24

24,483

24,471

184102080.LC.FTS.B,

23.99%,

12/20/26

8,921

8,909

184102230.LC.FTS.B,

16.49%,

12/14/24

14,088

13,776

184102807.LC.FTS.B,

18.99%,

12/22/24

24,519

24,742

184104394.LC.FTS.B,

18.99%,

12/15/24

24,479

24,468

184104646.LC.FTS.B,

17.44%,

12/20/26

18,799

18,853

184105133.LC.FTS.B,

15.99%,

12/14/24

12,716

12,495

184105238.LC.FTS.B,

28.99%,

12/14/26

24,811

24,604

184106683.LC.FTS.B,

9.99%,

12/14/24

14,641

13,825

184106917.LC.FTS.B,

22.99%,

12/14/24

11,765

11,744

184107267.LC.FTS.B,

19.49%,

12/14/24

9,793

9,824

184107590.LC.FTS.B,

23.99%,

12/14/26

6,939

6,816

184107799.LC.FTS.B,

19.99%,

12/14/26

13,862

13,855

184108646.LC.FTS.B,

18.49%,

12/14/26

8,415

8,346

184109137.LC.FTS.B,

17.74%,

12/14/26

14,843

14,581

184111504.LC.FTS.B,

18.99%,

12/14/24

11,750

11,741

184111598.LC.FTS.B,

22.99%,

12/14/24

3,000

3,006

184112373.LC.FTS.B,

18.99%,

12/14/24

1,898

1,897

184114198.LC.FTS.B,

18.99%,

12/14/26

24,252

24,240

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

316

a

184114543.LC.FTS.B,

23.99%,

12/16/26

9,912

9,892

184116383.LC.FTS.B,

15.99%,

12/16/24

10,760

10,784

184117686.LC.FTS.B,

15.49%,

12/16/26

33,127

31,768

184117921.LC.FTS.B,

28.99%,

12/14/26

11,909

11,867

184118078.LC.FTS.B,

17.44%,

12/16/24

4,893

4,904

184121693.LC.FTS.B,

16.49%,

12/16/24

9,793

9,868

184121922.LC.FTS.B,

18.99%,

12/15/24

14,100

14,094

184124998.LC.FTS.B,

18.74%,

12/14/26

4,980

5,011

184125379.LC.FTS.B,

10.34%,

12/16/24

18,548

17,689

184125400.LC.FTS.B,

16.99%,

12/17/24

17,528

17,405

184125481.LC.FTS.B,

14.44%,

12/14/24

7,821

7,736

184127825.LC.FTS.B,

18.44%,

12/14/24

5,874

5,870

184127951.LC.FTS.B,

15.44%,

12/14/26

20,766

20,802

184130767.LC.FTS.B,

16.44%,

12/21/26

20,772

20,130

184130849.LC.FTS.B,

28.99%,

12/14/26

11,909

11,867

184130928.LC.FTS.B,

21.99%,

12/14/26

14,861

14,813

184135047.LC.FTS.B,

11.04%,

12/20/24

34,197

32,949

184139449.LC.FTS.B,

18.99%,

12/15/26

7,127

7,125

184141163.LC.FTS.B,

17.49%,

12/17/26

2,968

2,947

184141340.LC.FTS.B,

16.99%,

12/15/24

16,675

16,567

184142290.LC.FTS.B,

21.99%,

12/14/26

10,700

10,666

184142932.LC.FTS.B,

13.99%,

12/17/24

22,482

21,611

184142978.LC.FTS.B,

17.44%,

12/14/26

14,842

14,866

184143793.LC.FTS.B,

18.99%,

12/14/24

9,376

9,369

184144008.LC.FTS.B,

16.99%,

12/14/26

18,224

18,220

184144886.LC.FTS.B,

15.19%,

12/16/26

27,686

27,756

184146721.LC.FTS.B,

16.44%,

12/15/26

14,837

14,579

184148052.LC.FTS.B,

20.99%,

12/15/24

4,115

4,113

184149066.LC.FTS.B,

17.24%,

12/17/26

23,745

23,808

184149207.LC.FTS.B,

18.99%,

12/22/24

9,988

10,011

184149278.LC.FTS.B,

16.49%,

12/16/24

12,718

12,747

184149526.LC.FTS.B,

19.74%,

12/14/26

34,059

34,041

184149742.LC.FTS.B,

26.49%,

12/15/26

21,250

21,185

184150686.LC.FTS.B,

13.44%,

12/20/26

9,882

9,834

184154990.LC.FTS.B,

14.44%,

12/20/26

7,414

7,450

184155908.LC.FTS.B,

14.49%,

12/17/24

5,866

5,666

184157711.LC.FTS.B,

16.19%,

12/14/24

4,847

4,831

184158631.LC.FTS.B,

15.44%,

12/20/26

20,721

19,864

184162766.LC.FTS.B,

18.44%,

12/14/24

16,153

16,142

184163017.LC.FTS.B,

13.19%,

12/17/26

15,316

14,719

184164905.LC.FTS.B,

17.44%,

12/15/24

24,539

24,711

184167427.LC.FTS.B,

19.99%,

12/15/24

24,000

24,035

184167502.LC.FTS.B,

17.44%,

12/15/26

25,404

24,961

184167764.LC.FTS.B,

15.99%,

12/16/24

16,533

16,581

184168105.LC.FTS.B,

19.49%,

12/15/24

19,587

19,577

184168561.LC.FTS.B,

21.99%,

12/15/24

3,546

3,576

184168636.LC.FTS.B,

13.19%,

12/16/26

20,751

20,342

184170508.LC.FTS.B,

19.74%,

12/15/26

29,233

29,224

184172800.LC.FTS.B,

16.44%,

12/16/26

12,930

12,641

184176024.LC.FTS.B,

13.99%,

12/16/24

19,550

19,625

184176824.LC.FTS.B,

14.99%,

12/14/26

13,842

13,761

184177932.LC.FTS.B,

24.99%,

12/16/24

8,928

8,922

184179384.LC.FTS.B,

18.99%,

12/15/26

21,836

21,975

184179555.LC.FTS.B,

21.49%,

12/17/26

27,269

27,219

184180420.LC.FTS.B,

11.24%,

12/14/24

4,101

4,085

184184924.LC.FTS.B,

13.19%,

12/16/26

13,834

13,494

184185617.LC.FTS.B,

26.99%,

12/16/26

9,523

9,502

184185726.LC.FTS.B,

18.99%,

12/16/24

6,854

6,857

184186523.LC.FTS.B,

9.29%,

12/20/24

13,661

13,095

184186888.LC.FTS.B,

21.99%,

12/16/24

3,430

3,429

184189674.LC.FTS.B,

18.44%,

12/15/24

11,468

11,494

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

317

a

184190300.LC.FTS.B,

16.49%,

12/22/26

11,079

10,743

184191218.LC.FTS.B,

13.99%,

12/17/24

14,174

14,029

184192472.LC.FTS.B,

17.99%,

12/23/24

8,369

8,400

184193155.LC.FTS.B,

16.49%,

12/15/24

11,740

11,648

184195032.LC.FTS.B,

23.99%,

12/15/26

9,020

8,994

184195203.LC.FTS.B,

16.49%,

12/15/26

6,962

6,975

*

184195348.LC.FTS.B,

16.49%,

12/16/26

11,000

10,889

184197580.LC.FTS.B,

18.99%,

12/16/24

7,077

7,141

184198353.LC.FTS.B,

14.01%,

12/15/26

39,536

39,313

184199477.LC.FTS.B,

16.99%,

12/15/26

3,957

3,965

184200182.LC.FTS.B,

13.19%,

12/16/24

21,370

21,251

184202834.LC.FTS.B,

10.49%,

12/15/24

15,620

15,561

184204044.LC.FTS.B,

16.49%,

12/15/26

14,837

14,723

184208226.LC.FTS.B,

17.44%,

12/17/24

7,829

7,848

184208446.LC.FTS.B,

16.99%,

12/16/26

24,733

24,678

184210526.LC.FTS.B,

18.99%,

12/20/24

14,100

14,114

184210891.LC.FTS.B,

23.19%,

12/16/26

7,928

7,913

184211532.LC.FTS.B,

21.99%,

12/17/26

34,910

35,131

184213707.LC.FTS.B,

10.34%,

12/16/24

35,143

35,019

184214073.LC.FTS.B,

27.99%,

12/17/26

11,906

11,884

184215682.LC.FTS.B,

21.99%,

12/16/26

5,449

5,438

184217898.LC.FTS.B,

18.99%,

12/16/24

7,069

7,129

184220816.LC.FTS.B,

16.19%,

12/16/24

9,755

9,764

184221940.LC.FTS.B,

18.19%,

12/27/26

25,360

25,433

184223937.LC.FTS.B,

16.44%,

12/17/26

18,794

18,844

184224030.LC.FTS.B,

15.49%,

12/20/26

19,777

19,644

184226087.LC.FTS.B,

15.49%,

12/20/24

13,692

13,404

184226428.LC.FTS.B,

17.49%,

12/17/26

11,873

11,905

184228216.LC.FTS.B,

18.44%,

12/27/24

27,412

27,493

184229444.LC.FTS.B,

25.99%,

12/17/26

23,801

23,759

184230024.LC.FTS.B,

15.44%,

12/16/24

15,648

15,683

184230527.LC.FTS.B,

16.49%,

12/16/26

29,675

29,749

184233755.LC.FTS.B,

18.49%,

12/16/26

11,902

11,986

184233839.LC.FTS.B,

18.44%,

12/16/24

9,790

9,794

184234038.LC.FTS.B,

18.44%,

12/16/24

10,769

10,773

184235158.LC.FTS.B,

15.99%,

12/20/24

6,315

6,195

184235593.LC.FTS.B,

15.19%,

12/17/24

2,445

2,451

184236479.LC.FTS.B,

19.99%,

12/17/24

24,487

24,502

184237123.LC.FTS.B,

21.99%,

12/17/26

14,861

14,837

184238507.LC.FTS.B,

12.49%,

12/20/24

4,840

4,769

184239360.LC.FTS.B,

17.44%,

12/17/26

20,778

20,833

184239676.LC.FTS.B,

18.99%,

12/17/24

9,792

9,798

184243149.LC.FTS.B,

16.49%,

12/17/24

11,740

11,769

184243930.LC.FTS.B,

16.49%,

12/17/24

5,870

5,884

184245291.LC.FTS.B,

13.19%,

12/17/24

34,202

34,342

184245438.LC.FTS.B,

18.99%,

12/17/24

5,288

5,291

184245796.LC.FTS.B,

14.44%,

12/20/24

13,687

13,419

184246546.LC.FTS.B,

18.99%,

12/17/24

19,583

19,596

184247617.LC.FTS.B,

18.99%,

12/17/26

11,879

11,888

184248232.LC.FTS.B,

16.19%,

12/17/24

4,891

4,903

184248806.LC.FTS.B,

18.49%,

12/17/26

27,713

27,734

184248952.LC.FTS.B,

13.19%,

12/17/26

13,834

13,899

184249796.LC.FTS.B,

15.44%,

12/17/26

15,897

16,018

184250542.LC.FTS.B,

12.49%,

12/17/24

7,816

7,848

184251419.LC.FTS.B,

14.44%,

12/17/26

7,908

7,907

184251783.LC.FTS.B,

13.74%,

12/16/26

11,860

11,798

184251864.LC.FTS.B,

21.99%,

12/17/26

9,015

9,001

184252044.LC.FTS.B,

18.99%,

12/17/24

6,218

6,222

184252099.LC.FTS.B,

18.99%,

12/17/24

4,896

4,899

184253510.LC.FTS.B,

18.49%,

12/21/24

17,622

17,644

184253714.LC.FTS.B,

19.49%,

12/17/24

24,483

24,498

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

318

a

184254098.LC.FTS.B,

16.99%,

12/20/26

11,080

10,951

184254966.LC.FTS.B,

17.99%,

12/17/24

9,406

9,476

184262437.LC.FTS.B,

14.19%,

12/21/26

21,746

20,584

184264223.LC.FTS.B,

16.49%,

12/20/24

29,888

29,969

184270452.LC.FTS.B,

16.99%,

12/20/26

11,872

11,906

184272023.LC.FTS.B,

19.49%,

12/23/24

15,180

15,215

184272312.LC.FTS.B,

23.19%,

12/22/24

9,805

9,822

184272330.LC.FTS.B,

22.99%,

12/22/24

3,628

3,634

184273228.LC.FTS.B,

21.99%,

12/20/26

15,000

15,002

184273574.LC.FTS.B,

15.44%,

12/17/24

24,450

24,278

184274221.LC.FTS.B,

23.99%,

12/20/26

29,737

29,698

184274458.LC.FTS.B,

18.49%,

12/20/24

17,622

17,639

184275242.LC.FTS.B,

23.99%,

12/27/26

19,825

19,844

184275535.LC.FTS.B,

21.99%,

12/20/26

23,282

23,253

184276958.LC.FTS.B,

23.99%,

12/20/26

14,868

14,849

184277120.LC.FTS.B,

13.44%,

12/20/26

9,882

9,930

184277567.LC.FTS.B,

15.49%,

12/20/24

8,900

8,924

184279960.LC.FTS.B,

13.99%,

12/21/24

29,325

28,193

184280067.LC.FTS.B,

16.99%,

12/20/26

15,829

15,875

184280264.LC.FTS.B,

18.99%,

12/20/24

8,323

8,331

184281222.LC.FTS.B,

15.99%,

12/20/24

9,782

9,808

184281792.LC.FTS.B,

18.99%,

12/20/24

4,896

4,901

184282726.LC.FTS.B,

15.19%,

12/21/24

10,000

10,045

184283202.LC.FTS.B,

19.49%,

12/20/26

7,920

7,928

184283229.LC.FTS.B,

19.44%,

12/21/26

15,000

14,535

*

184283247.LC.FTS.B,

12.74%,

12/21/26

21,000

16,458

184283871.LC.FTS.B,

21.99%,

12/27/26

19,814

19,835

184284744.LC.FTS.B,

18.99%,

12/20/24

3,427

3,430

184286107.LC.FTS.B,

20.99%,

12/20/24

2,450

2,452

184286578.LC.FTS.B,

17.49%,

12/20/26

22,000

21,880

184295872.LC.FTS.B,

15.49%,

12/20/24

6,455

6,472

184298012.LC.FTS.B,

18.74%,

12/22/26

5,939

5,953

184299891.LC.FTS.B,

24.49%,

12/21/26

19,282

18,608

184309308.LC.FTS.B,

17.24%,

12/21/26

14,797

14,611

184312525.LC.FTS.B,

28.99%,

12/21/26

24,811

24,179

184315459.LC.FTS.B,

15.49%,

12/21/24

15,648

15,321

184320356.LC.FTS.B,

13.44%,

12/22/24

9,675

9,305

184321733.LC.FTS.B,

23.99%,

12/23/26

24,781

24,788

184325410.LC.FTS.B,

18.99%,

12/21/26

4,751

4,711

184336095.LC.FTS.B,

17.44%,

12/21/24

11,744

11,722

184340869.LC.FTS.B,

22.99%,

12/21/24

5,098

5,076

184342167.LC.FTS.B,

13.99%,

12/21/24

977

977

184342759.LC.FTS.B,

15.99%,

12/21/24

10,271

10,105

184343324.LC.FTS.B,

24.49%,

12/21/26

19,827

19,615

184344324.LC.FTS.B,

14.19%,

12/21/24

7,820

7,855

184346927.LC.FTS.B,

13.24%,

12/22/24

29,372

28,802

184350898.LC.FTS.B,

17.44%,

12/21/24

14,680

14,652

184352640.LC.FTS.B,

26.99%,

12/21/26

24,799

24,651

184353845.LC.FTS.B,

15.99%,

12/22/24

9,782

9,631

184354660.LC.FTS.B,

15.49%,

12/21/24

9,780

9,762

184356206.LC.FTS.B,

22.99%,

12/21/26

9,910

9,900

184358622.LC.FTS.B,

21.99%,

12/21/26

12,384

12,373

184358802.LC.FTS.B,

15.49%,

12/21/26

9,394

9,333

184364340.LC.FTS.B,

18.99%,

12/21/24

7,050

7,059

184364758.LC.FTS.B,

12.49%,

12/21/24

1,465

1,472

184365323.LC.FTS.B,

18.74%,

12/21/26

19,796

19,822

184365775.LC.FTS.B,

14.49%,

12/21/24

19,553

19,639

184367167.LC.FTS.B,

21.49%,

12/23/24

6,860

6,872

184367539.LC.FTS.B,

14.49%,

12/21/24

1,739

1,754

184367892.LC.FTS.B,

15.44%,

12/23/26

16,810

16,549

184369171.LC.FTS.B,

12.19%,

12/22/24

9,769

9,678

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

319

a

184370090.LC.FTS.B,

17.99%,

12/21/24

2,937

2,945

184373489.LC.FTS.B,

18.19%,

12/21/24

2,937

2,940

184374598.LC.FTS.B,

12.19%,

12/21/24

10,645

10,693

184376915.LC.FTS.B,

18.99%,

12/21/24

18,800

18,823

184377785.LC.FTS.B,

23.99%,

12/21/26

9,912

9,903

184378127.LC.FTS.B,

13.99%,

12/22/24

24,437

24,444

184378148.LC.FTS.B,

16.19%,

12/21/24

6,500

6,525

184378888.LC.FTS.B,

19.49%,

12/27/26

21,781

21,842

184379124.LC.FTS.B,

9.29%,

12/27/24

24,395

23,150

184379539.LC.FTS.B,

12.19%,

12/27/26

30,000

29,154

184382909.LC.FTS.B,

12.99%,

12/21/26

19,762

19,669

184389245.LC.FTS.B,

11.99%,

12/23/24

29,303

28,936

184389514.LC.FTS.B,

16.99%,

12/23/24

9,785

9,728

184394307.LC.FTS.B,

18.99%,

12/22/24

4,406

4,417

184395760.LC.FTS.B,

15.99%,

12/23/24

2,935

2,875

184397264.LC.FTS.B,

23.99%,

12/22/26

14,868

14,873

*

184399822.LC.FTS.B,

19.74%,

12/27/26

25,775

25,858

184404343.LC.FTS.B,

13.24%,

12/27/26

39,526

39,376

184405061.LC.FTS.B,

11.84%,

12/22/24

9,767

9,739

184406226.LC.FTS.B,

14.19%,

12/21/24

16,149

16,141

184408132.LC.FTS.B,

16.99%,

12/23/24

18,592

18,662

184408809.LC.FTS.B,

13.44%,

12/23/24

15,148

15,153

184409177.LC.FTS.B,

12.24%,

12/21/24

20,294

20,192

184409698.LC.FTS.B,

21.99%,

12/23/26

19,814

19,822

184409976.LC.FTS.B,

21.49%,

12/23/26

33,148

33,072

184412079.LC.FTS.B,

18.99%,

12/23/24

10,000

10,041

184415798.LC.FTS.B,

22.99%,

12/23/24

9,805

9,822

184418501.LC.FTS.B,

16.19%,

12/27/24

5,869

5,838

184421299.LC.FTS.B,

16.74%,

12/23/26

7,419

7,448

184422373.LC.FTS.B,

13.99%,

12/23/24

4,857

4,882

184427346.LC.FTS.B,

19.74%,

12/23/26

27,723

27,785

184428613.LC.FTS.B,

13.24%,

12/27/24

29,317

28,769

184431796.LC.FTS.B,

16.44%,

12/23/24

6,848

6,874

184434456.LC.FTS.B,

23.99%,

12/23/24

16,095

16,079

184435348.LC.FTS.B,

17.99%,

12/23/24

4,894

4,912

184436046.LC.FTS.B,

12.74%,

12/27/24

11,725

11,789

184437881.LC.FTS.B,

16.99%,

12/27/26

19,786

19,872

184439347.LC.FTS.B,

15.99%,

12/23/24

2,543

2,553

184441891.LC.FTS.B,

8.99%,

12/23/24

13,684

13,665

184441920.LC.FTS.B,

14.99%,

12/27/24

4,889

4,916

184443117.LC.FTS.B,

17.44%,

12/27/26

7,200

7,195

184443285.LC.FTS.B,

16.49%,

12/27/24

34,130

33,736

184444265.LC.FTS.B,

15.19%,

12/27/26

27,686

27,807

184445530.LC.FTS.B,

22.99%,

12/27/26

20,330

20,269

184445591.LC.FTS.B,

17.44%,

12/27/24

19,573

19,656

184447670.LC.FTS.B,

14.44%,

12/27/24

9,776

9,830

184448743.LC.FTS.B,

15.99%,

12/27/24

10,956

11,003

184451850.LC.FTS.B,

23.99%,

12/23/26

19,825

19,830

184454192.LC.FTS.B,

16.19%,

12/27/24

8,315

8,351

184454459.LC.FTS.B,

24.99%,

12/27/26

7,436

7,443

184457887.LC.FTS.B,

18.49%,

12/27/24

11,748

11,783

184460632.LC.FTS.B,

22.99%,

12/27/24

1,667

1,671

184469259.LC.FTS.B,

22.49%,

12/27/26

22,294

22,317

184471382.LC.FTS.B,

13.49%,

12/23/26

3,953

3,937

184473440.LC.FTS.B,

28.99%,

12/27/26

19,749

19,765

184505766.LC.FTS.B,

23.99%,

1/11/27

27,500

26,544

184672638.LC.FTS.B,

23.99%,

1/11/27

20,000

18,717

184863636.LC.FTS.B,

21.99%,

1/11/27

14,400

14,254

184924956.LC.FTS.B,

24.99%,

1/11/27

20,000

19,990

184927724.LC.FTS.B,

22.49%,

1/11/27

23,000

22,991

184934200.LC.FTS.B,

23.49%,

1/11/27

30,000

29,840

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

320

a

25,164,425

Prosper

Funding

LLC…....................................................

1603397.PS.FTS.B,

11.89%,

8/11/26

14,065

13,771

1603436.PS.FTS.B,

21.24%,

8/11/26

9,990

9,573

1603439.PS.FTS.B,

22.74%,

8/11/26

9,534

9,136

1603442.PS.FTS.B,

18.2%,

8/11/24

7,145

6,879

1603754.PS.FTS.B,

21.49%,

8/12/24

8,968

8,638

1603763.PS.FTS.B,

19.8%,

8/12/24

13,414

12,920

1603802.PS.FTS.B,

20.3%,

8/12/26

9,501

9,110

*

1603820.PS.FTS.B,

18.09%,

8/12/24

4,500

624

1603823.PS.FTS.B,

28.4%,

8/12/26

1,921

1,842

1603826.PS.FTS.B,

20.9%,

8/12/24

1,792

1,726

1604105.PS.FTS.B,

13.74%,

8/12/26

28,217

27,636

1604114.PS.FTS.B,

12.5%,

8/12/24

17,654

17,273

1604483.PS.FTS.B,

12.7%,

8/22/26

26,377

25,838

1604489.PS.FTS.B,

15.1%,

8/13/26

15,554

15,068

1604606.PS.FTS.B,

29.74%,

8/13/26

9,618

9,231

1604669.PS.FTS.B,

19.8%,

8/13/24

1,788

1,724

1604672.PS.FTS.B,

20%,

8/13/26

4,749

4,555

1604924.PS.FTS.B,

28.4%,

8/13/26

6,242

5,991

1604936.PS.FTS.B,

25%,

8/13/26

1,912

1,836

1605017.PS.FTS.B,

19%,

8/16/24

11,627

11,224

1605023.PS.FTS.B,

14.2%,

8/16/26

18,826

18,455

1605296.PS.FTS.B,

16.7%,

8/16/24

2,668

2,590

1605407.PS.FTS.B,

18%,

8/16/24

5,349

5,164

1605440.PS.FTS.B,

19.8%,

8/16/24

4,471

4,316

1605623.PS.FTS.B,

16.64%,

8/16/26

11,339

10,997

1606394.PS.FTS.B,

20.9%,

9/15/24

7,392

7,172

1606436.PS.FTS.B,

28.64%,

8/17/24

4,536

4,501

1606529.PS.FTS.B,

17%,

8/17/24

4,450

4,298

1606762.PS.FTS.B,

12.06%,

8/11/24

12,305

12,115

1606780.PS.FTS.B,

29.08%,

8/11/26

6,728

6,449

1606783.PS.FTS.B,

17%,

8/11/24

5,339

5,140

1606978.PS.FTS.B,

13.3%,

8/12/26

12,843

12,540

1607185.PS.FTS.B,

17.1%,

8/12/24

5,340

5,144

1607545.PS.FTS.B,

12.7%,

8/12/24

13,245

12,959

1607554.PS.FTS.B,

20.9%,

8/12/26

8,083

7,750

1607575.PS.FTS.B,

20%,

8/12/24

4,473

4,308

1607599.PS.FTS.B,

13.4%,

8/12/26

16,921

16,572

1607647.PS.FTS.B,

15%,

8/13/26

7,540

7,304

1607854.PS.FTS.B,

25.48%,

8/13/26

2,870

2,755

1607971.PS.FTS.B,

13.7%,

8/13/26

5,654

5,539

1607977.PS.FTS.B,

25.48%,

8/13/26

4,306

4,133

1608010.PS.FTS.B,

12.5%,

8/13/26

9,386

9,195

1608074.PS.FTS.B,

15%,

8/19/26

11,310

10,980

1608077.PS.FTS.B,

12.8%,

8/19/24

2,251

2,222

1608082.PS.FTS.B,

12.8%,

8/13/26

14,087

13,799

1608097.PS.FTS.B,

19%,

8/13/24

8,823

8,483

1608121.PS.FTS.B,

12.7%,

8/13/26

18,779

18,396

1608142.PS.FTS.B,

15.29%,

8/13/26

14,144

13,702

1608154.PS.FTS.B,

14.03%,

8/13/26

5,646

5,531

1608338.PS.FTS.B,

15.5%,

8/20/26

8,492

8,248

1608391.PS.FTS.B,

13.49%,

8/13/26

14,103

13,815

1608397.PS.FTS.B,

20.3%,

8/13/26

8,551

8,203

1608406.PS.FTS.B,

18.11%,

8/15/24

17,852

17,308

1608503.PS.FTS.B,

20%,

8/20/24

7,156

6,924

1608526.PS.FTS.B,

19.78%,

8/16/26

7,595

7,298

1608529.PS.FTS.B,

15.24%,

8/16/26

5,594

5,466

1608574.PS.FTS.B,

20.1%,

8/16/24

1,789

1,727

1608826.PS.FTS.B,

16.93%,

8/16/26

15,021

14,502

1608829.PS.FTS.B,

13.2%,

8/16/24

6,629

6,492

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

321

a

1608934.PS.FTS.B,

16.6%,

8/16/26

18,898

18,327

1609138.PS.FTS.B,

16.18%,

8/17/26

14,164

13,889

1609286.PS.FTS.B,

15.2%,

8/23/26

4,030

3,902

1609525.PS.FTS.B,

17%,

8/17/26

6,395

6,148

1609553.PS.FTS.B,

14.89%,

8/24/24

5,526

5,419

1609840.PS.FTS.B,

15.9%,

8/17/24

6,661

6,468

1609970.PS.FTS.B,

13%,

8/24/26

7,985

7,842

1609991.PS.FTS.B,

24.6%,

9/07/24

3,687

3,582

1610068.PS.FTS.B,

20%,

8/17/24

4,473

4,320

1610333.PS.FTS.B,

14.39%,

8/24/26

3,766

3,663

1610348.PS.FTS.B,

16%,

8/24/24

1,777

1,730

1610477.PS.FTS.B,

20.5%,

8/25/26

23,760

23,839

1610723.PS.FTS.B,

16.9%,

8/25/24

5,338

5,200

1610783.PS.FTS.B,

15.5%,

8/25/24

3,994

3,890

1611376.PS.FTS.B,

12.8%,

8/19/24

17,664

17,314

1611388.PS.FTS.B,

15.8%,

8/19/26

24,337

23,520

1611391.PS.FTS.B,

14.2%,

8/19/24

12,396

12,151

1611682.PS.FTS.B,

13.3%,

8/20/26

6,456

6,315

1611857.PS.FTS.B,

16.4%,

8/27/24

5,470

5,332

1612025.PS.FTS.B,

15.6%,

9/20/24

3,118

3,040

1612375.PS.FTS.B,

14.29%,

8/23/26

9,414

9,152

1612402.PS.FTS.B,

18.99%,

9/03/26

11,261

10,899

1613140.PS.FTS.B,

14.7%,

8/24/26

9,420

9,162

1613478.PS.FTS.B,

17.9%,

8/11/24

9,804

9,439

1613481.PS.FTS.B,

19.78%,

8/11/26

14,241

13,647

1613484.PS.FTS.B,

16.93%,

8/11/26

24,674

23,887

1613495.PS.FTS.B,

16.7%,

8/31/26

23,903

23,167

1613502.PS.FTS.B,

15.1%,

8/11/24

4,434

4,296

1613523.PS.FTS.B,

23.64%,

8/11/24

9,000

8,664

1613526.PS.FTS.B,

19.1%,

8/11/24

8,932

8,598

1613529.PS.FTS.B,

14.89%,

8/11/24

7,536

7,300

1613868.PS.FTS.B,

19.8%,

8/12/24

8,942

8,614

1613874.PS.FTS.B,

15.2%,

8/12/26

9,428

9,130

1613892.PS.FTS.B,

19.18%,

8/12/26

6,151

5,872

1614028.PS.FTS.B,

16.99%,

8/25/24

11,775

11,432

*

1614136.PS.FTS.B,

14.6%,

8/25/26

13,420

13,014

1614279.PS.FTS.B,

15.9%,

8/12/26

8,967

8,683

1614285.PS.FTS.B,

18.2%,

8/18/24

5,369

5,171

1614300.PS.FTS.B,

13.8%,

8/12/26

32,063

31,306

1614306.PS.FTS.B,

18.5%,

8/12/26

18,952

18,172

1614574.PS.FTS.B,

27.56%,

8/26/24

9,056

8,780

1614717.PS.FTS.B,

12.5%,

8/13/26

6,101

5,977

1614735.PS.FTS.B,

18.73%,

8/13/26

11,375

11,021

1614738.PS.FTS.B,

23.83%,

8/13/26

8,063

7,680

1614741.PS.FTS.B,

25.8%,

9/12/26

1,703

1,667

1614804.PS.FTS.B,

20.7%,

8/13/26

4,753

4,560

1614891.PS.FTS.B,

16.7%,

8/13/24

4,447

4,312

1614957.PS.FTS.B,

23.59%,

8/13/26

9,545

9,163

1614984.PS.FTS.B,

19.8%,

8/13/24

1,788

1,724

1615005.PS.FTS.B,

20.1%,

8/13/24

7,158

6,898

1615137.PS.FTS.B,

20.9%,

8/13/24

8,063

7,771

1615146.PS.FTS.B,

20.8%,

8/13/24

1,791

1,726

1615164.PS.FTS.B,

17%,

8/13/26

9,455

9,070

1615195.PS.FTS.B,

20.74%,

8/26/26

4,754

4,592

1615524.PS.FTS.B,

16.3%,

8/16/26

5,667

5,496

1615534.PS.FTS.B,

15.9%,

8/27/24

1,566

1,524

1615551.PS.FTS.B,

17.1%,

8/16/26

6,619

6,360

1615659.PS.FTS.B,

29.08%,

8/16/26

9,611

9,243

1616271.PS.FTS.B,

12.5%,

8/17/26

11,264

11,044

*

1616371.PS.FTS.B,

15.8%,

8/30/24

14,340

14,340

1616559.PS.FTS.B,

17%,

8/17/24

4,447

4,285

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

322

a

1616670.PS.FTS.B,

21.64%,

8/17/26

2,856

2,771

1617157.PS.FTS.B,

24.6%,

8/31/24

2,765

2,702

1618482.PS.FTS.B,

15.5%,

8/20/26

5,659

5,496

1618596.PS.FTS.B,

14.7%,

8/20/24

6,204

6,031

1618998.PS.FTS.B,

12.79%,

8/23/24

30,911

30,330

1619004.PS.FTS.B,

14.7%,

8/23/24

11,521

11,214

1619205.PS.FTS.B,

16%,

8/23/26

7,524

7,283

1620525.PS.FTS.B,

16.4%,

8/24/26

5,667

5,512

1620645.PS.FTS.B,

16.6%,

8/25/24

5,336

5,198

*

1621425.PS.FTS.B,

20.9%,

8/26/24

3,787

978

1622217.PS.FTS.B,

16.7%,

8/27/26

5,737

5,586

*

1622412.PS.FTS.B,

18.3%,

8/27/26

6,930

1,024

1623935.PS.FTS.B,

12.7%,

9/21/26

20,005

19,703

1623944.PS.FTS.B,

13.36%,

9/21/24

15,430

15,122

1623947.PS.FTS.B,

17.8%,

9/21/24

9,134

8,879

1623953.PS.FTS.B,

13.8%,

9/21/24

7,720

7,598

1623956.PS.FTS.B,

12.3%,

9/21/24

5,709

5,595

1623962.PS.FTS.B,

16.1%,

9/21/24

3,976

3,895

1623974.PS.FTS.B,

12.1%,

9/21/24

9,241

9,056

1624058.PS.FTS.B,

12.9%,

10/04/24

9,352

9,243

1624370.PS.FTS.B,

16.18%,

9/21/26

12,900

12,598

1624373.PS.FTS.B,

15.9%,

9/21/24

13,664

13,351

1624379.PS.FTS.B,

16.2%,

9/21/26

30,578

29,862

1624388.PS.FTS.B,

12.62%,

9/21/26

11,414

11,242

1624496.PS.FTS.B,

13.7%,

9/22/24

4,540

4,451

1624508.PS.FTS.B,

18.41%,

9/22/24

4,571

4,468

1624730.PS.FTS.B,

18.41%,

9/22/24

5,485

5,361

1624733.PS.FTS.B,

16.33%,

9/22/26

6,212

6,069

1624739.PS.FTS.B,

13.79%,

9/22/24

10,898

10,797

1624877.PS.FTS.B,

16.63%,

9/22/26

12,907

12,609

1625036.PS.FTS.B,

23.54%,

9/22/24

9,204

8,931

*

1625159.PS.FTS.B,

16.39%,

9/23/26

14,631

12,087

1625252.PS.FTS.B,

15.1%,

9/23/26

14,313

13,988

1625255.PS.FTS.B,

13.2%,

9/23/26

7,615

7,504

1625420.PS.FTS.B,

19.3%,

9/23/24

2,288

2,227

1625561.PS.FTS.B,

16%,

9/24/24

3,644

3,547

1625639.PS.FTS.B,

12.7%,

9/24/26

11,872

11,655

1625707.PS.FTS.B,

11.7%,

9/16/26

28,500

28,037

1625753.PS.FTS.B,

14.7%,

9/24/24

4,547

4,448

1625759.PS.FTS.B,

13.8%,

9/24/24

22,602

22,170

1626049.PS.FTS.B,

15.18%,

9/17/26

23,381

23,009

1626218.PS.FTS.B,

15.7%,

9/24/26

11,459

11,203

1626248.PS.FTS.B,

19.6%,

9/24/24

10,072

9,807

1626332.PS.FTS.B,

12.4%,

9/24/26

6,911

6,833

1626473.PS.FTS.B,

13%,

9/24/24

9,072

8,897

1626512.PS.FTS.B,

20.5%,

9/24/26

13,926

14,046

1626896.PS.FTS.B,

12.9%,

10/20/26

2,944

2,908

1627039.PS.FTS.B,

12.7%,

9/20/26

3,805

3,747

*

1627061.PS.FTS.B,

19.5%,

9/27/26

24,251

23,577

1627211.PS.FTS.B,

18.41%,

9/27/24

10,482

10,266

1627369.PS.FTS.B,

15.4%,

9/21/24

22,757

22,235

1627585.PS.FTS.B,

14.6%,

9/29/24

11,224

11,112

1627588.PS.FTS.B,

12.9%,

9/21/26

16,176

15,932

1627600.PS.FTS.B,

18.41%,

9/21/24

7,264

7,061

1627607.PS.FTS.B,

16%,

9/28/24

13,128

12,855

1627612.PS.FTS.B,

15.1%,

9/21/24

4,550

4,445

1627615.PS.FTS.B,

14.7%,

9/21/26

4,769

4,657

1627618.PS.FTS.B,

11.79%,

9/21/26

10,451

10,293

1627844.PS.FTS.B,

16.61%,

9/28/24

4,671

4,644

1627901.PS.FTS.B,

17.37%,

9/28/24

6,544

6,486

1628080.PS.FTS.B,

18.2%,

9/21/24

13,708

13,326

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

323

a

1628129.PS.FTS.B,

13.05%,

9/28/24

5,584

5,547

1628425.PS.FTS.B,

15.86%,

9/22/24

10,931

10,684

1628428.PS.FTS.B,

12.87%,

9/22/26

6,182

6,066

1628431.PS.FTS.B,

16.64%,

9/22/26

10,995

10,741

1628434.PS.FTS.B,

20.01%,

9/22/24

6,413

6,238

1628595.PS.FTS.B,

28.4%,

9/14/26

1,877

1,795

1628728.PS.FTS.B,

12.5%,

9/22/26

6,657

6,558

1628788.PS.FTS.B,

18.5%,

9/23/24

1,818

1,762

1628947.PS.FTS.B,

12.5%,

9/23/26

10,461

10,308

1628974.PS.FTS.B,

11.6%,

9/23/24

10,864

10,652

1629230.PS.FTS.B,

14.49%,

9/30/24

32,622

33,047

1629340.PS.FTS.B,

12.9%,

9/24/26

6,557

6,439

*

1629466.PS.FTS.B,

13.03%,

9/24/26

20,791

4,479

1629772.PS.FTS.B,

12.3%,

9/24/26

11,504

11,338

1629994.PS.FTS.B,

17.96%,

9/24/24

2,176

2,177

1630058.PS.FTS.B,

19.3%,

10/01/24

4,239

4,101

1630162.PS.FTS.B,

16.33%,

9/24/26

23,893

23,358

1630432.PS.FTS.B,

15.9%,

9/27/26

11,597

11,349

1630438.PS.FTS.B,

15.29%,

9/27/26

9,659

9,452

1630444.PS.FTS.B,

12.62%,

9/28/26

15,414

15,376

1630456.PS.FTS.B,

12.76%,

9/27/26

14,453

14,254

1630462.PS.FTS.B,

13.5%,

9/27/26

1,436

1,416

1630558.PS.FTS.B,

19.56%,

9/27/24

5,622

5,483

1630810.PS.FTS.B,

14.79%,

9/27/24

23,309

22,827

1630852.PS.FTS.B,

18.11%,

9/28/24

11,124

11,023

1630930.PS.FTS.B,

13.2%,

9/28/24

3,723

3,699

1631206.PS.FTS.B,

13.66%,

9/28/24

5,587

5,553

1631251.PS.FTS.B,

12.5%,

9/28/24

6,511

6,464

1631506.PS.FTS.B,

16.8%,

9/28/24

4,204

4,181

1631650.PS.FTS.B,

14.39%,

9/28/24

9,320

9,249

1631725.PS.FTS.B,

15.1%,

9/30/26

21,755

21,429

1632436.PS.FTS.B,

15%,

9/29/24

6,528

6,450

1632605.PS.FTS.B,

13.5%,

10/06/24

7,452

7,337

1632897.PS.FTS.B,

18.48%,

9/17/26

19,164

18,534

1633221.PS.FTS.B,

18.13%,

9/17/26

33,522

32,692

1633506.PS.FTS.B,

12.2%,

9/20/24

10,873

10,653

1633627.PS.FTS.B,

19%,

10/01/24

6,558

6,345

1634139.PS.FTS.B,

20.46%,

9/21/24

10,083

10,083

1634235.PS.FTS.B,

14.89%,

9/21/24

4,548

4,421

1634433.PS.FTS.B,

17.05%,

9/21/24

10,437

10,198

1634439.PS.FTS.B,

16.57%,

9/21/24

4,559

4,431

1634442.PS.FTS.B,

13.93%,

9/21/26

9,052

8,915

1634445.PS.FTS.B,

13.9%,

9/21/24

31,792

31,157

1634463.PS.FTS.B,

13.05%,

9/21/24

1,814

1,778

1634613.PS.FTS.B,

14.39%,

9/21/26

9,412

9,236

1634696.PS.FTS.B,

13.66%,

10/08/24

6,521

6,424

1634835.PS.FTS.B,

16.18%,

9/21/26

20,448

19,970

1634841.PS.FTS.B,

11.79%,

9/21/26

11,401

11,229

*

1634844.PS.FTS.B,

20.08%,

9/21/26

20,294

-

1635003.PS.FTS.B,

20.01%,

9/22/24

5,497

5,346

1635024.PS.FTS.B,

16%,

9/22/24

10,933

10,686

1635045.PS.FTS.B,

14.79%,

9/22/24

12,733

12,382

1635144.PS.FTS.B,

16.18%,

10/01/26

14,565

14,316

1635147.PS.FTS.B,

16%,

9/22/24

9,111

8,905

1635150.PS.FTS.B,

14.29%,

9/22/26

6,673

6,519

1635153.PS.FTS.B,

19.5%,

9/22/24

2,408

2,332

1635159.PS.FTS.B,

11.89%,

9/22/24

16,266

16,218

1635285.PS.FTS.B,

13.36%,

9/22/24

21,605

21,194

1635660.PS.FTS.B,

12.87%,

9/23/26

9,515

9,376

1635663.PS.FTS.B,

13.3%,

9/23/24

2,723

2,670

*

1635681.PS.FTS.B,

12.2%,

9/23/24

19,534

2,509

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

324

a

1635732.PS.FTS.B,

12.7%,

9/23/26

12,367

12,185

*

1636005.PS.FTS.B,

13.3%,

9/24/26

5,778

4,750

1636347.PS.FTS.B,

12.9%,

9/24/26

23,788

23,445

1636506.PS.FTS.B,

15.18%,

9/24/26

15,269

15,050

1636524.PS.FTS.B,

12.43%,

9/24/24

10,774

10,568

1636593.PS.FTS.B,

18.5%,

9/24/24

1,859

1,810

1636638.PS.FTS.B,

13.96%,

9/24/26

33,350

32,870

1636920.PS.FTS.B,

12.62%,

9/24/26

13,792

13,593

1636923.PS.FTS.B,

18.04%,

9/24/24

12,793

12,514

1636926.PS.FTS.B,

11.6%,

9/24/26

10,924

10,766

1636929.PS.FTS.B,

18.41%,

9/24/24

9,141

8,942

1637322.PS.FTS.B,

12.4%,

9/27/26

9,632

9,499

1637361.PS.FTS.B,

15.29%,

10/20/26

6,574

6,530

1637601.PS.FTS.B,

15.4%,

9/27/24

22,627

22,046

1637628.PS.FTS.B,

24.5%,

9/28/24

9,414

9,373

1638081.PS.FTS.B,

11.7%,

9/28/24

9,293

9,220

1638273.PS.FTS.B,

16.43%,

9/28/24

6,071

6,035

1638459.PS.FTS.B,

15.4%,

9/28/24

4,665

4,611

1638691.PS.FTS.B,

11.6%,

10/12/24

23,237

22,913

1639314.PS.FTS.B,

14.56%,

9/30/24

9,321

9,345

1639798.PS.FTS.B,

14.56%,

10/13/24

10,817

10,670

1640814.PS.FTS.B,

13.87%,

10/04/24

12,580

12,280

1644848.PS.FTS.B,

14.49%,

10/26/26

18,270

17,870

1645011.PS.FTS.B,

11.7%,

10/08/26

38,514

37,977

1645017.PS.FTS.B,

12.62%,

10/08/26

15,420

15,206

1645020.PS.FTS.B,

11.86%,

10/08/24

13,946

13,738

1645047.PS.FTS.B,

13.05%,

10/14/24

8,281

8,120

1645050.PS.FTS.B,

14.56%,

10/08/24

7,460

7,349

1645256.PS.FTS.B,

16.33%,

10/27/26

7,825

7,706

1645280.PS.FTS.B,

18.78%,

10/27/26

20,082

19,670

1645613.PS.FTS.B,

12.62%,

10/27/26

13,174

13,047

1645619.PS.FTS.B,

18.78%,

10/27/26

12,735

12,473

1645625.PS.FTS.B,

13.7%,

10/27/24

9,546

9,449

1645934.PS.FTS.B,

10.5%,

10/28/26

7,796

7,792

1646060.PS.FTS.B,

10.5%,

10/28/26

17,540

17,532

1646078.PS.FTS.B,

12.43%,

10/28/24

11,444

11,455

1646081.PS.FTS.B,

16.43%,

10/28/24

12,434

12,429

1646084.PS.FTS.B,

22%,

10/28/26

14,721

14,708

1646087.PS.FTS.B,

11.43%,

11/05/26

8,798

8,755

1646096.PS.FTS.B,

15.1%,

10/28/26

5,864

5,853

1646105.PS.FTS.B,

15.19%,

10/28/24

5,734

5,753

1646261.PS.FTS.B,

18.26%,

10/28/24

26,431

26,464

1646327.PS.FTS.B,

13.8%,

10/28/26

19,532

19,471

1646336.PS.FTS.B,

16.33%,

10/28/26

19,563

19,545

1646822.PS.FTS.B,

13.7%,

10/29/26

5,859

5,875

1646984.PS.FTS.B,

10.08%,

10/29/26

11,690

11,728

1647092.PS.FTS.B,

16.9%,

10/29/24

33,486

33,683

1647110.PS.FTS.B,

14.39%,

10/29/26

8,402

8,429

1647182.PS.FTS.B,

19.5%,

10/29/24

6,230

6,258

1647332.PS.FTS.B,

22.6%,

10/29/24

1,921

1,932

1647473.PS.FTS.B,

12.7%,

11/08/26

7,826

7,740

1647476.PS.FTS.B,

10.7%,

11/01/26

14,619

14,387

1648294.PS.FTS.B,

17.84%,

10/26/26

14,529

14,302

1648529.PS.FTS.B,

19.5%,

11/02/24

1,917

1,855

1648630.PS.FTS.B,

22.6%,

10/27/24

4,322

4,234

1648636.PS.FTS.B,

15.2%,

10/27/26

1,955

1,925

1648657.PS.FTS.B,

10.4%,

10/27/26

14,616

14,473

1648733.PS.FTS.B,

21.2%,

11/02/24

33,583

32,741

1648981.PS.FTS.B,

10.7%,

10/27/26

23,390

23,162

1648987.PS.FTS.B,

23.13%,

10/27/26

6,874

6,734

1649219.PS.FTS.B,

17%,

11/03/24

3,900

3,808

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

325

a

1649509.PS.FTS.B,

13.59%,

10/28/24

19,156

19,053

1649521.PS.FTS.B,

13.4%,

10/28/26

10,252

10,216

1649530.PS.FTS.B,

13.5%,

10/28/26

6,835

6,812

1649542.PS.FTS.B,

27.27%,

10/28/26

3,936

3,951

1649647.PS.FTS.B,

15.29%,

10/28/24

10,512

10,498

1649653.PS.FTS.B,

14.7%,

10/28/26

6,547

6,532

1649821.PS.FTS.B,

13.66%,

10/28/26

11,215

11,067

1649827.PS.FTS.B,

17%,

10/28/24

4,591

4,478

1649888.PS.FTS.B,

11.2%,

11/03/26

23,398

23,038

1649938.PS.FTS.B,

15.4%,

10/29/24

5,734

5,761

1649987.PS.FTS.B,

18.41%,

11/04/24

9,577

9,344

1650463.PS.FTS.B,

18.25%,

10/29/26

9,500

9,238

1650469.PS.FTS.B,

10.08%,

10/29/26

9,742

9,773

1650634.PS.FTS.B,

23.3%,

10/29/26

3,732

3,758

1650649.PS.FTS.B,

13.8%,

10/29/26

7,813

7,834

1650670.PS.FTS.B,

16.3%,

10/29/24

1,913

1,916

1650998.PS.FTS.B,

12.7%,

11/05/26

14,638

14,420

1651001.PS.FTS.B,

22%,

11/05/26

14,720

14,343

1651004.PS.FTS.B,

16.6%,

11/05/24

11,478

11,203

1651010.PS.FTS.B,

10.8%,

11/05/26

14,620

14,401

1651016.PS.FTS.B,

14.79%,

11/05/26

9,284

9,069

1651250.PS.FTS.B,

16.83%,

11/05/24

11,480

11,129

1651418.PS.FTS.B,

11.6%,

11/05/26

1,950

1,921

1651424.PS.FTS.B,

10.8%,

11/05/26

11,696

11,521

1651427.PS.FTS.B,

10.5%,

11/05/24

2,857

2,810

1651813.PS.FTS.B,

17.93%,

11/02/24

17,233

16,678

1651826.PS.FTS.B,

11.7%,

12/02/24

14,648

14,492

1651832.PS.FTS.B,

10.5%,

11/08/26

11,643

11,477

1651841.PS.FTS.B,

15.4%,

11/08/26

5,377

5,296

1651850.PS.FTS.B,

10.5%,

11/08/24

12,856

12,655

1652014.PS.FTS.B,

13.36%,

11/02/24

6,489

6,378

1652081.PS.FTS.B,

10.8%,

11/08/26

15,594

15,372

1652180.PS.FTS.B,

12.1%,

11/08/24

23,836

23,464

1652378.PS.FTS.B,

18.7%,

11/08/24

23,948

23,252

1652381.PS.FTS.B,

18.9%,

11/08/24

23,951

23,256

1652476.PS.FTS.B,

17%,

11/03/24

5,741

5,559

1652711.PS.FTS.B,

16.2%,

11/09/26

12,226

11,864

1652888.PS.FTS.B,

13.03%,

11/09/26

9,761

9,671

1652894.PS.FTS.B,

12.7%,

11/09/26

9,529

9,399

1652906.PS.FTS.B,

11.79%,

11/09/26

7,802

7,693

1652909.PS.FTS.B,

14.56%,

11/09/24

2,374

2,377

1652918.PS.FTS.B,

15.9%,

11/09/26

14,668

14,453

1652924.PS.FTS.B,

12.5%,

11/09/24

14,306

14,086

1652942.PS.FTS.B,

14.6%,

11/09/24

3,821

3,735

1652945.PS.FTS.B,

17.54%,

11/09/24

2,393

2,325

1653053.PS.FTS.B,

11.55%,

11/09/26

6,826

6,763

1653277.PS.FTS.B,

13.8%,

11/13/26

23,438

23,053

1653785.PS.FTS.B,

25.4%,

11/10/26

9,339

9,129

1653980.PS.FTS.B,

13.7%,

11/10/26

14,323

14,018

1654084.PS.FTS.B,

13.4%,

11/05/24

3,817

3,726

1654091.PS.FTS.B,

15.9%,

11/10/24

7,170

7,012

1654321.PS.FTS.B,

16%,

11/05/26

10,757

10,510

1654327.PS.FTS.B,

22.55%,

11/05/26

7,853

7,652

1654330.PS.FTS.B,

11.4%,

11/05/24

4,765

4,687

1654496.PS.FTS.B,

11.79%,

11/10/26

9,753

9,665

1654759.PS.FTS.B,

11.89%,

11/05/26

4,877

4,828

1655004.PS.FTS.B,

18.33%,

10/26/26

19,380

18,972

1655010.PS.FTS.B,

19%,

10/26/26

6,506

6,369

1655031.PS.FTS.B,

26.51%,

10/26/24

4,720

4,621

1655382.PS.FTS.B,

12.8%,

10/27/26

34,159

33,829

1655400.PS.FTS.B,

13.7%,

10/27/26

5,859

5,769

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

326

a

1655421.PS.FTS.B,

15.29%,

10/27/26

14,663

14,438

1655424.PS.FTS.B,

16.43%,

10/27/24

8,034

7,913

1655651.PS.FTS.B,

12.87%,

11/15/24

2,862

2,822

1655724.PS.FTS.B,

16.18%,

11/07/26

22,607

22,417

1655748.PS.FTS.B,

12.87%,

10/27/26

9,760

9,666

1655751.PS.FTS.B,

17.96%,

10/27/24

4,787

4,716

1656195.PS.FTS.B,

12.3%,

10/28/24

13,827

13,838

1656207.PS.FTS.B,

23.64%,

10/28/26

24,221

23,561

1656219.PS.FTS.B,

10.5%,

10/28/26

9,745

9,740

1656228.PS.FTS.B,

13.36%,

10/28/24

5,249

5,258

1656237.PS.FTS.B,

13.68%,

10/28/24

3,341

3,332

1656341.PS.FTS.B,

15.29%,

11/26/26

16,204

16,000

1656380.PS.FTS.B,

10.9%,

11/15/26

7,798

7,698

1656453.PS.FTS.B,

12.1%,

10/28/24

23,837

23,852

1656468.PS.FTS.B,

17.23%,

10/28/26

8,808

8,807

1656627.PS.FTS.B,

17%,

10/29/24

16,266

16,304

1656930.PS.FTS.B,

10.5%,

10/29/26

4,872

4,890

1656960.PS.FTS.B,

13.6%,

11/07/24

7,662

7,656

1657014.PS.FTS.B,

10.5%,

10/29/26

34,106

34,229

1657020.PS.FTS.B,

19.58%,

10/29/24

20,128

20,221

1657059.PS.FTS.B,

17%,

10/29/26

15,657

15,680

1657158.PS.FTS.B,

10.8%,

10/29/24

7,620

7,650

1657215.PS.FTS.B,

14.6%,

10/29/24

2,388

2,397

1657254.PS.FTS.B,

11.79%,

10/29/26

34,136

34,298

1657275.PS.FTS.B,

18.37%,

10/29/24

13,408

13,455

1657425.PS.FTS.B,

11.4%,

10/29/26

7,808

7,843

1657452.PS.FTS.B,

16.1%,

10/29/26

7,824

7,830

1657476.PS.FTS.B,

13.8%,

11/01/26

14,649

14,393

1658140.PS.FTS.B,

13.9%,

11/08/24

4,773

4,664

1658143.PS.FTS.B,

16.8%,

11/08/26

23,482

23,130

1658161.PS.FTS.B,

13.3%,

11/15/26

8,320

8,194

1658182.PS.FTS.B,

18.11%,

11/08/24

4,788

4,678

1658550.PS.FTS.B,

9.45%,

11/02/26

14,606

14,377

1658554.PS.FTS.B,

18.48%,

11/08/26

7,835

7,667

1658557.PS.FTS.B,

25.6%,

11/08/26

9,832

9,598

1658878.PS.FTS.B,

12.98%,

11/09/26

24,402

24,060

1658887.PS.FTS.B,

13.8%,

11/09/26

14,649

14,434

1658902.PS.FTS.B,

25.9%,

11/09/26

5,900

5,763

1659106.PS.FTS.B,

22.55%,

11/09/26

8,344

8,151

1659109.PS.FTS.B,

15.1%,

11/09/24

7,644

7,473

1659127.PS.FTS.B,

16.8%,

11/09/26

19,569

19,282

1659130.PS.FTS.B,

15.18%,

11/09/26

13,684

13,484

1659139.PS.FTS.B,

18.41%,

11/09/24

7,566

7,396

1659142.PS.FTS.B,

14.6%,

11/09/26

7,817

7,702

1659238.PS.FTS.B,

10.8%,

11/09/26

7,310

7,207

1659562.PS.FTS.B,

26.43%,

11/09/26

14,754

14,412

1659634.PS.FTS.B,

15.62%,

11/09/26

14,666

14,451

1659646.PS.FTS.B,

11.88%,

11/09/26

11,480

11,323

1659915.PS.FTS.B,

14.49%,

11/03/24

14,327

13,972

1660438.PS.FTS.B,

16%,

11/19/26

4,909

4,809

1660698.PS.FTS.B,

17%,

11/04/24

4,784

4,635

1660783.PS.FTS.B,

11.7%,

11/12/26

17,554

17,320

1660986.PS.FTS.B,

16.8%,

11/05/26

24,461

24,069

1660992.PS.FTS.B,

15.2%,

11/05/24

19,461

19,005

1661079.PS.FTS.B,

15.1%,

11/05/26

26,390

25,966

1661254.PS.FTS.B,

21%,

11/12/26

6,866

6,719

1661406.PS.FTS.B,

16.7%,

11/05/26

13,691

13,257

1661409.PS.FTS.B,

21.18%,

11/05/26

8,338

8,147

1662703.PS.FTS.B,

16%,

11/15/24

9,604

9,411

1663073.PS.FTS.B,

18.41%,

11/29/24

4,894

4,897

1664829.PS.FTS.B,

12.95%,

11/08/24

10,899

10,651

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

327

a

1664847.PS.FTS.B,

13.05%,

11/08/24

9,541

9,392

1664856.PS.FTS.B,

15.4%,

11/08/24

7,420

7,264

1664862.PS.FTS.B,

15.4%,

11/08/24

9,979

9,752

1664883.PS.FTS.B,

17.8%,

11/08/24

19,146

18,591

1665054.PS.FTS.B,

16.93%,

11/08/26

23,582

23,229

1665696.PS.FTS.B,

19%,

11/09/26

15,675

15,348

1665879.PS.FTS.B,

15.1%,

11/09/24

9,400

9,191

1665885.PS.FTS.B,

13.7%,

11/09/26

24,423

24,063

1665897.PS.FTS.B,

11.89%,

11/09/26

8,291

8,174

1665906.PS.FTS.B,

11.7%,

11/09/26

7,802

7,692

1665921.PS.FTS.B,

13.4%,

11/09/24

5,249

5,131

1665942.PS.FTS.B,

24.63%,

11/09/26

13,267

12,959

1665951.PS.FTS.B,

14.52%,

11/09/24

2,101

2,069

1665984.PS.FTS.B,

14.63%,

11/09/24

17,093

16,833

1666290.PS.FTS.B,

13.4%,

11/09/24

3,817

3,732

1666908.PS.FTS.B,

11.7%,

11/10/24

9,532

9,388

1666923.PS.FTS.B,

13.5%,

11/10/24

8,089

7,919

1667139.PS.FTS.B,

14.38%,

11/10/26

16,608

16,380

1667304.PS.FTS.B,

13.48%,

11/10/26

34,174

33,868

1668165.PS.FTS.B,

22.6%,

11/12/26

4,909

4,804

1668453.PS.FTS.B,

9.62%,

11/15/26

12,660

12,499

1668678.PS.FTS.B,

17%,

11/15/24

9,568

9,326

1669260.PS.FTS.B,

18.7%,

11/15/24

1,852

1,805

1671774.PS.FTS.B,

18.09%,

11/18/24

6,224

6,076

1672340.PS.FTS.B,

15.1%,

12/14/24

21,518

21,404

1672346.PS.FTS.B,

14.89%,

12/14/24

19,561

19,457

1672355.PS.FTS.B,

9.45%,

12/14/26

9,870

9,840

1672608.PS.FTS.B,

16%,

11/19/26

5,868

5,775

1672652.PS.FTS.B,

12.7%,

12/14/26

24,705

24,631

1672658.PS.FTS.B,

18.4%,

12/14/26

11,880

11,786

1672667.PS.FTS.B,

18.78%,

12/14/26

11,684

11,591

1672670.PS.FTS.B,

12%,

12/14/26

6,916

6,895

1672676.PS.FTS.B,

14%,

12/14/24

4,889

4,862

1672682.PS.FTS.B,

12%,

12/14/24

1,801

1,787

1672952.PS.FTS.B,

12%,

12/15/24

2,442

2,435

1672955.PS.FTS.B,

16.2%,

12/15/26

15,750

15,551

1672958.PS.FTS.B,

16.9%,

12/15/26

7,916

7,857

1672964.PS.FTS.B,

28.23%,

12/15/26

9,927

9,837

1672970.PS.FTS.B,

13.5%,

12/15/24

8,798

8,773

1673021.PS.FTS.B,

17.1%,

12/15/24

9,788

9,714

1674647.PS.FTS.B,

13.1%,

12/17/24

9,561

9,443

1674656.PS.FTS.B,

10.89%,

12/17/24

14,648

14,613

1674668.PS.FTS.B,

12.65%,

12/17/24

9,772

9,749

1674683.PS.FTS.B,

19%,

12/17/26

7,922

7,871

1676393.PS.FTS.B,

11.6%,

12/21/26

20,744

20,713

1676738.PS.FTS.B,

21.5%,

12/22/26

9,909

9,860

1676825.PS.FTS.B,

12.2%,

12/22/24

24,426

24,398

1677662.PS.FTS.B,

18.25%,

12/23/26

21,779

21,706

1678405.PS.FTS.B,

13.8%,

12/14/26

14,828

14,753

1678408.PS.FTS.B,

10.5%,

12/14/26

11,849

11,813

1678417.PS.FTS.B,

20.46%,

12/14/24

7,840

7,777

1678720.PS.FTS.B,

12.32%,

12/14/26

9,881

9,851

1679071.PS.FTS.B,

14.7%,

12/15/26

24,721

24,605

1679077.PS.FTS.B,

15.12%,

12/15/26

19,780

19,687

1679083.PS.FTS.B,

10.5%,

12/15/26

19,748

19,692

1679092.PS.FTS.B,

11.79%,

12/15/26

9,879

9,851

1679101.PS.FTS.B,

24.09%,

12/15/24

9,786

9,696

1679104.PS.FTS.B,

14.68%,

12/15/26

8,257

8,234

1679191.PS.FTS.B,

10.5%,

12/15/26

7,899

7,877

1679470.PS.FTS.B,

16%,

12/15/24

24,461

24,341

1679473.PS.FTS.B,

14.68%,

12/15/26

19,777

19,723

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

328

a

1679482.PS.FTS.B,

15.2%,

12/15/26

17,901

17,817

1679650.PS.FTS.B,

15.9%,

12/16/26

4,946

4,925

1679950.PS.FTS.B,

15.24%,

12/16/26

11,868

11,817

1680130.PS.FTS.B,

13.4%,

12/16/26

9,884

9,859

1680172.PS.FTS.B,

13.4%,

12/16/26

11,861

11,809

1680346.PS.FTS.B,

12%,

12/17/24

1,675

1,667

1680436.PS.FTS.B,

11.2%,

12/17/26

7,901

7,883

1680442.PS.FTS.B,

9.71%,

12/31/26

19,743

19,695

1680451.PS.FTS.B,

12.3%,

12/17/24

1,855

1,841

1680709.PS.FTS.B,

10.5%,

12/17/26

19,748

19,701

1680733.PS.FTS.B,

26.5%,

12/17/26

7,938

7,876

1680760.PS.FTS.B,

19.91%,

12/17/24

1,960

1,947

1681027.PS.FTS.B,

25.9%,

12/20/26

5,773

5,674

1681081.PS.FTS.B,

11.33%,

12/20/26

9,383

9,367

1681270.PS.FTS.B,

13.08%,

12/20/26

6,918

6,907

1681514.PS.FTS.B,

15.2%,

12/31/26

12,000

11,879

1681975.PS.FTS.B,

24.51%,

12/21/24

4,907

4,880

1683070.PS.FTS.B,

26.4%,

12/22/26

14,884

14,813

1684660.PS.FTS.B,

20.79%,

12/24/24

9,676

9,553

1685280.PS.FTS.B,

12.3%,

12/14/24

17,588

17,532

1685283.PS.FTS.B,

13.36%,

12/14/24

8,964

8,888

1685286.PS.FTS.B,

12.5%,

12/14/26

6,917

6,896

1685586.PS.FTS.B,

19.7%,

12/14/24

19,594

19,438

1685589.PS.FTS.B,

22.8%,

12/14/26

14,513

14,213

1685592.PS.FTS.B,

11.55%,

12/14/24

4,884

4,869

1685958.PS.FTS.B,

11.4%,

12/15/24

4,884

4,870

1685964.PS.FTS.B,

15.29%,

12/15/26

19,781

19,688

1685973.PS.FTS.B,

16%,

12/15/24

6,849

6,815

1685979.PS.FTS.B,

13.7%,

12/15/24

9,776

9,728

1686549.PS.FTS.B,

13%,

12/16/24

8,796

8,773

1686571.PS.FTS.B,

16.3%,

12/30/24

9,067

9,132

1687008.PS.FTS.B,

19%,

12/16/24

15,182

15,076

1687065.PS.FTS.B,

16.4%,

12/16/26

18,799

18,717

1687644.PS.FTS.B,

12.55%,

12/17/24

2,932

2,925

1687677.PS.FTS.B,

18.4%,

12/17/26

19,800

19,674

1687806.PS.FTS.B,

14.7%,

12/17/24

15,000

14,936

1688034.PS.FTS.B,

18.7%,

12/20/24

13,711

13,645

1691055.PS.FTS.B,

14.79%,

12/23/24

8,313

8,297

1692690.PS.FTS.B,

19.1%,

12/29/24

2,000

2,031

5,629,132

UGCard….......................................................................

990914224.UG.FTS.B,

29.49%,

10/22/24

78

76

990914409.UG.FTS.B,

28.48%,

1/19/27

-

-

990914556.UG.FTS.B,

29.49%,

10/21/24

78

77

990915742.UG.FTS.B,

29.49%,

10/21/23

69

68

990925943.UG.FTS.B,

29.49%,

10/21/23

590

582

990926813.UG.FTS.B,

29.49%,

10/22/24

19

19

990928026.UG.FTS.B,

29.49%,

2/16/27

2

2

990928675.UG.FTS.B,

29.49%,

10/19/24

345

339

990930966.UG.FTS.B,

28.98%,

10/21/24

38

37

990941301.UG.FTS.B,

28.98%,

10/21/24

327

320

990946503.UG.FTS.B,

28.48%,

2/19/27

-

-

990948096.UG.FTS.B,

29.49%,

10/22/23

715

703

990948556.UG.FTS.B,

29.49%,

10/22/24

163

159

990984188.UG.FTS.B,

28.48%,

10/22/23

246

243

991008644.UG.FTS.B,

28.98%,

11/08/24

227

223

991008836.UG.FTS.B,

29.49%,

11/08/23

867

846

991008862.UG.FTS.B,

22.97%,

11/08/24

937

927

991008863.UG.FTS.B,

28.48%,

11/08/23

148

145

991009159.UG.FTS.B,

20.46%,

11/08/24

452

446

991009200.UG.FTS.B,

29.49%,

11/08/24

342

335

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

329

a

991009218.UG.FTS.B,

29.49%,

11/08/24

367

360

991009403.UG.FTS.B,

29.49%,

11/08/24

1,063

1,033

991009458.UG.FTS.B,

28.98%,

11/08/24

1,374

1,353

991009730.UG.FTS.B,

29.49%,

11/08/24

603

587

991009765.UG.FTS.B,

19.8%,

11/08/24

4,226

4,174

991009795.UG.FTS.B,

29.49%,

11/08/23

9

9

991009808.UG.FTS.B,

29.49%,

11/08/24

1,330

1,304

991010218.UG.FTS.B,

29.49%,

11/08/24

727

707

991010233.UG.FTS.B,

19.99%,

11/08/24

576

564

991010597.UG.FTS.B,

29.49%,

11/08/23

11

11

991010680.UG.FTS.B,

28.98%,

11/08/24

866

842

991011019.UG.FTS.B,

29.49%,

11/08/24

130

128

991011039.UG.FTS.B,

29.49%,

11/08/24

1,008

989

991011158.UG.FTS.B,

28.98%,

11/08/24

537

529

991012606.UG.FTS.B,

29.49%,

11/08/24

263

255

991012781.UG.FTS.B,

29.49%,

11/08/23

66

65

991013324.UG.FTS.B,

19.96%,

11/08/23

22

22

991013711.UG.FTS.B,

29.49%,

11/08/24

486

480

991014594.UG.FTS.B,

29.49%,

11/09/23

100

100

*

991014608.UG.FTS.B,

29.49%,

11/09/23

161

21

991014622.UG.FTS.B,

28.98%,

11/08/24

1,018

995

991014627.UG.FTS.B,

28.98%,

11/09/24

524

530

991014634.UG.FTS.B,

29.48%,

11/08/24

1,142

1,125

991014733.UG.FTS.B,

26.44%,

11/08/23

474

469

991014849.UG.FTS.B,

16.99%,

11/09/24

680

699

991014881.UG.FTS.B,

20.46%,

11/09/24

1,643

1,690

991014890.UG.FTS.B,

19.46%,

11/08/24

1,937

1,920

991014891.UG.FTS.B,

29.49%,

11/09/24

266

261

991015221.UG.FTS.B,

28.98%,

11/08/24

2,940

2,893

991015291.UG.FTS.B,

23.95%,

11/09/24

537

541

991015386.UG.FTS.B,

22.97%,

11/09/24

1,124

1,103

991015397.UG.FTS.B,

21.46%,

11/08/24

220

217

*

991015446.UG.FTS.B,

29.49%,

11/09/23

101

13

991015583.UG.FTS.B,

29.49%,

11/08/24

678

656

991015679.UG.FTS.B,

27.99%,

11/08/24

1,458

1,439

*

991015727.UG.FTS.B,

29.49%,

11/09/24

286

34

991015899.UG.FTS.B,

15%,

11/08/24

2,295

2,274

991015912.UG.FTS.B,

20.97%,

11/09/24

615

630

991015928.UG.FTS.B,

28.48%,

11/09/23

105

106

991015963.UG.FTS.B,

28.98%,

11/08/24

1,949

1,906

991016019.UG.FTS.B,

28.48%,

11/09/23

498

498

991016135.UG.FTS.B,

29.49%,

11/08/24

824

807

991016183.UG.FTS.B,

28.98%,

11/08/24

2,987

2,935

991016192.UG.FTS.B,

29.49%,

11/08/23

47

46

991016205.UG.FTS.B,

29.49%,

11/09/24

1,489

1,484

*

991016215.UG.FTS.B,

29.49%,

11/08/24

1,442

306

991016236.UG.FTS.B,

29.49%,

11/09/23

20

20

991016261.UG.FTS.B,

19.99%,

11/08/24

250

246

991016267.UG.FTS.B,

19.99%,

11/09/24

184

182

991016307.UG.FTS.B,

29.49%,

11/09/24

358

366

991016360.UG.FTS.B,

29.49%,

11/08/24

448

439

991016366.UG.FTS.B,

16.49%,

11/09/23

1,106

1,094

991016897.UG.FTS.B,

23.95%,

11/08/24

2,151

2,107

991016928.UG.FTS.B,

15.49%,

11/08/23

572

568

991017515.UG.FTS.B,

29.49%,

11/09/24

-

-

991017635.UG.FTS.B,

29.49%,

11/09/24

2,182

2,228

*

991017746.UG.FTS.B,

29.49%,

11/08/24

867

185

991017861.UG.FTS.B,

19.8%,

11/09/24

145

148

991017884.UG.FTS.B,

19.96%,

11/09/23

174

172

991017902.UG.FTS.B,

29.49%,

11/09/24

1,108

709

991018122.UG.FTS.B,

19.99%,

11/09/24

196

195

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

330

a

*

991018167.UG.FTS.B,

29.49%,

11/08/24

405

400

991018485.UG.FTS.B,

29.49%,

10/22/23

170

167

991018516.UG.FTS.B,

29.49%,

11/09/24

483

477

991018613.UG.FTS.B,

28.48%,

11/09/23

139

142

991018649.UG.FTS.B,

21.46%,

11/08/24

563

554

991018773.UG.FTS.B,

29.49%,

11/09/23

103

102

991018932.UG.FTS.B,

29.49%,

11/09/23

761

742

991018942.UG.FTS.B,

17.49%,

11/09/23

407

404

991018978.UG.FTS.B,

20.47%,

11/09/23

1,357

1,388

*

991019086.UG.FTS.B,

29.49%,

11/09/24

587

41

991019090.UG.FTS.B,

29.49%,

11/08/23

167

161

991019302.UG.FTS.B,

29.49%,

11/09/23

56

54

991019305.UG.FTS.B,

20.97%,

11/08/24

512

505

991019345.UG.FTS.B,

19.8%,

11/09/24

638

630

991019441.UG.FTS.B,

29.49%,

11/08/24

1,093

1,053

991019637.UG.FTS.B,

29.49%,

11/08/23

202

198

991019746.UG.FTS.B,

19.3%,

11/10/23

233

230

991019809.UG.FTS.B,

21.98%,

11/10/24

366

364

991019845.UG.FTS.B,

28.98%,

11/10/24

76

76

991019851.UG.FTS.B,

28.98%,

11/09/24

302

308

991020061.UG.FTS.B,

28.98%,

11/08/24

525

513

991020307.UG.FTS.B,

29.49%,

11/10/24

50

49

991020403.UG.FTS.B,

29.49%,

11/10/24

7

6

991020417.UG.FTS.B,

29.49%,

11/09/23

708

703

*

991020455.UG.FTS.B,

21.46%,

11/10/24

148

28

*

991020472.UG.FTS.B,

28.98%,

11/09/24

1,084

132

991020520.UG.FTS.B,

28.98%,

11/10/24

395

394

991020536.UG.FTS.B,

28.98%,

11/08/24

618

604

991020662.UG.FTS.B,

28.48%,

11/09/23

16

16

991020864.UG.FTS.B,

28.48%,

11/09/23

297

297

991020888.UG.FTS.B,

19.8%,

11/08/24

2,095

2,070

991020944.UG.FTS.B,

15.99%,

11/08/26

3,965

3,931

991020973.UG.FTS.B,

29.49%,

11/09/24

1,233

1,191

991020976.UG.FTS.B,

19.99%,

11/10/24

578

569

991021073.UG.FTS.B,

29.49%,

11/08/24

-

-

991021150.UG.FTS.B,

28.98%,

11/09/24

350

358

991021226.UG.FTS.B,

29.48%,

11/09/23

419

426

991021327.UG.FTS.B,

28.98%,

11/10/24

234

231

991021402.UG.FTS.B,

15.47%,

11/10/23

77

78

991021580.UG.FTS.B,

29.49%,

11/10/24

331

338

991021583.UG.FTS.B,

22.97%,

11/10/24

674

664

991021690.UG.FTS.B,

28.98%,

11/08/24

165

162

991021705.UG.FTS.B,

21.46%,

11/10/24

1,451

1,426

991021804.UG.FTS.B,

17.99%,

11/10/24

1,596

1,581

991021901.UG.FTS.B,

29.49%,

11/09/23

313

316

*

991022040.UG.FTS.B,

29.49%,

11/09/23

157

114

991022070.UG.FTS.B,

20.97%,

11/10/24

349

346

991022072.UG.FTS.B,

29.49%,

11/09/23

88

88

991022143.UG.FTS.B,

19.96%,

11/10/23

525

521

991022193.UG.FTS.B,

29.49%,

11/10/24

815

800

991022344.UG.FTS.B,

28.98%,

11/10/24

1,371

1,336

991022488.UG.FTS.B,

29.49%,

11/09/24

1,014

1,032

991022510.UG.FTS.B,

29.49%,

11/08/24

357

351

991022541.UG.FTS.B,

29.48%,

11/09/23

37

37

991022677.UG.FTS.B,

18.97%,

11/10/24

1,474

1,518

991022815.UG.FTS.B,

29.49%,

11/10/24

468

460

991022867.UG.FTS.B,

18.21%,

11/10/24

5,271

5,213

991022916.UG.FTS.B,

28.98%,

11/10/24

359

355

991022924.UG.FTS.B,

29.49%,

11/08/23

143

140

991022961.UG.FTS.B,

28.98%,

11/10/24

384

378

991023149.UG.FTS.B,

29.49%,

11/10/24

2,178

2,127

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

331

a

991023237.UG.FTS.B,

21.97%,

11/10/24

399

393

991023261.UG.FTS.B,

29.49%,

11/10/24

1,175

1,141

991023319.UG.FTS.B,

19.99%,

11/10/24

584

592

991023326.UG.FTS.B,

29.49%,

11/08/23

203

199

991023342.UG.FTS.B,

19.96%,

11/10/23

1,466

1,455

991023400.UG.FTS.B,

16.49%,

11/10/23

835

830

991023515.UG.FTS.B,

21.46%,

11/09/24

566

581

991023517.UG.FTS.B,

19.96%,

11/10/23

915

940

991023566.UG.FTS.B,

21.48%,

11/10/23

1

1

991023572.UG.FTS.B,

29.49%,

11/09/24

185

188

991023582.UG.FTS.B,

28.98%,

11/09/24

96

95

991023718.UG.FTS.B,

29.49%,

11/09/24

1,168

1,146

991023811.UG.FTS.B,

29.49%,

11/10/24

536

527

991023990.UG.FTS.B,

29.48%,

11/09/23

359

363

991024000.UG.FTS.B,

21.47%,

11/10/23

1,039

1,024

991024035.UG.FTS.B,

29.49%,

11/10/24

27

26

991024114.UG.FTS.B,

21.47%,

11/10/23

382

379

991024150.UG.FTS.B,

28.98%,

11/09/24

882

892

991024211.UG.FTS.B,

29.49%,

11/09/24

1,015

991

991024317.UG.FTS.B,

28.98%,

11/09/24

439

432

991024355.UG.FTS.B,

18.71%,

11/08/23

269

266

991024387.UG.FTS.B,

28.98%,

11/11/24

724

741

991024408.UG.FTS.B,

29.49%,

11/08/24

153

150

991024437.UG.FTS.B,

28.98%,

11/09/24

736

753

991024446.UG.FTS.B,

21.46%,

11/10/24

1,159

1,149

*

991024483.UG.FTS.B,

26.44%,

11/11/23

247

54

991024485.UG.FTS.B,

29.49%,

11/11/23

19

19

991024591.UG.FTS.B,

28.48%,

11/08/23

314

308

991024641.UG.FTS.B,

29.49%,

11/11/23

98

100

991024644.UG.FTS.B,

28.98%,

11/11/24

336

345

991024658.UG.FTS.B,

29.49%,

11/11/23

68

68

991024665.UG.FTS.B,

29.49%,

11/11/23

33

33

991024686.UG.FTS.B,

29.49%,

11/11/23

217

221

991024749.UG.FTS.B,

17.49%,

11/11/23

57

58

991024759.UG.FTS.B,

19.99%,

11/11/24

460

466

991024808.UG.FTS.B,

29.49%,

11/10/23

125

126

*

991024862.UG.FTS.B,

25.95%,

11/11/24

608

125

991024878.UG.FTS.B,

28.98%,

11/11/24

646

661

991024882.UG.FTS.B,

29.49%,

11/11/24

250

253

991024894.UG.FTS.B,

29.49%,

11/11/23

129

130

991024915.UG.FTS.B,

29.49%,

11/11/23

153

155

991024964.UG.FTS.B,

29.49%,

11/11/24

24

24

991025022.UG.FTS.B,

20.46%,

11/08/24

299

297

991025029.UG.FTS.B,

21.46%,

11/11/24

334

341

991025098.UG.FTS.B,

17.99%,

11/11/24

1,063

1,092

991025120.UG.FTS.B,

29.48%,

11/09/23

321

324

991025128.UG.FTS.B,

19.21%,

11/11/24

1,140

1,155

991025167.UG.FTS.B,

29.49%,

11/11/24

3,422

3,507

991025192.UG.FTS.B,

29.49%,

11/11/24

911

926

991025215.UG.FTS.B,

20.96%,

11/10/23

725

716

991025217.UG.FTS.B,

28.98%,

11/11/24

86

88

991025245.UG.FTS.B,

29.49%,

11/11/23

349

352

991025258.UG.FTS.B,

22.97%,

11/11/24

1,869

1,842

991025263.UG.FTS.B,

19.99%,

11/11/24

54

54

991025273.UG.FTS.B,

28.98%,

11/11/24

729

743

991025344.UG.FTS.B,

29.49%,

11/11/23

63

64

991025347.UG.FTS.B,

19.21%,

11/10/24

205

202

991025363.UG.FTS.B,

19.99%,

11/11/24

179

183

991025401.UG.FTS.B,

28.48%,

11/11/23

324

329

991025452.UG.FTS.B,

28.98%,

11/10/24

411

422

991025462.UG.FTS.B,

19.21%,

11/11/24

737

759

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

332

a

991025480.UG.FTS.B,

29.49%,

11/09/23

266

265

991025518.UG.FTS.B,

28.48%,

11/11/23

90

92

991025522.UG.FTS.B,

19.8%,

11/11/24

819

839

991025530.UG.FTS.B,

29.49%,

11/09/23

146

145

991025543.UG.FTS.B,

28.98%,

11/11/24

271

270

991025550.UG.FTS.B,

28.98%,

11/10/24

178

173

991025577.UG.FTS.B,

20.47%,

11/09/23

94

94

*

991025608.UG.FTS.B,

29.49%,

11/11/23

70

5

991025619.UG.FTS.B,

19.99%,

11/11/24

184

185

991025634.UG.FTS.B,

19.96%,

11/10/23

180

184

991025675.UG.FTS.B,

23.95%,

11/10/24

2,101

2,068

991025699.UG.FTS.B,

29.49%,

11/10/23

38

37

991025720.UG.FTS.B,

16.99%,

11/11/24

-

-

*

991025735.UG.FTS.B,

28.98%,

11/11/24

29

12

*

991025827.UG.FTS.B,

29.49%,

11/11/24

72

5

991025879.UG.FTS.B,

29.49%,

11/11/23

1,196

1,222

991025899.UG.FTS.B,

21.47%,

11/10/23

1,126

1,112

991025926.UG.FTS.B,

28.98%,

11/11/24

492

505

991025967.UG.FTS.B,

28.98%,

11/11/24

309

316

991025975.UG.FTS.B,

20.47%,

11/11/23

48

49

991025986.UG.FTS.B,

29.49%,

11/11/24

269

271

991026011.UG.FTS.B,

28.98%,

11/11/24

140

142

991026021.UG.FTS.B,

29.49%,

11/11/24

717

736

991026051.UG.FTS.B,

21.98%,

11/11/24

251

257

991026082.UG.FTS.B,

20.46%,

11/10/24

718

710

991026090.UG.FTS.B,

28.98%,

11/11/24

295

302

991026129.UG.FTS.B,

29.49%,

11/08/24

675

650

991026147.UG.FTS.B,

29.49%,

11/11/24

644

656

991026161.UG.FTS.B,

20.46%,

11/11/24

1,453

1,437

991026175.UG.FTS.B,

17.97%,

11/10/24

1,621

1,611

*

991026276.UG.FTS.B,

29.49%,

11/11/23

23

2

991026295.UG.FTS.B,

29.49%,

11/10/23

151

153

991026361.UG.FTS.B,

21.98%,

11/11/24

1,871

1,921

991026394.UG.FTS.B,

28.48%,

11/11/23

40

39

991026416.UG.FTS.B,

28.98%,

11/11/24

575

576

991026432.UG.FTS.B,

29.49%,

11/11/23

275

281

991026475.UG.FTS.B,

29.49%,

11/11/24

110

112

991026488.UG.FTS.B,

28.48%,

11/09/23

204

202

991026581.UG.FTS.B,

29.49%,

11/11/24

163

167

*

991026609.UG.FTS.B,

29.49%,

11/11/24

124

27

991026611.UG.FTS.B,

29.49%,

11/11/24

358

368

991026622.UG.FTS.B,

29.49%,

11/11/23

48

49

*

991026639.UG.FTS.B,

29.49%,

11/11/23

257

34

991026664.UG.FTS.B,

29.49%,

11/11/24

362

369

991026665.UG.FTS.B,

28.98%,

11/10/24

1,357

1,324

991026673.UG.FTS.B,

19.99%,

11/11/24

966

990

991026735.UG.FTS.B,

21.46%,

11/10/24

296

292

991026738.UG.FTS.B,

29.49%,

11/11/23

230

179

991026750.UG.FTS.B,

28.98%,

11/11/24

31

32

991026755.UG.FTS.B,

16.99%,

11/10/24

1,857

1,840

991026806.UG.FTS.B,

21.98%,

11/10/24

277

282

991026813.UG.FTS.B,

20.46%,

11/11/24

3,862

3,973

991026872.UG.FTS.B,

29.49%,

11/11/23

26

26

991026874.UG.FTS.B,

28.98%,

11/10/24

129

126

991026906.UG.FTS.B,

28.98%,

11/10/24

459

464

991026911.UG.FTS.B,

28.98%,

11/11/24

93

95

991027149.UG.FTS.B,

19.99%,

11/11/24

482

492

991027152.UG.FTS.B,

28.98%,

11/11/24

778

795

991027186.UG.FTS.B,

29.49%,

11/10/24

247

253

991027193.UG.FTS.B,

19.21%,

11/11/24

2,037

2,063

991027241.UG.FTS.B,

29.49%,

11/11/24

233

238

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

333

a

991027543.UG.FTS.B,

29.49%,

11/11/23

552

563

991027814.UG.FTS.B,

19.8%,

11/11/24

1,837

1,891

991028425.UG.FTS.B,

29.49%,

11/11/23

170

172

991029379.UG.FTS.B,

28.48%,

11/10/23

254

260

*

991029631.UG.FTS.B,

19.3%,

11/11/23

604

72

991029636.UG.FTS.B,

29.49%,

11/11/24

1,471

1,510

991029637.UG.FTS.B,

18.97%,

11/11/24

581

599

991029640.UG.FTS.B,

22.47%,

11/11/23

472

482

991029642.UG.FTS.B,

20.96%,

11/11/23

105

107

991029650.UG.FTS.B,

29.49%,

11/11/24

152

155

991029687.UG.FTS.B,

19.21%,

11/11/24

22

23

991029729.UG.FTS.B,

20.46%,

11/11/24

154

159

991029731.UG.FTS.B,

20.97%,

11/11/24

2,520

2,581

991029732.UG.FTS.B,

27.99%,

11/11/24

3,879

3,976

*

991029734.UG.FTS.B,

21.97%,

11/11/24

300

22

991029735.UG.FTS.B,

27.99%,

11/11/24

215

220

991029737.UG.FTS.B,

29.49%,

11/11/24

77

78

991029739.UG.FTS.B,

19.99%,

11/11/24

527

539

991029759.UG.FTS.B,

19.99%,

11/10/24

233

230

991029761.UG.FTS.B,

29.49%,

11/11/23

87

88

991029801.UG.FTS.B,

20.96%,

11/11/23

6

6

991029813.UG.FTS.B,

29.49%,

11/11/23

109

111

991029833.UG.FTS.B,

29.49%,

11/11/24

133

136

991029860.UG.FTS.B,

16.99%,

11/08/24

2,013

1,993

991029926.UG.FTS.B,

29.49%,

11/11/24

346

352

991029941.UG.FTS.B,

28.98%,

11/08/24

21

21

991029972.UG.FTS.B,

29.49%,

11/11/23

185

184

991030004.UG.FTS.B,

21.48%,

11/11/23

93

95

991030078.UG.FTS.B,

18.97%,

11/09/24

2,969

2,939

991030105.UG.FTS.B,

19.8%,

11/11/24

340

337

991030107.UG.FTS.B,

19.99%,

11/11/24

2,444

2,493

991030132.UG.FTS.B,

29.46%,

11/11/23

495

505

991030182.UG.FTS.B,

29.49%,

11/11/24

748

764

991030193.UG.FTS.B,

29.49%,

11/11/24

66

67

991030263.UG.FTS.B,

21.97%,

11/11/24

1,602

1,645

*

991030277.UG.FTS.B,

28.48%,

11/10/23

568

70

991030285.UG.FTS.B,

20.47%,

11/11/23

55

56

991030291.UG.FTS.B,

19.99%,

11/11/24

1,196

1,227

*

991030319.UG.FTS.B,

29.49%,

12/09/26

3

-

991030343.UG.FTS.B,

29.49%,

11/10/24

750

740

991030405.UG.FTS.B,

21.48%,

11/11/23

580

587

991030407.UG.FTS.B,

29.99%,

11/11/24

-

-

991030570.UG.FTS.B,

28.98%,

11/11/24

212

216

991030607.UG.FTS.B,

29.49%,

11/11/24

625

619

991030736.UG.FTS.B,

29.48%,

11/11/23

18

18

991030804.UG.FTS.B,

29.49%,

11/11/24

364

372

991030862.UG.FTS.B,

29.49%,

11/11/24

691

707

991030974.UG.FTS.B,

29.49%,

11/11/24

292

300

991030997.UG.FTS.B,

19.47%,

11/11/23

697

687

991031006.UG.FTS.B,

28.98%,

11/09/24

60

61

991031014.UG.FTS.B,

29.49%,

11/11/23

47

47

*

991031052.UG.FTS.B,

21.46%,

11/11/24

1,248

143

*

991031153.UG.FTS.B,

29.49%,

11/11/24

81

6

991031168.UG.FTS.B,

19.99%,

11/11/24

441

442

*

991031190.UG.FTS.B,

29.49%,

11/09/23

76

19

991031249.UG.FTS.B,

19.99%,

11/11/24

249

256

991031265.UG.FTS.B,

29.49%,

11/11/23

102

104

991031272.UG.FTS.B,

19.21%,

11/11/24

1,444

1,487

991031280.UG.FTS.B,

28.98%,

11/11/24

155

159

*

991031323.UG.FTS.B,

28.98%,

11/11/24

1,327

280

991031364.UG.FTS.B,

28.98%,

11/11/24

139

138

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

334

a

991031381.UG.FTS.B,

28.98%,

11/11/24

164

165

991031385.UG.FTS.B,

18.47%,

11/11/23

322

330

991031395.UG.FTS.B,

29.49%,

11/11/24

135

95

991031396.UG.FTS.B,

29.49%,

11/11/24

95

97

991031406.UG.FTS.B,

28.98%,

11/11/24

73

73

991031408.UG.FTS.B,

29.49%,

11/11/23

143

143

991031441.UG.FTS.B,

28.98%,

11/11/24

60

61

991031493.UG.FTS.B,

29.49%,

11/11/24

221

225

991031522.UG.FTS.B,

29.49%,

11/10/24

123

120

991031568.UG.FTS.B,

29.49%,

11/11/23

264

268

991031588.UG.FTS.B,

15.97%,

11/11/24

43

44

991031599.UG.FTS.B,

29.49%,

11/11/23

121

123

991031606.UG.FTS.B,

28.98%,

11/10/24

300

296

991031629.UG.FTS.B,

19.99%,

11/09/24

1,004

989

991031698.UG.FTS.B,

18.97%,

11/11/24

832

825

991031717.UG.FTS.B,

21.47%,

11/11/23

96

94

991031741.UG.FTS.B,

29.49%,

11/11/24

108

109

991031785.UG.FTS.B,

22.97%,

11/11/24

305

301

991031794.UG.FTS.B,

29.49%,

11/11/24

623

622

991031846.UG.FTS.B,

29.49%,

11/10/23

127

123

*

991031884.UG.FTS.B,

15.97%,

11/12/24

454

326

991031974.UG.FTS.B,

29.49%,

2/09/27

-

-

991032017.UG.FTS.B,

22.97%,

11/12/24

626

620

991032018.UG.FTS.B,

29.49%,

11/09/23

266

272

991032019.UG.FTS.B,

18.47%,

11/12/23

461

456

991032070.UG.FTS.B,

16.99%,

11/09/24

394

407

991032111.UG.FTS.B,

29.49%,

1/09/27

-

-

991032115.UG.FTS.B,

20.47%,

11/12/23

105

104

991032169.UG.FTS.B,

29.49%,

11/11/23

150

151

991032173.UG.FTS.B,

20.46%,

11/12/24

751

742

991032177.UG.FTS.B,

21.46%,

11/11/24

2,254

2,234

991032192.UG.FTS.B,

29.48%,

11/11/23

172

176

991032195.UG.FTS.B,

29.48%,

11/11/23

332

338

991032202.UG.FTS.B,

20.46%,

11/12/24

682

675

991032260.UG.FTS.B,

19.96%,

11/12/23

97

96

991032262.UG.FTS.B,

21.97%,

11/11/24

67

66

991032286.UG.FTS.B,

29.49%,

11/11/24

573

585

991032314.UG.FTS.B,

29.49%,

11/09/24

821

806

991032353.UG.FTS.B,

29.49%,

11/11/23

571

40

991032381.UG.FTS.B,

28.98%,

11/11/24

31

30

991032433.UG.FTS.B,

29.49%,

11/11/24

458

468

991032461.UG.FTS.B,

29.49%,

11/09/24

314

319

991032469.UG.FTS.B,

28.98%,

11/09/24

310

316

991032529.UG.FTS.B,

29.49%,

11/11/24

94

93

991032542.UG.FTS.B,

29.49%,

11/08/24

1,490

1,460

991032710.UG.FTS.B,

28.98%,

11/11/24

181

185

991032766.UG.FTS.B,

19.99%,

11/08/24

2,963

2,895

991032819.UG.FTS.B,

29.49%,

11/11/24

28

28

991032833.UG.FTS.B,

20.96%,

11/12/23

162

160

991032849.UG.FTS.B,

22.97%,

11/11/24

592

605

991032871.UG.FTS.B,

29.49%,

11/11/24

144

146

991032874.UG.FTS.B,

29.49%,

11/11/24

179

183

991032939.UG.FTS.B,

20.97%,

11/12/24

2,170

2,148

991032955.UG.FTS.B,

29.49%,

11/11/23

183

185

991033023.UG.FTS.B,

29.49%,

11/11/23

359

359

991033110.UG.FTS.B,

15.97%,

11/11/24

14

14

991033125.UG.FTS.B,

28.48%,

11/11/23

177

180

991033130.UG.FTS.B,

21.46%,

11/12/24

1,254

1,237

991033157.UG.FTS.B,

22.97%,

11/11/24

1,646

1,623

991033194.UG.FTS.B,

29.49%,

11/11/24

97

99

991033248.UG.FTS.B,

17.99%,

11/11/24

506

501

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

335

a

991033250.UG.FTS.B,

17.99%,

11/11/24

836

831

991033295.UG.FTS.B,

21.98%,

11/12/24

69

68

991033311.UG.FTS.B,

29.49%,

11/11/23

51

51

991033351.UG.FTS.B,

18.97%,

11/12/24

94

93

*

991033355.UG.FTS.B,

29.49%,

11/11/23

43

15

991033372.UG.FTS.B,

20.96%,

11/11/23

18

18

991033375.UG.FTS.B,

19.47%,

11/11/23

45

46

991033385.UG.FTS.B,

26.94%,

11/10/24

782

773

991033388.UG.FTS.B,

20.96%,

11/12/23

282

278

991033465.UG.FTS.B,

29.49%,

11/11/24

300

305

991033466.UG.FTS.B,

29.49%,

11/08/24

378

369

*

991033506.UG.FTS.B,

28.98%,

11/11/24

49

16

991033516.UG.FTS.B,

23.95%,

11/12/24

2,629

2,588

991033519.UG.FTS.B,

29.49%,

11/08/24

179

177

991033534.UG.FTS.B,

29.49%,

11/11/23

410

412

991033573.UG.FTS.B,

19.8%,

11/12/24

1,549

1,538

991033578.UG.FTS.B,

15%,

11/12/24

4,269

4,223

991033616.UG.FTS.B,

28.98%,

11/11/24

23

23

991033625.UG.FTS.B,

21.98%,

11/12/24

200

197

991033626.UG.FTS.B,

28.98%,

11/10/24

162

166

991033709.UG.FTS.B,

18.71%,

11/12/23

462

457

991033770.UG.FTS.B,

19.99%,

11/11/23

189

193

991033807.UG.FTS.B,

20.97%,

11/11/24

158

161

991033858.UG.FTS.B,

17.99%,

11/11/24

688

701

991033893.UG.FTS.B,

17.97%,

11/11/24

723

716

991033897.UG.FTS.B,

20.47%,

11/11/23

1,861

1,847

991033906.UG.FTS.B,

28.98%,

11/11/24

180

180

991033976.UG.FTS.B,

28.48%,

11/11/23

100

101

991033984.UG.FTS.B,

29.49%,

11/11/24

786

807

991034034.UG.FTS.B,

28.98%,

11/11/24

96

98

991034169.UG.FTS.B,

23.45%,

11/10/23

129

127

991034193.UG.FTS.B,

29.49%,

11/11/23

476

486

991034208.UG.FTS.B,

29.49%,

11/11/24

58

59

991034319.UG.FTS.B,

29.49%,

11/11/23

30

31

991034495.UG.FTS.B,

28.98%,

11/11/24

171

176

991034507.UG.FTS.B,

19.8%,

11/10/24

6,315

6,443

991034527.UG.FTS.B,

20.46%,

11/11/24

1,940

1,997

991034529.UG.FTS.B,

21.48%,

11/11/23

228

234

*

991034540.UG.FTS.B,

17.99%,

11/11/24

1,057

117

991034560.UG.FTS.B,

18.97%,

11/12/24

291

288

991034570.UG.FTS.B,

21.48%,

11/12/23

944

936

991034577.UG.FTS.B,

14.98%,

11/12/24

1,162

1,156

991034619.UG.FTS.B,

28.98%,

11/11/24

392

397

991034634.UG.FTS.B,

16.99%,

11/08/26

1,613

1,600

991034769.UG.FTS.B,

19.3%,

11/12/23

216

215

991034794.UG.FTS.B,

17.99%,

11/12/24

1,258

1,251

991034803.UG.FTS.B,

29.48%,

11/10/23

199

195

991034815.UG.FTS.B,

29.49%,

11/11/23

755

764

991035103.UG.FTS.B,

16.99%,

11/12/24

1,933

1,922

991035315.UG.FTS.B,

15.97%,

11/12/24

2,027

2,016

991035358.UG.FTS.B,

29.49%,

11/09/23

132

131

991035463.UG.FTS.B,

29.49%,

11/11/24

159

163

991035528.UG.FTS.B,

19.21%,

11/12/24

485

481

991035642.UG.FTS.B,

26.94%,

11/11/24

373

380

991035672.UG.FTS.B,

21.48%,

11/11/23

330

336

991035803.UG.FTS.B,

21.48%,

11/12/23

34

34

*

991035841.UG.FTS.B,

20.97%,

11/11/24

177

111

991035872.UG.FTS.B,

19.99%,

2/09/27

2

2

991035914.UG.FTS.B,

19.99%,

11/11/24

411

419

991035968.UG.FTS.B,

29.49%,

11/09/23

144

146

991035975.UG.FTS.B,

29.49%,

11/11/24

137

138

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

336

a

991035990.UG.FTS.B,

22.47%,

11/12/23

1,267

1,256

991036050.UG.FTS.B,

29.49%,

11/11/23

108

109

991036069.UG.FTS.B,

29.49%,

11/11/24

55

55

991036128.UG.FTS.B,

21.98%,

11/12/24

105

103

991036161.UG.FTS.B,

21.46%,

11/12/24

5,286

5,238

991036209.UG.FTS.B,

15%,

11/12/24

6,810

6,753

991036234.UG.FTS.B,

21.98%,

11/09/24

556

547

991036245.UG.FTS.B,

28.98%,

11/11/24

155

158

991036275.UG.FTS.B,

21.98%,

11/11/24

196

201

991036276.UG.FTS.B,

20.47%,

11/12/23

674

668

991036334.UG.FTS.B,

14.98%,

11/12/24

189

187

991036341.UG.FTS.B,

21.99%,

11/11/26

1,856

1,889

991036352.UG.FTS.B,

29.49%,

11/08/23

704

685

991036429.UG.FTS.B,

18.97%,

11/12/24

640

636

991036433.UG.FTS.B,

18.97%,

11/11/24

1,217

1,205

991036435.UG.FTS.B,

25.45%,

11/12/23

381

376

991036436.UG.FTS.B,

29.49%,

11/09/24

146

143

991036443.UG.FTS.B,

28.98%,

11/11/24

706

724

991036486.UG.FTS.B,

25.44%,

11/12/23

1,607

1,582

991036490.UG.FTS.B,

29.49%,

11/11/23

1,209

1,236

991036531.UG.FTS.B,

17.99%,

11/11/24

9

9

991036581.UG.FTS.B,

21.48%,

11/08/23

47

47

991036582.UG.FTS.B,

29.49%,

1/09/27

-

-

991036588.UG.FTS.B,

19.96%,

11/12/23

7

7

991036635.UG.FTS.B,

21.48%,

11/12/23

2,759

2,736

991036639.UG.FTS.B,

28.98%,

11/09/24

718

723

991036670.UG.FTS.B,

21.46%,

11/12/24

2,485

2,462

991036674.UG.FTS.B,

28.98%,

11/11/24

268

275

991036718.UG.FTS.B,

29.49%,

11/11/23

311

318

991036771.UG.FTS.B,

25.95%,

11/11/24

366

375

991036825.UG.FTS.B,

27.99%,

11/11/24

13

13

991036961.UG.FTS.B,

21.48%,

11/12/23

2,113

2,085

991036968.UG.FTS.B,

14.97%,

11/12/24

5,005

4,979

991036969.UG.FTS.B,

20.46%,

11/10/24

423

418

991037060.UG.FTS.B,

17.47%,

11/12/23

387

384

*

991037098.UG.FTS.B,

29.49%,

2/09/27

12

1

991037178.UG.FTS.B,

16.99%,

11/09/24

715

735

991037200.UG.FTS.B,

15.47%,

11/12/23

123

122

991037227.UG.FTS.B,

29.49%,

11/11/23

51

51

991037263.UG.FTS.B,

21.48%,

11/11/23

1,238

1,220

991037264.UG.FTS.B,

22.97%,

11/12/24

84

83

991037303.UG.FTS.B,

28.98%,

11/11/24

90

91

991037339.UG.FTS.B,

19.8%,

11/11/24

4,192

4,153

991037342.UG.FTS.B,

28.98%,

11/08/24

577

564

991037375.UG.FTS.B,

29.49%,

11/10/23

205

209

991037410.UG.FTS.B,

22.47%,

11/10/23

378

375

*

991037437.UG.FTS.B,

28.98%,

11/11/24

198

42

991037493.UG.FTS.B,

21.46%,

11/12/24

1,252

1,244

*

991037504.UG.FTS.B,

20.47%,

11/12/23

2,898

1,973

991037516.UG.FTS.B,

26.94%,

11/12/24

603

595

991037518.UG.FTS.B,

29.49%,

11/11/24

225

229

991037582.UG.FTS.B,

20.46%,

11/12/24

73

72

991037607.UG.FTS.B,

28.98%,

11/10/24

145

147

991037654.UG.FTS.B,

21.48%,

12/10/26

-

-

991037733.UG.FTS.B,

29.49%,

11/11/24

405

411

991037747.UG.FTS.B,

24.95%,

11/11/24

1,045

1,033

991037749.UG.FTS.B,

19.96%,

11/12/23

43

43

991037763.UG.FTS.B,

21.48%,

11/12/23

71

71

*

991037774.UG.FTS.B,

29.49%,

12/09/26

-

-

991037802.UG.FTS.B,

20.96%,

11/11/23

104

107

991037811.UG.FTS.B,

19.8%,

11/12/24

991

984

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

337

a

991037836.UG.FTS.B,

21.46%,

11/08/24

3,421

3,385

991037873.UG.FTS.B,

28.98%,

11/11/24

2,210

2,267

991037887.UG.FTS.B,

21.48%,

11/12/23

1,223

1,207

991037894.UG.FTS.B,

16.99%,

11/12/24

468

465

991037989.UG.FTS.B,

20.96%,

11/12/23

96

95

991038065.UG.FTS.B,

21.46%,

11/11/24

73

74

*

991038075.UG.FTS.B,

28.98%,

11/11/24

149

10

991038090.UG.FTS.B,

26.44%,

11/12/23

829

817

*

991038233.UG.FTS.B,

21.48%,

11/13/23

1,804

214

991038234.UG.FTS.B,

17.99%,

11/12/24

222

220

991038296.UG.FTS.B,

18.97%,

11/12/24

317

314

991038306.UG.FTS.B,

28.98%,

11/11/24

296

296

991038313.UG.FTS.B,

29.48%,

11/10/23

151

152

991038335.UG.FTS.B,

18.8%,

11/12/24

149

147

991038385.UG.FTS.B,

19.96%,

11/12/23

-

-

991038400.UG.FTS.B,

19.96%,

11/11/23

73

74

991038524.UG.FTS.B,

28.98%,

11/10/24

373

381

991038622.UG.FTS.B,

22.47%,

11/13/23

135

134

991038656.UG.FTS.B,

25.95%,

11/12/24

573

561

991038677.UG.FTS.B,

18.21%,

11/12/24

7,009

6,961

*

991038678.UG.FTS.B,

29.49%,

11/11/23

481

35

991038725.UG.FTS.B,

15.99%,

11/12/24

1,462

1,449

991038740.UG.FTS.B,

29.49%,

11/09/24

60

59

*

991038779.UG.FTS.B,

15%,

11/12/24

575

61

991038818.UG.FTS.B,

26.44%,

11/12/23

1,082

1,071

991038831.UG.FTS.B,

29.49%,

11/11/23

99

99

991038833.UG.FTS.B,

18.47%,

11/11/23

896

917

991038867.UG.FTS.B,

24.45%,

11/12/23

1,802

1,776

991038882.UG.FTS.B,

15.97%,

11/12/24

237

236

991038891.UG.FTS.B,

22.97%,

11/13/24

359

224

991038892.UG.FTS.B,

25.45%,

11/11/23

51

50

991038933.UG.FTS.B,

21.47%,

11/12/23

261

260

991038962.UG.FTS.B,

29.49%,

11/11/24

154

157

991038985.UG.FTS.B,

21.46%,

11/11/24

8,130

8,037

991039066.UG.FTS.B,

19.3%,

11/13/23

304

301

991039099.UG.FTS.B,

29.49%,

11/09/24

888

868

991039115.UG.FTS.B,

20.97%,

11/12/24

1,986

1,956

991039148.UG.FTS.B,

17.97%,

11/12/24

10,635

10,537

991039187.UG.FTS.B,

23.45%,

11/11/23

230

228

991039402.UG.FTS.B,

29.48%,

11/09/23

71

72

991039412.UG.FTS.B,

20.46%,

11/13/24

1,274

1,267

*

991039478.UG.FTS.B,

16.99%,

11/11/24

1,410

256

991039512.UG.FTS.B,

29.49%,

11/11/23

19

19

991039519.UG.FTS.B,

29.49%,

11/11/24

329

328

991039523.UG.FTS.B,

25.95%,

11/13/24

59

58

991039534.UG.FTS.B,

29.49%,

11/11/24

616

627

991039543.UG.FTS.B,

26.44%,

11/12/23

2,618

2,592

991039556.UG.FTS.B,

20.97%,

11/12/24

241

238

991039612.UG.FTS.B,

22.97%,

11/12/24

14

14

991039659.UG.FTS.B,

26.94%,

11/12/24

287

282

991039661.UG.FTS.B,

17.97%,

11/12/24

2,000

1,981

991039683.UG.FTS.B,

22.95%,

11/12/24

225

222

991039687.UG.FTS.B,

19.99%,

11/11/24

119

121

991039743.UG.FTS.B,

28.98%,

11/10/24

126

124

991039746.UG.FTS.B,

22.97%,

11/12/24

748

741

991039753.UG.FTS.B,

19.8%,

11/12/24

937

930

991039757.UG.FTS.B,

29.49%,

11/11/23

384

387

991039782.UG.FTS.B,

28.98%,

11/11/24

40

39

991039849.UG.FTS.B,

16.49%,

11/12/23

4,140

4,116

991039860.UG.FTS.B,

21.48%,

11/12/23

144

142

991039862.UG.FTS.B,

14.98%,

11/09/24

1,319

1,311

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

338

a

991039886.UG.FTS.B,

21.46%,

11/13/24

238

235

991039909.UG.FTS.B,

29.49%,

11/09/23

18

18

991039912.UG.FTS.B,

19.21%,

11/12/24

309

307

991039945.UG.FTS.B,

29.49%,

11/11/23

196

200

991039964.UG.FTS.B,

29.49%,

11/11/24

806

817

991040013.UG.FTS.B,

29.49%,

11/11/23

8

8

991040091.UG.FTS.B,

23.45%,

11/12/23

392

388

991040123.UG.FTS.B,

21.46%,

11/13/24

274

271

991040131.UG.FTS.B,

29.49%,

11/11/24

422

432

991040151.UG.FTS.B,

15.99%,

11/12/24

3,312

3,293

991040200.UG.FTS.B,

22.45%,

11/12/23

684

678

991040207.UG.FTS.B,

22.47%,

11/12/23

1,754

1,739

991040245.UG.FTS.B,

19.96%,

11/12/23

175

174

991040295.UG.FTS.B,

29.49%,

11/11/24

5,360

5,430

991040317.UG.FTS.B,

29.49%,

11/11/23

136

138

991040344.UG.FTS.B,

20.46%,

11/12/24

886

879

991040377.UG.FTS.B,

29.49%,

11/11/24

92

93

991040451.UG.FTS.B,

20.96%,

11/12/23

1,022

1,014

991040584.UG.FTS.B,

19.99%,

11/10/24

130

128

991040614.UG.FTS.B,

29.49%,

11/11/24

708

725

991040623.UG.FTS.B,

21.47%,

11/12/23

59

59

991040629.UG.FTS.B,

17.99%,

11/12/24

1,247

1,236

991040642.UG.FTS.B,

26.44%,

11/12/23

427

421

991040658.UG.FTS.B,

29.49%,

11/11/23

299

306

991040726.UG.FTS.B,

21.98%,

11/13/24

470

464

991040746.UG.FTS.B,

19.8%,

11/12/24

470

465

991040802.UG.FTS.B,

22.45%,

11/12/23

113

112

991040830.UG.FTS.B,

19.3%,

11/13/23

90

89

991040865.UG.FTS.B,

21.47%,

11/12/23

475

468

991040917.UG.FTS.B,

28.98%,

11/11/24

208

212

991040953.UG.FTS.B,

20.46%,

11/12/24

1,256

1,246

991040955.UG.FTS.B,

19.21%,

11/10/24

78

77

991040980.UG.FTS.B,

29.49%,

11/11/24

490

500

991041006.UG.FTS.B,

29.49%,

11/11/23

66

67

991041009.UG.FTS.B,

28.98%,

11/11/24

285

288

991041017.UG.FTS.B,

18.47%,

11/11/23

112

114

991041029.UG.FTS.B,

23.45%,

11/09/23

65

65

991041124.UG.FTS.B,

29.49%,

11/11/24

279

285

991041167.UG.FTS.B,

29.49%,

11/11/23

936

956

991041173.UG.FTS.B,

23.95%,

11/12/24

5,257

5,203

*

991041178.UG.FTS.B,

29.49%,

11/11/23

46

15

991041203.UG.FTS.B,

15%,

11/12/24

1,651

1,636

991041313.UG.FTS.B,

17.97%,

11/12/24

7,045

7,000

991041356.UG.FTS.B,

20.97%,

11/11/24

2

2

991041435.UG.FTS.B,

21.48%,

11/12/23

1,126

1,117

991041571.UG.FTS.B,

21.47%,

11/12/23

4,151

4,115

991041583.UG.FTS.B,

19.96%,

11/12/23

2,823

2,801

991041612.UG.FTS.B,

29.49%,

11/11/24

2,939

3,002

991041688.UG.FTS.B,

23.95%,

11/12/24

5,835

5,776

991041732.UG.FTS.B,

21.98%,

11/13/24

676

672

991042011.UG.FTS.B,

17.21%,

11/12/24

4,292

4,249

991042076.UG.FTS.B,

29.49%,

11/11/23

268

268

991042103.UG.FTS.B,

16.49%,

11/11/23

-

-

991042127.UG.FTS.B,

20.46%,

11/12/24

1,868

1,847

991042183.UG.FTS.B,

29.49%,

1/09/27

-

-

991042203.UG.FTS.B,

23.45%,

11/12/23

378

375

991042287.UG.FTS.B,

29.49%,

10/20/24

711

695

*

991042317.UG.FTS.B,

20.46%,

11/12/24

2,972

554

991042328.UG.FTS.B,

14.98%,

11/11/24

1,336

1,377

991042359.UG.FTS.B,

29.49%,

11/11/23

2,343

2,373

991042430.UG.FTS.B,

17.99%,

11/12/24

3,407

3,377

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

339

a

991042437.UG.FTS.B,

15.99%,

11/12/24

4,824

4,797

991042459.UG.FTS.B,

14%,

11/12/24

9,602

9,547

991042477.UG.FTS.B,

29.48%,

11/11/23

333

341

991042483.UG.FTS.B,

24.45%,

11/13/23

128

128

991042512.UG.FTS.B,

28.98%,

10/21/24

414

407

991042536.UG.FTS.B,

21.97%,

11/12/24

1,554

1,540

991042554.UG.FTS.B,

28.98%,

11/09/24

2,106

2,131

991042571.UG.FTS.B,

19.96%,

11/13/23

150

148

991042608.UG.FTS.B,

21.46%,

11/13/24

1,092

1,076

991042626.UG.FTS.B,

29.49%,

11/11/24

35

35

991042660.UG.FTS.B,

29.49%,

11/08/23

1,027

1,012

991042799.UG.FTS.B,

29.49%,

11/11/24

8

8

991042876.UG.FTS.B,

19.8%,

11/13/24

1,287

1,275

991042891.UG.FTS.B,

29.49%,

11/11/23

264

264

991042940.UG.FTS.B,

21.48%,

11/12/23

261

258

991042946.UG.FTS.B,

20.97%,

11/13/24

2,040

2,020

991042950.UG.FTS.B,

22.97%,

11/12/24

28

28

991043005.UG.FTS.B,

29.49%,

11/11/23

363

367

991043019.UG.FTS.B,

20.97%,

11/12/24

85

84

991043123.UG.FTS.B,

28.98%,

11/11/24

277

284

991043180.UG.FTS.B,

19.96%,

11/13/23

970

961

991043243.UG.FTS.B,

21.98%,

11/13/24

159

158

991043248.UG.FTS.B,

18.97%,

11/12/24

214

212

*

991043262.UG.FTS.B,

29.49%,

11/11/23

94

23

991043299.UG.FTS.B,

20.46%,

11/08/24

798

791

991043384.UG.FTS.B,

21.97%,

11/12/24

1,813

1,781

991043474.UG.FTS.B,

29.49%,

11/11/24

576

588

991043493.UG.FTS.B,

29.49%,

11/11/23

840

855

991043544.UG.FTS.B,

19.21%,

11/12/24

113

112

991043576.UG.FTS.B,

18.97%,

11/13/24

138

137

991043586.UG.FTS.B,

20.96%,

11/11/23

14

15

991043614.UG.FTS.B,

18.97%,

11/12/24

935

929

991043615.UG.FTS.B,

29.49%,

11/09/23

819

821

991043681.UG.FTS.B,

19.21%,

11/09/24

1,930

1,978

991043719.UG.FTS.B,

14.98%,

11/12/24

931

925

991043735.UG.FTS.B,

26.94%,

11/12/24

654

644

991043824.UG.FTS.B,

28.98%,

11/11/24

55

56

991043828.UG.FTS.B,

19.21%,

11/13/24

186

185

991043832.UG.FTS.B,

17.99%,

11/11/24

834

860

991043854.UG.FTS.B,

29.48%,

11/09/23

92

92

991043862.UG.FTS.B,

28.98%,

11/11/24

2,892

2,931

991043973.UG.FTS.B,

28.98%,

11/08/24

159

156

991043995.UG.FTS.B,

21.48%,

11/12/23

171

169

991044023.UG.FTS.B,

23.95%,

11/13/24

196

194

991044106.UG.FTS.B,

28.98%,

11/11/24

48

49

991044198.UG.FTS.B,

29.49%,

11/11/24

83

84

991044201.UG.FTS.B,

21.46%,

11/11/24

684

679

991044223.UG.FTS.B,

29.49%,

11/11/24

94

95

991044271.UG.FTS.B,

22.45%,

11/11/23

388

396

991044320.UG.FTS.B,

17.47%,

11/12/23

235

232

991044326.UG.FTS.B,

28.98%,

11/11/24

6

6

991044341.UG.FTS.B,

23.95%,

11/09/24

1,609

1,590

991044359.UG.FTS.B,

18.97%,

11/11/24

294

302

991044384.UG.FTS.B,

19.8%,

11/13/24

735

731

991044464.UG.FTS.B,

28.98%,

11/10/24

109

111

991044473.UG.FTS.B,

19.96%,

11/12/23

767

758

991044475.UG.FTS.B,

21.46%,

11/12/24

669

660

991044490.UG.FTS.B,

29.49%,

11/11/23

192

195

991044520.UG.FTS.B,

29.49%,

11/11/24

42

42

991044535.UG.FTS.B,

28.98%,

11/11/24

605

612

991044553.UG.FTS.B,

21.46%,

11/11/24

591

607

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

340

a

991044571.UG.FTS.B,

29.49%,

11/11/23

585

598

991044613.UG.FTS.B,

28.98%,

11/11/24

549

560

991044627.UG.FTS.B,

29.49%,

11/11/24

177

180

991044726.UG.FTS.B,

28.98%,

11/11/24

83

83

991044733.UG.FTS.B,

19.8%,

11/08/24

349

344

991044826.UG.FTS.B,

21.48%,

11/12/23

806

796

991044831.UG.FTS.B,

16.99%,

11/12/24

1,683

1,668

991044888.UG.FTS.B,

29.49%,

11/08/23

154

149

991044894.UG.FTS.B,

19.96%,

11/11/23

846

870

991044922.UG.FTS.B,

20.96%,

11/12/23

354

350

991044948.UG.FTS.B,

29.49%,

11/11/24

184

185

991045010.UG.FTS.B,

19.8%,

11/11/24

640

659

991045091.UG.FTS.B,

29.49%,

11/09/23

91

92

*

991045101.UG.FTS.B,

29.48%,

11/10/23

370

89

991045113.UG.FTS.B,

21.46%,

11/13/24

72

72

991045128.UG.FTS.B,

22.97%,

11/13/24

90

89

991045210.UG.FTS.B,

29.49%,

11/11/24

56

57

991045479.UG.FTS.B,

21.46%,

11/12/24

694

689

991045542.UG.FTS.B,

29.49%,

11/11/23

6

6

991045550.UG.FTS.B,

16.99%,

11/12/24

10

10

*

991045597.UG.FTS.B,

29.49%,

11/10/24

671

81

991045601.UG.FTS.B,

19.8%,

11/13/24

90

89

991045675.UG.FTS.B,

28.98%,

11/11/24

265

271

991045681.UG.FTS.B,

29.48%,

11/10/23

867

853

991045741.UG.FTS.B,

23.45%,

11/10/23

223

221

991045793.UG.FTS.B,

26.44%,

11/10/23

790

776

991045817.UG.FTS.B,

21.46%,

11/13/24

-

-

991045857.UG.FTS.B,

19.21%,

11/10/24

717

708

991045876.UG.FTS.B,

20.46%,

11/14/24

357

355

991045946.UG.FTS.B,

21.46%,

11/14/24

607

600

991046047.UG.FTS.B,

18.97%,

11/12/24

452

448

*

991046107.UG.FTS.B,

29.48%,

11/09/23

204

201

991046124.UG.FTS.B,

28.98%,

11/08/24

155

153

991046267.UG.FTS.B,

29.49%,

11/11/24

21

21

*

991046289.UG.FTS.B,

29.49%,

11/11/24

84

63

991046306.UG.FTS.B,

21.48%,

11/14/23

98

97

991046321.UG.FTS.B,

29.49%,

11/11/23

27

27

*

991046494.UG.FTS.B,

29.49%,

11/11/23

53

8

991046521.UG.FTS.B,

19.96%,

11/13/23

338

336

*

991046583.UG.FTS.B,

19.99%,

11/11/24

61

18

991046611.UG.FTS.B,

19.96%,

11/12/23

147

145

991046635.UG.FTS.B,

22.47%,

11/11/23

12

12

991046688.UG.FTS.B,

18.71%,

11/13/23

357

354

*

991046706.UG.FTS.B,

28.98%,

11/11/24

603

75

991046754.UG.FTS.B,

20.46%,

11/12/24

3,732

3,688

991046765.UG.FTS.B,

15.97%,

11/12/24

174

173

991046804.UG.FTS.B,

21.98%,

11/12/24

1,747

1,724

991046812.UG.FTS.B,

20.46%,

11/12/24

219

217

991046819.UG.FTS.B,

18.97%,

11/13/24

439

436

991046828.UG.FTS.B,

29.49%,

11/11/24

212

216

991046834.UG.FTS.B,

17.49%,

11/12/23

271

269

991046838.UG.FTS.B,

16.99%,

11/12/24

415

413

991046859.UG.FTS.B,

19.99%,

11/11/24

149

148

991046860.UG.FTS.B,

29.49%,

11/11/23

662

670

991046959.UG.FTS.B,

19.8%,

11/12/24

3,602

3,575

*

991047047.UG.FTS.B,

20.97%,

11/14/24

1,548

295

991047131.UG.FTS.B,

28.98%,

11/11/24

69

70

991047231.UG.FTS.B,

20.96%,

11/11/23

109

111

991047249.UG.FTS.B,

18.71%,

11/12/23

44

44

991047267.UG.FTS.B,

21.46%,

11/09/24

2,230

2,207

991047284.UG.FTS.B,

28.98%,

11/08/24

413

404

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

341

a

991047307.UG.FTS.B,

29.49%,

11/09/23

216

215

991047371.UG.FTS.B,

29.49%,

11/11/23

585

597

991047403.UG.FTS.B,

29.49%,

11/11/23

110

110

*

991047457.UG.FTS.B,

22.97%,

11/14/24

566

66

991047526.UG.FTS.B,

21.46%,

11/12/24

875

867

991047599.UG.FTS.B,

19.3%,

11/14/23

585

582

991047675.UG.FTS.B,

18.97%,

11/10/24

442

438

991047811.UG.FTS.B,

18.97%,

11/09/24

302

305

*

991047878.UG.FTS.B,

19.96%,

11/14/23

66

5

991047937.UG.FTS.B,

28.98%,

11/11/24

383

383

991047941.UG.FTS.B,

18.97%,

11/14/24

473

469

991047942.UG.FTS.B,

21.46%,

11/14/24

362

358

991047989.UG.FTS.B,

21.46%,

11/14/24

379

378

991048155.UG.FTS.B,

29.49%,

11/11/24

248

249

991048200.UG.FTS.B,

22.47%,

11/14/23

161

160

991048387.UG.FTS.B,

29.49%,

11/11/24

846

862

991048419.UG.FTS.B,

22.97%,

11/12/24

542

537

991048455.UG.FTS.B,

21.48%,

11/13/23

1,700

1,687

991048527.UG.FTS.B,

27.99%,

11/11/24

684

702

991048668.UG.FTS.B,

29.49%,

11/11/24

2,565

2,627

991048693.UG.FTS.B,

28.98%,

11/09/24

775

795

991048724.UG.FTS.B,

29.49%,

11/11/24

243

247

991048924.UG.FTS.B,

21.98%,

11/11/24

1,406

1,435

*

991048960.UG.FTS.B,

29.48%,

11/09/23

32

15

991048993.UG.FTS.B,

17.99%,

11/12/24

290

288

991049073.UG.FTS.B,

19.8%,

11/12/24

4,150

4,119

991049168.UG.FTS.B,

20.46%,

11/14/24

1,941

1,930

991049261.UG.FTS.B,

28.98%,

11/11/24

137

140

991049262.UG.FTS.B,

22.97%,

11/13/24

584

577

991049412.UG.FTS.B,

29.49%,

11/11/23

75

76

991049414.UG.FTS.B,

19.8%,

11/12/24

46

46

991049421.UG.FTS.B,

28.98%,

11/08/24

110

108

991049510.UG.FTS.B,

15.99%,

11/12/24

3

3

991049605.UG.FTS.B,

29.49%,

11/11/23

86

87

*

991049607.UG.FTS.B,

28.98%,

11/11/24

305

196

991049652.UG.FTS.B,

18.97%,

11/11/24

1,318

1,351

*

991049684.UG.FTS.B,

29.49%,

11/10/24

139

29

991049690.UG.FTS.B,

29.49%,

11/11/24

32

32

991049720.UG.FTS.B,

21.48%,

11/11/23

205

209

991049725.UG.FTS.B,

15.97%,

11/12/24

715

710

991049806.UG.FTS.B,

16.99%,

11/12/24

5

5

991049842.UG.FTS.B,

29.49%,

11/11/24

36

36

991049859.UG.FTS.B,

28.98%,

11/11/24

-

-

*

991049873.UG.FTS.B,

19.99%,

11/11/24

1,407

279

991049874.UG.FTS.B,

28.98%,

11/08/24

348

343

991049893.UG.FTS.B,

28.98%,

11/11/24

172

177

991049934.UG.FTS.B,

26.94%,

11/10/24

713

726

991049974.UG.FTS.B,

21.98%,

11/14/24

621

617

991050028.UG.FTS.B,

16.99%,

11/12/24

381

378

*

991050057.UG.FTS.B,

29.49%,

11/11/23

76

20

991050172.UG.FTS.B,

21.46%,

11/14/24

430

430

991050253.UG.FTS.B,

21.48%,

11/12/23

273

270

991050282.UG.FTS.B,

29.49%,

11/09/23

115

117

991050337.UG.FTS.B,

29.49%,

11/11/24

259

264

*

991050342.UG.FTS.B,

20.46%,

11/14/24

657

123

991050471.UG.FTS.B,

21.47%,

11/12/23

202

201

991050659.UG.FTS.B,

23.45%,

11/13/23

513

510

991050735.UG.FTS.B,

19.96%,

11/14/23

116

115

991050759.UG.FTS.B,

20.96%,

11/14/23

231

229

991050801.UG.FTS.B,

29.49%,

11/11/23

469

480

991050823.UG.FTS.B,

24.45%,

11/14/23

291

289

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

342

a

991050828.UG.FTS.B,

29.49%,

11/11/24

160

162

991050845.UG.FTS.B,

21.98%,

11/11/24

342

350

991050867.UG.FTS.B,

21.46%,

11/13/24

16

3

991050872.UG.FTS.B,

29.49%,

11/10/24

87

89

991050918.UG.FTS.B,

28.98%,

11/09/24

779

799

*

991050955.UG.FTS.B,

21.96%,

11/13/24

926

106

*

991051051.UG.FTS.B,

28.98%,

11/11/24

245

52

991051099.UG.FTS.B,

29.49%,

11/11/24

484

492

991051184.UG.FTS.B,

20.46%,

11/14/24

851

842

991051233.UG.FTS.B,

26.94%,

11/12/23

110

109

991051286.UG.FTS.B,

28.98%,

11/11/24

338

346

991051313.UG.FTS.B,

28.98%,

11/11/24

518

515

991051328.UG.FTS.B,

20.97%,

11/12/24

-

-

991051385.UG.FTS.B,

29.49%,

11/09/24

136

133

991051456.UG.FTS.B,

19.99%,

11/11/24

1,061

1,088

991051457.UG.FTS.B,

28.98%,

11/09/24

474

486

991051469.UG.FTS.B,

22.47%,

11/12/23

104

103

991051478.UG.FTS.B,

29.49%,

12/09/26

-

-

991051732.UG.FTS.B,

23.45%,

11/10/23

154

157

991051761.UG.FTS.B,

20.46%,

11/12/24

303

300

991051776.UG.FTS.B,

19.8%,

11/13/24

613

609

991051794.UG.FTS.B,

26.94%,

11/15/24

465

458

991051812.UG.FTS.B,

29.49%,

11/11/24

92

92

991051831.UG.FTS.B,

25.95%,

11/14/24

957

944

991051867.UG.FTS.B,

28.98%,

11/11/24

67

69

991051891.UG.FTS.B,

29.49%,

11/08/24

702

686

991051905.UG.FTS.B,

29.49%,

11/11/24

911

918

991052093.UG.FTS.B,

27.99%,

11/11/24

444

452

991052117.UG.FTS.B,

21.48%,

11/15/23

1,661

1,643

991052158.UG.FTS.B,

29.49%,

11/11/24

78

80

991052169.UG.FTS.B,

19.8%,

11/12/24

668

665

991052186.UG.FTS.B,

28.98%,

11/11/24

12

12

991052249.UG.FTS.B,

19.3%,

11/15/23

266

265

991052299.UG.FTS.B,

20.97%,

11/14/24

865

856

991052369.UG.FTS.B,

28.98%,

11/08/24

937

916

991052420.UG.FTS.B,

19.21%,

11/14/24

500

497

*

991052481.UG.FTS.B,

23.45%,

11/14/23

170

37

991052517.UG.FTS.B,

18.3%,

11/11/23

327

334

991052605.UG.FTS.B,

18.97%,

11/12/23

20

20

991052618.UG.FTS.B,

29.49%,

11/11/24

1,909

1,939

991052641.UG.FTS.B,

29.49%,

11/11/24

32

33

991052662.UG.FTS.B,

21.46%,

11/15/24

146

144

991052684.UG.FTS.B,

28.98%,

11/11/24

219

224

*

991052724.UG.FTS.B,

29.49%,

11/10/24

655

83

991052836.UG.FTS.B,

18.47%,

11/12/23

1,297

1,284

991052998.UG.FTS.B,

20.46%,

11/15/24

849

840

*

991053177.UG.FTS.B,

25.94%,

11/13/24

68

5

991053215.UG.FTS.B,

21.46%,

11/14/24

751

742

991053274.UG.FTS.B,

29.49%,

11/11/24

772

775

991053287.UG.FTS.B,

29.48%,

11/11/23

116

119

*

991053310.UG.FTS.B,

29.49%,

11/11/24

410

28

991053331.UG.FTS.B,

18.97%,

11/15/24

1,044

1,039

991053364.UG.FTS.B,

29.49%,

11/11/23

107

110

991053400.UG.FTS.B,

28.98%,

11/11/24

1,745

1,790

991053429.UG.FTS.B,

22.95%,

11/11/24

285

282

991053468.UG.FTS.B,

29.49%,

11/11/23

30

30

991053492.UG.FTS.B,

28.98%,

11/11/24

157

161

991053506.UG.FTS.B,

21.46%,

11/13/24

84

83

991053580.UG.FTS.B,

20.46%,

11/14/24

103

102

991053590.UG.FTS.B,

29.49%,

11/11/23

378

386

991053595.UG.FTS.B,

28.98%,

11/10/24

147

145

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

343

a

991053667.UG.FTS.B,

19.21%,

11/13/24

1,967

1,951

991053743.UG.FTS.B,

19.96%,

11/15/23

107

106

991053798.UG.FTS.B,

19.21%,

11/13/24

2,398

2,385

991053832.UG.FTS.B,

25.95%,

11/13/24

192

190

991053848.UG.FTS.B,

29.49%,

11/09/24

424

415

991053883.UG.FTS.B,

19.8%,

11/13/24

143

142

*

991053938.UG.FTS.B,

28.98%,

11/11/24

197

24

991053959.UG.FTS.B,

18.71%,

11/15/23

703

697

991054006.UG.FTS.B,

21.98%,

11/13/24

215

212

991054015.UG.FTS.B,

29.49%,

11/10/24

757

773

991054044.UG.FTS.B,

28.98%,

11/11/24

95

97

991054094.UG.FTS.B,

28.48%,

11/11/23

90

92

991054142.UG.FTS.B,

19.8%,

11/13/24

114

113

991054197.UG.FTS.B,

22.47%,

11/14/23

104

104

991054206.UG.FTS.B,

29.49%,

11/10/24

697

674

991054226.UG.FTS.B,

22.97%,

11/15/24

799

790

*

991054272.UG.FTS.B,

22.45%,

11/13/23

1,553

189

991054273.UG.FTS.B,

21.46%,

11/13/24

656

648

*

991054299.UG.FTS.B,

29.49%,

11/09/23

22

23

991054346.UG.FTS.B,

29.49%,

1/13/27

-

-

991054408.UG.FTS.B,

28.98%,

11/10/24

808

829

991054425.UG.FTS.B,

18.97%,

11/13/24

440

436

991054479.UG.FTS.B,

29.49%,

11/11/24

23

24

991054492.UG.FTS.B,

21.46%,

11/09/24

5

5

991054577.UG.FTS.B,

19.21%,

11/09/24

1,983

2,014

991054608.UG.FTS.B,

29.49%,

11/11/23

516

521

991054625.UG.FTS.B,

20.47%,

11/12/23

1,333

1,316

991054638.UG.FTS.B,

28.98%,

11/11/24

101

103

991054718.UG.FTS.B,

28.98%,

11/11/24

391

401

991054721.UG.FTS.B,

28.98%,

11/11/24

2,879

2,917

991054737.UG.FTS.B,

23.45%,

11/12/23

352

349

991054739.UG.FTS.B,

19.21%,

11/11/24

1,451

1,494

991055134.UG.FTS.B,

20.46%,

11/12/24

343

342

991055229.UG.FTS.B,

28.98%,

11/11/24

619

635

991055316.UG.FTS.B,

19.21%,

11/12/24

3,833

3,795

991055412.UG.FTS.B,

19.21%,

11/12/24

2,992

2,971

991055480.UG.FTS.B,

27.99%,

11/10/24

193

198

991055488.UG.FTS.B,

19.3%,

11/13/23

374

371

991055530.UG.FTS.B,

19.96%,

11/14/23

2,348

2,331

991055566.UG.FTS.B,

21.46%,

11/14/24

3,397

3,368

991055595.UG.FTS.B,

19.21%,

11/15/24

775

770

991055737.UG.FTS.B,

21.47%,

11/12/23

188

186

991055797.UG.FTS.B,

22.47%,

11/15/23

48

47

991055836.UG.FTS.B,

23.45%,

11/15/23

87

86

991055838.UG.FTS.B,

29.49%,

11/11/24

293

300

991055896.UG.FTS.B,

20.47%,

11/13/23

735

725

991055900.UG.FTS.B,

19.21%,

11/12/24

335

332

991055984.UG.FTS.B,

28.98%,

11/11/24

131

135

991056001.UG.FTS.B,

28.48%,

11/11/23

196

201

991056017.UG.FTS.B,

23.45%,

11/15/23

261

259

991056093.UG.FTS.B,

19.99%,

11/11/24

391

400

991056105.UG.FTS.B,

21.98%,

11/13/24

-

-

991056252.UG.FTS.B,

29.49%,

11/10/23

1,174

1,165

991056261.UG.FTS.B,

19.3%,

11/13/23

336

333

991056287.UG.FTS.B,

27.99%,

11/11/24

1,019

1,015

991056370.UG.FTS.B,

29.49%,

11/10/24

109

112

991056378.UG.FTS.B,

28.98%,

11/11/24

138

141

991056419.UG.FTS.B,

21.46%,

11/15/24

1,580

1,564

991056442.UG.FTS.B,

29.49%,

11/11/24

51

51

991056457.UG.FTS.B,

28.98%,

11/11/24

1,020

1,047

991056483.UG.FTS.B,

20.47%,

11/15/23

101

100

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

344

a

991056505.UG.FTS.B,

19.96%,

11/14/23

556

552

991056523.UG.FTS.B,

19.99%,

11/11/24

214

219

991056645.UG.FTS.B,

20.46%,

11/12/24

-

-

991056649.UG.FTS.B,

19.8%,

11/11/24

1,516

1,505

991056670.UG.FTS.B,

29.49%,

11/11/23

100

101

991056710.UG.FTS.B,

19.99%,

11/11/23

189

192

991056734.UG.FTS.B,

22.47%,

11/12/23

795

788

991056744.UG.FTS.B,

28.98%,

11/09/24

381

376

991056786.UG.FTS.B,

29.49%,

11/09/23

38

37

991056817.UG.FTS.B,

20.48%,

11/15/23

97

97

991056862.UG.FTS.B,

29.49%,

11/09/24

2,088

2,120

991056910.UG.FTS.B,

19.21%,

11/13/24

2,913

2,884

991056914.UG.FTS.B,

18.47%,

11/11/23

143

145

991056988.UG.FTS.B,

28.48%,

11/11/23

129

132

991057044.UG.FTS.B,

19.21%,

11/15/24

251

249

991057097.UG.FTS.B,

28.98%,

11/11/24

216

221

991057111.UG.FTS.B,

20.97%,

11/14/24

365

363

991057135.UG.FTS.B,

23.95%,

11/15/24

55

55

*

991057179.UG.FTS.B,

21.98%,

11/12/24

189

42

991057286.UG.FTS.B,

28.98%,

11/11/24

1,034

1,053

991057323.UG.FTS.B,

18.8%,

11/14/24

432

429

991057370.UG.FTS.B,

22.47%,

11/15/23

1,036

1,025

991057411.UG.FTS.B,

29.49%,

11/11/24

150

153

991057439.UG.FTS.B,

20.96%,

11/12/23

107

106

991057444.UG.FTS.B,

22.47%,

11/12/23

36

36

991057469.UG.FTS.B,

29.49%,

11/10/24

99

97

*

991057479.UG.FTS.B,

29.49%,

11/11/24

68

9

991057499.UG.FTS.B,

18.47%,

11/11/23

194

197

991057519.UG.FTS.B,

22.47%,

11/12/23

185

183

991057520.UG.FTS.B,

20.46%,

11/14/24

106

105

991057526.UG.FTS.B,

19.96%,

11/12/23

67

66

991057595.UG.FTS.B,

29.49%,

11/09/24

4,561

4,441

991057605.UG.FTS.B,

29.49%,

11/11/24

80

81

991057619.UG.FTS.B,

29.49%,

10/22/24

22

22

991057649.UG.FTS.B,

29.49%,

11/09/24

585

585

991057662.UG.FTS.B,

22.97%,

11/12/24

30

29

991057701.UG.FTS.B,

29.49%,

11/09/24

646

658

991057721.UG.FTS.B,

18.47%,

11/14/23

1,520

1,505

991057730.UG.FTS.B,

21.47%,

11/14/23

101

100

991057765.UG.FTS.B,

21.46%,

11/12/24

243

240

991057785.UG.FTS.B,

18.71%,

11/13/23

19

19

*

991057788.UG.FTS.B,

29.49%,

11/11/23

58

17

991057817.UG.FTS.B,

29.49%,

11/11/23

6

6

991057830.UG.FTS.B,

20.96%,

11/14/23

543

539

991057881.UG.FTS.B,

20.47%,

11/12/23

1,356

1,340

991057906.UG.FTS.B,

29.49%,

11/11/24

213

217

991057928.UG.FTS.B,

28.98%,

11/11/24

657

672

991057953.UG.FTS.B,

25.45%,

11/15/23

549

541

991057973.UG.FTS.B,

29.49%,

11/11/23

21

21

991058079.UG.FTS.B,

28.98%,

11/11/24

93

95

991058112.UG.FTS.B,

29.48%,

11/11/23

46

45

991058137.UG.FTS.B,

21.46%,

11/13/24

94

93

991058138.UG.FTS.B,

29.49%,

11/09/23

229

226

991058150.UG.FTS.B,

18.71%,

11/15/23

24

24

991058196.UG.FTS.B,

18.47%,

11/15/23

375

372

991058243.UG.FTS.B,

19.3%,

11/14/23

201

199

991058249.UG.FTS.B,

29.49%,

11/11/24

31

32

991058286.UG.FTS.B,

22.95%,

11/11/24

1,271

1,257

991058306.UG.FTS.B,

20.46%,

11/13/24

745

737

991058334.UG.FTS.B,

20.97%,

11/13/24

42

42

991058367.UG.FTS.B,

21.47%,

11/15/23

160

158

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

345

a

991058413.UG.FTS.B,

20.46%,

11/12/24

995

984

991058435.UG.FTS.B,

19.8%,

11/15/24

795

790

991058444.UG.FTS.B,

22.97%,

11/10/24

1,642

1,619

991058459.UG.FTS.B,

29.49%,

11/11/24

28

28

991058470.UG.FTS.B,

29.49%,

11/11/23

172

176

991058489.UG.FTS.B,

29.49%,

11/11/23

86

86

991058615.UG.FTS.B,

19.8%,

11/15/24

8,341

8,240

991058655.UG.FTS.B,

22.95%,

11/15/24

822

810

991058686.UG.FTS.B,

17.49%,

11/12/23

692

686

991058791.UG.FTS.B,

19.21%,

11/15/24

207

205

991058827.UG.FTS.B,

22.47%,

11/13/23

145

143

991058861.UG.FTS.B,

18.3%,

11/15/23

1,639

1,622

991058880.UG.FTS.B,

19.21%,

11/14/24

257

255

991058892.UG.FTS.B,

21.46%,

11/15/24

1,357

1,348

991058895.UG.FTS.B,

21.48%,

11/15/23

744

734

991058936.UG.FTS.B,

21.46%,

11/13/24

429

424

991058975.UG.FTS.B,

20.47%,

11/14/23

187

185

991058990.UG.FTS.B,

19.21%,

11/13/24

542

536

991059040.UG.FTS.B,

29.49%,

11/11/23

149

148

991059086.UG.FTS.B,

28.98%,

11/11/24

313

320

991059092.UG.FTS.B,

29.49%,

11/11/24

950

948

991059119.UG.FTS.B,

21.46%,

11/15/24

117

115

991059208.UG.FTS.B,

28.98%,

11/10/24

2,298

2,270

991059212.UG.FTS.B,

29.49%,

11/16/24

884

865

991059214.UG.FTS.B,

29.49%,

11/10/23

339

339

991059221.UG.FTS.B,

21.48%,

11/14/23

192

189

991059246.UG.FTS.B,

26.44%,

11/15/23

610

602

991059252.UG.FTS.B,

20.46%,

11/14/24

137

136

*

991059260.UG.FTS.B,

21.98%,

11/15/24

1,744

201

991059313.UG.FTS.B,

28.98%,

11/11/24

2,705

2,716

991059340.UG.FTS.B,

29.48%,

11/11/23

123

125

991059342.UG.FTS.B,

18.97%,

11/11/24

634

653

991059387.UG.FTS.B,

29.49%,

11/11/23

506

513

991059423.UG.FTS.B,

27.99%,

11/08/24

62

61

991059431.UG.FTS.B,

28.98%,

11/16/24

1,095

1,086

991059443.UG.FTS.B,

21.46%,

11/15/24

1,499

1,482

991059457.UG.FTS.B,

29.49%,

11/11/24

460

457

991059475.UG.FTS.B,

19.99%,

11/16/24

-

-

991059532.UG.FTS.B,

29.49%,

11/16/24

644

630

991059570.UG.FTS.B,

26.94%,

11/12/24

319

313

991059607.UG.FTS.B,

28.98%,

11/11/24

401

409

991059615.UG.FTS.B,

25.95%,

11/14/24

210

207

991059653.UG.FTS.B,

21.46%,

11/13/24

584

576

991059725.UG.FTS.B,

28.98%,

11/11/24

246

251

991059735.UG.FTS.B,

29.49%,

11/11/23

245

246

991059880.UG.FTS.B,

29.49%,

11/11/24

52

52

*

991059943.UG.FTS.B,

29.49%,

11/11/24

198

43

991059968.UG.FTS.B,

19.8%,

11/15/24

873

864

991059969.UG.FTS.B,

28.98%,

11/11/24

243

250

991060000.UG.FTS.B,

20.96%,

11/10/23

334

329

991060027.UG.FTS.B,

21.98%,

11/10/24

271

273

991060063.UG.FTS.B,

29.49%,

11/16/23

136

133

991060109.UG.FTS.B,

29.49%,

11/08/24

269

263

991060146.UG.FTS.B,

19.8%,

11/12/24

11

11

991060200.UG.FTS.B,

29.49%,

11/11/23

353

355

991060227.UG.FTS.B,

28.98%,

11/16/24

2,362

2,320

991060229.UG.FTS.B,

19.96%,

11/16/23

210

208

991060237.UG.FTS.B,

28.98%,

10/22/24

146

143

991060260.UG.FTS.B,

20.97%,

11/15/24

1,526

1,508

991060262.UG.FTS.B,

29.49%,

11/16/23

109

108

991060314.UG.FTS.B,

28.98%,

11/11/24

35

36

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

346

a

991060374.UG.FTS.B,

23.95%,

11/13/24

241

239

991060406.UG.FTS.B,

21.98%,

12/09/26

-

-

991060423.UG.FTS.B,

28.98%,

11/11/24

230

236

991060500.UG.FTS.B,

29.49%,

11/11/24

98

97

991060601.UG.FTS.B,

22.97%,

11/14/24

402

395

991060616.UG.FTS.B,

23.95%,

11/15/24

1,036

1,023

*

991060635.UG.FTS.B,

25.94%,

11/13/24

1,023

208

991060645.UG.FTS.B,

19.8%,

11/15/24

430

426

991060668.UG.FTS.B,

19.99%,

11/16/24

183

181

991060686.UG.FTS.B,

22.97%,

11/14/24

32

31

991060717.UG.FTS.B,

15.97%,

11/12/24

293

291

991060822.UG.FTS.B,

29.49%,

11/16/24

1,175

1,159

991060835.UG.FTS.B,

18.97%,

11/14/24

432

428

991060869.UG.FTS.B,

20.97%,

11/14/24

59

58

991060901.UG.FTS.B,

20.46%,

11/15/24

1,238

1,226

991060936.UG.FTS.B,

29.49%,

11/11/24

639

654

991061016.UG.FTS.B,

18.47%,

11/15/23

260

259

991061034.UG.FTS.B,

21.46%,

11/14/24

696

687

991061050.UG.FTS.B,

22.47%,

11/15/23

416

412

991061090.UG.FTS.B,

23.45%,

11/12/23

25

25

991061209.UG.FTS.B,

21.46%,

11/15/24

946

938

991061251.UG.FTS.B,

28.98%,

11/16/24

447

438

991061401.UG.FTS.B,

29.49%,

11/16/24

6

6

991061405.UG.FTS.B,

29.48%,

11/11/23

125

127

991061435.UG.FTS.B,

28.48%,

11/11/23

23

23

991061478.UG.FTS.B,

22.97%,

11/14/24

1,115

1,099

991061483.UG.FTS.B,

19.3%,

11/15/23

1,020

1,007

991061559.UG.FTS.B,

19.96%,

11/15/23

15

15

991061585.UG.FTS.B,

29.49%,

11/11/24

108

110

991061622.UG.FTS.B,

29.49%,

11/16/23

26

26

991061625.UG.FTS.B,

19.3%,

11/16/23

754

750

991061641.UG.FTS.B,

19.3%,

11/13/23

49

48

991061656.UG.FTS.B,

29.49%,

11/16/24

2,518

2,455

*

991061665.UG.FTS.B,

28.98%,

11/11/24

222

28

991061678.UG.FTS.B,

29.49%,

11/11/23

203

206

991061718.UG.FTS.B,

28.98%,

11/11/24

213

218

991061724.UG.FTS.B,

20.96%,

11/13/23

535

530

991061786.UG.FTS.B,

28.48%,

11/11/23

42

43

991061800.UG.FTS.B,

28.98%,

11/16/24

160

157

*

991061804.UG.FTS.B,

29.49%,

11/11/23

11

6

991061846.UG.FTS.B,

29.49%,

11/16/24

820

812

991061934.UG.FTS.B,

29.49%,

11/16/24

819

804

991061940.UG.FTS.B,

18.97%,

11/13/24

1,480

1,471

991062012.UG.FTS.B,

19.21%,

11/15/24

224

222

991062058.UG.FTS.B,

19.96%,

11/11/23

155

154

991062160.UG.FTS.B,

21.46%,

11/13/24

124

122

991062202.UG.FTS.B,

28.98%,

11/16/24

132

130

991062207.UG.FTS.B,

23.95%,

11/13/24

590

581

991062208.UG.FTS.B,

21.98%,

11/08/24

443

436

991062210.UG.FTS.B,

23.95%,

11/13/24

155

153

991062328.UG.FTS.B,

18.96%,

11/14/23

100

99

991062360.UG.FTS.B,

25.45%,

11/11/23

296

301

991062365.UG.FTS.B,

24.95%,

11/10/24

449

440

991062394.UG.FTS.B,

29.49%,

11/11/24

1,279

1,287

991062395.UG.FTS.B,

26.94%,

11/12/24

51

50

991062436.UG.FTS.B,

22.97%,

11/14/24

-

-

991062440.UG.FTS.B,

29.49%,

11/11/24

353

362

991062449.UG.FTS.B,

28.98%,

11/11/24

187

189

991062486.UG.FTS.B,

29.49%,

11/11/24

87

87

991062507.UG.FTS.B,

29.45%,

11/16/23

1,086

1,076

991062532.UG.FTS.B,

29.49%,

11/11/24

300

302

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

347

a

991062587.UG.FTS.B,

22.47%,

11/13/23

90

89

991062627.UG.FTS.B,

29.49%,

11/11/24

750

762

991062658.UG.FTS.B,

28.98%,

11/08/24

641

627

991062676.UG.FTS.B,

19.21%,

11/13/24

522

517

991062678.UG.FTS.B,

18.97%,

11/15/24

636

630

991062680.UG.FTS.B,

18.96%,

11/10/23

272

269

991062692.UG.FTS.B,

20.46%,

11/15/24

556

552

991062693.UG.FTS.B,

29.49%,

11/11/24

62

63

991062704.UG.FTS.B,

28.98%,

11/10/24

288

285

991062713.UG.FTS.B,

28.98%,

11/11/24

360

360

991062714.UG.FTS.B,

25.95%,

11/16/24

669

660

991062734.UG.FTS.B,

20.96%,

11/11/23

184

182

991062736.UG.FTS.B,

29.49%,

11/08/23

43

42

991062740.UG.FTS.B,

19.8%,

11/11/24

2,366

2,435

991062748.UG.FTS.B,

29.49%,

11/11/24

656

672

991062788.UG.FTS.B,

19.8%,

11/15/24

1,091

1,083

991062793.UG.FTS.B,

20.46%,

11/15/24

232

229

991062822.UG.FTS.B,

29.49%,

11/11/24

425

434

991062840.UG.FTS.B,

21.48%,

11/11/23

101

104

991062889.UG.FTS.B,

20.46%,

11/14/24

325

322

991062926.UG.FTS.B,

22.97%,

11/15/24

382

377

991062942.UG.FTS.B,

29.49%,

11/16/24

56

55

991062995.UG.FTS.B,

29.49%,

11/11/24

197

197

991063011.UG.FTS.B,

25.95%,

11/14/24

72

71

991063055.UG.FTS.B,

19.21%,

11/15/24

938

929

991063187.UG.FTS.B,

29.49%,

11/09/23

237

242

991063208.UG.FTS.B,

19.8%,

11/11/24

600

594

991063243.UG.FTS.B,

29.49%,

11/11/24

155

158

991063277.UG.FTS.B,

29.49%,

11/16/23

87

86

991063334.UG.FTS.B,

23.45%,

11/15/23

47

47

991063335.UG.FTS.B,

28.98%,

11/10/24

309

303

991063343.UG.FTS.B,

18.97%,

11/14/24

13

13

991063358.UG.FTS.B,

18.47%,

11/14/23

1,033

1,026

991063435.UG.FTS.B,

23.95%,

11/16/24

1,002

994

991063510.UG.FTS.B,

29.49%,

11/11/24

86

88

991063512.UG.FTS.B,

29.49%,

11/11/24

2,375

2,408

991063618.UG.FTS.B,

20.46%,

11/11/24

652

647

991063637.UG.FTS.B,

20.46%,

11/14/24

4,427

4,395

991063638.UG.FTS.B,

29.49%,

11/10/24

37

37

991063661.UG.FTS.B,

29.49%,

11/16/23

1,506

1,466

991063669.UG.FTS.B,

29.49%,

11/16/24

283

275

*

991063720.UG.FTS.B,

26.44%,

11/13/23

1,065

244

991063796.UG.FTS.B,

29.49%,

12/09/26

-

-

991063812.UG.FTS.B,

19.96%,

11/14/23

180

178

991063837.UG.FTS.B,

19.8%,

11/15/24

303

300

991063838.UG.FTS.B,

20.46%,

11/13/24

41

41

991063852.UG.FTS.B,

18.71%,

11/14/23

233

230

991063893.UG.FTS.B,

18.71%,

11/13/23

80

79

991063989.UG.FTS.B,

21.46%,

11/13/24

125

123

991064005.UG.FTS.B,

18.97%,

11/14/24

1,403

1,390

991064030.UG.FTS.B,

17.49%,

11/12/23

138

137

991064036.UG.FTS.B,

20.97%,

11/14/24

1,152

1,139

991064064.UG.FTS.B,

21.46%,

11/17/24

343

339

991064072.UG.FTS.B,

24.45%,

11/15/23

97

96

991064085.UG.FTS.B,

20.47%,

11/17/23

554

549

991064101.UG.FTS.B,

28.98%,

11/11/24

51

52

991064113.UG.FTS.B,

29.49%,

11/16/24

285

278

991064180.UG.FTS.B,

29.49%,

11/17/24

738

729

*

991064250.UG.FTS.B,

21.46%,

11/13/24

282

20

991064251.UG.FTS.B,

29.49%,

11/11/24

89

91

991064255.UG.FTS.B,

21.48%,

1/12/27

-

-

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

348

a

991064290.UG.FTS.B,

28.98%,

11/17/24

398

395

991064352.UG.FTS.B,

19.8%,

11/15/24

989

978

991064364.UG.FTS.B,

20.97%,

11/15/24

1,000

610

991064372.UG.FTS.B,

20.96%,

11/17/23

53

53

991064383.UG.FTS.B,

28.48%,

11/17/23

270

266

991064463.UG.FTS.B,

25.44%,

11/11/23

708

722

991064475.UG.FTS.B,

29.49%,

11/17/24

532

524

991064480.UG.FTS.B,

29.49%,

11/17/23

1,944

1,916

991064488.UG.FTS.B,

22.97%,

11/12/24

54

53

*

991064503.UG.FTS.B,

29.49%,

11/17/24

243

52

991064572.UG.FTS.B,

20.47%,

11/11/23

128

132

991064621.UG.FTS.B,

29.49%,

11/11/23

64

64

991064679.UG.FTS.B,

29.49%,

11/11/24

462

472

991064709.UG.FTS.B,

19.21%,

11/15/24

123

122

991064752.UG.FTS.B,

20.96%,

11/12/23

201

199

991064757.UG.FTS.B,

21.46%,

11/12/24

358

353

991064775.UG.FTS.B,

28.98%,

11/17/24

773

767

991064779.UG.FTS.B,

21.48%,

11/13/23

112

111

991064783.UG.FTS.B,

21.46%,

11/17/24

1,316

1,307

991064798.UG.FTS.B,

19.21%,

11/17/24

531

529

991064810.UG.FTS.B,

21.98%,

11/13/24

558

559

991064822.UG.FTS.B,

29.49%,

11/17/24

208

206

*

991064824.UG.FTS.B,

20.96%,

11/17/23

147

32

991064846.UG.FTS.B,

29.49%,

11/11/23

213

216

991064865.UG.FTS.B,

29.49%,

11/17/24

235

231

991064892.UG.FTS.B,

29.49%,

11/16/24

90

89

991064904.UG.FTS.B,

20.97%,

11/09/24

1,614

1,645

991064938.UG.FTS.B,

15.97%,

11/10/24

348

358

*

991064997.UG.FTS.B,

29.49%,

11/16/23

381

93

991065007.UG.FTS.B,

27.99%,

11/17/24

345

338

991065018.UG.FTS.B,

29.48%,

11/17/23

155

152

991065027.UG.FTS.B,

27.99%,

11/17/24

1,552

1,530

991065032.UG.FTS.B,

21.47%,

11/14/23

424

418

991065102.UG.FTS.B,

15.97%,

11/10/24

642

637

991065140.UG.FTS.B,

21.48%,

11/14/23

287

283

991065188.UG.FTS.B,

23.95%,

11/11/24

797

785

991065190.UG.FTS.B,

21.98%,

11/13/24

803

801

991065223.UG.FTS.B,

28.98%,

11/17/24

3,459

3,378

991065238.UG.FTS.B,

28.98%,

11/17/24

1,225

1,216

991065284.UG.FTS.B,

21.98%,

11/11/24

109

110

991065288.UG.FTS.B,

26.44%,

11/10/23

669

662

991065324.UG.FTS.B,

21.98%,

11/13/24

988

979

991065337.UG.FTS.B,

19.21%,

11/14/24

125

124

991065340.UG.FTS.B,

16.99%,

11/11/24

1,338

1,380

991065351.UG.FTS.B,

29.49%,

11/17/23

976

952

991065357.UG.FTS.B,

19.96%,

11/15/23

191

189

991065365.UG.FTS.B,

29.49%,

11/09/24

308

302

991065383.UG.FTS.B,

21.47%,

11/15/23

53

52

991065475.UG.FTS.B,

26.94%,

11/14/24

21

21

991065482.UG.FTS.B,

19.8%,

11/17/24

144

144

991065536.UG.FTS.B,

29.49%,

11/08/24

163

157

991065584.UG.FTS.B,

19.47%,

11/17/23

449

447

991065650.UG.FTS.B,

19.8%,

11/14/24

348

344

991065699.UG.FTS.B,

29.49%,

11/16/24

162

161

991065705.UG.FTS.B,

29.49%,

11/11/24

277

284

991065729.UG.FTS.B,

29.49%,

11/17/24

218

215

991065765.UG.FTS.B,

25.95%,

11/15/24

77

76

991065795.UG.FTS.B,

20.47%,

11/13/23

206

203

991065830.UG.FTS.B,

29.49%,

11/17/24

534

528

991065837.UG.FTS.B,

29.49%,

11/08/24

497

488

991065873.UG.FTS.B,

19.99%,

11/17/24

135

134

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

349

a

991065943.UG.FTS.B,

21.98%,

11/13/24

230

228

991065945.UG.FTS.B,

23.45%,

11/15/23

176

173

*

991065951.UG.FTS.B,

28.98%,

11/17/24

330

69

991065985.UG.FTS.B,

26.94%,

11/12/24

1,125

1,105

991065995.UG.FTS.B,

29.49%,

11/11/23

393

393

991066084.UG.FTS.B,

18.71%,

11/15/23

195

193

991066138.UG.FTS.B,

29.49%,

11/11/24

50

51

*

991066192.UG.FTS.B,

22.97%,

11/17/24

2,624

527

991066208.UG.FTS.B,

20.96%,

11/15/23

33

32

991066220.UG.FTS.B,

18.98%,

11/11/26

724

747

991066294.UG.FTS.B,

28.98%,

11/16/24

244

241

991066310.UG.FTS.B,

29.49%,

11/17/24

118

117

991066366.UG.FTS.B,

29.49%,

11/17/24

24

24

991066375.UG.FTS.B,

29.49%,

11/10/24

583

588

991066377.UG.FTS.B,

29.49%,

11/11/23

64

64

*

991066416.UG.FTS.B,

29.49%,

11/08/24

180

114

991066528.UG.FTS.B,

29.49%,

11/17/24

143

140

991066557.UG.FTS.B,

29.49%,

11/17/24

724

715

991066590.UG.FTS.B,

28.98%,

11/09/24

621

614

991066591.UG.FTS.B,

20.97%,

11/13/24

376

370

991066592.UG.FTS.B,

23.45%,

11/14/23

210

207

991066648.UG.FTS.B,

20.96%,

11/17/23

649

641

991066723.UG.FTS.B,

29.49%,

11/10/24

385

376

991066750.UG.FTS.B,

29.49%,

11/17/24

186

184

991066772.UG.FTS.B,

29.49%,

11/11/24

160

164

991066794.UG.FTS.B,

29.49%,

11/09/24

299

302

991066815.UG.FTS.B,

18.97%,

11/11/24

233

231

991066825.UG.FTS.B,

25.45%,

11/15/23

858

856

991066829.UG.FTS.B,

20.97%,

11/11/24

276

283

991066846.UG.FTS.B,

21.46%,

11/11/24

538

529

991066988.UG.FTS.B,

29.49%,

11/11/23

404

404

991067044.UG.FTS.B,

18.71%,

11/12/23

135

134

991067077.UG.FTS.B,

19.3%,

11/12/23

7

7

991067085.UG.FTS.B,

28.48%,

11/16/23

678

664

991067098.UG.FTS.B,

22.95%,

11/12/24

678

664

991067149.UG.FTS.B,

19.99%,

11/16/24

161

158

991067171.UG.FTS.B,

19.47%,

11/13/23

1

1

991067195.UG.FTS.B,

27.99%,

11/11/24

53

54

991067292.UG.FTS.B,

29.49%,

11/17/23

149

147

991067308.UG.FTS.B,

19.96%,

11/11/23

293

299

991067392.UG.FTS.B,

20.46%,

11/14/24

96

95

991067396.UG.FTS.B,

29.49%,

11/08/24

226

221

991067434.UG.FTS.B,

29.49%,

11/11/24

673

689

991067435.UG.FTS.B,

28.98%,

11/09/24

598

611

991067458.UG.FTS.B,

29.49%,

11/11/24

483

495

991067501.UG.FTS.B,

20.46%,

11/15/24

258

256

991067548.UG.FTS.B,

19.3%,

11/17/23

106

105

991067567.UG.FTS.B,

28.98%,

11/17/24

2,430

2,369

991067601.UG.FTS.B,

19.21%,

11/13/24

53

53

991067666.UG.FTS.B,

21.46%,

11/15/24

249

246

991067694.UG.FTS.B,

29.49%,

11/17/24

3,833

3,797

991067737.UG.FTS.B,

29.49%,

11/09/24

228

222

991067743.UG.FTS.B,

28.48%,

11/17/23

154

153

991067845.UG.FTS.B,

29.49%,

11/17/23

80

79

991067852.UG.FTS.B,

21.46%,

11/15/24

388

385

991067927.UG.FTS.B,

28.98%,

11/11/24

374

379

991067940.UG.FTS.B,

22.97%,

11/13/24

39

38

991067941.UG.FTS.B,

29.49%,

11/17/24

310

302

991067950.UG.FTS.B,

29.49%,

11/16/24

2

2

991067989.UG.FTS.B,

26.44%,

11/15/23

998

989

991068021.UG.FTS.B,

20.97%,

11/14/24

141

139

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

350

a

991068030.UG.FTS.B,

23.45%,

11/14/23

99

98

991068051.UG.FTS.B,

29.49%,

11/17/23

151

148

991068075.UG.FTS.B,

26.44%,

11/17/23

120

118

991068096.UG.FTS.B,

26.94%,

11/14/24

805

792

991068102.UG.FTS.B,

28.98%,

11/16/24

212

205

991068123.UG.FTS.B,

29.49%,

11/11/23

52

53

*

991068170.UG.FTS.B,

29.49%,

10/19/23

71

70

991068200.UG.FTS.B,

28.98%,

10/21/24

68

67

991068278.UG.FTS.B,

29.49%,

11/17/24

35

34

991068323.UG.FTS.B,

23.45%,

11/14/23

92

91

991068387.UG.FTS.B,

18.47%,

11/15/23

588

583

991068436.UG.FTS.B,

25.45%,

11/15/23

1,021

1,006

991068438.UG.FTS.B,

19.21%,

11/16/24

9,644

9,594

991068488.UG.FTS.B,

26.44%,

11/16/23

91

89

991068525.UG.FTS.B,

19.8%,

11/08/24

-

-

*

991068569.UG.FTS.B,

29.49%,

11/11/24

31

-

991068602.UG.FTS.B,

29.49%,

11/08/24

198

192

991068618.UG.FTS.B,

21.46%,

11/14/24

704

694

991068636.UG.FTS.B,

29.49%,

11/17/23

444

435

991068657.UG.FTS.B,

29.49%,

11/11/23

143

143

991068677.UG.FTS.B,

20.97%,

11/18/24

936

926

991068722.UG.FTS.B,

25.95%,

11/13/24

118

116

991068752.UG.FTS.B,

29.49%,

11/18/24

152

150

991068760.UG.FTS.B,

28.98%,

11/17/24

811

801

991068788.UG.FTS.B,

28.98%,

11/18/24

136

135

991068826.UG.FTS.B,

24.45%,

11/12/23

33

33

991068833.UG.FTS.B,

23.45%,

11/18/23

1,591

1,580

991068853.UG.FTS.B,

19.99%,

11/18/24

920

907

991068855.UG.FTS.B,

25.94%,

11/18/24

265

261

991068866.UG.FTS.B,

27.99%,

11/18/24

4,063

3,987

991068914.UG.FTS.B,

20.47%,

11/12/23

204

201

991068933.UG.FTS.B,

29.49%,

11/16/23

117

116

991069000.UG.FTS.B,

29.49%,

11/08/24

3

3

991069032.UG.FTS.B,

19.96%,

11/13/23

52

51

991069036.UG.FTS.B,

19.96%,

11/15/23

626

620

*

991069043.UG.FTS.B,

26.49%,

11/11/24

307

64

991069054.UG.FTS.B,

26.94%,

11/18/24

979

965

991069121.UG.FTS.B,

19.46%,

11/15/24

889

878

991069159.UG.FTS.B,

20.97%,

11/18/24

253

251

991069189.UG.FTS.B,

29.49%,

11/18/24

1,609

1,596

991069195.UG.FTS.B,

28.48%,

11/11/23

870

886

991069230.UG.FTS.B,

29.49%,

11/11/23

371

377

991069242.UG.FTS.B,

29.49%,

11/18/23

304

298

991069248.UG.FTS.B,

28.98%,

11/08/24

1,059

1,036

991069391.UG.FTS.B,

29.49%,

11/16/23

145

142

991069413.UG.FTS.B,

25.95%,

11/18/24

281

277

991069463.UG.FTS.B,

29.49%,

11/10/24

141

143

991069476.UG.FTS.B,

21.46%,

11/18/24

501

495

991069478.UG.FTS.B,

29.49%,

11/18/24

1,825

1,802

991069501.UG.FTS.B,

28.98%,

11/08/24

315

310

991069515.UG.FTS.B,

28.98%,

11/18/24

1,231

1,207

991069527.UG.FTS.B,

29.49%,

11/11/24

544

550

991069575.UG.FTS.B,

29.49%,

11/16/24

33

32

991069588.UG.FTS.B,

29.49%,

11/11/24

51

52

*

991069592.UG.FTS.B,

29.49%,

11/17/24

263

62

991069614.UG.FTS.B,

20.46%,

11/11/24

47

48

991069631.UG.FTS.B,

19.21%,

11/11/24

132

136

991069702.UG.FTS.B,

29.49%,

11/16/24

788

763

991069716.UG.FTS.B,

19.99%,

11/16/24

1,143

1,129

991069799.UG.FTS.B,

21.98%,

11/15/24

432

429

991069804.UG.FTS.B,

19.8%,

11/13/24

240

239

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

351

a

991069825.UG.FTS.B,

29.49%,

11/11/23

21

21

991069896.UG.FTS.B,

26.44%,

11/14/23

45

44

991069907.UG.FTS.B,

29.49%,

11/18/23

133

130

991069918.UG.FTS.B,

19.99%,

11/18/24

622

611

*

991069959.UG.FTS.B,

29.49%,

11/11/24

51

8

991070037.UG.FTS.B,

29.49%,

11/18/24

856

841

991070049.UG.FTS.B,

29.49%,

11/11/24

124

123

991070100.UG.FTS.B,

20.97%,

11/12/24

149

148

991070132.UG.FTS.B,

29.49%,

11/11/24

91

92

991070165.UG.FTS.B,

29.49%,

11/17/24

642

634

991070212.UG.FTS.B,

20.97%,

11/16/24

484

482

991070223.UG.FTS.B,

18.47%,

11/18/23

591

586

991070225.UG.FTS.B,

21.46%,

11/18/24

75

74

991070236.UG.FTS.B,

19.3%,

11/14/23

487

485

991070292.UG.FTS.B,

19.8%,

11/13/24

903

892

991070297.UG.FTS.B,

29.49%,

11/11/24

402

404

*

991070324.UG.FTS.B,

29.49%,

11/11/24

45

7

991070331.UG.FTS.B,

28.98%,

11/18/24

314

310

991070388.UG.FTS.B,

23.95%,

11/18/24

324

320

991070416.UG.FTS.B,

28.98%,

11/11/24

218

223

991070424.UG.FTS.B,

29.49%,

11/11/23

22

23

991070425.UG.FTS.B,

15.97%,

11/11/24

141

145

991070460.UG.FTS.B,

19.8%,

11/17/24

655

649

991070494.UG.FTS.B,

20.48%,

11/10/23

1,043

1,030

991070539.UG.FTS.B,

24.45%,

11/15/23

43

43

991070550.UG.FTS.B,

28.98%,

11/17/24

757

749

991070551.UG.FTS.B,

29.49%,

11/11/23

1,422

1,441

991070597.UG.FTS.B,

29.49%,

11/18/23

45

44

991070598.UG.FTS.B,

28.98%,

11/18/24

1,226

1,197

*

991070668.UG.FTS.B,

26.94%,

11/17/24

220

46

991070682.UG.FTS.B,

20.96%,

11/14/23

883

876

991070733.UG.FTS.B,

29.49%,

11/11/24

45

45

991070830.UG.FTS.B,

29.49%,

11/18/24

406

397

991070851.UG.FTS.B,

22.47%,

11/13/23

4

4

991070859.UG.FTS.B,

28.98%,

11/09/24

393

398

991070872.UG.FTS.B,

29.49%,

11/18/23

187

184

991070880.UG.FTS.B,

28.98%,

11/11/24

208

213

991070898.UG.FTS.B,

18.71%,

11/15/23

197

195

991070945.UG.FTS.B,

29.49%,

11/18/24

1,155

1,146

991070972.UG.FTS.B,

29.49%,

11/18/24

293

286

991070986.UG.FTS.B,

26.44%,

11/15/23

266

265

991071022.UG.FTS.B,

29.49%,

11/11/23

137

139

991071048.UG.FTS.B,

28.98%,

11/16/24

205

201

991071055.UG.FTS.B,

23.45%,

11/13/23

376

371

991071084.UG.FTS.B,

29.49%,

11/11/24

350

355

991071113.UG.FTS.B,

28.98%,

11/18/24

99

98

991071141.UG.FTS.B,

23.45%,

11/17/23

101

100

991071157.UG.FTS.B,

20.96%,

11/13/23

156

154

991071168.UG.FTS.B,

19.96%,

11/14/23

68

67

991071220.UG.FTS.B,

29.49%,

11/11/23

106

108

991071245.UG.FTS.B,

28.98%,

11/11/24

1,312

1,330

*

991071301.UG.FTS.B,

29.49%,

2/09/27

-

-

991071389.UG.FTS.B,

29.49%,

11/11/24

160

164

991071435.UG.FTS.B,

29.49%,

11/17/24

456

451

991071445.UG.FTS.B,

20.47%,

11/12/23

20

20

991071510.UG.FTS.B,

20.46%,

11/17/24

2,574

2,550

991071633.UG.FTS.B,

29.49%,

11/11/24

572

580

991071642.UG.FTS.B,

29.49%,

11/18/24

110

108

991071661.UG.FTS.B,

21.47%,

11/15/23

142

140

991071681.UG.FTS.B,

29.49%,

11/18/24

172

170

*

991071687.UG.FTS.B,

19.8%,

11/14/24

437

83

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

352

a

991071715.UG.FTS.B,

29.49%,

11/11/24

111

112

991071737.UG.FTS.B,

28.98%,

11/18/24

570

566

991071778.UG.FTS.B,

20.97%,

11/15/24

533

529

991071859.UG.FTS.B,

28.98%,

11/11/24

244

249

991071888.UG.FTS.B,

29.49%,

11/11/23

95

97

991071934.UG.FTS.B,

29.49%,

11/11/24

488

500

991071964.UG.FTS.B,

28.48%,

11/17/23

118

117

*

991072003.UG.FTS.B,

28.98%,

11/11/24

416

28

991072008.UG.FTS.B,

29.99%,

11/11/23

152

155

*

991072015.UG.FTS.B,

19.21%,

11/14/24

4,000

443

991072063.UG.FTS.B,

19.3%,

11/15/23

226

224

991072076.UG.FTS.B,

21.46%,

11/18/24

4,859

4,827

991072314.UG.FTS.B,

18.97%,

11/13/24

5,185

5,124

991072361.UG.FTS.B,

21.46%,

11/12/24

747

737

991072390.UG.FTS.B,

29.49%,

11/11/24

968

990

991072394.UG.FTS.B,

29.49%,

10/22/24

184

180

991072413.UG.FTS.B,

19.99%,

11/10/24

211

214

991072416.UG.FTS.B,

23.95%,

11/12/24

1,922

1,885

991072419.UG.FTS.B,

20.96%,

11/14/23

941

934

*

991072454.UG.FTS.B,

29.49%,

11/11/23

158

39

991072459.UG.FTS.B,

29.48%,

10/20/23

531

518

991072583.UG.FTS.B,

22.47%,

11/17/23

254

251

991072601.UG.FTS.B,

21.46%,

11/17/24

1,234

766

991072617.UG.FTS.B,

20.46%,

11/13/24

781

776

991072687.UG.FTS.B,

19.21%,

11/18/24

1,357

1,350

991072711.UG.FTS.B,

28.98%,

10/22/24

377

369

991072712.UG.FTS.B,

21.48%,

11/15/23

283

279

991072734.UG.FTS.B,

19.21%,

11/15/24

2,407

2,391

991072749.UG.FTS.B,

20.97%,

11/13/24

2,289

2,255

991072765.UG.FTS.B,

29.49%,

10/20/24

179

174

991072780.UG.FTS.B,

21.98%,

11/14/24

1,746

1,731

991072787.UG.FTS.B,

29.49%,

11/11/23

141

144

991072862.UG.FTS.B,

29.49%,

11/11/24

1,652

1,683

991072869.UG.FTS.B,

21.46%,

11/12/24

313

309

991072879.UG.FTS.B,

28.48%,

10/20/23

449

439

991073026.UG.FTS.B,

20.46%,

11/15/24

3,392

3,367

991073045.UG.FTS.B,

21.46%,

11/14/24

1,489

1,476

991073100.UG.FTS.B,

28.98%,

11/11/24

293

295

*

991073136.UG.FTS.B,

22.97%,

11/13/24

1,567

304

991073165.UG.FTS.B,

23.45%,

11/11/23

464

471

991073274.UG.FTS.B,

18.71%,

11/13/23

490

484

991073308.UG.FTS.B,

20.97%,

11/14/24

94

93

991073324.UG.FTS.B,

29.49%,

11/11/23

951

972

991073326.UG.FTS.B,

29.49%,

11/11/24

1,171

1,200

991073360.UG.FTS.B,

19.8%,

11/12/24

1,170

1,161

991073423.UG.FTS.B,

18.97%,

11/13/24

1,101

1,095

991073474.UG.FTS.B,

19.8%,

11/15/24

-

-

991073502.UG.FTS.B,

29.48%,

11/11/23

658

672

991073554.UG.FTS.B,

29.49%,

11/11/24

195

199

*

991073587.UG.FTS.B,

17.99%,

11/12/24

1,800

195

991073687.UG.FTS.B,

20.46%,

11/12/24

1,638

1,619

991073718.UG.FTS.B,

20.47%,

11/18/23

901

893

991073730.UG.FTS.B,

26.94%,

11/14/24

488

480

991073785.UG.FTS.B,

20.46%,

11/17/24

926

918

991073837.UG.FTS.B,

18.97%,

11/11/24

6,758

6,963

991074044.UG.FTS.B,

28.98%,

11/11/24

1,263

1,279

991074139.UG.FTS.B,

29.49%,

11/11/23

190

194

991074289.UG.FTS.B,

25.95%,

11/18/24

831

820

991074295.UG.FTS.B,

29.49%,

11/11/24

293

296

991074445.UG.FTS.B,

28.98%,

10/20/24

6,499

6,291

991074464.UG.FTS.B,

20.46%,

11/11/24

261

269

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

353

a

991074487.UG.FTS.B,

21.98%,

11/15/24

819

811

991074504.UG.FTS.B,

21.46%,

11/11/24

242

247

*

991074541.UG.FTS.B,

29.49%,

11/18/24

188

187

991074550.UG.FTS.B,

19.8%,

11/13/24

1,224

1,207

991074564.UG.FTS.B,

20.96%,

11/15/23

424

421

991074609.UG.FTS.B,

19.3%,

11/14/23

249

247

991074648.UG.FTS.B,

29.49%,

11/11/24

2,090

2,143

991074770.UG.FTS.B,

29.49%,

11/11/24

976

1,000

991074802.UG.FTS.B,

22.36%,

11/11/26

8,618

8,784

991074814.UG.FTS.B,

20.96%,

11/11/23

940

965

991074883.UG.FTS.B,

29.48%,

11/11/23

1,422

1,455

991074912.UG.FTS.B,

20.46%,

11/15/24

3,876

3,848

991075002.UG.FTS.B,

16.99%,

11/11/24

1,279

1,292

991075118.UG.FTS.B,

29.49%,

11/09/24

2,120

2,127

991075171.UG.FTS.B,

20.97%,

11/14/24

2,230

2,203

991075196.UG.FTS.B,

18.71%,

11/18/23

351

348

991075287.UG.FTS.B,

20.98%,

11/15/24

337

214

991075400.UG.FTS.B,

28.48%,

11/17/23

138

135

991075410.UG.FTS.B,

19.21%,

11/18/24

48

48

991075412.UG.FTS.B,

21.46%,

11/17/24

312

309

991075433.UG.FTS.B,

28.48%,

12/18/26

-

-

991075499.UG.FTS.B,

23.95%,

11/11/24

278

272

991075517.UG.FTS.B,

28.98%,

11/18/24

904

894

991075574.UG.FTS.B,

29.49%,

11/18/23

121

119

991075585.UG.FTS.B,

22.97%,

11/16/24

540

534

*

991075640.UG.FTS.B,

23.45%,

11/14/23

758

164

991075646.UG.FTS.B,

28.98%,

11/17/24

724

714

*

991075694.UG.FTS.B,

28.98%,

11/08/24

90

6

991075732.UG.FTS.B,

16.49%,

11/12/23

10

10

*

991075757.UG.FTS.B,

21.48%,

11/18/23

75

9

991075795.UG.FTS.B,

20.46%,

11/15/24

117

116

991075838.UG.FTS.B,

29.49%,

11/18/23

5

5

991076003.UG.FTS.B,

19.96%,

11/12/23

324

322

991076041.UG.FTS.B,

29.49%,

11/09/24

274

268

991076067.UG.FTS.B,

21.46%,

11/13/24

58

58

991076070.UG.FTS.B,

19.21%,

11/18/24

853

846

*

991076135.UG.FTS.B,

29.49%,

11/18/23

103

14

991076172.UG.FTS.B,

19.3%,

11/18/23

147

146

991076197.UG.FTS.B,

19.8%,

11/15/24

71

71

991076261.UG.FTS.B,

28.98%,

11/11/24

430

441

991076272.UG.FTS.B,

28.98%,

11/11/24

381

391

991076302.UG.FTS.B,

21.46%,

11/13/24

32

31

991076323.UG.FTS.B,

28.98%,

11/11/24

552

563

991076327.UG.FTS.B,

19.8%,

11/18/24

1,031

1,026

991076363.UG.FTS.B,

19.96%,

11/13/23

38

38

*

991076389.UG.FTS.B,

19.21%,

11/17/24

726

431

991076428.UG.FTS.B,

29.48%,

11/17/23

177

174

991076484.UG.FTS.B,

19.8%,

11/15/24

489

485

991076539.UG.FTS.B,

28.98%,

11/10/24

144

148

991076551.UG.FTS.B,

20.47%,

11/15/23

414

409

991076554.UG.FTS.B,

29.49%,

11/11/24

961

981

991076633.UG.FTS.B,

22.97%,

11/17/24

3,080

3,058

991076711.UG.FTS.B,

21.46%,

11/18/24

774

769

991076717.UG.FTS.B,

28.98%,

11/16/24

1,740

1,708

991076720.UG.FTS.B,

19.21%,

11/14/24

141

140

*

991076768.UG.FTS.B,

20.47%,

11/11/23

188

23

991076785.UG.FTS.B,

29.49%,

11/17/24

801

780

991076825.UG.FTS.B,

22.97%,

11/12/24

921

912

991076865.UG.FTS.B,

28.98%,

11/11/24

115

118

991076971.UG.FTS.B,

25.95%,

11/18/24

938

931

991077041.UG.FTS.B,

29.49%,

11/17/24

1,710

1,686

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

354

a

991077060.UG.FTS.B,

29.49%,

11/11/24

42

42

991077083.UG.FTS.B,

19.99%,

11/16/24

191

189

991077130.UG.FTS.B,

29.48%,

11/11/23

1,087

1,111

*

991077133.UG.FTS.B,

15.97%,

12/09/26

3

-

991077147.UG.FTS.B,

29.49%,

11/17/24

79

78

991077162.UG.FTS.B,

19.21%,

11/12/24

1,004

994

991077197.UG.FTS.B,

20.47%,

11/18/23

1,083

1,072

991077233.UG.FTS.B,

19.96%,

11/11/23

10

10

991077294.UG.FTS.B,

29.49%,

11/11/23

180

181

991077296.UG.FTS.B,

21.46%,

11/18/24

61

60

991077312.UG.FTS.B,

29.49%,

11/17/24

205

202

991077410.UG.FTS.B,

29.49%,

11/18/24

763

743

991077432.UG.FTS.B,

29.49%,

11/17/23

152

149

*

991077520.UG.FTS.B,

29.49%,

11/11/24

177

38

991077563.UG.FTS.B,

28.98%,

11/18/24

150

149

991077580.UG.FTS.B,

29.49%,

11/17/23

161

159

991077600.UG.FTS.B,

29.48%,

11/11/23

99

101

991077608.UG.FTS.B,

28.98%,

11/11/24

187

191

991077617.UG.FTS.B,

21.48%,

11/18/23

279

277

991077647.UG.FTS.B,

19.99%,

11/19/24

229

227

991077669.UG.FTS.B,

21.48%,

11/11/23

26

26

991077741.UG.FTS.B,

29.49%,

11/19/23

85

84

991077777.UG.FTS.B,

19.96%,

11/17/23

149

147

991077789.UG.FTS.B,

28.98%,

11/11/24

390

400

991077798.UG.FTS.B,

19.99%,

11/19/23

14

13

991077809.UG.FTS.B,

20.97%,

11/19/24

2,663

2,648

991077815.UG.FTS.B,

28.98%,

11/11/24

155

159

991077865.UG.FTS.B,

21.98%,

11/19/24

2,939

2,905

991077878.UG.FTS.B,

28.98%,

11/19/24

367

364

991077896.UG.FTS.B,

29.49%,

11/19/23

140

138

991077910.UG.FTS.B,

28.98%,

11/19/24

631

626

*

991077938.UG.FTS.B,

28.48%,

11/18/23

68

67

991077960.UG.FTS.B,

29.49%,

11/19/23

149

146

991077976.UG.FTS.B,

29.49%,

11/19/24

444

440

991077996.UG.FTS.B,

29.49%,

11/19/24

217

215

991078003.UG.FTS.B,

25.95%,

11/13/24

146

145

991078026.UG.FTS.B,

28.98%,

11/17/24

1,228

1,219

991078051.UG.FTS.B,

21.98%,

11/19/24

417

415

*

991078070.UG.FTS.B,

29.49%,

11/19/24

146

146

991078117.UG.FTS.B,

22.97%,

11/19/24

597

597

991078122.UG.FTS.B,

21.98%,

11/13/24

3,096

3,044

991078127.UG.FTS.B,

29.49%,

11/08/23

83

81

991078173.UG.FTS.B,

26.44%,

11/19/23

287

285

991078175.UG.FTS.B,

29.49%,

11/11/23

171

171

991078192.UG.FTS.B,

21.48%,

11/14/23

171

169

991078201.UG.FTS.B,

29.49%,

11/18/24

269

266

991078257.UG.FTS.B,

28.48%,

11/19/23

302

298

991078263.UG.FTS.B,

27.99%,

11/11/24

354

363

991078286.UG.FTS.B,

28.98%,

11/19/24

52

51

991078332.UG.FTS.B,

25.95%,

11/19/24

282

277

991078366.UG.FTS.B,

29.49%,

11/19/23

147

145

991078431.UG.FTS.B,

29.49%,

11/19/23

329

323

991078433.UG.FTS.B,

29.49%,

11/18/24

3,193

3,164

*

991078436.UG.FTS.B,

18.47%,

11/13/23

317

65

991078472.UG.FTS.B,

29.49%,

11/17/23

333

326

991078474.UG.FTS.B,

29.48%,

11/19/23

15

15

991078478.UG.FTS.B,

29.49%,

11/19/23

262

259

991078481.UG.FTS.B,

25.44%,

11/12/23

418

412

991078492.UG.FTS.B,

28.98%,

11/16/24

54

53

991078500.UG.FTS.B,

28.48%,

11/19/23

24

24

991078502.UG.FTS.B,

29.49%,

11/19/24

375

369

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

355

a

991078546.UG.FTS.B,

29.49%,

11/19/23

365

360

991078575.UG.FTS.B,

29.49%,

11/19/23

208

204

991078682.UG.FTS.B,

28.98%,

11/11/24

1,432

1,468

991078705.UG.FTS.B,

29.49%,

11/19/24

108

107

991078707.UG.FTS.B,

23.45%,

11/15/23

161

159

991078717.UG.FTS.B,

28.98%,

11/19/24

2,805

2,768

991078755.UG.FTS.B,

20.47%,

11/17/23

16

16

991078787.UG.FTS.B,

22.45%,

11/15/23

413

410

991078791.UG.FTS.B,

29.49%,

11/11/23

450

458

991078827.UG.FTS.B,

29.49%,

11/11/23

137

137

*

991078837.UG.FTS.B,

21.48%,

11/19/23

382

378

*

991078845.UG.FTS.B,

18.47%,

11/18/23

307

305

991078886.UG.FTS.B,

28.98%,

11/16/24

167

163

991078906.UG.FTS.B,

19.8%,

11/14/24

1,152

1,143

991078939.UG.FTS.B,

29.49%,

11/19/24

308

306

991078985.UG.FTS.B,

28.98%,

11/19/24

171

170

991078995.UG.FTS.B,

29.48%,

11/19/23

35

35

991079003.UG.FTS.B,

29.49%,

11/19/23

79

77

991079011.UG.FTS.B,

20.48%,

11/19/23

120

119

991079012.UG.FTS.B,

29.49%,

11/11/24

67

68

991079026.UG.FTS.B,

22.97%,

11/19/24

1,225

1,217

991079029.UG.FTS.B,

28.98%,

11/11/24

60

60

991079063.UG.FTS.B,

17.99%,

11/11/24

272

269

991079069.UG.FTS.B,

28.98%,

11/11/24

290

298

991079074.UG.FTS.B,

28.98%,

11/19/24

762

753

991079094.UG.FTS.B,

25.44%,

11/11/23

293

297

991079122.UG.FTS.B,

25.95%,

11/19/24

419

413

991079129.UG.FTS.B,

29.49%,

11/11/24

856

857

991079179.UG.FTS.B,

29.49%,

11/11/24

41

42

991079189.UG.FTS.B,

27.99%,

11/19/23

40

40

*

991079220.UG.FTS.B,

29.49%,

11/19/24

154

154

991079247.UG.FTS.B,

18.97%,

11/14/24

139

138

*

991079269.UG.FTS.B,

24.45%,

1/17/27

5

-

991079287.UG.FTS.B,

23.45%,

11/14/23

258

255

991079330.UG.FTS.B,

28.98%,

11/19/24

604

598

991079335.UG.FTS.B,

28.48%,

11/19/23

44

43

991079346.UG.FTS.B,

28.98%,

11/19/24

224

222

991079351.UG.FTS.B,

20.47%,

11/13/23

495

491

991079375.UG.FTS.B,

29.49%,

11/19/23

675

663

991079386.UG.FTS.B,

29.49%,

11/10/24

85

84

991079427.UG.FTS.B,

29.48%,

11/18/23

490

483

991079430.UG.FTS.B,

29.49%,

11/19/23

862

844

991079431.UG.FTS.B,

25.95%,

11/17/24

425

419

*

991079438.UG.FTS.B,

28.98%,

11/11/24

43

6

991079451.UG.FTS.B,

29.49%,

11/11/24

18

18

991079459.UG.FTS.B,

29.49%,

11/19/24

1,105

1,091

991079478.UG.FTS.B,

19.8%,

11/19/24

390

387

991079495.UG.FTS.B,

20.97%,

11/10/24

1,155

1,140

991079521.UG.FTS.B,

18.71%,

11/13/23

24

24

991079528.UG.FTS.B,

29.49%,

11/19/23

195

192

991079567.UG.FTS.B,

29.49%,

11/19/24

139

137

991079572.UG.FTS.B,

28.98%,

11/19/24

47

46

991079641.UG.FTS.B,

29.49%,

11/16/23

12

12

991079703.UG.FTS.B,

20.47%,

11/19/23

323

320

991079765.UG.FTS.B,

28.48%,

11/19/23

97

96

991079802.UG.FTS.B,

29.49%,

11/19/23

240

236

991079814.UG.FTS.B,

28.98%,

11/11/24

6

6

991079861.UG.FTS.B,

28.98%,

11/19/24

281

276

991079864.UG.FTS.B,

29.49%,

11/18/24

724

708

991079876.UG.FTS.B,

29.49%,

11/16/24

578

571

991079913.UG.FTS.B,

29.49%,

11/19/24

47

46

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

356

a

991079952.UG.FTS.B,

29.49%,

11/19/24

32

31

991079982.UG.FTS.B,

20.46%,

11/17/24

77

76

991079986.UG.FTS.B,

28.48%,

11/11/23

452

463

991080037.UG.FTS.B,

21.46%,

11/18/24

2,236

2,212

*

991080075.UG.FTS.B,

22.97%,

11/15/24

210

25

991080090.UG.FTS.B,

29.49%,

11/19/24

75

74

991080093.UG.FTS.B,

28.98%,

11/19/24

138

137

*

991080098.UG.FTS.B,

29.49%,

11/11/24

53

16

991080165.UG.FTS.B,

16.99%,

11/11/24

195

199

991080172.UG.FTS.B,

29.49%,

11/19/24

144

143

991080192.UG.FTS.B,

20.96%,

11/11/23

471

484

991080210.UG.FTS.B,

28.98%,

11/10/24

394

404

991080254.UG.FTS.B,

19.3%,

11/18/23

101

100

991080298.UG.FTS.B,

29.49%,

11/17/24

690

678

991080329.UG.FTS.B,

29.49%,

11/19/24

178

175

991080354.UG.FTS.B,

29.49%,

11/19/23

94

93

991080396.UG.FTS.B,

19.99%,

11/18/24

152

150

*

991080403.UG.FTS.B,

29.49%,

11/19/23

1,045

1,036

991080424.UG.FTS.B,

29.49%,

11/11/24

555

563

991080455.UG.FTS.B,

19.8%,

11/15/24

194

192

991080461.UG.FTS.B,

29.49%,

11/19/24

74

72

991080486.UG.FTS.B,

28.98%,

11/19/24

100

99

991080527.UG.FTS.B,

20.46%,

2/17/27

3

3

991080539.UG.FTS.B,

29.49%,

11/19/24

85

84

991080565.UG.FTS.B,

29.49%,

11/17/23

124

122

991080578.UG.FTS.B,

18.47%,

11/14/23

713

708

991080602.UG.FTS.B,

29.49%,

11/11/23

119

120

991080741.UG.FTS.B,

15.97%,

11/11/24

1,443

1,488

991080756.UG.FTS.B,

29.49%,

11/19/24

236

234

*

991080785.UG.FTS.B,

29.49%,

11/19/24

352

349

991080796.UG.FTS.B,

28.98%,

11/11/24

535

547

991080857.UG.FTS.B,

28.98%,

11/19/24

5,394

5,356

*

991080907.UG.FTS.B,

29.49%,

11/10/24

242

51

991080911.UG.FTS.B,

25.95%,

11/11/24

550

564

991080925.UG.FTS.B,

21.98%,

11/13/24

-

-

991080931.UG.FTS.B,

19.8%,

11/11/24

953

971

991081009.UG.FTS.B,

29.49%,

11/11/24

906

902

991081080.UG.FTS.B,

20.97%,

11/18/24

2,912

2,895

991081104.UG.FTS.B,

29.49%,

11/11/24

439

449

991081123.UG.FTS.B,

28.98%,

11/19/24

981

974

991081127.UG.FTS.B,

19.21%,

11/11/24

184

188

991081186.UG.FTS.B,

18.97%,

11/14/24

2,595

2,579

991081249.UG.FTS.B,

19.99%,

11/19/24

172

171

991081258.UG.FTS.B,

22.47%,

11/12/23

-

-

991081262.UG.FTS.B,

29.49%,

11/16/24

112

111

991081268.UG.FTS.B,

29.49%,

11/17/24

169

168

991081273.UG.FTS.B,

29.49%,

11/11/24

196

199

991081293.UG.FTS.B,

22.45%,

11/17/23

257

255

991081304.UG.FTS.B,

29.49%,

11/17/24

580

574

991081306.UG.FTS.B,

28.98%,

11/09/24

115

115

991081311.UG.FTS.B,

29.49%,

11/18/23

210

208

991081326.UG.FTS.B,

21.46%,

11/12/24

118

117

*

991081335.UG.FTS.B,

29.49%,

12/17/26

4

-

991081336.UG.FTS.B,

19.8%,

11/19/24

422

420

991081347.UG.FTS.B,

19.96%,

11/14/23

8

8

991081352.UG.FTS.B,

21.48%,

11/11/23

183

188

991081375.UG.FTS.B,

29.49%,

11/11/24

393

401

991081404.UG.FTS.B,

18.71%,

11/19/23

566

561

991081429.UG.FTS.B,

18.97%,

11/18/24

1,159

1,154

991081437.UG.FTS.B,

29.49%,

11/19/23

53

52

991081467.UG.FTS.B,

28.48%,

11/17/23

942

916

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

357

a

991081475.UG.FTS.B,

29.49%,

11/19/23

44

43

*

991081477.UG.FTS.B,

29.49%,

11/19/24

202

200

991081496.UG.FTS.B,

28.48%,

11/19/23

619

614

991081499.UG.FTS.B,

28.98%,

11/11/24

204

209

*

991081514.UG.FTS.B,

20.46%,

11/18/24

291

290

991081575.UG.FTS.B,

21.98%,

11/17/24

371

366

991081598.UG.FTS.B,

28.48%,

11/19/23

2,148

2,102

991081641.UG.FTS.B,

29.99%,

11/09/24

239

243

991081650.UG.FTS.B,

23.45%,

11/15/23

82

81

991081654.UG.FTS.B,

20.46%,

11/18/24

454

451

991081663.UG.FTS.B,

21.46%,

11/15/24

346

342

991081670.UG.FTS.B,

22.97%,

11/13/24

521

516

991081689.UG.FTS.B,

29.48%,

11/19/23

152

150

991081725.UG.FTS.B,

19.3%,

11/15/23

269

265

991081741.UG.FTS.B,

20.97%,

11/18/24

519

514

991081746.UG.FTS.B,

19.21%,

11/11/24

400

412

991081763.UG.FTS.B,

29.49%,

11/18/24

68

67

991081785.UG.FTS.B,

19.3%,

11/18/23

32

32

991081828.UG.FTS.B,

29.49%,

11/18/24

1,072

1,058

991081845.UG.FTS.B,

29.49%,

11/19/23

294

291

991081849.UG.FTS.B,

28.98%,

11/19/24

428

425

991081885.UG.FTS.B,

29.49%,

11/19/23

123

121

*

991081918.UG.FTS.B,

29.49%,

11/19/24

210

209

991081922.UG.FTS.B,

29.49%,

11/18/23

185

182

991081947.UG.FTS.B,

28.98%,

11/17/24

3,925

3,855

991081962.UG.FTS.B,

29.49%,

11/19/24

284

280

991081999.UG.FTS.B,

19.96%,

11/18/23

429

307

991082093.UG.FTS.B,

20.47%,

11/18/23

602

599

991082096.UG.FTS.B,

29.49%,

11/17/24

968

957

*

991082149.UG.FTS.B,

29.49%,

11/11/24

25

11

991082217.UG.FTS.B,

29.49%,

11/19/23

152

149

991082264.UG.FTS.B,

28.98%,

11/19/24

38

38

991082270.UG.FTS.B,

29.49%,

11/19/24

38

37

*

991082286.UG.FTS.B,

28.98%,

11/16/24

3,622

443

991082287.UG.FTS.B,

28.98%,

11/19/24

6

6

991082307.UG.FTS.B,

28.98%,

11/17/24

142

140

991082326.UG.FTS.B,

18.97%,

11/19/24

44

44

991082370.UG.FTS.B,

23.95%,

11/14/24

62

61

991082388.UG.FTS.B,

21.46%,

11/15/24

318

314

991082389.UG.FTS.B,

29.49%,

11/18/23

406

399

991082397.UG.FTS.B,

21.46%,

11/18/24

951

940

991082414.UG.FTS.B,

28.48%,

11/19/23

174

172

991082443.UG.FTS.B,

22.97%,

11/14/24

200

198

991082461.UG.FTS.B,

19.8%,

11/15/24

349

348

991082502.UG.FTS.B,

28.98%,

11/19/24

400

396

991082503.UG.FTS.B,

29.49%,

11/11/24

28

28

991082535.UG.FTS.B,

29.48%,

11/19/23

11

11

991082558.UG.FTS.B,

21.98%,

11/15/24

368

365

*

991082563.UG.FTS.B,

29.49%,

11/18/23

264

20

991082581.UG.FTS.B,

19.3%,

11/15/23

571

565

991082585.UG.FTS.B,

28.98%,

11/19/24

63

62

991082590.UG.FTS.B,

18.97%,

11/19/24

4,549

4,513

*

991082635.UG.FTS.B,

28.98%,

11/19/24

80

79

991082652.UG.FTS.B,

28.98%,

11/18/24

920

906

991082687.UG.FTS.B,

28.98%,

11/19/24

172

171

991082730.UG.FTS.B,

29.49%,

11/08/23

43

42

991082732.UG.FTS.B,

19.8%,

11/19/24

8,331

8,257

991082750.UG.FTS.B,

29.49%,

11/19/24

450

438

991082792.UG.FTS.B,

29.49%,

11/19/24

152

150

991082799.UG.FTS.B,

20.97%,

11/17/24

2,911

2,893

991082809.UG.FTS.B,

29.49%,

11/19/23

878

863

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

358

a

*

991082812.UG.FTS.B,

19.8%,

11/18/24

151

17

*

991082865.UG.FTS.B,

29.49%,

11/19/24

839

59

991083001.UG.FTS.B,

29.49%,

11/19/24

271

268

991083025.UG.FTS.B,

21.48%,

11/14/23

261

257

991083038.UG.FTS.B,

18.47%,

11/12/23

148

147

991083060.UG.FTS.B,

19.96%,

11/19/23

395

390

991083068.UG.FTS.B,

29.49%,

11/17/24

442

438

991083076.UG.FTS.B,

29.49%,

11/19/24

60

59

991083116.UG.FTS.B,

29.49%,

11/19/24

706

699

991083128.UG.FTS.B,

29.49%,

11/19/23

61

59

991083142.UG.FTS.B,

19.21%,

11/09/24

591

584

991083150.UG.FTS.B,

29.49%,

11/19/24

157

154

991083160.UG.FTS.B,

19.21%,

11/15/24

172

170

991083170.UG.FTS.B,

20.46%,

11/17/24

718

714

991083178.UG.FTS.B,

25.44%,

11/19/23

96

95

991083189.UG.FTS.B,

25.45%,

11/08/23

198

195

991083198.UG.FTS.B,

22.47%,

11/18/23

253

250

991083227.UG.FTS.B,

23.95%,

11/12/24

196

193

991083232.UG.FTS.B,

29.49%,

11/19/24

6

6

991083241.UG.FTS.B,

29.49%,

11/18/24

734

713

991083327.UG.FTS.B,

24.45%,

11/15/23

249

248

991083332.UG.FTS.B,

20.46%,

11/15/24

85

84

991083448.UG.FTS.B,

28.98%,

11/19/24

883

869

991083455.UG.FTS.B,

28.98%,

11/19/24

308

305

*

991083462.UG.FTS.B,

29.49%,

11/19/23

951

949

991083487.UG.FTS.B,

29.49%,

11/19/24

484

473

991083501.UG.FTS.B,

19.99%,

11/17/24

907

888

991083503.UG.FTS.B,

29.49%,

11/19/24

23

22

991083535.UG.FTS.B,

29.49%,

11/19/23

334

329

991083550.UG.FTS.B,

29.49%,

11/18/24

727

719

991083603.UG.FTS.B,

20.97%,

11/13/24

493

486

*

991083636.UG.FTS.B,

29.49%,

11/11/23

27

25

991083656.UG.FTS.B,

19.99%,

11/10/24

64

65

*

991083663.UG.FTS.B,

25.45%,

11/13/23

1,835

126

991083692.UG.FTS.B,

29.49%,

11/11/23

49

49

991083700.UG.FTS.B,

25.94%,

11/16/24

1,036

1,027

991083701.UG.FTS.B,

18.47%,

11/19/23

51

51

991083736.UG.FTS.B,

22.97%,

11/20/24

467

463

991083760.UG.FTS.B,

23.95%,

11/18/24

624

619

991083763.UG.FTS.B,

29.49%,

11/19/24

68

66

991083782.UG.FTS.B,

28.48%,

11/19/23

114

112

991083796.UG.FTS.B,

29.49%,

11/19/24

302

299

991083819.UG.FTS.B,

29.49%,

11/19/24

456

451

991083864.UG.FTS.B,

29.49%,

11/19/24

90

89

991083906.UG.FTS.B,

28.98%,

11/19/24

-

-

991083919.UG.FTS.B,

29.49%,

11/19/24

13

13

991083975.UG.FTS.B,

29.49%,

11/19/24

213

210

991084017.UG.FTS.B,

23.45%,

11/15/23

502

495

991084120.UG.FTS.B,

29.49%,

11/19/24

984

976

*

991084171.UG.FTS.B,

29.49%,

11/11/23

123

9

991084216.UG.FTS.B,

21.98%,

11/14/24

1,157

1,138

991084238.UG.FTS.B,

18.71%,

11/18/23

188

187

991084240.UG.FTS.B,

29.49%,

11/11/24

32

32

991084245.UG.FTS.B,

29.49%,

11/11/24

410

410

991084253.UG.FTS.B,

29.49%,

11/19/23

164

161

991084429.UG.FTS.B,

28.48%,

11/08/23

141

138

991084445.UG.FTS.B,

28.98%,

11/19/24

663

653

991084465.UG.FTS.B,

21.46%,

11/15/24

2,341

2,310

991084491.UG.FTS.B,

18.97%,

11/20/24

4,618

4,597

*

991084534.UG.FTS.B,

29.48%,

11/17/23

139

18

991084551.UG.FTS.B,

29.49%,

11/19/24

103

102

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

359

a

991084565.UG.FTS.B,

15.47%,

11/12/23

997

989

*

991084574.UG.FTS.B,

20.46%,

11/20/24

213

212

991084611.UG.FTS.B,

20.46%,

11/20/24

761

754

991084630.UG.FTS.B,

21.46%,

11/20/24

1,373

1,364

*

991084679.UG.FTS.B,

21.48%,

11/19/23

497

37

991084681.UG.FTS.B,

20.47%,

11/17/23

82

81

991084697.UG.FTS.B,

22.97%,

11/13/24

1,992

1,957

991084737.UG.FTS.B,

18.47%,

11/19/23

25

25

991084861.UG.FTS.B,

21.97%,

11/19/24

92

91

991084869.UG.FTS.B,

29.49%,

11/19/24

140

139

991084979.UG.FTS.B,

21.46%,

11/19/24

230

227

991085034.UG.FTS.B,

29.49%,

11/11/24

190

189

991085055.UG.FTS.B,

21.46%,

11/18/24

262

260

991085072.UG.FTS.B,

29.49%,

11/11/24

411

402

991085150.UG.FTS.B,

18.97%,

11/18/24

610

607

991085164.UG.FTS.B,

23.95%,

11/12/24

77

76

991085186.UG.FTS.B,

22.97%,

11/19/24

1,036

1,023

991085192.UG.FTS.B,

29.49%,

11/17/23

325

319

991085250.UG.FTS.B,

29.49%,

11/11/24

626

642

991085322.UG.FTS.B,

20.96%,

11/13/23

351

346

991085325.UG.FTS.B,

29.49%,

11/17/24

560

550

991085336.UG.FTS.B,

19.96%,

11/18/23

377

376

991085340.UG.FTS.B,

29.49%,

11/19/24

106

105

991085345.UG.FTS.B,

19.8%,

11/20/24

849

845

991085368.UG.FTS.B,

21.98%,

2/11/27

2

2

*

991085373.UG.FTS.B,

22.97%,

11/19/24

1,727

205

991085401.UG.FTS.B,

29.49%,

11/19/24

121

119

991085405.UG.FTS.B,

29.49%,

11/11/23

208

213

991085447.UG.FTS.B,

29.49%,

11/19/24

92

91

991085469.UG.FTS.B,

20.46%,

11/19/24

2,745

2,730

991085477.UG.FTS.B,

21.46%,

11/15/24

272

268

991085501.UG.FTS.B,

20.46%,

11/20/24

1,283

1,272

991085511.UG.FTS.B,

28.98%,

11/19/24

33

33

991085535.UG.FTS.B,

21.46%,

11/20/24

731

724

991085548.UG.FTS.B,

19.99%,

11/19/24

198

196

991085565.UG.FTS.B,

28.98%,

11/11/24

160

162

991085590.UG.FTS.B,

20.46%,

11/12/24

981

973

991085637.UG.FTS.B,

18.97%,

11/20/24

-

-

991085702.UG.FTS.B,

19.99%,

11/19/24

45

44

991085726.UG.FTS.B,

19.96%,

11/14/23

414

410

991085755.UG.FTS.B,

29.49%,

11/19/24

167

163

991085802.UG.FTS.B,

19.96%,

11/18/23

1,193

1,182

991085849.UG.FTS.B,

29.48%,

11/16/23

394

389

991085878.UG.FTS.B,

28.98%,

11/18/24

279

276

991085894.UG.FTS.B,

27.99%,

11/18/24

465

460

991085976.UG.FTS.B,

28.98%,

11/19/24

24

24

991085994.UG.FTS.B,

29.49%,

11/11/24

485

498

991086005.UG.FTS.B,

29.49%,

11/09/23

96

93

991086006.UG.FTS.B,

18.97%,

11/20/24

929

925

991086030.UG.FTS.B,

29.49%,

11/19/24

837

818

991086088.UG.FTS.B,

19.99%,

11/11/24

101

103

991086090.UG.FTS.B,

29.49%,

11/18/23

137

135

991086111.UG.FTS.B,

28.98%,

11/19/24

489

485

991086114.UG.FTS.B,

22.97%,

11/10/24

56

55

*

991086123.UG.FTS.B,

28.98%,

11/19/24

19

18

991086152.UG.FTS.B,

17.99%,

11/09/24

384

380

991086163.UG.FTS.B,

20.97%,

11/19/24

1,650

1,640

*

991086188.UG.FTS.B,

19.99%,

11/19/24

72

71

991086213.UG.FTS.B,

29.49%,

11/17/24

170

166

991086223.UG.FTS.B,

29.49%,

11/09/24

200

194

991086224.UG.FTS.B,

29.49%,

11/11/24

212

216

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

360

a

991086279.UG.FTS.B,

29.49%,

11/18/24

459

449

991086287.UG.FTS.B,

21.46%,

11/19/24

2,607

2,577

991086306.UG.FTS.B,

29.49%,

11/11/23

150

152

991086321.UG.FTS.B,

29.49%,

11/19/24

25

24

991086328.UG.FTS.B,

19.21%,

11/20/24

2,301

2,283

991086365.UG.FTS.B,

28.98%,

11/19/24

108

106

*

991086372.UG.FTS.B,

29.49%,

11/19/24

94

8

991086378.UG.FTS.B,

29.49%,

11/18/24

238

236

991086389.UG.FTS.B,

21.46%,

11/17/24

5,476

5,415

991086418.UG.FTS.B,

28.98%,

11/19/24

74

73

991086523.UG.FTS.B,

20.97%,

11/19/24

1,092

1,086

991086525.UG.FTS.B,

20.96%,

11/19/23

101

100

991086533.UG.FTS.B,

19.21%,

11/19/24

523

518

991086581.UG.FTS.B,

20.97%,

11/20/24

3,322

3,280

991086618.UG.FTS.B,

29.49%,

11/19/24

222

219

991086619.UG.FTS.B,

20.97%,

11/20/24

5,292

5,263

991086704.UG.FTS.B,

19.8%,

11/19/24

262

260

*

991086719.UG.FTS.B,

29.49%,

11/16/23

53

16

991086736.UG.FTS.B,

20.96%,

11/11/23

76

77

991086819.UG.FTS.B,

21.46%,

11/12/24

1,304

1,292

991086833.UG.FTS.B,

26.94%,

11/16/24

1,559

1,546

991086853.UG.FTS.B,

29.49%,

11/19/24

1,226

1,216

991086865.UG.FTS.B,

29.49%,

11/19/24

145

144

991086871.UG.FTS.B,

28.48%,

11/19/23

1,903

1,888

991086877.UG.FTS.B,

20.46%,

11/14/24

3,870

3,842

991086895.UG.FTS.B,

28.98%,

11/19/24

373

371

*

991086896.UG.FTS.B,

29.49%,

11/19/23

306

43

991086904.UG.FTS.B,

29.49%,

11/19/24

645

636

991086913.UG.FTS.B,

29.49%,

11/11/24

101

102

991086917.UG.FTS.B,

21.46%,

11/11/24

7,735

7,947

*

991086919.UG.FTS.B,

18.47%,

11/15/23

200

23

991086928.UG.FTS.B,

29.49%,

11/11/23

109

110

991086939.UG.FTS.B,

28.48%,

11/19/23

285

283

991086970.UG.FTS.B,

28.98%,

11/19/24

3,381

3,354

991087016.UG.FTS.B,

29.49%,

11/11/24

974

998

*

991087041.UG.FTS.B,

29.49%,

1/17/25

173

169

991087055.UG.FTS.B,

29.49%,

11/11/24

764

761

991087089.UG.FTS.B,

29.49%,

11/11/24

585

599

991087100.UG.FTS.B,

28.98%,

11/19/24

196

194

*

991087136.UG.FTS.B,

29.49%,

11/11/24

996

214

991087138.UG.FTS.B,

25.45%,

11/18/23

250

247

991087156.UG.FTS.B,

20.97%,

11/19/24

1,651

1,642

991087169.UG.FTS.B,

22.47%,

11/14/23

188

187

*

991087191.UG.FTS.B,

29.49%,

11/19/24

3,000

389

991087211.UG.FTS.B,

29.49%,

11/11/23

122

125

991087213.UG.FTS.B,

28.48%,

11/11/23

189

193

991087252.UG.FTS.B,

28.48%,

11/11/23

107

108

*

991087268.UG.FTS.B,

26.44%,

11/13/23

580

127

991087274.UG.FTS.B,

29.49%,

11/19/24

3,431

3,405

991087286.UG.FTS.B,

23.45%,

11/10/23

981

967

991087297.UG.FTS.B,

19.3%,

11/19/23

1,411

1,404

991087313.UG.FTS.B,

19.99%,

11/19/24

2,424

2,406

*

991087332.UG.FTS.B,

21.98%,

11/14/24

98

20

991087378.UG.FTS.B,

21.36%,

11/15/26

792

785

991087440.UG.FTS.B,

22.47%,

11/18/23

1,125

1,118

991087454.UG.FTS.B,

28.98%,

11/11/24

234

236

991087476.UG.FTS.B,

21.46%,

11/18/24

582

579

991087552.UG.FTS.B,

29.49%,

11/19/23

58

57

991087555.UG.FTS.B,

19.3%,

11/15/23

135

135

991087594.UG.FTS.B,

27.99%,

11/11/24

-

-

991087619.UG.FTS.B,

29.49%,

11/19/23

184

182

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

361

a

991087643.UG.FTS.B,

28.48%,

11/19/23

110

109

991087646.UG.FTS.B,

28.98%,

11/19/24

668

660

991087665.UG.FTS.B,

29.49%,

11/19/23

106

104

991087668.UG.FTS.B,

28.98%,

11/19/24

1,167

1,143

991087698.UG.FTS.B,

29.49%,

11/11/24

23

23

991087707.UG.FTS.B,

20.97%,

11/14/24

601

593

*

991087708.UG.FTS.B,

29.49%,

11/11/23

384

51

991087743.UG.FTS.B,

22.45%,

11/18/23

858

849

991087789.UG.FTS.B,

21.48%,

11/13/23

102

101

991087825.UG.FTS.B,

28.98%,

2/09/27

-

-

991087895.UG.FTS.B,

20.96%,

11/18/23

395

393

991087925.UG.FTS.B,

20.46%,

11/18/24

820

816

991087993.UG.FTS.B,

21.46%,

11/17/24

198

196

991088022.UG.FTS.B,

20.47%,

11/13/23

25

24

991088038.UG.FTS.B,

25.95%,

11/15/24

107

105

991088048.UG.FTS.B,

28.98%,

11/19/24

1,140

1,128

991088067.UG.FTS.B,

21.98%,

11/17/24

307

304

991088077.UG.FTS.B,

22.47%,

11/20/23

747

739

991088129.UG.FTS.B,

29.49%,

11/19/23

457

449

991088136.UG.FTS.B,

29.49%,

11/09/24

148

151

991088166.UG.FTS.B,

29.49%,

11/18/23

147

146

991088187.UG.FTS.B,

29.49%,

11/16/24

149

145

991088188.UG.FTS.B,

29.49%,

11/17/24

1,118

1,102

991088259.UG.FTS.B,

28.98%,

11/19/24

459

456

991088293.UG.FTS.B,

29.49%,

11/16/23

138

136

991088324.UG.FTS.B,

28.98%,

11/19/24

586

577

*

991088330.UG.FTS.B,

20.46%,

11/18/24

19

19

991088339.UG.FTS.B,

29.49%,

11/19/23

26

25

991088375.UG.FTS.B,

29.49%,

11/17/24

1,006

983

991088378.UG.FTS.B,

29.49%,

11/11/24

858

872

991088392.UG.FTS.B,

19.96%,

11/14/23

241

239

991088485.UG.FTS.B,

29.49%,

11/19/24

146

143

991088508.UG.FTS.B,

22.45%,

11/14/23

1,070

1,061

991088510.UG.FTS.B,

29.49%,

11/19/24

346

342

991088521.UG.FTS.B,

21.98%,

11/15/24

345

341

991088562.UG.FTS.B,

29.49%,

11/17/24

1,136

1,121

991088620.UG.FTS.B,

20.97%,

11/19/24

40

39

991088623.UG.FTS.B,

28.48%,

11/19/23

213

212

*

991088718.UG.FTS.B,

18.47%,

11/20/23

417

89

991088805.UG.FTS.B,

19.21%,

11/19/24

956

948

991088834.UG.FTS.B,

29.49%,

11/19/24

382

379

991088895.UG.FTS.B,

29.49%,

11/19/24

48

47

991088947.UG.FTS.B,

19.99%,

11/16/24

612

604

*

991088978.UG.FTS.B,

29.49%,

11/19/23

31

31

991088998.UG.FTS.B,

19.8%,

11/13/24

514

509

991089007.UG.FTS.B,

29.49%,

11/19/23

286

280

991089012.UG.FTS.B,

29.49%,

11/19/23

49

48

991089021.UG.FTS.B,

18.47%,

11/13/23

2,316

2,294

991089034.UG.FTS.B,

29.48%,

11/19/23

90

90

991089044.UG.FTS.B,

29.49%,

11/18/23

107

105

991089124.UG.FTS.B,

21.46%,

11/13/24

1,371

1,353

991089148.UG.FTS.B,

29.49%,

11/17/24

999

984

991089256.UG.FTS.B,

19.21%,

11/12/24

77

76

991089275.UG.FTS.B,

21.98%,

11/08/24

143

141

*

991089356.UG.FTS.B,

28.98%,

11/19/24

174

172

991089399.UG.FTS.B,

22.47%,

11/20/23

91

90

991089405.UG.FTS.B,

28.48%,

11/11/23

169

172

991089448.UG.FTS.B,

28.98%,

11/19/24

556

550

991089471.UG.FTS.B,

29.49%,

11/19/24

409

405

*

991089483.UG.FTS.B,

29.49%,

11/17/23

199

46

991089512.UG.FTS.B,

29.49%,

11/18/23

510

501

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

362

a

991089567.UG.FTS.B,

22.47%,

11/20/23

10

10

991089599.UG.FTS.B,

29.49%,

11/08/24

2,653

2,584

991089619.UG.FTS.B,

21.98%,

11/14/24

2

2

991089655.UG.FTS.B,

25.94%,

11/20/24

242

239

991089676.UG.FTS.B,

28.98%,

11/08/24

2,175

2,148

991089727.UG.FTS.B,

17.99%,

11/12/24

8,161

8,089

991089786.UG.FTS.B,

29.49%,

11/11/23

16

16

991089870.UG.FTS.B,

29.49%,

11/11/24

1,087

1,102

991089872.UG.FTS.B,

25.95%,

11/17/24

334

329

*

991089924.UG.FTS.B,

28.98%,

11/19/24

421

29

991089928.UG.FTS.B,

29.49%,

11/11/23

40

40

991089942.UG.FTS.B,

29.49%,

11/19/23

299

291

991089985.UG.FTS.B,

29.49%,

11/19/24

2,127

2,074

*

991089998.UG.FTS.B,

21.98%,

11/21/24

1,328

1,328

991090000.UG.FTS.B,

21.47%,

11/14/23

614

604

991090030.UG.FTS.B,

22.47%,

11/11/23

401

412

991090075.UG.FTS.B,

22.95%,

11/17/24

190

189

991090103.UG.FTS.B,

28.98%,

11/19/24

183

181

991090154.UG.FTS.B,

18.71%,

11/09/23

74

75

991090157.UG.FTS.B,

19.3%,

11/20/23

614

614

991090184.UG.FTS.B,

28.98%,

11/11/24

99

101

991090200.UG.FTS.B,

20.46%,

11/19/24

578

572

*

991090360.UG.FTS.B,

19.96%,

11/19/23

206

205

991090401.UG.FTS.B,

29.49%,

11/17/23

25

24

*

991090440.UG.FTS.B,

28.48%,

11/19/23

28

28

991090568.UG.FTS.B,

18.97%,

11/19/24

505

501

991090577.UG.FTS.B,

29.49%,

11/19/23

58

57

991090605.UG.FTS.B,

29.49%,

11/19/23

31

31

991090653.UG.FTS.B,

19.3%,

11/13/23

264

262

991090708.UG.FTS.B,

20.97%,

11/11/24

352

347

991090724.UG.FTS.B,

29.49%,

11/17/24

1,849

1,833

991090855.UG.FTS.B,

26.94%,

11/14/24

1,805

1,780

991090880.UG.FTS.B,

20.97%,

11/21/24

250

251

991090889.UG.FTS.B,

18.97%,

11/18/24

1,822

1,813

991090906.UG.FTS.B,

19.8%,

11/11/24

539

554

991090911.UG.FTS.B,

19.96%,

11/18/23

157

156

*

991090935.UG.FTS.B,

29.49%,

11/11/24

48

41

991091001.UG.FTS.B,

18.97%,

11/20/24

897

893

991091062.UG.FTS.B,

29.49%,

11/11/24

278

284

991091186.UG.FTS.B,

28.48%,

11/19/23

109

108

991091194.UG.FTS.B,

29.49%,

11/11/24

64

65

991091205.UG.FTS.B,

19.3%,

11/18/23

294

292

991091234.UG.FTS.B,

22.97%,

11/15/24

285

285

991091272.UG.FTS.B,

19.21%,

11/14/24

123

122

991091300.UG.FTS.B,

26.94%,

11/21/24

399

393

991091392.UG.FTS.B,

29.49%,

11/11/23

61

61

*

991091398.UG.FTS.B,

28.98%,

11/11/24

187

39

*

991091472.UG.FTS.B,

21.46%,

11/21/24

3,392

263

*

991091492.UG.FTS.B,

26.44%,

11/17/23

132

89

991091518.UG.FTS.B,

29.49%,

11/17/24

240

238

*

991091528.UG.FTS.B,

29.49%,

11/19/23

375

263

991091599.UG.FTS.B,

28.98%,

11/18/24

206

204

991091615.UG.FTS.B,

22.97%,

11/14/24

811

800

991091631.UG.FTS.B,

21.48%,

11/15/23

233

230

991091686.UG.FTS.B,

20.97%,

11/21/24

236

234

991091718.UG.FTS.B,

22.97%,

11/20/24

78

77

*

991091733.UG.FTS.B,

25.95%,

11/15/24

572

40

991091761.UG.FTS.B,

29.49%,

11/19/24

314

311

991091771.UG.FTS.B,

28.98%,

11/19/24

224

222

991091785.UG.FTS.B,

29.49%,

11/19/24

45

44

991091799.UG.FTS.B,

29.49%,

11/19/24

115

112

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

363

a

991091817.UG.FTS.B,

29.49%,

11/16/23

1,401

1,375

991091884.UG.FTS.B,

28.48%,

11/19/23

164

162

991091897.UG.FTS.B,

28.98%,

11/19/24

2,087

2,045

991091929.UG.FTS.B,

26.44%,

11/15/23

37

37

991091995.UG.FTS.B,

28.98%,

11/11/24

187

191

991092009.UG.FTS.B,

18.97%,

11/13/24

1,786

1,768

991092060.UG.FTS.B,

29.49%,

11/19/24

122

121

991092094.UG.FTS.B,

28.98%,

11/19/24

1,516

1,505

991092098.UG.FTS.B,

25.44%,

11/18/23

2

2

991092109.UG.FTS.B,

19.99%,

11/16/23

178

176

991092153.UG.FTS.B,

28.98%,

11/18/24

170

169

991092186.UG.FTS.B,

29.49%,

11/19/24

60

59

991092246.UG.FTS.B,

28.98%,

11/19/24

123

121

991092270.UG.FTS.B,

18.71%,

11/18/23

782

778

*

991092278.UG.FTS.B,

28.98%,

11/17/24

79

19

991092406.UG.FTS.B,

20.96%,

11/14/23

14

14

991092449.UG.FTS.B,

29.49%,

11/09/24

32

32

991092463.UG.FTS.B,

19.99%,

11/19/24

30

30

991092471.UG.FTS.B,

21.46%,

11/15/24

304

301

991092476.UG.FTS.B,

21.46%,

11/21/24

315

311

991092493.UG.FTS.B,

22.97%,

11/21/24

552

546

*

991092517.UG.FTS.B,

29.49%,

11/19/24

27

26

991092557.UG.FTS.B,

19.8%,

11/12/24

112

110

991092561.UG.FTS.B,

18.97%,

11/12/24

44

43

991092581.UG.FTS.B,

29.49%,

11/19/24

795

775

991092588.UG.FTS.B,

28.98%,

11/19/24

101

99

*

991092595.UG.FTS.B,

29.49%,

11/18/24

1,480

1,466

991092636.UG.FTS.B,

21.98%,

11/21/24

366

362

991092687.UG.FTS.B,

21.46%,

11/17/24

265

262

991092708.UG.FTS.B,

29.49%,

11/11/24

34

35

991092718.UG.FTS.B,

28.98%,

11/19/24

73

72

991092721.UG.FTS.B,

20.47%,

11/13/23

85

84

991092786.UG.FTS.B,

29.49%,

11/19/23

224

221

991092787.UG.FTS.B,

19.8%,

11/14/24

54

54

991092819.UG.FTS.B,

19.96%,

11/21/23

69

69

991092822.UG.FTS.B,

29.49%,

11/18/24

249

245

991092839.UG.FTS.B,

18.97%,

11/11/24

448

444

991092872.UG.FTS.B,

29.49%,

11/08/24

131

128

991092874.UG.FTS.B,

29.49%,

11/19/23

42

41

991092907.UG.FTS.B,

20.97%,

11/14/24

166

165

991092908.UG.FTS.B,

29.49%,

11/18/24

1,872

1,855

*

991092913.UG.FTS.B,

29.49%,

11/19/23

159

157

991092922.UG.FTS.B,

29.49%,

11/11/24

332

333

991092934.UG.FTS.B,

21.46%,

11/19/24

739

734

991092955.UG.FTS.B,

21.46%,

11/17/24

193

192

991093000.UG.FTS.B,

17.49%,

11/12/23

-

-

991093143.UG.FTS.B,

20.47%,

11/18/23

514

509

991093210.UG.FTS.B,

28.98%,

11/19/24

196

194

991093257.UG.FTS.B,

21.46%,

11/15/24

2,141

2,122

*

991093261.UG.FTS.B,

21.98%,

11/18/24

500

36

991093390.UG.FTS.B,

29.49%,

11/11/24

535

546

991093471.UG.FTS.B,

24.95%,

11/12/24

581

574

991093481.UG.FTS.B,

18.47%,

11/09/23

1,241

1,256

991093484.UG.FTS.B,

29.49%,

11/11/24

111

113

*

991093498.UG.FTS.B,

29.49%,

11/19/24

145

144

991093500.UG.FTS.B,

28.98%,

11/11/24

214

220

*

991093594.UG.FTS.B,

29.49%,

11/19/23

885

878

*

991093726.UG.FTS.B,

21.48%,

11/18/23

150

18

991093745.UG.FTS.B,

29.49%,

11/19/23

521

517

991093834.UG.FTS.B,

28.98%,

11/16/24

452

449

991093913.UG.FTS.B,

21.98%,

11/14/24

2,701

2,678

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

364

a

*

991093963.UG.FTS.B,

18.97%,

11/21/24

580

67

991093975.UG.FTS.B,

19.8%,

11/14/24

2,898

2,878

991094103.UG.FTS.B,

21.46%,

11/13/24

967

959

991094159.UG.FTS.B,

28.98%,

11/19/24

411

405

991094233.UG.FTS.B,

28.98%,

11/19/24

3

3

991094352.UG.FTS.B,

19.96%,

11/19/23

226

225

991094424.UG.FTS.B,

21.46%,

11/11/24

-

-

991094480.UG.FTS.B,

20.46%,

11/12/24

386

382

991094513.UG.FTS.B,

28.98%,

11/11/24

4,379

4,493

991094516.UG.FTS.B,

21.46%,

11/19/24

2,912

2,893

991094568.UG.FTS.B,

21.46%,

11/11/24

1,131

1,155

991094588.UG.FTS.B,

29.49%,

11/18/24

729

723

991094659.UG.FTS.B,

29.49%,

11/18/24

1,447

1,436

991094660.UG.FTS.B,

28.98%,

11/19/24

96

95

*

991094671.UG.FTS.B,

28.98%,

11/19/24

202

25

991094713.UG.FTS.B,

18.97%,

11/11/24

859

885

991094726.UG.FTS.B,

20.97%,

11/17/24

290

287

991095162.UG.FTS.B,

19.46%,

11/11/24

2,111

2,081

991095778.UG.FTS.B,

28.98%,

11/19/24

46

46

991095845.UG.FTS.B,

29.49%,

11/18/24

871

860

991095847.UG.FTS.B,

29.49%,

11/18/24

577

571

991095899.UG.FTS.B,

29.49%,

11/10/24

117

118

991095911.UG.FTS.B,

26.44%,

11/14/23

271

268

991096029.UG.FTS.B,

29.49%,

11/11/24

44

44

991096100.UG.FTS.B,

28.48%,

11/19/23

4

3

991096104.UG.FTS.B,

22.47%,

11/15/23

25

25

*

991096115.UG.FTS.B,

21.48%,

11/13/23

554

66

991096159.UG.FTS.B,

29.49%,

11/10/23

164

160

991096181.UG.FTS.B,

29.49%,

11/16/23

245

240

*

991096191.UG.FTS.B,

21.97%,

11/21/24

139

138

991096255.UG.FTS.B,

28.98%,

11/19/24

659

653

991096256.UG.FTS.B,

29.49%,

11/11/23

237

240

*

991096265.UG.FTS.B,

28.48%,

11/19/23

142

19

991096298.UG.FTS.B,

26.44%,

11/21/23

337

333

991096387.UG.FTS.B,

28.98%,

11/19/24

875

869

991096421.UG.FTS.B,

21.46%,

11/12/24

145

144

991096428.UG.FTS.B,

29.49%,

11/19/24

410

407

991096448.UG.FTS.B,

19.96%,

11/18/23

911

906

991096499.UG.FTS.B,

20.46%,

11/13/24

488

482

991096506.UG.FTS.B,

29.49%,

11/19/23

30

29

991096562.UG.FTS.B,

28.98%,

11/19/24

112

111

991096631.UG.FTS.B,

18.97%,

11/13/24

635

631

991096650.UG.FTS.B,

27.99%,

11/19/24

229

226

991096653.UG.FTS.B,

21.48%,

11/15/23

101

101

991096689.UG.FTS.B,

28.98%,

11/19/24

166

162

991096705.UG.FTS.B,

25.95%,

11/15/24

367

361

991096721.UG.FTS.B,

19.21%,

11/18/24

337

334

991096749.UG.FTS.B,

27.99%,

11/19/24

79

78

991096761.UG.FTS.B,

21.46%,

11/10/24

1,169

1,159

991096770.UG.FTS.B,

21.48%,

11/18/23

208

205

991096801.UG.FTS.B,

29.48%,

11/11/23

653

662

991096806.UG.FTS.B,

28.98%,

11/19/24

2,185

2,168

991096842.UG.FTS.B,

29.49%,

11/19/24

278

274

991096851.UG.FTS.B,

22.47%,

11/18/23

28

28

991096952.UG.FTS.B,

29.49%,

11/19/24

127

125

991096973.UG.FTS.B,

29.49%,

11/18/23

132

131

991096994.UG.FTS.B,

19.96%,

11/14/23

128

126

991097007.UG.FTS.B,

21.46%,

11/12/24

1

1

991097032.UG.FTS.B,

29.49%,

11/19/23

197

194

991097060.UG.FTS.B,

19.96%,

11/13/23

663

661

991097105.UG.FTS.B,

29.49%,

11/19/23

35

34

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

365

a

991097130.UG.FTS.B,

22.97%,

11/21/24

118

117

991097180.UG.FTS.B,

20.96%,

11/12/23

390

385

991097252.UG.FTS.B,

28.48%,

11/19/23

54

53

*

991097256.UG.FTS.B,

25.94%,

11/11/24

597

394

991097338.UG.FTS.B,

28.98%,

11/18/24

120

119

991097430.UG.FTS.B,

18.97%,

11/11/24

1,172

1,165

991097447.UG.FTS.B,

29.49%,

11/19/23

26

26

991097463.UG.FTS.B,

29.49%,

11/19/23

44

43

991097511.UG.FTS.B,

29.49%,

11/17/24

556

548

991097573.UG.FTS.B,

28.98%,

11/19/24

321

319

991097574.UG.FTS.B,

28.98%,

11/11/24

423

433

991097590.UG.FTS.B,

29.49%,

11/19/23

1,030

1,021

*

991097600.UG.FTS.B,

25.95%,

11/20/24

390

243

991097609.UG.FTS.B,

25.95%,

11/14/24

619

609

*

991097616.UG.FTS.B,

29.49%,

11/19/23

39

6

991097627.UG.FTS.B,

19.99%,

11/11/24

59

60

*

991097666.UG.FTS.B,

29.49%,

11/19/24

25

4

991097673.UG.FTS.B,

29.49%,

11/11/24

129

131

*

991097677.UG.FTS.B,

28.98%,

11/19/24

291

62

991097697.UG.FTS.B,

28.98%,

11/19/24

217

213

991097701.UG.FTS.B,

28.48%,

11/11/23

95

96

991097714.UG.FTS.B,

29.49%,

11/17/24

245

240

991097752.UG.FTS.B,

29.49%,

11/19/24

165

164

991097769.UG.FTS.B,

19.3%,

11/15/23

112

111

991097773.UG.FTS.B,

28.98%,

11/19/24

412

408

991097791.UG.FTS.B,

29.49%,

11/11/23

134

135

991097795.UG.FTS.B,

22.97%,

11/20/24

1,036

1,024

991097829.UG.FTS.B,

26.94%,

11/19/24

436

430

991097859.UG.FTS.B,

29.49%,

11/19/23

23

23

991097890.UG.FTS.B,

29.49%,

11/19/23

8

7

991097893.UG.FTS.B,

28.98%,

11/19/24

674

660

991097934.UG.FTS.B,

29.49%,

11/19/24

219

213

991097991.UG.FTS.B,

21.98%,

11/21/24

3,612

3,589

*

991098015.UG.FTS.B,

29.49%,

11/11/24

104

108

991098068.UG.FTS.B,

28.98%,

11/19/24

190

188

991098075.UG.FTS.B,

21.98%,

11/19/24

489

483

991098151.UG.FTS.B,

29.49%,

11/19/23

136

135

991098153.UG.FTS.B,

29.49%,

11/22/23

95

94

*

991098171.UG.FTS.B,

25.94%,

11/11/24

294

194

991098176.UG.FTS.B,

20.46%,

11/18/24

547

544

991098218.UG.FTS.B,

28.98%,

11/19/24

187

185

991098231.UG.FTS.B,

28.98%,

11/19/24

55

54

991098237.UG.FTS.B,

29.48%,

11/19/23

486

481

991098281.UG.FTS.B,

28.98%,

11/22/24

1,531

1,515

991098335.UG.FTS.B,

29.49%,

11/08/24

114

113

991098384.UG.FTS.B,

28.48%,

11/11/23

238

242

991098431.UG.FTS.B,

29.49%,

11/19/24

77

76

991098433.UG.FTS.B,

20.47%,

11/14/23

47

46

991098460.UG.FTS.B,

29.48%,

11/21/23

112

111

991098462.UG.FTS.B,

28.98%,

11/19/24

519

516

991098504.UG.FTS.B,

29.49%,

11/20/24

305

299

991098513.UG.FTS.B,

29.49%,

11/20/24

124

123

991098535.UG.FTS.B,

29.49%,

11/22/23

-

-

991098562.UG.FTS.B,

29.49%,

11/22/24

849

839

991098564.UG.FTS.B,

26.94%,

11/21/24

289

285

*

991098587.UG.FTS.B,

29.49%,

1/18/27

2

-

991098588.UG.FTS.B,

19.99%,

11/19/24

60

59

991098604.UG.FTS.B,

20.46%,

11/21/24

35

35

991098614.UG.FTS.B,

19.99%,

11/21/23

36

35

991098698.UG.FTS.B,

29.49%,

11/19/23

51

50

991098718.UG.FTS.B,

23.95%,

11/11/24

839

831

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

366

a

991098738.UG.FTS.B,

22.97%,

11/16/24

372

367

991098752.UG.FTS.B,

19.21%,

11/22/24

310

307

991098771.UG.FTS.B,

28.98%,

11/21/24

258

254

991098772.UG.FTS.B,

28.98%,

11/22/24

1,131

1,123

991098774.UG.FTS.B,

28.98%,

11/20/24

112

111

991098785.UG.FTS.B,

28.48%,

11/19/23

280

277

991098805.UG.FTS.B,

28.98%,

11/21/24

103

102

991098822.UG.FTS.B,

29.49%,

11/21/24

340

337

991098827.UG.FTS.B,

29.49%,

11/22/24

151

149

991098828.UG.FTS.B,

28.98%,

11/22/24

822

808

991098840.UG.FTS.B,

28.98%,

11/22/24

32

32

991098845.UG.FTS.B,

29.49%,

11/22/23

484

472

991098859.UG.FTS.B,

28.98%,

11/21/24

229

225

991098863.UG.FTS.B,

29.49%,

11/22/23

151

148

991098880.UG.FTS.B,

29.47%,

11/20/24

1,613

1,600

991098885.UG.FTS.B,

28.48%,

11/19/23

44

44

*

991098889.UG.FTS.B,

29.49%,

11/22/23

15

15

991098895.UG.FTS.B,

29.49%,

11/11/23

139

140

991098909.UG.FTS.B,

29.49%,

11/19/24

945

936

991098918.UG.FTS.B,

29.49%,

11/21/24

505

500

991098933.UG.FTS.B,

22.47%,

11/18/23

193

191

*

991098950.UG.FTS.B,

28.98%,

11/20/24

99

98

991098955.UG.FTS.B,

29.49%,

11/21/23

598

592

991098956.UG.FTS.B,

29.49%,

11/20/24

496

485

991098979.UG.FTS.B,

19.8%,

11/19/24

745

738

991098989.UG.FTS.B,

25.95%,

11/15/24

63

62

991098992.UG.FTS.B,

19.3%,

11/18/23

154

152

*

991099006.UG.FTS.B,

26.94%,

11/19/24

265

262

991099009.UG.FTS.B,

29.49%,

11/11/23

1,203

1,227

991099015.UG.FTS.B,

27.99%,

11/22/23

277

273

991099016.UG.FTS.B,

20.97%,

11/12/24

29

28

991099032.UG.FTS.B,

29.49%,

11/20/23

102

100

991099048.UG.FTS.B,

20.97%,

11/13/24

24

24

991099051.UG.FTS.B,

29.49%,

11/18/23

238

233

991099059.UG.FTS.B,

29.49%,

11/19/23

12

12

991099071.UG.FTS.B,

28.48%,

11/22/23

15

15

991099076.UG.FTS.B,

29.48%,

11/22/23

430

424

991099093.UG.FTS.B,

28.48%,

11/20/23

14

13

991099101.UG.FTS.B,

29.49%,

11/22/24

123

122

991099104.UG.FTS.B,

18.47%,

11/13/23

725

718

991099109.UG.FTS.B,

29.49%,

11/19/23

101

99

991099118.UG.FTS.B,

29.48%,

11/11/23

34

34

*

991099120.UG.FTS.B,

29.49%,

11/20/24

369

369

*

991099128.UG.FTS.B,

29.49%,

11/22/24

42

3

*

991099219.UG.FTS.B,

28.98%,

11/21/24

671

666

*

991099222.UG.FTS.B,

19.21%,

11/15/24

483

90

991099235.UG.FTS.B,

18.71%,

11/13/23

266

263

991099253.UG.FTS.B,

22.47%,

11/17/23

434

431

991099341.UG.FTS.B,

29.49%,

11/22/24

73

71

991099346.UG.FTS.B,

29.49%,

11/22/24

40

39

991099352.UG.FTS.B,

29.49%,

11/19/23

269

267

991099356.UG.FTS.B,

29.49%,

11/20/24

85

84

991099366.UG.FTS.B,

21.48%,

11/19/23

120

119

991099369.UG.FTS.B,

21.46%,

11/15/24

334

329

991099375.UG.FTS.B,

29.48%,

11/20/23

102

100

*

991099376.UG.FTS.B,

21.46%,

11/22/24

511

508

991099377.UG.FTS.B,

29.49%,

11/19/23

48

48

991099400.UG.FTS.B,

22.47%,

11/19/23

400

398

*

991099402.UG.FTS.B,

29.49%,

11/19/24

307

307

991099469.UG.FTS.B,

29.49%,

11/21/23

407

397

*

991099491.UG.FTS.B,

29.49%,

11/19/24

332

329

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

367

a

991099503.UG.FTS.B,

19.8%,

11/22/24

1,893

1,876

991099511.UG.FTS.B,

28.98%,

11/22/24

1,125

1,117

991099519.UG.FTS.B,

28.98%,

11/19/24

37

37

991099523.UG.FTS.B,

23.45%,

11/16/23

587

583

991099542.UG.FTS.B,

28.98%,

11/22/24

46

46

991099549.UG.FTS.B,

29.49%,

11/18/24

960

937

991099584.UG.FTS.B,

28.98%,

11/21/24

139

138

991099607.UG.FTS.B,

28.98%,

11/20/24

603

599

991099621.UG.FTS.B,

19.99%,

11/21/24

571

565

991099630.UG.FTS.B,

29.49%,

11/20/23

155

152

991099631.UG.FTS.B,

29.49%,

11/11/24

22

22

991099635.UG.FTS.B,

27.99%,

11/22/23

97

96

991099648.UG.FTS.B,

19.99%,

11/17/24

817

803

991099671.UG.FTS.B,

28.98%,

11/22/24

1,778

1,746

991099676.UG.FTS.B,

21.48%,

11/21/23

26

26

991099678.UG.FTS.B,

29.49%,

11/20/24

62

61

991099684.UG.FTS.B,

29.49%,

11/21/24

122

121

991099687.UG.FTS.B,

29.49%,

11/19/24

1,328

1,305

991099704.UG.FTS.B,

29.49%,

11/22/23

59

58

991099712.UG.FTS.B,

29.49%,

11/21/23

402

397

*

991099714.UG.FTS.B,

28.98%,

11/22/24

13

2

991099717.UG.FTS.B,

29.49%,

11/22/24

612

601

991099746.UG.FTS.B,

28.98%,

11/22/24

42

41

991099751.UG.FTS.B,

19.8%,

11/13/24

1,056

1,042

*

991099758.UG.FTS.B,

28.98%,

1/17/27

-

-

991099774.UG.FTS.B,

25.45%,

11/17/23

91

90

991099793.UG.FTS.B,

29.49%,

11/21/24

3,700

3,620

991099795.UG.FTS.B,

29.49%,

11/21/24

208

205

991099821.UG.FTS.B,

21.98%,

11/22/24

492

489

991099822.UG.FTS.B,

29.49%,

11/11/23

274

278

991099825.UG.FTS.B,

29.49%,

11/21/24

297

189

*

991099836.UG.FTS.B,

20.97%,

11/14/24

37

13

991099849.UG.FTS.B,

28.48%,

11/19/23

12

12

991099861.UG.FTS.B,

20.97%,

11/18/24

356

353

991099874.UG.FTS.B,

28.98%,

11/22/24

-

-

991099882.UG.FTS.B,

29.49%,

11/22/23

257

253

991099891.UG.FTS.B,

29.49%,

11/21/24

350

347

991099899.UG.FTS.B,

22.97%,

11/21/24

59

59

991099919.UG.FTS.B,

29.49%,

11/19/23

256

251

991099950.UG.FTS.B,

21.48%,

11/12/23

46

46

991099956.UG.FTS.B,

29.49%,

11/22/24

202

200

991099968.UG.FTS.B,

20.46%,

11/16/24

880

875

991099977.UG.FTS.B,

29.49%,

11/19/23

318

311

991099988.UG.FTS.B,

17.99%,

11/11/24

870

882

991100045.UG.FTS.B,

28.98%,

11/21/24

469

466

991100054.UG.FTS.B,

29.49%,

11/22/24

758

752

991100075.UG.FTS.B,

29.48%,

11/22/23

321

318

991100083.UG.FTS.B,

25.45%,

11/17/23

30

30

991100085.UG.FTS.B,

19.99%,

11/21/23

319

314

991100104.UG.FTS.B,

28.98%,

11/22/24

1,017

1,007

991100106.UG.FTS.B,

28.98%,

11/21/24

104

102

*

991100109.UG.FTS.B,

29.49%,

11/20/23

14

1

991100111.UG.FTS.B,

29.49%,

2/16/27

-

-

991100113.UG.FTS.B,

29.49%,

11/19/24

199

197

991100116.UG.FTS.B,

29.49%,

11/21/24

70

69

*

991100123.UG.FTS.B,

23.45%,

11/09/23

170

21

991100133.UG.FTS.B,

28.98%,

11/21/24

183

180

991100147.UG.FTS.B,

29.49%,

11/19/24

121

119

991100150.UG.FTS.B,

29.48%,

11/21/23

119

117

991100157.UG.FTS.B,

19.99%,

11/22/24

216

214

991100168.UG.FTS.B,

28.98%,

11/16/24

383

376

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

368

a

991100179.UG.FTS.B,

29.49%,

11/19/23

295

293

991100186.UG.FTS.B,

22.97%,

11/21/24

1,956

1,926

991100203.UG.FTS.B,

29.49%,

11/22/23

50

49

991100207.UG.FTS.B,

27.95%,

11/21/23

826

820

991100214.UG.FTS.B,

28.98%,

11/20/24

218

217

991100219.UG.FTS.B,

29.48%,

11/19/23

120

118

991100222.UG.FTS.B,

29.49%,

11/19/24

108

106

991100230.UG.FTS.B,

29.49%,

11/21/23

129

127

991100233.UG.FTS.B,

29.49%,

11/22/23

250

246

991100234.UG.FTS.B,

28.98%,

11/22/24

217

213

*

991100240.UG.FTS.B,

29.49%,

11/22/24

41

6

991100252.UG.FTS.B,

29.49%,

11/19/24

699

686

991100253.UG.FTS.B,

21.98%,

11/12/24

60

60

991100276.UG.FTS.B,

29.49%,

11/22/23

223

221

991100278.UG.FTS.B,

29.49%,

11/19/23

17

16

*

991100292.UG.FTS.B,

29.49%,

11/22/24

468

462

991100299.UG.FTS.B,

19.99%,

11/21/24

291

286

*

991100307.UG.FTS.B,

29.49%,

11/19/24

87

12

991100308.UG.FTS.B,

28.98%,

11/22/24

112

111

991100333.UG.FTS.B,

29.49%,

11/21/24

20

20

991100354.UG.FTS.B,

29.49%,

11/20/24

59

58

991100356.UG.FTS.B,

21.47%,

11/19/23

525

521

991100358.UG.FTS.B,

28.98%,

11/22/24

500

496

991100362.UG.FTS.B,

29.49%,

11/16/23

193

189

*

991100369.UG.FTS.B,

29.49%,

2/18/27

10

2

991100376.UG.FTS.B,

29.49%,

11/22/24

484

470

991100384.UG.FTS.B,

21.46%,

11/12/24

66

65

991100404.UG.FTS.B,

29.49%,

11/22/24

278

276

991100410.UG.FTS.B,

28.98%,

11/19/24

29

28

991100418.UG.FTS.B,

29.49%,

11/21/24

560

553

*

991100419.UG.FTS.B,

19.8%,

11/17/24

168

32

991100425.UG.FTS.B,

28.98%,

11/20/24

406

403

991100430.UG.FTS.B,

28.98%,

11/20/24

463

458

*

991100432.UG.FTS.B,

21.98%,

11/22/24

663

659

991100435.UG.FTS.B,

28.98%,

11/11/24

271

270

991100438.UG.FTS.B,

21.46%,

11/22/24

37

37

991100439.UG.FTS.B,

29.49%,

11/20/23

68

67

991100467.UG.FTS.B,

28.98%,

11/21/24

45

45

991100471.UG.FTS.B,

29.49%,

11/21/24

589

574

*

991100486.UG.FTS.B,

28.48%,

11/21/23

48

47

991100501.UG.FTS.B,

29.49%,

11/22/24

263

260

991100502.UG.FTS.B,

29.49%,

11/21/24

3,556

3,525

991100555.UG.FTS.B,

29.49%,

11/22/24

1,340

1,325

991100559.UG.FTS.B,

18.3%,

11/14/23

3

3

991100568.UG.FTS.B,

29.49%,

11/19/24

59

58

991100598.UG.FTS.B,

21.46%,

11/19/24

96

95

991100614.UG.FTS.B,

29.49%,

11/19/24

997

980

991100620.UG.FTS.B,

20.97%,

11/22/24

24

24

991100639.UG.FTS.B,

29.49%,

11/22/24

50

49

991100692.UG.FTS.B,

29.49%,

11/18/23

241

238

991100707.UG.FTS.B,

29.49%,

11/10/24

525

531

991100713.UG.FTS.B,

28.48%,

11/22/23

110

110

991100723.UG.FTS.B,

22.97%,

11/22/24

209

207

991100724.UG.FTS.B,

21.46%,

11/11/24

150

148

991100732.UG.FTS.B,

29.49%,

11/11/24

32

32

991100758.UG.FTS.B,

28.98%,

11/22/24

1,723

1,694

991100773.UG.FTS.B,

29.48%,

11/21/23

344

339

991100786.UG.FTS.B,

29.49%,

11/11/24

76

77

991100814.UG.FTS.B,

28.48%,

11/11/23

543

556

991100836.UG.FTS.B,

28.98%,

11/22/24

724

719

991100853.UG.FTS.B,

22.97%,

11/14/24

183

180

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

369

a

991100855.UG.FTS.B,

29.49%,

11/21/24

39

38

*

991100888.UG.FTS.B,

28.98%,

11/19/24

22

22

991100908.UG.FTS.B,

29.49%,

11/20/24

1,898

1,874

991100911.UG.FTS.B,

20.46%,

11/20/24

570

567

991100922.UG.FTS.B,

21.98%,

11/15/24

3

3

991100927.UG.FTS.B,

29.49%,

11/19/24

80

79

*

991100952.UG.FTS.B,

29.49%,

11/21/23

124

122

991100990.UG.FTS.B,

29.49%,

11/17/24

637

623

991101004.UG.FTS.B,

27.99%,

11/20/24

57

56

991101031.UG.FTS.B,

29.49%,

11/17/24

393

385

991101044.UG.FTS.B,

28.98%,

11/19/24

310

308

991101050.UG.FTS.B,

29.49%,

11/19/23

34

35

*

991101090.UG.FTS.B,

29.49%,

11/17/23

92

21

991101093.UG.FTS.B,

29.49%,

11/16/24

249

243

991101118.UG.FTS.B,

29.49%,

11/21/24

326

321

991101127.UG.FTS.B,

28.98%,

11/19/24

288

285

991101147.UG.FTS.B,

29.49%,

11/21/24

59

58

991101152.UG.FTS.B,

28.48%,

11/18/23

218

217

991101157.UG.FTS.B,

28.98%,

11/21/24

176

175

991101168.UG.FTS.B,

29.49%,

11/21/24

99

96

991101178.UG.FTS.B,

28.98%,

11/19/24

190

189

*

991101192.UG.FTS.B,

20.49%,

11/20/24

861

856

991101210.UG.FTS.B,

25.94%,

11/12/24

232

228

991101214.UG.FTS.B,

29.49%,

11/21/24

2,152

2,130

991101221.UG.FTS.B,

29.49%,

11/20/24

588

583

991101225.UG.FTS.B,

28.98%,

11/21/24

20

20

*

991101241.UG.FTS.B,

19.3%,

11/19/23

620

620

991101244.UG.FTS.B,

29.49%,

11/21/24

66

65

991101255.UG.FTS.B,

29.49%,

11/19/24

963

952

991101267.UG.FTS.B,

19.3%,

11/14/23

259

256

991101279.UG.FTS.B,

21.97%,

11/11/24

571

561

991101326.UG.FTS.B,

29.48%,

11/21/23

667

662

991101334.UG.FTS.B,

28.98%,

11/21/24

2,950

2,930

991101343.UG.FTS.B,

28.48%,

11/11/23

358

365

991101503.UG.FTS.B,

28.98%,

11/21/24

1,455

1,440

*

991101526.UG.FTS.B,

29.49%,

11/21/23

150

11

991101527.UG.FTS.B,

19.96%,

11/10/23

200

203

*

991101560.UG.FTS.B,

23.45%,

11/14/23

880

190

991101585.UG.FTS.B,

28.98%,

11/20/24

361

359

991101648.UG.FTS.B,

29.49%,

11/21/24

293

290

991101652.UG.FTS.B,

19.96%,

11/13/23

187

185

991101730.UG.FTS.B,

29.49%,

11/21/24

4,412

4,381

991101733.UG.FTS.B,

21.47%,

11/15/23

429

423

*

991101741.UG.FTS.B,

29.49%,

11/22/24

124

16

991101743.UG.FTS.B,

29.49%,

11/22/23

32

32

991101745.UG.FTS.B,

29.49%,

11/22/24

61

60

991101750.UG.FTS.B,

29.99%,

11/22/23

26

26

991101762.UG.FTS.B,

29.48%,

11/22/23

180

178

*

991101765.UG.FTS.B,

29.49%,

11/22/23

37

37

991101777.UG.FTS.B,

27.99%,

11/22/24

246

244

991101785.UG.FTS.B,

28.48%,

11/20/23

93

92

991101812.UG.FTS.B,

22.95%,

11/22/24

191

190

991101821.UG.FTS.B,

29.49%,

11/22/24

1,001

993

991101825.UG.FTS.B,

29.49%,

11/22/23

170

167

991101826.UG.FTS.B,

29.49%,

11/22/23

411

405

991101830.UG.FTS.B,

21.98%,

11/22/24

790

782

*

991101832.UG.FTS.B,

29.49%,

11/22/24

35

5

991101836.UG.FTS.B,

29.49%,

11/22/24

1,744

1,727

991101885.UG.FTS.B,

22.95%,

11/17/24

534

527

991101904.UG.FTS.B,

19.21%,

11/20/24

1,936

1,927

991101910.UG.FTS.B,

19.99%,

11/21/24

3,878

3,852

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

370

a

*

991101915.UG.FTS.B,

29.49%,

11/19/24

100

68

991101924.UG.FTS.B,

28.98%,

11/19/24

740

735

991102000.UG.FTS.B,

19.99%,

11/20/24

533

528

991102023.UG.FTS.B,

21.98%,

11/15/24

1,455

1,434

991102134.UG.FTS.B,

23.95%,

11/20/24

2,909

2,888

991102218.UG.FTS.B,

21.48%,

11/22/23

127

126

991102268.UG.FTS.B,

29.49%,

11/20/23

108

106

991102269.UG.FTS.B,

22.47%,

11/14/23

470

466

991102315.UG.FTS.B,

22.97%,

11/12/24

9,632

9,543

991102334.UG.FTS.B,

29.49%,

11/21/24

2,929

2,895

991102366.UG.FTS.B,

19.99%,

11/11/24

655

666

991102456.UG.FTS.B,

29.49%,

11/11/24

873

895

991102475.UG.FTS.B,

28.98%,

11/19/24

146

144

991102484.UG.FTS.B,

28.98%,

11/17/24

972

964

991102485.UG.FTS.B,

29.49%,

11/19/24

1,747

1,733

991102587.UG.FTS.B,

29.49%,

11/22/24

442

437

991102589.UG.FTS.B,

29.98%,

11/22/23

279

275

991102607.UG.FTS.B,

21.98%,

11/17/24

1,667

1,655

991102622.UG.FTS.B,

28.98%,

11/19/24

489

486

991102655.UG.FTS.B,

29.49%,

11/22/24

2,453

2,435

991102687.UG.FTS.B,

29.49%,

11/22/23

105

103

991102689.UG.FTS.B,

28.98%,

11/22/24

654

642

991102693.UG.FTS.B,

28.98%,

11/21/24

2,076

2,047

991102699.UG.FTS.B,

17.49%,

11/12/23

72

72

991102712.UG.FTS.B,

19.99%,

11/22/24

60

59

991102716.UG.FTS.B,

29.49%,

11/22/23

177

173

991102722.UG.FTS.B,

29.49%,

11/22/24

129

127

991102726.UG.FTS.B,

20.46%,

11/19/24

453

450

991102735.UG.FTS.B,

29.49%,

11/11/24

1

1

991102762.UG.FTS.B,

19.21%,

11/19/24

143

143

991102773.UG.FTS.B,

17.49%,

11/12/23

2,040

2,021

991102779.UG.FTS.B,

29.49%,

11/22/24

518

509

991102792.UG.FTS.B,

28.98%,

11/18/24

2,759

2,707

991102793.UG.FTS.B,

22.47%,

11/19/23

226

224

991102810.UG.FTS.B,

28.98%,

11/20/24

338

336

991102814.UG.FTS.B,

20.46%,

11/20/24

285

283

991102818.UG.FTS.B,

29.49%,

11/16/24

72

71

991102822.UG.FTS.B,

29.49%,

11/22/24

426

421

*

991102823.UG.FTS.B,

29.49%,

11/22/24

158

158

991102829.UG.FTS.B,

29.49%,

11/19/24

223

218

991102831.UG.FTS.B,

28.98%,

11/19/24

548

542

*

991102833.UG.FTS.B,

29.49%,

11/22/23

469

465

991102904.UG.FTS.B,

29.49%,

11/11/23

123

125

991102922.UG.FTS.B,

28.98%,

11/22/24

597

593

991102923.UG.FTS.B,

29.49%,

11/21/24

295

291

991102937.UG.FTS.B,

29.48%,

11/20/23

57

57

991102940.UG.FTS.B,

29.49%,

11/19/24

1,240

1,230

991102962.UG.FTS.B,

29.49%,

11/21/24

108

107

991102964.UG.FTS.B,

28.98%,

11/22/24

221

219

991102968.UG.FTS.B,

29.49%,

11/17/23

775

766

991102979.UG.FTS.B,

19.8%,

11/21/24

677

671

991103009.UG.FTS.B,

28.98%,

11/22/24

358

355

991103011.UG.FTS.B,

29.49%,

11/20/23

10

10

*

991103080.UG.FTS.B,

27.99%,

11/22/23

53

4

991103085.UG.FTS.B,

29.49%,

11/22/23

544

538

991103094.UG.FTS.B,

29.49%,

11/20/24

17

16

991103112.UG.FTS.B,

25.95%,

11/12/24

694

686

*

991103120.UG.FTS.B,

29.49%,

11/11/24

19

3

991103133.UG.FTS.B,

25.45%,

11/15/23

217

214

991103134.UG.FTS.B,

29.49%,

11/22/24

79

78

991103136.UG.FTS.B,

28.98%,

11/19/24

546

536

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

371

a

991103157.UG.FTS.B,

29.48%,

11/18/23

183

181

*

991103170.UG.FTS.B,

29.48%,

11/19/23

198

196

991103178.UG.FTS.B,

29.49%,

11/22/24

1,281

1,249

991103187.UG.FTS.B,

29.49%,

11/18/23

45

44

991103207.UG.FTS.B,

28.98%,

11/19/24

306

302

991103237.UG.FTS.B,

29.49%,

11/18/24

290

284

991103252.UG.FTS.B,

29.46%,

11/22/24

1,060

1,038

991103256.UG.FTS.B,

21.46%,

11/20/24

323

320

991103258.UG.FTS.B,

28.98%,

11/20/24

171

169

991103262.UG.FTS.B,

28.98%,

11/19/24

447

439

991103266.UG.FTS.B,

29.49%,

11/19/23

403

399

991103289.UG.FTS.B,

28.98%,

11/20/24

178

177

991103293.UG.FTS.B,

21.46%,

11/15/24

297

293

991103303.UG.FTS.B,

29.49%,

11/22/24

309

306

991103315.UG.FTS.B,

28.48%,

11/19/23

132

130

991103322.UG.FTS.B,

29.49%,

11/22/24

491

486

*

991103327.UG.FTS.B,

29.49%,

11/20/24

167

22

991103328.UG.FTS.B,

29.49%,

11/22/23

968

944

991103359.UG.FTS.B,

28.98%,

11/21/24

1,363

1,353

991103361.UG.FTS.B,

28.98%,

11/11/24

172

176

*

991103372.UG.FTS.B,

29.49%,

11/22/24

82

81

991103375.UG.FTS.B,

28.48%,

11/19/23

122

119

991103399.UG.FTS.B,

29.49%,

11/19/24

243

240

991103401.UG.FTS.B,

19.99%,

11/22/24

664

659

991103414.UG.FTS.B,

29.49%,

11/22/23

389

383

991103415.UG.FTS.B,

28.98%,

11/21/24

433

426

991103426.UG.FTS.B,

28.98%,

11/10/24

158

160

991103452.UG.FTS.B,

18.71%,

11/09/23

33

33

*

991103466.UG.FTS.B,

28.48%,

11/21/23

96

12

991103484.UG.FTS.B,

28.98%,

11/21/24

131

128

991103486.UG.FTS.B,

29.49%,

11/22/24

151

148

991103497.UG.FTS.B,

29.47%,

11/20/24

1,230

1,214

991103505.UG.FTS.B,

28.98%,

11/21/24

640

633

991103513.UG.FTS.B,

29.49%,

11/22/24

82

81

991103519.UG.FTS.B,

29.49%,

11/21/24

138

135

*

991103520.UG.FTS.B,

21.46%,

11/22/24

2,172

2,148

991103540.UG.FTS.B,

29.49%,

11/18/23

43

42

991103542.UG.FTS.B,

29.49%,

11/21/23

145

142

991103560.UG.FTS.B,

28.98%,

11/22/24

3,834

3,793

991103603.UG.FTS.B,

29.49%,

11/18/23

560

552

991103606.UG.FTS.B,

29.49%,

11/22/24

519

514

991103610.UG.FTS.B,

29.49%,

11/21/23

184

181

991103642.UG.FTS.B,

29.49%,

11/21/24

348

344

*

991103647.UG.FTS.B,

29.49%,

11/11/24

37

14

991103666.UG.FTS.B,

28.98%,

11/21/24

1,050

1,043

991103671.UG.FTS.B,

29.49%,

11/20/23

114

112

991103679.UG.FTS.B,

19.99%,

11/22/24

2,037

2,003

*

991103681.UG.FTS.B,

29.48%,

11/22/23

7

2

991103700.UG.FTS.B,

28.98%,

11/20/24

183

182

991103706.UG.FTS.B,

28.98%,

11/22/24

2,155

2,139

991103722.UG.FTS.B,

29.49%,

11/22/24

34

34

991103743.UG.FTS.B,

25.95%,

11/22/24

1,065

1,051

991103770.UG.FTS.B,

29.49%,

11/19/24

185

181

991103815.UG.FTS.B,

29.49%,

11/21/24

1,352

1,339

991103818.UG.FTS.B,

29.49%,

11/11/23

62

62

991103828.UG.FTS.B,

25.95%,

11/14/24

638

632

991103833.UG.FTS.B,

28.98%,

11/20/24

586

573

991103842.UG.FTS.B,

19.21%,

11/12/24

250

247

991103849.UG.FTS.B,

28.98%,

11/22/24

527

524

991103851.UG.FTS.B,

29.49%,

11/22/24

175

171

991103862.UG.FTS.B,

29.49%,

11/22/24

412

409

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

372

a

991103865.UG.FTS.B,

29.49%,

11/22/24

814

808

991103901.UG.FTS.B,

29.49%,

11/19/24

529

525

991103917.UG.FTS.B,

26.94%,

11/18/24

226

222

991103920.UG.FTS.B,

29.49%,

11/21/24

592

579

991103927.UG.FTS.B,

29.49%,

11/22/23

62

61

991103932.UG.FTS.B,

29.49%,

11/22/23

102

101

991103945.UG.FTS.B,

21.46%,

11/22/24

61

60

991103949.UG.FTS.B,

19.99%,

11/22/24

5

5

991103976.UG.FTS.B,

28.98%,

11/19/24

921

914

991103977.UG.FTS.B,

29.49%,

11/20/23

981

972

991103985.UG.FTS.B,

22.47%,

11/22/23

1,248

1,234

991103988.UG.FTS.B,

20.46%,

11/17/24

444

440

991103998.UG.FTS.B,

20.96%,

11/12/23

231

229

991104018.UG.FTS.B,

23.95%,

11/16/24

240

239

991104021.UG.FTS.B,

29.49%,

11/19/24

1,931

1,906

991104033.UG.FTS.B,

28.98%,

11/21/24

361

358

991104046.UG.FTS.B,

15.97%,

11/10/24

3,506

3,487

991104066.UG.FTS.B,

23.95%,

11/21/24

490

487

991104067.UG.FTS.B,

29.49%,

11/11/23

86

87

*

991104086.UG.FTS.B,

29.49%,

11/20/23

28

28

991104098.UG.FTS.B,

29.49%,

11/20/23

117

116

991104120.UG.FTS.B,

23.95%,

11/18/24

1,031

1,016

991104130.UG.FTS.B,

21.46%,

11/15/24

822

811

991104164.UG.FTS.B,

28.98%,

11/19/24

265

263

991104175.UG.FTS.B,

29.49%,

11/21/24

431

421

991104178.UG.FTS.B,

29.49%,

11/19/24

2,309

2,291

991104196.UG.FTS.B,

28.98%,

11/22/24

401

393

991104236.UG.FTS.B,

19.21%,

11/14/24

15

14

991104265.UG.FTS.B,

27.99%,

11/22/24

3,406

3,366

*

991104280.UG.FTS.B,

29.49%,

11/19/24

183

13

991104322.UG.FTS.B,

28.98%,

11/11/24

214

219

991104332.UG.FTS.B,

20.48%,

11/22/23

797

789

991104333.UG.FTS.B,

28.98%,

11/17/24

1,081

1,069

991104356.UG.FTS.B,

28.98%,

11/18/24

177

174

991104363.UG.FTS.B,

29.49%,

11/22/23

40

40

*

991104364.UG.FTS.B,

29.49%,

11/20/23

367

28

991104383.UG.FTS.B,

29.49%,

11/21/24

285

282

991104390.UG.FTS.B,

28.98%,

11/20/24

664

650

991104396.UG.FTS.B,

29.49%,

11/22/24

210

208

991104397.UG.FTS.B,

28.48%,

11/22/23

190

187

991104410.UG.FTS.B,

29.49%,

11/19/24

1,268

1,244

991104423.UG.FTS.B,

29.49%,

11/21/24

404

401

991104424.UG.FTS.B,

18.3%,

11/14/23

15

15

991104427.UG.FTS.B,

28.98%,

11/19/24

792

786

991104436.UG.FTS.B,

29.49%,

11/22/23

315

310

*

991104450.UG.FTS.B,

29.49%,

11/21/24

20

20

991104456.UG.FTS.B,

28.98%,

11/22/24

2,399

2,382

991104460.UG.FTS.B,

28.98%,

11/20/24

176

174

991104461.UG.FTS.B,

28.48%,

11/19/23

379

376

991104468.UG.FTS.B,

28.98%,

11/19/24

4,545

4,511

991104491.UG.FTS.B,

23.95%,

11/14/24

179

177

991104492.UG.FTS.B,

28.98%,

11/22/24

1,319

1,296

991104504.UG.FTS.B,

28.98%,

11/22/24

389

385

991104523.UG.FTS.B,

28.98%,

11/22/24

214

212

991104529.UG.FTS.B,

29.49%,

11/17/24

714

707

991104537.UG.FTS.B,

28.98%,

11/22/24

155

154

*

991104574.UG.FTS.B,

28.48%,

11/20/23

33

32

991104595.UG.FTS.B,

28.98%,

11/19/24

125

123

*

991104598.UG.FTS.B,

15.97%,

11/11/24

374

231

991104611.UG.FTS.B,

29.49%,

11/22/23

901

893

991104641.UG.FTS.B,

28.98%,

11/22/24

2,132

2,098

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

373

a

991104642.UG.FTS.B,

29.49%,

11/19/24

284

278

991104647.UG.FTS.B,

28.98%,

11/18/24

811

797

*

991104648.UG.FTS.B,

29.49%,

11/22/24

187

24

991104650.UG.FTS.B,

29.49%,

11/11/24

-

-

991104664.UG.FTS.B,

29.49%,

11/19/24

170

168

*

991104666.UG.FTS.B,

29.49%,

11/20/23

449

61

991104711.UG.FTS.B,

21.46%,

11/22/24

311

309

991104734.UG.FTS.B,

29.49%,

11/22/23

804

795

991104737.UG.FTS.B,

29.49%,

11/20/23

580

574

991104740.UG.FTS.B,

29.49%,

12/20/26

-

-

*

991104747.UG.FTS.B,

29.49%,

11/19/24

71

70

991104748.UG.FTS.B,

19.99%,

11/16/24

589

584

991104757.UG.FTS.B,

19.21%,

11/09/24

392

388

991104768.UG.FTS.B,

28.98%,

11/22/24

132

129

991104785.UG.FTS.B,

20.46%,

11/21/24

1,974

1,955

991104801.UG.FTS.B,

29.49%,

11/19/23

46

46

991104809.UG.FTS.B,

29.49%,

11/19/23

29

29

991104826.UG.FTS.B,

29.49%,

11/22/24

91

90

991104830.UG.FTS.B,

28.98%,

11/21/24

1,951

1,915

991104833.UG.FTS.B,

21.46%,

11/11/24

111

114

991104846.UG.FTS.B,

29.49%,

11/22/24

445

439

991104857.UG.FTS.B,

29.49%,

11/22/24

744

733

991104861.UG.FTS.B,

25.95%,

11/15/24

109

107

991104867.UG.FTS.B,

29.49%,

11/21/24

90

88

991104894.UG.FTS.B,

29.49%,

11/22/24

92

91

991104903.UG.FTS.B,

29.49%,

11/21/23

236

233

991104907.UG.FTS.B,

29.49%,

11/22/23

204

200

991104909.UG.FTS.B,

18.97%,

11/11/24

938

927

991104950.UG.FTS.B,

29.49%,

11/19/23

3

3

*

991104968.UG.FTS.B,

28.98%,

11/20/24

267

267

*

991104973.UG.FTS.B,

29.49%,

11/20/24

562

558

991104977.UG.FTS.B,

18.71%,

11/19/23

118

118

991104984.UG.FTS.B,

28.98%,

11/22/24

72

72

991104986.UG.FTS.B,

28.98%,

11/22/24

965

955

991104989.UG.FTS.B,

29.48%,

11/09/23

329

325

991104992.UG.FTS.B,

20.97%,

11/21/24

339

337

991105023.UG.FTS.B,

28.98%,

11/22/24

4,410

4,380

991105048.UG.FTS.B,

19.99%,

11/11/24

174

177

*

991105064.UG.FTS.B,

29.49%,

11/21/23

72

70

991105077.UG.FTS.B,

19.99%,

11/22/24

37

36

991105091.UG.FTS.B,

28.98%,

11/23/24

363

357

991105097.UG.FTS.B,

28.98%,

11/20/24

15

15

*

991105102.UG.FTS.B,

28.98%,

11/21/24

303

293

991105133.UG.FTS.B,

29.49%,

11/20/23

-

-

991105146.UG.FTS.B,

29.49%,

11/23/23

116

115

991105167.UG.FTS.B,

29.49%,

11/23/24

95

93

*

991105204.UG.FTS.B,

29.49%,

11/23/24

149

149

991105230.UG.FTS.B,

29.49%,

11/21/24

56

55

991105231.UG.FTS.B,

29.48%,

11/22/23

191

189

991105236.UG.FTS.B,

19.99%,

11/20/24

484

475

*

991105239.UG.FTS.B,

29.49%,

11/23/23

9

9

991105241.UG.FTS.B,

28.98%,

11/18/24

1,033

1,010

991105246.UG.FTS.B,

21.98%,

11/18/24

123

121

991105247.UG.FTS.B,

29.49%,

11/18/24

245

241

991105265.UG.FTS.B,

29.49%,

11/21/24

46

46

991105283.UG.FTS.B,

29.49%,

11/23/24

228

225

991105286.UG.FTS.B,

29.49%,

11/17/24

1,127

1,111

991105294.UG.FTS.B,

19.3%,

11/23/23

1,145

1,177

991105295.UG.FTS.B,

28.98%,

11/20/24

844

838

*

991105297.UG.FTS.B,

29.49%,

11/23/24

331

331

*

991105317.UG.FTS.B,

29.49%,

11/11/24

73

19

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

374

a

991105346.UG.FTS.B,

28.98%,

11/19/24

439

433

991105369.UG.FTS.B,

29.49%,

11/23/24

2,015

2,001

991105387.UG.FTS.B,

20.97%,

11/18/24

992

986

*

991105392.UG.FTS.B,

29.49%,

11/21/23

204

201

991105424.UG.FTS.B,

29.49%,

11/19/24

969

949

991105444.UG.FTS.B,

29.48%,

11/22/23

80

79

991105451.UG.FTS.B,

29.48%,

11/23/23

99

100

991105467.UG.FTS.B,

29.49%,

11/22/24

58

57

991105483.UG.FTS.B,

28.98%,

11/23/24

820

815

991105495.UG.FTS.B,

29.49%,

11/21/23

59

58

991105504.UG.FTS.B,

28.48%,

11/21/23

195

193

991105539.UG.FTS.B,

29.48%,

11/20/23

317

313

991105550.UG.FTS.B,

19.96%,

11/22/23

59

58

991105555.UG.FTS.B,

19.99%,

11/19/24

308

305

991105565.UG.FTS.B,

28.98%,

11/19/24

919

912

991105577.UG.FTS.B,

21.98%,

11/19/24

207

205

991105579.UG.FTS.B,

27.99%,

11/18/23

244

241

991105587.UG.FTS.B,

20.96%,

11/19/23

141

139

991105591.UG.FTS.B,

29.49%,

11/23/23

648

643

991105648.UG.FTS.B,

29.49%,

11/23/24

135

133

991105654.UG.FTS.B,

29.49%,

11/23/24

1,086

1,071

991105677.UG.FTS.B,

29.49%,

11/22/24

82

80

*

991105680.UG.FTS.B,

29.49%,

11/22/24

202

201

991105687.UG.FTS.B,

29.49%,

11/23/23

632

623

991105721.UG.FTS.B,

21.46%,

11/23/24

463

473

991105725.UG.FTS.B,

29.48%,

11/22/23

86

85

991105748.UG.FTS.B,

29.49%,

11/23/23

78

77

991105752.UG.FTS.B,

29.49%,

11/23/24

144

142

*

991105753.UG.FTS.B,

29.49%,

11/21/23

380

376

991105764.UG.FTS.B,

29.49%,

11/10/24

-

-

991105789.UG.FTS.B,

28.48%,

11/22/23

375

371

991105794.UG.FTS.B,

28.98%,

11/22/24

1,886

1,873

991105795.UG.FTS.B,

29.49%,

11/11/24

359

366

991105842.UG.FTS.B,

28.98%,

11/23/24

604

600

991105847.UG.FTS.B,

29.49%,

11/23/24

747

770

*

991105859.UG.FTS.B,

23.95%,

11/23/24

669

50

*

991105871.UG.FTS.B,

29.49%,

11/18/23

338

335

991105876.UG.FTS.B,

29.49%,

11/23/24

392

398

991105881.UG.FTS.B,

29.49%,

11/23/23

20

20

991105899.UG.FTS.B,

19.21%,

11/11/24

376

373

991105913.UG.FTS.B,

28.98%,

11/22/24

77

76

991105915.UG.FTS.B,

19.99%,

11/20/24

242

240

991105932.UG.FTS.B,

29.49%,

11/19/23

182

178

991105943.UG.FTS.B,

27.95%,

11/22/23

180

179

991105945.UG.FTS.B,

29.49%,

11/23/24

354

350

*

991105964.UG.FTS.B,

29.49%,

11/22/23

184

182

991106009.UG.FTS.B,

28.98%,

11/19/24

258

253

991106019.UG.FTS.B,

29.49%,

11/23/24

723

704

*

991106030.UG.FTS.B,

29.49%,

11/19/23

167

167

991106035.UG.FTS.B,

28.98%,

11/22/24

208

206

991106042.UG.FTS.B,

29.49%,

11/19/24

94

93

991106046.UG.FTS.B,

29.49%,

11/21/23

44

43

991106054.UG.FTS.B,

29.49%,

11/23/23

608

626

*

991106072.UG.FTS.B,

25.95%,

11/20/24

34

5

991106073.UG.FTS.B,

29.49%,

11/21/23

135

134

991106109.UG.FTS.B,

18.47%,

11/11/23

235

241

991106129.UG.FTS.B,

29.49%,

11/11/24

90

92

*

991106167.UG.FTS.B,

21.46%,

11/15/24

22

9

991106187.UG.FTS.B,

28.48%,

11/20/23

85

84

991106197.UG.FTS.B,

28.98%,

11/23/24

1,698

1,687

991106215.UG.FTS.B,

29.49%,

11/22/24

1,368

1,348

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

375

a

*

991106222.UG.FTS.B,

29.49%,

11/22/24

4,125

4,066

991106233.UG.FTS.B,

28.98%,

11/23/24

125

124

*

991106234.UG.FTS.B,

29.49%,

11/23/23

98

7

991106260.UG.FTS.B,

28.48%,

11/20/23

5

5

991106264.UG.FTS.B,

28.98%,

11/23/24

795

784

991106272.UG.FTS.B,

29.49%,

11/17/24

227

222

991106273.UG.FTS.B,

19.21%,

11/20/24

598

595

991106285.UG.FTS.B,

18.71%,

11/12/23

510

504

991106293.UG.FTS.B,

28.98%,

11/19/24

326

324

991106304.UG.FTS.B,

28.98%,

11/22/24

377

373

991106305.UG.FTS.B,

28.98%,

11/21/24

979

973

991106317.UG.FTS.B,

20.97%,

11/12/24

624

619

991106322.UG.FTS.B,

23.45%,

11/23/23

10

10

991106329.UG.FTS.B,

29.49%,

11/23/23

238

235

991106337.UG.FTS.B,

29.49%,

11/19/24

267

264

991106352.UG.FTS.B,

28.98%,

11/20/24

412

407

991106358.UG.FTS.B,

28.98%,

11/22/24

691

680

991106362.UG.FTS.B,

28.98%,

11/23/24

578

572

991106379.UG.FTS.B,

29.49%,

11/22/24

194

190

991106382.UG.FTS.B,

29.49%,

11/23/23

169

166

*

991106393.UG.FTS.B,

29.49%,

11/20/23

180

178

991106396.UG.FTS.B,

28.98%,

11/19/24

216

214

991106397.UG.FTS.B,

29.49%,

11/20/24

1,233

1,222

991106406.UG.FTS.B,

28.98%,

11/23/24

31

30

991106408.UG.FTS.B,

29.49%,

11/22/24

-

-

*

991106415.UG.FTS.B,

29.49%,

11/20/24

1,997

1,996

991106421.UG.FTS.B,

29.49%,

11/23/23

168

166

*

991106435.UG.FTS.B,

29.49%,

11/23/24

308

40

991106442.UG.FTS.B,

28.98%,

11/23/24

53

52

991106456.UG.FTS.B,

29.49%,

11/22/23

107

105

991106474.UG.FTS.B,

21.48%,

11/11/23

10

10

991106486.UG.FTS.B,

29.49%,

11/23/23

469

464

991106488.UG.FTS.B,

29.48%,

11/22/23

1,649

1,636

991106497.UG.FTS.B,

29.49%,

11/20/24

320

316

991106501.UG.FTS.B,

28.98%,

11/23/24

180

178

991106505.UG.FTS.B,

28.98%,

11/22/24

823

817

991106523.UG.FTS.B,

18.97%,

11/11/24

381

393

991106530.UG.FTS.B,

28.48%,

11/22/23

56

55

991106534.UG.FTS.B,

28.98%,

2/17/27

-

-

991106539.UG.FTS.B,

29.49%,

11/19/24

553

544

991106544.UG.FTS.B,

29.49%,

11/16/24

141

139

991106564.UG.FTS.B,

20.47%,

11/20/23

154

152

991106568.UG.FTS.B,

29.49%,

11/22/23

401

397

991106576.UG.FTS.B,

29.49%,

11/23/24

1,306

1,279

991106588.UG.FTS.B,

28.48%,

11/22/23

24

24

991106599.UG.FTS.B,

29.49%,

11/20/23

137

134

991106609.UG.FTS.B,

28.48%,

11/10/23

488

495

991106614.UG.FTS.B,

29.48%,

11/22/23

222

219

991106616.UG.FTS.B,

29.47%,

11/22/23

476

472

991106630.UG.FTS.B,

21.98%,

11/16/24

961

954

991106632.UG.FTS.B,

28.98%,

11/21/24

513

507

991106668.UG.FTS.B,

28.98%,

11/23/24

363

360

991106684.UG.FTS.B,

29.49%,

11/19/24

265

263

991106686.UG.FTS.B,

21.46%,

11/19/24

139

137

991106703.UG.FTS.B,

29.49%,

11/23/24

-

-

991106727.UG.FTS.B,

29.49%,

11/19/23

184

181

991106752.UG.FTS.B,

28.98%,

11/21/24

492

485

991106756.UG.FTS.B,

29.49%,

11/23/23

270

267

991106759.UG.FTS.B,

29.49%,

11/22/23

115

112

991106770.UG.FTS.B,

29.49%,

11/22/23

32

31

991106776.UG.FTS.B,

29.49%,

11/22/23

431

427

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

376

a

991106791.UG.FTS.B,

28.98%,

11/19/24

579

569

991106794.UG.FTS.B,

29.49%,

11/22/24

523

519

991106797.UG.FTS.B,

29.49%,

11/23/24

295

292

991106798.UG.FTS.B,

20.46%,

11/23/24

2,824

2,889

991106814.UG.FTS.B,

29.49%,

11/20/23

114

113

991106833.UG.FTS.B,

21.46%,

11/12/24

768

755

991106860.UG.FTS.B,

28.98%,

11/21/24

939

929

991106870.UG.FTS.B,

19.99%,

11/23/24

56

55

991106876.UG.FTS.B,

29.49%,

11/23/24

133

132

991106878.UG.FTS.B,

29.49%,

11/22/23

399

395

*

991106881.UG.FTS.B,

29.49%,

11/19/23

109

15

991106885.UG.FTS.B,

28.98%,

11/11/24

95

96

991106891.UG.FTS.B,

29.49%,

11/23/24

28

28

*

991106913.UG.FTS.B,

29.49%,

11/19/24

187

185

*

991106949.UG.FTS.B,

29.49%,

11/11/23

104

7

991106951.UG.FTS.B,

29.49%,

11/22/23

259

255

991106955.UG.FTS.B,

22.47%,

11/18/23

534

527

991106966.UG.FTS.B,

21.98%,

11/23/24

1,202

1,188

*

991106997.UG.FTS.B,

23.45%,

11/23/23

145

144

991107011.UG.FTS.B,

29.49%,

11/11/24

531

543

991107019.UG.FTS.B,

29.49%,

11/22/24

356

346

*

991107020.UG.FTS.B,

29.49%,

11/19/23

115

113

991107039.UG.FTS.B,

29.49%,

11/22/23

150

147

991107054.UG.FTS.B,

14.98%,

11/11/24

90

92

991107055.UG.FTS.B,

18.71%,

11/14/23

1,632

1,621

991107065.UG.FTS.B,

20.46%,

11/22/24

152

151

991107070.UG.FTS.B,

19.8%,

11/17/24

350

346

991107084.UG.FTS.B,

28.98%,

11/21/24

478

473

991107090.UG.FTS.B,

21.98%,

11/14/24

296

293

991107097.UG.FTS.B,

21.46%,

11/13/24

45

44

991107099.UG.FTS.B,

29.49%,

11/20/23

117

116

991107100.UG.FTS.B,

28.48%,

11/22/23

358

354

991107102.UG.FTS.B,

28.48%,

11/20/23

236

234

*

991107124.UG.FTS.B,

28.98%,

11/20/24

211

27

991107127.UG.FTS.B,

28.98%,

11/23/24

326

321

991107142.UG.FTS.B,

29.49%,

11/23/23

598

584

991107148.UG.FTS.B,

29.49%,

11/19/23

1,483

1,450

991107152.UG.FTS.B,

29.49%,

11/22/24

243

240

991107154.UG.FTS.B,

29.49%,

11/22/24

705

700

991107161.UG.FTS.B,

28.98%,

11/22/24

220

217

*

991107180.UG.FTS.B,

29.49%,

11/23/24

288

25

991107182.UG.FTS.B,

29.49%,

11/20/24

70

69

991107211.UG.FTS.B,

18.71%,

11/21/23

139

137

991107234.UG.FTS.B,

28.48%,

11/22/23

77

76

991107237.UG.FTS.B,

28.48%,

11/23/23

82

81

991107241.UG.FTS.B,

29.49%,

11/20/24

-

-

991107255.UG.FTS.B,

29.48%,

11/21/23

189

186

991107273.UG.FTS.B,

28.48%,

11/21/23

185

183

991107275.UG.FTS.B,

29.49%,

11/22/24

732

724

991107277.UG.FTS.B,

29.49%,

11/22/24

73

72

991107280.UG.FTS.B,

29.49%,

11/20/23

28

27

*

991107307.UG.FTS.B,

28.98%,

11/20/24

126

27

991107315.UG.FTS.B,

29.49%,

11/21/24

77

74

991107317.UG.FTS.B,

29.49%,

11/20/24

15

15

991107318.UG.FTS.B,

29.49%,

11/22/24

1,065

1,057

991107342.UG.FTS.B,

28.98%,

11/19/24

340

336

991107359.UG.FTS.B,

17.99%,

11/09/24

489

484

991107378.UG.FTS.B,

28.98%,

11/10/24

148

147

991107393.UG.FTS.B,

29.49%,

11/22/24

1,770

1,742

991107401.UG.FTS.B,

19.96%,

11/22/23

135

135

991107455.UG.FTS.B,

29.49%,

2/19/27

5

5

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

377

a

991107484.UG.FTS.B,

21.47%,

11/23/23

156

154

*

991107494.UG.FTS.B,

29.49%,

11/22/24

335

335

991107545.UG.FTS.B,

29.49%,

11/19/24

1,522

1,509

991107547.UG.FTS.B,

28.98%,

11/21/24

217

215

991107549.UG.FTS.B,

29.49%,

11/23/24

373

366

991107556.UG.FTS.B,

28.98%,

11/22/24

1,008

990

991107562.UG.FTS.B,

29.49%,

11/23/23

322

319

991107573.UG.FTS.B,

28.98%,

11/23/24

3,580

3,541

991107575.UG.FTS.B,

28.98%,

11/22/24

481

476

991107577.UG.FTS.B,

28.98%,

11/11/24

118

121

991107585.UG.FTS.B,

29.49%,

11/22/24

1,351

1,339

991107586.UG.FTS.B,

21.98%,

11/19/24

194

193

991107592.UG.FTS.B,

29.49%,

11/22/23

293

288

991107607.UG.FTS.B,

28.98%,

11/16/24

143

141

991107613.UG.FTS.B,

29.49%,

11/19/23

57

56

991107626.UG.FTS.B,

18.97%,

11/15/24

1,618

1,599

991107631.UG.FTS.B,

29.49%,

11/22/24

930

923

991107639.UG.FTS.B,

27.99%,

11/19/24

231

226

991107641.UG.FTS.B,

20.46%,

11/18/24

341

338

991107657.UG.FTS.B,

29.49%,

11/20/23

76

75

991107662.UG.FTS.B,

29.49%,

11/21/24

453

437

991107676.UG.FTS.B,

29.49%,

11/23/24

185

191

991107728.UG.FTS.B,

28.98%,

11/16/24

260

257

991107749.UG.FTS.B,

28.48%,

11/19/23

160

158

991107806.UG.FTS.B,

28.98%,

11/23/24

553

549

991107819.UG.FTS.B,

29.49%,

11/09/24

70

69

991107829.UG.FTS.B,

29.49%,

11/20/23

828

809

*

991107833.UG.FTS.B,

29.49%,

11/22/24

452

446

*

991107849.UG.FTS.B,

28.98%,

11/20/24

49

7

991107864.UG.FTS.B,

28.98%,

11/19/24

223

221

991107874.UG.FTS.B,

22.95%,

11/21/24

180

177

991107881.UG.FTS.B,

29.49%,

11/11/24

197

202

991107897.UG.FTS.B,

26.94%,

11/11/24

135

138

991107898.UG.FTS.B,

28.98%,

2/18/27

1

1

*

991107903.UG.FTS.B,

29.49%,

11/19/24

5,032

1,095

991107906.UG.FTS.B,

29.49%,

11/21/24

1,993

1,972

991107910.UG.FTS.B,

28.98%,

11/21/24

448

438

*

991107915.UG.FTS.B,

29.49%,

11/19/24

91

90

991107921.UG.FTS.B,

28.98%,

11/22/24

2,518

2,487

991107966.UG.FTS.B,

29.49%,

11/21/23

3

3

991107967.UG.FTS.B,

29.49%,

11/22/23

34

33

991107974.UG.FTS.B,

23.45%,

11/10/23

91

93

991107977.UG.FTS.B,

29.49%,

11/20/24

289

286

991107988.UG.FTS.B,

28.48%,

11/23/23

58

58

991108009.UG.FTS.B,

29.49%,

11/22/23

939

921

991108014.UG.FTS.B,

29.49%,

11/23/24

303

305

991108021.UG.FTS.B,

29.49%,

11/23/24

1,187

1,177

991108029.UG.FTS.B,

28.98%,

11/23/24

37

37

991108041.UG.FTS.B,

28.98%,

11/23/24

541

558

*

991108043.UG.FTS.B,

29.49%,

11/22/23

55

44

991108047.UG.FTS.B,

28.98%,

11/17/24

330

327

991108073.UG.FTS.B,

29.49%,

11/16/24

34

33

991108074.UG.FTS.B,

29.49%,

11/23/24

580

568

991108081.UG.FTS.B,

28.98%,

11/22/24

166

164

991108083.UG.FTS.B,

29.49%,

11/22/24

266

263

991108088.UG.FTS.B,

29.49%,

11/22/24

633

620

991108097.UG.FTS.B,

29.49%,

11/21/24

107

106

*

991108103.UG.FTS.B,

28.98%,

11/23/24

204

211

991108107.UG.FTS.B,

29.49%,

11/19/23

101

100

991108108.UG.FTS.B,

29.49%,

11/19/24

1,566

1,553

991108131.UG.FTS.B,

29.49%,

11/20/24

-

-

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

378

a

991108174.UG.FTS.B,

29.48%,

11/20/23

82

81

991108190.UG.FTS.B,

28.98%,

11/23/24

1,780

1,768

991108196.UG.FTS.B,

21.46%,

11/17/24

4,223

4,194

991108215.UG.FTS.B,

19.99%,

11/11/24

749

765

991108227.UG.FTS.B,

28.98%,

11/23/24

368

366

991108230.UG.FTS.B,

19.99%,

11/23/24

132

130

991108247.UG.FTS.B,

29.49%,

11/20/24

27

27

991108248.UG.FTS.B,

29.49%,

11/19/23

-

-

991108253.UG.FTS.B,

29.49%,

11/20/23

412

405

991108267.UG.FTS.B,

29.49%,

11/10/24

291

285

991108274.UG.FTS.B,

29.49%,

11/21/23

564

553

991108289.UG.FTS.B,

28.98%,

11/20/24

2,413

2,395

*

991108299.UG.FTS.B,

28.48%,

11/21/23

258

255

991108309.UG.FTS.B,

19.99%,

11/20/24

390

386

991108318.UG.FTS.B,

18.97%,

11/13/24

433

429

991108326.UG.FTS.B,

29.49%,

11/23/24

102

100

991108329.UG.FTS.B,

29.49%,

11/16/24

270

267

991108343.UG.FTS.B,

29.49%,

11/20/24

73

72

991108348.UG.FTS.B,

28.48%,

11/22/23

380

374

*

991108350.UG.FTS.B,

28.98%,

11/23/24

1,456

107

*

991108360.UG.FTS.B,

29.49%,

11/22/23

48

16

991108375.UG.FTS.B,

29.49%,

11/23/23

807

791

991108391.UG.FTS.B,

28.98%,

11/21/24

91

90

991108414.UG.FTS.B,

29.49%,

11/23/24

262

260

991108416.UG.FTS.B,

27.95%,

11/23/24

62

61

991108417.UG.FTS.B,

17.99%,

11/11/24

94

97

991108419.UG.FTS.B,

28.98%,

11/10/24

150

148

991108441.UG.FTS.B,

29.49%,

11/23/23

341

339

991108457.UG.FTS.B,

29.49%,

11/23/23

62

61

991108462.UG.FTS.B,

28.98%,

11/22/24

-

-

991108475.UG.FTS.B,

29.49%,

11/21/24

-

-

991108487.UG.FTS.B,

19.99%,

11/20/24

453

449

991108488.UG.FTS.B,

29.49%,

11/20/24

20

20

991108509.UG.FTS.B,

29.49%,

11/20/24

562

553

991108547.UG.FTS.B,

29.49%,

11/19/23

278

275

991108554.UG.FTS.B,

29.49%,

11/20/24

1,104

1,093

*

991108572.UG.FTS.B,

29.49%,

11/23/23

15

15

*

991108596.UG.FTS.B,

29.49%,

11/17/24

702

151

991108611.UG.FTS.B,

28.98%,

11/19/24

213

211

991108629.UG.FTS.B,

29.49%,

11/23/24

455

449

991108631.UG.FTS.B,

28.48%,

11/22/23

745

735

*

991108652.UG.FTS.B,

29.49%,

11/19/24

277

273

991108654.UG.FTS.B,

19.99%,

11/23/24

173

172

991108680.UG.FTS.B,

29.49%,

11/23/24

91

89

991108685.UG.FTS.B,

18.98%,

11/13/26

1,213

1,204

991108689.UG.FTS.B,

27.99%,

11/20/24

218

216

991108694.UG.FTS.B,

29.49%,

11/23/24

1,074

1,082

991108731.UG.FTS.B,

22.97%,

11/14/24

1,082

1,072

991108772.UG.FTS.B,

29.49%,

11/20/24

1,004

996

991108792.UG.FTS.B,

29.49%,

11/19/23

265

262

991108800.UG.FTS.B,

29.49%,

11/22/24

387

382

991108827.UG.FTS.B,

28.48%,

11/22/23

75

74

991108861.UG.FTS.B,

29.49%,

11/22/23

170

168

991108887.UG.FTS.B,

28.98%,

11/23/24

159

158

991108896.UG.FTS.B,

28.98%,

11/19/24

449

444

991108900.UG.FTS.B,

29.49%,

11/23/24

1,650

1,698

991108928.UG.FTS.B,

29.49%,

11/19/23

47

46

991108947.UG.FTS.B,

29.49%,

11/11/23

102

104

991108950.UG.FTS.B,

28.98%,

11/22/24

2,631

2,601

991108957.UG.FTS.B,

29.49%,

11/22/24

206

203

991108973.UG.FTS.B,

28.98%,

11/20/24

688

681

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

379

a

991108979.UG.FTS.B,

29.49%,

11/23/23

138

136

991109004.UG.FTS.B,

19.21%,

11/09/24

1,168

1,198

*

991109023.UG.FTS.B,

29.49%,

11/23/24

2,606

2,604

*

991109041.UG.FTS.B,

29.49%,

11/20/23

56

56

991109049.UG.FTS.B,

29.49%,

11/22/24

724

718

991109056.UG.FTS.B,

28.48%,

11/23/23

1,146

1,137

*

991109057.UG.FTS.B,

29.49%,

11/20/24

104

14

991109059.UG.FTS.B,

29.49%,

11/19/23

212

208

991109082.UG.FTS.B,

29.49%,

11/23/24

31

31

991109089.UG.FTS.B,

22.97%,

11/13/24

700

693

991109106.UG.FTS.B,

29.49%,

11/22/24

127

126

*

991109123.UG.FTS.B,

29.49%,

11/21/24

258

19

991109124.UG.FTS.B,

29.49%,

11/20/24

453

448

991109146.UG.FTS.B,

28.98%,

11/09/24

809

791

991109151.UG.FTS.B,

29.49%,

11/23/23

90

88

991109156.UG.FTS.B,

29.49%,

11/19/23

58

57

991109165.UG.FTS.B,

28.98%,

11/19/24

238

233

991109166.UG.FTS.B,

29.49%,

11/18/23

398

395

991109171.UG.FTS.B,

21.48%,

11/14/23

930

916

991109190.UG.FTS.B,

21.98%,

11/18/24

1,279

1,260

991109211.UG.FTS.B,

29.49%,

11/22/24

751

741

991109227.UG.FTS.B,

21.98%,

11/13/24

81

79

991109271.UG.FTS.B,

29.49%,

11/22/24

281

278

991109286.UG.FTS.B,

28.98%,

11/23/24

960

983

991109302.UG.FTS.B,

18.97%,

11/12/24

679

673

991109310.UG.FTS.B,

29.49%,

11/11/23

278

283

991109312.UG.FTS.B,

19.99%,

11/11/24

389

399

991109351.UG.FTS.B,

28.98%,

11/19/24

100

98

991109359.UG.FTS.B,

29.49%,

11/23/23

190

194

991109370.UG.FTS.B,

29.49%,

11/19/23

59

58

991109379.UG.FTS.B,

29.49%,

11/19/24

513

508

991109380.UG.FTS.B,

29.49%,

11/23/24

130

128

*

991109401.UG.FTS.B,

29.49%,

11/23/24

402

30

*

991109437.UG.FTS.B,

23.95%,

11/19/24

110

9

991109457.UG.FTS.B,

29.49%,

11/19/24

446

441

991109468.UG.FTS.B,

26.44%,

11/20/23

304

300

991109469.UG.FTS.B,

28.98%,

11/20/24

1,484

1,457

991109472.UG.FTS.B,

29.49%,

11/22/23

139

137

*

991109474.UG.FTS.B,

29.48%,

11/22/23

395

392

991109475.UG.FTS.B,

29.49%,

11/19/24

226

224

991109483.UG.FTS.B,

29.49%,

11/22/24

553

549

991109500.UG.FTS.B,

29.49%,

11/22/23

17

16

*

991109503.UG.FTS.B,

29.49%,

11/22/23

112

111

991109514.UG.FTS.B,

29.49%,

11/22/24

67

66

*

991109519.UG.FTS.B,

29.49%,

11/20/24

250

248

991109524.UG.FTS.B,

20.46%,

11/19/24

664

657

991109539.UG.FTS.B,

29.49%,

11/21/24

533

524

*

991109541.UG.FTS.B,

21.98%,

11/12/24

300

21

991109551.UG.FTS.B,

28.98%,

11/19/24

1,660

1,630

991109552.UG.FTS.B,

29.48%,

11/22/23

44

43

991109556.UG.FTS.B,

29.49%,

11/21/24

249

246

991109559.UG.FTS.B,

28.48%,

11/23/23

264

261

991109575.UG.FTS.B,

28.98%,

11/16/24

183

182

991109577.UG.FTS.B,

29.49%,

11/21/24

627

612

991109586.UG.FTS.B,

29.49%,

11/22/24

621

616

991109592.UG.FTS.B,

29.49%,

11/21/23

144

142

991109616.UG.FTS.B,

27.99%,

11/23/24

811

805

*

991109619.UG.FTS.B,

18.97%,

11/12/24

293

32

991109631.UG.FTS.B,

29.49%,

11/21/24

856

840

991109636.UG.FTS.B,

19.99%,

11/20/24

179

177

991109638.UG.FTS.B,

29.49%,

11/19/24

227

225

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

380

a

*

991109649.UG.FTS.B,

29.49%,

11/20/23

148

145

991109666.UG.FTS.B,

28.98%,

11/23/24

181

186

991109723.UG.FTS.B,

28.98%,

11/23/24

672

667

991109745.UG.FTS.B,

29.49%,

11/23/23

226

224

991109761.UG.FTS.B,

29.49%,

11/23/24

216

213

991109762.UG.FTS.B,

29.49%,

11/20/24

253

249

991109786.UG.FTS.B,

29.49%,

11/16/24

367

362

991109789.UG.FTS.B,

18.97%,

11/20/24

286

285

991109800.UG.FTS.B,

28.98%,

11/16/24

1,432

1,421

991109801.UG.FTS.B,

21.46%,

11/21/24

790

781

991109805.UG.FTS.B,

29.49%,

11/21/24

39

32

991109812.UG.FTS.B,

28.48%,

11/23/23

361

369

991109823.UG.FTS.B,

29.49%,

11/16/24

986

969

991109825.UG.FTS.B,

21.98%,

11/21/24

405

399

991109836.UG.FTS.B,

29.49%,

11/23/24

62

64

991109891.UG.FTS.B,

29.49%,

11/20/24

101

100

991109911.UG.FTS.B,

29.49%,

11/20/24

5

5

991109919.UG.FTS.B,

28.98%,

11/22/24

42

42

991109941.UG.FTS.B,

29.49%,

11/21/24

29

29

991109963.UG.FTS.B,

29.48%,

11/19/23

20

19

991109974.UG.FTS.B,

29.49%,

11/23/24

224

222

991109990.UG.FTS.B,

29.49%,

11/22/24

446

443

991110003.UG.FTS.B,

28.98%,

12/19/26

-

-

991110027.UG.FTS.B,

29.49%,

11/22/24

248

244

991110080.UG.FTS.B,

14.98%,

11/11/24

677

696

991110086.UG.FTS.B,

19.8%,

11/21/24

1,117

1,111

991110089.UG.FTS.B,

29.49%,

11/23/24

263

261

991110120.UG.FTS.B,

21.48%,

11/20/23

38

38

991110134.UG.FTS.B,

28.98%,

12/20/26

-

-

991110137.UG.FTS.B,

27.99%,

11/20/23

15

15

991110148.UG.FTS.B,

29.49%,

11/23/24

668

663

991110155.UG.FTS.B,

28.98%,

11/22/24

261

256

991110187.UG.FTS.B,

29.49%,

11/21/24

436

433

*

991110192.UG.FTS.B,

29.49%,

11/22/23

52

43

991110196.UG.FTS.B,

20.46%,

11/23/24

16

16

991110203.UG.FTS.B,

29.49%,

11/21/24

222

220

991110204.UG.FTS.B,

18.97%,

11/19/24

1,330

1,320

991110228.UG.FTS.B,

28.98%,

11/23/24

1,398

1,442

991110230.UG.FTS.B,

19.99%,

11/22/24

1,275

1,262

991110240.UG.FTS.B,

29.49%,

11/21/24

367

360

991110253.UG.FTS.B,

29.49%,

11/20/24

298

296

991110257.UG.FTS.B,

29.49%,

11/19/24

103

102

991110258.UG.FTS.B,

29.49%,

11/23/24

474

469

991110274.UG.FTS.B,

29.49%,

11/20/24

1,335

1,324

991110283.UG.FTS.B,

19.99%,

11/21/24

375

372

991110285.UG.FTS.B,

29.49%,

11/11/23

158

160

991110287.UG.FTS.B,

29.49%,

11/22/24

46

45

991110326.UG.FTS.B,

28.98%,

11/19/24

2,297

2,268

*

991110330.UG.FTS.B,

29.49%,

11/22/24

443

443

991110332.UG.FTS.B,

29.49%,

11/22/24

585

573

991110335.UG.FTS.B,

29.49%,

11/23/24

767

761

991110336.UG.FTS.B,

29.48%,

11/20/23

238

235

*

991110344.UG.FTS.B,

29.49%,

11/22/24

122

16

991110351.UG.FTS.B,

19.99%,

11/18/24

241

239

991110358.UG.FTS.B,

28.98%,

11/22/24

249

246

991110395.UG.FTS.B,

29.49%,

11/23/24

1,046

1,046

991110402.UG.FTS.B,

29.49%,

11/11/24

46

46

991110409.UG.FTS.B,

28.48%,

11/23/23

889

882

991110444.UG.FTS.B,

25.44%,

11/21/23

66

65

991110446.UG.FTS.B,

21.48%,

11/15/23

180

177

991110469.UG.FTS.B,

25.95%,

11/23/24

57

57

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

381

a

991110496.UG.FTS.B,

29.49%,

11/23/23

27

26

991110497.UG.FTS.B,

19.99%,

11/23/24

24

24

991110504.UG.FTS.B,

29.49%,

11/23/23

191

189

991110515.UG.FTS.B,

29.49%,

11/20/24

6

6

991110516.UG.FTS.B,

27.99%,

11/22/24

1,460

1,433

991110526.UG.FTS.B,

28.98%,

11/23/24

767

761

991110529.UG.FTS.B,

29.49%,

11/19/24

329

326

991110535.UG.FTS.B,

29.49%,

11/22/23

520

516

991110555.UG.FTS.B,

18.71%,

11/22/23

101

100

991110570.UG.FTS.B,

28.98%,

11/19/24

172

170

991110573.UG.FTS.B,

21.48%,

11/20/23

241

238

991110576.UG.FTS.B,

21.46%,

11/17/24

254

251

991110614.UG.FTS.B,

28.48%,

11/20/23

321

315

991110617.UG.FTS.B,

29.49%,

11/20/24

436

430

991110618.UG.FTS.B,

28.98%,

11/22/24

118

116

*

991110627.UG.FTS.B,

29.49%,

11/23/23

125

18

991110632.UG.FTS.B,

29.49%,

11/22/24

49

48

*

991110649.UG.FTS.B,

29.49%,

11/22/24

65

63

991110655.UG.FTS.B,

29.49%,

11/21/24

199

196

991110656.UG.FTS.B,

29.49%,

11/23/24

47

46

991110659.UG.FTS.B,

29.48%,

11/18/23

267

262

991110664.UG.FTS.B,

28.98%,

11/21/24

84

83

991110667.UG.FTS.B,

28.98%,

11/22/24

67

66

991110688.UG.FTS.B,

18.97%,

1/11/27

-

-

*

991110695.UG.FTS.B,

28.98%,

11/19/24

793

792

991110698.UG.FTS.B,

29.49%,

11/24/24

128

125

991110704.UG.FTS.B,

28.48%,

11/19/23

606

596

991110719.UG.FTS.B,

28.98%,

11/22/24

210

207

991110737.UG.FTS.B,

29.48%,

11/11/23

79

80

*

991110741.UG.FTS.B,

29.49%,

11/23/24

1,997

1,983

991110746.UG.FTS.B,

29.49%,

11/24/24

252

245

991110749.UG.FTS.B,

29.49%,

11/19/23

149

146

991110776.UG.FTS.B,

29.49%,

11/21/23

35

35

991110800.UG.FTS.B,

28.98%,

11/23/24

672

685

991110809.UG.FTS.B,

20.47%,

11/11/23

285

292

991110811.UG.FTS.B,

21.48%,

11/15/23

172

170

991110836.UG.FTS.B,

28.98%,

11/09/24

621

629

991110852.UG.FTS.B,

29.49%,

11/19/24

361

358

991110866.UG.FTS.B,

29.49%,

11/23/23

480

471

991110887.UG.FTS.B,

29.49%,

11/18/23

1,556

1,541

991110890.UG.FTS.B,

29.49%,

11/22/23

320

316

991110912.UG.FTS.B,

29.49%,

11/19/23

10

10

991110924.UG.FTS.B,

28.98%,

11/23/24

191

197

991110931.UG.FTS.B,

19.96%,

11/22/23

777

771

991110958.UG.FTS.B,

28.98%,

11/20/24

195

194

991110963.UG.FTS.B,

22.47%,

11/19/23

501

496

991110966.UG.FTS.B,

21.46%,

11/22/24

906

896

991110967.UG.FTS.B,

29.49%,

11/22/24

-

-

991110975.UG.FTS.B,

29.49%,

11/23/24

1,175

1,162

991110982.UG.FTS.B,

29.48%,

11/23/23

181

177

991110984.UG.FTS.B,

28.98%,

11/24/24

446

442

991110986.UG.FTS.B,

29.49%,

11/21/23

41

41

991110994.UG.FTS.B,

29.49%,

11/23/23

713

703

991111002.UG.FTS.B,

29.49%,

11/24/24

34

34

991111004.UG.FTS.B,

29.49%,

11/19/23

59

58

991111006.UG.FTS.B,

29.49%,

11/24/23

1,505

1,480

991111038.UG.FTS.B,

29.49%,

11/24/23

315

309

991111045.UG.FTS.B,

28.98%,

11/16/24

202

200

*

991111058.UG.FTS.B,

20.97%,

11/24/24

46

46

991111060.UG.FTS.B,

29.49%,

11/23/23

468

464

991111065.UG.FTS.B,

29.49%,

11/21/24

107

105

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

382

a

991111084.UG.FTS.B,

28.98%,

11/23/24

2,262

2,222

991111086.UG.FTS.B,

29.49%,

11/22/23

22

21

991111093.UG.FTS.B,

29.49%,

11/24/23

56

55

991111100.UG.FTS.B,

29.49%,

11/22/23

92

90

991111107.UG.FTS.B,

23.45%,

11/12/23

74

73

*

991111108.UG.FTS.B,

29.49%,

11/22/24

118

9

991111126.UG.FTS.B,

29.49%,

11/24/24

14

14

991111139.UG.FTS.B,

28.48%,

11/21/23

290

288

991111150.UG.FTS.B,

29.49%,

11/23/24

668

656

991111176.UG.FTS.B,

28.98%,

2/17/27

-

-

991111182.UG.FTS.B,

29.49%,

11/22/24

53

53

991111183.UG.FTS.B,

28.48%,

11/17/23

98

96

991111188.UG.FTS.B,

29.49%,

11/09/23

81

79

991111208.UG.FTS.B,

27.99%,

11/23/24

259

257

*

991111223.UG.FTS.B,

29.49%,

11/22/24

111

15

991111224.UG.FTS.B,

29.49%,

11/23/23

156

154

991111225.UG.FTS.B,

28.98%,

11/23/24

176

174

991111228.UG.FTS.B,

28.98%,

11/24/24

629

616

991111242.UG.FTS.B,

29.49%,

11/23/23

3

3

991111244.UG.FTS.B,

28.98%,

11/19/24

51

50

*

991111274.UG.FTS.B,

28.98%,

11/19/24

783

782

991111280.UG.FTS.B,

19.96%,

11/20/23

162

160

991111326.UG.FTS.B,

21.46%,

11/21/24

117

116

991111330.UG.FTS.B,

19.8%,

11/24/24

1,030

1,026

991111355.UG.FTS.B,

29.49%,

11/11/23

44

44

*

991111366.UG.FTS.B,

19.99%,

11/20/24

33

5

991111371.UG.FTS.B,

29.49%,

11/23/24

702

693

991111389.UG.FTS.B,

28.48%,

11/20/23

33

28

991111418.UG.FTS.B,

29.49%,

11/19/24

743

736

991111433.UG.FTS.B,

29.49%,

11/23/23

79

78

991111495.UG.FTS.B,

28.98%,

11/24/24

286

284

991111504.UG.FTS.B,

29.49%,

11/19/24

16

16

991111507.UG.FTS.B,

29.49%,

11/21/24

207

201

991111511.UG.FTS.B,

29.49%,

11/23/24

444

436

991111547.UG.FTS.B,

18.47%,

11/24/23

34

34

991111569.UG.FTS.B,

29.49%,

11/23/24

118

119

991111596.UG.FTS.B,

29.49%,

11/23/24

470

484

991111603.UG.FTS.B,

28.98%,

11/24/24

852

846

991111604.UG.FTS.B,

29.49%,

11/20/24

104

102

991111612.UG.FTS.B,

27.99%,

11/16/23

106

105

991111615.UG.FTS.B,

28.98%,

11/21/24

101

100

991111641.UG.FTS.B,

29.49%,

11/11/24

85

86

991111651.UG.FTS.B,

18.97%,

11/19/24

460

457

991111670.UG.FTS.B,

29.49%,

11/24/23

2

2

991111693.UG.FTS.B,

19.99%,

11/23/24

640

627

991111700.UG.FTS.B,

28.48%,

11/24/23

342

349

*

991111721.UG.FTS.B,

28.98%,

11/24/24

520

38

991111730.UG.FTS.B,

29.49%,

11/19/23

203

201

991111734.UG.FTS.B,

28.98%,

11/23/24

21

21

991111741.UG.FTS.B,

29.49%,

11/24/24

843

866

991111753.UG.FTS.B,

18.47%,

11/24/23

55

54

991111774.UG.FTS.B,

29.49%,

11/20/23

86

85

991111797.UG.FTS.B,

29.49%,

11/23/23

595

587

991111799.UG.FTS.B,

29.49%,

11/21/23

738

730

991111804.UG.FTS.B,

29.49%,

11/23/23

48

48

991111822.UG.FTS.B,

29.49%,

11/20/24

186

184

991111830.UG.FTS.B,

21.98%,

11/24/24

326

337

991111833.UG.FTS.B,

29.49%,

11/22/24

79

78

991111840.UG.FTS.B,

28.98%,

11/24/24

88

87

991111844.UG.FTS.B,

29.49%,

11/19/24

63

62

991111855.UG.FTS.B,

28.98%,

11/24/24

100

103

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

383

a

991111873.UG.FTS.B,

29.49%,

11/20/24

692

678

991111878.UG.FTS.B,

28.48%,

11/21/23

667

655

*

991111882.UG.FTS.B,

29.49%,

11/23/24

519

40

*

991111890.UG.FTS.B,

28.98%,

11/19/24

129

17

991111928.UG.FTS.B,

28.98%,

11/22/24

1,114

1,102

991111942.UG.FTS.B,

29.49%,

11/23/24

184

188

991111945.UG.FTS.B,

29.49%,

11/23/24

496

487

991111952.UG.FTS.B,

21.98%,

11/19/24

328

324

*

991111957.UG.FTS.B,

29.49%,

11/22/23

151

21

991112006.UG.FTS.B,

29.49%,

11/22/23

187

185

991112012.UG.FTS.B,

29.49%,

11/24/24

114

113

991112013.UG.FTS.B,

21.46%,

11/24/24

444

439

991112017.UG.FTS.B,

28.98%,

11/19/24

779

773

991112049.UG.FTS.B,

29.49%,

11/19/24

1

1

991112069.UG.FTS.B,

29.49%,

11/21/23

98

96

991112071.UG.FTS.B,

29.49%,

11/20/24

432

429

991112073.UG.FTS.B,

29.49%,

11/22/24

325

322

991112083.UG.FTS.B,

28.98%,

11/21/24

2,315

2,298

991112133.UG.FTS.B,

28.98%,

11/22/24

438

430

*

991112136.UG.FTS.B,

29.49%,

11/21/24

92

12

991112148.UG.FTS.B,

21.98%,

11/18/24

428

423

991112160.UG.FTS.B,

29.49%,

11/23/24

877

859

991112167.UG.FTS.B,

29.49%,

11/20/24

129

127

991112172.UG.FTS.B,

29.49%,

11/23/24

11

11

991112188.UG.FTS.B,

29.49%,

11/24/23

51

50

991112199.UG.FTS.B,

17.49%,

11/10/23

166

164

991112213.UG.FTS.B,

28.98%,

11/18/24

157

156

991112214.UG.FTS.B,

29.49%,

11/20/24

33

32

991112229.UG.FTS.B,

29.49%,

11/21/24

216

214

991112242.UG.FTS.B,

29.49%,

11/23/24

1,048

1,037

991112268.UG.FTS.B,

28.98%,

11/24/24

374

370

991112281.UG.FTS.B,

29.49%,

11/20/24

8

8

991112301.UG.FTS.B,

19.99%,

11/21/24

405

401

991112305.UG.FTS.B,

29.49%,

11/19/23

145

142

991112308.UG.FTS.B,

28.98%,

11/16/24

284

279

991112337.UG.FTS.B,

28.48%,

11/19/23

7

6

991112339.UG.FTS.B,

29.49%,

11/22/24

383

379

*

991112340.UG.FTS.B,

29.48%,

11/21/23

4

4

991112344.UG.FTS.B,

29.49%,

11/19/23

52

51

991112355.UG.FTS.B,

29.49%,

11/18/24

1,464

1,431

991112369.UG.FTS.B,

29.49%,

11/21/24

175

174

991112371.UG.FTS.B,

29.49%,

11/20/24

101

100

991112414.UG.FTS.B,

29.49%,

11/20/24

233

230

991112419.UG.FTS.B,

29.49%,

11/22/24

353

350

991112437.UG.FTS.B,

29.49%,

11/21/24

414

410

991112488.UG.FTS.B,

28.98%,

11/18/24

139

136

991112493.UG.FTS.B,

29.49%,

11/21/23

1,393

1,375

991112506.UG.FTS.B,

29.49%,

11/11/24

188

193

991112513.UG.FTS.B,

22.97%,

11/15/24

598

592

*

991112517.UG.FTS.B,

28.98%,

11/23/24

1

1

991112519.UG.FTS.B,

29.49%,

11/22/24

596

585

991112533.UG.FTS.B,

29.49%,

11/22/24

305

300

991112560.UG.FTS.B,

19.8%,

11/14/24

770

762

991112572.UG.FTS.B,

29.49%,

11/20/24

906

888

991112584.UG.FTS.B,

28.98%,

11/16/24

186

183

991112590.UG.FTS.B,

18.97%,

11/18/24

200

198

991112626.UG.FTS.B,

19.96%,

11/14/23

115

113

991112633.UG.FTS.B,

28.98%,

11/11/24

104

106

991112640.UG.FTS.B,

21.46%,

11/24/24

558

553

991112665.UG.FTS.B,

19.96%,

11/19/23

32

32

991112668.UG.FTS.B,

29.49%,

11/23/23

92

90

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

384

a

991112673.UG.FTS.B,

28.98%,

11/21/24

158

156

991112681.UG.FTS.B,

29.49%,

11/24/24

450

443

991112695.UG.FTS.B,

29.49%,

11/23/24

48

48

991112707.UG.FTS.B,

18.97%,

11/13/24

1,239

1,224

991112731.UG.FTS.B,

28.98%,

11/22/24

708

694

*

991112735.UG.FTS.B,

28.98%,

11/21/24

64

9

991112737.UG.FTS.B,

28.98%,

11/23/24

287

284

991112743.UG.FTS.B,

29.48%,

11/11/23

175

179

991112744.UG.FTS.B,

21.46%,

11/24/24

2,807

2,778

991112752.UG.FTS.B,

28.48%,

11/18/23

213

211

991112755.UG.FTS.B,

28.98%,

11/24/24

510

507

991112757.UG.FTS.B,

29.49%,

11/22/24

126

124

991112758.UG.FTS.B,

29.49%,

11/22/24

356

351

991112759.UG.FTS.B,

19.3%,

11/19/23

364

362

991112797.UG.FTS.B,

29.49%,

11/24/24

135

134

991112802.UG.FTS.B,

28.98%,

11/24/24

1,055

1,085

991112804.UG.FTS.B,

29.49%,

11/24/24

71

70

991112812.UG.FTS.B,

26.44%,

11/24/23

273

271

*

991112817.UG.FTS.B,

20.46%,

11/20/24

3,778

447

991112840.UG.FTS.B,

28.98%,

11/11/24

226

231

991112842.UG.FTS.B,

28.98%,

11/23/24

96

95

991112852.UG.FTS.B,

29.49%,

11/21/24

843

822

991112882.UG.FTS.B,

29.49%,

11/21/24

986

978

991112883.UG.FTS.B,

28.98%,

11/11/24

275

273

991112913.UG.FTS.B,

28.48%,

11/11/23

231

236

991112938.UG.FTS.B,

19.99%,

11/20/24

313

309

*

991112958.UG.FTS.B,

29.49%,

11/21/24

23

3

991112976.UG.FTS.B,

28.98%,

11/19/24

169

166

991112977.UG.FTS.B,

23.95%,

11/14/24

192

189

991112979.UG.FTS.B,

28.48%,

11/24/23

134

133

991113009.UG.FTS.B,

29.49%,

11/20/23

93

92

991113013.UG.FTS.B,

29.49%,

11/19/23

164

161

991113016.UG.FTS.B,

29.49%,

11/24/24

826

819

991113027.UG.FTS.B,

22.47%,

11/17/23

577

571

991113030.UG.FTS.B,

29.49%,

11/21/24

85

84

*

991113047.UG.FTS.B,

29.49%,

11/24/24

125

10

991113063.UG.FTS.B,

29.49%,

2/17/27

-

-

991113074.UG.FTS.B,

29.49%,

11/19/23

419

410

991113077.UG.FTS.B,

29.49%,

11/21/23

11

11

991113079.UG.FTS.B,

21.46%,

11/19/24

1,543

1,525

991113091.UG.FTS.B,

29.49%,

11/23/24

193

191

991113097.UG.FTS.B,

28.98%,

11/18/24

254

251

*

991113102.UG.FTS.B,

29.49%,

1/21/27

5

5

991113103.UG.FTS.B,

29.49%,

11/21/24

200

198

*

991113115.UG.FTS.B,

29.49%,

11/22/24

48

47

991113123.UG.FTS.B,

28.98%,

11/19/24

111

110

991113130.UG.FTS.B,

28.98%,

11/21/24

390

384

991113138.UG.FTS.B,

28.98%,

11/19/24

99

98

991113140.UG.FTS.B,

28.98%,

11/23/24

1,003

995

991113142.UG.FTS.B,

28.48%,

11/22/23

27

27

991113178.UG.FTS.B,

29.49%,

11/22/24

402

399

991113184.UG.FTS.B,

27.99%,

11/23/24

134

131

991113216.UG.FTS.B,

29.49%,

11/21/24

33

33

991113220.UG.FTS.B,

29.49%,

11/23/24

226

222

*

991113254.UG.FTS.B,

28.98%,

11/23/24

215

214

991113309.UG.FTS.B,

29.49%,

11/22/24

20

18

991113313.UG.FTS.B,

28.98%,

11/23/24

1,649

1,696

991113314.UG.FTS.B,

28.98%,

11/19/24

842

824

*

991113325.UG.FTS.B,

29.49%,

11/23/24

121

16

991113347.UG.FTS.B,

29.49%,

11/24/24

1,431

1,410

991113357.UG.FTS.B,

26.44%,

11/20/23

34

34

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

385

a

991113363.UG.FTS.B,

28.48%,

11/24/23

572

568

991113372.UG.FTS.B,

28.98%,

11/19/24

491

487

991113377.UG.FTS.B,

29.48%,

11/22/23

482

474

991113408.UG.FTS.B,

21.46%,

11/22/24

165

164

*

991113439.UG.FTS.B,

29.49%,

11/22/23

16

1

*

991113444.UG.FTS.B,

29.49%,

11/24/23

62

61

991113450.UG.FTS.B,

29.49%,

11/21/24

382

373

991113465.UG.FTS.B,

29.48%,

11/24/23

124

122

991113469.UG.FTS.B,

29.49%,

11/23/24

196

194

991113486.UG.FTS.B,

29.49%,

11/11/24

398

403

991113487.UG.FTS.B,

29.49%,

11/24/24

17

16

991113516.UG.FTS.B,

29.49%,

11/22/24

227

221

991113529.UG.FTS.B,

28.48%,

11/21/23

366

361

991113566.UG.FTS.B,

28.98%,

11/23/24

277

277

991113610.UG.FTS.B,

28.98%,

11/10/24

1,166

1,148

*

991113617.UG.FTS.B,

28.98%,

11/23/24

475

491

991113618.UG.FTS.B,

29.49%,

11/20/24

435

430

991113621.UG.FTS.B,

29.49%,

11/11/24

1,692

1,704

991113632.UG.FTS.B,

21.46%,

11/11/24

590

599

*

991113641.UG.FTS.B,

29.49%,

11/19/23

128

127

991113657.UG.FTS.B,

25.95%,

11/12/23

860

848

*

991113676.UG.FTS.B,

29.49%,

11/21/24

266

262

991113685.UG.FTS.B,

29.49%,

11/21/24

73

72

991113693.UG.FTS.B,

29.49%,

11/20/24

225

222

991113695.UG.FTS.B,

29.49%,

11/20/24

1,173

1,164

991113709.UG.FTS.B,

28.98%,

11/24/24

1,000

1,032

991113711.UG.FTS.B,

29.49%,

11/21/23

12

12

991113714.UG.FTS.B,

29.49%,

1/17/27

-

-

991113728.UG.FTS.B,

29.49%,

11/20/24

644

634

991113745.UG.FTS.B,

21.97%,

11/22/24

1,767

1,747

991113753.UG.FTS.B,

21.98%,

11/15/24

103

101

991113758.UG.FTS.B,

21.46%,

11/23/24

168

167

991113763.UG.FTS.B,

20.47%,

11/13/23

327

323

*

991113770.UG.FTS.B,

22.47%,

11/19/23

375

48

991113771.UG.FTS.B,

29.49%,

11/19/23

154

153

991113773.UG.FTS.B,

28.98%,

11/20/24

334

332

991113775.UG.FTS.B,

23.45%,

11/15/23

58

57

991113825.UG.FTS.B,

28.98%,

11/24/24

140

139

991113830.UG.FTS.B,

29.49%,

11/24/24

1,335

1,317

991113844.UG.FTS.B,

21.46%,

11/22/24

183

181

991113866.UG.FTS.B,

29.49%,

11/24/24

488

488

991113878.UG.FTS.B,

29.49%,

11/23/24

604

598

991113880.UG.FTS.B,

29.49%,

11/24/23

534

525

991113882.UG.FTS.B,

29.49%,

11/19/24

375

371

991113893.UG.FTS.B,

19.99%,

11/23/24

58

57

991113909.UG.FTS.B,

29.49%,

11/22/23

28

28

*

991113910.UG.FTS.B,

29.49%,

11/24/24

362

359

991113918.UG.FTS.B,

29.49%,

11/23/23

236

239

991113920.UG.FTS.B,

28.98%,

11/23/24

107

106

991113925.UG.FTS.B,

29.49%,

11/18/24

454

448

991113927.UG.FTS.B,

29.49%,

11/19/23

125

122

991113929.UG.FTS.B,

22.47%,

2/10/27

-

-

991113930.UG.FTS.B,

28.48%,

11/23/23

175

172

991113936.UG.FTS.B,

29.49%,

11/24/24

374

370

991113938.UG.FTS.B,

28.98%,

11/21/24

323

320

991113942.UG.FTS.B,

18.71%,

11/15/23

305

303

991113946.UG.FTS.B,

29.49%,

11/19/23

97

95

991113952.UG.FTS.B,

29.49%,

11/22/24

51

50

*

991113956.UG.FTS.B,

29.49%,

11/24/23

296

72

*

991113963.UG.FTS.B,

29.49%,

11/23/24

221

219

991113994.UG.FTS.B,

29.49%,

11/11/24

17

17

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

386

a

991114014.UG.FTS.B,

29.49%,

11/21/24

40

40

*

991114026.UG.FTS.B,

29.49%,

11/24/24

45

45

991114046.UG.FTS.B,

28.98%,

11/19/24

172

169

991114058.UG.FTS.B,

28.98%,

11/21/24

51

51

991114064.UG.FTS.B,

29.48%,

11/23/23

24

24

991114066.UG.FTS.B,

19.8%,

11/12/24

193

190

991114067.UG.FTS.B,

27.99%,

11/23/23

22

22

991114083.UG.FTS.B,

29.49%,

11/19/24

125

123

991114112.UG.FTS.B,

29.49%,

11/21/24

254

249

991114118.UG.FTS.B,

29.49%,

11/11/23

14

14

991114120.UG.FTS.B,

19.97%,

11/13/24

16

16

991114124.UG.FTS.B,

29.49%,

11/23/24

860

848

991114125.UG.FTS.B,

28.48%,

11/21/23

128

127

*

991114131.UG.FTS.B,

29.48%,

11/20/23

138

137

*

991114142.UG.FTS.B,

28.48%,

11/24/23

396

385

991114157.UG.FTS.B,

28.98%,

11/24/24

163

162

991114162.UG.FTS.B,

21.98%,

11/20/24

845

840

991114167.UG.FTS.B,

28.48%,

11/22/23

21

21

991114168.UG.FTS.B,

28.98%,

11/24/24

1,095

1,078

991114190.UG.FTS.B,

19.99%,

11/23/24

100

99

991114211.UG.FTS.B,

18.97%,

11/22/24

687

684

991114213.UG.FTS.B,

28.98%,

11/18/24

182

179

*

991114217.UG.FTS.B,

29.49%,

11/23/23

112

9

991114226.UG.FTS.B,

29.49%,

11/22/24

538

529

991114228.UG.FTS.B,

29.48%,

11/23/23

178

175

991114266.UG.FTS.B,

29.49%,

11/23/23

43

42

991114267.UG.FTS.B,

29.48%,

11/11/23

56

57

991114269.UG.FTS.B,

19.3%,

11/13/23

96

95

991114289.UG.FTS.B,

29.49%,

11/24/24

112

110

991114290.UG.FTS.B,

29.49%,

11/23/23

658

648

991114305.UG.FTS.B,

29.49%,

11/21/24

77

76

991114314.UG.FTS.B,

29.49%,

11/19/24

570

565

991114374.UG.FTS.B,

29.49%,

11/21/24

652

639

991114388.UG.FTS.B,

29.49%,

11/22/23

38

37

*

991114394.UG.FTS.B,

29.49%,

11/20/23

98

98

991114408.UG.FTS.B,

29.49%,

11/18/24

-

-

991114413.UG.FTS.B,

21.98%,

11/21/24

526

523

991114448.UG.FTS.B,

29.49%,

11/23/23

30

29

*

991114451.UG.FTS.B,

21.46%,

11/20/24

1,186

1,178

*

991114452.UG.FTS.B,

29.49%,

11/23/24

765

758

991114456.UG.FTS.B,

28.98%,

11/24/24

128

126

991114461.UG.FTS.B,

28.48%,

11/21/23

68

67

991114465.UG.FTS.B,

19.99%,

11/22/24

427

419

991114478.UG.FTS.B,

28.98%,

11/23/24

517

513

991114496.UG.FTS.B,

28.98%,

11/19/24

165

163

991114497.UG.FTS.B,

29.49%,

11/24/24

11

11

991114512.UG.FTS.B,

29.49%,

11/23/23

295

291

991114522.UG.FTS.B,

28.98%,

11/19/24

573

569

*

991114529.UG.FTS.B,

29.49%,

11/22/23

19

18

991114531.UG.FTS.B,

19.99%,

11/23/24

191

189

991114535.UG.FTS.B,

29.49%,

11/16/23

72

72

991114541.UG.FTS.B,

19.99%,

11/21/24

277

275

*

991114547.UG.FTS.B,

29.49%,

11/11/24

22

20

991114561.UG.FTS.B,

25.45%,

11/16/23

75

74

991114571.UG.FTS.B,

21.46%,

11/23/24

434

431

991114587.UG.FTS.B,

29.49%,

11/23/24

76

75

991114589.UG.FTS.B,

29.49%,

11/24/24

370

367

991114609.UG.FTS.B,

21.98%,

11/21/24

955

945

991114610.UG.FTS.B,

29.49%,

11/22/24

144

143

*

991114614.UG.FTS.B,

29.49%,

11/22/24

239

235

*

991114640.UG.FTS.B,

28.98%,

11/23/24

486

486

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

387

a

991114659.UG.FTS.B,

28.98%,

11/20/24

697

688

991114689.UG.FTS.B,

29.49%,

11/20/23

154

151

991114708.UG.FTS.B,

23.45%,

11/15/23

181

178

991114717.UG.FTS.B,

28.98%,

11/19/24

171

170

991114727.UG.FTS.B,

28.48%,

11/21/23

340

336

991114729.UG.FTS.B,

28.98%,

11/22/24

36

36

991114737.UG.FTS.B,

28.98%,

11/20/24

195

192

991114740.UG.FTS.B,

29.49%,

11/19/23

56

55

991114743.UG.FTS.B,

28.98%,

11/19/24

105

104

991114749.UG.FTS.B,

29.49%,

11/19/24

631

622

991114757.UG.FTS.B,

28.98%,

11/24/24

63

62

991114764.UG.FTS.B,

29.49%,

11/11/24

543

556

991114767.UG.FTS.B,

18.97%,

11/20/24

247

247

991114770.UG.FTS.B,

29.49%,

11/19/23

49

49

991114774.UG.FTS.B,

29.48%,

11/22/23

307

302

991114777.UG.FTS.B,

29.49%,

11/20/24

273

269

991114808.UG.FTS.B,

28.48%,

11/22/23

268

265

991114837.UG.FTS.B,

28.98%,

11/25/24

1,189

1,223

991114866.UG.FTS.B,

29.49%,

11/20/24

439

435

991114868.UG.FTS.B,

29.49%,

11/20/23

30

30

991114896.UG.FTS.B,

29.49%,

11/19/23

44

43

991114903.UG.FTS.B,

16.99%,

11/25/24

8,354

8,307

*

991114905.UG.FTS.B,

29.49%,

11/22/24

106

105

991114926.UG.FTS.B,

29.49%,

11/22/24

77

76

991114937.UG.FTS.B,

28.98%,

11/11/24

36

36

991114960.UG.FTS.B,

29.49%,

11/11/24

3

3

991114983.UG.FTS.B,

28.98%,

11/24/24

315

312

991114995.UG.FTS.B,

29.49%,

11/21/24

22

22

991115007.UG.FTS.B,

29.49%,

11/24/24

468

475

*

991115011.UG.FTS.B,

29.49%,

11/24/24

30

2

991115014.UG.FTS.B,

29.49%,

11/20/24

278

275

991115021.UG.FTS.B,

27.99%,

11/24/24

8

8

*

991115039.UG.FTS.B,

29.49%,

11/23/24

194

191

991115050.UG.FTS.B,

28.98%,

11/20/24

329

323

991115058.UG.FTS.B,

19.21%,

11/14/24

233

230

991115061.UG.FTS.B,

28.98%,

11/22/24

173

171

991115106.UG.FTS.B,

28.98%,

11/24/24

490

484

991115112.UG.FTS.B,

29.49%,

11/23/24

368

364

*

991115127.UG.FTS.B,

29.49%,

11/20/24

146

19

991115135.UG.FTS.B,

29.49%,

11/25/24

292

298

991115137.UG.FTS.B,

19.8%,

11/22/24

1,284

1,272

991115150.UG.FTS.B,

28.98%,

11/20/24

272

269

991115154.UG.FTS.B,

21.48%,

11/12/23

22

22

*

991115161.UG.FTS.B,

29.49%,

11/23/24

292

(1)

*

991115171.UG.FTS.B,

15%,

11/11/24

50

41

991115200.UG.FTS.B,

28.98%,

11/19/24

12

12

991115207.UG.FTS.B,

28.98%,

11/23/24

147

145

991115233.UG.FTS.B,

29.49%,

11/22/23

660

645

991115249.UG.FTS.B,

29.49%,

11/18/23

97

96

991115278.UG.FTS.B,

28.98%,

11/19/24

813

797

991115313.UG.FTS.B,

21.98%,

11/25/24

3,034

3,005

991115318.UG.FTS.B,

21.97%,

11/25/24

3,691

3,810

991115328.UG.FTS.B,

29.49%,

11/21/24

79

78

991115331.UG.FTS.B,

28.98%,

11/25/24

140

144

991115351.UG.FTS.B,

29.49%,

11/19/23

13

13

991115361.UG.FTS.B,

19.21%,

11/24/24

806

801

991115378.UG.FTS.B,

28.98%,

11/23/24

180

179

991115393.UG.FTS.B,

28.48%,

11/24/23

322

318

991115396.UG.FTS.B,

29.49%,

11/19/24

1,250

1,236

991115402.UG.FTS.B,

20.96%,

11/23/23

132

131

*

991115405.UG.FTS.B,

25.94%,

11/22/24

500

496

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

388

a

991115413.UG.FTS.B,

29.49%,

11/19/23

108

107

991115436.UG.FTS.B,

28.98%,

11/25/24

456

457

991115442.UG.FTS.B,

29.49%,

11/19/23

162

159

991115452.UG.FTS.B,

21.98%,

11/15/24

2,694

2,670

991115476.UG.FTS.B,

28.98%,

11/24/24

203

202

991115499.UG.FTS.B,

29.49%,

11/20/24

40

39

991115508.UG.FTS.B,

29.49%,

11/20/23

190

188

991115516.UG.FTS.B,

29.49%,

11/21/23

180

177

*

991115531.UG.FTS.B,

29.49%,

11/19/24

651

48

991115550.UG.FTS.B,

29.49%,

11/21/24

863

857

*

991115594.UG.FTS.B,

22.97%,

11/25/24

899

70

991115608.UG.FTS.B,

29.49%,

11/19/24

189

187

991115610.UG.FTS.B,

29.49%,

11/24/23

124

121

991115625.UG.FTS.B,

29.49%,

11/22/24

19

19

991115645.UG.FTS.B,

20.46%,

11/18/24

1,690

1,674

991115661.UG.FTS.B,

28.98%,

11/25/24

266

274

991115666.UG.FTS.B,

29.49%,

11/24/24

687

679

991115677.UG.FTS.B,

29.49%,

11/22/24

47

46

991115678.UG.FTS.B,

29.49%,

11/17/23

38

37

991115683.UG.FTS.B,

18.98%,

11/13/26

2,917

2,900

991115705.UG.FTS.B,

28.98%,

11/25/24

71

71

991115707.UG.FTS.B,

28.98%,

11/25/24

159

164

991115731.UG.FTS.B,

28.98%,

11/24/24

730

725

991115744.UG.FTS.B,

21.97%,

11/19/24

246

242

991115753.UG.FTS.B,

28.98%,

11/23/24

94

96

991115754.UG.FTS.B,

29.49%,

11/21/23

245

242

991115757.UG.FTS.B,

28.98%,

11/21/24

148

146

991115770.UG.FTS.B,

19.8%,

11/19/24

114

113

991115771.UG.FTS.B,

28.98%,

11/24/24

166

164

991115779.UG.FTS.B,

27.99%,

11/22/24

1,333

1,317

991115781.UG.FTS.B,

28.98%,

11/20/24

33

33

991115785.UG.FTS.B,

29.49%,

11/11/24

1,944

1,992

991115789.UG.FTS.B,

29.49%,

11/23/24

2,778

2,733

991115790.UG.FTS.B,

19.99%,

11/23/24

143

142

991115795.UG.FTS.B,

28.98%,

11/23/24

515

531

991115816.UG.FTS.B,

28.98%,

11/24/24

549

542

991115818.UG.FTS.B,

28.98%,

11/18/24

150

147

991115841.UG.FTS.B,

29.49%,

11/23/24

1,385

1,370

991115845.UG.FTS.B,

29.49%,

11/23/24

80

79

991115849.UG.FTS.B,

19.8%,

11/25/24

2,283

2,274

991115850.UG.FTS.B,

29.49%,

1/23/27

-

-

*

991115852.UG.FTS.B,

29.49%,

11/24/24

116

115

991115876.UG.FTS.B,

29.49%,

11/22/24

413

409

991115887.UG.FTS.B,

28.98%,

11/24/24

232

230

991115893.UG.FTS.B,

28.98%,

11/21/24

803

797

991115900.UG.FTS.B,

19.99%,

11/19/24

4

4

991115925.UG.FTS.B,

29.49%,

11/25/24

106

108

991115926.UG.FTS.B,

29.49%,

11/25/24

701

723

*

991115930.UG.FTS.B,

29.49%,

11/21/24

703

698

991115949.UG.FTS.B,

19.99%,

11/11/24

295

303

991115955.UG.FTS.B,

29.49%,

11/25/24

72

59

991115956.UG.FTS.B,

28.98%,

11/24/24

2,075

2,039

991115957.UG.FTS.B,

29.49%,

11/23/23

38

38

991115961.UG.FTS.B,

29.49%,

11/24/24

55

54

*

991115967.UG.FTS.B,

29.49%,

11/25/24

142

147

991115973.UG.FTS.B,

29.49%,

11/23/23

424

420

*

991115976.UG.FTS.B,

29.49%,

11/19/24

143

10

991115984.UG.FTS.B,

29.48%,

11/20/23

47

46

991115995.UG.FTS.B,

28.98%,

11/25/24

70

72

991115998.UG.FTS.B,

19.8%,

11/19/24

18

18

991116000.UG.FTS.B,

21.98%,

11/22/24

521

515

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

389

a

991116006.UG.FTS.B,

29.49%,

11/22/24

103

101

991116011.UG.FTS.B,

29.49%,

11/23/24

165

163

991116037.UG.FTS.B,

29.49%,

11/19/23

26

25

991116041.UG.FTS.B,

29.48%,

11/23/23

137

136

991116045.UG.FTS.B,

29.49%,

11/21/24

569

555

991116051.UG.FTS.B,

29.49%,

11/24/23

643

633

991116059.UG.FTS.B,

29.49%,

11/23/23

120

118

991116067.UG.FTS.B,

29.49%,

11/23/23

249

246

991116090.UG.FTS.B,

28.98%,

11/25/24

2,407

2,484

991116103.UG.FTS.B,

29.49%,

11/25/24

180

185

991116148.UG.FTS.B,

29.48%,

11/24/23

25

25

991116156.UG.FTS.B,

29.49%,

11/22/24

161

158

991116157.UG.FTS.B,

29.49%,

11/11/24

156

159

991116179.UG.FTS.B,

29.49%,

11/23/24

188

192

991116188.UG.FTS.B,

29.49%,

11/25/24

160

165

991116196.UG.FTS.B,

19.21%,

11/15/24

1,178

1,170

991116199.UG.FTS.B,

29.49%,

11/23/23

533

527

*

991116202.UG.FTS.B,

21.48%,

11/15/23

1,316

157

*

991116203.UG.FTS.B,

29.49%,

1/19/27

3

1

*

991116204.UG.FTS.B,

29.49%,

11/21/23

16

15

991116212.UG.FTS.B,

29.49%,

11/23/24

135

134

991116224.UG.FTS.B,

29.49%,

2/18/27

5

5

991116240.UG.FTS.B,

20.47%,

11/19/23

66

65

991116243.UG.FTS.B,

29.49%,

11/23/23

56

55

991116246.UG.FTS.B,

29.49%,

11/25/23

411

419

991116248.UG.FTS.B,

29.49%,

11/11/24

105

107

991116274.UG.FTS.B,

29.48%,

11/24/23

62

62

991116277.UG.FTS.B,

29.49%,

11/25/23

87

89

991116292.UG.FTS.B,

28.98%,

11/25/24

565

579

991116295.UG.FTS.B,

29.49%,

11/21/24

1,091

1,082

991116301.UG.FTS.B,

29.49%,

11/20/24

30

29

991116328.UG.FTS.B,

29.49%,

11/19/24

347

343

991116343.UG.FTS.B,

29.49%,

11/19/23

281

278

991116348.UG.FTS.B,

29.49%,

11/18/23

230

228

991116352.UG.FTS.B,

29.49%,

11/23/24

109

112

*

991116355.UG.FTS.B,

29.49%,

11/24/23

87

61

*

991116379.UG.FTS.B,

29.49%,

11/24/23

68

67

991116411.UG.FTS.B,

29.48%,

11/21/23

1,901

1,869

991116419.UG.FTS.B,

29.49%,

11/19/24

87

84

991116441.UG.FTS.B,

29.49%,

11/21/24

367

364

991116442.UG.FTS.B,

29.49%,

11/25/24

1,394

1,437

991116475.UG.FTS.B,

29.49%,

11/25/24

749

772

991116478.UG.FTS.B,

28.98%,

11/11/24

129

132

991116509.UG.FTS.B,

29.49%,

11/25/24

200

206

991116514.UG.FTS.B,

29.49%,

11/19/23

110

108

*

991116522.UG.FTS.B,

29.49%,

11/23/24

30

3

991116525.UG.FTS.B,

29.49%,

11/23/24

115

114

991116567.UG.FTS.B,

28.98%,

11/21/24

7

7

991116569.UG.FTS.B,

28.48%,

11/24/23

204

202

991116572.UG.FTS.B,

29.49%,

11/23/24

148

146

991116593.UG.FTS.B,

29.49%,

11/23/24

145

144

991116602.UG.FTS.B,

28.98%,

11/22/24

647

640

991116614.UG.FTS.B,

28.98%,

11/23/24

599

595

991116622.UG.FTS.B,

29.49%,

11/19/23

66

64

991116656.UG.FTS.B,

29.49%,

11/25/23

335

344

991116677.UG.FTS.B,

28.98%,

11/21/24

121

119

991116687.UG.FTS.B,

29.49%,

11/24/23

283

280

991116696.UG.FTS.B,

27.99%,

11/24/24

65

64

991116704.UG.FTS.B,

28.98%,

11/21/24

160

158

991116716.UG.FTS.B,

21.98%,

11/25/24

687

706

991116743.UG.FTS.B,

29.49%,

11/22/24

381

374

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

390

a

*

991116748.UG.FTS.B,

29.49%,

11/21/24

79

19

991116749.UG.FTS.B,

28.98%,

11/25/24

848

840

991116765.UG.FTS.B,

28.98%,

11/24/24

194

192

991116767.UG.FTS.B,

28.98%,

11/16/24

112

110

991116778.UG.FTS.B,

29.49%,

11/23/24

566

561

991116783.UG.FTS.B,

29.49%,

11/19/24

7

7

991116796.UG.FTS.B,

29.49%,

11/23/23

48

48

991116814.UG.FTS.B,

29.48%,

11/21/23

242

239

*

991116817.UG.FTS.B,

29.49%,

11/24/23

432

61

991116837.UG.FTS.B,

29.49%,

11/25/24

708

702

991116852.UG.FTS.B,

29.49%,

11/22/24

97

96

991116885.UG.FTS.B,

29.49%,

11/25/24

356

351

991116891.UG.FTS.B,

29.49%,

11/24/23

60

59

991116892.UG.FTS.B,

23.45%,

11/22/23

10

10

991116895.UG.FTS.B,

19.99%,

11/24/24

2,756

2,845

991116896.UG.FTS.B,

29.49%,

11/22/24

239

236

991116897.UG.FTS.B,

29.49%,

11/23/24

255

251

991116908.UG.FTS.B,

28.98%,

11/20/24

533

524

*

991116922.UG.FTS.B,

29.49%,

11/24/24

59

59

991116937.UG.FTS.B,

19.21%,

11/25/24

334

332

991116962.UG.FTS.B,

29.48%,

11/18/23

216

213

991116973.UG.FTS.B,

28.98%,

11/22/24

451

446

991116981.UG.FTS.B,

22.97%,

11/25/24

2

2

991116985.UG.FTS.B,

29.49%,

11/21/23

359

356

991117014.UG.FTS.B,

27.99%,

11/25/23

808

798

991117034.UG.FTS.B,

28.98%,

11/18/24

697

692

*

991117041.UG.FTS.B,

24.45%,

11/18/23

1,007

73

991117048.UG.FTS.B,

29.49%,

11/20/24

189

187

991117054.UG.FTS.B,

28.98%,

11/23/24

201

200

991117070.UG.FTS.B,

25.95%,

11/25/24

480

495

991117085.UG.FTS.B,

29.49%,

11/25/24

1,005

994

991117096.UG.FTS.B,

21.46%,

11/18/24

492

487

991117100.UG.FTS.B,

29.49%,

11/24/24

449

456

991117136.UG.FTS.B,

29.49%,

11/19/23

17

16

991117144.UG.FTS.B,

28.48%,

11/22/23

57

56

991117155.UG.FTS.B,

29.49%,

11/20/23

129

128

*

991117158.UG.FTS.B,

29.49%,

11/24/24

169

168

991117166.UG.FTS.B,

28.98%,

11/24/24

88

87

991117167.UG.FTS.B,

29.49%,

11/23/24

329

326

991117177.UG.FTS.B,

28.98%,

11/17/24

760

745

991117180.UG.FTS.B,

29.49%,

11/24/24

178

175

991117184.UG.FTS.B,

19.99%,

11/21/24

23

23

991117185.UG.FTS.B,

29.49%,

11/25/23

748

759

991117216.UG.FTS.B,

28.98%,

11/25/24

415

418

991117221.UG.FTS.B,

18.71%,

11/19/23

211

209

991117233.UG.FTS.B,

19.96%,

11/12/23

86

85

991117236.UG.FTS.B,

29.49%,

11/23/23

63

62

991117255.UG.FTS.B,

29.49%,

11/18/23

180

178

*

991117256.UG.FTS.B,

29.49%,

11/25/23

33

34

991117260.UG.FTS.B,

29.49%,

11/25/23

144

144

991117284.UG.FTS.B,

19.99%,

11/21/24

93

92

*

991117285.UG.FTS.B,

29.49%,

1/21/27

-

-

991117289.UG.FTS.B,

29.49%,

11/23/24

1,064

1,042

991117298.UG.FTS.B,

29.49%,

11/20/24

117

115

991117313.UG.FTS.B,

29.49%,

11/17/24

582

576

991117316.UG.FTS.B,

29.49%,

11/24/24

263

257

991117327.UG.FTS.B,

21.97%,

11/23/24

2,563

2,543

991117331.UG.FTS.B,

28.98%,

11/09/24

269

263

991117344.UG.FTS.B,

29.49%,

11/25/23

471

475

991117348.UG.FTS.B,

29.49%,

11/22/24

34

34

*

991117363.UG.FTS.B,

28.48%,

11/21/23

22

19

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

391

a

*

991117385.UG.FTS.B,

29.49%,

11/21/23

47

46

*

991117400.UG.FTS.B,

29.49%,

11/21/23

77

11

*

991117405.UG.FTS.B,

28.98%,

11/23/24

103

102

991117423.UG.FTS.B,

19.99%,

11/23/24

252

250

991117438.UG.FTS.B,

29.49%,

11/20/23

129

127

991117441.UG.FTS.B,

28.98%,

11/25/24

648

666

991117468.UG.FTS.B,

29.49%,

11/24/23

106

105

*

991117471.UG.FTS.B,

29.49%,

11/24/23

166

163

991117478.UG.FTS.B,

29.49%,

11/24/24

904

894

991117506.UG.FTS.B,

29.49%,

11/23/24

33

33

991117511.UG.FTS.B,

29.49%,

11/24/24

289

284

991117514.UG.FTS.B,

29.49%,

11/22/24

13

13

991117520.UG.FTS.B,

29.48%,

11/25/23

370

379

991117532.UG.FTS.B,

29.49%,

11/25/24

321

330

991117535.UG.FTS.B,

18.97%,

11/25/24

286

284

991117538.UG.FTS.B,

29.49%,

11/23/24

554

549

*

991117541.UG.FTS.B,

28.48%,

11/21/23

47

46

*

991117549.UG.FTS.B,

28.98%,

11/22/24

138

138

991117581.UG.FTS.B,

29.49%,

11/20/24

767

750

991117587.UG.FTS.B,

19.99%,

11/11/24

308

316

991117593.UG.FTS.B,

29.49%,

11/22/24

80

79

991117610.UG.FTS.B,

18.71%,

11/24/23

246

243

991117611.UG.FTS.B,

29.49%,

11/22/24

60

59

991117612.UG.FTS.B,

28.98%,

11/25/24

99

101

991117617.UG.FTS.B,

27.99%,

11/09/24

70

69

991117620.UG.FTS.B,

18.97%,

11/19/24

1,104

1,096

991117626.UG.FTS.B,

28.98%,

11/23/24

2,579

2,529

991117632.UG.FTS.B,

28.98%,

11/19/24

2,425

2,362

991117644.UG.FTS.B,

19.99%,

11/11/24

37

38

991117679.UG.FTS.B,

29.49%,

11/25/24

405

418

991117683.UG.FTS.B,

28.98%,

11/22/24

492

483

991117710.UG.FTS.B,

29.49%,

11/25/23

32

33

991117728.UG.FTS.B,

29.49%,

11/22/23

4

4

991117735.UG.FTS.B,

29.49%,

11/21/24

407

404

*

991117744.UG.FTS.B,

28.98%,

11/22/24

60

8

991117758.UG.FTS.B,

29.49%,

11/24/23

20

20

991117766.UG.FTS.B,

20.47%,

11/25/23

164

168

991117780.UG.FTS.B,

19.99%,

11/23/24

367

362

991117782.UG.FTS.B,

28.98%,

11/24/24

71

71

991117809.UG.FTS.B,

29.49%,

11/22/24

317

312

991117836.UG.FTS.B,

21.46%,

11/15/24

177

175

991117838.UG.FTS.B,

29.49%,

11/23/24

124

123

*

991117846.UG.FTS.B,

29.49%,

11/19/24

143

18

*

991117856.UG.FTS.B,

29.49%,

11/19/23

459

452

991117874.UG.FTS.B,

29.49%,

11/25/23

111

110

991117884.UG.FTS.B,

28.98%,

11/24/24

74

76

991117895.UG.FTS.B,

29.49%,

11/24/24

137

135

991117913.UG.FTS.B,

28.48%,

11/24/23

15

14

991117916.UG.FTS.B,

28.98%,

11/21/24

171

169

991117944.UG.FTS.B,

29.49%,

11/11/23

37

37

*

991117953.UG.FTS.B,

29.49%,

11/19/23

425

56

*

991118010.UG.FTS.B,

18.47%,

11/13/23

187

39

991118011.UG.FTS.B,

29.49%,

11/21/23

42

41

991118023.UG.FTS.B,

19.21%,

11/22/24

249

247

991118039.UG.FTS.B,

28.98%,

11/20/24

908

890

991118044.UG.FTS.B,

22.47%,

11/11/23

62

63

991118045.UG.FTS.B,

16.49%,

11/25/23

148

147

991118054.UG.FTS.B,

20.46%,

11/14/24

39

39

991118055.UG.FTS.B,

25.44%,

11/12/23

189

187

*

991118063.UG.FTS.B,

29.49%,

11/19/24

32

32

991118068.UG.FTS.B,

21.48%,

11/12/23

122

121

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

392

a

991118077.UG.FTS.B,

29.49%,

11/25/24

2,090

2,155

991118079.UG.FTS.B,

29.49%,

11/23/24

70

69

*

991118095.UG.FTS.B,

29.49%,

11/21/23

284

279

991118106.UG.FTS.B,

29.49%,

11/25/24

78

80

991118117.UG.FTS.B,

29.49%,

11/24/24

35

35

991118128.UG.FTS.B,

28.98%,

11/22/24

3,225

3,146

991118137.UG.FTS.B,

29.49%,

11/21/24

334

327

991118142.UG.FTS.B,

29.49%,

11/24/23

105

103

991118145.UG.FTS.B,

25.95%,

11/12/24

18

18

991118161.UG.FTS.B,

28.98%,

11/25/24

1,133

1,118

991118167.UG.FTS.B,

28.98%,

11/25/24

61

63

991118173.UG.FTS.B,

29.49%,

11/19/24

111

109

991118192.UG.FTS.B,

29.49%,

11/24/23

247

242

991118200.UG.FTS.B,

29.49%,

11/24/24

253

250

991118204.UG.FTS.B,

28.98%,

11/11/24

56

57

991118218.UG.FTS.B,

28.98%,

11/25/24

212

218

991118229.UG.FTS.B,

18.71%,

11/18/23

166

165

991118238.UG.FTS.B,

28.98%,

11/23/24

1,255

1,241

991118242.UG.FTS.B,

29.49%,

2/17/27

4

4

991118246.UG.FTS.B,

28.48%,

11/11/23

253

257

991118260.UG.FTS.B,

22.95%,

11/22/24

1,037

1,030

991118320.UG.FTS.B,

28.98%,

11/24/24

679

675

*

991118336.UG.FTS.B,

19.99%,

11/22/24

179

114

991118346.UG.FTS.B,

29.49%,

11/25/24

4,906

4,992

991118360.UG.FTS.B,

29.49%,

11/19/23

380

376

991118362.UG.FTS.B,

29.49%,

11/21/24

4,252

4,219

991118401.UG.FTS.B,

19.96%,

11/18/23

205

139

991118407.UG.FTS.B,

28.98%,

11/19/24

822

813

991118422.UG.FTS.B,

21.46%,

11/22/24

2,403

2,387

991118441.UG.FTS.B,

28.98%,

11/25/24

196

203

*

991118486.UG.FTS.B,

29.49%,

11/19/24

600

76

991118519.UG.FTS.B,

19.21%,

11/15/24

1,297

1,284

991118537.UG.FTS.B,

28.98%,

2/22/27

922

950

991118572.UG.FTS.B,

20.46%,

11/22/24

965

957

991118618.UG.FTS.B,

19.8%,

11/13/24

2,891

2,871

991118630.UG.FTS.B,

29.49%,

11/23/23

50

50

991118681.UG.FTS.B,

28.98%,

11/11/24

531

531

991118707.UG.FTS.B,

28.98%,

11/20/24

190

185

*

991118728.UG.FTS.B,

20.97%,

11/21/24

334

333

*

991118752.UG.FTS.B,

28.98%,

11/19/24

900

899

991118761.UG.FTS.B,

20.97%,

11/13/24

391

386

991118762.UG.FTS.B,

29.49%,

11/23/24

80

80

991118786.UG.FTS.B,

29.46%,

11/24/24

1,927

1,961

991118793.UG.FTS.B,

29.49%,

11/24/24

294

290

991118848.UG.FTS.B,

28.48%,

11/23/23

142

140

*

991118862.UG.FTS.B,

29.49%,

11/24/23

31

31

991118889.UG.FTS.B,

28.98%,

11/24/24

93

92

991118924.UG.FTS.B,

26.94%,

11/24/24

489

485

991118927.UG.FTS.B,

23.95%,

11/15/24

366

363

991118929.UG.FTS.B,

22.97%,

11/20/24

2,418

2,402

991118992.UG.FTS.B,

29.49%,

11/24/24

167

164

991118995.UG.FTS.B,

28.48%,

11/25/23

95

97

991119020.UG.FTS.B,

29.49%,

11/11/23

551

555

991119021.UG.FTS.B,

23.45%,

11/21/23

1,698

1,687

991119030.UG.FTS.B,

29.49%,

11/24/24

296

293

991119059.UG.FTS.B,

18.47%,

11/21/23

235

234

991119119.UG.FTS.B,

29.49%,

11/25/24

275

284

991119161.UG.FTS.B,

23.95%,

11/12/24

2,417

2,392

991119177.UG.FTS.B,

27.99%,

11/23/24

136

134

991119224.UG.FTS.B,

28.98%,

11/24/24

214

212

991119233.UG.FTS.B,

29.49%,

11/21/23

238

233

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

393

a

991119264.UG.FTS.B,

18.97%,

11/25/24

1,608

1,663

991119265.UG.FTS.B,

29.49%,

11/21/24

104

103

991119273.UG.FTS.B,

29.49%,

11/22/24

489

485

991119286.UG.FTS.B,

19.21%,

11/22/24

962

958

991119302.UG.FTS.B,

19.99%,

11/21/24

8,712

8,651

991119315.UG.FTS.B,

29.49%,

11/24/23

224

221

991119330.UG.FTS.B,

29.49%,

11/20/24

778

769

991119349.UG.FTS.B,

21.46%,

11/14/24

1,154

1,139

991119412.UG.FTS.B,

28.98%,

11/20/24

488

485

*

991119426.UG.FTS.B,

29.49%,

11/24/24

115

16

991119440.UG.FTS.B,

28.48%,

11/20/23

1,897

1,866

*

991119457.UG.FTS.B,

29.49%,

11/21/23

1,965

1,962

991119492.UG.FTS.B,

18.97%,

11/13/24

2,407

2,392

991119502.UG.FTS.B,

28.98%,

11/19/24

968

958

991119530.UG.FTS.B,

28.98%,

11/19/24

664

651

991119557.UG.FTS.B,

28.98%,

11/19/24

634

630

991119590.UG.FTS.B,

21.98%,

11/15/24

304

301

991119595.UG.FTS.B,

28.98%,

11/25/24

490

506

991119597.UG.FTS.B,

19.21%,

11/11/24

731

753

991119625.UG.FTS.B,

21.46%,

11/23/24

666

662

991119638.UG.FTS.B,

29.49%,

11/24/23

636

625

991119667.UG.FTS.B,

29.49%,

11/23/24

73

72

991119752.UG.FTS.B,

29.49%,

11/20/24

3,030

3,007

991119766.UG.FTS.B,

29.49%,

11/20/24

147

146

991119811.UG.FTS.B,

29.49%,

11/23/24

827

820

*

991119833.UG.FTS.B,

19.21%,

11/22/24

1,187

1,186

991119847.UG.FTS.B,

20.46%,

11/25/24

135

139

*

991119875.UG.FTS.B,

28.98%,

11/11/24

120

8

991119885.UG.FTS.B,

21.98%,

11/15/24

437

433

991119919.UG.FTS.B,

22.47%,

11/15/23

141

140

991119954.UG.FTS.B,

29.49%,

11/25/23

740

761

991119971.UG.FTS.B,

28.98%,

11/16/24

1,035

1,020

991119988.UG.FTS.B,

29.49%,

11/11/24

136

139

991119993.UG.FTS.B,

29.49%,

11/22/24

292

288

991120001.UG.FTS.B,

28.98%,

11/19/24

488

484

991120025.UG.FTS.B,

26.94%,

11/18/24

1,349

1,329

*

991120036.UG.FTS.B,

21.46%,

11/24/24

1,400

172

991120062.UG.FTS.B,

29.49%,

11/11/23

142

144

991120086.UG.FTS.B,

29.49%,

11/19/23

128

126

991120109.UG.FTS.B,

29.49%,

11/25/24

1,178

1,216

991120196.UG.FTS.B,

29.49%,

11/11/24

181

184

*

991120216.UG.FTS.B,

29.49%,

11/19/24

126

124

991120224.UG.FTS.B,

20.46%,

11/18/24

483

481

*

991120229.UG.FTS.B,

29.49%,

11/20/24

1,324

894

991120265.UG.FTS.B,

21.98%,

11/12/24

3,660

3,628

991120282.UG.FTS.B,

28.98%,

11/17/24

483

479

*

991120293.UG.FTS.B,

29.49%,

11/21/23

44

43

991120295.UG.FTS.B,

28.48%,

11/20/23

95

94

*

991120297.UG.FTS.B,

22.97%,

11/25/24

1,979

2,057

991120309.UG.FTS.B,

21.46%,

11/11/24

2,828

2,873

991120312.UG.FTS.B,

29.49%,

11/23/24

2,904

2,872

*

991120325.UG.FTS.B,

29.49%,

11/20/23

68

10

991120336.UG.FTS.B,

29.49%,

11/11/24

485

497

991120370.UG.FTS.B,

18.71%,

11/11/23

420

432

991120404.UG.FTS.B,

29.49%,

11/21/24

153

151

991120422.UG.FTS.B,

19.99%,

11/19/24

387

384

991120429.UG.FTS.B,

21.48%,

11/24/23

118

117

991120431.UG.FTS.B,

14.97%,

11/12/24

332

330

991120433.UG.FTS.B,

25.95%,

11/13/24

969

959

991120450.UG.FTS.B,

28.98%,

11/18/24

2,911

2,888

991120469.UG.FTS.B,

29.49%,

11/22/24

634

626

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

394

a

991120524.UG.FTS.B,

22.95%,

11/19/24

1,940

1,925

991120544.UG.FTS.B,

29.49%,

11/21/23

1,224

1,207

991120556.UG.FTS.B,

29.49%,

11/21/23

675

666

*

991120572.UG.FTS.B,

29.49%,

11/23/23

241

239

991120579.UG.FTS.B,

19.8%,

11/19/24

483

479

*

991120608.UG.FTS.B,

29.49%,

11/10/23

282

206

*

991120610.UG.FTS.B,

28.98%,

11/19/24

2,000

248

991120617.UG.FTS.B,

29.49%,

11/22/24

343

340

991120675.UG.FTS.B,

28.98%,

11/11/24

485

497

*

991120708.UG.FTS.B,

29.49%,

11/24/24

4,252

4,247

991120730.UG.FTS.B,

21.48%,

11/23/23

208

207

991120756.UG.FTS.B,

19.21%,

11/12/24

4,814

4,781

991120791.UG.FTS.B,

15.97%,

11/12/24

1,920

1,909

*

991120809.UG.FTS.B,

29.49%,

11/23/24

400

400

991120816.UG.FTS.B,

28.98%,

11/23/24

659

652

991120820.UG.FTS.B,

29.49%,

11/23/24

980

972

991120829.UG.FTS.B,

19.8%,

11/25/24

1,750

1,809

991120831.UG.FTS.B,

29.49%,

11/22/24

147

145

991120837.UG.FTS.B,

29.49%,

11/22/24

1,442

1,429

991120846.UG.FTS.B,

18.97%,

11/25/24

386

397

991120901.UG.FTS.B,

19.99%,

11/11/24

416

421

991120919.UG.FTS.B,

21.98%,

11/25/24

2,135

2,192

991120921.UG.FTS.B,

19.21%,

11/25/24

772

798

*

991120992.UG.FTS.B,

19.99%,

11/23/24

396

49

*

991121014.UG.FTS.B,

21.47%,

11/19/23

65

5

991121030.UG.FTS.B,

29.49%,

11/11/24

388

398

991121031.UG.FTS.B,

29.49%,

11/19/23

56

55

991121139.UG.FTS.B,

20.47%,

11/21/23

130

129

991121164.UG.FTS.B,

21.46%,

11/11/24

858

881

991121166.UG.FTS.B,

29.48%,

11/20/23

951

934

991121188.UG.FTS.B,

29.49%,

11/22/23

203

198

991121194.UG.FTS.B,

29.48%,

11/11/23

1,385

1,385

991121218.UG.FTS.B,

21.48%,

11/15/23

282

280

991121224.UG.FTS.B,

29.49%,

11/24/23

43

43

991121275.UG.FTS.B,

20.46%,

11/15/24

5,773

5,731

*

991121280.UG.FTS.B,

18.97%,

11/11/24

900

100

991121284.UG.FTS.B,

28.98%,

11/25/24

196

195

991121290.UG.FTS.B,

29.49%,

11/22/24

62

61

991121299.UG.FTS.B,

29.49%,

11/21/24

1,019

1,010

991121320.UG.FTS.B,

20.96%,

11/21/23

188

186

991121326.UG.FTS.B,

29.49%,

11/23/24

980

972

991121359.UG.FTS.B,

23.95%,

11/21/24

255

252

991121376.UG.FTS.B,

28.98%,

11/22/24

123

121

991121408.UG.FTS.B,

29.48%,

11/23/23

175

174

991121439.UG.FTS.B,

29.49%,

11/24/23

204

202

991121466.UG.FTS.B,

28.98%,

11/22/24

183

181

991121470.UG.FTS.B,

28.98%,

11/19/24

157

155

991121485.UG.FTS.B,

19.99%,

11/16/24

282

277

991121503.UG.FTS.B,

29.49%,

11/19/23

65

64

991121518.UG.FTS.B,

29.49%,

11/20/24

207

206

*

991121524.UG.FTS.B,

29.49%,

11/25/24

1,521

210

991121549.UG.FTS.B,

29.49%,

11/25/24

106

109

991121551.UG.FTS.B,

28.98%,

11/24/24

66

65

991121552.UG.FTS.B,

29.49%,

11/20/23

142

141

991121555.UG.FTS.B,

29.49%,

11/24/23

149

147

991121569.UG.FTS.B,

28.98%,

11/24/24

144

143

*

991121585.UG.FTS.B,

26.44%,

11/19/23

1,533

1,532

991121590.UG.FTS.B,

29.49%,

11/23/24

166

164

991121593.UG.FTS.B,

21.46%,

11/20/24

91

90

991121613.UG.FTS.B,

28.98%,

11/23/24

297

294

991121647.UG.FTS.B,

21.46%,

11/25/24

1,805

1,844

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

395

a

991121655.UG.FTS.B,

28.98%,

11/19/24

30

29

991121664.UG.FTS.B,

29.49%,

11/25/24

7

7

991121665.UG.FTS.B,

19.99%,

11/22/24

135

133

991121680.UG.FTS.B,

29.49%,

11/20/24

337

334

991121686.UG.FTS.B,

29.49%,

11/25/24

752

737

991121705.UG.FTS.B,

20.46%,

11/18/24

498

493

991121740.UG.FTS.B,

28.98%,

11/19/24

179

176

991121755.UG.FTS.B,

29.49%,

11/25/23

34

35

991121779.UG.FTS.B,

21.48%,

11/19/23

71

71

991121784.UG.FTS.B,

19.99%,

11/25/24

521

521

991121796.UG.FTS.B,

29.49%,

11/24/24

270

269

991121813.UG.FTS.B,

21.98%,

11/17/24

90

89

991121817.UG.FTS.B,

29.49%,

11/25/23

101

101

991121821.UG.FTS.B,

21.46%,

11/13/24

846

832

991121828.UG.FTS.B,

28.98%,

11/20/24

381

377

991121836.UG.FTS.B,

29.49%,

11/19/23

7

7

991121850.UG.FTS.B,

26.94%,

11/23/24

671

666

991121861.UG.FTS.B,

29.49%,

11/19/24

181

179

*

991121886.UG.FTS.B,

29.49%,

11/21/24

116

15

991121891.UG.FTS.B,

29.49%,

11/18/23

76

75

991121895.UG.FTS.B,

29.49%,

11/24/23

61

60

991121901.UG.FTS.B,

29.48%,

11/23/23

223

221

*

991121902.UG.FTS.B,

29.49%,

11/19/23

269

263

*

991121927.UG.FTS.B,

21.46%,

11/15/24

136

84

*

991121931.UG.FTS.B,

19.8%,

11/25/24

611

73

991121938.UG.FTS.B,

21.98%,

11/12/24

581

573

991121942.UG.FTS.B,

29.49%,

11/20/24

707

699

991121961.UG.FTS.B,

28.98%,

11/18/24

85

84

*

991121974.UG.FTS.B,

29.49%,

11/19/24

34

33

991121979.UG.FTS.B,

29.49%,

11/11/24

74

75

991121991.UG.FTS.B,

29.49%,

11/20/24

337

330

991121995.UG.FTS.B,

29.49%,

11/23/23

24

24

991121999.UG.FTS.B,

29.49%,

11/18/24

1,478

1,466

991122002.UG.FTS.B,

29.49%,

11/11/23

67

68

991122036.UG.FTS.B,

29.49%,

11/21/24

109

108

991122048.UG.FTS.B,

21.98%,

11/17/24

277

274

991122055.UG.FTS.B,

29.49%,

11/25/24

18

19

*

991122074.UG.FTS.B,

29.48%,

11/23/23

55

8

991122076.UG.FTS.B,

29.49%,

11/25/24

195

195

991122095.UG.FTS.B,

28.98%,

11/19/24

498

491

991122096.UG.FTS.B,

29.49%,

11/20/24

159

157

991122119.UG.FTS.B,

28.98%,

11/22/24

117

115

991122142.UG.FTS.B,

29.49%,

11/25/24

622

639

*

991122157.UG.FTS.B,

29.49%,

11/24/24

29

25

991122169.UG.FTS.B,

29.49%,

11/19/24

86

84

991122173.UG.FTS.B,

29.49%,

11/23/23

155

156

991122177.UG.FTS.B,

29.49%,

11/23/23

127

125

991122183.UG.FTS.B,

28.98%,

11/21/24

106

105

991122196.UG.FTS.B,

28.98%,

11/23/24

99

98

991122199.UG.FTS.B,

28.48%,

11/22/23

19

19

991122211.UG.FTS.B,

29.49%,

11/23/23

125

124

991122216.UG.FTS.B,

28.98%,

11/22/24

45

44

991122228.UG.FTS.B,

28.98%,

11/25/24

149

154

991122231.UG.FTS.B,

29.49%,

11/24/24

694

690

991122236.UG.FTS.B,

29.48%,

11/22/23

258

255

991122254.UG.FTS.B,

29.49%,

11/17/24

206

203

991122279.UG.FTS.B,

29.49%,

11/22/24

873

853

991122280.UG.FTS.B,

28.98%,

11/19/24

163

162

991122293.UG.FTS.B,

19.99%,

11/25/24

584

602

991122294.UG.FTS.B,

22.47%,

11/14/23

27

27

991122303.UG.FTS.B,

28.98%,

11/25/24

155

160

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

396

a

991122307.UG.FTS.B,

29.49%,

11/23/23

75

73

991122314.UG.FTS.B,

29.49%,

11/24/23

6

6

991122333.UG.FTS.B,

21.98%,

11/21/24

762

754

991122355.UG.FTS.B,

29.49%,

11/22/24

98

97

991122380.UG.FTS.B,

29.49%,

11/22/24

268

265

991122407.UG.FTS.B,

29.49%,

11/23/24

111

110

991122438.UG.FTS.B,

28.98%,

11/11/24

1,785

1,818

991122460.UG.FTS.B,

29.49%,

11/19/23

1,109

1,094

991122467.UG.FTS.B,

29.49%,

11/22/23

171

169

991122469.UG.FTS.B,

29.48%,

11/21/23

25

21

*

991122476.UG.FTS.B,

28.98%,

11/08/24

526

115

991122491.UG.FTS.B,

21.48%,

11/21/23

71

71

991122499.UG.FTS.B,

29.49%,

11/11/23

27

27

991122505.UG.FTS.B,

22.47%,

11/22/23

116

115

*

991122534.UG.FTS.B,

26.44%,

11/19/23

491

490

991122535.UG.FTS.B,

29.49%,

11/23/23

167

165

991122540.UG.FTS.B,

29.49%,

11/25/24

88

90

991122546.UG.FTS.B,

29.49%,

11/22/23

197

195

991122558.UG.FTS.B,

18.71%,

11/14/23

31

31

991122560.UG.FTS.B,

28.98%,

11/21/24

357

353

991122562.UG.FTS.B,

18.71%,

11/25/23

369

379

991122572.UG.FTS.B,

28.98%,

11/21/24

234

232

991122612.UG.FTS.B,

29.49%,

11/25/24

208

210

*

991122614.UG.FTS.B,

28.98%,

11/21/24

130

128

991122619.UG.FTS.B,

29.49%,

11/23/24

182

180

991122664.UG.FTS.B,

20.47%,

11/23/23

120

120

991122671.UG.FTS.B,

29.49%,

11/23/24

95

93

991122683.UG.FTS.B,

28.98%,

11/25/24

623

642

991122701.UG.FTS.B,

29.49%,

11/20/23

125

123

991122702.UG.FTS.B,

27.99%,

11/22/24

1,237

1,227

991122709.UG.FTS.B,

28.98%,

11/20/24

193

191

991122717.UG.FTS.B,

28.98%,

11/22/24

115

114

991122742.UG.FTS.B,

18.97%,

11/22/24

230

229

*

991122752.UG.FTS.B,

29.49%,

11/21/24

66

65

991122763.UG.FTS.B,

28.98%,

11/22/24

40

39

*

991122766.UG.FTS.B,

23.95%,

1/21/27

9

1

991122769.UG.FTS.B,

29.49%,

11/25/24

6

6

991122785.UG.FTS.B,

29.49%,

11/21/24

141

138

991122786.UG.FTS.B,

29.49%,

11/22/23

41

40

991122796.UG.FTS.B,

21.97%,

11/13/24

594

584

991122800.UG.FTS.B,

29.49%,

11/25/24

1,893

1,928

991122815.UG.FTS.B,

29.49%,

11/23/24

284

281

991122833.UG.FTS.B,

29.49%,

11/20/24

58

57

991122834.UG.FTS.B,

28.98%,

11/20/24

179

178

991122835.UG.FTS.B,

29.49%,

11/22/24

2,138

2,112

991122846.UG.FTS.B,

20.96%,

11/20/23

597

592

991122854.UG.FTS.B,

28.98%,

11/25/24

557

575

*

991122863.UG.FTS.B,

29.49%,

11/24/24

2,118

2,077

991122870.UG.FTS.B,

29.49%,

11/11/23

62

62

991122874.UG.FTS.B,

28.48%,

11/23/23

415

410

991122886.UG.FTS.B,

29.48%,

11/23/23

210

216

991122892.UG.FTS.B,

28.48%,

11/23/23

800

793

991122909.UG.FTS.B,

28.98%,

11/24/24

109

108

*

991122921.UG.FTS.B,

21.98%,

11/15/24

310

60

*

991122939.UG.FTS.B,

18.97%,

11/19/24

77

77

991122945.UG.FTS.B,

19.8%,

11/15/24

616

611

991122950.UG.FTS.B,

29.49%,

11/19/24

2,232

2,199

991122999.UG.FTS.B,

29.49%,

11/24/23

34

34

991123003.UG.FTS.B,

28.98%,

11/11/24

144

142

991123011.UG.FTS.B,

29.49%,

11/25/24

430

441

991123026.UG.FTS.B,

29.49%,

11/16/24

41

41

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

397

a

991123031.UG.FTS.B,

29.49%,

11/22/23

19

19

991123035.UG.FTS.B,

28.98%,

11/19/24

77

76

991123109.UG.FTS.B,

29.49%,

11/23/24

947

937

991123162.UG.FTS.B,

28.98%,

11/25/24

14

14

991123163.UG.FTS.B,

25.95%,

11/21/24

670

662

991123210.UG.FTS.B,

29.49%,

11/23/23

456

447

991123238.UG.FTS.B,

19.96%,

11/15/23

150

149

991123245.UG.FTS.B,

26.94%,

11/25/24

978

966

991123249.UG.FTS.B,

29.49%,

11/21/23

284

280

991123265.UG.FTS.B,

28.98%,

11/24/24

195

192

991123267.UG.FTS.B,

29.49%,

11/19/24

493

483

991123303.UG.FTS.B,

28.98%,

11/25/24

3,617

3,667

*

991123308.UG.FTS.B,

28.98%,

11/20/24

132

130

991123315.UG.FTS.B,

29.49%,

11/18/24

307

305

991123332.UG.FTS.B,

29.49%,

11/25/24

303

311

991123352.UG.FTS.B,

29.49%,

11/24/23

223

220

991123355.UG.FTS.B,

28.98%,

11/23/24

503

500

991123365.UG.FTS.B,

18.97%,

11/26/24

1,133

1,125

991123371.UG.FTS.B,

19.21%,

11/26/24

1,690

1,678

991123374.UG.FTS.B,

25.45%,

11/25/23

989

1,020

991123383.UG.FTS.B,

29.49%,

11/17/24

409

402

991123392.UG.FTS.B,

28.98%,

11/20/24

384

381

991123398.UG.FTS.B,

29.49%,

11/21/24

730

710

991123406.UG.FTS.B,

28.98%,

11/21/24

439

431

991123415.UG.FTS.B,

23.45%,

11/18/23

128

126

991123460.UG.FTS.B,

26.44%,

11/24/23

521

522

991123464.UG.FTS.B,

29.49%,

11/23/24

83

82

991123471.UG.FTS.B,

28.98%,

11/19/24

271

267

991123472.UG.FTS.B,

29.48%,

11/23/23

13

13

991123518.UG.FTS.B,

17.99%,

11/12/24

22

22

991123520.UG.FTS.B,

29.49%,

11/19/24

104

103

991123536.UG.FTS.B,

29.49%,

11/22/23

49

48

*

991123539.UG.FTS.B,

29.49%,

11/22/23

142

142

*

991123545.UG.FTS.B,

29.49%,

11/19/24

864

862

*

991123599.UG.FTS.B,

29.49%,

11/25/24

1,480

1,526

991123639.UG.FTS.B,

29.49%,

11/11/24

122

125

991123649.UG.FTS.B,

29.49%,

11/24/24

119

117

991123661.UG.FTS.B,

29.49%,

11/24/23

57

56

991123662.UG.FTS.B,

29.49%,

11/18/24

265

258

991123695.UG.FTS.B,

29.49%,

11/22/24

552

548

991123706.UG.FTS.B,

29.49%,

11/23/24

295

292

991123714.UG.FTS.B,

29.48%,

11/20/23

90

88

991123719.UG.FTS.B,

29.49%,

11/22/23

123

121

*

991123726.UG.FTS.B,

19.96%,

11/26/23

154

19

991123731.UG.FTS.B,

27.99%,

11/11/24

112

115

991123738.UG.FTS.B,

28.98%,

11/20/24

36

36

991123749.UG.FTS.B,

28.48%,

11/22/23

59

58

991123768.UG.FTS.B,

29.49%,

11/18/24

173

169

991123771.UG.FTS.B,

29.49%,

11/22/24

78

77

991123820.UG.FTS.B,

29.49%,

11/22/24

620

616

991123827.UG.FTS.B,

28.98%,

11/22/24

1,028

1,011

991123837.UG.FTS.B,

29.49%,

11/20/24

90

88

991123851.UG.FTS.B,

29.49%,

11/21/24

546

541

991123858.UG.FTS.B,

19.21%,

11/26/24

1,647

1,641

991123865.UG.FTS.B,

26.44%,

11/20/23

146

145

991123866.UG.FTS.B,

28.48%,

11/21/23

2,070

2,027

991123868.UG.FTS.B,

19.99%,

11/22/24

27

27

991123881.UG.FTS.B,

29.49%,

11/21/24

22

22

991123920.UG.FTS.B,

23.95%,

11/21/24

1,408

1,391

991123928.UG.FTS.B,

29.49%,

11/20/23

217

214

991123941.UG.FTS.B,

19.99%,

11/23/24

2,189

2,232

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

398

a

991123943.UG.FTS.B,

21.46%,

11/19/24

417

411

991123946.UG.FTS.B,

29.49%,

11/24/24

817

808

991123958.UG.FTS.B,

28.48%,

11/22/23

239

237

991123966.UG.FTS.B,

21.46%,

11/18/24

571

565

991124007.UG.FTS.B,

29.49%,

11/20/24

185

183

991124008.UG.FTS.B,

28.98%,

11/11/24

140

143

991124015.UG.FTS.B,

29.49%,

11/22/24

489

483

991124023.UG.FTS.B,

20.96%,

11/25/23

198

203

991124045.UG.FTS.B,

28.98%,

11/25/24

113

113

991124049.UG.FTS.B,

29.49%,

11/23/23

67

65

991124064.UG.FTS.B,

29.49%,

11/19/23

110

109

991124071.UG.FTS.B,

29.49%,

11/24/23

56

55

*

991124096.UG.FTS.B,

27.99%,

11/25/24

75

11

991124111.UG.FTS.B,

29.49%,

11/25/24

277

280

991124138.UG.FTS.B,

20.97%,

11/21/24

1,888

1,865

991124198.UG.FTS.B,

28.98%,

11/19/24

466

461

991124215.UG.FTS.B,

28.48%,

11/22/23

177

175

*

991124243.UG.FTS.B,

29.49%,

11/24/23

96

14

991124268.UG.FTS.B,

28.48%,

11/16/23

160

158

991124273.UG.FTS.B,

29.49%,

11/20/24

48

47

991124281.UG.FTS.B,

29.49%,

2/09/27

-

-

991124316.UG.FTS.B,

29.49%,

11/24/24

50

49

991124327.UG.FTS.B,

28.98%,

11/25/24

433

448

991124358.UG.FTS.B,

29.49%,

11/21/23

183

180

991124375.UG.FTS.B,

20.97%,

11/15/24

290

286

991124382.UG.FTS.B,

22.97%,

11/12/24

44

43

991124386.UG.FTS.B,

21.46%,

11/26/24

346

343

991124397.UG.FTS.B,

29.49%,

11/23/24

-

-

991124415.UG.FTS.B,

29.49%,

11/24/24

450

445

991124417.UG.FTS.B,

28.98%,

11/23/24

981

962

991124459.UG.FTS.B,

29.49%,

11/25/24

3,201

3,293

991124473.UG.FTS.B,

28.98%,

11/24/24

86

85

*

991124486.UG.FTS.B,

29.49%,

11/25/24

201

205

991124519.UG.FTS.B,

20.97%,

11/20/24

1,692

1,670

991124531.UG.FTS.B,

21.97%,

11/26/24

1,681

1,673

991124541.UG.FTS.B,

29.49%,

11/24/24

490

485

991124565.UG.FTS.B,

29.49%,

11/19/23

406

397

991124570.UG.FTS.B,

19.99%,

11/20/24

24

23

991124601.UG.FTS.B,

29.49%,

11/24/24

229

226

991124607.UG.FTS.B,

20.47%,

11/15/23

597

590

991124621.UG.FTS.B,

23.45%,

11/23/23

42

42

991124659.UG.FTS.B,

28.98%,

11/22/24

138

135

991124698.UG.FTS.B,

28.98%,

11/25/24

1,216

1,250

991124709.UG.FTS.B,

29.49%,

11/23/23

6

6

991124710.UG.FTS.B,

19.46%,

11/12/24

1,713

1,694

991124721.UG.FTS.B,

29.49%,

11/22/24

342

339

*

991124729.UG.FTS.B,

28.98%,

11/22/24

14

7

991124734.UG.FTS.B,

29.49%,

11/19/24

709

691

991124752.UG.FTS.B,

23.95%,

11/22/24

194

192

991124758.UG.FTS.B,

19.99%,

11/23/24

13

13

991124779.UG.FTS.B,

29.49%,

11/24/24

279

273

991124783.UG.FTS.B,

29.49%,

11/24/23

85

83

991124788.UG.FTS.B,

22.97%,

11/25/24

820

812

991124798.UG.FTS.B,

28.98%,

11/23/24

660

654

991124803.UG.FTS.B,

29.49%,

11/08/23

266

259

991124804.UG.FTS.B,

29.49%,

11/23/24

7

7

991124823.UG.FTS.B,

29.49%,

11/24/24

645

665

991124825.UG.FTS.B,

28.48%,

11/23/23

417

412

991124834.UG.FTS.B,

28.98%,

11/19/24

3

3

*

991124838.UG.FTS.B,

29.49%,

11/23/24

1,339

1,328

991124840.UG.FTS.B,

29.49%,

11/22/23

128

127

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

399

a

991124845.UG.FTS.B,

29.49%,

11/20/24

873

865

991124865.UG.FTS.B,

28.98%,

11/22/24

167

167

991124867.UG.FTS.B,

29.49%,

11/10/23

97

94

991124899.UG.FTS.B,

29.49%,

11/24/24

157

155

991124907.UG.FTS.B,

16.99%,

11/26/24

3,677

3,647

991124909.UG.FTS.B,

29.49%,

11/20/24

226

223

991124910.UG.FTS.B,

28.98%,

11/23/24

366

364

*

991124925.UG.FTS.B,

29.49%,

11/25/24

301

313

991124929.UG.FTS.B,

29.49%,

11/21/24

1,054

1,039

991124949.UG.FTS.B,

29.49%,

11/24/24

12

11

*

991124951.UG.FTS.B,

19.99%,

11/24/24

137

136

991124955.UG.FTS.B,

29.49%,

11/21/24

1,166

1,155

991124996.UG.FTS.B,

28.98%,

11/21/24

540

530

991124999.UG.FTS.B,

28.98%,

11/25/24

635

655

*

991125001.UG.FTS.B,

20.47%,

11/17/23

93

12

991125012.UG.FTS.B,

21.46%,

11/26/24

807

804

991125027.UG.FTS.B,

19.8%,

11/21/24

130

80

991125041.UG.FTS.B,

21.46%,

11/20/24

219

217

991125072.UG.FTS.B,

29.49%,

11/22/23

28

28

991125090.UG.FTS.B,

20.46%,

11/21/24

91

91

991125143.UG.FTS.B,

29.49%,

11/22/23

233

231

991125159.UG.FTS.B,

29.49%,

11/23/23

182

180

991125161.UG.FTS.B,

29.49%,

11/25/24

591

606

991125165.UG.FTS.B,

28.98%,

11/23/24

20

20

991125210.UG.FTS.B,

29.49%,

11/25/24

103

106

991125216.UG.FTS.B,

28.98%,

11/21/24

195

194

991125224.UG.FTS.B,

28.98%,

11/11/24

58

59

991125236.UG.FTS.B,

22.48%,

11/11/24

616

606

991125238.UG.FTS.B,

19.3%,

11/26/23

1,121

1,112

991125243.UG.FTS.B,

29.49%,

11/22/23

60

59

991125267.UG.FTS.B,

29.49%,

11/11/23

106

109

991125303.UG.FTS.B,

29.49%,

11/22/24

196

192

991125316.UG.FTS.B,

29.49%,

11/17/24

1,419

1,406

991125322.UG.FTS.B,

29.49%,

11/20/24

258

255

*

991125348.UG.FTS.B,

21.46%,

11/25/24

48

49

991125353.UG.FTS.B,

25.95%,

11/18/24

53

53

991125371.UG.FTS.B,

29.49%,

11/19/24

318

315

991125399.UG.FTS.B,

29.49%,

11/24/24

647

634

991125415.UG.FTS.B,

28.98%,

11/23/24

369

365

991125417.UG.FTS.B,

29.49%,

11/21/24

146

145

991125422.UG.FTS.B,

28.98%,

11/20/24

1,405

1,395

991125428.UG.FTS.B,

29.49%,

11/23/24

242

239

991125436.UG.FTS.B,

29.49%,

11/19/23

117

116

991125441.UG.FTS.B,

28.98%,

11/19/24

1,042

1,034

991125455.UG.FTS.B,

28.98%,

11/21/24

269

266

991125459.UG.FTS.B,

29.49%,

11/11/24

47

47

991125460.UG.FTS.B,

29.49%,

2/21/27

4

4

991125461.UG.FTS.B,

28.48%,

11/23/23

10

10

991125472.UG.FTS.B,

28.98%,

11/24/24

267

265

*

991125474.UG.FTS.B,

23.95%,

11/26/24

1,504

1,506

991125492.UG.FTS.B,

20.46%,

11/20/24

774

770

991125521.UG.FTS.B,

28.98%,

11/24/24

189

186

991125529.UG.FTS.B,

28.98%,

11/20/24

1,151

1,143

991125540.UG.FTS.B,

28.98%,

11/25/24

236

242

991125565.UG.FTS.B,

29.49%,

11/23/23

202

200

991125573.UG.FTS.B,

29.49%,

11/25/23

450

459

991125579.UG.FTS.B,

21.46%,

11/23/24

839

830

991125590.UG.FTS.B,

28.98%,

11/22/24

118

117

991125598.UG.FTS.B,

21.98%,

11/17/24

210

207

*

991125602.UG.FTS.B,

21.98%,

11/15/24

1,047

202

991125621.UG.FTS.B,

29.49%,

11/19/23

135

133

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

400

a

991125626.UG.FTS.B,

29.49%,

11/23/24

2

2

991125628.UG.FTS.B,

29.49%,

11/19/24

1,337

1,317

991125629.UG.FTS.B,

28.98%,

11/25/24

701

723

*

991125644.UG.FTS.B,

29.49%,

11/24/24

1,410

1,400

991125659.UG.FTS.B,

16.99%,

11/25/24

6,009

5,969

*

991125660.UG.FTS.B,

26.94%,

11/14/24

210

132

991125662.UG.FTS.B,

29.49%,

11/25/24

573

587

991125680.UG.FTS.B,

28.98%,

11/22/24

239

235

991125689.UG.FTS.B,

18.97%,

11/22/24

309

307

991125692.UG.FTS.B,

28.98%,

11/21/24

95

94

991125699.UG.FTS.B,

29.48%,

11/26/23

126

124

991125707.UG.FTS.B,

29.49%,

11/23/24

652

643

*

991125708.UG.FTS.B,

17.99%,

11/12/24

27

4

991125717.UG.FTS.B,

28.98%,

11/25/24

259

267

991125732.UG.FTS.B,

29.49%,

11/25/23

173

178

991125736.UG.FTS.B,

29.49%,

11/21/24

102

101

991125740.UG.FTS.B,

28.98%,

11/19/24

244

240

991125762.UG.FTS.B,

18.71%,

11/25/23

99

100

991125769.UG.FTS.B,

29.49%,

11/20/24

456

452

*

991125788.UG.FTS.B,

20.46%,

11/22/24

2,241

2,240

991125837.UG.FTS.B,

28.98%,

11/23/24

514

528

991125873.UG.FTS.B,

29.49%,

11/25/24

177

183

991125880.UG.FTS.B,

29.49%,

11/21/24

87

86

991125923.UG.FTS.B,

29.49%,

11/22/23

281

276

991125941.UG.FTS.B,

28.98%,

11/25/24

226

229

991125944.UG.FTS.B,

28.98%,

11/25/24

139

144

991125967.UG.FTS.B,

29.49%,

11/19/23

69

68

991125992.UG.FTS.B,

29.48%,

11/23/23

217

215

991126008.UG.FTS.B,

29.49%,

11/25/23

29

30

991126030.UG.FTS.B,

19.99%,

11/25/24

292

298

991126038.UG.FTS.B,

29.48%,

11/22/23

112

110

991126049.UG.FTS.B,

29.49%,

11/22/24

102

100

991126051.UG.FTS.B,

28.98%,

11/25/24

15

16

991126056.UG.FTS.B,

29.49%,

11/22/24

1,328

1,317

991126062.UG.FTS.B,

19.99%,

11/24/24

668

656

991126063.UG.FTS.B,

29.99%,

11/21/24

67

66

991126072.UG.FTS.B,

29.48%,

11/19/23

493

489

991126074.UG.FTS.B,

29.49%,

11/23/23

104

106

991126095.UG.FTS.B,

19.46%,

11/23/24

271

269

*

991126096.UG.FTS.B,

29.49%,

11/23/23

52

51

991126124.UG.FTS.B,

28.98%,

11/20/24

507

502

*

991126125.UG.FTS.B,

29.49%,

11/24/23

76

75

991126130.UG.FTS.B,

28.48%,

11/25/23

211

212

991126167.UG.FTS.B,

29.49%,

11/11/24

32

32

*

991126181.UG.FTS.B,

19.99%,

11/23/24

596

595

991126209.UG.FTS.B,

29.49%,

11/24/24

180

177

991126218.UG.FTS.B,

28.48%,

11/23/23

484

478

991126232.UG.FTS.B,

29.49%,

11/23/24

102

101

991126246.UG.FTS.B,

29.49%,

11/25/24

914

940

991126266.UG.FTS.B,

28.98%,

11/25/24

2,382

2,459

991126296.UG.FTS.B,

29.49%,

11/21/24

1,068

1,058

991126315.UG.FTS.B,

29.49%,

11/21/24

2,718

2,650

991126327.UG.FTS.B,

27.99%,

11/24/24

2,019

2,004

991126342.UG.FTS.B,

29.49%,

11/25/24

79

81

991126345.UG.FTS.B,

28.98%,

11/22/24

69

69

991126356.UG.FTS.B,

29.49%,

11/19/24

58

57

991126362.UG.FTS.B,

28.98%,

11/10/24

463

469

991126371.UG.FTS.B,

19.21%,

11/13/24

2,015

1,995

991126374.UG.FTS.B,

29.49%,

11/24/23

105

103

991126391.UG.FTS.B,

27.99%,

11/20/24

151

149

991126405.UG.FTS.B,

18.97%,

11/19/24

644

639

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

401

a

991126469.UG.FTS.B,

26.44%,

11/21/23

417

412

991126496.UG.FTS.B,

29.49%,

11/25/24

369

377

991126500.UG.FTS.B,

29.48%,

11/24/23

55

54

991126506.UG.FTS.B,

29.49%,

11/21/24

125

122

991126527.UG.FTS.B,

29.49%,

11/25/24

131

133

991126529.UG.FTS.B,

29.49%,

11/25/23

278

283

991126551.UG.FTS.B,

29.49%,

11/20/24

36

35

991126560.UG.FTS.B,

29.49%,

11/25/23

798

813

*

991126561.UG.FTS.B,

28.98%,

11/24/24

117

115

991126570.UG.FTS.B,

20.97%,

11/11/24

1,844

1,896

991126597.UG.FTS.B,

28.98%,

11/20/24

155

153

991126600.UG.FTS.B,

19.99%,

11/23/24

2,386

2,363

991126605.UG.FTS.B,

29.49%,

11/19/24

-

-

991126619.UG.FTS.B,

29.49%,

11/20/24

60

59

991126630.UG.FTS.B,

29.49%,

11/20/24

56

55

991126654.UG.FTS.B,

19.99%,

11/23/24

358

354

*

991126660.UG.FTS.B,

25.95%,

11/20/24

482

59

991126671.UG.FTS.B,

19.99%,

11/19/24

137

136

991126694.UG.FTS.B,

29.49%,

11/23/24

552

538

991126739.UG.FTS.B,

28.98%,

11/21/24

7

7

991126748.UG.FTS.B,

29.49%,

11/11/23

96

97

991126756.UG.FTS.B,

29.49%,

11/24/23

217

215

991126766.UG.FTS.B,

29.49%,

11/20/24

760

751

*

991126771.UG.FTS.B,

29.49%,

11/22/23

88

12

991126785.UG.FTS.B,

29.49%,

11/11/24

194

199

991126787.UG.FTS.B,

21.48%,

11/13/23

240

239

*

991126799.UG.FTS.B,

29.49%,

11/19/24

495

491

991126832.UG.FTS.B,

29.49%,

11/21/24

515

507

991126868.UG.FTS.B,

28.98%,

11/20/24

934

923

991126919.UG.FTS.B,

29.49%,

11/25/23

357

359

991126948.UG.FTS.B,

28.98%,

11/24/24

1,860

1,816

*

991126959.UG.FTS.B,

19.99%,

11/25/24

3,466

3,584

991126974.UG.FTS.B,

21.48%,

11/15/23

930

918

991127004.UG.FTS.B,

29.49%,

11/19/24

637

626

991127009.UG.FTS.B,

29.48%,

11/24/23

479

471

991127089.UG.FTS.B,

28.98%,

11/20/24

92

91

991127097.UG.FTS.B,

29.48%,

11/22/23

190

188

991127107.UG.FTS.B,

28.98%,

11/19/24

293

290

991127127.UG.FTS.B,

29.49%,

11/23/24

259

255

*

991127146.UG.FTS.B,

29.49%,

11/24/24

217

17

991127158.UG.FTS.B,

29.49%,

11/19/24

488

484

991127190.UG.FTS.B,

29.49%,

11/22/23

138

137

*

991127203.UG.FTS.B,

28.98%,

11/22/24

311

67

991127209.UG.FTS.B,

28.98%,

11/25/24

243

247

991127222.UG.FTS.B,

29.49%,

11/24/24

344

342

991127224.UG.FTS.B,

28.98%,

11/22/24

978

971

991127249.UG.FTS.B,

29.48%,

11/25/23

953

982

991127313.UG.FTS.B,

28.98%,

11/11/24

2,413

2,474

991127327.UG.FTS.B,

29.49%,

11/24/23

84

83

991127329.UG.FTS.B,

20.46%,

11/21/24

1,061

1,055

991127344.UG.FTS.B,

19.8%,

11/13/24

14,441

14,337

991127351.UG.FTS.B,

28.98%,

11/25/24

2,269

2,309

*

991127360.UG.FTS.B,

20.47%,

11/11/23

485

104

991127395.UG.FTS.B,

28.98%,

11/21/24

351

349

*

991127404.UG.FTS.B,

18.97%,

11/14/24

492

90

*

991127420.UG.FTS.B,

29.49%,

11/25/24

1,144

1,181

991127431.UG.FTS.B,

28.98%,

11/24/24

426

424

991127467.UG.FTS.B,

27.95%,

11/25/24

2,936

3,031

991127481.UG.FTS.B,

28.98%,

11/22/24

978

958

991127514.UG.FTS.B,

29.49%,

11/11/23

84

85

991127574.UG.FTS.B,

21.98%,

11/22/24

970

964

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

402

a

991127588.UG.FTS.B,

28.98%,

11/22/24

132

131

991127633.UG.FTS.B,

28.98%,

11/25/24

2,269

2,330

991127641.UG.FTS.B,

29.49%,

11/24/24

486

479

991127662.UG.FTS.B,

21.46%,

11/26/24

7,775

7,737

991127665.UG.FTS.B,

29.49%,

11/19/23

949

940

991127756.UG.FTS.B,

29.49%,

11/19/23

424

419

991127760.UG.FTS.B,

22.97%,

11/22/24

920

909

991127774.UG.FTS.B,

29.49%,

11/19/24

947

925

991127841.UG.FTS.B,

29.49%,

11/11/23

28

28

991127870.UG.FTS.B,

28.98%,

11/24/24

196

194

991127890.UG.FTS.B,

28.98%,

11/21/24

342

339

991127919.UG.FTS.B,

23.45%,

11/24/23

113

112

991127972.UG.FTS.B,

29.49%,

11/25/24

3,762

3,871

991127975.UG.FTS.B,

28.98%,

11/24/24

588

584

991127999.UG.FTS.B,

29.49%,

11/24/23

166

163

991128015.UG.FTS.B,

28.98%,

11/20/24

77

76

991128100.UG.FTS.B,

21.46%,

11/12/24

960

951

991128102.UG.FTS.B,

29.49%,

11/21/24

96

95

991128135.UG.FTS.B,

29.49%,

11/21/23

1,900

1,883

991128140.UG.FTS.B,

29.49%,

11/11/24

194

197

991128142.UG.FTS.B,

29.49%,

11/20/24

286

284

991128160.UG.FTS.B,

19.8%,

11/17/24

193

192

991128162.UG.FTS.B,

19.21%,

11/13/24

241

239

991128202.UG.FTS.B,

28.98%,

11/11/24

352

361

991128203.UG.FTS.B,

23.45%,

11/12/23

1,173

1,162

991128207.UG.FTS.B,

29.49%,

11/19/24

2,440

2,414

*

991128208.UG.FTS.B,

29.49%,

11/23/23

400

277

*

991128221.UG.FTS.B,

29.49%,

11/24/24

122

78

991128244.UG.FTS.B,

28.98%,

11/11/24

485

497

991128304.UG.FTS.B,

29.49%,

11/19/24

280

277

*

991128305.UG.FTS.B,

21.46%,

11/17/24

90

22

991128359.UG.FTS.B,

19.96%,

11/18/23

1,839

1,821

991128360.UG.FTS.B,

29.49%,

11/21/23

78

77

*

991128364.UG.FTS.B,

29.49%,

11/23/24

331

44

991128392.UG.FTS.B,

29.49%,

11/19/23

93

92

*

991128394.UG.FTS.B,

29.49%,

11/24/24

10

10

991128405.UG.FTS.B,

28.98%,

11/23/24

38

37

991128464.UG.FTS.B,

21.48%,

11/20/23

300

298

991128494.UG.FTS.B,

29.49%,

11/17/24

490

484

991128501.UG.FTS.B,

28.48%,

11/25/23

642

656

991128509.UG.FTS.B,

27.99%,

11/21/24

326

322

991128536.UG.FTS.B,

22.45%,

11/26/23

561

556

991128551.UG.FTS.B,

29.49%,

11/23/24

1,708

1,685

991128570.UG.FTS.B,

28.98%,

11/25/24

21

21

991128573.UG.FTS.B,

18.97%,

11/22/24

1,521

1,514

991128575.UG.FTS.B,

27.99%,

11/24/24

37

37

991128578.UG.FTS.B,

29.49%,

11/24/23

128

126

991128581.UG.FTS.B,

29.49%,

11/24/24

103

100

991128623.UG.FTS.B,

29.49%,

11/22/24

51

50

991128630.UG.FTS.B,

29.49%,

11/22/24

315

311

991128651.UG.FTS.B,

21.98%,

11/26/24

3,063

3,049

991128669.UG.FTS.B,

26.94%,

11/20/24

1,214

1,201

991128682.UG.FTS.B,

29.49%,

11/19/24

1,237

1,216

991128684.UG.FTS.B,

28.98%,

11/21/24

439

433

*

991128686.UG.FTS.B,

29.49%,

11/24/23

63

62

991128711.UG.FTS.B,

28.98%,

11/25/24

89

91

991128714.UG.FTS.B,

18.3%,

11/14/23

34

34

991128721.UG.FTS.B,

28.98%,

11/21/24

40

40

991128759.UG.FTS.B,

29.49%,

11/20/23

457

451

*

991128782.UG.FTS.B,

19.3%,

11/22/23

184

183

991128859.UG.FTS.B,

29.49%,

11/24/24

95

94

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

403

a

991128869.UG.FTS.B,

29.49%,

11/24/24

1,899

1,937

991128875.UG.FTS.B,

29.49%,

11/22/24

784

775

991128878.UG.FTS.B,

18.97%,

11/21/24

89

89

991128884.UG.FTS.B,

29.49%,

11/20/24

61

60

991128896.UG.FTS.B,

28.98%,

11/22/24

810

794

991128908.UG.FTS.B,

28.98%,

11/22/24

226

224

991128940.UG.FTS.B,

29.49%,

11/23/24

281

278

*

991128972.UG.FTS.B,

28.98%,

11/18/24

119

15

991128993.UG.FTS.B,

29.49%,

11/19/23

51

50

991129006.UG.FTS.B,

29.49%,

11/24/24

16

16

991129010.UG.FTS.B,

28.98%,

11/24/24

683

678

991129017.UG.FTS.B,

28.98%,

12/20/26

-

-

991129020.UG.FTS.B,

20.46%,

11/20/24

1,414

1,400

991129027.UG.FTS.B,

29.49%,

11/24/24

58

56

991129030.UG.FTS.B,

28.98%,

11/25/24

606

623

991129032.UG.FTS.B,

21.46%,

11/26/24

4,393

4,351

991129046.UG.FTS.B,

29.49%,

11/11/24

442

451

*

991129050.UG.FTS.B,

29.48%,

11/26/23

1,885

1,888

991129061.UG.FTS.B,

29.48%,

11/19/23

1,836

1,821

991129075.UG.FTS.B,

29.49%,

11/23/23

190

186

991129084.UG.FTS.B,

28.98%,

11/25/24

602

598

*

991129107.UG.FTS.B,

29.49%,

11/24/24

37

3

991129109.UG.FTS.B,

20.46%,

11/12/24

513

507

991129113.UG.FTS.B,

25.45%,

11/26/23

237

234

991129183.UG.FTS.B,

29.49%,

11/21/24

539

533

991129195.UG.FTS.B,

29.49%,

11/22/24

-

-

991129208.UG.FTS.B,

28.98%,

11/25/24

1,529

1,551

991129216.UG.FTS.B,

28.98%,

11/19/24

53

53

991129219.UG.FTS.B,

18.97%,

11/25/24

16

16

*

991129222.UG.FTS.B,

29.49%,

12/17/26

-

-

991129247.UG.FTS.B,

20.96%,

11/20/23

89

88

991129252.UG.FTS.B,

29.49%,

11/24/24

68

68

991129254.UG.FTS.B,

29.49%,

11/26/24

91

90

991129264.UG.FTS.B,

29.49%,

11/18/24

247

244

991129275.UG.FTS.B,

28.98%,

11/21/24

934

924

991129299.UG.FTS.B,

28.48%,

11/24/23

403

397

991129303.UG.FTS.B,

20.46%,

11/26/24

3,134

3,109

991129310.UG.FTS.B,

20.96%,

11/18/23

96

95

991129314.UG.FTS.B,

29.49%,

11/24/24

190

187

991129317.UG.FTS.B,

15.97%,

11/10/24

7,435

7,615

991129331.UG.FTS.B,

28.98%,

11/24/24

635

631

*

991129341.UG.FTS.B,

29.49%,

11/25/24

144

150

991129361.UG.FTS.B,

29.49%,

11/24/23

94

93

991129376.UG.FTS.B,

19.99%,

1/09/27

-

-

991129402.UG.FTS.B,

21.98%,

11/19/24

678

673

991129403.UG.FTS.B,

29.49%,

11/25/24

256

263

991129434.UG.FTS.B,

29.49%,

11/22/23

1,190

1,179

991129456.UG.FTS.B,

26.44%,

11/26/23

98

97

991129469.UG.FTS.B,

18.71%,

11/20/23

453

451

991129484.UG.FTS.B,

28.98%,

11/19/24

85

84

*

991129485.UG.FTS.B,

29.49%,

11/23/24

41

3

991129498.UG.FTS.B,

19.99%,

11/23/24

741

755

991129519.UG.FTS.B,

29.48%,

11/24/23

272

266

991129529.UG.FTS.B,

29.49%,

11/19/24

190

187

991129538.UG.FTS.B,

29.49%,

11/19/24

127

124

991129586.UG.FTS.B,

28.98%,

11/20/24

120

118

991129659.UG.FTS.B,

29.49%,

11/20/24

761

750

991129672.UG.FTS.B,

27.99%,

11/11/24

161

164

991129682.UG.FTS.B,

19.99%,

11/21/24

563

557

991129701.UG.FTS.B,

29.49%,

11/24/23

260

256

991129747.UG.FTS.B,

28.98%,

11/22/24

37

36

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

404

a

991129776.UG.FTS.B,

29.49%,

11/23/23

75

73

991129799.UG.FTS.B,

19.21%,

11/25/24

838

864

991129801.UG.FTS.B,

28.98%,

11/23/24

113

112

991129823.UG.FTS.B,

28.98%,

11/24/24

178

174

991129868.UG.FTS.B,

29.49%,

2/20/27

3

3

991129872.UG.FTS.B,

21.47%,

11/15/23

28

28

991129907.UG.FTS.B,

28.98%,

11/20/24

995

983

991129916.UG.FTS.B,

29.49%,

11/21/23

2

2

991129931.UG.FTS.B,

29.49%,

11/22/24

49

48

991129972.UG.FTS.B,

19.99%,

11/24/24

172

171

991129990.UG.FTS.B,

28.48%,

11/17/23

178

175

991130006.UG.FTS.B,

29.49%,

11/23/24

476

467

991130012.UG.FTS.B,

28.48%,

11/18/23

189

187

991130013.UG.FTS.B,

29.49%,

11/22/23

158

155

*

991130023.UG.FTS.B,

29.49%,

11/21/24

1,402

1,401

*

991130053.UG.FTS.B,

14.98%,

11/26/24

588

587

991130058.UG.FTS.B,

18.47%,

11/26/23

1,151

1,150

991130059.UG.FTS.B,

19.8%,

11/15/24

160

158

991130084.UG.FTS.B,

28.98%,

11/19/24

123

122

991130086.UG.FTS.B,

28.98%,

11/23/24

18

18

991130087.UG.FTS.B,

28.98%,

11/10/24

251

254

991130099.UG.FTS.B,

16.49%,

11/26/23

741

739

991130100.UG.FTS.B,

28.98%,

11/16/24

3,181

3,084

991130120.UG.FTS.B,

29.49%,

11/20/24

529

517

991130146.UG.FTS.B,

29.49%,

11/23/24

70

69

991130155.UG.FTS.B,

19.99%,

11/26/24

35

35

991130158.UG.FTS.B,

25.44%,

11/14/23

62

61

991130160.UG.FTS.B,

28.98%,

11/20/24

219

216

991130163.UG.FTS.B,

29.49%,

11/18/24

151

147

991130170.UG.FTS.B,

28.98%,

11/20/24

90

89

991130184.UG.FTS.B,

19.21%,

11/24/24

628

625

991130213.UG.FTS.B,

28.48%,

11/23/23

6

6

991130256.UG.FTS.B,

29.49%,

11/26/23

148

146

991130272.UG.FTS.B,

28.98%,

11/23/24

355

349

991130301.UG.FTS.B,

19.8%,

11/16/24

300

297

991130308.UG.FTS.B,

29.49%,

11/21/24

13

13

991130316.UG.FTS.B,

23.45%,

11/22/23

191

188

991130319.UG.FTS.B,

29.49%,

11/20/23

578

573

991130326.UG.FTS.B,

22.36%,

11/11/26

712

731

991130347.UG.FTS.B,

18.71%,

11/16/23

198

196

991130355.UG.FTS.B,

29.49%,

11/21/24

1,116

1,104

991130390.UG.FTS.B,

21.46%,

11/12/24

755

743

991130405.UG.FTS.B,

21.97%,

11/12/24

494

487

*

991130439.UG.FTS.B,

28.98%,

12/20/26

-

-

991130441.UG.FTS.B,

29.49%,

11/19/24

174

171

991130449.UG.FTS.B,

29.49%,

11/21/24

258

254

991130453.UG.FTS.B,

29.49%,

11/19/23

182

179

991130482.UG.FTS.B,

28.98%,

11/19/24

548

544

991130487.UG.FTS.B,

29.49%,

11/23/24

1,008

1,001

*

991130510.UG.FTS.B,

29.49%,

11/24/24

873

116

991130514.UG.FTS.B,

28.98%,

11/20/24

708

700

991130518.UG.FTS.B,

29.48%,

11/21/23

63

62

991130530.UG.FTS.B,

19.99%,

11/26/24

340

333

991130568.UG.FTS.B,

25.95%,

11/20/24

186

184

*

991130606.UG.FTS.B,

29.49%,

11/21/24

81

6

991130622.UG.FTS.B,

29.49%,

11/20/23

246

242

991130627.UG.FTS.B,

19.8%,

11/20/24

1,604

1,590

991130632.UG.FTS.B,

28.98%,

11/25/24

2,614

2,699

991130635.UG.FTS.B,

29.49%,

11/21/24

40

40

991130640.UG.FTS.B,

29.49%,

11/16/23

18

18

991130653.UG.FTS.B,

29.49%,

11/23/24

69

68

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

405

a

991130666.UG.FTS.B,

29.49%,

11/09/24

432

417

991130672.UG.FTS.B,

19.99%,

11/24/24

185

182

991130674.UG.FTS.B,

29.49%,

11/21/24

359

355

991130691.UG.FTS.B,

21.46%,

11/12/24

57

57

991130694.UG.FTS.B,

28.98%,

11/22/24

72

71

991130703.UG.FTS.B,

29.49%,

11/25/23

86

88

991130728.UG.FTS.B,

20.97%,

11/26/24

837

833

991130739.UG.FTS.B,

22.97%,

11/22/24

238

235

991130741.UG.FTS.B,

28.98%,

11/21/24

244

241

*

991130795.UG.FTS.B,

28.98%,

11/23/24

305

192

991130805.UG.FTS.B,

19.99%,

11/20/24

12

12

*

991130828.UG.FTS.B,

19.99%,

11/20/23

20

3

991130832.UG.FTS.B,

21.46%,

11/24/24

1,147

1,133

991130836.UG.FTS.B,

28.98%,

11/22/24

77

76

991130854.UG.FTS.B,

25.45%,

11/15/23

162

160

991130897.UG.FTS.B,

29.49%,

11/11/24

209

210

991130907.UG.FTS.B,

29.49%,

11/22/23

296

291

991130913.UG.FTS.B,

19.8%,

11/19/24

728

719

991130918.UG.FTS.B,

21.48%,

11/22/23

198

196

991130934.UG.FTS.B,

19.21%,

11/22/24

558

554

991130949.UG.FTS.B,

29.49%,

11/23/23

171

168

991130950.UG.FTS.B,

29.49%,

11/22/24

136

135

991130973.UG.FTS.B,

15.99%,

11/12/24

5,316

5,286

991130981.UG.FTS.B,

29.49%,

11/19/24

130

128

991130991.UG.FTS.B,

20.97%,

11/26/24

3,727

3,711

991130997.UG.FTS.B,

29.49%,

11/19/23

95

93

*

991130999.UG.FTS.B,

29.49%,

11/19/24

7

7

991131008.UG.FTS.B,

29.49%,

11/21/23

35

35

*

991131011.UG.FTS.B,

28.98%,

11/21/24

65

9

991131027.UG.FTS.B,

29.49%,

11/21/24

419

412

991131032.UG.FTS.B,

29.49%,

11/21/23

13

13

991131037.UG.FTS.B,

21.46%,

11/10/24

603

592

991131039.UG.FTS.B,

29.49%,

11/23/24

238

233

991131049.UG.FTS.B,

21.46%,

11/22/24

275

273

991131051.UG.FTS.B,

29.49%,

11/21/23

215

212

991131081.UG.FTS.B,

29.49%,

11/24/24

184

183

*

991131090.UG.FTS.B,

29.49%,

11/22/23

70

69

991131102.UG.FTS.B,

29.49%,

11/21/24

103

102

*

991131122.UG.FTS.B,

29.49%,

11/24/23

99

98

991131131.UG.FTS.B,

19.3%,

11/11/23

468

463

991131233.UG.FTS.B,

28.98%,

11/19/24

734

724

991131243.UG.FTS.B,

28.48%,

11/27/23

520

510

991131246.UG.FTS.B,

27.99%,

11/23/24

996

988

991131248.UG.FTS.B,

18.97%,

11/20/24

446

443

991131260.UG.FTS.B,

29.49%,

11/21/23

10

10

991131266.UG.FTS.B,

19.3%,

11/14/23

131

130

991131273.UG.FTS.B,

29.49%,

11/24/24

65

65

991131281.UG.FTS.B,

28.98%,

11/20/24

73

72

991131318.UG.FTS.B,

29.49%,

11/11/23

467

466

991131321.UG.FTS.B,

22.47%,

11/27/23

92

91

991131337.UG.FTS.B,

29.49%,

11/27/24

368

366

991131365.UG.FTS.B,

29.49%,

11/25/24

1,877

1,934

991131367.UG.FTS.B,

28.98%,

11/22/24

638

633

991131379.UG.FTS.B,

27.99%,

11/22/24

178

177

991131393.UG.FTS.B,

18.97%,

11/19/24

27

27

991131401.UG.FTS.B,

29.49%,

11/23/24

74

73

*

991131404.UG.FTS.B,

26.44%,

11/15/23

282

35

991131414.UG.FTS.B,

29.49%,

11/24/24

16

16

991131434.UG.FTS.B,

29.49%,

11/21/24

61

60

991131436.UG.FTS.B,

17.99%,

11/27/24

485

483

991131479.UG.FTS.B,

28.98%,

11/23/24

780

772

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

406

a

991131505.UG.FTS.B,

29.48%,

11/24/23

231

227

991131525.UG.FTS.B,

19.8%,

11/20/24

-

-

991131527.UG.FTS.B,

29.48%,

11/23/23

202

201

991131530.UG.FTS.B,

19.99%,

11/25/24

277

277

991131564.UG.FTS.B,

21.98%,

11/18/24

1,031

1,024

991131569.UG.FTS.B,

21.98%,

11/12/24

448

442

991131576.UG.FTS.B,

28.98%,

11/21/24

2,883

2,846

991131589.UG.FTS.B,

25.45%,

11/11/23

185

188

991131599.UG.FTS.B,

22.97%,

11/15/24

96

95

991131606.UG.FTS.B,

19.8%,

11/27/24

2,040

2,025

991131631.UG.FTS.B,

28.98%,

11/24/24

96

95

991131638.UG.FTS.B,

21.48%,

11/27/23

288

285

*

991131671.UG.FTS.B,

29.49%,

11/23/24

103

99

991131676.UG.FTS.B,

29.48%,

12/20/26

-

-

991131704.UG.FTS.B,

29.49%,

11/19/24

170

166

991131722.UG.FTS.B,

29.49%,

2/23/27

2

2

*

991131727.UG.FTS.B,

28.98%,

11/27/24

2,369

2,332

991131736.UG.FTS.B,

29.49%,

11/27/23

105

104

991131747.UG.FTS.B,

19.99%,

11/25/24

444

455

991131752.UG.FTS.B,

29.49%,

11/22/23

154

152

991131758.UG.FTS.B,

29.49%,

11/25/24

220

226

991131769.UG.FTS.B,

29.49%,

11/19/24

17

17

991131801.UG.FTS.B,

29.49%,

11/21/24

141

139

991131812.UG.FTS.B,

28.98%,

11/22/24

238

236

991131817.UG.FTS.B,

28.98%,

11/23/24

884

867

991131832.UG.FTS.B,

29.49%,

11/20/23

1,535

1,520

991131835.UG.FTS.B,

21.46%,

11/25/24

32

32

*

991131837.UG.FTS.B,

21.48%,

11/23/23

234

30

991131875.UG.FTS.B,

20.46%,

11/27/24

581

575

991131881.UG.FTS.B,

20.97%,

11/17/24

247

245

*

991131887.UG.FTS.B,

29.49%,

11/26/23

1,061

150

991131888.UG.FTS.B,

19.3%,

11/22/23

1,417

1,404

991131896.UG.FTS.B,

17.49%,

11/08/23

244

242

991131912.UG.FTS.B,

29.49%,

11/25/24

12

12

*

991131929.UG.FTS.B,

29.49%,

11/23/24

84

12

991131951.UG.FTS.B,

29.49%,

11/11/23

56

57

991131957.UG.FTS.B,

29.49%,

11/27/24

80

79

*

991131966.UG.FTS.B,

29.49%,

11/19/23

56

8

991131988.UG.FTS.B,

29.49%,

11/22/24

141

139

991132010.UG.FTS.B,

25.94%,

11/13/24

166

162

991132014.UG.FTS.B,

20.47%,

2/11/27

4

4

991132032.UG.FTS.B,

27.95%,

11/26/23

700

696

991132065.UG.FTS.B,

29.49%,

11/19/24

191

189

991132085.UG.FTS.B,

28.98%,

11/23/24

425

417

991132140.UG.FTS.B,

29.49%,

11/20/24

72

71

991132151.UG.FTS.B,

29.49%,

11/21/23

89

88

991132156.UG.FTS.B,

21.48%,

11/27/23

314

312

991132175.UG.FTS.B,

29.49%,

11/20/24

740

730

991132191.UG.FTS.B,

20.47%,

11/27/23

88

87

991132194.UG.FTS.B,

19.8%,

11/08/24

1,012

997

991132208.UG.FTS.B,

18.47%,

11/22/23

10

10

991132221.UG.FTS.B,

19.99%,

11/19/24

1,532

1,521

991132245.UG.FTS.B,

21.48%,

11/27/23

312

309

991132246.UG.FTS.B,

29.48%,

11/20/23

58

57

991132272.UG.FTS.B,

20.47%,

11/18/23

204

202

991132279.UG.FTS.B,

29.48%,

11/11/23

387

390

991132324.UG.FTS.B,

19.99%,

11/22/24

289

286

991132332.UG.FTS.B,

28.98%,

11/24/24

2,531

2,488

991132339.UG.FTS.B,

29.48%,

11/11/23

321

326

991132346.UG.FTS.B,

29.49%,

11/21/24

942

928

991132353.UG.FTS.B,

19.99%,

11/24/24

1,796

1,784

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

407

a

991132355.UG.FTS.B,

29.49%,

11/24/24

888

877

991132359.UG.FTS.B,

21.48%,

11/20/23

293

290

991132382.UG.FTS.B,

19.99%,

11/23/24

166

165

991132388.UG.FTS.B,

28.48%,

11/22/23

128

126

991132396.UG.FTS.B,

28.98%,

11/23/24

538

528

*

991132414.UG.FTS.B,

18.97%,

11/25/24

435

262

991132446.UG.FTS.B,

29.49%,

11/22/24

144

140

*

991132448.UG.FTS.B,

29.49%,

11/24/23

69

10

991132459.UG.FTS.B,

29.49%,

11/26/24

501

498

991132476.UG.FTS.B,

28.98%,

11/10/24

860

871

991132478.UG.FTS.B,

29.49%,

11/19/23

308

305

991132499.UG.FTS.B,

28.98%,

11/25/24

1,345

1,388

*

991132500.UG.FTS.B,

29.49%,

11/21/23

266

184

991132511.UG.FTS.B,

28.98%,

11/23/24

692

685

991132545.UG.FTS.B,

28.98%,

11/11/24

378

387

*

991132548.UG.FTS.B,

28.48%,

11/11/23

52

8

991132554.UG.FTS.B,

29.49%,

11/16/24

173

171

991132565.UG.FTS.B,

28.48%,

11/23/23

952

945

991132593.UG.FTS.B,

28.98%,

11/21/24

19

19

991132595.UG.FTS.B,

21.48%,

11/27/23

142

141

991132603.UG.FTS.B,

21.98%,

11/19/24

409

405

991132611.UG.FTS.B,

29.49%,

11/21/23

109

106

991132671.UG.FTS.B,

19.99%,

11/23/24

221

218

991132695.UG.FTS.B,

15%,

11/11/24

2,409

2,476

991132718.UG.FTS.B,

20.46%,

11/27/24

2

2

991132728.UG.FTS.B,

28.48%,

11/22/23

524

515

991132732.UG.FTS.B,

28.98%,

11/24/24

188

187

991132767.UG.FTS.B,

28.98%,

11/19/24

298

295

991132787.UG.FTS.B,

29.49%,

11/24/23

205

203

991132792.UG.FTS.B,

29.49%,

11/21/24

211

209

991132805.UG.FTS.B,

29.49%,

11/22/23

46

46

991132808.UG.FTS.B,

28.98%,

11/21/24

33

33

991132812.UG.FTS.B,

18.97%,

11/26/24

2,328

2,319

991132813.UG.FTS.B,

29.49%,

11/27/24

327

325

991132826.UG.FTS.B,

29.49%,

11/27/23

14

14

991132831.UG.FTS.B,

28.98%,

11/11/24

911

924

991132839.UG.FTS.B,

28.98%,

11/22/24

176

175

991132841.UG.FTS.B,

29.49%,

11/24/24

317

313

991132858.UG.FTS.B,

28.98%,

11/19/24

96

95

991132867.UG.FTS.B,

29.49%,

11/27/24

46

45

991132871.UG.FTS.B,

19.99%,

11/17/24

182

181

991132881.UG.FTS.B,

28.48%,

11/25/23

104

106

991132892.UG.FTS.B,

29.49%,

11/21/23

80

79

991132894.UG.FTS.B,

28.98%,

11/23/24

244

241

991132897.UG.FTS.B,

23.95%,

11/27/24

235

236

991132905.UG.FTS.B,

28.98%,

11/22/24

763

750

991132906.UG.FTS.B,

28.98%,

11/16/24

234

232

991132925.UG.FTS.B,

29.49%,

11/11/24

11

11

*

991132926.UG.FTS.B,

29.48%,

11/21/23

25

4

991132928.UG.FTS.B,

29.49%,

11/21/23

16

16

*

991132939.UG.FTS.B,

29.49%,

11/24/23

31

31

991132948.UG.FTS.B,

29.49%,

11/21/24

186

183

991132951.UG.FTS.B,

23.45%,

11/15/23

373

368

991132975.UG.FTS.B,

28.98%,

11/26/24

3,506

3,477

991132980.UG.FTS.B,

29.49%,

11/26/24

1,269

1,253

991132986.UG.FTS.B,

28.98%,

12/25/26

-

-

991132991.UG.FTS.B,

28.98%,

11/19/24

251

248

*

991133009.UG.FTS.B,

29.49%,

11/19/24

246

243

991133026.UG.FTS.B,

19.21%,

11/22/24

3,979

3,948

*

991133060.UG.FTS.B,

29.48%,

11/19/23

799

109

991133066.UG.FTS.B,

20.97%,

11/17/24

3,108

3,089

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

408

a

991133067.UG.FTS.B,

28.48%,

11/27/23

138

136

991133082.UG.FTS.B,

18.71%,

11/13/23

160

160

991133083.UG.FTS.B,

28.98%,

11/11/24

347

355

*

991133101.UG.FTS.B,

28.98%,

11/23/24

182

24

991133108.UG.FTS.B,

28.98%,

11/24/24

201

197

991133138.UG.FTS.B,

29.49%,

11/25/23

145

149

991133151.UG.FTS.B,

20.97%,

11/14/24

935

921

991133155.UG.FTS.B,

28.98%,

11/19/24

43

42

991133163.UG.FTS.B,

28.98%,

11/23/24

279

287

991133169.UG.FTS.B,

29.49%,

11/24/24

96

94

991133170.UG.FTS.B,

29.49%,

11/11/24

78

79

991133197.UG.FTS.B,

29.48%,

11/19/23

147

143

991133202.UG.FTS.B,

29.49%,

11/23/23

472

466

991133211.UG.FTS.B,

28.98%,

11/22/24

211

207

991133212.UG.FTS.B,

21.98%,

11/22/24

626

619

991133215.UG.FTS.B,

21.46%,

11/14/24

114

112

991133221.UG.FTS.B,

29.48%,

11/19/23

54

53

991133230.UG.FTS.B,

28.98%,

11/25/24

25

26

*

991133237.UG.FTS.B,

28.98%,

11/25/24

39

40

991133284.UG.FTS.B,

28.98%,

11/22/24

409

404

991133310.UG.FTS.B,

18.97%,

11/27/24

1,053

1,046

991133319.UG.FTS.B,

18.47%,

11/27/23

138

137

*

991133333.UG.FTS.B,

29.49%,

11/22/24

83

12

991133334.UG.FTS.B,

29.49%,

11/25/24

979

1,003

991133349.UG.FTS.B,

29.49%,

11/22/23

8

8

991133352.UG.FTS.B,

19.8%,

11/27/24

49

48

991133355.UG.FTS.B,

29.49%,

11/20/23

320

315

991133361.UG.FTS.B,

29.49%,

11/16/24

99

97

991133362.UG.FTS.B,

29.49%,

11/24/23

38

38

991133364.UG.FTS.B,

29.49%,

11/21/24

382

374

*

991133366.UG.FTS.B,

19.99%,

11/20/24

254

252

*

991133374.UG.FTS.B,

29.49%,

2/18/27

3

3

991133407.UG.FTS.B,

19.8%,

11/27/24

379

377

991133413.UG.FTS.B,

29.49%,

11/24/23

238

235

991133441.UG.FTS.B,

19.96%,

11/27/23

108

107

991133444.UG.FTS.B,

29.49%,

11/25/24

70

72

991133445.UG.FTS.B,

29.49%,

11/25/23

37

38

991133458.UG.FTS.B,

19.99%,

11/27/24

609

606

991133469.UG.FTS.B,

29.49%,

11/19/24

110

108

991133483.UG.FTS.B,

29.49%,

11/19/23

10

10

991133485.UG.FTS.B,

29.49%,

11/20/24

309

306

991133497.UG.FTS.B,

29.49%,

11/21/24

12

12

991133507.UG.FTS.B,

19.21%,

11/26/24

96

96

991133509.UG.FTS.B,

29.49%,

11/25/24

344

353

991133519.UG.FTS.B,

19.99%,

11/21/23

100

99

991133526.UG.FTS.B,

29.49%,

11/22/24

878

872

991133533.UG.FTS.B,

29.49%,

11/22/24

43

42

991133557.UG.FTS.B,

29.48%,

11/25/23

107

110

991133560.UG.FTS.B,

28.98%,

11/20/24

151

150

991133589.UG.FTS.B,

28.98%,

11/25/24

182

188

991133598.UG.FTS.B,

29.49%,

11/19/23

74

73

*

991133607.UG.FTS.B,

29.49%,

11/23/24

78

6

991133609.UG.FTS.B,

20.96%,

11/27/23

502

498

991133616.UG.FTS.B,

29.48%,

11/25/23

224

231

991133623.UG.FTS.B,

28.98%,

11/27/24

804

798

991133629.UG.FTS.B,

29.49%,

11/19/23

150

147

991133637.UG.FTS.B,

29.48%,

11/17/23

143

140

991133644.UG.FTS.B,

18.47%,

11/19/23

832

828

991133653.UG.FTS.B,

19.99%,

11/27/24

1,230

1,221

991133663.UG.FTS.B,

29.49%,

11/11/24

37

37

991133676.UG.FTS.B,

28.48%,

11/24/23

169

167

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

409

a

991133714.UG.FTS.B,

21.48%,

11/13/23

149

147

991133721.UG.FTS.B,

28.98%,

11/20/24

726

721

991133732.UG.FTS.B,

29.49%,

11/24/23

782

776

991133751.UG.FTS.B,

22.97%,

11/19/24

56

55

991133777.UG.FTS.B,

27.99%,

11/25/24

2,218

2,206

991133817.UG.FTS.B,

29.49%,

11/21/24

360

356

991133819.UG.FTS.B,

21.46%,

11/20/24

180

179

991133821.UG.FTS.B,

29.49%,

11/23/23

261

257

991133827.UG.FTS.B,

19.99%,

11/23/24

642

631

*

991133834.UG.FTS.B,

29.49%,

11/11/23

500

64

991133844.UG.FTS.B,

28.98%,

11/20/24

66

66

991133856.UG.FTS.B,

28.48%,

11/22/23

489

480

991133863.UG.FTS.B,

23.95%,

11/26/24

3,274

3,225

991133867.UG.FTS.B,

29.49%,

11/19/23

238

235

991133871.UG.FTS.B,

29.49%,

11/24/23

698

692

991133876.UG.FTS.B,

29.49%,

11/24/23

31

31

*

991133885.UG.FTS.B,

28.98%,

11/25/24

500

520

991133888.UG.FTS.B,

28.98%,

11/25/24

96

97

991133934.UG.FTS.B,

29.49%,

11/20/23

101

99

991133949.UG.FTS.B,

28.48%,

11/20/23

141

139

991133954.UG.FTS.B,

29.49%,

11/24/24

218

215

991133962.UG.FTS.B,

29.49%,

11/19/24

117

115

*

991133969.UG.FTS.B,

19.21%,

11/27/24

1,560

921

991133971.UG.FTS.B,

18.97%,

11/24/24

230

228

991133989.UG.FTS.B,

28.98%,

11/23/24

101

100

991133996.UG.FTS.B,

29.49%,

11/23/24

201

197

991134006.UG.FTS.B,

29.49%,

11/20/23

474

469

991134077.UG.FTS.B,

21.46%,

11/14/24

868

861

991134153.UG.FTS.B,

29.49%,

11/19/24

780

774

991134188.UG.FTS.B,

20.97%,

11/27/24

291

289

991134193.UG.FTS.B,

28.98%,

11/21/24

301

299

991134209.UG.FTS.B,

29.49%,

11/20/24

1,054

1,037

991134220.UG.FTS.B,

28.98%,

11/19/24

195

193

991134223.UG.FTS.B,

20.47%,

11/13/23

186

184

991134257.UG.FTS.B,

29.49%,

11/23/24

4,891

4,854

*

991134259.UG.FTS.B,

29.49%,

11/23/23

85

6

991134262.UG.FTS.B,

29.49%,

11/19/24

1,949

1,928

991134268.UG.FTS.B,

29.49%,

11/11/24

329

336

991134301.UG.FTS.B,

29.49%,

11/22/23

85

83

991134317.UG.FTS.B,

28.98%,

11/10/24

244

242

991134333.UG.FTS.B,

29.49%,

11/23/24

489

486

991134367.UG.FTS.B,

16.99%,

11/11/24

1,454

1,489

991134379.UG.FTS.B,

28.98%,

11/21/24

488

485

991134396.UG.FTS.B,

29.49%,

11/20/24

1,795

1,774

991134430.UG.FTS.B,

29.49%,

11/25/24

2,339

2,411

991134480.UG.FTS.B,

29.49%,

11/25/24

294

303

991134488.UG.FTS.B,

20.96%,

11/23/23

150

148

991134505.UG.FTS.B,

29.49%,

11/22/24

718

704

*

991134535.UG.FTS.B,

29.49%,

11/27/24

660

90

991134541.UG.FTS.B,

21.98%,

11/26/24

2,431

2,419

991134545.UG.FTS.B,

19.99%,

11/22/24

1,547

1,532

991134547.UG.FTS.B,

29.49%,

11/25/24

227

234

991134595.UG.FTS.B,

29.49%,

11/25/24

784

796

991134651.UG.FTS.B,

28.48%,

11/21/23

2,844

2,796

991134660.UG.FTS.B,

19.99%,

11/24/24

390

383

991134666.UG.FTS.B,

21.98%,

11/18/24

967

961

*

991134678.UG.FTS.B,

28.98%,

11/11/24

400

49

*

991134689.UG.FTS.B,

29.48%,

11/19/23

300

22

*

991134696.UG.FTS.B,

22.47%,

11/19/23

226

224

991134730.UG.FTS.B,

18.71%,

11/22/23

368

366

991134773.UG.FTS.B,

29.49%,

11/23/24

211

210

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

410

a

991134801.UG.FTS.B,

29.49%,

11/11/24

291

298

991134804.UG.FTS.B,

28.98%,

11/23/24

292

289

991134808.UG.FTS.B,

28.98%,

11/22/24

810

795

991134829.UG.FTS.B,

28.98%,

11/25/24

734

748

*

991134848.UG.FTS.B,

19.99%,

11/11/24

540

105

991134858.UG.FTS.B,

28.98%,

11/25/24

2,448

2,528

991134868.UG.FTS.B,

27.99%,

11/27/24

486

482

991134880.UG.FTS.B,

29.49%,

11/17/24

1,404

1,375

991134914.UG.FTS.B,

28.98%,

11/11/24

263

262

991134982.UG.FTS.B,

28.98%,

11/20/24

2,647

2,609

*

991134984.UG.FTS.B,

28.98%,

11/11/24

700

85

*

991135021.UG.FTS.B,

29.49%,

11/11/24

950

615

991135049.UG.FTS.B,

28.98%,

11/19/24

140

139

991135079.UG.FTS.B,

29.49%,

11/21/23

1,898

1,882

991135109.UG.FTS.B,

29.49%,

11/23/24

489

485

991135114.UG.FTS.B,

29.49%,

11/24/23

95

94

991135117.UG.FTS.B,

28.98%,

11/18/24

579

574

991135126.UG.FTS.B,

28.98%,

11/24/24

294

288

991135137.UG.FTS.B,

19.8%,

11/13/24

1,328

1,310

991135199.UG.FTS.B,

29.49%,

11/23/24

1,174

1,162

991135207.UG.FTS.B,

29.49%,

11/22/23

226

223

991135236.UG.FTS.B,

19.8%,

11/11/24

1,923

1,971

991135238.UG.FTS.B,

28.48%,

11/19/23

1,420

1,408

991135259.UG.FTS.B,

29.49%,

11/25/24

341

352

991135293.UG.FTS.B,

19.99%,

11/26/24

3,840

3,809

991135299.UG.FTS.B,

29.49%,

11/24/24

54

53

991135300.UG.FTS.B,

18.97%,

11/22/24

2,016

2,006

991135355.UG.FTS.B,

19.8%,

11/25/24

678

700

991135432.UG.FTS.B,

21.46%,

11/23/24

3,287

3,266

991135449.UG.FTS.B,

22.47%,

11/11/23

337

24

991135454.UG.FTS.B,

21.98%,

11/27/24

1,451

1,444

991135493.UG.FTS.B,

28.98%,

11/21/24

96

95

991135510.UG.FTS.B,

18.97%,

11/12/24

577

573

991135531.UG.FTS.B,

22.45%,

11/14/23

819

808

991135554.UG.FTS.B,

19.8%,

11/20/24

482

478

991135586.UG.FTS.B,

29.49%,

11/23/24

685

680

991135629.UG.FTS.B,

29.49%,

11/19/24

778

764

991135644.UG.FTS.B,

28.98%,

11/11/24

3,100

3,179

991135656.UG.FTS.B,

28.98%,

11/25/24

2,252

2,325

991135675.UG.FTS.B,

27.99%,

11/19/24

919

906

991135689.UG.FTS.B,

28.98%,

11/22/24

708

701

991135690.UG.FTS.B,

20.46%,

11/26/24

340

337

991135699.UG.FTS.B,

29.49%,

11/19/23

66

65

991135710.UG.FTS.B,

28.48%,

11/27/23

857

853

991135715.UG.FTS.B,

29.49%,

11/25/24

83

85

991135727.UG.FTS.B,

29.49%,

11/09/24

270

268

991135729.UG.FTS.B,

22.45%,

11/27/23

301

298

991135757.UG.FTS.B,

17.99%,

11/27/24

3,378

3,367

991135760.UG.FTS.B,

29.49%,

11/23/24

95

93

991135764.UG.FTS.B,

29.49%,

11/25/24

188

193

991135781.UG.FTS.B,

29.49%,

11/27/23

17

17

991135788.UG.FTS.B,

29.48%,

11/19/23

44

43

991135799.UG.FTS.B,

23.95%,

11/23/24

65

64

991135808.UG.FTS.B,

18.97%,

11/11/24

564

579

991135829.UG.FTS.B,

22.47%,

11/25/23

1,629

1,621

991135834.UG.FTS.B,

21.97%,

11/21/24

473

468

991135840.UG.FTS.B,

29.49%,

11/21/24

14

14

991135860.UG.FTS.B,

29.49%,

11/21/24

28

28

991135863.UG.FTS.B,

28.48%,

11/22/23

75

74

991135867.UG.FTS.B,

29.49%,

11/19/23

71

70

*

991135879.UG.FTS.B,

29.49%,

2/21/27

13

1

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

411

a

991135885.UG.FTS.B,

29.48%,

11/19/23

18

18

991135909.UG.FTS.B,

28.98%,

11/25/24

15

15

991135949.UG.FTS.B,

29.49%,

11/20/24

141

139

991135954.UG.FTS.B,

19.3%,

11/27/23

321

319

991135962.UG.FTS.B,

22.97%,

11/27/24

410

407

991135967.UG.FTS.B,

18.97%,

11/14/24

1,264

1,252

991135970.UG.FTS.B,

29.49%,

11/23/24

200

199

991136010.UG.FTS.B,

29.49%,

11/25/24

33

33

991136012.UG.FTS.B,

29.48%,

11/22/23

42

41

991136016.UG.FTS.B,

28.98%,

11/27/24

3,407

3,354

991136045.UG.FTS.B,

29.49%,

11/22/23

1,127

1,116

991136064.UG.FTS.B,

28.98%,

11/21/24

551

547

991136075.UG.FTS.B,

21.46%,

11/26/24

253

251

991136078.UG.FTS.B,

28.98%,

11/08/24

2

2

991136113.UG.FTS.B,

28.98%,

11/27/24

962

957

991136157.UG.FTS.B,

29.49%,

11/22/23

116

115

991136166.UG.FTS.B,

29.49%,

11/27/24

974

964

991136186.UG.FTS.B,

29.49%,

11/23/24

2,027

1,990

991136202.UG.FTS.B,

29.49%,

11/23/23

129

132

991136216.UG.FTS.B,

29.49%,

11/24/24

1,096

1,074

991136228.UG.FTS.B,

17.49%,

11/27/23

42

42

991136247.UG.FTS.B,

29.49%,

11/27/24

313

310

991136254.UG.FTS.B,

29.49%,

11/19/23

218

214

*

991136265.UG.FTS.B,

28.98%,

11/27/24

4,990

4,969

991136272.UG.FTS.B,

29.49%,

11/24/23

52

52

991136276.UG.FTS.B,

18.97%,

11/15/24

1,533

889

991136286.UG.FTS.B,

28.48%,

11/21/23

660

654

991136287.UG.FTS.B,

29.49%,

11/25/23

9

9

991136290.UG.FTS.B,

29.49%,

11/08/23

152

147

991136292.UG.FTS.B,

28.98%,

11/27/24

51

50

991136294.UG.FTS.B,

29.49%,

11/24/24

522

514

991136335.UG.FTS.B,

28.98%,

11/27/24

574

569

991136345.UG.FTS.B,

29.49%,

11/23/23

25

25

991136347.UG.FTS.B,

29.49%,

11/23/24

54

53

991136349.UG.FTS.B,

19.99%,

11/25/24

37

38

991136357.UG.FTS.B,

28.98%,

11/23/24

173

171

991136391.UG.FTS.B,

29.49%,

11/22/24

1,245

1,220

991136392.UG.FTS.B,

29.49%,

11/25/23

87

88

991136422.UG.FTS.B,

20.96%,

11/25/23

139

143

991136443.UG.FTS.B,

29.49%,

11/24/23

50

49

991136470.UG.FTS.B,

29.49%,

11/24/24

221

219

991136474.UG.FTS.B,

29.49%,

11/24/24

198

196

991136503.UG.FTS.B,

29.49%,

11/24/23

80

79

991136522.UG.FTS.B,

29.48%,

11/23/23

32

31

991136523.UG.FTS.B,

17.47%,

11/27/23

5

5

991136525.UG.FTS.B,

29.49%,

11/17/24

142

139

*

991136543.UG.FTS.B,

29.49%,

11/19/23

32

32

991136553.UG.FTS.B,

16.49%,

11/27/23

701

699

991136554.UG.FTS.B,

28.98%,

11/24/24

20

19

991136566.UG.FTS.B,

29.49%,

11/23/24

166

164

*

991136597.UG.FTS.B,

29.49%,

11/23/23

83

12

*

991136599.UG.FTS.B,

29.49%,

11/27/24

1,514

1,516

991136606.UG.FTS.B,

28.48%,

11/22/23

72

71

991136618.UG.FTS.B,

29.49%,

11/21/24

321

317

991136653.UG.FTS.B,

29.48%,

11/18/23

32

31

991136660.UG.FTS.B,

18.97%,

11/27/24

1,525

1,520

991136661.UG.FTS.B,

29.49%,

11/27/23

124

122

991136662.UG.FTS.B,

29.49%,

11/25/24

193

199

991136664.UG.FTS.B,

28.98%,

11/27/24

468

463

991136674.UG.FTS.B,

19.21%,

11/27/24

1,857

1,850

991136717.UG.FTS.B,

28.98%,

11/19/24

1,476

1,456

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

412

a

991136726.UG.FTS.B,

29.48%,

11/27/23

379

376

991136740.UG.FTS.B,

22.47%,

11/25/23

353

352

*

991136764.UG.FTS.B,

19.99%,

11/27/24

176

175

991136765.UG.FTS.B,

28.98%,

11/22/24

1,054

1,043

991136773.UG.FTS.B,

29.49%,

11/22/23

250

246

991136781.UG.FTS.B,

22.97%,

11/27/24

78

78

991136789.UG.FTS.B,

28.48%,

11/20/23

110

108

991136794.UG.FTS.B,

28.98%,

11/27/24

805

790

991136802.UG.FTS.B,

19.21%,

11/19/24

100

99

991136803.UG.FTS.B,

29.48%,

11/19/23

409

404

991136837.UG.FTS.B,

29.49%,

11/19/24

141

140

991136853.UG.FTS.B,

29.49%,

11/18/24

645

627

991136873.UG.FTS.B,

28.98%,

11/24/24

152

151

991136875.UG.FTS.B,

21.98%,

11/27/24

36

36

991136876.UG.FTS.B,

29.49%,

11/20/23

72

71

991136884.UG.FTS.B,

28.98%,

11/20/24

624

618

*

991136907.UG.FTS.B,

29.49%,

11/21/23

262

255

991136925.UG.FTS.B,

27.95%,

11/27/24

100

99

991136945.UG.FTS.B,

22.45%,

11/27/23

597

591

991136950.UG.FTS.B,

20.46%,

11/12/24

274

271

991136961.UG.FTS.B,

29.49%,

2/21/27

2

2

991136963.UG.FTS.B,

18.47%,

11/19/23

319

317

*

991136966.UG.FTS.B,

25.45%,

11/27/23

812

108

991137002.UG.FTS.B,

28.98%,

11/24/24

268

265

991137047.UG.FTS.B,

29.49%,

11/27/23

4

4

991137070.UG.FTS.B,

18.71%,

11/26/23

616

610

*

991137079.UG.FTS.B,

29.49%,

11/19/24

32

28

991137081.UG.FTS.B,

19.99%,

11/19/23

663

655

991137083.UG.FTS.B,

29.49%,

11/21/24

588

580

*

991137100.UG.FTS.B,

29.49%,

11/11/23

192

144

991137116.UG.FTS.B,

28.98%,

11/22/24

751

746

991137119.UG.FTS.B,

29.49%,

11/20/23

30

29

*

991137121.UG.FTS.B,

29.49%,

1/20/27

1

1

991137126.UG.FTS.B,

29.49%,

11/27/24

655

643

991137204.UG.FTS.B,

28.98%,

11/17/24

497

492

991137228.UG.FTS.B,

20.47%,

11/26/23

10

10

991137235.UG.FTS.B,

29.49%,

11/23/24

284

281

991137246.UG.FTS.B,

28.98%,

11/22/24

989

973

991137273.UG.FTS.B,

16.49%,

11/27/23

2,093

2,087

991137276.UG.FTS.B,

29.49%,

11/22/23

191

189

991137284.UG.FTS.B,

28.98%,

11/25/24

144

149

991137301.UG.FTS.B,

27.99%,

11/20/24

408

403

991137319.UG.FTS.B,

29.49%,

11/25/24

263

269

991137320.UG.FTS.B,

28.98%,

11/27/24

467

454

991137323.UG.FTS.B,

29.49%,

11/16/24

1,165

1,142

991137326.UG.FTS.B,

28.48%,

11/25/23

72

73

991137340.UG.FTS.B,

29.49%,

11/23/24

359

363

991137348.UG.FTS.B,

28.98%,

11/27/24

122

121

991137353.UG.FTS.B,

29.49%,

11/16/24

144

142

991137387.UG.FTS.B,

29.49%,

11/20/24

306

303

991137389.UG.FTS.B,

29.49%,

11/24/23

126

125

991137393.UG.FTS.B,

29.49%,

11/26/23

63

63

991137401.UG.FTS.B,

28.98%,

11/27/24

1,797

1,771

991137424.UG.FTS.B,

19.8%,

11/27/24

1,430

1,424

991137442.UG.FTS.B,

21.46%,

11/27/24

560

555

991137465.UG.FTS.B,

28.98%,

11/18/24

138

133

991137525.UG.FTS.B,

29.48%,

11/21/23

84

83

991137535.UG.FTS.B,

19.99%,

11/27/24

1,342

1,331

*

991137536.UG.FTS.B,

28.98%,

11/20/24

2,836

2,833

991137564.UG.FTS.B,

29.49%,

11/21/24

216

212

991137584.UG.FTS.B,

18.97%,

11/26/24

106

106

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

413

a

991137626.UG.FTS.B,

19.99%,

11/09/24

209

205

991137629.UG.FTS.B,

17.99%,

11/27/24

632

630

991137652.UG.FTS.B,

29.49%,

11/22/24

109

108

991137681.UG.FTS.B,

28.98%,

11/27/24

523

521

991137701.UG.FTS.B,

29.49%,

2/18/27

5

4

991137718.UG.FTS.B,

29.49%,

11/19/24

292

288

991137740.UG.FTS.B,

19.99%,

11/24/24

171

169

991137766.UG.FTS.B,

28.98%,

11/20/24

1,052

1,038

991137767.UG.FTS.B,

28.98%,

11/21/24

57

56

991137776.UG.FTS.B,

20.46%,

11/14/24

1,030

1,022

991137789.UG.FTS.B,

28.98%,

11/21/24

192

189

991137801.UG.FTS.B,

28.98%,

11/19/24

43

42

991137836.UG.FTS.B,

29.49%,

11/21/24

228

225

991137842.UG.FTS.B,

29.49%,

11/23/23

162

159

991137852.UG.FTS.B,

20.97%,

11/15/24

87

86

991137872.UG.FTS.B,

20.47%,

11/27/23

186

184

991137879.UG.FTS.B,

29.49%,

11/11/24

48

49

991137887.UG.FTS.B,

29.49%,

11/26/23

119

117

991137895.UG.FTS.B,

28.98%,

11/11/24

54

55

991137901.UG.FTS.B,

25.95%,

11/10/24

246

241

991137933.UG.FTS.B,

28.98%,

11/20/24

132

129

991137947.UG.FTS.B,

28.98%,

11/22/24

54

54

991137980.UG.FTS.B,

21.98%,

11/15/24

56

55

*

991137989.UG.FTS.B,

29.49%,

11/27/23

33

28

991137990.UG.FTS.B,

28.98%,

11/23/24

309

317

991138007.UG.FTS.B,

29.49%,

11/11/24

523

531

991138019.UG.FTS.B,

29.48%,

11/21/23

315

309

*

991138036.UG.FTS.B,

19.99%,

11/23/24

117

115

991138062.UG.FTS.B,

20.97%,

11/23/24

148

147

991138069.UG.FTS.B,

29.49%,

11/27/24

1,694

1,665

991138076.UG.FTS.B,

28.98%,

11/18/24

665

642

991138091.UG.FTS.B,

29.49%,

11/25/23

170

174

991138102.UG.FTS.B,

29.49%,

11/20/24

127

125

991138103.UG.FTS.B,

29.49%,

2/25/27

2

2

991138112.UG.FTS.B,

29.49%,

2/22/27

4

4

991138116.UG.FTS.B,

29.49%,

11/24/23

748

736

991138118.UG.FTS.B,

29.49%,

11/17/24

2,236

2,216

991138123.UG.FTS.B,

28.98%,

11/17/24

59

58

*

991138125.UG.FTS.B,

19.8%,

11/12/24

181

13

991138133.UG.FTS.B,

28.98%,

11/21/24

125

124

991138152.UG.FTS.B,

19.8%,

11/20/24

516

511

991138164.UG.FTS.B,

21.98%,

11/26/24

8

8

991138170.UG.FTS.B,

19.8%,

11/12/24

28

28

991138174.UG.FTS.B,

29.49%,

11/22/24

278

275

991138180.UG.FTS.B,

20.97%,

11/22/24

542

539

991138181.UG.FTS.B,

29.48%,

11/21/23

308

306

991138185.UG.FTS.B,

19.21%,

11/23/24

10

10

*

991138196.UG.FTS.B,

29.49%,

11/27/24

2,360

2,346

991138205.UG.FTS.B,

28.48%,

11/27/23

30

29

991138272.UG.FTS.B,

29.49%,

11/27/24

1,072

1,063

991138300.UG.FTS.B,

28.98%,

11/21/24

132

131

991138306.UG.FTS.B,

29.49%,

11/18/24

334

331

991138312.UG.FTS.B,

20.46%,

11/27/24

736

730

991138329.UG.FTS.B,

29.49%,

11/27/23

227

224

991138334.UG.FTS.B,

28.98%,

11/11/24

152

156

*

991138336.UG.FTS.B,

26.94%,

11/21/24

431

29

991138358.UG.FTS.B,

29.49%,

11/21/23

154

151

991138371.UG.FTS.B,

19.99%,

11/20/24

71

70

*

991138376.UG.FTS.B,

29.49%,

11/21/24

115

114

991138383.UG.FTS.B,

29.49%,

11/25/24

1

1

991138416.UG.FTS.B,

29.49%,

11/25/24

48

48

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

414

a

991138422.UG.FTS.B,

29.49%,

11/23/23

412

404

991138425.UG.FTS.B,

29.49%,

11/21/24

98

97

991138434.UG.FTS.B,

29.49%,

11/19/24

358

355

991138435.UG.FTS.B,

29.49%,

11/20/24

59

58

991138446.UG.FTS.B,

29.49%,

2/22/27

5

5

991138451.UG.FTS.B,

29.49%,

11/23/23

7

7

991138460.UG.FTS.B,

20.96%,

11/26/23

125

124

*

991138467.UG.FTS.B,

29.48%,

11/24/23

174

179

991138481.UG.FTS.B,

28.98%,

11/20/24

79

78

991138491.UG.FTS.B,

28.98%,

11/24/24

676

663

991138523.UG.FTS.B,

28.48%,

11/19/23

615

604

991138524.UG.FTS.B,

29.49%,

11/25/23

66

67

991138527.UG.FTS.B,

20.96%,

11/26/23

151

150

991138531.UG.FTS.B,

29.49%,

11/26/24

127

126

991138545.UG.FTS.B,

29.48%,

11/19/23

54

53

991138558.UG.FTS.B,

28.48%,

11/27/23

33

33

991138573.UG.FTS.B,

19.8%,

11/22/24

22

22

991138585.UG.FTS.B,

28.98%,

11/19/24

12

12

991138606.UG.FTS.B,

29.49%,

11/19/24

117

115

991138608.UG.FTS.B,

29.49%,

11/23/24

253

250

991138625.UG.FTS.B,

28.98%,

11/19/24

989

981

991138632.UG.FTS.B,

19.99%,

11/27/24

1,514

1,502

991138634.UG.FTS.B,

28.98%,

11/23/24

269

267

991138640.UG.FTS.B,

29.49%,

11/11/24

16

16

991138643.UG.FTS.B,

28.98%,

11/24/24

224

222

991138653.UG.FTS.B,

20.97%,

11/14/24

43

43

991138660.UG.FTS.B,

28.98%,

11/27/24

-

-

991138661.UG.FTS.B,

28.98%,

11/17/24

508

498

991138662.UG.FTS.B,

29.49%,

11/27/24

98

97

991138666.UG.FTS.B,

29.49%,

11/11/24

142

141

991138679.UG.FTS.B,

29.49%,

11/19/23

7

7

991138683.UG.FTS.B,

28.98%,

11/26/24

568

561

991138687.UG.FTS.B,

18.71%,

11/24/23

-

-

991138698.UG.FTS.B,

29.49%,

11/27/23

36

35

991138713.UG.FTS.B,

28.98%,

11/24/24

73

72

991138723.UG.FTS.B,

19.99%,

11/25/24

23

24

991138750.UG.FTS.B,

29.49%,

11/27/24

31

31

*

991138753.UG.FTS.B,

29.49%,

12/18/26

-

-

991138758.UG.FTS.B,

19.3%,

11/27/23

676

674

991138760.UG.FTS.B,

29.49%,

11/22/23

934

920

991138789.UG.FTS.B,

21.46%,

11/24/24

260

259

*

991138794.UG.FTS.B,

29.49%,

11/24/24

676

51

991138815.UG.FTS.B,

28.98%,

11/17/24

45

45

991138844.UG.FTS.B,

20.47%,

11/19/23

27

27

991138856.UG.FTS.B,

19.99%,

11/21/24

393

385

991138919.UG.FTS.B,

29.49%,

11/24/24

251

245

*

991138920.UG.FTS.B,

29.49%,

11/25/24

156

161

991138935.UG.FTS.B,

29.49%,

11/22/24

70

69

991138948.UG.FTS.B,

29.49%,

11/24/24

141

139

991138951.UG.FTS.B,

28.98%,

11/20/24

290

288

*

991138973.UG.FTS.B,

29.49%,

11/20/24

136

17

991138980.UG.FTS.B,

29.49%,

11/22/23

148

147

991139001.UG.FTS.B,

21.46%,

11/26/24

2,494

2,462

991139013.UG.FTS.B,

22.47%,

11/27/23

2,493

2,482

991139016.UG.FTS.B,

28.48%,

11/21/23

44

43

991139024.UG.FTS.B,

28.98%,

11/21/24

238

235

991139033.UG.FTS.B,

29.49%,

11/23/24

1,183

1,174

991139063.UG.FTS.B,

28.98%,

11/22/24

67

65

991139068.UG.FTS.B,

29.49%,

11/20/24

1,496

1,482

991139072.UG.FTS.B,

28.48%,

11/23/23

391

388

991139074.UG.FTS.B,

19.99%,

11/27/24

877

864

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

415

a

991139093.UG.FTS.B,

28.98%,

11/19/24

127

125

*

991139127.UG.FTS.B,

18.47%,

11/27/23

7

7

*

991139133.UG.FTS.B,

29.49%,

11/23/24

851

70

*

991139156.UG.FTS.B,

27.95%,

11/27/24

3,296

3,301

*

991139165.UG.FTS.B,

29.49%,

11/26/24

132

132

*

991139183.UG.FTS.B,

25.95%,

11/26/24

47

37

991139184.UG.FTS.B,

28.98%,

11/24/24

147

144

991139188.UG.FTS.B,

28.98%,

11/20/24

1,866

1,852

991139198.UG.FTS.B,

29.49%,

11/19/24

498

493

991139221.UG.FTS.B,

29.49%,

11/27/24

2,589

2,574

991139223.UG.FTS.B,

29.49%,

11/22/24

895

881

991139230.UG.FTS.B,

29.49%,

11/25/24

289

298

991139272.UG.FTS.B,

19.99%,

11/21/24

28

28

991139298.UG.FTS.B,

29.49%,

11/25/24

33

34

991139306.UG.FTS.B,

29.49%,

11/27/24

628

619

991139313.UG.FTS.B,

29.49%,

11/21/24

155

153

991139314.UG.FTS.B,

29.49%,

11/20/23

101

100

991139325.UG.FTS.B,

29.49%,

11/20/23

118

116

991139326.UG.FTS.B,

29.49%,

11/27/23

103

102

991139329.UG.FTS.B,

29.49%,

11/24/24

651

645

991139339.UG.FTS.B,

29.49%,

11/22/24

3,348

3,271

991139342.UG.FTS.B,

29.49%,

11/19/24

38

38

991139348.UG.FTS.B,

29.49%,

11/24/24

17

17

991139357.UG.FTS.B,

29.49%,

11/20/24

1,414

1,401

991139359.UG.FTS.B,

19.8%,

11/27/24

1,126

1,117

991139363.UG.FTS.B,

27.99%,

11/17/24

348

341

991139385.UG.FTS.B,

18.71%,

11/19/23

25

25

991139388.UG.FTS.B,

28.48%,

11/20/23

221

220

991139408.UG.FTS.B,

28.98%,

11/22/24

136

134

991139412.UG.FTS.B,

23.45%,

11/13/23

218

215

991139420.UG.FTS.B,

21.46%,

11/11/24

882

897

991139422.UG.FTS.B,

20.96%,

11/24/23

76

75

*

991139435.UG.FTS.B,

29.49%,

11/27/23

809

793

991139453.UG.FTS.B,

29.49%,

11/19/24

705

699

991139455.UG.FTS.B,

29.49%,

11/20/23

6

6

991139458.UG.FTS.B,

28.98%,

11/19/24

279

276

991139472.UG.FTS.B,

19.96%,

11/13/23

144

142

991139480.UG.FTS.B,

29.49%,

11/22/24

268

263

991139493.UG.FTS.B,

22.97%,

11/26/24

833

828

991139495.UG.FTS.B,

22.47%,

11/12/23

220

217

991139500.UG.FTS.B,

29.49%,

11/21/23

344

338

*

991139513.UG.FTS.B,

29.49%,

11/11/23

30

12

*

991139517.UG.FTS.B,

29.49%,

11/19/24

317

24

991139520.UG.FTS.B,

29.49%,

2/20/27

4

4

991139541.UG.FTS.B,

29.49%,

11/22/24

999

988

991139545.UG.FTS.B,

20.97%,

11/18/24

402

397

991139557.UG.FTS.B,

16.99%,

11/25/24

310

308

991139572.UG.FTS.B,

29.49%,

11/24/24

509

501

991139596.UG.FTS.B,

29.49%,

11/27/24

237

230

991139644.UG.FTS.B,

29.49%,

11/27/24

82

81

991139649.UG.FTS.B,

19.99%,

11/23/24

430

427

991139677.UG.FTS.B,

20.97%,

11/26/24

69

69

991139683.UG.FTS.B,

28.98%,

11/27/24

3,971

3,953

991139691.UG.FTS.B,

28.98%,

11/20/24

138

137

991139707.UG.FTS.B,

28.98%,

11/16/24

989

977

991139736.UG.FTS.B,

19.8%,

11/20/24

217

215

991139741.UG.FTS.B,

28.98%,

11/19/24

479

476

991139749.UG.FTS.B,

19.99%,

11/19/24

429

421

991139753.UG.FTS.B,

29.49%,

11/19/23

135

133

991139766.UG.FTS.B,

19.96%,

11/15/23

350

346

991139768.UG.FTS.B,

22.97%,

11/27/24

3,421

3,389

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

416

a

991139772.UG.FTS.B,

19.99%,

11/18/24

145

143

991139816.UG.FTS.B,

29.49%,

11/22/23

9

9

991139823.UG.FTS.B,

28.48%,

11/21/23

18

18

991139825.UG.FTS.B,

29.49%,

11/27/24

833

814

991139836.UG.FTS.B,

29.49%,

11/17/24

476

470

991139840.UG.FTS.B,

29.49%,

11/19/24

28

28

991139844.UG.FTS.B,

28.98%,

11/23/24

229

227

991139845.UG.FTS.B,

22.97%,

11/13/24

173

170

991139852.UG.FTS.B,

28.98%,

11/19/24

74

73

991139865.UG.FTS.B,

29.49%,

11/19/23

59

58

991139880.UG.FTS.B,

29.49%,

11/09/24

287

290

991139893.UG.FTS.B,

29.49%,

11/27/23

44

44

991139894.UG.FTS.B,

28.98%,

11/27/24

291

289

991139914.UG.FTS.B,

21.98%,

11/24/24

1,212

1,200

991139918.UG.FTS.B,

29.49%,

11/25/23

259

263

991139919.UG.FTS.B,

28.98%,

11/27/24

948

935

991139933.UG.FTS.B,

29.49%,

11/20/23

105

102

991139950.UG.FTS.B,

29.49%,

11/26/24

133

132

991139954.UG.FTS.B,

29.49%,

11/20/24

62

62

991139966.UG.FTS.B,

29.49%,

11/21/24

294

289

991139982.UG.FTS.B,

19.8%,

11/13/24

491

486

991139991.UG.FTS.B,

29.49%,

11/21/24

8

8

991140010.UG.FTS.B,

28.98%,

11/27/24

1,961

1,953

991140026.UG.FTS.B,

28.98%,

11/22/24

1,392

1,383

991140034.UG.FTS.B,

20.46%,

11/26/24

55

54

991140042.UG.FTS.B,

29.49%,

11/22/24

142

141

991140050.UG.FTS.B,

29.49%,

11/27/24

211

208

991140051.UG.FTS.B,

19.99%,

11/27/24

1,037

1,032

991140059.UG.FTS.B,

29.49%,

11/19/23

212

208

991140060.UG.FTS.B,

19.99%,

11/25/24

359

370

*

991140086.UG.FTS.B,

29.49%,

11/27/24

473

471

*

991140129.UG.FTS.B,

29.49%,

2/21/27

10

1

991140136.UG.FTS.B,

19.21%,

11/27/24

832

826

991140139.UG.FTS.B,

29.48%,

11/23/23

98

97

991140175.UG.FTS.B,

29.49%,

11/20/24

14

14

991140212.UG.FTS.B,

29.49%,

11/27/24

191

189

991140250.UG.FTS.B,

28.98%,

11/20/24

266

260

991140253.UG.FTS.B,

29.49%,

11/23/23

274

270

991140267.UG.FTS.B,

29.49%,

11/22/23

76

75

991140282.UG.FTS.B,

29.49%,

11/19/23

31

30

991140287.UG.FTS.B,

29.49%,

11/24/24

313

305

991140296.UG.FTS.B,

28.98%,

11/27/24

375

372

991140300.UG.FTS.B,

29.49%,

11/22/23

598

585

991140310.UG.FTS.B,

18.47%,

11/13/23

198

198

991140318.UG.FTS.B,

28.98%,

11/27/24

46

37

991140327.UG.FTS.B,

20.47%,

11/20/23

148

147

991140335.UG.FTS.B,

19.99%,

11/21/24

44

43

991140337.UG.FTS.B,

29.49%,

11/27/23

163

161

991140339.UG.FTS.B,

21.46%,

11/14/24

18

18

991140359.UG.FTS.B,

25.45%,

11/24/23

165

163

991140418.UG.FTS.B,

21.47%,

11/11/23

13

13

991140419.UG.FTS.B,

20.46%,

11/25/24

789

808

*

991140434.UG.FTS.B,

29.49%,

1/22/27

4

-

991140485.UG.FTS.B,

20.47%,

11/24/23

857

849

991140513.UG.FTS.B,

29.49%,

11/20/23

68

67

991140523.UG.FTS.B,

19.99%,

11/20/24

55

54

991140566.UG.FTS.B,

21.46%,

11/23/24

940

930

991140595.UG.FTS.B,

29.49%,

11/19/24

106

104

*

991140620.UG.FTS.B,

19.96%,

11/24/23

151

150

*

991140625.UG.FTS.B,

29.49%,

11/25/24

380

392

991140700.UG.FTS.B,

18.97%,

11/25/24

435

448

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

417

a

991140714.UG.FTS.B,

22.47%,

11/27/23

1,109

1,104

991140736.UG.FTS.B,

26.44%,

11/22/23

381

381

991140740.UG.FTS.B,

28.98%,

11/19/24

802

785

991140749.UG.FTS.B,

29.49%,

11/25/24

35

36

991140769.UG.FTS.B,

29.49%,

11/25/23

46

46

991140775.UG.FTS.B,

29.49%,

11/22/23

125

122

991140790.UG.FTS.B,

29.49%,

11/20/24

780

773

991140808.UG.FTS.B,

29.49%,

11/21/24

543

528

991140811.UG.FTS.B,

28.98%,

11/21/24

138

137

991140826.UG.FTS.B,

28.98%,

11/19/24

354

347

*

991140844.UG.FTS.B,

28.48%,

2/20/27

11

1

*

991140886.UG.FTS.B,

29.49%,

11/21/24

217

16

991140887.UG.FTS.B,

20.46%,

11/27/24

-

-

991140922.UG.FTS.B,

28.98%,

11/23/24

112

69

*

991140924.UG.FTS.B,

28.98%,

11/23/24

14

1

991140925.UG.FTS.B,

29.48%,

11/19/23

2

2

991140941.UG.FTS.B,

26.44%,

11/13/23

2

2

991140943.UG.FTS.B,

22.47%,

11/27/23

789

782

*

991140948.UG.FTS.B,

29.49%,

11/25/24

24

24

991140957.UG.FTS.B,

29.49%,

11/22/24

269

263

991140958.UG.FTS.B,

22.47%,

11/27/23

403

401

991140959.UG.FTS.B,

28.98%,

11/19/24

1,101

1,079

991140965.UG.FTS.B,

20.47%,

11/17/23

257

255

991140969.UG.FTS.B,

28.98%,

11/10/24

-

-

*

991140991.UG.FTS.B,

26.44%,

11/15/23

1,823

417

991141005.UG.FTS.B,

29.49%,

11/19/24

101

100

991141010.UG.FTS.B,

21.98%,

2/18/27

-

-

991141025.UG.FTS.B,

23.45%,

11/20/23

227

225

991141067.UG.FTS.B,

29.49%,

11/21/23

660

654

991141070.UG.FTS.B,

19.21%,

11/21/24

81

80

991141090.UG.FTS.B,

19.8%,

11/21/24

1,154

1,148

991141096.UG.FTS.B,

29.49%,

11/23/24

513

503

991141105.UG.FTS.B,

28.48%,

11/21/23

44

44

991141109.UG.FTS.B,

29.49%,

11/22/24

80

79

991141134.UG.FTS.B,

29.48%,

11/11/23

518

529

991141143.UG.FTS.B,

18.97%,

11/11/24

14,408

14,841

991141149.UG.FTS.B,

29.49%,

11/23/24

195

193

991141157.UG.FTS.B,

20.46%,

11/21/24

7,252

7,213

991141211.UG.FTS.B,

29.49%,

11/22/24

888

857

991141245.UG.FTS.B,

21.46%,

11/18/24

946

936

991141291.UG.FTS.B,

29.49%,

11/22/24

815

808

991141300.UG.FTS.B,

19.99%,

11/19/24

1,929

1,909

991141308.UG.FTS.B,

20.97%,

11/14/24

3,747

3,718

991141321.UG.FTS.B,

28.98%,

11/19/24

296

293

991141361.UG.FTS.B,

20.97%,

11/27/24

4,854

4,834

991141383.UG.FTS.B,

21.46%,

11/11/24

289

295

*

991141384.UG.FTS.B,

19.97%,

11/27/24

11,356

11,310

991141427.UG.FTS.B,

18.97%,

11/13/24

577

573

*

991141429.UG.FTS.B,

29.49%,

11/27/24

6,000

6,014

991141492.UG.FTS.B,

28.98%,

11/24/24

791

786

991141532.UG.FTS.B,

29.49%,

11/22/23

142

141

991141537.UG.FTS.B,

29.49%,

11/27/24

980

975

991141579.UG.FTS.B,

29.49%,

11/24/23

1,236

1,226

991141584.UG.FTS.B,

29.49%,

11/20/23

78

77

991141591.UG.FTS.B,

29.49%,

11/27/24

4,902

4,876

991141640.UG.FTS.B,

23.45%,

11/27/23

1,358

1,352

991141680.UG.FTS.B,

28.98%,

11/27/24

3,170

3,116

991141726.UG.FTS.B,

28.98%,

11/22/24

34

34

991141758.UG.FTS.B,

29.49%,

11/23/23

142

141

991141760.UG.FTS.B,

28.48%,

11/19/23

850

839

991141787.UG.FTS.B,

28.98%,

11/20/24

863

851

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

418

a

991141819.UG.FTS.B,

28.98%,

11/23/24

1,159

1,150

991141828.UG.FTS.B,

29.49%,

11/11/24

88

89

991141838.UG.FTS.B,

19.3%,

11/15/23

935

929

991141864.UG.FTS.B,

29.49%,

11/25/24

489

505

991141890.UG.FTS.B,

29.48%,

11/24/23

334

331

991141900.UG.FTS.B,

29.49%,

11/22/23

142

141

991141906.UG.FTS.B,

29.49%,

11/23/24

513

509

991141918.UG.FTS.B,

29.49%,

11/22/24

1,953

1,939

991141961.UG.FTS.B,

28.98%,

11/19/24

1,502

1,491

991141971.UG.FTS.B,

29.49%,

11/24/24

2,031

2,015

*

991141997.UG.FTS.B,

29.49%,

11/11/24

300

37

991142001.UG.FTS.B,

29.49%,

11/25/24

185

191

991142006.UG.FTS.B,

19.21%,

11/25/24

612

632

991142024.UG.FTS.B,

28.98%,

11/21/24

2,021

2,007

991142052.UG.FTS.B,

19.8%,

11/27/24

679

676

991142067.UG.FTS.B,

28.98%,

11/21/24

975

969

991142070.UG.FTS.B,

20.47%,

11/21/23

535

532

991142085.UG.FTS.B,

29.49%,

11/24/23

86

84

991142128.UG.FTS.B,

20.46%,

11/13/24

2,868

2,836

991142173.UG.FTS.B,

18.97%,

11/22/24

1,449

1,442

991142178.UG.FTS.B,

29.49%,

11/20/23

58

58

991142226.UG.FTS.B,

21.48%,

11/21/23

352

350

991142241.UG.FTS.B,

29.49%,

11/27/24

686

683

991142242.UG.FTS.B,

20.97%,

11/27/24

300

298

991142248.UG.FTS.B,

29.49%,

11/11/24

145

148

991142265.UG.FTS.B,

23.45%,

11/13/23

117

116

991142272.UG.FTS.B,

28.98%,

11/27/24

4,904

4,882

991142337.UG.FTS.B,

29.49%,

11/20/23

237

235

991142389.UG.FTS.B,

29.49%,

11/20/24

1,164

1,155

991142476.UG.FTS.B,

19.96%,

11/27/23

414

411

991142494.UG.FTS.B,

29.49%,

11/24/24

758

746

991142510.UG.FTS.B,

25.94%,

11/18/24

476

469

*

991142512.UG.FTS.B,

29.49%,

11/21/23

3,284

3,279

991142513.UG.FTS.B,

21.46%,

11/25/24

1,261

1,302

991142516.UG.FTS.B,

28.98%,

11/24/24

1,267

1,258

991142550.UG.FTS.B,

29.49%,

11/21/24

146

143

991142576.UG.FTS.B,

20.97%,

11/26/24

452

450

991142579.UG.FTS.B,

28.98%,

11/23/24

596

592

991142581.UG.FTS.B,

21.98%,

11/26/24

194

193

*

991142583.UG.FTS.B,

29.49%,

11/28/24

68

5

991142599.UG.FTS.B,

20.97%,

11/28/24

125

124

991142654.UG.FTS.B,

19.96%,

11/26/23

471

469

991142661.UG.FTS.B,

20.46%,

11/15/24

2,410

2,392

991142668.UG.FTS.B,

28.98%,

11/20/24

1,462

1,433

991142703.UG.FTS.B,

29.49%,

11/27/23

503

500

991142705.UG.FTS.B,

29.49%,

11/21/24

611

604

991142726.UG.FTS.B,

29.48%,

11/26/23

248

246

991142737.UG.FTS.B,

29.49%,

11/27/23

22

22

*

991142739.UG.FTS.B,

29.49%,

11/20/24

99

98

*

991142742.UG.FTS.B,

28.98%,

11/28/24

1,424

1,426

*

991142756.UG.FTS.B,

29.49%,

11/20/24

368

47

991142775.UG.FTS.B,

21.46%,

11/27/24

748

744

991142780.UG.FTS.B,

29.49%,

11/20/24

233

231

991142786.UG.FTS.B,

29.49%,

11/27/23

1,289

1,281

991142813.UG.FTS.B,

23.45%,

11/27/23

291

288

991142815.UG.FTS.B,

25.44%,

11/26/23

164

162

991142817.UG.FTS.B,

28.98%,

11/28/24

684

669

991142830.UG.FTS.B,

29.49%,

11/22/23

59

58

*

991142836.UG.FTS.B,

29.49%,

11/19/23

87

12

991142853.UG.FTS.B,

29.49%,

11/28/23

90

90

991142862.UG.FTS.B,

29.49%,

11/20/24

10

10

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

419

a

991142872.UG.FTS.B,

19.99%,

11/28/24

986

978

991142874.UG.FTS.B,

29.49%,

11/28/24

635

629

991142891.UG.FTS.B,

29.49%,

11/11/24

64

64

991142914.UG.FTS.B,

23.95%,

11/13/24

5,912

5,820

991142924.UG.FTS.B,

28.98%,

11/28/24

644

638

991142934.UG.FTS.B,

29.49%,

11/24/23

341

335

991142941.UG.FTS.B,

29.48%,

11/23/23

3

3

991142960.UG.FTS.B,

19.96%,

11/09/23

702

715

*

991142966.UG.FTS.B,

29.49%,

11/21/23

122

120

991142973.UG.FTS.B,

29.49%,

11/21/23

422

412

991142996.UG.FTS.B,

27.99%,

11/23/24

605

615

*

991142998.UG.FTS.B,

29.49%,

11/24/24

216

222

991143002.UG.FTS.B,

20.97%,

11/24/24

127

126

991143020.UG.FTS.B,

28.98%,

11/24/24

27

27

991143031.UG.FTS.B,

21.48%,

11/25/23

284

283

991143037.UG.FTS.B,

19.99%,

11/21/24

52

51

991143039.UG.FTS.B,

29.49%,

11/25/24

425

431

991143053.UG.FTS.B,

29.49%,

11/23/23

245

241

991143056.UG.FTS.B,

28.98%,

11/28/24

1,470

1,463

*

991143058.UG.FTS.B,

22.47%,

11/24/23

1,145

1,138

991143076.UG.FTS.B,

28.98%,

11/23/24

233

231

991143080.UG.FTS.B,

29.48%,

11/28/23

54

53

991143087.UG.FTS.B,

19.3%,

11/28/23

618

612

991143124.UG.FTS.B,

28.98%,

11/28/24

272

269

991143133.UG.FTS.B,

18.47%,

11/28/23

325

323

991143152.UG.FTS.B,

29.49%,

11/18/23

518

508

991143153.UG.FTS.B,

29.49%,

11/25/24

286

291

991143170.UG.FTS.B,

22.97%,

11/28/24

227

225

991143173.UG.FTS.B,

29.49%,

11/28/24

3

3

991143184.UG.FTS.B,

21.48%,

11/28/23

142

141

991143187.UG.FTS.B,

28.98%,

11/28/24

672

669

991143188.UG.FTS.B,

29.49%,

11/20/23

14

14

991143196.UG.FTS.B,

29.49%,

11/28/24

368

365

991143204.UG.FTS.B,

29.49%,

11/24/24

13

13

*

991143205.UG.FTS.B,

27.99%,

11/27/24

175

111

991143207.UG.FTS.B,

22.97%,

11/28/24

905

897

*

991143210.UG.FTS.B,

28.48%,

11/21/23

131

130

991143220.UG.FTS.B,

29.49%,

11/24/24

278

272

991143234.UG.FTS.B,

16.99%,

11/27/24

2,437

2,429

991143256.UG.FTS.B,

28.98%,

11/18/24

1,662

1,649

*

991143266.UG.FTS.B,

29.49%,

11/27/23

224

221

991143278.UG.FTS.B,

28.98%,

11/27/24

879

874

991143292.UG.FTS.B,

21.98%,

11/28/24

669

663

991143321.UG.FTS.B,

29.49%,

11/28/24

335

333

991143329.UG.FTS.B,

29.49%,

11/21/23

109

108

991143330.UG.FTS.B,

29.49%,

11/09/24

236

235

991143333.UG.FTS.B,

29.49%,

11/20/24

30

29

991143350.UG.FTS.B,

29.49%,

11/23/24

61

60

991143358.UG.FTS.B,

19.96%,

11/28/23

253

253

991143371.UG.FTS.B,

29.48%,

11/16/23

418

410

991143374.UG.FTS.B,

19.3%,

11/28/23

17

17

991143382.UG.FTS.B,

29.49%,

11/28/24

19

19

991143405.UG.FTS.B,

29.49%,

11/28/23

360

356

991143408.UG.FTS.B,

28.98%,

11/19/24

2

2

991143420.UG.FTS.B,

29.49%,

11/24/23

164

160

*

991143424.UG.FTS.B,

29.49%,

11/26/24

284

282

991143441.UG.FTS.B,

14.98%,

11/27/24

1,819

1,813

991143460.UG.FTS.B,

29.48%,

11/11/23

124

126

991143462.UG.FTS.B,

29.49%,

11/28/23

46

46

991143501.UG.FTS.B,

29.49%,

11/28/24

1,596

1,579

991143507.UG.FTS.B,

21.98%,

11/28/24

211

210

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

420

a

991143518.UG.FTS.B,

29.49%,

11/20/24

49

49

991143525.UG.FTS.B,

28.98%,

11/28/24

48

48

*

991143527.UG.FTS.B,

28.98%,

11/11/24

138

29

991143542.UG.FTS.B,

21.98%,

11/14/24

696

687

991143543.UG.FTS.B,

28.98%,

11/28/24

3,589

3,559

*

991143545.UG.FTS.B,

29.49%,

11/28/23

947

135

*

991143564.UG.FTS.B,

29.49%,

11/28/23

250

248

991143575.UG.FTS.B,

28.98%,

11/22/24

2

2

*

991143588.UG.FTS.B,

19.99%,

11/25/24

28

26

991143592.UG.FTS.B,

19.21%,

11/28/24

2,214

2,199

991143597.UG.FTS.B,

29.49%,

11/26/24

165

164

991143615.UG.FTS.B,

29.49%,

11/27/23

16

16

991143616.UG.FTS.B,

28.98%,

11/22/24

582

577

991143619.UG.FTS.B,

21.98%,

11/24/24

55

54

991143621.UG.FTS.B,

20.96%,

11/27/23

18

18

*

991143629.UG.FTS.B,

29.49%,

11/28/24

1,236

1,210

991143644.UG.FTS.B,

29.49%,

11/25/24

454

441

991143651.UG.FTS.B,

29.49%,

11/11/23

199

201

991143659.UG.FTS.B,

29.49%,

11/28/24

124

124

991143662.UG.FTS.B,

20.46%,

11/26/24

2,427

2,409

991143669.UG.FTS.B,

29.49%,

11/24/24

2,058

2,019

991143702.UG.FTS.B,

28.98%,

11/24/24

372

368

991143703.UG.FTS.B,

29.49%,

11/24/24

713

704

991143710.UG.FTS.B,

29.49%,

11/24/24

192

187

991143723.UG.FTS.B,

29.49%,

11/27/24

159

156

991143724.UG.FTS.B,

21.98%,

11/20/24

1,687

1,665

991143728.UG.FTS.B,

18.21%,

11/28/24

595

593

991143730.UG.FTS.B,

16.99%,

11/27/24

112

111

991143761.UG.FTS.B,

29.49%,

11/20/24

118

117

991143772.UG.FTS.B,

29.49%,

11/28/24

222

219

991143773.UG.FTS.B,

28.48%,

11/11/23

71

72

991143781.UG.FTS.B,

29.48%,

11/20/23

209

206

991143801.UG.FTS.B,

28.98%,

11/25/24

158

162

991143803.UG.FTS.B,

19.8%,

11/15/24

22

22

991143811.UG.FTS.B,

29.49%,

11/28/24

730

726

991143842.UG.FTS.B,

18.71%,

11/24/23

392

389

*

991143846.UG.FTS.B,

29.49%,

11/27/24

90

7

991143856.UG.FTS.B,

29.49%,

11/24/23

147

145

*

991143891.UG.FTS.B,

20.46%,

11/19/24

332

330

991143899.UG.FTS.B,

29.49%,

11/24/24

1,202

1,193

991143933.UG.FTS.B,

28.98%,

11/22/24

502

498

991143939.UG.FTS.B,

29.49%,

11/25/24

422

432

991143943.UG.FTS.B,

29.49%,

11/25/24

19

19

*

991143956.UG.FTS.B,

20.46%,

11/28/24

1,380

1,374

991143958.UG.FTS.B,

19.21%,

11/21/24

114

114

991143966.UG.FTS.B,

28.98%,

11/27/24

161

157

991143976.UG.FTS.B,

29.49%,

11/27/24

6

6

991143977.UG.FTS.B,

29.49%,

11/28/24

151

149

991143997.UG.FTS.B,

29.49%,

11/28/23

325

323

991144020.UG.FTS.B,

29.49%,

11/28/24

1,460

1,451

991144029.UG.FTS.B,

29.49%,

11/19/23

57

57

991144041.UG.FTS.B,

29.49%,

11/23/24

352

348

991144057.UG.FTS.B,

28.98%,

11/28/24

431

428

991144058.UG.FTS.B,

28.98%,

11/20/24

1,412

1,391

991144062.UG.FTS.B,

28.98%,

11/25/24

324

333

991144096.UG.FTS.B,

26.94%,

11/23/24

622

613

991144107.UG.FTS.B,

28.98%,

11/22/24

3

3

991144142.UG.FTS.B,

27.99%,

11/28/24

163

161

991144168.UG.FTS.B,

28.98%,

11/18/24

164

162

*

991144184.UG.FTS.B,

29.49%,

12/21/26

1

-

991144190.UG.FTS.B,

28.98%,

11/19/24

556

552

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

421

a

991144191.UG.FTS.B,

17.99%,

11/28/24

2,267

2,252

991144216.UG.FTS.B,

28.98%,

11/18/24

65

64

991144231.UG.FTS.B,

28.98%,

11/20/24

217

215

991144249.UG.FTS.B,

29.49%,

11/28/24

283

282

991144250.UG.FTS.B,

29.49%,

11/28/24

270

267

*

991144251.UG.FTS.B,

28.48%,

11/24/23

70

10

991144257.UG.FTS.B,

29.49%,

11/26/24

1,740

1,727

991144286.UG.FTS.B,

29.49%,

11/23/24

419

419

991144290.UG.FTS.B,

29.49%,

11/27/23

104

103

991144294.UG.FTS.B,

18.71%,

11/28/23

-

-

991144324.UG.FTS.B,

22.47%,

11/20/23

110

108

991144360.UG.FTS.B,

19.96%,

11/28/23

99

100

991144362.UG.FTS.B,

29.49%,

11/25/24

580

598

991144384.UG.FTS.B,

28.48%,

11/27/23

142

140

*

991144395.UG.FTS.B,

29.49%,

11/26/23

82

81

991144398.UG.FTS.B,

29.49%,

11/20/23

85

84

991144402.UG.FTS.B,

28.98%,

11/23/24

13

13

*

991144405.UG.FTS.B,

24.45%,

11/17/23

100

12

991144412.UG.FTS.B,

28.48%,

11/20/23

22

22

991144414.UG.FTS.B,

29.49%,

11/23/24

37

37

991144416.UG.FTS.B,

29.48%,

11/21/23

151

149

991144417.UG.FTS.B,

29.49%,

11/26/23

391

386

991144430.UG.FTS.B,

28.98%,

11/27/24

-

-

*

991144437.UG.FTS.B,

29.49%,

11/28/23

260

258

991144463.UG.FTS.B,

28.48%,

11/27/23

155

153

991144465.UG.FTS.B,

29.49%,

11/25/24

145

150

991144473.UG.FTS.B,

28.98%,

11/21/24

330

327

991144483.UG.FTS.B,

28.98%,

11/19/24

726

717

991144486.UG.FTS.B,

20.96%,

2/10/27

2

2

991144492.UG.FTS.B,

19.8%,

11/21/24

375

371

991144503.UG.FTS.B,

29.49%,

11/28/23

871

859

991144509.UG.FTS.B,

28.48%,

11/20/23

62

61

991144513.UG.FTS.B,

29.48%,

11/25/23

102

105

991144516.UG.FTS.B,

29.49%,

11/28/24

24

24

991144529.UG.FTS.B,

29.49%,

11/26/24

243

242

991144542.UG.FTS.B,

21.46%,

11/27/24

1,794

1,785

991144560.UG.FTS.B,

28.98%,

11/28/24

149

148

991144579.UG.FTS.B,

21.46%,

11/12/24

291

286

991144586.UG.FTS.B,

29.49%,

11/11/24

861

876

991144588.UG.FTS.B,

29.49%,

11/22/24

367

362

991144598.UG.FTS.B,

29.49%,

11/21/24

252

249

991144600.UG.FTS.B,

28.98%,

11/09/24

664

662

991144603.UG.FTS.B,

28.98%,

11/23/24

710

732

991144609.UG.FTS.B,

29.48%,

11/25/23

32

32

991144617.UG.FTS.B,

28.98%,

11/11/24

330

337

991144624.UG.FTS.B,

28.98%,

11/27/24

357

351

991144627.UG.FTS.B,

29.49%,

11/25/23

29

29

991144659.UG.FTS.B,

29.49%,

11/28/24

134

131

991144663.UG.FTS.B,

16.99%,

11/28/24

432

429

991144684.UG.FTS.B,

28.98%,

11/19/24

431

428

991144685.UG.FTS.B,

29.49%,

11/28/24

2,319

2,274

991144704.UG.FTS.B,

22.97%,

11/27/24

3,142

3,126

991144737.UG.FTS.B,

29.48%,

11/25/23

43

44

991144738.UG.FTS.B,

29.49%,

11/11/23

140

141

*

991144752.UG.FTS.B,

29.49%,

11/27/24

300

299

991144753.UG.FTS.B,

27.99%,

11/20/23

105

104

991144761.UG.FTS.B,

28.98%,

11/22/24

1,119

1,102

991144769.UG.FTS.B,

28.48%,

11/21/23

155

153

991144784.UG.FTS.B,

29.49%,

11/23/24

202

200

991144799.UG.FTS.B,

19.21%,

11/13/24

931

929

991144815.UG.FTS.B,

21.48%,

11/15/23

124

123

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

422

a

991144830.UG.FTS.B,

29.49%,

11/28/24

143

142

991144831.UG.FTS.B,

19.8%,

11/27/24

318

315

991144855.UG.FTS.B,

20.46%,

11/15/24

947

937

991144872.UG.FTS.B,

29.49%,

11/25/24

2,045

2,032

*

991144898.UG.FTS.B,

29.48%,

11/20/23

276

274

991144902.UG.FTS.B,

29.49%,

11/27/23

268

265

991144924.UG.FTS.B,

28.98%,

11/24/24

1,945

1,908

991144974.UG.FTS.B,

19.21%,

11/18/24

311

309

991145029.UG.FTS.B,

29.49%,

11/22/23

97

95

991145034.UG.FTS.B,

29.49%,

11/23/23

202

200

991145061.UG.FTS.B,

29.49%,

11/19/23

74

73

991145083.UG.FTS.B,

28.48%,

11/28/23

172

170

991145085.UG.FTS.B,

26.44%,

11/15/23

20

20

991145095.UG.FTS.B,

29.49%,

11/19/24

112

111

991145108.UG.FTS.B,

29.45%,

11/28/24

1,197

1,191

991145121.UG.FTS.B,

28.98%,

11/25/24

164

169

991145127.UG.FTS.B,

29.48%,

11/23/23

248

246

991145131.UG.FTS.B,

29.49%,

11/27/23

163

162

991145141.UG.FTS.B,

29.49%,

11/19/24

600

586

991145148.UG.FTS.B,

29.49%,

11/23/24

145

143

*

991145151.UG.FTS.B,

21.46%,

1/12/27

1

-

991145155.UG.FTS.B,

29.49%,

11/21/24

201

198

991145175.UG.FTS.B,

28.98%,

11/28/24

134

133

991145177.UG.FTS.B,

29.49%,

11/28/24

296

293

991145193.UG.FTS.B,

19.21%,

11/27/24

240

240

991145204.UG.FTS.B,

28.48%,

11/22/23

21

20

991145208.UG.FTS.B,

29.49%,

11/20/23

145

142

991145237.UG.FTS.B,

28.98%,

11/27/24

435

433

991145241.UG.FTS.B,

28.98%,

11/25/24

104

108

*

991145273.UG.FTS.B,

29.49%,

11/23/23

50

49

991145279.UG.FTS.B,

17.49%,

11/28/23

148

147

991145288.UG.FTS.B,

29.49%,

11/26/24

557

544

991145294.UG.FTS.B,

29.49%,

11/20/24

142

141

991145298.UG.FTS.B,

23.95%,

11/22/24

1,121

1,103

991145311.UG.FTS.B,

16.99%,

11/28/24

307

305

*

991145319.UG.FTS.B,

29.49%,

11/21/24

165

164

991145320.UG.FTS.B,

25.94%,

11/27/24

276

273

991145323.UG.FTS.B,

22.97%,

11/23/24

241

238

991145348.UG.FTS.B,

29.49%,

11/22/24

33

33

991145357.UG.FTS.B,

28.48%,

11/27/23

739

728

991145367.UG.FTS.B,

28.48%,

11/28/23

28

28

991145376.UG.FTS.B,

29.49%,

11/25/24

102

105

991145378.UG.FTS.B,

28.98%,

11/28/24

153

150

991145382.UG.FTS.B,

28.98%,

11/28/24

23

23

991145390.UG.FTS.B,

29.49%,

11/28/24

175

171

991145396.UG.FTS.B,

28.98%,

11/28/24

299

297

991145412.UG.FTS.B,

29.49%,

11/25/24

52

53

991145420.UG.FTS.B,

19.99%,

11/19/24

72

71

*

991145424.UG.FTS.B,

28.98%,

11/25/24

629

626

991145450.UG.FTS.B,

29.49%,

11/26/23

37

36

*

991145452.UG.FTS.B,

29.49%,

11/27/24

90

12

991145453.UG.FTS.B,

28.98%,

11/25/24

311

319

*

991145456.UG.FTS.B,

29.49%,

11/28/23

168

167

991145476.UG.FTS.B,

19.3%,

11/27/23

747

744

991145478.UG.FTS.B,

20.97%,

11/23/24

215

213

991145480.UG.FTS.B,

26.49%,

11/20/23

24

24

991145486.UG.FTS.B,

29.48%,

11/10/23

204

199

991145491.UG.FTS.B,

19.8%,

11/24/24

322

318

991145497.UG.FTS.B,

29.48%,

11/28/23

114

114

991145498.UG.FTS.B,

29.49%,

11/28/24

759

754

991145513.UG.FTS.B,

29.49%,

11/22/23

64

63

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

423

a

991145519.UG.FTS.B,

28.48%,

11/23/23

50

50

991145533.UG.FTS.B,

19.96%,

11/18/23

215

214

991145534.UG.FTS.B,

29.49%,

11/24/23

-

-

*

991145535.UG.FTS.B,

15.97%,

11/27/24

123

9

991145554.UG.FTS.B,

28.98%,

11/22/24

87

86

991145559.UG.FTS.B,

28.98%,

11/26/24

1,293

1,273

991145564.UG.FTS.B,

19.99%,

11/17/24

270

265

991145570.UG.FTS.B,

29.49%,

11/27/24

94

93

991145578.UG.FTS.B,

29.49%,

11/19/24

83

81

991145592.UG.FTS.B,

29.49%,

11/24/24

293

290

*

991145610.UG.FTS.B,

29.49%,

11/22/23

161

161

991145649.UG.FTS.B,

21.98%,

11/24/24

1,267

1,259

991145661.UG.FTS.B,

19.96%,

11/21/23

357

353

991145669.UG.FTS.B,

29.49%,

11/11/24

296

301

991145681.UG.FTS.B,

28.48%,

11/22/23

124

123

991145701.UG.FTS.B,

29.49%,

11/27/24

435

435

991145726.UG.FTS.B,

29.49%,

11/20/23

152

148

991145739.UG.FTS.B,

29.49%,

11/28/23

272

269

991145760.UG.FTS.B,

29.49%,

11/18/23

66

64

991145776.UG.FTS.B,

29.49%,

11/25/24

84

86

991145782.UG.FTS.B,

20.46%,

11/25/24

45

47

991145828.UG.FTS.B,

28.48%,

11/28/23

49

49

991145829.UG.FTS.B,

14.98%,

11/10/24

36

36

991145858.UG.FTS.B,

29.49%,

11/23/24

569

562

991145871.UG.FTS.B,

28.98%,

11/21/24

14

14

991145878.UG.FTS.B,

28.98%,

11/20/24

1,445

1,429

991145907.UG.FTS.B,

19.99%,

11/28/24

1,007

991

*

991145911.UG.FTS.B,

19.21%,

11/28/24

150

150

991145935.UG.FTS.B,

29.49%,

11/21/24

56

55

991145943.UG.FTS.B,

29.49%,

11/28/23

284

278

991145954.UG.FTS.B,

29.49%,

11/25/24

184

188

991145971.UG.FTS.B,

22.97%,

11/11/24

92

94

991145975.UG.FTS.B,

25.45%,

11/24/23

96

95

991145987.UG.FTS.B,

28.98%,

11/21/24

213

211

991146007.UG.FTS.B,

28.98%,

11/11/24

18

18

991146041.UG.FTS.B,

29.49%,

11/28/24

475

471

991146058.UG.FTS.B,

29.49%,

11/23/24

151

148

991146062.UG.FTS.B,

29.49%,

11/27/23

95

94

991146070.UG.FTS.B,

29.49%,

11/25/24

417

409

991146077.UG.FTS.B,

28.98%,

2/17/27

-

-

991146082.UG.FTS.B,

28.48%,

11/28/23

31

31

991146112.UG.FTS.B,

16.99%,

11/26/24

367

366

991146115.UG.FTS.B,

29.49%,

11/28/23

1,278

1,264

991146122.UG.FTS.B,

29.49%,

11/11/23

181

184

991146136.UG.FTS.B,

26.94%,

11/23/24

2,017

1,990

991146139.UG.FTS.B,

28.98%,

11/25/24

314

313

991146149.UG.FTS.B,

29.49%,

11/27/24

113

111

991146154.UG.FTS.B,

29.49%,

11/19/24

968

958

*

991146160.UG.FTS.B,

29.49%,

11/28/23

285

208

991146180.UG.FTS.B,

19.99%,

11/28/24

434

427

*

991146207.UG.FTS.B,

18.71%,

1/15/27

-

-

991146210.UG.FTS.B,

29.49%,

11/20/24

162

161

991146224.UG.FTS.B,

28.98%,

11/21/24

359

354

*

991146255.UG.FTS.B,

28.98%,

2/19/27

4

4

991146261.UG.FTS.B,

28.98%,

11/28/24

189

187

991146266.UG.FTS.B,

29.49%,

11/25/24

767

787

991146271.UG.FTS.B,

29.49%,

11/23/23

118

117

991146276.UG.FTS.B,

29.49%,

11/27/23

172

169

991146278.UG.FTS.B,

28.98%,

11/27/24

351

346

991146308.UG.FTS.B,

22.47%,

11/27/23

31

31

991146309.UG.FTS.B,

18.97%,

11/19/24

209

208

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

424

a

*

991146311.UG.FTS.B,

29.49%,

1/20/27

9

1

991146323.UG.FTS.B,

25.95%,

11/10/24

182

178

991146335.UG.FTS.B,

28.98%,

11/24/24

1,051

1,040

991146341.UG.FTS.B,

28.48%,

11/20/23

240

235

991146347.UG.FTS.B,

19.99%,

11/19/24

407

404

991146368.UG.FTS.B,

29.49%,

11/27/23

532

527

991146371.UG.FTS.B,

29.48%,

2/17/27

1

1

991146373.UG.FTS.B,

29.49%,

11/20/23

570

561

991146377.UG.FTS.B,

29.49%,

11/19/24

36

35

991146388.UG.FTS.B,

29.49%,

11/23/23

224

229

991146396.UG.FTS.B,

29.49%,

11/21/24

536

532

991146421.UG.FTS.B,

29.49%,

11/21/23

24

24

*

991146431.UG.FTS.B,

28.98%,

11/19/24

119

119

991146445.UG.FTS.B,

28.98%,

11/28/24

1,050

1,041

991146448.UG.FTS.B,

29.49%,

11/20/24

285

282

991146472.UG.FTS.B,

27.99%,

11/28/24

989

984

991146474.UG.FTS.B,

28.48%,

11/23/23

10

10

991146475.UG.FTS.B,

28.98%,

11/24/24

348

345

991146481.UG.FTS.B,

29.48%,

11/27/23

51

50

*

991146497.UG.FTS.B,

19.99%,

11/28/24

415

415

991146514.UG.FTS.B,

20.97%,

11/28/24

1,229

1,234

991146518.UG.FTS.B,

17.99%,

11/28/24

254

253

991146522.UG.FTS.B,

29.49%,

11/27/23

147

146

991146523.UG.FTS.B,

17.99%,

11/28/24

3,061

3,051

991146534.UG.FTS.B,

29.49%,

11/28/24

74

73

991146536.UG.FTS.B,

28.98%,

11/27/24

2,630

2,617

991146542.UG.FTS.B,

29.49%,

11/21/23

369

361

991146583.UG.FTS.B,

29.49%,

11/28/24

18

18

991146584.UG.FTS.B,

28.98%,

11/26/24

178

176

991146586.UG.FTS.B,

28.98%,

11/28/24

99

98

*

991146596.UG.FTS.B,

29.49%,

11/22/23

460

451

991146597.UG.FTS.B,

28.98%,

11/24/24

164

163

*

991146612.UG.FTS.B,

22.45%,

11/28/23

99

98

991146628.UG.FTS.B,

29.49%,

11/23/24

156

154

991146647.UG.FTS.B,

29.49%,

11/28/23

58

57

991146652.UG.FTS.B,

28.48%,

11/24/23

27

27

991146663.UG.FTS.B,

20.97%,

11/11/24

68

69

991146701.UG.FTS.B,

26.44%,

11/21/23

158

157

*

991146714.UG.FTS.B,

29.49%,

11/24/23

148

147

991146739.UG.FTS.B,

20.97%,

11/16/24

1,668

1,655

991146749.UG.FTS.B,

29.49%,

11/25/24

59

60

991146751.UG.FTS.B,

20.97%,

11/21/24

1,385

1,372

991146767.UG.FTS.B,

19.8%,

11/27/24

94

93

991146775.UG.FTS.B,

29.49%,

11/20/24

497

490

991146799.UG.FTS.B,

29.49%,

11/22/24

100

99

991146845.UG.FTS.B,

29.49%,

11/27/23

64

63

991146846.UG.FTS.B,

29.49%,

11/28/24

78

77

991146849.UG.FTS.B,

29.49%,

11/23/24

922

950

991146851.UG.FTS.B,

29.49%,

11/23/23

373

366

991146862.UG.FTS.B,

21.48%,

11/14/23

50

50

991146864.UG.FTS.B,

29.49%,

11/28/24

169

168

991146876.UG.FTS.B,

28.98%,

11/28/24

723

715

991146887.UG.FTS.B,

29.49%,

11/11/23

7

7

991146899.UG.FTS.B,

29.49%,

11/26/24

936

914

*

991146906.UG.FTS.B,

29.49%,

11/25/23

1,050

83

*

991146922.UG.FTS.B,

29.49%,

11/28/24

1,739

237

991146941.UG.FTS.B,

18.97%,

11/15/24

258

256

991146950.UG.FTS.B,

28.98%,

11/24/24

355

353

991146991.UG.FTS.B,

29.49%,

11/28/24

230

224

991146995.UG.FTS.B,

29.49%,

11/28/23

176

175

991147008.UG.FTS.B,

29.49%,

11/22/23

21

21

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

425

a

991147010.UG.FTS.B,

28.98%,

11/22/24

121

120

991147013.UG.FTS.B,

21.46%,

11/23/24

360

370

991147020.UG.FTS.B,

28.48%,

11/27/23

1,213

1,194

991147040.UG.FTS.B,

25.45%,

11/28/23

87

86

991147056.UG.FTS.B,

29.49%,

11/27/23

397

393

991147084.UG.FTS.B,

29.49%,

11/27/24

739

732

991147093.UG.FTS.B,

23.45%,

11/26/23

5

5

991147107.UG.FTS.B,

28.98%,

11/21/24

252

247

991147130.UG.FTS.B,

28.98%,

11/25/24

224

231

991147153.UG.FTS.B,

29.49%,

11/28/23

516

505

991147163.UG.FTS.B,

28.98%,

11/17/24

136

134

991147164.UG.FTS.B,

28.98%,

11/21/24

749

744

991147177.UG.FTS.B,

21.46%,

11/26/24

121

119

991147187.UG.FTS.B,

28.98%,

11/19/24

76

74

991147206.UG.FTS.B,

28.98%,

11/25/24

329

340

991147214.UG.FTS.B,

29.49%,

11/20/24

58

57

*

991147217.UG.FTS.B,

28.48%,

11/20/23

99

97

991147229.UG.FTS.B,

20.46%,

11/23/24

310

308

991147253.UG.FTS.B,

29.49%,

11/25/23

250

255

991147256.UG.FTS.B,

29.48%,

11/23/23

123

121

991147270.UG.FTS.B,

19.99%,

11/23/24

287

284

*

991147278.UG.FTS.B,

29.48%,

2/17/27

2

2

*

991147295.UG.FTS.B,

28.98%,

11/19/24

209

26

991147302.UG.FTS.B,

27.99%,

11/22/23

126

124

*

991147323.UG.FTS.B,

21.48%,

11/19/23

117

116

991147331.UG.FTS.B,

20.97%,

11/28/24

2,638

2,616

991147337.UG.FTS.B,

19.99%,

11/24/24

275

270

991147339.UG.FTS.B,

29.49%,

11/28/23

67

66

991147340.UG.FTS.B,

18.97%,

11/14/24

1,719

1,702

991147362.UG.FTS.B,

28.98%,

11/26/24

204

203

991147391.UG.FTS.B,

20.97%,

11/27/24

872

869

991147392.UG.FTS.B,

29.49%,

11/25/24

52

53

991147400.UG.FTS.B,

29.49%,

11/27/23

67

66

991147427.UG.FTS.B,

29.49%,

11/21/23

193

191

991147437.UG.FTS.B,

29.49%,

11/23/23

64

63

991147458.UG.FTS.B,

28.98%,

11/23/24

413

410

991147459.UG.FTS.B,

29.49%,

11/27/23

115

114

*

991147464.UG.FTS.B,

29.49%,

11/27/24

209

208

991147477.UG.FTS.B,

29.49%,

11/21/23

38

37

991147489.UG.FTS.B,

29.49%,

11/19/23

30

30

991147507.UG.FTS.B,

29.49%,

11/11/24

370

374

991147511.UG.FTS.B,

28.98%,

11/20/24

188

186

991147517.UG.FTS.B,

28.98%,

11/28/24

788

784

991147533.UG.FTS.B,

28.98%,

11/28/24

793

789

991147539.UG.FTS.B,

22.47%,

11/14/23

261

259

991147547.UG.FTS.B,

28.98%,

11/28/24

1,244

1,223

991147575.UG.FTS.B,

19.99%,

11/19/24

2,193

2,169

991147585.UG.FTS.B,

29.49%,

11/25/24

784

804

991147586.UG.FTS.B,

29.49%,

11/25/23

154

154

991147599.UG.FTS.B,

29.49%,

11/25/23

27

27

991147601.UG.FTS.B,

18.21%,

11/14/24

116

115

991147630.UG.FTS.B,

21.98%,

11/28/24

1,729

1,712

991147638.UG.FTS.B,

17.99%,

11/12/24

1,593

1,576

991147650.UG.FTS.B,

29.49%,

11/20/24

2,161

2,142

991147659.UG.FTS.B,

29.49%,

11/27/23

920

907

991147668.UG.FTS.B,

29.49%,

11/28/24

124

122

991147710.UG.FTS.B,

29.49%,

11/28/24

1,230

1,206

991147731.UG.FTS.B,

29.49%,

11/11/23

209

214

991147747.UG.FTS.B,

21.46%,

11/26/24

1,029

1,018

991147761.UG.FTS.B,

29.49%,

11/27/24

146

145

991147763.UG.FTS.B,

28.98%,

11/28/24

288

285

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

426

a

991147765.UG.FTS.B,

27.95%,

11/23/24

353

351

991147772.UG.FTS.B,

29.49%,

11/22/24

563

552

*

991147795.UG.FTS.B,

28.98%,

11/25/24

4,167

4,283

991147828.UG.FTS.B,

28.98%,

11/22/24

220

218

991147839.UG.FTS.B,

22.97%,

11/13/24

926

913

991147851.UG.FTS.B,

19.99%,

11/19/23

45

45

991147871.UG.FTS.B,

28.98%,

11/28/24

106

105

991147880.UG.FTS.B,

28.98%,

11/22/24

79

78

*

991147903.UG.FTS.B,

28.98%,

11/27/24

1,024

1,026

991147904.UG.FTS.B,

29.49%,

11/24/23

33

32

991147923.UG.FTS.B,

19.8%,

11/26/24

690

687

991147938.UG.FTS.B,

28.98%,

11/23/24

431

427

991147942.UG.FTS.B,

28.98%,

11/22/24

2,461

2,444

991147954.UG.FTS.B,

29.49%,

11/28/23

140

139

991147993.UG.FTS.B,

20.46%,

11/14/24

513

510

991148011.UG.FTS.B,

29.49%,

11/09/24

93

94

991148029.UG.FTS.B,

29.49%,

11/27/24

44

43

*

991148042.UG.FTS.B,

29.49%,

11/28/23

24

22

991148046.UG.FTS.B,

29.48%,

11/22/23

173

171

*

991148076.UG.FTS.B,

28.98%,

11/18/24

240

238

991148118.UG.FTS.B,

29.49%,

11/17/24

163

160

991148119.UG.FTS.B,

14.98%,

11/27/24

1,672

1,664

*

991148120.UG.FTS.B,

28.48%,

11/28/23

778

765

*

991148130.UG.FTS.B,

28.48%,

11/23/23

93

22

991148151.UG.FTS.B,

29.49%,

11/19/24

121

119

*

991148156.UG.FTS.B,

29.49%,

11/27/23

42

42

991148170.UG.FTS.B,

28.48%,

11/23/23

43

42

991148230.UG.FTS.B,

21.98%,

11/15/24

676

670

991148238.UG.FTS.B,

29.49%,

11/19/24

97

95

991148239.UG.FTS.B,

29.49%,

11/22/24

939

927

991148254.UG.FTS.B,

29.49%,

11/11/24

484

496

991148255.UG.FTS.B,

20.46%,

11/23/24

193

192

991148262.UG.FTS.B,

28.98%,

11/25/24

489

503

991148298.UG.FTS.B,

29.49%,

11/19/23

283

280

991148302.UG.FTS.B,

18.97%,

11/15/24

11

11

991148308.UG.FTS.B,

29.49%,

11/24/23

113

111

*

991148309.UG.FTS.B,

29.49%,

11/20/24

450

295

991148315.UG.FTS.B,

28.98%,

11/28/24

1,870

1,852

991148322.UG.FTS.B,

29.49%,

11/28/24

16

16

991148356.UG.FTS.B,

29.49%,

11/28/23

66

65

991148374.UG.FTS.B,

19.21%,

11/12/24

289

287

991148383.UG.FTS.B,

28.98%,

11/11/24

1,934

1,984

991148395.UG.FTS.B,

29.49%,

11/21/23

94

93

991148411.UG.FTS.B,

19.96%,

11/13/23

747

745

991148419.UG.FTS.B,

29.49%,

11/21/24

975

967

991148425.UG.FTS.B,

23.95%,

11/28/24

2,689

2,650

991148467.UG.FTS.B,

17.49%,

11/12/23

929

920

991148469.UG.FTS.B,

29.49%,

11/24/23

1,043

1,025

991148491.UG.FTS.B,

28.98%,

11/19/24

777

771

991148492.UG.FTS.B,

19.99%,

11/23/24

117

116

991148541.UG.FTS.B,

18.97%,

11/11/24

384

394

991148558.UG.FTS.B,

29.49%,

11/28/24

288

285

991148576.UG.FTS.B,

29.49%,

11/23/24

3,058

3,033

991148591.UG.FTS.B,

28.98%,

11/23/24

3,879

3,803

991148623.UG.FTS.B,

29.49%,

11/11/24

387

396

991148645.UG.FTS.B,

28.98%,

11/27/24

117

116

991148682.UG.FTS.B,

21.46%,

11/17/24

607

599

991148708.UG.FTS.B,

16.99%,

11/11/24

-

-

991148717.UG.FTS.B,

14.98%,

11/28/24

931

925

991148735.UG.FTS.B,

29.49%,

11/27/24

294

291

991148747.UG.FTS.B,

29.49%,

11/23/23

1,504

1,470

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

427

a

991148760.UG.FTS.B,

21.46%,

11/18/24

1,435

1,419

991148789.UG.FTS.B,

18.97%,

11/11/24

858

877

991148797.UG.FTS.B,

21.46%,

11/18/24

719

714

991148810.UG.FTS.B,

28.98%,

11/21/24

386

379

991148813.UG.FTS.B,

28.48%,

11/22/23

95

94

991148839.UG.FTS.B,

19.99%,

11/11/24

961

985

991148863.UG.FTS.B,

21.97%,

11/25/24

4,195

4,329

991148866.UG.FTS.B,

21.46%,

11/23/24

4,843

4,812

991148867.UG.FTS.B,

21.97%,

11/15/24

2,405

2,383

991148899.UG.FTS.B,

19.21%,

11/15/24

194

193

991148923.UG.FTS.B,

29.49%,

11/28/23

168

166

991148944.UG.FTS.B,

29.49%,

11/21/23

282

279

991148949.UG.FTS.B,

28.98%,

11/23/24

195

194

991148963.UG.FTS.B,

28.98%,

11/28/24

1,345

1,324

991148972.UG.FTS.B,

19.21%,

11/13/24

241

239

991148982.UG.FTS.B,

29.49%,

11/28/24

196

192

991149000.UG.FTS.B,

22.47%,

11/14/23

374

370

991149034.UG.FTS.B,

28.98%,

11/28/24

4,849

4,763

991149037.UG.FTS.B,

19.8%,

11/15/24

144

143

991149117.UG.FTS.B,

29.49%,

11/19/23

662

656

991149127.UG.FTS.B,

21.46%,

11/15/24

6,749

6,690

991149128.UG.FTS.B,

29.49%,

11/18/24

1,516

1,491

991149147.UG.FTS.B,

29.49%,

11/19/23

1,892

1,875

991149149.UG.FTS.B,

28.98%,

11/20/24

390

387

*

991149154.UG.FTS.B,

29.49%,

11/25/24

2,142

2,179

991149169.UG.FTS.B,

16.99%,

11/28/24

966

960

991149182.UG.FTS.B,

28.48%,

11/23/23

286

281

991149223.UG.FTS.B,

28.98%,

11/22/24

138

136

991149232.UG.FTS.B,

29.49%,

11/19/24

682

667

991149235.UG.FTS.B,

28.98%,

11/25/24

587

606

991149239.UG.FTS.B,

28.98%,

11/25/24

851

878

991149259.UG.FTS.B,

20.46%,

11/11/24

1,931

1,987

991149265.UG.FTS.B,

29.49%,

11/11/24

483

493

991149343.UG.FTS.B,

29.49%,

11/19/23

539

534

991149352.UG.FTS.B,

29.49%,

11/24/24

977

970

991149355.UG.FTS.B,

28.98%,

11/28/24

980

975

991149401.UG.FTS.B,

19.8%,

11/19/24

579

576

991149421.UG.FTS.B,

29.49%,

11/11/24

89

90

991149432.UG.FTS.B,

28.98%,

11/28/24

2,435

2,416

991149439.UG.FTS.B,

28.98%,

11/25/24

1,593

1,623

*

991149441.UG.FTS.B,

29.49%,

11/20/24

298

295

991149447.UG.FTS.B,

29.49%,

11/19/24

5,355

5,298

991149449.UG.FTS.B,

29.49%,

11/28/23

1,898

1,875

991149451.UG.FTS.B,

28.98%,

11/22/24

964

953

991149457.UG.FTS.B,

29.49%,

11/21/24

194

192

991149515.UG.FTS.B,

18.97%,

11/12/24

961

954

991149520.UG.FTS.B,

25.95%,

11/12/24

966

955

991149548.UG.FTS.B,

19.99%,

11/19/24

739

733

991149555.UG.FTS.B,

21.46%,

11/12/24

962

954

991149570.UG.FTS.B,

28.98%,

11/11/24

580

588

991149576.UG.FTS.B,

21.98%,

11/28/24

2,358

2,327

991149598.UG.FTS.B,

28.98%,

11/25/24

339

350

991149605.UG.FTS.B,

21.46%,

11/20/24

5,949

5,894

*

991149614.UG.FTS.B,

29.49%,

11/19/24

494

489

991149619.UG.FTS.B,

29.49%,

11/20/23

237

234

991149634.UG.FTS.B,

29.49%,

11/29/24

250

247

991149638.UG.FTS.B,

19.99%,

11/28/24

1,842

1,833

*

991149639.UG.FTS.B,

18.21%,

11/21/24

651

648

*

991149644.UG.FTS.B,

29.49%,

11/29/24

33

32

991149648.UG.FTS.B,

29.49%,

11/27/23

6

6

991149659.UG.FTS.B,

29.49%,

11/29/24

210

209

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

428

a

991149668.UG.FTS.B,

29.49%,

11/29/23

278

273

991149675.UG.FTS.B,

17.99%,

11/28/24

279

277

*

991149683.UG.FTS.B,

28.98%,

11/28/24

64

63

991149684.UG.FTS.B,

28.98%,

11/29/24

155

152

991149688.UG.FTS.B,

29.49%,

11/25/24

40

41

991149691.UG.FTS.B,

20.47%,

11/28/23

63

63

991149743.UG.FTS.B,

28.98%,

11/22/24

80

79

991149756.UG.FTS.B,

28.98%,

11/19/24

719

713

*

991149764.UG.FTS.B,

29.49%,

11/29/23

64

62

991149767.UG.FTS.B,

28.98%,

11/27/24

205

204

991149782.UG.FTS.B,

29.49%,

11/27/24

503

500

991149800.UG.FTS.B,

29.49%,

11/27/24

93

91

991149810.UG.FTS.B,

28.98%,

11/29/24

196

195

*

991149816.UG.FTS.B,

29.49%,

11/29/24

932

924

*

991149821.UG.FTS.B,

24.95%,

11/29/24

894

889

991149831.UG.FTS.B,

18.71%,

11/27/23

283

281

991149855.UG.FTS.B,

29.49%,

11/22/24

677

671

*

991149857.UG.FTS.B,

29.49%,

11/25/23

390

55

991149860.UG.FTS.B,

28.98%,

12/26/26

-

-

991149872.UG.FTS.B,

29.49%,

11/22/23

871

861

*

991149879.UG.FTS.B,

28.98%,

11/21/24

34

3

991149899.UG.FTS.B,

29.49%,

11/29/24

88

87

991149901.UG.FTS.B,

29.48%,

11/29/23

76

75

991149909.UG.FTS.B,

21.46%,

11/29/24

35

35

991149912.UG.FTS.B,

28.98%,

11/29/24

444

441

*

991149915.UG.FTS.B,

29.49%,

11/27/24

107

74

991149918.UG.FTS.B,

29.49%,

11/08/24

175

171

*

991149922.UG.FTS.B,

18.71%,

11/25/23

251

250

991149925.UG.FTS.B,

29.49%,

11/20/24

10

10

991149945.UG.FTS.B,

28.98%,

11/29/24

1,405

1,399

*

991149959.UG.FTS.B,

29.49%,

11/29/23

526

76

991149969.UG.FTS.B,

29.49%,

11/19/24

578

570

991149986.UG.FTS.B,

20.47%,

11/14/23

19

19

991149988.UG.FTS.B,

28.98%,

11/29/24

537

534

991149997.UG.FTS.B,

19.99%,

11/29/24

882

874

991150005.UG.FTS.B,

21.48%,

11/26/23

17

17

991150008.UG.FTS.B,

18.97%,

11/25/24

200

206

991150021.UG.FTS.B,

28.98%,

11/19/24

170

169

991150026.UG.FTS.B,

29.49%,

11/23/23

34

34

991150054.UG.FTS.B,

28.48%,

11/11/23

200

204

991150078.UG.FTS.B,

22.95%,

11/27/24

1,144

1,131

991150084.UG.FTS.B,

29.49%,

11/23/24

110

107

991150101.UG.FTS.B,

28.98%,

11/25/24

78

78

991150160.UG.FTS.B,

21.98%,

11/27/24

266

265

991150162.UG.FTS.B,

29.49%,

11/22/23

209

204

991150167.UG.FTS.B,

28.98%,

11/29/24

111

111

991150193.UG.FTS.B,

21.46%,

11/27/24

1,655

1,647

991150229.UG.FTS.B,

28.98%,

11/24/24

35

35

991150232.UG.FTS.B,

29.49%,

11/21/24

213

210

991150233.UG.FTS.B,

28.48%,

11/27/23

97

96

991150239.UG.FTS.B,

29.49%,

11/21/23

147

145

991150241.UG.FTS.B,

29.49%,

11/24/24

1,384

1,408

991150251.UG.FTS.B,

20.46%,

11/28/24

502

498

991150263.UG.FTS.B,

29.49%,

11/29/23

332

328

991150264.UG.FTS.B,

28.98%,

11/28/24

488

482

991150299.UG.FTS.B,

28.98%,

11/20/24

297

295

991150357.UG.FTS.B,

28.98%,

11/23/24

511

507

991150371.UG.FTS.B,

29.49%,

11/25/23

248

254

991150414.UG.FTS.B,

29.49%,

11/21/23

103

101

991150423.UG.FTS.B,

25.94%,

11/21/24

465

456

991150434.UG.FTS.B,

29.49%,

11/17/23

115

113

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

429

a

991150475.UG.FTS.B,

20.96%,

11/29/23

321

320

991150477.UG.FTS.B,

19.8%,

11/28/24

202

201

991150490.UG.FTS.B,

18.97%,

11/29/24

1

1

991150499.UG.FTS.B,

29.45%,

11/29/24

3,159

3,134

991150540.UG.FTS.B,

20.46%,

11/28/24

274

273

991150543.UG.FTS.B,

28.98%,

11/19/24

517

513

991150544.UG.FTS.B,

25.95%,

11/18/24

151

149

*

991150561.UG.FTS.B,

29.49%,

11/27/24

7

7

991150565.UG.FTS.B,

28.98%,

11/25/24

509

507

991150574.UG.FTS.B,

29.49%,

11/22/24

299

292

991150582.UG.FTS.B,

29.49%,

11/11/24

117

119

991150593.UG.FTS.B,

29.49%,

11/29/23

517

514

991150600.UG.FTS.B,

29.49%,

11/20/24

1,389

1,363

991150621.UG.FTS.B,

20.97%,

11/29/24

247

245

*

991150632.UG.FTS.B,

29.49%,

11/29/23

411

408

991150634.UG.FTS.B,

19.99%,

11/23/23

72

71

991150646.UG.FTS.B,

29.49%,

11/19/24

73

72

991150671.UG.FTS.B,

28.98%,

11/20/24

92

91

*

991150692.UG.FTS.B,

19.99%,

11/23/24

409

422

991150696.UG.FTS.B,

29.49%,

11/29/24

656

643

*

991150699.UG.FTS.B,

29.49%,

11/23/24

308

306

991150702.UG.FTS.B,

28.98%,

11/28/24

1,087

1,081

991150733.UG.FTS.B,

28.48%,

11/28/23

141

140

991150805.UG.FTS.B,

28.48%,

11/29/23

71

70

991150815.UG.FTS.B,

22.97%,

11/25/24

240

248

991150853.UG.FTS.B,

29.49%,

11/24/24

64

63

991150859.UG.FTS.B,

20.97%,

11/27/24

447

445

991150866.UG.FTS.B,

29.49%,

11/28/24

57

56

991150871.UG.FTS.B,

29.49%,

11/29/23

132

131

991150874.UG.FTS.B,

28.98%,

11/21/24

2,378

2,348

991150893.UG.FTS.B,

19.99%,

11/29/24

148

146

991150916.UG.FTS.B,

28.98%,

11/27/24

51

50

991150918.UG.FTS.B,

19.21%,

11/19/24

573

569

991150923.UG.FTS.B,

29.49%,

11/25/24

19

19

991150932.UG.FTS.B,

29.49%,

11/27/23

512

508

991150972.UG.FTS.B,

19.96%,

11/14/23

104

102

991150976.UG.FTS.B,

21.48%,

11/19/23

686

682

991150979.UG.FTS.B,

25.95%,

11/29/24

1

1

991150981.UG.FTS.B,

29.49%,

11/22/24

454

450

*

991150987.UG.FTS.B,

29.48%,

11/28/23

72

70

991151011.UG.FTS.B,

29.49%,

11/17/24

626

615

*

991151021.UG.FTS.B,

19.99%,

11/29/24

913

909

991151056.UG.FTS.B,

21.46%,

11/23/24

390

386

991151058.UG.FTS.B,

29.49%,

11/20/24

642

633

991151060.UG.FTS.B,

29.49%,

11/21/24

590

585

991151065.UG.FTS.B,

29.49%,

11/23/24

758

752

991151079.UG.FTS.B,

29.49%,

11/29/24

242

240

991151085.UG.FTS.B,

29.49%,

11/29/24

714

711

991151094.UG.FTS.B,

28.98%,

11/29/24

367

365

991151110.UG.FTS.B,

29.49%,

11/20/23

204

200

991151117.UG.FTS.B,

28.98%,

11/28/24

643

640

991151137.UG.FTS.B,

28.98%,

11/29/24

836

832

991151147.UG.FTS.B,

28.98%,

11/11/24

1,672

1,695

*

991151169.UG.FTS.B,

29.49%,

11/19/24

176

13

991151181.UG.FTS.B,

29.49%,

11/23/24

3,437

3,366

991151190.UG.FTS.B,

29.49%,

11/29/23

169

167

991151207.UG.FTS.B,

22.97%,

11/23/24

647

661

991151211.UG.FTS.B,

29.49%,

11/22/23

34

33

991151220.UG.FTS.B,

21.48%,

11/29/23

1

1

991151226.UG.FTS.B,

28.98%,

11/24/24

258

252

991151230.UG.FTS.B,

28.98%,

11/23/24

418

407

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

430

a

*

991151245.UG.FTS.B,

29.49%,

11/20/23

15

1

991151258.UG.FTS.B,

29.49%,

11/20/23

864

847

991151271.UG.FTS.B,

29.49%,

11/21/23

90

88

*

991151273.UG.FTS.B,

29.49%,

11/29/24

77

55

991151289.UG.FTS.B,

20.97%,

11/21/24

644

640

991151290.UG.FTS.B,

29.49%,

11/28/23

10

10

991151291.UG.FTS.B,

28.98%,

11/11/24

23

22

*

991151298.UG.FTS.B,

17.99%,

11/29/24

236

236

991151310.UG.FTS.B,

29.49%,

11/27/24

110

109

991151324.UG.FTS.B,

28.98%,

11/23/24

6

6

991151342.UG.FTS.B,

28.48%,

11/22/23

270

266

991151346.UG.FTS.B,

19.3%,

11/12/23

140

139

991151351.UG.FTS.B,

28.98%,

11/29/24

411

407

991151361.UG.FTS.B,

28.98%,

11/25/24

255

257

991151364.UG.FTS.B,

28.98%,

11/29/24

514

510

*

991151395.UG.FTS.B,

29.49%,

11/28/23

278

276

991151398.UG.FTS.B,

28.48%,

11/29/23

177

176

*

991151405.UG.FTS.B,

19.96%,

11/29/23

84

58

991151416.UG.FTS.B,

28.48%,

11/23/23

9

9

991151418.UG.FTS.B,

29.49%,

11/20/24

159

157

991151422.UG.FTS.B,

29.49%,

11/29/24

587

584

991151426.UG.FTS.B,

21.98%,

11/29/24

770

763

991151435.UG.FTS.B,

28.98%,

11/28/24

27

27

991151446.UG.FTS.B,

28.98%,

11/25/24

105

105

991151457.UG.FTS.B,

29.49%,

11/29/23

140

138

991151466.UG.FTS.B,

29.49%,

11/26/23

136

134

*

991151477.UG.FTS.B,

28.98%,

11/29/24

370

368

991151488.UG.FTS.B,

29.49%,

11/29/24

21

21

*

991151493.UG.FTS.B,

29.49%,

11/22/24

57

44

991151526.UG.FTS.B,

29.49%,

11/18/23

408

398

991151527.UG.FTS.B,

29.49%,

11/19/24

711

701

991151536.UG.FTS.B,

29.49%,

11/20/23

161

158

991151556.UG.FTS.B,

29.49%,

11/29/24

341

335

991151559.UG.FTS.B,

29.49%,

11/23/24

474

468

991151592.UG.FTS.B,

29.49%,

11/22/24

57

57

991151596.UG.FTS.B,

29.49%,

11/28/23

168

165

991151597.UG.FTS.B,

29.49%,

11/28/24

946

941

991151612.UG.FTS.B,

29.49%,

11/19/24

143

142

991151613.UG.FTS.B,

15.97%,

11/26/24

876

871

*

991151618.UG.FTS.B,

28.98%,

11/20/24

367

227

991151631.UG.FTS.B,

28.98%,

11/28/24

166

165

991151641.UG.FTS.B,

29.49%,

11/29/24

372

365

991151689.UG.FTS.B,

29.49%,

11/19/24

3

3

991151698.UG.FTS.B,

22.97%,

11/29/24

1,286

1,280

*

991151700.UG.FTS.B,

29.49%,

11/19/23

50

49

991151706.UG.FTS.B,

28.48%,

11/20/23

123

120

991151716.UG.FTS.B,

29.49%,

11/27/24

138

137

991151725.UG.FTS.B,

29.49%,

11/28/23

14

14

*

991151728.UG.FTS.B,

28.98%,

11/29/24

198

196

991151731.UG.FTS.B,

29.49%,

11/28/24

167

166

991151747.UG.FTS.B,

29.49%,

11/17/23

95

22

991151763.UG.FTS.B,

22.47%,

11/23/23

953

944

991151787.UG.FTS.B,

27.99%,

11/29/23

413

407

991151821.UG.FTS.B,

28.98%,

11/29/24

2,145

2,135

991151824.UG.FTS.B,

28.98%,

11/29/24

31

31

991151825.UG.FTS.B,

29.49%,

11/29/24

91

90

*

991151832.UG.FTS.B,

19.8%,

11/28/24

462

460

*

991151837.UG.FTS.B,

28.98%,

11/28/24

313

308

991151871.UG.FTS.B,

29.49%,

11/27/23

249

244

991151882.UG.FTS.B,

28.98%,

11/28/24

207

204

991151890.UG.FTS.B,

28.98%,

11/28/24

137

135

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

431

a

991151922.UG.FTS.B,

29.49%,

11/22/24

139

138

991151923.UG.FTS.B,

22.97%,

11/27/24

603

600

991151933.UG.FTS.B,

29.49%,

11/23/23

78

77

991151934.UG.FTS.B,

28.98%,

11/19/24

9

9

991151935.UG.FTS.B,

28.98%,

11/23/24

277

286

991151942.UG.FTS.B,

28.98%,

11/29/24

38

37

991151949.UG.FTS.B,

29.49%,

11/29/23

-

-

*

991151955.UG.FTS.B,

29.49%,

11/28/23

56

56

*

991151957.UG.FTS.B,

19.3%,

11/26/23

66

65

991151961.UG.FTS.B,

29.49%,

11/24/24

518

511

991151978.UG.FTS.B,

28.98%,

11/24/24

-

-

*

991151979.UG.FTS.B,

29.49%,

11/29/23

30

29

991151981.UG.FTS.B,

29.49%,

11/29/24

232

229

991152032.UG.FTS.B,

29.49%,

11/20/23

82

81

991152047.UG.FTS.B,

29.49%,

11/29/23

565

561

991152049.UG.FTS.B,

28.98%,

11/29/24

83

82

991152066.UG.FTS.B,

19.21%,

11/29/24

259

257

*

991152068.UG.FTS.B,

22.97%,

11/22/24

95

93

991152084.UG.FTS.B,

29.49%,

11/27/24

64

63

991152087.UG.FTS.B,

28.98%,

11/29/24

276

273

991152151.UG.FTS.B,

19.99%,

11/23/24

105

104

991152161.UG.FTS.B,

21.46%,

11/17/24

680

673

991152182.UG.FTS.B,

29.49%,

11/21/23

16

16

991152201.UG.FTS.B,

28.98%,

11/29/24

1,525

1,502

991152234.UG.FTS.B,

29.49%,

11/24/24

1,401

1,400

991152236.UG.FTS.B,

28.98%,

11/25/24

720

707

991152245.UG.FTS.B,

28.48%,

11/29/23

160

159

991152253.UG.FTS.B,

29.49%,

11/29/23

70

69

991152254.UG.FTS.B,

28.98%,

11/29/24

74

73

991152275.UG.FTS.B,

28.48%,

11/29/23

62

62

991152280.UG.FTS.B,

28.98%,

11/29/24

432

430

991152286.UG.FTS.B,

28.98%,

11/20/24

23

23

991152299.UG.FTS.B,

29.49%,

11/11/24

359

367

991152315.UG.FTS.B,

21.98%,

11/12/24

428

422

991152319.UG.FTS.B,

29.49%,

11/29/23

20

19

991152322.UG.FTS.B,

26.94%,

11/29/24

1,696

1,686

991152323.UG.FTS.B,

29.49%,

11/29/24

37

37

991152326.UG.FTS.B,

28.98%,

11/29/24

37

37

991152328.UG.FTS.B,

28.98%,

11/29/24

238

237

991152354.UG.FTS.B,

29.49%,

11/27/24

6

6

991152381.UG.FTS.B,

28.98%,

11/22/24

302

297

991152386.UG.FTS.B,

28.98%,

11/23/24

293

290

991152396.UG.FTS.B,

28.98%,

11/29/24

303

300

991152401.UG.FTS.B,

20.96%,

11/29/23

198

195

*

991152403.UG.FTS.B,

29.49%,

11/29/23

450

64

*

991152406.UG.FTS.B,

29.49%,

11/29/23

212

213

991152407.UG.FTS.B,

28.98%,

11/25/24

80

82

991152419.UG.FTS.B,

28.98%,

11/29/24

78

77

991152423.UG.FTS.B,

28.48%,

11/27/23

380

378

*

991152456.UG.FTS.B,

28.98%,

11/25/24

19

2

991152468.UG.FTS.B,

29.49%,

11/29/24

147

146

991152476.UG.FTS.B,

29.49%,

11/29/24

283

279

991152482.UG.FTS.B,

29.49%,

11/27/23

43

42

991152486.UG.FTS.B,

29.48%,

11/28/23

69

69

991152490.UG.FTS.B,

28.48%,

11/27/23

35

35

*

991152492.UG.FTS.B,

28.98%,

11/29/24

22

22

991152496.UG.FTS.B,

16.49%,

11/29/23

56

55

991152501.UG.FTS.B,

19.96%,

11/14/23

32

32

991152518.UG.FTS.B,

18.97%,

11/25/24

245

253

991152530.UG.FTS.B,

22.97%,

11/20/24

112

111

991152552.UG.FTS.B,

29.49%,

11/23/23

50

49

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

432

a

*

991152553.UG.FTS.B,

29.49%,

11/19/24

26

26

991152554.UG.FTS.B,

28.98%,

11/21/24

140

139

991152566.UG.FTS.B,

28.98%,

11/29/24

368

367

991152580.UG.FTS.B,

20.46%,

11/20/24

239

236

991152603.UG.FTS.B,

29.49%,

11/20/24

280

276

991152605.UG.FTS.B,

28.98%,

11/28/24

1,487

1,469

991152608.UG.FTS.B,

29.49%,

11/29/23

70

69

991152627.UG.FTS.B,

23.95%,

11/29/24

480

478

991152635.UG.FTS.B,

29.49%,

11/17/24

815

797

*

991152637.UG.FTS.B,

29.49%,

11/29/23

370

364

991152640.UG.FTS.B,

19.99%,

11/19/24

26

26

991152655.UG.FTS.B,

29.49%,

11/29/24

532

523

991152657.UG.FTS.B,

29.49%,

11/29/24

180

179

991152659.UG.FTS.B,

29.49%,

11/27/24

1,779

1,748

991152664.UG.FTS.B,

28.98%,

11/29/24

294

293

991152665.UG.FTS.B,

28.98%,

11/22/24

2,436

2,420

991152667.UG.FTS.B,

29.49%,

11/25/24

90

90

991152701.UG.FTS.B,

22.47%,

11/15/23

1,250

1,235

991152704.UG.FTS.B,

29.49%,

11/19/24

58

57

991152706.UG.FTS.B,

22.47%,

11/27/23

22

22

991152733.UG.FTS.B,

29.49%,

11/29/24

39

39

991152751.UG.FTS.B,

29.49%,

11/28/23

10

10

991152760.UG.FTS.B,

29.49%,

11/21/23

24

24

*

991152770.UG.FTS.B,

23.45%,

11/12/23

107

29

991152782.UG.FTS.B,

19.99%,

11/24/23

393

388

991152836.UG.FTS.B,

19.99%,

11/24/24

1

1

991152875.UG.FTS.B,

28.48%,

11/29/23

974

969

*

991152886.UG.FTS.B,

29.49%,

11/25/23

54

55

991152923.UG.FTS.B,

29.49%,

11/28/24

689

677

991152924.UG.FTS.B,

28.98%,

11/29/24

87

86

991152954.UG.FTS.B,

21.98%,

11/09/24

466

474

991152971.UG.FTS.B,

29.49%,

11/28/23

52

52

991152994.UG.FTS.B,

29.49%,

11/29/23

191

189

991153002.UG.FTS.B,

21.46%,

11/24/24

84

83

991153004.UG.FTS.B,

28.98%,

11/29/24

547

541

*

991153018.UG.FTS.B,

28.98%,

11/27/24

162

22

*

991153021.UG.FTS.B,

29.49%,

1/20/27

-

-

991153026.UG.FTS.B,

29.49%,

11/20/23

46

46

991153049.UG.FTS.B,

29.49%,

11/29/24

1,245

1,234

991153066.UG.FTS.B,

22.97%,

11/28/24

1,510

1,491

991153106.UG.FTS.B,

14.48%,

11/11/23

1,099

1,128

991153129.UG.FTS.B,

15.97%,

11/27/24

368

366

991153130.UG.FTS.B,

29.49%,

11/24/23

207

202

991153131.UG.FTS.B,

28.98%,

11/11/24

72

74

*

991153156.UG.FTS.B,

28.98%,

11/29/24

303

302

991153180.UG.FTS.B,

29.49%,

11/28/24

2,417

2,403

*

991153215.UG.FTS.B,

29.49%,

11/22/24

219

141

991153221.UG.FTS.B,

29.49%,

11/29/23

743

739

991153231.UG.FTS.B,

29.49%,

11/22/24

117

116

991153250.UG.FTS.B,

28.98%,

11/29/24

506

503

*

991153254.UG.FTS.B,

28.98%,

11/27/24

456

280

991153263.UG.FTS.B,

29.49%,

11/28/24

329

322

991153278.UG.FTS.B,

21.46%,

11/22/24

392

387

991153295.UG.FTS.B,

29.48%,

11/29/23

6

6

991153303.UG.FTS.B,

29.49%,

11/24/24

324

320

991153324.UG.FTS.B,

28.98%,

11/20/24

1

1

991153329.UG.FTS.B,

28.48%,

11/25/23

828

845

991153356.UG.FTS.B,

21.97%,

11/28/24

401

398

991153364.UG.FTS.B,

28.98%,

11/22/24

700

695

*

991153381.UG.FTS.B,

29.49%,

11/19/23

42

14

991153384.UG.FTS.B,

25.45%,

11/12/23

5

5

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

433

a

991153390.UG.FTS.B,

29.49%,

11/25/24

29

29

991153431.UG.FTS.B,

28.48%,

11/22/23

547

540

991153445.UG.FTS.B,

28.98%,

11/29/24

1,198

1,177

*

991153454.UG.FTS.B,

19.99%,

11/29/24

294

293

991153468.UG.FTS.B,

19.99%,

11/11/24

311

313

991153486.UG.FTS.B,

29.49%,

11/29/23

33

32

991153501.UG.FTS.B,

20.97%,

11/29/24

226

225

991153504.UG.FTS.B,

22.97%,

11/28/24

313

310

991153515.UG.FTS.B,

29.49%,

11/28/24

4

4

991153551.UG.FTS.B,

29.49%,

11/24/24

853

846

991153561.UG.FTS.B,

19.99%,

11/29/23

248

255

991153605.UG.FTS.B,

28.98%,

11/29/24

21

21

*

991153608.UG.FTS.B,

28.98%,

11/29/24

296

39

991153613.UG.FTS.B,

20.46%,

11/28/24

22

22

*

991153645.UG.FTS.B,

28.98%,

11/24/24

214

213

*

991153646.UG.FTS.B,

29.49%,

11/29/23

253

21

*

991153658.UG.FTS.B,

28.48%,

11/27/23

138

136

991153663.UG.FTS.B,

22.97%,

11/20/24

102

101

991153667.UG.FTS.B,

28.98%,

11/23/24

134

131

991153690.UG.FTS.B,

21.46%,

11/15/24

331

326

991153711.UG.FTS.B,

28.98%,

11/24/24

149

148

*

991153757.UG.FTS.B,

29.49%,

11/27/24

206

27

991153760.UG.FTS.B,

29.49%,

11/23/24

1,023

1,017

991153761.UG.FTS.B,

29.49%,

11/29/23

125

123

991153769.UG.FTS.B,

18.97%,

11/25/24

1,117

1,111

991153773.UG.FTS.B,

29.49%,

11/29/24

42

42

*

991153777.UG.FTS.B,

28.98%,

11/28/24

333

327

991153791.UG.FTS.B,

28.98%,

11/28/24

746

742

991153795.UG.FTS.B,

21.46%,

11/29/24

955

950

*

991153822.UG.FTS.B,

29.49%,

11/22/24

273

273

991153842.UG.FTS.B,

29.49%,

11/11/23

116

118

991153858.UG.FTS.B,

29.49%,

11/18/24

2,021

1,969

991153866.UG.FTS.B,

28.98%,

11/11/24

218

223

991153893.UG.FTS.B,

29.49%,

11/23/23

79

5

991153896.UG.FTS.B,

29.49%,

11/28/24

566

554

991153904.UG.FTS.B,

29.49%,

11/11/23

121

122

991153925.UG.FTS.B,

29.49%,

11/23/23

40

39

991153939.UG.FTS.B,

29.49%,

11/19/24

286

279

991153944.UG.FTS.B,

23.45%,

11/27/23

136

136

991153954.UG.FTS.B,

23.95%,

11/17/24

110

109

991153965.UG.FTS.B,

28.98%,

11/21/24

106

104

991153967.UG.FTS.B,

29.49%,

11/11/24

59

60

991153984.UG.FTS.B,

21.98%,

11/28/24

29

29

991153991.UG.FTS.B,

29.49%,

11/19/24

177

173

991153994.UG.FTS.B,

29.49%,

11/29/24

1,133

1,128

991154003.UG.FTS.B,

18.97%,

11/22/24

1,113

1,107

991154018.UG.FTS.B,

28.98%,

11/27/24

16

16

991154022.UG.FTS.B,

22.97%,

11/23/24

167

166

*

991154033.UG.FTS.B,

29.49%,

11/22/23

77

6

991154050.UG.FTS.B,

29.49%,

11/25/24

374

382

991154077.UG.FTS.B,

21.98%,

11/29/24

58

58

*

991154102.UG.FTS.B,

28.98%,

11/11/24

1,463

957

991154103.UG.FTS.B,

29.49%,

11/19/23

51

50

*

991154129.UG.FTS.B,

29.49%,

11/23/23

40

3

991154134.UG.FTS.B,

29.48%,

11/23/23

728

738

991154151.UG.FTS.B,

29.49%,

11/23/24

198

196

991154156.UG.FTS.B,

29.49%,

11/23/24

803

825

991154164.UG.FTS.B,

19.8%,

11/29/24

3,527

3,513

991154165.UG.FTS.B,

29.49%,

11/18/24

90

88

991154172.UG.FTS.B,

29.49%,

11/19/23

84

83

991154203.UG.FTS.B,

22.47%,

11/29/23

354

353

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

434

a

991154238.UG.FTS.B,

28.48%,

11/11/23

28

29

991154240.UG.FTS.B,

29.49%,

11/29/23

8

9

991154241.UG.FTS.B,

29.49%,

11/29/23

659

655

991154246.UG.FTS.B,

29.49%,

11/28/24

179

178

991154253.UG.FTS.B,

28.98%,

11/22/24

56

55

991154256.UG.FTS.B,

15.97%,

11/29/24

402

400

991154304.UG.FTS.B,

29.49%,

11/29/23

223

220

991154324.UG.FTS.B,

19.21%,

11/10/24

30

30

991154332.UG.FTS.B,

21.46%,

11/12/24

3,371

3,315

991154356.UG.FTS.B,

19.21%,

11/27/24

384

381

991154357.UG.FTS.B,

29.49%,

11/28/24

215

213

991154366.UG.FTS.B,

29.49%,

11/22/23

725

719

991154367.UG.FTS.B,

19.8%,

11/20/24

111

110

991154395.UG.FTS.B,

21.98%,

11/18/24

470

465

991154396.UG.FTS.B,

29.49%,

11/29/23

651

647

991154422.UG.FTS.B,

29.49%,

11/19/24

227

224

*

991154426.UG.FTS.B,

28.48%,

11/29/23

53

8

991154443.UG.FTS.B,

19.3%,

11/29/23

267

267

991154447.UG.FTS.B,

29.49%,

11/25/24

337

346

991154456.UG.FTS.B,

21.47%,

11/26/23

1,317

1,307

991154494.UG.FTS.B,

28.98%,

11/27/24

287

284

*

991154506.UG.FTS.B,

29.49%,

11/27/24

109

108

991154514.UG.FTS.B,

29.49%,

11/22/23

115

113

991154518.UG.FTS.B,

28.48%,

11/20/23

199

197

991154524.UG.FTS.B,

28.98%,

11/28/24

273

271

991154532.UG.FTS.B,

29.49%,

11/29/24

340

333

991154546.UG.FTS.B,

18.47%,

11/13/23

20

20

991154554.UG.FTS.B,

28.48%,

11/18/23

174

170

991154556.UG.FTS.B,

29.49%,

11/18/23

200

195

991154557.UG.FTS.B,

29.49%,

11/28/23

12

12

991154590.UG.FTS.B,

29.49%,

11/25/23

204

208

991154606.UG.FTS.B,

29.49%,

11/27/24

129

127

991154611.UG.FTS.B,

29.49%,

11/23/24

2,085

2,045

*

991154621.UG.FTS.B,

28.98%,

11/23/24

948

124

991154635.UG.FTS.B,

29.49%,

11/21/23

5

5

991154641.UG.FTS.B,

29.49%,

11/19/24

391

388

991154647.UG.FTS.B,

21.48%,

11/17/23

84

83

991154718.UG.FTS.B,

29.49%,

11/11/24

2,900

2,965

991154720.UG.FTS.B,

23.95%,

11/26/24

1,546

1,538

991154754.UG.FTS.B,

29.49%,

11/29/23

1,727

1,703

991154797.UG.FTS.B,

17.99%,

11/29/24

895

890

991154821.UG.FTS.B,

29.49%,

11/16/23

50

49

991154824.UG.FTS.B,

29.49%,

11/23/24

134

132

991154837.UG.FTS.B,

29.49%,

11/23/24

199

197

991154865.UG.FTS.B,

29.49%,

11/08/23

291

281

*

991154869.UG.FTS.B,

28.98%,

11/22/24

636

408

991154875.UG.FTS.B,

29.49%,

11/29/23

-

-

991154879.UG.FTS.B,

29.49%,

11/29/24

1,278

1,254

991154896.UG.FTS.B,

28.98%,

11/24/24

36

36

*

991154908.UG.FTS.B,

29.49%,

11/25/23

148

10

991154930.UG.FTS.B,

19.21%,

11/26/24

1,063

1,059

991154941.UG.FTS.B,

28.98%,

11/11/24

48

49

991154960.UG.FTS.B,

28.48%,

11/20/23

10

9

991154981.UG.FTS.B,

29.49%,

11/29/23

1,329

1,314

991154983.UG.FTS.B,

21.48%,

11/28/23

125

123

991154989.UG.FTS.B,

29.49%,

1/17/27

-

-

991154995.UG.FTS.B,

28.48%,

11/25/23

136

140

991155014.UG.FTS.B,

29.49%,

11/23/24

73

72

991155034.UG.FTS.B,

29.49%,

11/25/24

46

47

991155085.UG.FTS.B,

21.48%,

11/29/23

98

97

991155087.UG.FTS.B,

29.49%,

11/28/24

1,876

1,849

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

435

a

991155098.UG.FTS.B,

29.49%,

11/29/23

334

327

991155101.UG.FTS.B,

21.46%,

11/26/24

74

73

991155102.UG.FTS.B,

29.49%,

11/21/23

226

223

991155107.UG.FTS.B,

16.99%,

11/27/24

502

503

991155116.UG.FTS.B,

29.46%,

11/29/24

2,870

2,853

991155117.UG.FTS.B,

28.98%,

11/20/24

234

231

991155137.UG.FTS.B,

29.49%,

11/29/24

153

152

991155141.UG.FTS.B,

29.49%,

11/17/24

354

345

991155156.UG.FTS.B,

29.49%,

11/11/23

27

27

*

991155158.UG.FTS.B,

23.45%,

11/24/23

563

74

991155172.UG.FTS.B,

28.98%,

11/29/24

204

203

991155173.UG.FTS.B,

28.98%,

11/23/24

136

134

*

991155175.UG.FTS.B,

28.98%,

11/24/24

115

114

991155188.UG.FTS.B,

29.49%,

11/19/24

754

736

991155193.UG.FTS.B,

28.98%,

11/28/24

313

311

991155217.UG.FTS.B,

21.46%,

11/23/24

558

554

991155229.UG.FTS.B,

21.46%,

11/24/24

47

47

991155239.UG.FTS.B,

29.49%,

11/29/23

179

175

991155246.UG.FTS.B,

20.97%,

11/18/24

92

89

991155248.UG.FTS.B,

29.49%,

11/20/23

121

119

991155273.UG.FTS.B,

19.99%,

11/29/24

676

667

991155276.UG.FTS.B,

20.47%,

11/28/23

28

28

991155298.UG.FTS.B,

29.49%,

11/29/24

1,105

1,098

991155305.UG.FTS.B,

26.94%,

11/10/24

213

208

991155306.UG.FTS.B,

29.49%,

11/22/23

94

92

991155328.UG.FTS.B,

29.49%,

11/21/24

283

279

991155329.UG.FTS.B,

29.49%,

11/17/24

417

409

*

991155365.UG.FTS.B,

28.98%,

11/29/24

181

179

991155370.UG.FTS.B,

27.99%,

11/24/24

21

21

991155379.UG.FTS.B,

29.49%,

11/29/23

69

68

*

991155380.UG.FTS.B,

29.49%,

11/30/24

93

92

991155401.UG.FTS.B,

29.49%,

11/23/24

234

230

991155413.UG.FTS.B,

28.98%,

11/27/24

1,392

1,357

991155428.UG.FTS.B,

29.49%,

11/22/24

677

672

991155430.UG.FTS.B,

20.46%,

11/30/24

38

38

991155431.UG.FTS.B,

19.99%,

11/25/23

355

360

991155437.UG.FTS.B,

29.49%,

11/19/24

189

187

*

991155440.UG.FTS.B,

26.44%,

11/29/23

44

44

991155443.UG.FTS.B,

29.49%,

11/23/23

36

36

991155451.UG.FTS.B,

29.49%,

11/19/24

425

422

991155461.UG.FTS.B,

29.49%,

11/20/24

582

576

*

991155468.UG.FTS.B,

29.49%,

11/30/24

1,098

148

991155471.UG.FTS.B,

22.95%,

11/12/24

28

27

991155478.UG.FTS.B,

29.49%,

11/27/24

85

84

*

991155516.UG.FTS.B,

29.48%,

11/22/23

12

12

991155522.UG.FTS.B,

29.49%,

11/30/24

13

13

*

991155530.UG.FTS.B,

29.49%,

11/22/23

331

325

991155546.UG.FTS.B,

28.98%,

11/29/24

495

486

991155566.UG.FTS.B,

29.49%,

11/25/24

150

155

991155576.UG.FTS.B,

29.49%,

11/29/24

238

235

991155578.UG.FTS.B,

29.49%,

11/16/23

28

28

*

991155581.UG.FTS.B,

20.97%,

11/29/24

412

411

991155594.UG.FTS.B,

19.21%,

11/27/24

800

795

991155611.UG.FTS.B,

20.96%,

11/29/23

41

41

991155626.UG.FTS.B,

29.49%,

11/20/24

244

241

991155637.UG.FTS.B,

29.49%,

11/27/23

552

548

991155648.UG.FTS.B,

28.98%,

11/29/24

131

131

991155658.UG.FTS.B,

29.49%,

11/20/23

2

2

991155659.UG.FTS.B,

28.98%,

11/19/24

827

820

991155673.UG.FTS.B,

29.49%,

11/30/24

780

776

991155680.UG.FTS.B,

21.98%,

11/30/24

131

130

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

436

a

991155681.UG.FTS.B,

15.97%,

11/28/24

2,272

2,254

991155704.UG.FTS.B,

28.48%,

11/27/23

209

208

991155708.UG.FTS.B,

29.49%,

11/22/24

609

602

*

991155726.UG.FTS.B,

29.48%,

11/30/23

70

69

991155729.UG.FTS.B,

29.49%,

11/30/24

375

370

991155731.UG.FTS.B,

20.96%,

11/15/23

34

34

991155738.UG.FTS.B,

29.49%,

11/26/24

104

103

*

991155740.UG.FTS.B,

19.99%,

11/30/23

50

49

991155769.UG.FTS.B,

28.98%,

11/29/24

26

25

991155771.UG.FTS.B,

28.98%,

11/29/24

653

640

991155817.UG.FTS.B,

29.49%,

11/24/24

1,388

1,376

991155818.UG.FTS.B,

29.49%,

11/28/23

142

141

991155898.UG.FTS.B,

29.49%,

11/24/24

147

144

991155903.UG.FTS.B,

16.49%,

11/12/23

68

67

*

991155930.UG.FTS.B,

29.49%,

11/11/23

176

44

*

991155940.UG.FTS.B,

29.49%,

11/30/24

149

149

991155949.UG.FTS.B,

21.46%,

11/29/24

135

134

991155966.UG.FTS.B,

29.49%,

11/30/24

792

786

991155976.UG.FTS.B,

28.98%,

11/30/24

23

23

*

991155982.UG.FTS.B,

29.49%,

11/21/24

196

14

991156004.UG.FTS.B,

29.49%,

11/29/23

139

136

*

991156018.UG.FTS.B,

29.49%,

11/30/24

78

7

*

991156038.UG.FTS.B,

22.95%,

2/10/27

8

4

991156074.UG.FTS.B,

28.98%,

11/22/24

285

282

*

991156091.UG.FTS.B,

19.99%,

1/19/27

6

-

991156110.UG.FTS.B,

29.49%,

11/28/23

163

159

991156120.UG.FTS.B,

29.49%,

11/19/24

231

228

991156131.UG.FTS.B,

29.49%,

11/29/23

1,114

1,108

991156140.UG.FTS.B,

29.49%,

11/28/24

47

46

991156144.UG.FTS.B,

29.49%,

11/21/23

55

55

991156148.UG.FTS.B,

29.49%,

11/30/24

758

754

991156153.UG.FTS.B,

19.99%,

11/19/24

799

783

991156156.UG.FTS.B,

29.49%,

11/11/24

79

79

*

991156160.UG.FTS.B,

28.98%,

11/27/24

21

21

991156207.UG.FTS.B,

29.49%,

11/28/24

139

136

991156209.UG.FTS.B,

19.96%,

11/26/23

195

193

991156213.UG.FTS.B,

29.49%,

11/24/24

258

254

991156214.UG.FTS.B,

22.97%,

11/21/24

144

143

*

991156218.UG.FTS.B,

29.49%,

11/22/23

79

77

*

991156227.UG.FTS.B,

29.49%,

11/30/24

224

18

*

991156228.UG.FTS.B,

29.49%,

11/30/24

260

259

991156229.UG.FTS.B,

28.98%,

11/20/24

159

157

991156237.UG.FTS.B,

29.49%,

11/30/23

41

41

*

991156245.UG.FTS.B,

29.49%,

11/23/24

1,120

1,104

991156266.UG.FTS.B,

29.49%,

11/23/24

756

742

*

991156272.UG.FTS.B,

22.95%,

11/21/24

337

215

991156297.UG.FTS.B,

28.98%,

11/24/24

36

36

991156301.UG.FTS.B,

29.49%,

11/08/24

545

532

991156304.UG.FTS.B,

28.48%,

11/29/23

563

560

991156306.UG.FTS.B,

29.49%,

11/28/23

421

418

991156309.UG.FTS.B,

29.49%,

11/22/24

40

40

991156312.UG.FTS.B,

29.49%,

11/30/23

55

55

991156326.UG.FTS.B,

28.48%,

11/27/23

262

259

991156338.UG.FTS.B,

28.98%,

11/27/24

72

72

991156343.UG.FTS.B,

29.49%,

11/30/24

839

819

991156345.UG.FTS.B,

19.96%,

11/20/23

40

40

991156346.UG.FTS.B,

28.98%,

11/23/24

232

228

991156348.UG.FTS.B,

18.97%,

11/29/24

219

217

991156351.UG.FTS.B,

19.96%,

11/13/23

199

197

*

991156356.UG.FTS.B,

29.49%,

11/29/23

331

328

*

991156373.UG.FTS.B,

29.49%,

11/19/23

115

113

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

437

a

*

991156374.UG.FTS.B,

18.96%,

11/29/23

201

200

991156385.UG.FTS.B,

28.98%,

11/20/24

228

226

991156387.UG.FTS.B,

28.98%,

11/25/24

2,059

2,105

991156394.UG.FTS.B,

29.49%,

11/28/23

176

173

991156430.UG.FTS.B,

28.98%,

11/21/24

25

25

991156485.UG.FTS.B,

29.49%,

11/25/24

288

294

991156508.UG.FTS.B,

29.49%,

11/30/24

282

279

991156511.UG.FTS.B,

28.48%,

11/30/23

1,873

1,854

991156513.UG.FTS.B,

29.49%,

11/22/23

203

199

991156523.UG.FTS.B,

28.98%,

11/22/24

468

464

991156563.UG.FTS.B,

29.99%,

11/21/23

31

31

991156579.UG.FTS.B,

28.98%,

11/23/24

7

7

*

991156602.UG.FTS.B,

29.49%,

11/21/24

99

65

991156614.UG.FTS.B,

28.98%,

11/19/24

979

962

*

991156616.UG.FTS.B,

29.49%,

11/20/24

63

9

991156621.UG.FTS.B,

28.48%,

11/20/23

85

84

991156622.UG.FTS.B,

28.98%,

11/25/24

12

12

991156625.UG.FTS.B,

29.49%,

11/30/24

599

596

991156635.UG.FTS.B,

29.49%,

11/30/24

144

142

991156672.UG.FTS.B,

29.49%,

11/30/24

404

402

991156673.UG.FTS.B,

15.97%,

11/11/24

322

332

991156691.UG.FTS.B,

19.99%,

11/27/24

507

504

991156704.UG.FTS.B,

28.48%,

11/29/23

250

247

991156708.UG.FTS.B,

28.98%,

11/28/24

622

618

991156718.UG.FTS.B,

29.49%,

11/22/24

186

185

*

991156732.UG.FTS.B,

29.49%,

11/22/23

29

5

991156759.UG.FTS.B,

19.21%,

11/29/24

148

148

991156770.UG.FTS.B,

28.98%,

11/30/24

315

313

991156779.UG.FTS.B,

29.49%,

11/28/24

81

80

*

991156780.UG.FTS.B,

29.49%,

11/27/23

1,690

1,680

991156787.UG.FTS.B,

29.49%,

11/24/24

177

175

991156801.UG.FTS.B,

22.97%,

11/27/24

816

805

991156817.UG.FTS.B,

29.49%,

11/22/24

3,400

3,330

*

991156834.UG.FTS.B,

28.98%,

11/20/24

160

101

991156866.UG.FTS.B,

29.49%,

11/29/23

1,572

1,555

991156877.UG.FTS.B,

28.98%,

11/27/24

1,898

1,889

991156880.UG.FTS.B,

29.49%,

11/22/24

306

304

991156903.UG.FTS.B,

29.49%,

11/30/23

241

238

991156911.UG.FTS.B,

25.45%,

11/25/23

433

443

991156912.UG.FTS.B,

28.48%,

11/30/23

504

499

991156918.UG.FTS.B,

28.98%,

11/28/24

604

600

991156943.UG.FTS.B,

29.49%,

11/28/23

132

131

*

991156978.UG.FTS.B,

29.49%,

11/20/23

56

44

991156986.UG.FTS.B,

29.49%,

11/20/23

181

178

*

991156992.UG.FTS.B,

29.49%,

11/28/24

951

127

*

991157000.UG.FTS.B,

29.49%,

2/28/27

12

1

991157012.UG.FTS.B,

18.97%,

11/29/24

710

708

991157022.UG.FTS.B,

29.49%,

11/21/24

1,211

1,195

*

991157040.UG.FTS.B,

28.98%,

11/27/24

136

136

991157055.UG.FTS.B,

28.98%,

11/20/24

162

160

991157057.UG.FTS.B,

23.45%,

11/13/23

23

23

991157062.UG.FTS.B,

19.99%,

11/30/24

1,147

1,139

991157081.UG.FTS.B,

28.98%,

11/23/24

204

201

991157093.UG.FTS.B,

29.49%,

11/23/23

30

29

*

991157098.UG.FTS.B,

28.98%,

11/29/24

119

16

991157101.UG.FTS.B,

28.98%,

11/28/24

993

985

991157103.UG.FTS.B,

26.44%,

11/16/23

7

7

991157114.UG.FTS.B,

29.49%,

11/27/23

142

141

991157117.UG.FTS.B,

29.49%,

11/19/24

281

275

991157120.UG.FTS.B,

29.49%,

11/26/24

156

155

*

991157174.UG.FTS.B,

21.48%,

11/18/23

60

60

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

438

a

991157182.UG.FTS.B,

29.49%,

11/30/24

57

57

991157209.UG.FTS.B,

22.97%,

11/27/24

800

793

991157225.UG.FTS.B,

29.49%,

11/24/23

184

182

991157233.UG.FTS.B,

28.98%,

11/24/24

52

52

991157282.UG.FTS.B,

28.98%,

11/30/24

294

289

991157290.UG.FTS.B,

28.48%,

11/27/23

251

249

991157333.UG.FTS.B,

29.49%,

11/23/24

129

127

991157348.UG.FTS.B,

19.99%,

11/22/24

552

548

991157383.UG.FTS.B,

29.49%,

11/19/24

-

-

*

991157399.UG.FTS.B,

29.49%,

11/30/24

97

9

991157416.UG.FTS.B,

29.49%,

11/30/23

153

151

991157436.UG.FTS.B,

27.99%,

11/30/24

514

510

991157464.UG.FTS.B,

28.98%,

11/27/24

661

658

991157467.UG.FTS.B,

29.49%,

11/29/23

196

194

991157471.UG.FTS.B,

20.97%,

11/30/24

1,036

1,032

991157503.UG.FTS.B,

29.49%,

11/30/24

-

-

991157557.UG.FTS.B,

28.98%,

11/29/24

286

283

991157560.UG.FTS.B,

29.49%,

11/19/23

356

349

991157570.UG.FTS.B,

27.99%,

11/27/23

209

207

991157592.UG.FTS.B,

28.98%,

11/29/24

234

231

991157620.UG.FTS.B,

29.49%,

11/21/24

48

47

991157623.UG.FTS.B,

21.46%,

11/21/24

1,118

1,106

991157632.UG.FTS.B,

19.99%,

11/30/24

1,851

1,843

991157634.UG.FTS.B,

18.47%,

11/28/23

211

210

991157636.UG.FTS.B,

28.98%,

11/22/24

535

526

991157668.UG.FTS.B,

29.49%,

11/16/23

388

380

991157674.UG.FTS.B,

29.49%,

11/28/24

136

135

991157681.UG.FTS.B,

29.49%,

11/23/24

29

28

991157684.UG.FTS.B,

28.98%,

11/30/24

1,516

1,509

991157688.UG.FTS.B,

29.49%,

11/29/24

505

502

991157703.UG.FTS.B,

29.49%,

11/23/23

2,110

2,071

991157704.UG.FTS.B,

28.98%,

11/29/24

840

825

991157718.UG.FTS.B,

14.48%,

11/12/23

168

167

991157722.UG.FTS.B,

29.49%,

11/28/24

352

238

991157733.UG.FTS.B,

21.98%,

11/18/24

521

515

991157738.UG.FTS.B,

29.49%,

11/28/24

1,896

1,862

991157780.UG.FTS.B,

29.49%,

11/17/24

175

172

991157801.UG.FTS.B,

29.49%,

11/25/24

580

579

991157810.UG.FTS.B,

19.8%,

11/29/24

32

32

991157839.UG.FTS.B,

19.99%,

11/30/24

14

14

991157851.UG.FTS.B,

28.98%,

11/27/24

266

265

*

991157870.UG.FTS.B,

29.49%,

11/30/24

132

131

991157882.UG.FTS.B,

28.98%,

11/29/24

111

110

991157887.UG.FTS.B,

29.49%,

11/29/24

156

154

991157941.UG.FTS.B,

29.49%,

11/18/23

60

59

*

991157952.UG.FTS.B,

29.49%,

11/25/24

119

123

*

991157990.UG.FTS.B,

29.49%,

11/30/23

47

46

991157998.UG.FTS.B,

29.49%,

11/25/24

-

-

*

991158000.UG.FTS.B,

19.99%,

11/30/24

351

219

991158006.UG.FTS.B,

29.49%,

11/30/24

440

432

991158021.UG.FTS.B,

20.46%,

11/28/24

1,398

1,387

*

991158025.UG.FTS.B,

29.48%,

11/30/23

13

13

991158041.UG.FTS.B,

29.49%,

11/25/24

2

2

991158048.UG.FTS.B,

20.47%,

11/23/23

64

64

991158055.UG.FTS.B,

29.49%,

11/22/24

605

600

991158060.UG.FTS.B,

28.98%,

11/20/24

312

310

991158065.UG.FTS.B,

29.49%,

11/22/23

59

58

991158075.UG.FTS.B,

28.98%,

11/30/24

582

574

991158110.UG.FTS.B,

29.48%,

11/20/23

146

145

991158111.UG.FTS.B,

19.21%,

11/13/24

5,752

5,680

*

991158113.UG.FTS.B,

22.47%,

11/29/23

560

557

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

439

a

991158116.UG.FTS.B,

28.98%,

2/18/27

4

4

991158118.UG.FTS.B,

28.98%,

11/29/24

231

231

991158131.UG.FTS.B,

19.99%,

11/30/24

1,041

1,036

991158154.UG.FTS.B,

29.49%,

11/23/23

133

131

*

991158156.UG.FTS.B,

29.49%,

11/28/24

615

616

991158169.UG.FTS.B,

29.49%,

11/19/24

47

47

991158173.UG.FTS.B,

28.98%,

11/25/24

73

73

991158174.UG.FTS.B,

28.98%,

11/21/24

442

434

991158176.UG.FTS.B,

28.98%,

11/20/24

403

400

991158195.UG.FTS.B,

19.99%,

11/30/24

86

85

991158207.UG.FTS.B,

28.48%,

11/22/23

34

34

991158260.UG.FTS.B,

28.98%,

11/11/24

35

35

991158265.UG.FTS.B,

29.49%,

11/30/24

181

180

991158270.UG.FTS.B,

29.49%,

11/19/23

45

45

991158283.UG.FTS.B,

28.98%,

2/28/27

1

1

991158306.UG.FTS.B,

19.99%,

11/20/24

334

332

991158308.UG.FTS.B,

28.98%,

11/21/24

434

429

991158315.UG.FTS.B,

29.49%,

11/25/24

301

309

991158319.UG.FTS.B,

29.49%,

11/28/24

1

1

991158327.UG.FTS.B,

29.49%,

11/20/24

271

265

991158334.UG.FTS.B,

29.49%,

11/29/24

545

542

991158343.UG.FTS.B,

28.98%,

11/28/24

1,934

1,900

991158353.UG.FTS.B,

26.44%,

11/24/23

301

297

991158354.UG.FTS.B,

28.98%,

11/22/24

47

46

991158359.UG.FTS.B,

28.98%,

11/29/24

17

16

991158363.UG.FTS.B,

29.49%,

11/22/23

190

187

991158370.UG.FTS.B,

28.98%,

11/28/24

443

440

991158380.UG.FTS.B,

29.49%,

11/30/23

248

246

991158386.UG.FTS.B,

29.49%,

11/30/24

1,939

1,929

991158407.UG.FTS.B,

29.49%,

11/30/24

175

174

991158412.UG.FTS.B,

29.49%,

11/23/24

76

74

991158419.UG.FTS.B,

29.49%,

11/11/24

25

25

991158421.UG.FTS.B,

29.49%,

11/30/24

955

945

991158430.UG.FTS.B,

19.8%,

11/29/24

119

118

991158455.UG.FTS.B,

29.49%,

11/30/23

25

25

991158472.UG.FTS.B,

29.49%,

11/30/24

594

589

991158478.UG.FTS.B,

29.49%,

11/29/23

639

625

991158493.UG.FTS.B,

21.98%,

11/27/24

540

535

991158495.UG.FTS.B,

28.98%,

11/29/24

674

665

991158499.UG.FTS.B,

29.49%,

11/08/23

89

86

991158505.UG.FTS.B,

29.49%,

11/16/24

74

72

991158513.UG.FTS.B,

28.98%,

11/19/24

70

69

991158531.UG.FTS.B,

29.49%,

11/23/23

76

75

991158534.UG.FTS.B,

29.49%,

11/22/24

397

386

991158541.UG.FTS.B,

22.47%,

11/24/23

355

350

991158553.UG.FTS.B,

29.49%,

11/25/24

82

84

991158565.UG.FTS.B,

21.98%,

11/16/24

373

369

991158581.UG.FTS.B,

29.49%,

11/21/24

1,672

1,639

991158618.UG.FTS.B,

28.98%,

11/23/24

266

264

991158633.UG.FTS.B,

29.49%,

11/22/23

189

186

991158648.UG.FTS.B,

21.46%,

11/27/24

2,960

2,922

*

991158651.UG.FTS.B,

28.98%,

11/29/24

696

697

*

991158657.UG.FTS.B,

29.49%,

11/30/23

86

85

991158659.UG.FTS.B,

28.98%,

11/28/24

1,071

1,065

991158685.UG.FTS.B,

29.49%,

11/29/24

10

10

991158689.UG.FTS.B,

28.98%,

11/24/24

134

134

991158753.UG.FTS.B,

29.49%,

11/11/23

9

9

991158778.UG.FTS.B,

21.48%,

11/26/23

33

33

991158782.UG.FTS.B,

21.46%,

11/15/24

335

331

991158798.UG.FTS.B,

19.8%,

11/25/24

2,125

2,109

991158812.UG.FTS.B,

20.46%,

11/26/24

157

157

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

440

a

*

991158842.UG.FTS.B,

29.49%,

11/30/24

377

375

991158849.UG.FTS.B,

29.49%,

11/25/23

11

11

991158862.UG.FTS.B,

29.49%,

11/30/24

370

368

991158863.UG.FTS.B,

23.45%,

2/10/27

4

4

991158868.UG.FTS.B,

21.48%,

11/25/23

37

38

991158874.UG.FTS.B,

29.49%,

11/30/24

709

704

*

991158885.UG.FTS.B,

29.49%,

11/30/24

380

51

991158894.UG.FTS.B,

29.49%,

11/19/23

175

172

991158904.UG.FTS.B,

28.98%,

11/30/24

1,360

1,346

991158905.UG.FTS.B,

29.49%,

11/22/24

535

515

991158912.UG.FTS.B,

29.49%,

11/20/23

826

805

*

991158946.UG.FTS.B,

29.49%,

11/22/24

139

135

991158952.UG.FTS.B,

29.49%,

11/24/23

22

22

991158966.UG.FTS.B,

28.98%,

11/24/24

22

22

991158967.UG.FTS.B,

29.49%,

11/22/23

138

137

991158987.UG.FTS.B,

29.49%,

11/24/23

12

11

991158999.UG.FTS.B,

28.98%,

11/23/24

54

53

991159011.UG.FTS.B,

20.97%,

11/27/24

1,707

1,706

991159016.UG.FTS.B,

29.49%,

11/19/23

476

471

991159018.UG.FTS.B,

24.45%,

11/28/23

4

4

991159019.UG.FTS.B,

25.45%,

11/26/23

128

127

991159028.UG.FTS.B,

21.98%,

11/11/24

614

630

991159041.UG.FTS.B,

29.49%,

11/21/23

364

357

991159045.UG.FTS.B,

29.49%,

11/24/23

588

574

991159054.UG.FTS.B,

29.49%,

11/23/24

190

188

991159070.UG.FTS.B,

29.49%,

11/28/24

279

277

*

991159114.UG.FTS.B,

28.98%,

11/20/24

449

438

991159130.UG.FTS.B,

29.49%,

11/30/23

109

108

991159138.UG.FTS.B,

28.98%,

11/20/24

208

205

*

991159149.UG.FTS.B,

28.98%,

11/18/24

213

209

991159150.UG.FTS.B,

19.99%,

11/28/24

127

126

991159161.UG.FTS.B,

29.48%,

11/18/23

53

52

991159172.UG.FTS.B,

29.49%,

11/24/24

214

212

991159179.UG.FTS.B,

28.98%,

11/22/24

529

525

991159211.UG.FTS.B,

28.98%,

11/19/24

383

379

*

991159214.UG.FTS.B,

29.49%,

11/28/24

93

92

991159222.UG.FTS.B,

29.49%,

11/27/24

736

720

991159224.UG.FTS.B,

28.98%,

11/27/24

14

14

991159226.UG.FTS.B,

29.49%,

11/19/24

29

28

991159228.UG.FTS.B,

21.46%,

11/20/24

234

231

991159235.UG.FTS.B,

29.48%,

11/22/23

1,795

1,764

991159245.UG.FTS.B,

19.3%,

11/22/23

180

178

991159269.UG.FTS.B,

29.49%,

11/23/24

87

85

991159283.UG.FTS.B,

29.49%,

2/17/27

1

1

991159287.UG.FTS.B,

19.99%,

11/21/23

16

16

991159301.UG.FTS.B,

29.49%,

11/30/24

122

121

991159320.UG.FTS.B,

29.49%,

11/27/24

726

714

991159323.UG.FTS.B,

28.98%,

11/24/24

387

384

*

991159326.UG.FTS.B,

21.98%,

11/24/24

1,301

1,300

*

991159334.UG.FTS.B,

29.49%,

11/24/24

236

18

991159363.UG.FTS.B,

28.48%,

11/29/23

71

70

*

991159372.UG.FTS.B,

27.99%,

11/25/24

348

359

*

991159374.UG.FTS.B,

29.49%,

11/29/24

156

156

991159392.UG.FTS.B,

29.49%,

11/28/24

83

82

991159397.UG.FTS.B,

29.49%,

11/23/24

1,173

1,156

991159411.UG.FTS.B,

28.98%,

11/27/24

80

80

991159418.UG.FTS.B,

29.49%,

11/21/24

216

212

991159422.UG.FTS.B,

19.21%,

11/15/24

169

167

991159429.UG.FTS.B,

29.49%,

11/25/23

38

38

991159432.UG.FTS.B,

29.49%,

11/30/24

178

178

991159438.UG.FTS.B,

29.49%,

11/29/24

574

567

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

441

a

991159442.UG.FTS.B,

29.49%,

11/11/23

234

239

991159453.UG.FTS.B,

28.98%,

11/22/24

10

10

991159473.UG.FTS.B,

28.98%,

11/11/24

121

123

991159486.UG.FTS.B,

29.49%,

11/22/23

32

31

991159497.UG.FTS.B,

29.49%,

11/23/24

97

96

991159519.UG.FTS.B,

29.49%,

11/11/24

105

107

*

991159523.UG.FTS.B,

29.49%,

11/21/24

209

15

991159539.UG.FTS.B,

29.49%,

11/30/24

652

648

991159540.UG.FTS.B,

21.46%,

11/29/24

462

457

991159545.UG.FTS.B,

29.49%,

11/19/23

82

81

991159553.UG.FTS.B,

29.49%,

11/21/23

105

104

991159566.UG.FTS.B,

28.98%,

11/23/24

36

35

991159612.UG.FTS.B,

20.46%,

11/23/24

42

42

991159628.UG.FTS.B,

28.98%,

11/19/24

1,458

1,439

991159689.UG.FTS.B,

29.49%,

11/20/24

151

149

991159690.UG.FTS.B,

29.49%,

11/16/23

1,292

1,266

991159742.UG.FTS.B,

22.97%,

11/25/24

53

54

*

991159743.UG.FTS.B,

29.49%,

11/19/24

83

82

*

991159756.UG.FTS.B,

28.98%,

11/30/24

406

402

*

991159760.UG.FTS.B,

28.98%,

11/21/24

16

14

991159766.UG.FTS.B,

29.49%,

11/23/24

191

197

991159773.UG.FTS.B,

19.21%,

11/29/24

1,056

1,052

991159782.UG.FTS.B,

29.49%,

11/29/24

356

353

991159799.UG.FTS.B,

29.49%,

1/28/27

-

-

991159823.UG.FTS.B,

29.49%,

11/30/24

311

308

991159824.UG.FTS.B,

20.46%,

11/26/24

2,132

2,115

991159829.UG.FTS.B,

21.46%,

11/27/24

1,024

1,015

991159843.UG.FTS.B,

29.48%,

11/29/23

298

294

991159867.UG.FTS.B,

28.98%,

11/28/24

175

174

991159902.UG.FTS.B,

28.98%,

11/30/24

362

360

991159908.UG.FTS.B,

29.49%,

11/28/23

2

2

991159911.UG.FTS.B,

28.98%,

11/20/24

1,492

1,481

991159918.UG.FTS.B,

29.48%,

11/28/23

62

62

991159977.UG.FTS.B,

29.49%,

11/23/24

141

138

991159997.UG.FTS.B,

29.49%,

11/24/23

45

45

991160001.UG.FTS.B,

29.49%,

11/23/23

343

338

*

991160016.UG.FTS.B,

29.49%,

11/23/23

979

970

991160020.UG.FTS.B,

29.49%,

11/25/24

397

409

991160023.UG.FTS.B,

28.98%,

11/19/24

409

404

991160032.UG.FTS.B,

29.49%,

11/30/24

146

144

*

991160048.UG.FTS.B,

19.21%,

11/28/24

136

135

991160052.UG.FTS.B,

29.49%,

11/23/24

305

301

991160063.UG.FTS.B,

29.49%,

11/25/24

569

583

991160071.UG.FTS.B,

29.49%,

11/25/24

18

18

991160092.UG.FTS.B,

27.99%,

11/30/23

268

267

991160154.UG.FTS.B,

19.8%,

11/30/24

298

295

*

991160155.UG.FTS.B,

28.98%,

11/30/24

536

527

991160160.UG.FTS.B,

29.49%,

11/24/24

127

125

991160168.UG.FTS.B,

17.99%,

11/29/24

628

626

991160180.UG.FTS.B,

18.71%,

11/29/23

23

23

991160183.UG.FTS.B,

28.98%,

11/20/24

261

259

991160191.UG.FTS.B,

28.98%,

11/19/24

140

138

991160192.UG.FTS.B,

28.98%,

11/30/24

15

15

991160218.UG.FTS.B,

29.49%,

11/30/24

574

571

991160267.UG.FTS.B,

29.49%,

11/30/23

567

561

*

991160282.UG.FTS.B,

29.49%,

11/23/24

591

587

991160297.UG.FTS.B,

29.49%,

11/22/23

172

167

991160322.UG.FTS.B,

29.48%,

11/30/23

455

453

991160324.UG.FTS.B,

29.49%,

11/30/24

1,087

1,076

991160337.UG.FTS.B,

19.99%,

11/20/23

331

327

991160359.UG.FTS.B,

29.49%,

11/25/24

452

452

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

442

a

991160361.UG.FTS.B,

29.49%,

11/11/24

29

29

991160374.UG.FTS.B,

29.49%,

2/18/27

2

2

991160383.UG.FTS.B,

20.46%,

11/13/24

60

59

991160384.UG.FTS.B,

22.97%,

11/29/24

7,599

7,501

991160403.UG.FTS.B,

19.3%,

11/28/23

22

22

991160466.UG.FTS.B,

29.49%,

11/30/24

49

48

991160468.UG.FTS.B,

28.98%,

11/24/24

15

15

991160477.UG.FTS.B,

20.46%,

11/10/24

481

474

991160514.UG.FTS.B,

28.98%,

11/20/24

223

218

991160522.UG.FTS.B,

29.49%,

11/09/23

199

193

*

991160527.UG.FTS.B,

28.98%,

11/21/24

36

36

991160537.UG.FTS.B,

25.94%,

11/19/24

16

16

991160546.UG.FTS.B,

29.49%,

11/10/24

815

824

991160547.UG.FTS.B,

19.99%,

11/22/24

130

129

*

991160558.UG.FTS.B,

28.98%,

11/19/24

69

68

991160562.UG.FTS.B,

29.49%,

11/22/23

8

8

991160586.UG.FTS.B,

19.96%,

11/23/23

181

180

991160596.UG.FTS.B,

25.95%,

11/20/24

611

606

991160604.UG.FTS.B,

29.49%,

12/01/24

11

11

991160613.UG.FTS.B,

28.98%,

11/20/24

374

367

991160622.UG.FTS.B,

29.49%,

12/01/24

47

47

991160626.UG.FTS.B,

21.46%,

11/15/24

4,431

4,357

991160646.UG.FTS.B,

27.99%,

12/01/24

96

95

991160650.UG.FTS.B,

18.97%,

11/14/24

497

492

991160671.UG.FTS.B,

29.49%,

12/01/23

43

43

*

991160674.UG.FTS.B,

29.49%,

12/01/24

26

2

991160678.UG.FTS.B,

29.49%,

11/18/24

261

256

*

991160693.UG.FTS.B,

19.21%,

12/01/24

25

22

991160695.UG.FTS.B,

29.49%,

12/01/24

27

26

991160704.UG.FTS.B,

29.49%,

12/01/23

146

143

991160707.UG.FTS.B,

19.96%,

12/01/23

156

155

991160743.UG.FTS.B,

29.49%,

2/17/27

3

3

*

991160748.UG.FTS.B,

29.49%,

11/22/24

407

407

991160756.UG.FTS.B,

29.49%,

11/21/24

17

17

991160766.UG.FTS.B,

19.99%,

12/01/24

1,190

1,185

991160810.UG.FTS.B,

20.46%,

12/01/24

105

104

991160822.UG.FTS.B,

29.49%,

11/17/23

306

300

991160825.UG.FTS.B,

29.49%,

11/11/24

108

109

991160834.UG.FTS.B,

29.49%,

12/01/24

79

78

991160869.UG.FTS.B,

28.98%,

11/09/24

276

270

991160886.UG.FTS.B,

28.98%,

12/01/24

52

52

991160910.UG.FTS.B,

20.46%,

11/20/24

253

250

991160915.UG.FTS.B,

29.48%,

12/01/23

67

66

991160925.UG.FTS.B,

28.98%,

11/19/24

600

593

991160956.UG.FTS.B,

20.96%,

11/18/23

18

18

991160980.UG.FTS.B,

29.49%,

11/19/24

280

275

991160981.UG.FTS.B,

28.98%,

12/01/24

991

977

991160992.UG.FTS.B,

21.46%,

11/28/24

281

278

991161030.UG.FTS.B,

29.49%,

11/20/24

171

170

991161045.UG.FTS.B,

29.49%,

12/01/23

280

278

991161053.UG.FTS.B,

29.49%,

12/01/24

46

45

*

991161058.UG.FTS.B,

28.98%,

12/01/24

86

85

991161065.UG.FTS.B,

28.98%,

11/19/24

876

859

991161068.UG.FTS.B,

28.98%,

11/25/24

92

94

991161069.UG.FTS.B,

21.46%,

11/26/24

12

12

*

991161137.UG.FTS.B,

29.49%,

11/19/24

191

14

991161146.UG.FTS.B,

19.21%,

11/22/24

411

407

991161179.UG.FTS.B,

28.98%,

11/30/24

1,746

1,726

991161225.UG.FTS.B,

15.47%,

11/28/23

52

51

991161239.UG.FTS.B,

29.49%,

12/01/24

222

220

991161240.UG.FTS.B,

28.98%,

11/30/24

1,478

1,471

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

443

a

991161270.UG.FTS.B,

29.49%,

11/30/24

966

958

991161283.UG.FTS.B,

28.98%,

12/01/24

364

361

991161298.UG.FTS.B,

29.49%,

11/19/23

85

84

991161316.UG.FTS.B,

29.48%,

11/21/23

16

16

991161330.UG.FTS.B,

28.98%,

11/30/24

170

169

991161333.UG.FTS.B,

29.49%,

12/01/23

7

7

991161334.UG.FTS.B,

29.49%,

11/30/24

18

18

991161340.UG.FTS.B,

28.98%,

11/20/24

1,472

1,444

991161380.UG.FTS.B,

19.99%,

11/29/24

6,563

6,533

991161391.UG.FTS.B,

29.49%,

12/01/24

262

256

991161423.UG.FTS.B,

28.98%,

12/01/24

952

948

991161450.UG.FTS.B,

29.49%,

11/29/24

415

411

991161452.UG.FTS.B,

29.49%,

11/24/24

676

665

991161491.UG.FTS.B,

22.47%,

11/23/23

252

249

991161506.UG.FTS.B,

28.98%,

11/25/24

2,933

3,026

991161574.UG.FTS.B,

26.44%,

12/01/23

275

274

991161581.UG.FTS.B,

28.98%,

11/22/24

760

751

991161584.UG.FTS.B,

27.99%,

11/22/24

161

160

*

991161595.UG.FTS.B,

29.48%,

11/20/23

19

3

991161633.UG.FTS.B,

20.46%,

11/18/24

146

145

991161637.UG.FTS.B,

29.49%,

11/24/24

119

117

991161650.UG.FTS.B,

28.48%,

11/19/23

442

439

991161652.UG.FTS.B,

29.49%,

11/30/24

1,270

1,262

991161667.UG.FTS.B,

29.49%,

11/21/24

772

755

991161686.UG.FTS.B,

29.49%,

11/23/23

112

109

*

991161692.UG.FTS.B,

27.99%,

11/19/24

94

93

991161703.UG.FTS.B,

28.98%,

11/25/24

156

160

991161705.UG.FTS.B,

29.49%,

11/30/23

102

100

991161711.UG.FTS.B,

28.98%,

11/25/24

567

585

991161718.UG.FTS.B,

28.98%,

11/21/24

307

301

991161725.UG.FTS.B,

29.49%,

11/11/23

30

30

991161732.UG.FTS.B,

27.99%,

11/16/24

163

160

991161734.UG.FTS.B,

28.98%,

11/30/24

96

95

*

991161741.UG.FTS.B,

28.98%,

11/21/24

23

22

991161749.UG.FTS.B,

28.98%,

11/24/24

39

39

991161751.UG.FTS.B,

29.49%,

11/11/24

241

247

991161755.UG.FTS.B,

28.98%,

12/01/24

667

662

991161756.UG.FTS.B,

29.49%,

11/20/24

1,458

1,445

991161757.UG.FTS.B,

21.46%,

11/26/24

1,202

1,191

991161766.UG.FTS.B,

28.48%,

11/20/23

16

16

991161769.UG.FTS.B,

28.98%,

12/01/24

1,129

1,124

991161771.UG.FTS.B,

29.49%,

11/22/24

125

124

991161778.UG.FTS.B,

20.98%,

11/14/24

749

739

991161782.UG.FTS.B,

29.48%,

12/01/23

8

8

991161789.UG.FTS.B,

19.21%,

11/28/24

130

129

991161838.UG.FTS.B,

29.49%,

11/30/23

304

298

991161841.UG.FTS.B,

28.98%,

11/30/24

426

420

991161863.UG.FTS.B,

28.98%,

11/19/24

95

94

991161899.UG.FTS.B,

20.46%,

11/30/24

-

-

991161936.UG.FTS.B,

21.98%,

11/28/24

44

44

991161940.UG.FTS.B,

29.46%,

12/01/24

869

865

991161941.UG.FTS.B,

28.98%,

11/11/24

54

54

991161959.UG.FTS.B,

28.98%,

12/01/24

80

79

*

991161962.UG.FTS.B,

29.49%,

12/01/24

73

54

991162000.UG.FTS.B,

29.48%,

11/23/23

88

87

991162019.UG.FTS.B,

28.48%,

12/01/23

32

32

991162025.UG.FTS.B,

28.98%,

11/30/24

1,747

1,721

991162042.UG.FTS.B,

29.49%,

11/25/24

46

47

991162043.UG.FTS.B,

28.98%,

11/23/24

3,754

3,727

991162068.UG.FTS.B,

21.48%,

11/25/23

248

255

991162073.UG.FTS.B,

29.49%,

11/24/24

42

41

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

444

a

991162076.UG.FTS.B,

28.98%,

11/22/24

303

297

991162077.UG.FTS.B,

19.99%,

11/30/24

601

597

991162080.UG.FTS.B,

28.48%,

11/21/23

2

2

991162086.UG.FTS.B,

21.98%,

11/27/24

5

5

991162093.UG.FTS.B,

28.48%,

12/01/23

99

98

991162098.UG.FTS.B,

28.98%,

11/21/24

384

381

991162102.UG.FTS.B,

23.95%,

11/30/24

971

967

991162109.UG.FTS.B,

29.48%,

12/01/23

63

62

991162110.UG.FTS.B,

29.49%,

12/01/23

218

217

991162117.UG.FTS.B,

29.49%,

11/18/24

279

272

*

991162121.UG.FTS.B,

29.49%,

11/30/24

442

439

991162131.UG.FTS.B,

28.48%,

12/01/23

-

-

991162173.UG.FTS.B,

28.98%,

11/30/24

67

66

991162200.UG.FTS.B,

29.49%,

11/22/23

381

371

991162202.UG.FTS.B,

21.98%,

12/01/24

702

697

991162217.UG.FTS.B,

29.49%,

12/01/24

524

515

*

991162222.UG.FTS.B,

29.49%,

11/30/24

61

60

991162228.UG.FTS.B,

28.98%,

12/01/24

544

536

*

991162229.UG.FTS.B,

29.49%,

11/23/24

216

16

991162230.UG.FTS.B,

29.49%,

11/30/23

144

143

991162239.UG.FTS.B,

29.49%,

11/20/23

42

41

991162240.UG.FTS.B,

28.98%,

11/24/24

213

211

991162242.UG.FTS.B,

28.98%,

11/25/24

713

730

991162250.UG.FTS.B,

29.49%,

11/24/23

10

10

991162257.UG.FTS.B,

29.49%,

11/25/24

1,757

1,810

991162271.UG.FTS.B,

28.98%,

12/01/24

272

270

991162272.UG.FTS.B,

28.98%,

11/29/24

1,019

1,009

991162286.UG.FTS.B,

29.49%,

11/23/23

63

62

991162312.UG.FTS.B,

29.49%,

11/18/24

270

264

991162320.UG.FTS.B,

28.98%,

12/01/24

236

234

991162321.UG.FTS.B,

29.49%,

11/11/24

281

286

991162322.UG.FTS.B,

19.3%,

11/24/23

174

173

991162325.UG.FTS.B,

28.98%,

11/18/24

566

554

991162330.UG.FTS.B,

28.98%,

12/01/24

977

959

991162333.UG.FTS.B,

19.3%,

12/01/23

328

326

991162342.UG.FTS.B,

28.98%,

11/30/24

894

890

991162349.UG.FTS.B,

19.99%,

12/01/24

1,102

1,078

991162354.UG.FTS.B,

29.49%,

11/22/24

205

200

991162362.UG.FTS.B,

22.97%,

12/01/24

806

799

991162373.UG.FTS.B,

29.49%,

11/28/23

524

514

991162376.UG.FTS.B,

28.98%,

11/19/24

152

150

991162383.UG.FTS.B,

28.98%,

11/08/24

866

844

991162392.UG.FTS.B,

29.49%,

11/09/23

83

85

991162405.UG.FTS.B,

22.45%,

12/01/23

657

653

991162412.UG.FTS.B,

29.49%,

11/30/24

86

85

991162427.UG.FTS.B,

29.49%,

12/01/23

78

77

991162450.UG.FTS.B,

28.98%,

12/01/24

388

387

991162454.UG.FTS.B,

14.98%,

11/29/24

98

98

991162461.UG.FTS.B,

28.98%,

11/30/24

45

44

991162497.UG.FTS.B,

28.98%,

11/22/24

102

101

991162502.UG.FTS.B,

29.49%,

11/23/23

182

186

991162508.UG.FTS.B,

28.98%,

11/29/24

234

230

991162513.UG.FTS.B,

28.48%,

11/25/23

209

214

991162533.UG.FTS.B,

29.49%,

11/19/24

663

655

991162548.UG.FTS.B,

29.49%,

11/24/24

235

230

*

991162560.UG.FTS.B,

29.49%,

2/28/27

10

1

991162587.UG.FTS.B,

29.49%,

11/19/24

540

530

*

991162605.UG.FTS.B,

29.49%,

12/01/23

52

42

991162623.UG.FTS.B,

28.98%,

11/19/24

72

71

991162649.UG.FTS.B,

20.46%,

11/29/24

932

925

991162658.UG.FTS.B,

29.49%,

11/19/23

255

251

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

445

a

991162664.UG.FTS.B,

28.98%,

11/23/24

1,958

1,938

991162665.UG.FTS.B,

20.47%,

11/27/23

157

155

991162672.UG.FTS.B,

21.48%,

11/21/23

95

94

991162684.UG.FTS.B,

29.49%,

11/19/24

71

70

991162698.UG.FTS.B,

29.49%,

11/11/24

56

57

991162711.UG.FTS.B,

20.46%,

12/01/24

187

187

991162716.UG.FTS.B,

21.46%,

12/01/24

178

177

*

991162735.UG.FTS.B,

28.98%,

11/19/24

10

10

991162755.UG.FTS.B,

27.99%,

11/19/24

293

290

*

991162766.UG.FTS.B,

27.99%,

12/01/24

713

710

*

991162775.UG.FTS.B,

29.49%,

11/20/24

52

4

991162807.UG.FTS.B,

29.49%,

11/24/24

69

68

991162827.UG.FTS.B,

19.99%,

11/11/24

111

113

991162836.UG.FTS.B,

29.49%,

11/22/24

86

85

991162865.UG.FTS.B,

28.98%,

11/22/24

200

197

991162883.UG.FTS.B,

21.48%,

11/30/23

872

865

*

991162903.UG.FTS.B,

22.95%,

11/28/24

92

91

991162909.UG.FTS.B,

29.49%,

11/19/23

26

26

991162912.UG.FTS.B,

29.49%,

12/01/24

146

145

991162927.UG.FTS.B,

28.98%,

11/22/24

36

36

991162953.UG.FTS.B,

26.94%,

11/29/24

234

231

991162954.UG.FTS.B,

29.49%,

12/01/24

46

45

991162960.UG.FTS.B,

19.99%,

11/23/24

246

243

991162968.UG.FTS.B,

21.98%,

12/01/24

320

319

991162973.UG.FTS.B,

29.49%,

11/22/24

96

94

991163006.UG.FTS.B,

20.46%,

11/12/24

468

462

991163018.UG.FTS.B,

20.47%,

11/27/23

461

460

991163027.UG.FTS.B,

28.98%,

12/01/24

528

524

991163034.UG.FTS.B,

22.97%,

11/24/24

473

467

991163043.UG.FTS.B,

29.49%,

11/24/23

336

341

*

991163064.UG.FTS.B,

19.99%,

12/01/23

618

81

991163065.UG.FTS.B,

15.97%,

11/27/24

604

601

*

991163092.UG.FTS.B,

29.49%,

11/23/24

122

124

991163098.UG.FTS.B,

29.49%,

11/22/23

195

193

991163125.UG.FTS.B,

29.46%,

11/22/24

19

19

*

991163130.UG.FTS.B,

19.99%,

11/09/24

1,352

96

991163151.UG.FTS.B,

21.47%,

11/17/23

7

7

991163156.UG.FTS.B,

29.49%,

12/01/24

254

252

991163170.UG.FTS.B,

29.49%,

11/19/24

124

121

*

991163175.UG.FTS.B,

19.99%,

11/25/24

543

564

991163180.UG.FTS.B,

18.47%,

2/10/27

1

1

991163195.UG.FTS.B,

28.98%,

11/19/24

203

201

991163197.UG.FTS.B,

29.49%,

11/25/24

82

84

991163198.UG.FTS.B,

27.99%,

12/01/23

142

139

991163206.UG.FTS.B,

29.49%,

11/20/24

36

36

991163208.UG.FTS.B,

19.8%,

11/28/24

614

611

991163214.UG.FTS.B,

28.98%,

11/11/24

244

248

991163227.UG.FTS.B,

28.98%,

11/22/24

550

546

991163228.UG.FTS.B,

21.48%,

11/28/23

55

55

991163253.UG.FTS.B,

29.49%,

11/17/24

93

92

*

991163260.UG.FTS.B,

28.98%,

11/24/24

276

276

*

991163261.UG.FTS.B,

29.49%,

11/25/24

599

83

*

991163275.UG.FTS.B,

29.48%,

11/08/23

455

102

991163277.UG.FTS.B,

29.49%,

12/01/23

426

421

991163283.UG.FTS.B,

18.47%,

11/28/23

54

54

991163317.UG.FTS.B,

22.97%,

11/30/24

5

5

*

991163330.UG.FTS.B,

28.48%,

12/01/23

8

2

991163344.UG.FTS.B,

29.49%,

11/24/24

372

367

991163350.UG.FTS.B,

29.49%,

12/01/24

449

447

991163351.UG.FTS.B,

29.49%,

11/20/23

314

310

991163381.UG.FTS.B,

29.48%,

12/01/23

45

45

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

446

a

991163428.UG.FTS.B,

28.98%,

11/24/24

70

70

991163430.UG.FTS.B,

29.49%,

11/11/24

326

329

991163465.UG.FTS.B,

28.48%,

11/20/23

34

33

991163476.UG.FTS.B,

16.49%,

11/27/23

965

957

991163493.UG.FTS.B,

28.98%,

11/22/24

1,271

1,258

991163497.UG.FTS.B,

28.98%,

11/20/24

738

732

991163504.UG.FTS.B,

28.98%,

12/01/24

42

42

991163510.UG.FTS.B,

28.98%,

11/22/24

473

465

991163512.UG.FTS.B,

29.49%,

11/23/24

661

648

991163525.UG.FTS.B,

18.97%,

11/15/24

393

388

991163551.UG.FTS.B,

29.49%,

11/28/24

1,229

1,217

991163554.UG.FTS.B,

29.49%,

12/01/24

423

420

991163558.UG.FTS.B,

28.98%,

12/01/24

1,429

1,417

991163567.UG.FTS.B,

18.97%,

11/25/24

4,112

4,239

991163577.UG.FTS.B,

28.98%,

11/29/24

939

932

991163626.UG.FTS.B,

29.49%,

11/21/24

489

480

991163627.UG.FTS.B,

29.49%,

11/22/24

79

78

991163635.UG.FTS.B,

29.49%,

12/01/23

188

185

991163636.UG.FTS.B,

20.97%,

12/01/24

2,556

2,536

991163638.UG.FTS.B,

28.98%,

12/01/24

56

55

991163643.UG.FTS.B,

29.49%,

12/01/23

113

112

991163681.UG.FTS.B,

29.49%,

11/20/23

60

59

991163694.UG.FTS.B,

28.98%,

11/25/24

314

322

991163751.UG.FTS.B,

22.97%,

11/14/24

298

294

991163764.UG.FTS.B,

28.98%,

11/22/24

212

209

991163765.UG.FTS.B,

28.48%,

11/29/23

70

69

991163767.UG.FTS.B,

21.46%,

11/30/24

242

240

991163793.UG.FTS.B,

27.99%,

11/22/24

344

340

991163805.UG.FTS.B,

29.49%,

12/01/24

157

155

991163809.UG.FTS.B,

21.46%,

12/01/24

9,918

9,874

991163815.UG.FTS.B,

29.49%,

11/20/24

-

-

991163829.UG.FTS.B,

29.49%,

11/21/24

10

10

991163851.UG.FTS.B,

29.49%,

11/30/23

129

128

991163899.UG.FTS.B,

28.98%,

11/30/24

187

185

991163927.UG.FTS.B,

20.97%,

11/29/24

1,749

1,735

991163940.UG.FTS.B,

29.49%,

11/24/24

119

118

991163948.UG.FTS.B,

29.49%,

11/28/23

87

85

991163963.UG.FTS.B,

29.49%,

11/22/23

21

20

991163964.UG.FTS.B,

29.49%,

11/30/24

465

463

991163966.UG.FTS.B,

28.98%,

11/25/24

191

197

991163976.UG.FTS.B,

29.49%,

11/24/24

159

157

991163979.UG.FTS.B,

29.49%,

11/11/23

228

230

991163986.UG.FTS.B,

19.99%,

11/19/24

35

35

991163997.UG.FTS.B,

29.49%,

11/11/24

33

34

991164006.UG.FTS.B,

29.49%,

11/21/24

27

26

991164017.UG.FTS.B,

28.98%,

12/01/24

17

17

991164047.UG.FTS.B,

28.98%,

12/01/24

1,208

1,189

991164069.UG.FTS.B,

29.49%,

11/20/23

257

251

991164071.UG.FTS.B,

28.98%,

12/01/24

162

161

991164077.UG.FTS.B,

23.95%,

11/18/24

127

126

991164080.UG.FTS.B,

28.98%,

12/01/24

187

185

991164090.UG.FTS.B,

25.95%,

12/01/24

745

729

991164092.UG.FTS.B,

25.95%,

12/01/24

499

494

*

991164124.UG.FTS.B,

28.98%,

11/29/24

180

181

991164132.UG.FTS.B,

18.71%,

11/12/23

366

362

991164155.UG.FTS.B,

29.49%,

11/22/24

103

102

991164171.UG.FTS.B,

29.49%,

12/01/23

56

55

991164174.UG.FTS.B,

22.47%,

12/01/23

1,323

1,312

*

991164189.UG.FTS.B,

29.49%,

12/01/23

562

559

991164195.UG.FTS.B,

29.49%,

12/01/23

458

455

991164196.UG.FTS.B,

29.49%,

11/30/24

604

598

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

447

a

991164202.UG.FTS.B,

28.48%,

11/22/23

45

44

991164223.UG.FTS.B,

28.48%,

11/24/23

495

482

991164225.UG.FTS.B,

18.71%,

11/26/23

174

172

991164249.UG.FTS.B,

28.98%,

12/01/24

85

85

*

991164254.UG.FTS.B,

29.48%,

11/23/23

14

14

991164259.UG.FTS.B,

29.49%,

11/24/24

467

461

991164288.UG.FTS.B,

29.49%,

11/29/23

281

275

991164297.UG.FTS.B,

29.49%,

11/20/23

20

20

991164308.UG.FTS.B,

29.49%,

11/25/24

176

181

991164332.UG.FTS.B,

28.98%,

12/01/24

208

206

991164347.UG.FTS.B,

29.49%,

11/24/24

22

22

991164378.UG.FTS.B,

29.49%,

11/29/24

448

443

991164406.UG.FTS.B,

29.49%,

11/20/24

792

782

991164420.UG.FTS.B,

29.49%,

11/17/23

77

76

991164426.UG.FTS.B,

29.49%,

11/20/24

1,021

1,008

991164451.UG.FTS.B,

29.49%,

12/01/24

44

44

991164453.UG.FTS.B,

29.49%,

11/20/24

38

37

991164478.UG.FTS.B,

29.48%,

11/22/23

36

36

991164518.UG.FTS.B,

22.97%,

11/18/24

96

95

*

991164538.UG.FTS.B,

29.49%,

11/21/23

164

23

991164558.UG.FTS.B,

15%,

11/28/24

865

862

*

991164566.UG.FTS.B,

29.49%,

11/20/24

257

163

*

991164568.UG.FTS.B,

29.49%,

12/22/26

1

-

991164583.UG.FTS.B,

17.99%,

11/27/24

376

373

991164584.UG.FTS.B,

29.49%,

11/19/24

76

75

991164600.UG.FTS.B,

21.48%,

11/12/23

188

188

991164622.UG.FTS.B,

19.99%,

11/24/24

488

485

991164648.UG.FTS.B,

29.49%,

11/30/23

254

253

991164665.UG.FTS.B,

29.49%,

11/21/23

97

95

991164670.UG.FTS.B,

29.49%,

11/30/24

688

685

991164686.UG.FTS.B,

29.49%,

11/19/23

13

13

991164690.UG.FTS.B,

28.98%,

11/11/24

234

240

991164704.UG.FTS.B,

28.98%,

11/30/24

100

99

991164715.UG.FTS.B,

28.98%,

12/01/24

24

24

991164721.UG.FTS.B,

28.98%,

11/19/24

367

359

991164748.UG.FTS.B,

25.45%,

11/19/23

71

70

991164749.UG.FTS.B,

27.99%,

12/01/24

473

469

991164762.UG.FTS.B,

28.98%,

12/01/24

2,990

2,965

991164764.UG.FTS.B,

29.49%,

11/22/24

12

12

991164793.UG.FTS.B,

29.49%,

11/19/23

304

296

991164805.UG.FTS.B,

28.98%,

11/30/24

-

-

991164810.UG.FTS.B,

28.98%,

11/30/24

261

260

991164828.UG.FTS.B,

28.98%,

12/01/24

414

411

991164832.UG.FTS.B,

29.49%,

12/01/24

229

227

991164836.UG.FTS.B,

23.45%,

11/29/23

63

63

*

991164854.UG.FTS.B,

19.99%,

2/17/27

4

4

991164880.UG.FTS.B,

21.48%,

11/29/23

346

342

991164893.UG.FTS.B,

19.99%,

11/15/26

788

775

991164897.UG.FTS.B,

19.99%,

11/24/24

11

11

991164917.UG.FTS.B,

28.98%,

11/25/24

246

254

991164945.UG.FTS.B,

28.98%,

11/11/24

640

656

991164951.UG.FTS.B,

29.49%,

11/20/23

153

151

*

991164965.UG.FTS.B,

28.48%,

11/20/23

24

2

991164969.UG.FTS.B,

29.49%,

11/30/23

77

76

991164983.UG.FTS.B,

21.46%,

11/25/24

413

425

991165013.UG.FTS.B,

29.49%,

11/23/23

39

39

991165015.UG.FTS.B,

19.96%,

11/15/23

24

24

991165028.UG.FTS.B,

29.49%,

11/25/23

15

16

991165038.UG.FTS.B,

19.8%,

11/29/24

646

644

991165047.UG.FTS.B,

28.48%,

11/19/23

109

108

991165048.UG.FTS.B,

28.98%,

11/25/24

307

317

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

448

a

991165060.UG.FTS.B,

29.49%,

11/24/24

327

337

*

991165081.UG.FTS.B,

19.8%,

11/24/24

662

397

991165082.UG.FTS.B,

29.49%,

11/23/23

880

872

991165099.UG.FTS.B,

29.49%,

12/01/23

95

94

991165100.UG.FTS.B,

16.49%,

11/28/23

639

634

991165122.UG.FTS.B,

29.49%,

11/23/24

2,237

2,218

991165135.UG.FTS.B,

29.49%,

11/19/24

296

292

991165138.UG.FTS.B,

29.49%,

11/20/24

182

178

991165143.UG.FTS.B,

29.49%,

11/19/24

77

76

991165159.UG.FTS.B,

29.49%,

12/01/24

350

348

991165167.UG.FTS.B,

29.49%,

12/01/23

427

424

*

991165182.UG.FTS.B,

17.99%,

11/29/24

15

15

991165221.UG.FTS.B,

29.49%,

12/01/24

142

141

991165225.UG.FTS.B,

20.46%,

11/26/24

193

191

991165231.UG.FTS.B,

28.98%,

11/19/24

312

305

*

991165244.UG.FTS.B,

29.49%,

11/24/24

287

193

991165260.UG.FTS.B,

20.46%,

11/13/24

55

54

991165277.UG.FTS.B,

29.49%,

2/18/27

4

4

991165279.UG.FTS.B,

29.49%,

12/01/24

-

-

991165285.UG.FTS.B,

29.49%,

11/23/23

58

57

991165286.UG.FTS.B,

20.97%,

11/13/24

167

165

991165290.UG.FTS.B,

29.49%,

11/19/24

144

143

991165319.UG.FTS.B,

29.48%,

11/10/23

145

146

991165343.UG.FTS.B,

21.46%,

11/27/24

442

438

991165357.UG.FTS.B,

29.49%,

12/01/24

77

76

991165371.UG.FTS.B,

29.49%,

11/30/24

88

87

991165372.UG.FTS.B,

29.49%,

11/21/24

34

34

991165377.UG.FTS.B,

29.48%,

2/28/27

1

1

991165382.UG.FTS.B,

28.98%,

11/25/24

491

505

991165389.UG.FTS.B,

28.98%,

12/01/24

-

-

*

991165411.UG.FTS.B,

29.49%,

12/01/24

401

55

991165414.UG.FTS.B,

29.49%,

12/01/23

6

6

991165417.UG.FTS.B,

28.98%,

11/24/24

643

638

991165420.UG.FTS.B,

29.48%,

11/30/23

750

740

991165430.UG.FTS.B,

29.49%,

11/30/23

127

125

991165433.UG.FTS.B,

29.48%,

12/01/23

200

196

991165435.UG.FTS.B,

29.48%,

11/24/23

19

18

991165438.UG.FTS.B,

28.98%,

11/19/24

57

56

991165451.UG.FTS.B,

29.49%,

11/22/24

64

63

991165456.UG.FTS.B,

29.49%,

11/23/23

8

8

*

991165464.UG.FTS.B,

29.49%,

11/25/24

107

14

991165471.UG.FTS.B,

29.49%,

12/01/24

86

85

*

991165500.UG.FTS.B,

29.49%,

11/30/24

228

30

991165511.UG.FTS.B,

29.49%,

12/01/24

487

485

991165518.UG.FTS.B,

23.95%,

12/01/24

402

399

*

991165547.UG.FTS.B,

29.49%,

12/01/23

40

7

991165565.UG.FTS.B,

29.49%,

11/25/24

231

237

991165568.UG.FTS.B,

19.8%,

11/16/24

255

252

991165573.UG.FTS.B,

28.98%,

12/01/24

360

354

991165592.UG.FTS.B,

21.48%,

11/19/23

1,206

1,191

991165594.UG.FTS.B,

29.49%,

11/19/23

12

12

991165626.UG.FTS.B,

25.45%,

11/19/23

27

27

991165638.UG.FTS.B,

29.49%,

11/25/24

43

44

991165642.UG.FTS.B,

29.49%,

11/22/23

16

16

991165672.UG.FTS.B,

17.99%,

11/11/24

515

529

991165687.UG.FTS.B,

21.46%,

11/26/24

1,310

1,293

991165694.UG.FTS.B,

28.98%,

11/30/24

902

898

991165713.UG.FTS.B,

21.46%,

11/14/24

84

83

991165725.UG.FTS.B,

29.49%,

11/23/23

93

91

991165739.UG.FTS.B,

29.49%,

12/01/23

708

699

991165753.UG.FTS.B,

29.48%,

11/23/23

40

40

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

449

a

*

991165772.UG.FTS.B,

29.49%,

11/30/24

153

152

991165829.UG.FTS.B,

28.98%,

11/30/24

4,370

4,306

*

991165843.UG.FTS.B,

29.49%,

11/20/23

109

106

991165874.UG.FTS.B,

28.98%,

12/01/24

181

179

991165876.UG.FTS.B,

17.99%,

11/27/24

2,231

2,224

991165881.UG.FTS.B,

28.98%,

11/29/24

424

421

991165927.UG.FTS.B,

18.8%,

11/14/24

128

127

991165953.UG.FTS.B,

28.98%,

11/19/24

55

54

991165954.UG.FTS.B,

28.98%,

12/01/24

320

318

*

991165963.UG.FTS.B,

29.49%,

11/20/24

619

80

*

991165973.UG.FTS.B,

28.48%,

11/23/23

102

101

991166023.UG.FTS.B,

18.71%,

11/29/23

998

995

*

991166037.UG.FTS.B,

28.48%,

12/01/23

100

70

991166046.UG.FTS.B,

20.96%,

11/13/23

98

97

991166090.UG.FTS.B,

28.98%,

11/23/24

79

78

991166116.UG.FTS.B,

28.98%,

11/30/24

105

104

991166135.UG.FTS.B,

29.49%,

11/22/24

284

280

991166149.UG.FTS.B,

23.45%,

11/26/23

260

259

*

991166153.UG.FTS.B,

20.46%,

11/20/24

119

74

991166160.UG.FTS.B,

29.49%,

12/01/24

2,031

1,985

991166206.UG.FTS.B,

29.49%,

11/23/23

36

36

*

991166209.UG.FTS.B,

29.49%,

11/20/24

82

80

991166214.UG.FTS.B,

22.97%,

11/24/24

1,125

1,112

991166237.UG.FTS.B,

18.47%,

11/13/23

57

56

991166244.UG.FTS.B,

19.96%,

11/23/23

104

103

991166265.UG.FTS.B,

29.49%,

11/25/24

118

122

991166276.UG.FTS.B,

18.71%,

11/12/23

4,294

4,264

991166278.UG.FTS.B,

29.49%,

12/01/24

121

120

*

991166291.UG.FTS.B,

20.97%,

11/29/24

345

27

991166301.UG.FTS.B,

29.49%,

12/01/24

4,857

4,832

991166312.UG.FTS.B,

29.48%,

11/23/23

133

132

991166314.UG.FTS.B,

26.94%,

11/30/24

1,091

1,085

*

991166333.UG.FTS.B,

29.49%,

12/01/24

23

5

991166334.UG.FTS.B,

28.48%,

12/01/23

1,231

1,213

991166368.UG.FTS.B,

29.49%,

12/01/23

289

287

991166382.UG.FTS.B,

26.94%,

11/22/24

165

163

991166383.UG.FTS.B,

29.48%,

11/29/23

80

79

991166384.UG.FTS.B,

28.98%,

11/20/24

2,037

2,022

991166387.UG.FTS.B,

28.98%,

11/19/24

113

112

991166412.UG.FTS.B,

29.48%,

11/24/23

376

373

991166423.UG.FTS.B,

29.49%,

11/29/23

27

27

991166443.UG.FTS.B,

28.98%,

11/19/24

101

100

991166445.UG.FTS.B,

29.49%,

11/11/24

21

22

991166501.UG.FTS.B,

19.99%,

11/22/24

21

21

991166506.UG.FTS.B,

29.49%,

11/11/24

363

365

991166536.UG.FTS.B,

29.49%,

12/01/24

53

53

991166583.UG.FTS.B,

29.49%,

12/01/24

394

385

991166587.UG.FTS.B,

19.96%,

11/29/23

527

522

991166597.UG.FTS.B,

29.49%,

11/30/24

63

62

991166604.UG.FTS.B,

28.98%,

12/01/24

115

113

991166621.UG.FTS.B,

19.46%,

11/28/24

316

314

*

991166659.UG.FTS.B,

29.49%,

11/20/23

334

333

991166679.UG.FTS.B,

17.99%,

11/29/24

93

92

991166686.UG.FTS.B,

18.71%,

11/29/23

572

567

991166703.UG.FTS.B,

28.98%,

11/30/24

440

434

991166717.UG.FTS.B,

19.99%,

11/22/24

332

329

991166728.UG.FTS.B,

29.49%,

11/21/24

4,864

4,823

991166742.UG.FTS.B,

29.49%,

12/01/24

429

422

991166777.UG.FTS.B,

28.98%,

11/25/24

-

-

991166781.UG.FTS.B,

21.46%,

11/28/24

2,424

2,413

991166783.UG.FTS.B,

29.49%,

11/22/24

394

257

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

450

a

991166787.UG.FTS.B,

18.97%,

11/12/24

3,435

3,412

991166802.UG.FTS.B,

28.98%,

12/01/24

171

171

991166803.UG.FTS.B,

22.47%,

11/13/23

233

231

991166848.UG.FTS.B,

28.98%,

11/24/24

487

484

991166851.UG.FTS.B,

23.95%,

11/11/24

289

296

991166872.UG.FTS.B,

29.49%,

11/30/24

588

584

991166873.UG.FTS.B,

29.49%,

11/25/24

146

150

991166904.UG.FTS.B,

21.46%,

11/14/24

698

689

*

991166937.UG.FTS.B,

22.95%,

11/28/24

99

98

991166957.UG.FTS.B,

21.46%,

11/29/24

1,530

1,512

991166977.UG.FTS.B,

20.97%,

11/11/24

672

688

991166982.UG.FTS.B,

19.99%,

11/25/24

1,437

1,478

*

991167020.UG.FTS.B,

21.98%,

11/28/24

98

97

991167022.UG.FTS.B,

29.49%,

11/24/23

284

279

991167032.UG.FTS.B,

19.96%,

11/22/23

1,499

1,492

991167054.UG.FTS.B,

29.49%,

11/11/24

271

275

991167064.UG.FTS.B,

29.49%,

12/01/24

980

975

991167075.UG.FTS.B,

18.21%,

11/12/24

2,396

2,380

991167111.UG.FTS.B,

29.49%,

11/22/24

490

485

991167154.UG.FTS.B,

29.49%,

11/25/24

260

173

*

991167160.UG.FTS.B,

29.49%,

11/19/24

100

13

991167168.UG.FTS.B,

29.49%,

11/25/24

1,757

1,813

991167180.UG.FTS.B,

29.49%,

11/23/23

1,861

1,836

991167183.UG.FTS.B,

21.48%,

11/18/23

655

651

991167210.UG.FTS.B,

19.99%,

12/01/24

3,870

3,842

*

991167220.UG.FTS.B,

22.97%,

11/11/24

575

67

991167228.UG.FTS.B,

28.98%,

11/23/24

2,814

2,765

991167230.UG.FTS.B,

17.99%,

11/27/24

1,970

1,957

991167245.UG.FTS.B,

29.49%,

11/30/24

490

481

991167259.UG.FTS.B,

29.49%,

11/11/23

281

286

991167293.UG.FTS.B,

21.48%,

11/25/23

470

485

991167334.UG.FTS.B,

22.47%,

11/13/23

467

461

991167348.UG.FTS.B,

28.98%,

11/11/24

228

232

991167362.UG.FTS.B,

29.49%,

11/20/24

583

579

991167377.UG.FTS.B,

28.98%,

11/22/24

292

289

991167380.UG.FTS.B,

19.99%,

11/10/24

422

413

991167389.UG.FTS.B,

29.49%,

11/21/24

486

481

991167391.UG.FTS.B,

18.97%,

11/25/24

2,072

2,135

991167409.UG.FTS.B,

22.95%,

12/01/24

487

484

991167433.UG.FTS.B,

28.48%,

11/20/23

151

149

991167434.UG.FTS.B,

29.48%,

12/01/23

379

376

991167442.UG.FTS.B,

19.3%,

11/12/23

477

472

991167443.UG.FTS.B,

21.46%,

12/01/24

5,828

5,803

991167544.UG.FTS.B,

28.48%,

11/11/23

250

251

*

991167574.UG.FTS.B,

28.98%,

11/11/24

295

62

991167597.UG.FTS.B,

19.21%,

11/30/24

242

240

991167601.UG.FTS.B,

20.47%,

11/19/23

2,236

2,214

991167603.UG.FTS.B,

29.49%,

11/23/24

471

464

991167614.UG.FTS.B,

29.48%,

11/21/23

258

255

991167616.UG.FTS.B,

29.49%,

11/23/23

95

94

991167620.UG.FTS.B,

29.49%,

11/23/23

48

47

991167629.UG.FTS.B,

21.47%,

12/01/23

1,132

1,128

991167631.UG.FTS.B,

29.49%,

12/01/24

2,941

2,924

991167644.UG.FTS.B,

20.46%,

11/11/24

960

987

991167674.UG.FTS.B,

19.99%,

11/23/24

475

470

*

991167727.UG.FTS.B,

28.48%,

11/11/23

581

134

991167763.UG.FTS.B,

19.3%,

11/14/23

378

374

991167792.UG.FTS.B,

29.48%,

11/20/23

94

93

991167820.UG.FTS.B,

29.49%,

11/19/24

388

384

991167821.UG.FTS.B,

29.49%,

12/01/24

490

488

991167851.UG.FTS.B,

28.98%,

11/11/24

193

197

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

451

a

991167862.UG.FTS.B,

28.98%,

11/24/24

748

743

991167881.UG.FTS.B,

19.99%,

11/25/24

114

117

991167906.UG.FTS.B,

29.49%,

11/25/24

122

125

991167927.UG.FTS.B,

21.46%,

12/01/24

486

482

991167965.UG.FTS.B,

21.46%,

11/12/24

1,922

1,904

*

991167989.UG.FTS.B,

23.45%,

12/01/23

176

174

991168010.UG.FTS.B,

29.49%,

11/23/23

94

92

991168018.UG.FTS.B,

29.49%,

12/01/23

1,422

1,412

*

991168037.UG.FTS.B,

29.49%,

11/19/24

268

266

991168092.UG.FTS.B,

28.98%,

11/20/24

61

60

991168119.UG.FTS.B,

29.49%,

11/20/24

1,944

1,924

991168137.UG.FTS.B,

19.8%,

11/23/24

458

454

991168156.UG.FTS.B,

29.49%,

11/19/23

189

187

991168160.UG.FTS.B,

21.46%,

11/18/24

385

381

*

991168179.UG.FTS.B,

29.49%,

11/23/24

1,128

739

991168233.UG.FTS.B,

29.49%,

11/25/24

2,564

2,626

991168239.UG.FTS.B,

29.49%,

11/20/24

144

142

991168245.UG.FTS.B,

29.49%,

11/30/24

338

335

991168286.UG.FTS.B,

29.49%,

11/21/23

94

93

991168321.UG.FTS.B,

29.49%,

12/01/23

1,428

1,410

991168331.UG.FTS.B,

17.99%,

11/27/24

3,861

3,849

991168372.UG.FTS.B,

19.8%,

11/23/24

2,896

2,881

991168403.UG.FTS.B,

21.98%,

11/28/24

4,841

4,818

991168447.UG.FTS.B,

28.98%,

11/21/24

729

724

991168458.UG.FTS.B,

29.49%,

11/20/23

472

468

991168466.UG.FTS.B,

29.49%,

12/01/24

960

952

991168480.UG.FTS.B,

28.48%,

11/20/23

361

356

991168550.UG.FTS.B,

22.47%,

11/27/23

12

12

991168555.UG.FTS.B,

29.49%,

11/23/24

338

335

991168609.UG.FTS.B,

20.47%,

11/17/23

514

511

991168635.UG.FTS.B,

29.49%,

11/22/24

136

135

991168659.UG.FTS.B,

19.8%,

11/28/24

7,743

7,713

991168708.UG.FTS.B,

21.46%,

11/29/24

1,333

1,327

991168715.UG.FTS.B,

19.96%,

11/28/23

3,290

3,278

991168725.UG.FTS.B,

29.49%,

11/23/23

95

93

991168731.UG.FTS.B,

28.98%,

11/30/24

681

678

991168791.UG.FTS.B,

19.8%,

11/28/24

3,337

3,324

991168807.UG.FTS.B,

29.49%,

11/11/23

141

143

991168811.UG.FTS.B,

29.49%,

11/20/23

76

74

991168842.UG.FTS.B,

29.49%,

11/23/24

154

153

991168876.UG.FTS.B,

16.99%,

11/27/24

1,480

882

991168902.UG.FTS.B,

29.49%,

11/20/24

1,601

1,573

991168907.UG.FTS.B,

18.97%,

11/28/24

12

12

991168948.UG.FTS.B,

29.49%,

11/22/24

973

965

991168963.UG.FTS.B,

29.49%,

11/24/24

1,853

1,835

991168973.UG.FTS.B,

19.21%,

11/20/24

482

480

991169068.UG.FTS.B,

28.98%,

11/21/24

972

953

991169118.UG.FTS.B,

28.48%,

11/11/23

1,500

1,534

*

991169136.UG.FTS.B,

29.49%,

11/21/24

200

133

991169143.UG.FTS.B,

29.49%,

12/01/24

90

89

991169188.UG.FTS.B,

29.49%,

11/25/24

870

893

991169194.UG.FTS.B,

21.48%,

11/14/23

187

184

991169195.UG.FTS.B,

29.49%,

11/30/24

1,164

1,157

991169205.UG.FTS.B,

29.49%,

11/20/24

2,916

2,857

991169210.UG.FTS.B,

29.49%,

11/22/24

432

425

991169212.UG.FTS.B,

28.98%,

11/25/24

876

904

991169233.UG.FTS.B,

28.98%,

11/19/24

291

288

991169281.UG.FTS.B,

29.49%,

11/24/23

474

466

991169328.UG.FTS.B,

19.21%,

12/01/24

1,937

1,931

991169345.UG.FTS.B,

29.49%,

11/19/24

291

285

991169353.UG.FTS.B,

28.98%,

11/24/24

292

290

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

452

a

991169362.UG.FTS.B,

19.8%,

11/19/24

9,321

9,209

991169394.UG.FTS.B,

29.46%,

12/01/24

4,881

4,857

991169404.UG.FTS.B,

29.49%,

12/01/24

947

938

991169414.UG.FTS.B,

28.98%,

11/23/24

6,623

6,576

991169488.UG.FTS.B,

28.98%,

11/22/24

341

337

991169496.UG.FTS.B,

29.49%,

12/01/23

953

946

991169498.UG.FTS.B,

29.49%,

11/11/24

68

69

*

991169530.UG.FTS.B,

29.48%,

11/23/23

148

148

991169536.UG.FTS.B,

23.95%,

11/12/24

1,570

1,539

991169567.UG.FTS.B,

23.45%,

11/27/23

238

235

*

991169617.UG.FTS.B,

14.98%,

11/29/24

160

12

991169621.UG.FTS.B,

28.98%,

11/20/24

361

356

991169645.UG.FTS.B,

19.99%,

11/24/24

579

574

991169660.UG.FTS.B,

19.99%,

12/01/24

556

552

991169716.UG.FTS.B,

29.49%,

12/01/24

147

146

991169727.UG.FTS.B,

21.46%,

11/28/24

1,939

1,930

991169734.UG.FTS.B,

27.99%,

11/11/23

74

75

991169755.UG.FTS.B,

29.49%,

11/19/24

486

482

991169759.UG.FTS.B,

28.98%,

11/19/24

2,614

2,593

991169791.UG.FTS.B,

29.49%,

11/24/24

264

261

*

991169809.UG.FTS.B,

29.49%,

11/24/24

116

9

991169822.UG.FTS.B,

29.49%,

11/19/24

971

961

*

991169829.UG.FTS.B,

20.97%,

11/28/24

2,913

2,901

991169837.UG.FTS.B,

28.98%,

11/25/24

293

301

991169840.UG.FTS.B,

23.95%,

11/14/24

3,925

3,862

991169845.UG.FTS.B,

26.94%,

11/20/24

485

481

991169853.UG.FTS.B,

29.49%,

11/11/24

195

200

991169863.UG.FTS.B,

19.8%,

12/01/24

1,260

1,256

*

991169869.UG.FTS.B,

28.98%,

11/24/24

2,000

1,230

991169883.UG.FTS.B,

29.49%,

11/09/24

624

631

991169889.UG.FTS.B,

28.98%,

11/21/24

637

624

991169914.UG.FTS.B,

28.98%,

11/22/24

487

483

991169918.UG.FTS.B,

29.49%,

11/24/24

5,396

5,357

991169941.UG.FTS.B,

29.48%,

11/11/23

173

175

991169967.UG.FTS.B,

29.49%,

11/11/24

483

492

991169977.UG.FTS.B,

29.49%,

11/24/23

95

94

991169981.UG.FTS.B,

19.99%,

12/01/24

3,876

3,858

991169983.UG.FTS.B,

19.99%,

11/24/23

42

41

991170024.UG.FTS.B,

28.98%,

11/30/24

4,896

4,875

991170025.UG.FTS.B,

29.49%,

11/25/24

145

149

*

991170027.UG.FTS.B,

18.97%,

11/10/24

359

367

991170031.UG.FTS.B,

29.49%,

11/25/24

390

401

991170052.UG.FTS.B,

29.49%,

11/22/24

292

290

991170068.UG.FTS.B,

28.98%,

12/01/24

2,013

1,978

991170074.UG.FTS.B,

26.94%,

11/16/24

280

278

991170083.UG.FTS.B,

29.48%,

11/19/23

3,776

3,709

991170089.UG.FTS.B,

28.48%,

11/20/23

46

45

991170105.UG.FTS.B,

28.98%,

11/24/24

249

247

991170121.UG.FTS.B,

28.48%,

12/01/23

987

982

991170125.UG.FTS.B,

19.8%,

11/12/24

959

948

991170126.UG.FTS.B,

28.98%,

11/22/24

1,439

1,428

991170133.UG.FTS.B,

21.46%,

11/15/24

481

475

991170141.UG.FTS.B,

29.49%,

11/23/24

568

556

991170143.UG.FTS.B,

29.49%,

11/21/23

131

130

991170155.UG.FTS.B,

28.98%,

11/21/24

2,302

2,244

991170167.UG.FTS.B,

15.97%,

11/28/24

996

990

991170216.UG.FTS.B,

28.98%,

12/01/24

105

104

991170236.UG.FTS.B,

28.48%,

12/01/23

414

411

991170242.UG.FTS.B,

29.49%,

11/24/24

144

143

991170244.UG.FTS.B,

29.49%,

11/30/24

344

342

991170256.UG.FTS.B,

29.49%,

11/19/24

196

191

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

453

a

991170270.UG.FTS.B,

19.21%,

11/29/24

363

361

991170271.UG.FTS.B,

29.49%,

12/01/23

126

125

991170288.UG.FTS.B,

29.49%,

11/24/23

70

69

991170297.UG.FTS.B,

29.49%,

12/01/24

28

28

991170350.UG.FTS.B,

29.49%,

11/19/24

67

65

991170357.UG.FTS.B,

29.49%,

12/01/24

117

116

991170389.UG.FTS.B,

29.49%,

12/01/23

73

72

991170428.UG.FTS.B,

29.49%,

11/29/24

1,170

1,156

991170456.UG.FTS.B,

28.98%,

11/23/24

511

507

991170459.UG.FTS.B,

26.94%,

11/15/24

1,173

1,150

991170492.UG.FTS.B,

28.98%,

11/20/24

286

283

991170493.UG.FTS.B,

28.98%,

11/23/24

243

240

991170500.UG.FTS.B,

25.94%,

11/11/24

113

112

991170505.UG.FTS.B,

29.49%,

12/01/23

108

107

991170525.UG.FTS.B,

29.49%,

2/28/27

1

1

991170544.UG.FTS.B,

19.99%,

11/30/24

113

112

991170549.UG.FTS.B,

29.49%,

11/22/24

32

32

991170560.UG.FTS.B,

29.49%,

11/18/23

64

63

991170561.UG.FTS.B,

28.98%,

11/19/24

40

40

991170564.UG.FTS.B,

29.48%,

11/25/23

111

115

991170572.UG.FTS.B,

29.49%,

11/30/24

265

261

991170595.UG.FTS.B,

28.98%,

11/30/24

46

45

991170624.UG.FTS.B,

29.49%,

11/19/24

1,228

1,217

991170626.UG.FTS.B,

29.49%,

11/19/24

31

31

*

991170627.UG.FTS.B,

29.49%,

12/01/24

99

97

991170633.UG.FTS.B,

20.46%,

11/30/24

164

163

991170637.UG.FTS.B,

29.49%,

11/22/23

394

390

991170640.UG.FTS.B,

28.98%,

11/11/24

69

70

991170657.UG.FTS.B,

29.49%,

12/01/24

59

59

991170707.UG.FTS.B,

27.99%,

11/30/24

1,955

1,946

991170710.UG.FTS.B,

20.46%,

11/15/24

344

340

991170726.UG.FTS.B,

29.49%,

11/20/24

438

432

991170734.UG.FTS.B,

28.48%,

11/19/23

63

62

991170740.UG.FTS.B,

19.99%,

11/29/24

504

500

991170754.UG.FTS.B,

29.49%,

11/30/24

3

3

*

991170757.UG.FTS.B,

29.49%,

12/01/24

91

90

991170771.UG.FTS.B,

28.98%,

11/19/24

314

310

991170783.UG.FTS.B,

28.98%,

11/21/24

90

89

991170796.UG.FTS.B,

29.49%,

11/21/23

118

116

991170798.UG.FTS.B,

29.49%,

11/23/24

261

255

991170803.UG.FTS.B,

29.49%,

11/11/23

70

71

991170826.UG.FTS.B,

15.47%,

11/28/23

686

684

991170878.UG.FTS.B,

19.99%,

11/23/24

106

104

991170942.UG.FTS.B,

29.49%,

12/01/24

726

707

991170960.UG.FTS.B,

28.98%,

11/30/24

1,602

1,574

991170961.UG.FTS.B,

29.49%,

12/01/23

20

19

991170972.UG.FTS.B,

19.21%,

11/28/24

230

228

991171032.UG.FTS.B,

29.49%,

12/01/24

198

195

991171033.UG.FTS.B,

29.49%,

12/18/26

-

-

*

991171034.UG.FTS.B,

28.98%,

11/20/24

52

41

991171084.UG.FTS.B,

19.99%,

12/01/24

112

111

991171109.UG.FTS.B,

29.49%,

11/09/24

458

463

991171125.UG.FTS.B,

29.49%,

11/21/23

177

174

991171146.UG.FTS.B,

28.98%,

11/11/24

589

587

991171156.UG.FTS.B,

28.98%,

11/11/24

125

128

991171163.UG.FTS.B,

28.98%,

11/24/24

33

32

991171187.UG.FTS.B,

29.49%,

11/24/24

1,238

1,229

991171207.UG.FTS.B,

22.47%,

11/30/23

154

153

*

991171212.UG.FTS.B,

29.49%,

11/30/23

111

109

991171218.UG.FTS.B,

29.49%,

12/01/24

1,754

1,746

991171236.UG.FTS.B,

21.48%,

11/21/23

71

71

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

454

a

991171251.UG.FTS.B,

29.49%,

12/01/24

160

159

991171253.UG.FTS.B,

20.96%,

11/14/23

47

47

991171281.UG.FTS.B,

29.49%,

12/01/24

96

95

991171282.UG.FTS.B,

28.98%,

11/25/24

275

282

991171287.UG.FTS.B,

29.49%,

11/20/24

874

867

991171335.UG.FTS.B,

19.96%,

11/14/23

223

221

991171380.UG.FTS.B,

29.49%,

11/24/24

60

60

991171388.UG.FTS.B,

19.21%,

11/23/24

188

187

991171418.UG.FTS.B,

29.49%,

11/09/24

227

229

991171458.UG.FTS.B,

28.98%,

11/19/24

235

232

991171489.UG.FTS.B,

28.98%,

11/22/24

314

311

991171491.UG.FTS.B,

28.98%,

11/23/24

243

243

991171504.UG.FTS.B,

19.99%,

11/20/24

512

503

991171535.UG.FTS.B,

29.49%,

11/23/24

279

276

*

991171543.UG.FTS.B,

29.49%,

11/21/24

325

43

991171546.UG.FTS.B,

28.98%,

11/25/24

747

770

991171550.UG.FTS.B,

29.49%,

11/29/24

1,071

1,057

991171555.UG.FTS.B,

29.49%,

11/25/24

207

208

991171557.UG.FTS.B,

19.99%,

12/01/24

157

156

991171558.UG.FTS.B,

28.98%,

11/24/24

103

100

991171572.UG.FTS.B,

29.49%,

11/29/24

122

120

991171619.UG.FTS.B,

29.49%,

11/10/24

287

290

991171646.UG.FTS.B,

22.97%,

11/29/24

54

54

991171656.UG.FTS.B,

28.98%,

11/20/24

238

235

991171681.UG.FTS.B,

17.99%,

11/27/24

220

218

991171687.UG.FTS.B,

29.49%,

11/20/23

76

75

991171688.UG.FTS.B,

28.98%,

11/11/24

328

332

991171708.UG.FTS.B,

21.98%,

11/29/24

412

409

*

991171709.UG.FTS.B,

29.49%,

11/20/24

982

974

991171771.UG.FTS.B,

26.44%,

11/28/23

10

10

991171795.UG.FTS.B,

29.49%,

11/23/23

87

85

991171843.UG.FTS.B,

20.97%,

11/20/24

189

188

991171871.UG.FTS.B,

29.49%,

11/24/24

102

101

991171881.UG.FTS.B,

20.47%,

11/26/23

76

75

991171892.UG.FTS.B,

28.98%,

11/20/24

22

22

*

991171895.UG.FTS.B,

29.49%,

11/30/24

1,997

1,977

991171919.UG.FTS.B,

28.98%,

11/30/24

140

138

991171933.UG.FTS.B,

18.47%,

11/30/23

108

107

991171941.UG.FTS.B,

15.97%,

11/10/24

3,454

3,419

991171947.UG.FTS.B,

29.49%,

11/09/24

82

80

*

991172015.UG.FTS.B,

29.49%,

11/21/23

120

119

991172077.UG.FTS.B,

29.49%,

11/09/24

600

605

991172101.UG.FTS.B,

29.49%,

11/21/24

3

3

991172106.UG.FTS.B,

29.49%,

11/09/24

870

843

991172122.UG.FTS.B,

29.49%,

11/30/24

17

17

991172128.UG.FTS.B,

28.48%,

11/22/23

527

517

991172152.UG.FTS.B,

18.71%,

11/26/23

180

179

991172168.UG.FTS.B,

29.49%,

12/01/24

1,696

1,687

991172171.UG.FTS.B,

29.49%,

11/23/23

297

289

991172178.UG.FTS.B,

22.47%,

11/13/23

785

773

991172183.UG.FTS.B,

29.49%,

11/22/23

208

202

*

991172206.UG.FTS.B,

28.48%,

11/22/23

42

3

991172207.UG.FTS.B,

29.49%,

12/01/24

51

50

991172237.UG.FTS.B,

29.49%,

12/01/24

103

102

991172240.UG.FTS.B,

29.49%,

11/24/23

22

22

991172270.UG.FTS.B,

26.44%,

12/01/23

72

71

991172298.UG.FTS.B,

20.46%,

11/11/24

80

82

*

991172299.UG.FTS.B,

26.94%,

11/26/24

515

512

991172411.UG.FTS.B,

28.98%,

11/20/24

1

1

991172431.UG.FTS.B,

28.48%,

11/23/23

110

108

991172445.UG.FTS.B,

29.48%,

11/24/23

121

119

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

455

a

991172465.UG.FTS.B,

29.49%,

11/30/24

1,021

1,012

991172522.UG.FTS.B,

29.49%,

11/30/24

168

165

991172523.UG.FTS.B,

28.48%,

11/20/23

269

265

991172585.UG.FTS.B,

29.48%,

11/23/23

142

140

991172597.UG.FTS.B,

29.49%,

12/01/24

2,632

2,547

991172635.UG.FTS.B,

20.46%,

11/20/24

170

168

991172638.UG.FTS.B,

29.49%,

11/19/23

6

5

991172679.UG.FTS.B,

29.49%,

11/30/23

85

84

991172683.UG.FTS.B,

28.48%,

11/29/23

154

153

991172688.UG.FTS.B,

29.49%,

11/22/23

22

22

991172716.UG.FTS.B,

29.49%,

11/30/23

738

726

991172721.UG.FTS.B,

29.49%,

12/01/24

17

17

991172741.UG.FTS.B,

29.49%,

11/24/24

11

11

991172763.UG.FTS.B,

21.48%,

11/14/23

11

11

991172772.UG.FTS.B,

19.21%,

11/25/24

191

190

991172785.UG.FTS.B,

29.49%,

11/30/24

837

820

991172799.UG.FTS.B,

29.49%,

11/25/24

928

930

991172845.UG.FTS.B,

29.49%,

11/09/23

47

46

991172872.UG.FTS.B,

29.49%,

11/30/23

208

204

991172897.UG.FTS.B,

29.49%,

11/21/23

791

784

991172898.UG.FTS.B,

29.49%,

11/23/24

64

63

991172918.UG.FTS.B,

29.48%,

11/22/23

141

139

*

991172939.UG.FTS.B,

27.99%,

12/01/23

141

138

991172949.UG.FTS.B,

25.45%,

11/19/23

71

70

991172974.UG.FTS.B,

29.49%,

11/24/23

70

69

991172991.UG.FTS.B,

29.49%,

11/23/24

1,230

1,220

991173005.UG.FTS.B,

19.99%,

11/25/24

60

61

991173017.UG.FTS.B,

29.49%,

12/01/24

7

7

991173027.UG.FTS.B,

29.49%,

12/01/24

69

69

991173036.UG.FTS.B,

28.98%,

11/22/24

122

122

991173041.UG.FTS.B,

28.98%,

11/11/24

108

111

991173049.UG.FTS.B,

29.49%,

11/24/24

191

190

991173050.UG.FTS.B,

28.98%,

12/01/24

30

29

991173082.UG.FTS.B,

22.45%,

11/24/23

99

99

991173108.UG.FTS.B,

21.46%,

11/22/24

190

188

991173118.UG.FTS.B,

19.99%,

11/20/23

81

80

991173129.UG.FTS.B,

18.71%,

11/15/23

60

60

991173134.UG.FTS.B,

29.49%,

11/21/24

322

313

*

991173144.UG.FTS.B,

29.49%,

11/23/24

524

69

991173159.UG.FTS.B,

29.49%,

11/22/24

1,954

1,923

991173213.UG.FTS.B,

20.97%,

11/29/24

16

16

991173214.UG.FTS.B,

29.49%,

11/30/24

4

4

991173224.UG.FTS.B,

29.49%,

11/22/24

391

382

991173237.UG.FTS.B,

27.99%,

11/22/23

135

134

991173299.UG.FTS.B,

29.49%,

11/22/24

10

10

991173310.UG.FTS.B,

22.97%,

11/20/24

120

119

991173346.UG.FTS.B,

29.48%,

11/11/23

17

17

991173356.UG.FTS.B,

17.99%,

11/27/24

512

509

991173371.UG.FTS.B,

28.98%,

11/20/24

159

157

991173395.UG.FTS.B,

29.49%,

11/19/23

286

280

991173427.UG.FTS.B,

29.49%,

11/21/24

188

186

991173467.UG.FTS.B,

29.49%,

11/19/23

369

365

991173523.UG.FTS.B,

18.71%,

11/26/23

179

178

991173569.UG.FTS.B,

29.49%,

11/21/24

347

339

991173591.UG.FTS.B,

29.49%,

11/20/24

130

129

*

991173615.UG.FTS.B,

28.98%,

11/20/24

21

4

991173622.UG.FTS.B,

28.98%,

11/11/24

137

140

991173637.UG.FTS.B,

28.98%,

11/19/24

101

100

991173666.UG.FTS.B,

22.97%,

12/01/24

1,871

1,853

991173684.UG.FTS.B,

20.96%,

11/28/23

71

71

991173687.UG.FTS.B,

29.49%,

11/30/24

107

106

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

456

a

991173691.UG.FTS.B,

17.99%,

2/10/27

4

4

991173716.UG.FTS.B,

28.98%,

11/22/24

1,260

1,250

991173726.UG.FTS.B,

21.48%,

11/30/23

364

362

991173735.UG.FTS.B,

29.49%,

11/19/24

491

481

991173753.UG.FTS.B,

29.49%,

12/01/23

1,608

1,597

991173770.UG.FTS.B,

29.49%,

11/25/24

359

370

991173819.UG.FTS.B,

19.99%,

11/19/23

137

135

991173828.UG.FTS.B,

29.49%,

11/24/24

99

98

*

991173867.UG.FTS.B,

29.49%,

11/23/24

246

243

991173870.UG.FTS.B,

29.49%,

12/01/24

175

174

991173886.UG.FTS.B,

29.49%,

11/22/24

929

912

*

991173899.UG.FTS.B,

29.49%,

12/01/24

100

99

991173914.UG.FTS.B,

29.49%,

11/22/24

111

110

991173918.UG.FTS.B,

18.47%,

11/19/23

62

62

*

991173935.UG.FTS.B,

29.49%,

11/21/24

603

593

*

991173942.UG.FTS.B,

25.95%,

11/17/24

140

29

991173944.UG.FTS.B,

18.97%,

11/25/24

265

268

991173946.UG.FTS.B,

15%,

11/27/24

143

142

991173961.UG.FTS.B,

29.49%,

11/24/24

1,331

1,312

991173980.UG.FTS.B,

28.98%,

11/23/24

114

113

991173993.UG.FTS.B,

21.48%,

11/28/23

30

30

991174002.UG.FTS.B,

19.99%,

12/01/24

102

101

991174006.UG.FTS.B,

29.49%,

11/17/24

758

741

991174012.UG.FTS.B,

19.99%,

11/11/24

403

412

991174014.UG.FTS.B,

19.96%,

11/24/23

385

383

991174043.UG.FTS.B,

29.49%,

11/23/24

92

91

991174050.UG.FTS.B,

29.49%,

11/24/24

90

89

991174051.UG.FTS.B,

29.49%,

11/20/23

3,009

2,980

991174066.UG.FTS.B,

29.49%,

11/22/24

79

79

991174074.UG.FTS.B,

22.97%,

11/14/24

259

254

991174083.UG.FTS.B,

20.97%,

11/27/24

2,970

2,957

*

991174086.UG.FTS.B,

20.96%,

2/19/27

4

4

991174110.UG.FTS.B,

19.8%,

11/13/24

31

31

*

991174122.UG.FTS.B,

29.49%,

12/01/23

58

46

991174137.UG.FTS.B,

29.49%,

12/01/24

443

441

991174146.UG.FTS.B,

29.49%,

11/22/24

164

163

991174153.UG.FTS.B,

28.98%,

11/24/24

103

102

991174157.UG.FTS.B,

19.99%,

11/30/24

144

143

991174170.UG.FTS.B,

18.97%,

11/25/24

296

302

991174195.UG.FTS.B,

29.49%,

11/23/23

152

154

991174246.UG.FTS.B,

19.99%,

11/19/24

39

38

991174255.UG.FTS.B,

29.49%,

11/22/23

104

103

991174263.UG.FTS.B,

28.98%,

11/20/24

27

27

991174286.UG.FTS.B,

29.49%,

11/18/24

53

52

991174310.UG.FTS.B,

29.49%,

11/22/24

1,051

1,040

991174311.UG.FTS.B,

28.98%,

11/30/24

334

331

*

991174323.UG.FTS.B,

23.45%,

11/30/23

31

31

991174332.UG.FTS.B,

19.21%,

2/11/27

2

2

991174338.UG.FTS.B,

29.49%,

11/19/23

154

152

*

991174357.UG.FTS.B,

29.49%,

11/30/24

108

9

991174393.UG.FTS.B,

18.97%,

11/13/24

34

34

991174398.UG.FTS.B,

29.49%,

11/21/24

384

375

*

991174404.UG.FTS.B,

28.98%,

11/25/24

5

-

991174431.UG.FTS.B,

19.8%,

11/29/24

397

394

*

991174508.UG.FTS.B,

28.98%,

11/30/24

27

27

991174513.UG.FTS.B,

29.49%,

11/30/24

94

93

*

991174516.UG.FTS.B,

29.49%,

12/01/24

641

638

991174550.UG.FTS.B,

28.98%,

12/01/24

230

229

991174555.UG.FTS.B,

29.49%,

11/11/24

13

13

*

991174561.UG.FTS.B,

28.98%,

12/01/24

48

47

*

991174596.UG.FTS.B,

29.49%,

11/25/24

22

23

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

457

a

991174605.UG.FTS.B,

28.98%,

11/30/24

1,424

1,418

991174611.UG.FTS.B,

28.48%,

11/19/23

983

965

991174647.UG.FTS.B,

28.98%,

11/21/24

530

525

*

991174648.UG.FTS.B,

22.97%,

11/17/24

361

72

991174649.UG.FTS.B,

28.98%,

11/24/24

149

148

991174650.UG.FTS.B,

19.99%,

11/23/23

300

297

991174651.UG.FTS.B,

28.98%,

11/21/24

1,886

1,872

991174671.UG.FTS.B,

18.97%,

11/26/24

721

716

991174718.UG.FTS.B,

29.49%,

11/23/24

82

81

991174755.UG.FTS.B,

19.99%,

11/21/24

454

450

991174757.UG.FTS.B,

29.49%,

1/22/27

-

-

991174773.UG.FTS.B,

29.49%,

11/08/24

157

154

991174786.UG.FTS.B,

19.3%,

11/21/23

194

193

991174788.UG.FTS.B,

28.98%,

11/30/24

438

432

991174881.UG.FTS.B,

28.98%,

12/01/24

71

70

991174897.UG.FTS.B,

28.98%,

11/18/24

1,202

1,180

991174929.UG.FTS.B,

28.98%,

11/22/24

74

73

991174937.UG.FTS.B,

28.98%,

11/22/24

15

15

991174940.UG.FTS.B,

29.49%,

11/22/23

62

61

991174944.UG.FTS.B,

28.98%,

11/21/24

1,025

1,018

991174973.UG.FTS.B,

29.49%,

12/01/24

392

389

991174997.UG.FTS.B,

28.98%,

11/25/24

678

700

991175019.UG.FTS.B,

29.49%,

11/22/24

380

375

991175022.UG.FTS.B,

28.98%,

11/30/24

641

638

991175029.UG.FTS.B,

28.98%,

11/21/24

1,274

1,255

991175041.UG.FTS.B,

18.8%,

11/15/24

346

343

991175055.UG.FTS.B,

29.49%,

11/19/24

34

34

991175059.UG.FTS.B,

28.48%,

11/25/23

193

196

991175069.UG.FTS.B,

29.49%,

11/23/23

7

7

991175105.UG.FTS.B,

29.49%,

11/11/24

92

93

991175111.UG.FTS.B,

29.49%,

11/19/24

11

11

*

991175128.UG.FTS.B,

29.49%,

11/22/24

185

15

991175162.UG.FTS.B,

29.49%,

11/23/24

428

422

991175168.UG.FTS.B,

28.98%,

11/22/24

44

44

991175215.UG.FTS.B,

29.49%,

12/01/23

41

41

991175223.UG.FTS.B,

28.98%,

11/22/24

219

216

991175295.UG.FTS.B,

28.98%,

11/19/24

2,152

2,128

991175302.UG.FTS.B,

29.49%,

11/23/23

537

529

991175310.UG.FTS.B,

21.48%,

11/29/23

-

-

*

991175320.UG.FTS.B,

29.49%,

11/18/24

205

202

991175322.UG.FTS.B,

19.3%,

11/21/23

203

201

991175329.UG.FTS.B,

28.98%,

11/30/24

114

113

991175332.UG.FTS.B,

29.49%,

11/30/23

836

831

991175335.UG.FTS.B,

22.47%,

11/11/23

117

119

991175340.UG.FTS.B,

29.49%,

11/20/24

116

114

991175348.UG.FTS.B,

29.49%,

11/11/24

62

63

991175390.UG.FTS.B,

28.98%,

11/21/24

19

19

991175408.UG.FTS.B,

29.49%,

11/30/24

222

218

991175443.UG.FTS.B,

29.49%,

11/24/24

59

58

991175476.UG.FTS.B,

29.49%,

11/28/24

170

166

991175480.UG.FTS.B,

29.49%,

11/30/23

-

-

991175491.UG.FTS.B,

29.49%,

11/18/24

114

111

991175499.UG.FTS.B,

29.49%,

11/20/23

33

32

991175503.UG.FTS.B,

29.49%,

11/30/23

18

17

991175525.UG.FTS.B,

26.44%,

11/25/23

531

544

991175535.UG.FTS.B,

29.49%,

11/22/24

249

245

991175544.UG.FTS.B,

29.49%,

11/19/24

67

66

991175550.UG.FTS.B,

29.49%,

11/25/24

84

86

991175613.UG.FTS.B,

20.46%,

11/19/24

6

6

991175629.UG.FTS.B,

29.48%,

11/25/23

40

40

991175657.UG.FTS.B,

29.49%,

11/11/24

155

158

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

458

a

991175666.UG.FTS.B,

29.49%,

11/30/23

103

103

991175723.UG.FTS.B,

29.49%,

11/21/24

42

41

991175759.UG.FTS.B,

19.99%,

11/10/24

72

70

991175831.UG.FTS.B,

29.49%,

2/28/27

3

3

991175860.UG.FTS.B,

23.95%,

11/25/24

2,354

2,429

991175878.UG.FTS.B,

28.98%,

11/11/24

424

430

991175889.UG.FTS.B,

22.47%,

11/29/23

80

79

*

991175893.UG.FTS.B,

29.49%,

11/25/23

118

17

991175910.UG.FTS.B,

21.46%,

11/20/24

296

293

991175975.UG.FTS.B,

19.99%,

11/20/24

202

199

991175997.UG.FTS.B,

28.98%,

12/01/24

3,365

3,338

991176007.UG.FTS.B,

28.98%,

12/01/24

344

340

991176027.UG.FTS.B,

20.46%,

11/14/24

276

273

991176052.UG.FTS.B,

29.49%,

12/01/23

381

379

991176060.UG.FTS.B,

25.45%,

11/13/23

1,404

1,391

991176071.UG.FTS.B,

29.49%,

11/11/24

278

278

991176107.UG.FTS.B,

21.48%,

11/19/23

86

85

991176160.UG.FTS.B,

29.49%,

11/24/24

487

484

991176181.UG.FTS.B,

19.99%,

11/25/24

2,368

2,444

991176204.UG.FTS.B,

28.98%,

11/22/24

1,553

1,542

*

991176245.UG.FTS.B,

29.49%,

11/30/24

400

53

991176256.UG.FTS.B,

29.49%,

11/20/23

94

93

*

991176302.UG.FTS.B,

29.49%,

11/30/23

2,486

346

991176311.UG.FTS.B,

17.99%,

11/29/24

483

481

991176325.UG.FTS.B,

29.49%,

11/20/24

175

174

991176399.UG.FTS.B,

28.98%,

11/19/24

388

385

991176411.UG.FTS.B,

29.49%,

11/11/24

1,797

1,794

991176422.UG.FTS.B,

29.49%,

11/20/23

20

20

991176428.UG.FTS.B,

22.47%,

11/15/23

372

367

991176431.UG.FTS.B,

20.97%,

11/27/24

1,089

1,085

991176481.UG.FTS.B,

29.49%,

11/19/24

111

110

*

991176482.UG.FTS.B,

19.99%,

11/25/24

515

535

991176526.UG.FTS.B,

18.97%,

11/28/24

1,654

1,648

991176533.UG.FTS.B,

29.49%,

11/24/24

974

967

991176536.UG.FTS.B,

29.49%,

11/11/24

42

43

991176551.UG.FTS.B,

19.8%,

11/12/24

1,055

1,047

991176563.UG.FTS.B,

29.49%,

11/30/24

585

580

991176572.UG.FTS.B,

25.95%,

11/13/24

964

953

991176579.UG.FTS.B,

21.46%,

11/30/24

799

796

991176698.UG.FTS.B,

28.98%,

11/11/24

481

481

991176715.UG.FTS.B,

29.49%,

11/11/23

562

557

*

991176719.UG.FTS.B,

29.49%,

11/23/23

484

474

991176783.UG.FTS.B,

16.99%,

11/26/24

790

788

991176804.UG.FTS.B,

29.49%,

11/19/24

7,753

7,689

991176805.UG.FTS.B,

29.49%,

11/19/23

129

127

991176814.UG.FTS.B,

29.49%,

11/22/24

1,653

1,641

991176843.UG.FTS.B,

29.49%,

11/19/24

2,329

2,307

991176870.UG.FTS.B,

29.49%,

11/20/24

2,428

2,406

991176871.UG.FTS.B,

27.99%,

11/19/24

485

481

991176876.UG.FTS.B,

21.46%,

11/29/24

1,455

1,448

991176947.UG.FTS.B,

28.98%,

12/01/24

313

312

991176969.UG.FTS.B,

20.97%,

11/11/24

1,919

1,955

991177017.UG.FTS.B,

19.8%,

12/01/24

872

869

991177020.UG.FTS.B,

28.98%,

11/19/24

433

426

991177081.UG.FTS.B,

29.49%,

12/01/24

980

963

991177091.UG.FTS.B,

28.98%,

11/21/24

1,115

1,104

991177107.UG.FTS.B,

22.45%,

11/26/23

326

322

991177122.UG.FTS.B,

28.98%,

11/22/24

5,251

5,148

991177125.UG.FTS.B,

29.49%,

11/24/23

473

468

*

991177144.UG.FTS.B,

29.49%,

11/11/23

130

30

*

991177149.UG.FTS.B,

26.94%,

11/20/24

2,306

2,288

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

459

a

991177162.UG.FTS.B,

21.48%,

11/21/23

169

168

991177225.UG.FTS.B,

29.48%,

11/21/23

2,834

2,785

991177227.UG.FTS.B,

20.46%,

11/14/24

192

191

991177274.UG.FTS.B,

29.48%,

11/24/23

488

480

991177294.UG.FTS.B,

22.47%,

11/13/23

309

306

991177339.UG.FTS.B,

29.49%,

12/01/24

303

300

991177345.UG.FTS.B,

29.49%,

11/24/24

112

111

991177356.UG.FTS.B,

29.49%,

11/21/23

396

387

991177357.UG.FTS.B,

28.98%,

11/18/24

482

478

991177370.UG.FTS.B,

22.95%,

11/12/24

339

335

*

991177387.UG.FTS.B,

29.49%,

11/22/24

371

368

991177459.UG.FTS.B,

29.49%,

11/22/24

1,146

1,122

991177566.UG.FTS.B,

22.47%,

11/17/23

281

277

991177584.UG.FTS.B,

25.95%,

11/11/24

699

708

991177588.UG.FTS.B,

28.98%,

11/25/24

2,924

3,018

991177599.UG.FTS.B,

28.98%,

12/01/24

185

183

991177654.UG.FTS.B,

29.49%,

12/01/24

381

377

991177664.UG.FTS.B,

29.49%,

11/25/24

37

38

991177667.UG.FTS.B,

21.46%,

11/15/24

215

212

991177673.UG.FTS.B,

29.49%,

11/22/23

59

58

991177684.UG.FTS.B,

29.49%,

2/17/27

2

2

*

991177709.UG.FTS.B,

29.49%,

12/01/23

20

20

991177740.UG.FTS.B,

21.48%,

11/13/23

58

57

991177757.UG.FTS.B,

29.49%,

11/24/23

334

330

*

991177762.UG.FTS.B,

29.49%,

11/17/24

590

126

991177776.UG.FTS.B,

19.21%,

11/29/24

1,861

1,854

991177780.UG.FTS.B,

28.48%,

11/22/23

240

237

991177822.UG.FTS.B,

26.94%,

11/20/24

16

16

991177853.UG.FTS.B,

29.49%,

12/01/24

1,142

1,136

991177917.UG.FTS.B,

20.97%,

11/21/24

166

164

991177923.UG.FTS.B,

29.49%,

11/22/24

32

31

991177970.UG.FTS.B,

21.98%,

11/22/24

27

27

991178026.UG.FTS.B,

28.48%,

11/21/23

309

307

991178036.UG.FTS.B,

20.97%,

11/14/24

5,155

5,079

991178061.UG.FTS.B,

29.49%,

11/19/24

367

363

991178073.UG.FTS.B,

28.48%,

11/22/23

71

70

991178095.UG.FTS.B,

29.49%,

11/22/23

40

40

*

991178097.UG.FTS.B,

29.49%,

11/19/24

55

54

991178101.UG.FTS.B,

29.49%,

11/25/24

419

423

991178153.UG.FTS.B,

28.98%,

11/22/24

1,286

1,262

991178176.UG.FTS.B,

29.49%,

11/22/23

244

239

991178189.UG.FTS.B,

29.49%,

11/19/23

64

63

*

991178204.UG.FTS.B,

29.49%,

11/21/23

794

787

991178246.UG.FTS.B,

21.46%,

11/30/24

15,484

15,417

991178266.UG.FTS.B,

29.49%,

11/20/24

152

150

991178274.UG.FTS.B,

29.49%,

11/25/23

523

538

991178286.UG.FTS.B,

28.98%,

11/19/24

74

73

991178293.UG.FTS.B,

29.49%,

11/18/24

1,256

1,246

991178342.UG.FTS.B,

28.98%,

11/30/24

481

476

991178375.UG.FTS.B,

20.46%,

11/30/24

57

57

991178382.UG.FTS.B,

25.45%,

11/15/23

87

85

991178388.UG.FTS.B,

20.46%,

11/29/24

257

256

991178401.UG.FTS.B,

21.46%,

11/19/24

1,333

1,318

991178434.UG.FTS.B,

29.49%,

11/29/24

110

109

991178453.UG.FTS.B,

27.99%,

11/28/24

834

825

991178470.UG.FTS.B,

18.71%,

11/26/23

167

165

991178486.UG.FTS.B,

19.99%,

11/30/24

226

224

*

991178506.UG.FTS.B,

28.98%,

11/21/24

377

374

991178511.UG.FTS.B,

22.97%,

11/29/24

323

320

991178582.UG.FTS.B,

29.49%,

11/30/24

47

46

991178587.UG.FTS.B,

19.96%,

12/01/23

935

928

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

460

a

991178591.UG.FTS.B,

29.49%,

11/29/24

262

259

991178593.UG.FTS.B,

19.97%,

12/01/24

125

124

991178607.UG.FTS.B,

25.94%,

11/23/24

252

249

991178623.UG.FTS.B,

29.49%,

12/01/23

14

14

991178640.UG.FTS.B,

29.49%,

11/19/24

32

32

991178641.UG.FTS.B,

29.49%,

12/01/24

110

109

991178650.UG.FTS.B,

28.98%,

11/21/24

535

530

991178680.UG.FTS.B,

29.49%,

11/20/24

124

122

*

991178696.UG.FTS.B,

29.49%,

11/22/24

140

11

991178733.UG.FTS.B,

19.8%,

11/15/24

32

32

991178753.UG.FTS.B,

19.96%,

11/29/23

515

513

991178777.UG.FTS.B,

27.99%,

12/01/24

138

137

991178859.UG.FTS.B,

29.49%,

12/01/24

124

123

991178866.UG.FTS.B,

28.98%,

11/23/24

737

729

991178887.UG.FTS.B,

29.49%,

11/29/24

383

379

991178891.UG.FTS.B,

22.47%,

11/29/23

432

427

991178942.UG.FTS.B,

21.48%,

11/28/23

42

42

991178953.UG.FTS.B,

28.98%,

11/11/24

156

158

991178964.UG.FTS.B,

29.49%,

11/22/24

259

255

991178992.UG.FTS.B,

19.99%,

12/01/24

2,453

2,442

991179016.UG.FTS.B,

20.97%,

11/13/24

492

489

*

991179040.UG.FTS.B,

29.49%,

12/22/26

2

-

991179044.UG.FTS.B,

21.46%,

12/01/24

930

922

991179054.UG.FTS.B,

26.94%,

11/15/24

127

126

991179060.UG.FTS.B,

29.49%,

11/20/24

42

41

991179069.UG.FTS.B,

28.48%,

11/18/23

325

315

991179072.UG.FTS.B,

25.95%,

11/15/24

117

115

991179092.UG.FTS.B,

21.47%,

11/18/23

755

747

991179096.UG.FTS.B,

20.97%,

11/25/24

66

68

991179150.UG.FTS.B,

19.21%,

11/27/24

175

174

991179176.UG.FTS.B,

28.48%,

12/01/23

450

441

991179177.UG.FTS.B,

29.49%,

11/22/23

283

278

*

991179231.UG.FTS.B,

28.98%,

11/25/24

144

149

991179251.UG.FTS.B,

29.49%,

11/21/24

249

242

991179282.UG.FTS.B,

29.49%,

11/19/23

64

63

991179290.UG.FTS.B,

29.49%,

11/19/23

175

172

991179319.UG.FTS.B,

28.98%,

12/01/24

217

212

991179329.UG.FTS.B,

25.45%,

11/16/23

56

55

991179352.UG.FTS.B,

29.49%,

11/22/23

61

61

991179361.UG.FTS.B,

19.8%,

11/15/24

187

185

991179363.UG.FTS.B,

28.98%,

11/11/24

20

21

991179371.UG.FTS.B,

29.49%,

11/20/23

134

133

991179392.UG.FTS.B,

29.49%,

11/20/24

62

61

991179397.UG.FTS.B,

29.49%,

11/28/24

89

88

*

991179398.UG.FTS.B,

19.8%,

11/17/24

369

69

991179415.UG.FTS.B,

29.49%,

11/20/24

877

869

991179425.UG.FTS.B,

26.94%,

11/30/24

1,171

1,152

991179472.UG.FTS.B,

29.49%,

11/24/23

48

47

*

991179493.UG.FTS.B,

29.49%,

11/22/23

144

11

991179512.UG.FTS.B,

29.49%,

11/11/23

94

95

991179514.UG.FTS.B,

29.49%,

11/23/24

209

206

991179536.UG.FTS.B,

21.46%,

11/24/24

187

186

991179561.UG.FTS.B,

29.49%,

11/22/24

132

129

991179599.UG.FTS.B,

29.49%,

11/23/23

79

77

991179611.UG.FTS.B,

21.98%,

11/26/24

410

405

991179629.UG.FTS.B,

28.48%,

11/20/23

110

109

991179631.UG.FTS.B,

23.45%,

11/13/23

110

109

991179639.UG.FTS.B,

28.98%,

11/30/24

28

28

*

991179665.UG.FTS.B,

28.48%,

11/21/23

86

61

991179672.UG.FTS.B,

17.49%,

11/29/23

185

184

991179682.UG.FTS.B,

29.49%,

11/19/23

182

179

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

461

a

991179697.UG.FTS.B,

29.49%,

11/30/23

162

160

991179715.UG.FTS.B,

29.49%,

11/21/23

213

211

*

991179731.UG.FTS.B,

22.47%,

11/12/23

76

9

991179737.UG.FTS.B,

28.98%,

11/30/24

228

225

991179754.UG.FTS.B,

21.46%,

11/27/24

42

42

991179762.UG.FTS.B,

28.48%,

11/21/23

75

74

991179769.UG.FTS.B,

29.49%,

11/19/23

39

39

991179775.UG.FTS.B,

29.49%,

11/30/23

10

10

991179835.UG.FTS.B,

28.98%,

12/01/24

1,269

1,256

991179841.UG.FTS.B,

28.98%,

11/22/24

285

280

991179856.UG.FTS.B,

29.49%,

11/21/24

1,245

1,231

991179871.UG.FTS.B,

29.49%,

12/01/23

41

40

991179894.UG.FTS.B,

19.99%,

11/29/24

576

571

991179950.UG.FTS.B,

29.49%,

12/01/24

551

542

991179953.UG.FTS.B,

29.49%,

11/21/24

88

86

991179981.UG.FTS.B,

29.49%,

11/28/24

117

116

991179992.UG.FTS.B,

28.98%,

11/20/24

205

203

991180003.UG.FTS.B,

29.49%,

12/01/23

59

57

991180089.UG.FTS.B,

29.49%,

11/23/24

104

103

991180111.UG.FTS.B,

29.49%,

11/23/24

197

195

991180124.UG.FTS.B,

29.49%,

11/24/23

186

182

991180132.UG.FTS.B,

29.49%,

11/20/23

83

82

991180138.UG.FTS.B,

19.96%,

11/12/23

31

31

991180193.UG.FTS.B,

27.99%,

11/22/23

151

148

991180197.UG.FTS.B,

29.49%,

11/28/24

426

423

991180221.UG.FTS.B,

29.49%,

11/30/24

22

22

991180237.UG.FTS.B,

29.49%,

11/22/24

56

55

991180241.UG.FTS.B,

29.49%,

11/28/24

75

74

991180267.UG.FTS.B,

29.49%,

11/20/23

56

55

991180290.UG.FTS.B,

28.48%,

11/20/23

464

460

991180292.UG.FTS.B,

29.49%,

11/30/24

15

15

991180301.UG.FTS.B,

29.49%,

11/20/24

424

421

991180328.UG.FTS.B,

27.99%,

11/30/24

38

37

991180336.UG.FTS.B,

28.98%,

12/01/24

1,456

1,450

991180341.UG.FTS.B,

29.49%,

11/22/24

122

121

991180407.UG.FTS.B,

18.97%,

11/25/24

1,245

1,236

991180408.UG.FTS.B,

29.49%,

11/25/23

66

67

*

991180428.UG.FTS.B,

20.46%,

11/27/24

263

261

*

991180440.UG.FTS.B,

19.21%,

12/01/24

15

15

*

991180464.UG.FTS.B,

29.49%,

12/01/23

125

18

991180474.UG.FTS.B,

21.98%,

11/15/24

65

64

991180504.UG.FTS.B,

19.21%,

11/15/24

29

29

991180511.UG.FTS.B,

29.49%,

11/11/24

18

18

991180513.UG.FTS.B,

28.48%,

11/28/23

283

281

*

991180528.UG.FTS.B,

29.49%,

2/28/27

-

-

991180529.UG.FTS.B,

28.98%,

11/11/24

121

123

991180530.UG.FTS.B,

28.98%,

11/22/24

308

305

991180571.UG.FTS.B,

28.98%,

12/01/24

140

139

991180572.UG.FTS.B,

28.98%,

11/30/24

398

395

991180574.UG.FTS.B,

26.94%,

11/22/24

409

405

991180588.UG.FTS.B,

25.95%,

11/25/24

40

41

991180599.UG.FTS.B,

29.49%,

12/01/24

421

314

991180605.UG.FTS.B,

23.45%,

11/12/23

1,025

1,010

991180625.UG.FTS.B,

29.49%,

11/24/24

36

36

*

991180645.UG.FTS.B,

29.49%,

11/29/24

763

496

991180677.UG.FTS.B,

22.97%,

11/26/24

764

760

991180715.UG.FTS.B,

29.49%,

12/01/24

29

29

991180717.UG.FTS.B,

28.48%,

12/01/23

47

47

*

991180732.UG.FTS.B,

29.49%,

11/11/23

16

8

991180753.UG.FTS.B,

25.45%,

11/13/23

73

72

991180765.UG.FTS.B,

27.99%,

11/23/24

374

368

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

462

a

991180778.UG.FTS.B,

28.98%,

11/30/24

1,586

1,578

991180816.UG.FTS.B,

29.49%,

11/25/24

290

298

991180826.UG.FTS.B,

22.47%,

11/24/23

679

676

991180832.UG.FTS.B,

28.98%,

11/19/24

138

137

991180861.UG.FTS.B,

29.49%,

11/11/24

562

568

991180878.UG.FTS.B,

22.47%,

11/21/23

56

55

991180887.UG.FTS.B,

20.46%,

12/01/24

183

181

*

991180900.UG.FTS.B,

29.49%,

11/23/24

82

12

991180907.UG.FTS.B,

29.49%,

11/20/23

62

61

*

991180940.UG.FTS.B,

19.99%,

11/30/23

377

374

991180948.UG.FTS.B,

29.48%,

11/25/23

60

61

991180952.UG.FTS.B,

28.98%,

11/24/24

10

10

*

991180960.UG.FTS.B,

29.49%,

12/01/24

405

401

991180965.UG.FTS.B,

24.95%,

11/26/24

3,866

3,843

991180982.UG.FTS.B,

28.98%,

11/24/24

3,406

3,349

991180996.UG.FTS.B,

22.47%,

11/29/23

167

165

991181007.UG.FTS.B,

15.97%,

11/29/24

428

427

991181015.UG.FTS.B,

28.98%,

11/09/24

151

147

991181040.UG.FTS.B,

28.98%,

11/19/24

1,359

1,343

991181047.UG.FTS.B,

19.96%,

11/24/23

6

6

991181054.UG.FTS.B,

29.49%,

11/30/24

308

305

991181062.UG.FTS.B,

28.98%,

11/21/24

1,852

1,816

991181078.UG.FTS.B,

18.97%,

11/29/24

53

52

991181086.UG.FTS.B,

28.98%,

12/01/24

150

149

991181108.UG.FTS.B,

28.98%,

11/21/24

117

116

991181124.UG.FTS.B,

19.99%,

11/24/23

6

5

991181147.UG.FTS.B,

19.96%,

11/29/23

384

383

991181150.UG.FTS.B,

29.49%,

11/30/24

11

11

991181158.UG.FTS.B,

29.49%,

12/01/24

206

201

991181160.UG.FTS.B,

19.99%,

11/22/24

930

920

991181180.UG.FTS.B,

20.97%,

11/23/24

172

171

991181219.UG.FTS.B,

29.49%,

12/01/24

233

230

991181222.UG.FTS.B,

29.49%,

11/21/24

62

61

991181233.UG.FTS.B,

29.49%,

11/24/24

124

123

*

991181242.UG.FTS.B,

29.49%,

12/01/24

412

403

991181243.UG.FTS.B,

28.48%,

11/20/23

462

454

991181294.UG.FTS.B,

29.49%,

11/19/24

92

91

991181308.UG.FTS.B,

28.98%,

11/25/24

-

-

991181316.UG.FTS.B,

25.94%,

11/15/24

34

34

991181343.UG.FTS.B,

28.98%,

11/23/24

301

299

991181356.UG.FTS.B,

29.49%,

11/19/23

13

12

*

991181371.UG.FTS.B,

29.49%,

12/01/24

33

33

991181375.UG.FTS.B,

29.49%,

11/24/24

154

152

991181391.UG.FTS.B,

29.49%,

11/21/24

1,265

1,234

*

991181409.UG.FTS.B,

20.46%,

11/26/24

1,203

714

991181416.UG.FTS.B,

21.46%,

12/01/24

65

65

991181424.UG.FTS.B,

21.98%,

2/10/27

5

5

991181534.UG.FTS.B,

14.98%,

11/12/24

1,051

1,039

991181585.UG.FTS.B,

21.98%,

11/30/24

1,361

1,350

991181598.UG.FTS.B,

19.3%,

11/21/23

68

67

991181634.UG.FTS.B,

29.49%,

11/11/24

25

26

991181639.UG.FTS.B,

29.49%,

11/23/24

22

22

991181647.UG.FTS.B,

19.99%,

11/20/24

142

140

991181659.UG.FTS.B,

21.46%,

11/12/24

14

14

991181660.UG.FTS.B,

20.96%,

11/13/23

48

48

991181708.UG.FTS.B,

29.49%,

11/29/23

19

18

991181713.UG.FTS.B,

29.49%,

11/24/23

176

173

991181728.UG.FTS.B,

28.98%,

11/30/24

479

474

991181774.UG.FTS.B,

29.49%,

11/21/23

234

231

991181818.UG.FTS.B,

29.49%,

11/22/24

306

303

*

991181833.UG.FTS.B,

29.49%,

11/21/23

214

209

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

463

a

991181842.UG.FTS.B,

18.71%,

11/24/23

185

184

991181850.UG.FTS.B,

29.49%,

11/21/23

41

41

991181878.UG.FTS.B,

29.49%,

11/19/23

694

688

991181884.UG.FTS.B,

29.49%,

11/20/24

303

299

991181909.UG.FTS.B,

19.21%,

11/13/24

52

52

991181923.UG.FTS.B,

19.99%,

11/11/24

1,122

1,137

991181966.UG.FTS.B,

29.49%,

11/23/24

967

968

991181974.UG.FTS.B,

28.98%,

11/23/24

1,334

1,321

*

991181978.UG.FTS.B,

29.49%,

11/22/24

116

9

991181980.UG.FTS.B,

19.21%,

11/23/24

657

677

991181990.UG.FTS.B,

29.49%,

11/25/23

717

737

*

991182003.UG.FTS.B,

29.49%,

11/20/24

32

5

991182015.UG.FTS.B,

19.8%,

11/13/24

185

183

991182058.UG.FTS.B,

29.49%,

11/30/23

56

55

991182059.UG.FTS.B,

29.49%,

11/21/24

89

87

991182061.UG.FTS.B,

29.49%,

11/21/23

735

724

*

991182065.UG.FTS.B,

19.3%,

11/14/23

75

9

991182068.UG.FTS.B,

28.98%,

11/30/24

165

162

991182092.UG.FTS.B,

19.8%,

11/27/24

83

84

991182116.UG.FTS.B,

28.98%,

11/30/24

605

600

991182117.UG.FTS.B,

28.98%,

11/11/24

254

257

991182164.UG.FTS.B,

29.49%,

11/16/24

342

338

*

991182177.UG.FTS.B,

14.98%,

2/26/27

-

-

*

991182182.UG.FTS.B,

28.98%,

11/24/24

118

9

991182211.UG.FTS.B,

18.47%,

11/26/23

485

483

991182228.UG.FTS.B,

28.98%,

11/30/24

180

179

991182229.UG.FTS.B,

29.49%,

11/20/24

72

71

991182247.UG.FTS.B,

21.48%,

11/20/23

41

41

991182291.UG.FTS.B,

29.49%,

11/19/24

603

594

991182331.UG.FTS.B,

29.49%,

11/11/24

-

-

991182336.UG.FTS.B,

29.49%,

11/25/23

70

72

991182361.UG.FTS.B,

29.49%,

11/30/24

187

185

991182366.UG.FTS.B,

17.49%,

11/29/23

79

79

*

991182385.UG.FTS.B,

28.98%,

11/11/24

300

37

991182403.UG.FTS.B,

29.49%,

11/25/23

75

76

991182431.UG.FTS.B,

29.49%,

11/11/24

418

422

991182432.UG.FTS.B,

29.49%,

11/23/24

1,068

1,055

991182437.UG.FTS.B,

29.49%,

11/23/23

61

59

*

991182467.UG.FTS.B,

21.46%,

11/19/24

29

5

991182471.UG.FTS.B,

28.98%,

11/20/24

50

49

991182494.UG.FTS.B,

20.46%,

11/25/24

1,266

1,257

991182500.UG.FTS.B,

28.98%,

12/01/24

1,608

1,578

991182520.UG.FTS.B,

18.97%,

11/30/24

6

6

991182577.UG.FTS.B,

28.48%,

11/25/23

66

67

*

991182582.UG.FTS.B,

29.49%,

11/24/24

75

6

991182595.UG.FTS.B,

20.96%,

11/26/23

304

301

991182649.UG.FTS.B,

28.98%,

11/11/24

12

12

991182650.UG.FTS.B,

19.3%,

11/21/23

95

95

991182655.UG.FTS.B,

29.49%,

11/23/24

112

110

991182679.UG.FTS.B,

29.49%,

12/01/23

744

733

991182685.UG.FTS.B,

29.49%,

12/01/23

136

133

991182694.UG.FTS.B,

29.49%,

11/30/24

7

7

991182698.UG.FTS.B,

29.49%,

11/24/24

140

137

*

991182716.UG.FTS.B,

21.98%,

11/28/24

506

499

991182717.UG.FTS.B,

29.49%,

11/24/24

3,116

3,155

991182718.UG.FTS.B,

29.49%,

11/28/23

110

110

991182723.UG.FTS.B,

29.49%,

2/09/27

4

4

991182724.UG.FTS.B,

29.49%,

11/30/24

-

-

991182729.UG.FTS.B,

22.97%,

12/01/24

145

143

991182736.UG.FTS.B,

29.49%,

11/22/24

178

176

991182741.UG.FTS.B,

29.49%,

11/20/24

576

569

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

464

a

991182750.UG.FTS.B,

29.49%,

11/24/23

102

101

991182775.UG.FTS.B,

29.49%,

11/22/24

184

182

991182784.UG.FTS.B,

29.49%,

11/22/23

246

243

991182787.UG.FTS.B,

22.47%,

11/29/23

90

89

*

991182789.UG.FTS.B,

28.98%,

12/01/24

913

907

991182850.UG.FTS.B,

22.45%,

12/01/23

50

50

991182855.UG.FTS.B,

28.98%,

12/01/24

9

9

991182907.UG.FTS.B,

29.49%,

11/21/23

87

86

991182908.UG.FTS.B,

15.97%,

11/29/24

448

447

991182916.UG.FTS.B,

29.49%,

11/20/24

112

109

991182918.UG.FTS.B,

28.98%,

11/24/24

227

223

991182928.UG.FTS.B,

29.49%,

11/20/24

127

126

991182945.UG.FTS.B,

29.49%,

12/01/23

69

68

991182959.UG.FTS.B,

29.49%,

11/20/24

179

176

*

991182975.UG.FTS.B,

29.48%,

12/01/23

115

114

991182997.UG.FTS.B,

29.49%,

12/01/23

199

196

991183019.UG.FTS.B,

19.8%,

11/17/24

4,503

4,448

991183037.UG.FTS.B,

29.49%,

11/23/23

22

21

991183042.UG.FTS.B,

28.98%,

11/16/24

364

357

991183089.UG.FTS.B,

21.98%,

11/26/24

168

167

991183100.UG.FTS.B,

19.21%,

11/19/24

178

177

991183104.UG.FTS.B,

29.49%,

11/21/24

243

241

991183124.UG.FTS.B,

29.49%,

11/23/24

312

308

991183146.UG.FTS.B,

29.49%,

11/21/23

40

39

991183172.UG.FTS.B,

28.98%,

11/08/24

149

145

991183278.UG.FTS.B,

28.48%,

11/20/23

141

140

991183279.UG.FTS.B,

28.98%,

11/24/24

487

477

991183287.UG.FTS.B,

29.49%,

11/11/23

19

19

991183325.UG.FTS.B,

29.49%,

12/01/24

1,430

1,416

991183337.UG.FTS.B,

29.49%,

11/20/24

342

334

991183376.UG.FTS.B,

29.49%,

11/21/24

970

963

*

991183393.UG.FTS.B,

29.49%,

12/01/23

450

63

991183406.UG.FTS.B,

18.47%,

11/13/23

744

740

991183431.UG.FTS.B,

29.49%,

11/24/23

473

464

991183433.UG.FTS.B,

28.98%,

11/23/24

7

7

991183454.UG.FTS.B,

29.49%,

11/11/23

1,405

1,406

991183458.UG.FTS.B,

29.49%,

11/11/24

86

87

991183459.UG.FTS.B,

20.97%,

11/19/24

963

957

991183463.UG.FTS.B,

29.49%,

11/21/23

62

61

991183478.UG.FTS.B,

28.48%,

11/20/23

353

351

991183499.UG.FTS.B,

29.49%,

11/20/23

660

653

991183506.UG.FTS.B,

18.97%,

11/15/24

384

380

991183531.UG.FTS.B,

22.97%,

11/12/24

1,441

1,415

*

991183565.UG.FTS.B,

29.49%,

11/11/23

249

32

*

991183579.UG.FTS.B,

20.46%,

11/11/24

685

129

991183586.UG.FTS.B,

19.8%,

11/21/24

217

215

991183616.UG.FTS.B,

28.98%,

11/19/24

765

752

991183630.UG.FTS.B,

29.49%,

11/30/24

1,076

1,057

*

991183655.UG.FTS.B,

29.49%,

11/25/24

3,969

4,092

991183693.UG.FTS.B,

29.49%,

11/23/24

1,991

1,954

991183694.UG.FTS.B,

25.95%,

11/12/24

192

188

991183733.UG.FTS.B,

20.46%,

11/22/24

751

746

991183750.UG.FTS.B,

29.48%,

11/30/23

812

800

991183773.UG.FTS.B,

28.98%,

11/22/24

1,529

1,488

*

991183805.UG.FTS.B,

29.49%,

11/24/24

85

7

991183810.UG.FTS.B,

29.49%,

11/30/24

96

95

*

991183815.UG.FTS.B,

22.45%,

11/12/23

483

103

991183845.UG.FTS.B,

29.49%,

11/21/24

1,341

1,314

991183872.UG.FTS.B,

29.49%,

11/24/23

126

123

*

991183878.UG.FTS.B,

29.49%,

11/11/23

103

7

*

991183942.UG.FTS.B,

29.49%,

11/20/24

100

70

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

465

a

991183951.UG.FTS.B,

28.98%,

12/01/24

731

728

991183984.UG.FTS.B,

29.49%,

11/11/23

937

944

991183986.UG.FTS.B,

28.98%,

11/19/24

-

-

991183993.UG.FTS.B,

28.98%,

11/18/24

1,257

1,247

991184027.UG.FTS.B,

20.97%,

11/23/24

290

287

991184036.UG.FTS.B,

19.21%,

11/11/24

1,084

1,100

991184091.UG.FTS.B,

22.97%,

11/14/24

481

476

*

991184097.UG.FTS.B,

28.98%,

11/22/24

375

372

991184113.UG.FTS.B,

28.98%,

11/22/24

3,463

3,412

*

991184133.UG.FTS.B,

29.49%,

11/23/24

3,346

3,320

991184147.UG.FTS.B,

28.48%,

11/11/23

243

246

991184149.UG.FTS.B,

29.49%,

11/30/24

1,112

1,106

991184176.UG.FTS.B,

29.49%,

11/24/24

184

182

*

991184193.UG.FTS.B,

29.49%,

11/22/24

383

378

991184278.UG.FTS.B,

19.96%,

11/11/23

89

90

991184330.UG.FTS.B,

28.48%,

11/19/23

253

251

*

991184351.UG.FTS.B,

19.99%,

11/24/24

92

65

991184452.UG.FTS.B,

29.49%,

11/22/24

1,048

1,040

991184455.UG.FTS.B,

29.49%,

11/24/24

234

229

991184464.UG.FTS.B,

29.49%,

11/19/24

111

109

991184518.UG.FTS.B,

29.49%,

12/01/24

2,738

2,724

*

991184545.UG.FTS.B,

28.98%,

11/20/24

379

375

*

991184553.UG.FTS.B,

28.48%,

11/19/23

198

26

*

991184569.UG.FTS.B,

21.98%,

11/23/24

191

190

991184583.UG.FTS.B,

29.49%,

11/24/23

367

373

991184596.UG.FTS.B,

27.99%,

11/19/24

969

961

991184611.UG.FTS.B,

24.45%,

11/24/23

282

279

991184674.UG.FTS.B,

22.97%,

11/27/24

2,650

2,637

991184682.UG.FTS.B,

29.48%,

11/30/23

108

108

*

991184717.UG.FTS.B,

29.49%,

11/19/24

872

111

991184744.UG.FTS.B,

28.48%,

11/23/23

283

281

991184768.UG.FTS.B,

21.98%,

11/23/24

1,158

1,151

991184784.UG.FTS.B,

28.98%,

11/23/24

1,161

1,142

991184808.UG.FTS.B,

28.98%,

11/30/24

367

365

991184823.UG.FTS.B,

28.98%,

11/19/24

573

561

991184846.UG.FTS.B,

20.97%,

11/14/24

384

381

991184856.UG.FTS.B,

27.99%,

11/30/24

293

291

991184898.UG.FTS.B,

21.46%,

11/14/24

1,839

1,808

991184914.UG.FTS.B,

29.49%,

12/01/24

1,175

1,169

991184949.UG.FTS.B,

29.49%,

11/24/23

95

93

991185001.UG.FTS.B,

21.98%,

11/24/24

505

497

*

991185013.UG.FTS.B,

29.49%,

11/11/23

60

9

991185031.UG.FTS.B,

20.47%,

11/26/23

5

5

991185045.UG.FTS.B,

29.49%,

12/09/26

-

-

991185047.UG.FTS.B,

28.98%,

12/01/24

69

68

991185083.UG.FTS.B,

29.49%,

11/21/23

66

65

991185100.UG.FTS.B,

29.49%,

11/30/24

315

312

*

991185113.UG.FTS.B,

29.49%,

11/21/24

30

30

991185127.UG.FTS.B,

29.49%,

11/21/24

37

37

991185131.UG.FTS.B,

29.49%,

12/01/23

60

59

*

991185146.UG.FTS.B,

29.49%,

11/25/23

521

77

991185187.UG.FTS.B,

24.45%,

11/25/23

149

148

*

991185197.UG.FTS.B,

28.98%,

11/24/24

19

1

991185200.UG.FTS.B,

29.49%,

11/19/24

39

38

991185213.UG.FTS.B,

20.97%,

11/29/24

153

152

991185221.UG.FTS.B,

28.98%,

11/30/24

92

91

991185224.UG.FTS.B,

21.98%,

11/30/24

101

100

991185246.UG.FTS.B,

29.49%,

11/30/24

524

521

991185262.UG.FTS.B,

29.49%,

11/08/24

184

179

991185357.UG.FTS.B,

29.49%,

11/20/23

240

235

991185362.UG.FTS.B,

29.49%,

11/28/23

90

88

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

466

a

*

991185378.UG.FTS.B,

29.49%,

11/24/24

131

131

991185383.UG.FTS.B,

28.98%,

11/21/24

802

786

991185416.UG.FTS.B,

29.48%,

11/22/23

1

1

991185437.UG.FTS.B,

28.98%,

11/30/24

229

227

*

991185464.UG.FTS.B,

29.49%,

11/16/23

569

139

991185484.UG.FTS.B,

28.98%,

11/19/24

128

127

991185527.UG.FTS.B,

29.49%,

11/20/24

101

99

991185533.UG.FTS.B,

29.49%,

11/22/23

136

134

991185541.UG.FTS.B,

17.99%,

11/29/24

181

180

991185545.UG.FTS.B,

29.49%,

11/19/23

9

9

991185631.UG.FTS.B,

28.98%,

11/23/24

56

55

991185674.UG.FTS.B,

20.46%,

11/28/24

102

101

991185680.UG.FTS.B,

20.97%,

11/15/24

248

244

991185688.UG.FTS.B,

22.47%,

11/26/23

317

314

991185725.UG.FTS.B,

29.49%,

11/23/23

1,865

1,828

991185797.UG.FTS.B,

20.47%,

11/24/23

16

15

991185856.UG.FTS.B,

29.49%,

11/23/23

144

142

*

991185886.UG.FTS.B,

28.98%,

11/23/24

37

6

991185891.UG.FTS.B,

19.99%,

11/29/24

2,296

2,280

991185927.UG.FTS.B,

29.49%,

11/20/24

156

153

991185958.UG.FTS.B,

29.49%,

11/16/23

45

44

991185990.UG.FTS.B,

29.49%,

11/29/24

771

759

991186041.UG.FTS.B,

19.96%,

11/27/23

420

418

991186053.UG.FTS.B,

29.49%,

11/30/24

121

120

991186061.UG.FTS.B,

19.8%,

11/14/24

506

501

991186076.UG.FTS.B,

29.49%,

11/20/24

27

26

991186088.UG.FTS.B,

29.48%,

11/24/23

94

93

991186100.UG.FTS.B,

29.49%,

11/25/24

916

938

991186102.UG.FTS.B,

28.48%,

2/19/27

2

2

991186104.UG.FTS.B,

29.49%,

11/16/23

99

98

991186116.UG.FTS.B,

28.98%,

11/25/24

441

456

*

991186121.UG.FTS.B,

21.48%,

11/27/23

116

115

991186127.UG.FTS.B,

29.49%,

11/24/24

992

995

991186189.UG.FTS.B,

18.47%,

11/25/23

708

703

991186231.UG.FTS.B,

29.49%,

12/01/24

214

211

991186245.UG.FTS.B,

29.49%,

12/01/23

308

304

*

991186254.UG.FTS.B,

29.49%,

11/21/24

143

11

*

991186290.UG.FTS.B,

29.49%,

11/22/24

98

97

991186291.UG.FTS.B,

29.49%,

11/24/23

20

20

991186304.UG.FTS.B,

28.98%,

11/28/24

412

408

991186328.UG.FTS.B,

29.49%,

11/21/23

86

85

991186349.UG.FTS.B,

17.99%,

11/27/24

264

262

991186355.UG.FTS.B,

22.97%,

11/21/24

157

156

991186361.UG.FTS.B,

29.49%,

12/01/24

181

180

991186384.UG.FTS.B,

28.48%,

11/24/23

411

404

991186388.UG.FTS.B,

19.21%,

11/15/24

501

496

991186396.UG.FTS.B,

29.49%,

11/24/24

135

132

991186409.UG.FTS.B,

29.49%,

12/05/24

5,580

5,501

*

991186414.UG.FTS.B,

21.46%,

11/30/24

440

30

991186425.UG.FTS.B,

29.49%,

11/19/24

300

295

991186431.UG.FTS.B,

29.49%,

11/19/23

80

78

991186463.UG.FTS.B,

28.48%,

11/22/23

20

20

991186467.UG.FTS.B,

23.95%,

11/15/24

1,901

1,883

991186487.UG.FTS.B,

18.97%,

11/28/24

282

281

991186496.UG.FTS.B,

19.3%,

12/01/23

300

299

*

991186519.UG.FTS.B,

28.98%,

11/30/24

270

269

991186542.UG.FTS.B,

21.46%,

2/25/27

4

4

*

991186561.UG.FTS.B,

28.98%,

11/20/24

15

14

991186588.UG.FTS.B,

28.98%,

11/19/24

3

3

991186611.UG.FTS.B,

29.49%,

11/23/23

31

31

*

991186629.UG.FTS.B,

29.49%,

11/21/24

81

59

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

467

a

991186631.UG.FTS.B,

28.98%,

11/21/24

37

37

991186676.UG.FTS.B,

29.49%,

12/01/24

750

744

991186705.UG.FTS.B,

27.99%,

12/01/24

232

229

991186721.UG.FTS.B,

29.49%,

11/23/23

73

75

991186723.UG.FTS.B,

20.96%,

11/17/23

221

219

991186729.UG.FTS.B,

19.99%,

11/19/24

23

23

991186738.UG.FTS.B,

28.48%,

11/23/23

123

121

991186762.UG.FTS.B,

29.48%,

12/01/23

153

151

991186777.UG.FTS.B,

18.97%,

11/30/24

17

17

991186791.UG.FTS.B,

29.49%,

11/23/24

29

28

991186796.UG.FTS.B,

29.49%,

11/23/23

62

60

991186797.UG.FTS.B,

21.46%,

11/29/24

117

116

991186825.UG.FTS.B,

29.49%,

11/30/24

63

62

991186849.UG.FTS.B,

29.49%,

11/18/23

60

59

991186895.UG.FTS.B,

29.49%,

12/01/24

106

104

991186920.UG.FTS.B,

29.49%,

11/25/24

1,032

1,061

991186930.UG.FTS.B,

28.98%,

11/20/24

150

148

991187003.UG.FTS.B,

28.98%,

11/23/24

1,031

1,013

991187032.UG.FTS.B,

29.49%,

11/22/23

165

161

*

991187139.UG.FTS.B,

29.49%,

11/19/23

170

24

991187157.UG.FTS.B,

28.98%,

11/24/24

104

103

991187172.UG.FTS.B,

28.98%,

11/19/24

125

124

991187184.UG.FTS.B,

29.49%,

11/23/24

16

16

991187197.UG.FTS.B,

28.98%,

11/23/24

170

168

991187212.UG.FTS.B,

29.49%,

11/10/23

384

384

991187267.UG.FTS.B,

21.46%,

11/23/24

90

89

*

991187271.UG.FTS.B,

28.48%,

11/21/23

105

104

991187281.UG.FTS.B,

28.98%,

11/19/24

6

6

991187295.UG.FTS.B,

29.49%,

11/11/24

233

236

991187363.UG.FTS.B,

18.97%,

11/16/24

282

279

991187364.UG.FTS.B,

29.49%,

11/21/23

20

20

991187382.UG.FTS.B,

29.49%,

12/05/24

149

147

991187386.UG.FTS.B,

29.49%,

11/20/24

85

84

991187389.UG.FTS.B,

29.49%,

11/22/24

187

185

991187390.UG.FTS.B,

29.49%,

11/21/23

11

11

991187401.UG.FTS.B,

29.49%,

11/20/24

90

89

991187403.UG.FTS.B,

18.71%,

11/15/23

100

99

991187405.UG.FTS.B,

18.97%,

11/22/24

410

411

991187412.UG.FTS.B,

19.99%,

12/05/24

570

566

991187437.UG.FTS.B,

29.49%,

11/25/23

249

253

*

991187472.UG.FTS.B,

29.48%,

11/22/23

84

83

991187527.UG.FTS.B,

28.98%,

11/20/24

80

78

991187559.UG.FTS.B,

29.49%,

11/24/24

257

253

991187570.UG.FTS.B,

28.98%,

11/20/24

244

242

991187584.UG.FTS.B,

28.48%,

11/09/23

289

282

991187651.UG.FTS.B,

29.49%,

11/20/24

2

2

991187665.UG.FTS.B,

21.98%,

11/11/24

492

500

991187695.UG.FTS.B,

29.49%,

11/21/24

204

201

*

991187743.UG.FTS.B,

29.49%,

11/18/23

265

258

991187762.UG.FTS.B,

29.49%,

12/01/24

128

125

991187770.UG.FTS.B,

20.47%,

11/19/23

308

305

991187798.UG.FTS.B,

29.49%,

11/23/23

178

177

991187805.UG.FTS.B,

29.49%,

11/29/23

16

16

991187826.UG.FTS.B,

22.97%,

11/22/24

133

132

*

991187835.UG.FTS.B,

21.46%,

11/23/24

177

21

991187841.UG.FTS.B,

29.49%,

12/01/23

111

110

991187853.UG.FTS.B,

20.97%,

11/18/24

217

214

*

991187881.UG.FTS.B,

29.49%,

11/24/23

838

857

991187895.UG.FTS.B,

29.49%,

2/22/27

1

1

*

991187931.UG.FTS.B,

20.47%,

12/05/23

86

85

991187935.UG.FTS.B,

20.97%,

11/29/24

124

123

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

468

a

991187953.UG.FTS.B,

29.49%,

11/20/24

91

90

991187964.UG.FTS.B,

18.97%,

11/27/24

302

299

991187965.UG.FTS.B,

28.98%,

11/23/24

251

258

991187974.UG.FTS.B,

24.45%,

11/29/23

73

72

991187993.UG.FTS.B,

19.8%,

11/21/24

1,375

1,364

991188076.UG.FTS.B,

25.95%,

11/20/24

387

380

991188078.UG.FTS.B,

29.49%,

11/17/23

213

208

*

991188088.UG.FTS.B,

28.98%,

11/19/24

58

8

991188090.UG.FTS.B,

20.47%,

11/21/23

56

55

991188096.UG.FTS.B,

28.48%,

11/21/23

34

34

991188097.UG.FTS.B,

29.49%,

11/20/24

98

97

991188129.UG.FTS.B,

29.49%,

11/20/23

134

132

991188131.UG.FTS.B,

19.99%,

11/23/23

270

265

991188136.UG.FTS.B,

29.49%,

12/01/24

365

362

991188137.UG.FTS.B,

29.49%,

11/22/23

22

22

991188141.UG.FTS.B,

29.49%,

11/23/23

565

571

991188168.UG.FTS.B,

19.21%,

11/28/24

350

348

*

991188185.UG.FTS.B,

22.47%,

11/12/23

24

4

991188196.UG.FTS.B,

28.48%,

11/20/23

420

413

991188239.UG.FTS.B,

18.97%,

11/19/24

368

365

991188252.UG.FTS.B,

26.44%,

11/17/23

51

50

991188261.UG.FTS.B,

29.49%,

11/24/23

11

11

991188265.UG.FTS.B,

21.98%,

12/01/24

36

36

991188329.UG.FTS.B,

29.49%,

11/22/23

267

263

991188386.UG.FTS.B,

28.48%,

11/11/23

337

341

991188407.UG.FTS.B,

19.99%,

11/25/24

40

41

991188417.UG.FTS.B,

29.49%,

11/19/24

127

125

991188463.UG.FTS.B,

28.98%,

12/01/24

121

121

991188471.UG.FTS.B,

29.49%,

11/25/24

82

84

991188488.UG.FTS.B,

29.49%,

11/25/24

47

48

*

991188495.UG.FTS.B,

28.98%,

12/01/24

119

118

991188505.UG.FTS.B,

19.99%,

11/20/24

248

245

991188540.UG.FTS.B,

28.98%,

11/19/24

90

89

991188542.UG.FTS.B,

29.49%,

12/01/23

314

312

991188559.UG.FTS.B,

28.98%,

11/22/24

43

42

991188569.UG.FTS.B,

28.98%,

11/25/24

59

60

991188594.UG.FTS.B,

29.49%,

11/25/24

3,251

3,297

991188630.UG.FTS.B,

28.98%,

11/30/24

70

69

991188631.UG.FTS.B,

28.98%,

11/08/24

411

401

991188661.UG.FTS.B,

29.48%,

11/20/23

134

133

991188671.UG.FTS.B,

29.49%,

11/21/24

274

270

991188676.UG.FTS.B,

28.98%,

11/22/24

1,264

1,249

991188678.UG.FTS.B,

19.99%,

11/19/24

483

479

991188689.UG.FTS.B,

27.99%,

11/22/24

25

25

991188704.UG.FTS.B,

29.49%,

11/23/24

123

121

*

991188705.UG.FTS.B,

23.45%,

2/28/27

4

1

991188709.UG.FTS.B,

29.49%,

11/19/24

310

305

991188741.UG.FTS.B,

29.49%,

11/24/24

233

240

*

991188756.UG.FTS.B,

29.49%,

11/24/23

143

20

991188757.UG.FTS.B,

28.98%,

11/29/24

1,310

1,299

991188758.UG.FTS.B,

29.49%,

11/22/24

119

118

991188766.UG.FTS.B,

28.98%,

11/23/24

1,756

1,743

991188769.UG.FTS.B,

21.46%,

11/27/24

65

64

991188783.UG.FTS.B,

29.49%,

11/25/23

8

8

991188805.UG.FTS.B,

19.3%,

11/13/23

246

243

991188840.UG.FTS.B,

29.49%,

11/19/24

167

165

991188909.UG.FTS.B,

29.49%,

12/05/24

896

877

991188929.UG.FTS.B,

28.98%,

12/01/24

770

762

991188940.UG.FTS.B,

29.48%,

11/11/23

151

152

991188961.UG.FTS.B,

19.3%,

11/22/23

164

163

991188986.UG.FTS.B,

28.98%,

11/23/24

1

1

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

469

a

991189052.UG.FTS.B,

29.49%,

11/24/24

243

240

*

991189063.UG.FTS.B,

29.49%,

11/19/24

223

29

*

991189120.UG.FTS.B,

29.49%,

11/21/24

103

8

991189130.UG.FTS.B,

28.98%,

12/01/24

51

50

991189138.UG.FTS.B,

18.71%,

11/26/23

77

76

*

991189165.UG.FTS.B,

28.98%,

11/21/24

29

29

991189173.UG.FTS.B,

26.94%,

11/25/24

553

567

991189205.UG.FTS.B,

28.98%,

11/19/24

251

249

991189207.UG.FTS.B,

29.49%,

11/22/24

309

305

991189231.UG.FTS.B,

28.98%,

12/05/24

365

358

991189246.UG.FTS.B,

29.49%,

12/05/24

241

235

991189272.UG.FTS.B,

21.46%,

11/14/24

2,177

2,158

*

991189297.UG.FTS.B,

20.96%,

11/27/23

375

374

991189300.UG.FTS.B,

29.49%,

11/23/24

615

599

991189306.UG.FTS.B,

28.48%,

12/05/23

84

83

991189307.UG.FTS.B,

21.48%,

12/05/23

307

304

991189309.UG.FTS.B,

29.48%,

11/20/23

254

251

991189358.UG.FTS.B,

28.98%,

11/30/24

3,777

3,745

991189381.UG.FTS.B,

28.48%,

11/19/23

11

11

991189443.UG.FTS.B,

29.49%,

11/10/24

78

76

991189456.UG.FTS.B,

28.98%,

11/23/24

209

208

991189460.UG.FTS.B,

28.98%,

11/25/24

425

438

991189463.UG.FTS.B,

19.99%,

11/24/23

76

75

991189469.UG.FTS.B,

18.47%,

11/29/23

736

731

991189481.UG.FTS.B,

19.3%,

11/15/23

317

313

991189484.UG.FTS.B,

29.49%,

12/01/24

24

24

991189494.UG.FTS.B,

23.95%,

11/10/24

811

822

991189508.UG.FTS.B,

25.45%,

11/13/23

16

16

991189562.UG.FTS.B,

19.8%,

11/28/24

242

240

991189579.UG.FTS.B,

20.96%,

11/09/23

70

71

991189600.UG.FTS.B,

29.49%,

11/23/24

99

97

991189601.UG.FTS.B,

29.49%,

11/22/24

221

219

991189611.UG.FTS.B,

28.98%,

11/23/24

-

-

991189619.UG.FTS.B,

28.98%,

11/23/24

1,544

1,533

991189626.UG.FTS.B,

29.49%,

11/08/23

42

41

991189663.UG.FTS.B,

19.99%,

11/24/24

31

31

991189681.UG.FTS.B,

29.49%,

11/19/23

34

33

991189701.UG.FTS.B,

29.49%,

12/05/24

57

56

991189706.UG.FTS.B,

28.98%,

12/01/24

369

367

991189744.UG.FTS.B,

29.49%,

11/30/24

262

260

991189749.UG.FTS.B,

29.49%,

11/30/24

13

13

991189750.UG.FTS.B,

28.98%,

11/30/24

58

57

991189766.UG.FTS.B,

28.48%,

11/23/23

6

6

*

991189768.UG.FTS.B,

29.49%,

11/11/23

15

8

991189815.UG.FTS.B,

18.97%,

11/21/24

134

133

*

991189820.UG.FTS.B,

29.49%,

12/01/24

48

48

991189830.UG.FTS.B,

29.49%,

11/10/24

103

101

991189831.UG.FTS.B,

29.49%,

11/11/23

13

13

991189851.UG.FTS.B,

19.8%,

11/29/24

647

645

991189869.UG.FTS.B,

22.97%,

11/27/24

70

69

991189874.UG.FTS.B,

28.98%,

11/23/24

1,990

2,045

*

991189905.UG.FTS.B,

26.44%,

11/30/23

97

96

991189918.UG.FTS.B,

29.49%,

11/29/24

116

114

991189945.UG.FTS.B,

29.49%,

11/23/23

71

70

991189950.UG.FTS.B,

20.46%,

11/26/24

220

219

991189965.UG.FTS.B,

29.49%,

11/30/24

271

267

*

991189970.UG.FTS.B,

28.98%,

11/23/24

158

21

*

991189975.UG.FTS.B,

29.49%,

11/19/24

102

8

991189992.UG.FTS.B,

29.99%,

11/24/23

49

48

991190016.UG.FTS.B,

22.47%,

11/15/23

78

78

991190043.UG.FTS.B,

29.49%,

11/21/23

386

378

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

470

a

991190045.UG.FTS.B,

19.8%,

11/28/24

77

77

991190064.UG.FTS.B,

19.99%,

12/01/24

1,007

1,002

991190075.UG.FTS.B,

28.98%,

11/11/24

25

25

991190083.UG.FTS.B,

29.49%,

12/01/24

62

61

*

991190127.UG.FTS.B,

29.49%,

11/20/23

648

647

991190143.UG.FTS.B,

29.49%,

11/18/24

118

116

991190151.UG.FTS.B,

29.49%,

11/22/23

102

100

991190181.UG.FTS.B,

19.8%,

11/26/24

264

262

991190202.UG.FTS.B,

29.49%,

11/21/23

100

98

991190207.UG.FTS.B,

21.46%,

11/29/24

1,385

1,379

991190233.UG.FTS.B,

28.98%,

11/19/24

68

67

991190236.UG.FTS.B,

29.49%,

12/01/24

133

131

*

991190240.UG.FTS.B,

29.49%,

11/23/24

69

6

991190247.UG.FTS.B,

28.98%,

12/01/24

1,092

1,087

991190263.UG.FTS.B,

29.49%,

11/19/23

8

8

991190293.UG.FTS.B,

29.49%,

11/08/24

30

29

991190298.UG.FTS.B,

29.49%,

11/21/24

1,388

1,377

991190331.UG.FTS.B,

29.49%,

11/30/23

590

582

991190337.UG.FTS.B,

29.49%,

11/21/23

28

27

991190340.UG.FTS.B,

28.48%,

12/05/23

441

433

991190345.UG.FTS.B,

29.49%,

11/24/23

428

418

991190365.UG.FTS.B,

29.49%,

11/21/24

85

84

991190367.UG.FTS.B,

28.98%,

12/01/24

164

163

991190392.UG.FTS.B,

28.98%,

11/25/24

508

524

991190395.UG.FTS.B,

28.98%,

11/20/24

114

113

991190401.UG.FTS.B,

29.49%,

11/30/24

976

970

991190403.UG.FTS.B,

29.49%,

11/24/24

647

634

991190438.UG.FTS.B,

19.21%,

11/29/24

2,348

2,340

991190454.UG.FTS.B,

22.47%,

11/24/23

12

12

991190468.UG.FTS.B,

28.48%,

11/30/23

11

11

991190483.UG.FTS.B,

29.49%,

12/05/24

154

152

*

991190492.UG.FTS.B,

21.48%,

1/21/27

1

1

991190495.UG.FTS.B,

28.98%,

11/30/24

1,281

1,275

991190513.UG.FTS.B,

29.49%,

11/11/23

94

94

991190557.UG.FTS.B,

29.49%,

11/09/23

160

161

991190576.UG.FTS.B,

29.49%,

11/25/23

719

739

991190596.UG.FTS.B,

29.49%,

11/22/23

69

68

991190627.UG.FTS.B,

22.97%,

11/17/24

2,297

2,269

991190687.UG.FTS.B,

29.49%,

11/20/23

22

21

991190691.UG.FTS.B,

29.48%,

11/22/23

29

28

991190701.UG.FTS.B,

28.48%,

11/19/23

59

59

991190711.UG.FTS.B,

29.49%,

11/24/24

99

98

991190714.UG.FTS.B,

29.49%,

11/22/23

101

99

991190742.UG.FTS.B,

29.49%,

11/30/23

87

86

991190745.UG.FTS.B,

28.98%,

12/01/24

131

129

991190752.UG.FTS.B,

29.49%,

11/21/24

11

10

991190759.UG.FTS.B,

20.97%,

11/28/24

430

428

*

991190761.UG.FTS.B,

19.8%,

11/11/24

422

47

991190783.UG.FTS.B,

29.49%,

11/23/23

7

7

991190864.UG.FTS.B,

28.98%,

11/09/24

267

261

991190899.UG.FTS.B,

28.98%,

11/22/24

219

218

991190915.UG.FTS.B,

16.99%,

12/06/24

327

336

991190929.UG.FTS.B,

19.3%,

12/06/23

921

917

991190946.UG.FTS.B,

26.44%,

11/13/23

13

13

*

991190952.UG.FTS.B,

29.49%,

11/19/24

55

4

991190969.UG.FTS.B,

29.49%,

12/06/24

204

202

991190989.UG.FTS.B,

28.98%,

11/20/24

160

159

991190990.UG.FTS.B,

29.49%,

11/30/24

282

279

991190999.UG.FTS.B,

16.99%,

12/06/24

1,357

1,404

991191025.UG.FTS.B,

22.97%,

1/16/27

5

5

991191061.UG.FTS.B,

29.49%,

11/17/23

178

174

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

471

a

991191064.UG.FTS.B,

21.46%,

11/13/24

105

104

991191075.UG.FTS.B,

29.48%,

11/18/23

722

708

*

991191076.UG.FTS.B,

19.8%,

11/22/24

1,128

1,122

991191079.UG.FTS.B,

28.98%,

11/30/24

217

216

*

991191095.UG.FTS.B,

21.98%,

11/29/24

166

166

991191183.UG.FTS.B,

17.97%,

12/06/24

6,296

6,458

*

991191191.UG.FTS.B,

22.97%,

11/28/24

141

11

991191200.UG.FTS.B,

25.44%,

11/15/23

362

357

991191231.UG.FTS.B,

29.49%,

11/19/23

225

221

991191234.UG.FTS.B,

29.49%,

11/29/24

1,499

1,465

*

991191280.UG.FTS.B,

18.71%,

11/27/23

455

302

991191286.UG.FTS.B,

29.49%,

11/11/24

170

169

991191288.UG.FTS.B,

19.21%,

11/30/24

1,494

1,489

991191303.UG.FTS.B,

16.99%,

12/06/24

3,042

3,147

991191306.UG.FTS.B,

29.49%,

12/06/23

843

836

991191311.UG.FTS.B,

29.49%,

12/01/23

235

230

991191329.UG.FTS.B,

28.98%,

11/23/24

686

693

*

991191338.UG.FTS.B,

19.8%,

12/05/24

132

24

991191367.UG.FTS.B,

28.98%,

12/01/24

489

481

991191376.UG.FTS.B,

29.48%,

12/06/23

42

41

991191405.UG.FTS.B,

29.49%,

11/25/24

448

461

991191415.UG.FTS.B,

19.21%,

11/20/24

-

-

991191424.UG.FTS.B,

19.8%,

11/20/24

156

155

991191497.UG.FTS.B,

14.98%,

12/06/24

564

580

991191502.UG.FTS.B,

28.48%,

11/23/23

58

57

991191513.UG.FTS.B,

29.49%,

11/30/24

124

122

991191535.UG.FTS.B,

28.98%,

11/21/24

139

138

991191538.UG.FTS.B,

28.98%,

11/18/24

223

219

991191565.UG.FTS.B,

26.94%,

11/12/24

53

53

991191585.UG.FTS.B,

29.49%,

11/25/24

286

291

991191606.UG.FTS.B,

22.97%,

11/25/24

545

560

991191618.UG.FTS.B,

26.44%,

12/01/23

317

311

991191661.UG.FTS.B,

20.47%,

11/19/23

-

-

*

991191690.UG.FTS.B,

29.49%,

11/30/24

597

592

*

991191694.UG.FTS.B,

29.49%,

12/01/23

69

68

991191696.UG.FTS.B,

29.49%,

11/19/24

405

401

991191726.UG.FTS.B,

29.49%,

11/21/24

416

408

991191738.UG.FTS.B,

29.49%,

11/21/24

3,816

3,786

991191742.UG.FTS.B,

28.48%,

11/08/23

168

164

991191748.UG.FTS.B,

29.48%,

11/20/23

462

456

991191757.UG.FTS.B,

19.96%,

12/01/23

756

753

991191767.UG.FTS.B,

29.49%,

11/11/24

79

81

991191782.UG.FTS.B,

23.45%,

11/14/23

213

210

991191793.UG.FTS.B,

25.45%,

11/24/23

234

232

991191796.UG.FTS.B,

29.49%,

11/24/23

41

41

991191830.UG.FTS.B,

22.95%,

11/23/24

483

479

*

991191859.UG.FTS.B,

29.49%,

11/23/24

168

22

991191892.UG.FTS.B,

29.49%,

11/22/23

144

144

991191896.UG.FTS.B,

28.98%,

11/11/24

203

206

991191916.UG.FTS.B,

29.49%,

11/20/24

-

-

991191963.UG.FTS.B,

29.49%,

11/22/24

772

766

*

991191976.UG.FTS.B,

20.47%,

1/09/27

-

-

991191984.UG.FTS.B,

29.49%,

11/19/24

316

312

*

991191992.UG.FTS.B,

21.46%,

11/17/24

-

-

991191996.UG.FTS.B,

29.49%,

11/20/24

28

28

991192015.UG.FTS.B,

16.49%,

12/06/23

1,052

1,088

*

991192026.UG.FTS.B,

29.49%,

11/21/23

128

127

991192050.UG.FTS.B,

28.98%,

11/25/24

345

356

*

991192057.UG.FTS.B,

28.98%,

11/24/24

237

234

991192089.UG.FTS.B,

18.3%,

11/27/23

406

404

991192104.UG.FTS.B,

29.49%,

11/24/24

435

426

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

472

a

991192150.UG.FTS.B,

19.99%,

11/19/24

82

81

991192164.UG.FTS.B,

28.98%,

11/22/24

67

66

991192208.UG.FTS.B,

19.8%,

11/14/24

317

312

991192213.UG.FTS.B,

28.98%,

11/24/24

294

292

991192286.UG.FTS.B,

29.49%,

11/19/24

1,082

1,060

991192289.UG.FTS.B,

29.49%,

11/11/24

391

392

991192314.UG.FTS.B,

29.49%,

12/01/24

1,404

1,396

991192321.UG.FTS.B,

28.48%,

11/21/23

101

97

991192326.UG.FTS.B,

29.49%,

11/20/23

9

9

991192338.UG.FTS.B,

29.49%,

11/21/24

29

28

*

991192431.UG.FTS.B,

28.98%,

11/11/24

135

17

991192476.UG.FTS.B,

28.98%,

11/20/24

13

13

991192507.UG.FTS.B,

29.49%,

11/19/24

90

89

991192509.UG.FTS.B,

29.49%,

11/22/23

40

40

991192524.UG.FTS.B,

29.48%,

11/18/23

223

221

991192583.UG.FTS.B,

28.98%,

11/30/24

50

49

991192621.UG.FTS.B,

29.49%,

12/01/24

633

622

991192648.UG.FTS.B,

28.98%,

11/11/24

101

103

991192666.UG.FTS.B,

29.49%,

11/23/23

43

43

*

991192679.UG.FTS.B,

19.8%,

11/10/24

527

537

991192702.UG.FTS.B,

29.49%,

11/19/24

110

109

991192712.UG.FTS.B,

29.48%,

11/11/23

27

27

991192740.UG.FTS.B,

19.3%,

11/09/23

1

1

991192752.UG.FTS.B,

29.49%,

11/30/24

300

295

991192788.UG.FTS.B,

29.49%,

11/30/24

85

84

*

991192789.UG.FTS.B,

29.49%,

11/19/24

164

163

991192838.UG.FTS.B,

28.98%,

11/25/24

717

739

991192840.UG.FTS.B,

29.49%,

12/01/24

218

217

991192873.UG.FTS.B,

29.49%,

11/20/24

95

94

991192893.UG.FTS.B,

28.98%,

11/28/24

226

225

*

991192903.UG.FTS.B,

28.98%,

11/24/24

110

113

991192909.UG.FTS.B,

29.49%,

11/22/23

101

100

991192927.UG.FTS.B,

17.97%,

12/06/24

3,945

4,057

991192952.UG.FTS.B,

29.49%,

2/18/27

2

2

991192961.UG.FTS.B,

29.49%,

11/19/23

100

98

991192985.UG.FTS.B,

15.47%,

11/12/23

403

399

991192987.UG.FTS.B,

26.44%,

11/14/23

2

2

991193001.UG.FTS.B,

28.48%,

11/22/23

89

88

*

991193049.UG.FTS.B,

29.49%,

11/23/23

115

9

991193075.UG.FTS.B,

29.49%,

11/21/24

21

21

991193084.UG.FTS.B,

29.49%,

12/01/23

379

369

991193100.UG.FTS.B,

29.49%,

11/23/24

228

224

991193135.UG.FTS.B,

27.99%,

11/22/24

131

130

991193153.UG.FTS.B,

29.49%,

11/22/23

120

117

991193180.UG.FTS.B,

28.98%,

11/30/24

86

86

991193230.UG.FTS.B,

28.98%,

11/19/24

42

41

991193291.UG.FTS.B,

28.98%,

11/11/24

24

24

991193318.UG.FTS.B,

28.98%,

11/23/24

94

93

991193329.UG.FTS.B,

22.97%,

11/29/23

163

161

991193356.UG.FTS.B,

28.98%,

2/18/27

2

2

991193364.UG.FTS.B,

17.99%,

11/27/24

47

47

991193371.UG.FTS.B,

29.49%,

11/21/23

93

92

991193398.UG.FTS.B,

29.49%,

11/22/23

220

216

991193399.UG.FTS.B,

29.49%,

11/22/23

454

446

991193402.UG.FTS.B,

29.49%,

11/19/24

97

96

991193408.UG.FTS.B,

17.99%,

11/28/24

304

302

991193410.UG.FTS.B,

15.97%,

12/06/24

118

121

991193415.UG.FTS.B,

21.46%,

12/01/24

3,857

3,840

991193427.UG.FTS.B,

28.48%,

11/22/23

63

62

991193446.UG.FTS.B,

29.49%,

11/25/24

425

439

991193473.UG.FTS.B,

29.49%,

11/30/24

239

237

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

473

a

991193559.UG.FTS.B,

29.49%,

11/25/24

698

714

991193563.UG.FTS.B,

29.49%,

11/30/23

794

776

991193574.UG.FTS.B,

21.46%,

12/01/24

120

119

991193597.UG.FTS.B,

29.49%,

11/11/23

51

52

991193635.UG.FTS.B,

29.49%,

11/09/24

11

11

991193645.UG.FTS.B,

17.71%,

11/29/23

173

173

991193665.UG.FTS.B,

28.48%,

12/01/23

30

30

991193713.UG.FTS.B,

19.8%,

11/23/24

16

16

991193714.UG.FTS.B,

14%,

12/06/24

2,379

2,462

*

991193732.UG.FTS.B,

29.48%,

11/24/23

43

7

991193752.UG.FTS.B,

28.98%,

11/20/24

23

22

*

991193777.UG.FTS.B,

29.48%,

11/22/23

74

7

*

991193796.UG.FTS.B,

29.49%,

11/30/23

77

76

991193820.UG.FTS.B,

29.49%,

11/20/23

6

6

991193841.UG.FTS.B,

29.49%,

11/30/24

9

9

991193854.UG.FTS.B,

21.48%,

11/23/23

116

116

991193860.UG.FTS.B,

20.96%,

11/12/23

33

33

991193878.UG.FTS.B,

29.49%,

11/23/24

55

54

991193886.UG.FTS.B,

29.49%,

11/23/24

73

72

991193909.UG.FTS.B,

29.49%,

11/23/24

12

12

991193917.UG.FTS.B,

17.99%,

11/27/24

464

461

991193928.UG.FTS.B,

29.49%,

12/06/24

2,162

2,210

991193941.UG.FTS.B,

19.99%,

11/11/24

12

12

991193953.UG.FTS.B,

19.21%,

11/27/24

62

61

991193965.UG.FTS.B,

28.98%,

11/24/24

182

178

991194009.UG.FTS.B,

29.49%,

11/30/24

165

162

991194115.UG.FTS.B,

19.21%,

11/20/24

7

7

991194125.UG.FTS.B,

18.97%,

2/11/27

1

1

991194140.UG.FTS.B,

19.21%,

12/06/24

1

1

991194141.UG.FTS.B,

29.48%,

2/18/27

3

2

991194143.UG.FTS.B,

19.99%,

12/06/24

1,102

1,096

991194147.UG.FTS.B,

28.98%,

11/23/24

2,041

1,998

991194163.UG.FTS.B,

18.47%,

11/24/23

877

869

991194174.UG.FTS.B,

28.98%,

11/30/24

358

356

991194221.UG.FTS.B,

14.98%,

11/28/24

732

728

991194242.UG.FTS.B,

29.49%,

11/23/24

110

108

991194262.UG.FTS.B,

29.49%,

12/01/23

36

36

991194265.UG.FTS.B,

28.98%,

11/11/24

232

235

991194273.UG.FTS.B,

29.49%,

11/23/23

438

434

991194318.UG.FTS.B,

29.49%,

11/11/24

44

45

991194323.UG.FTS.B,

20.47%,

12/01/23

169

168

*

991194338.UG.FTS.B,

20.46%,

11/29/24

94

94

991194345.UG.FTS.B,

29.49%,

11/19/23

1,551

1,532

991194396.UG.FTS.B,

19.99%,

11/23/23

201

199

991194398.UG.FTS.B,

19.99%,

12/01/24

1,517

1,506

991194464.UG.FTS.B,

29.48%,

11/24/23

75

73

991194474.UG.FTS.B,

14.98%,

11/27/24

1,022

1,019

991194498.UG.FTS.B,

20.46%,

11/14/24

189

186

991194512.UG.FTS.B,

29.49%,

11/25/24

292

296

991194541.UG.FTS.B,

28.98%,

11/21/24

186

185

991194549.UG.FTS.B,

16.99%,

12/06/24

223

227

991194552.UG.FTS.B,

22.97%,

11/13/24

316

311

991194598.UG.FTS.B,

20.47%,

11/22/23

131

129

*

991194629.UG.FTS.B,

28.48%,

11/13/23

42

3

*

991194652.UG.FTS.B,

29.49%,

12/01/24

79

78

991194705.UG.FTS.B,

18.97%,

11/21/24

141

140

991194722.UG.FTS.B,

19.3%,

11/12/23

104

103

991194730.UG.FTS.B,

28.98%,

11/19/24

1

1

991194741.UG.FTS.B,

29.49%,

11/23/23

469

464

991194778.UG.FTS.B,

28.98%,

11/25/24

182

187

991194797.UG.FTS.B,

28.98%,

11/24/24

33

33

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

474

a

991194813.UG.FTS.B,

22.97%,

12/01/24

32

32

991194815.UG.FTS.B,

29.49%,

11/19/23

76

75

*

991194839.UG.FTS.B,

19.8%,

12/01/24

-

-

991194940.UG.FTS.B,

19.99%,

2/21/27

4

4

991194975.UG.FTS.B,

29.49%,

12/01/24

167

166

*

991194986.UG.FTS.B,

20.46%,

11/28/24

107

13

991194988.UG.FTS.B,

28.98%,

11/20/24

635

630

991194996.UG.FTS.B,

29.49%,

11/20/24

374

371

991195003.UG.FTS.B,

22.47%,

11/13/23

119

117

991195039.UG.FTS.B,

28.98%,

11/11/24

529

536

991195043.UG.FTS.B,

28.98%,

11/24/24

260

258

991195046.UG.FTS.B,

20.46%,

11/26/24

2,003

1,981

991195050.UG.FTS.B,

21.98%,

12/01/24

29

29

991195079.UG.FTS.B,

29.49%,

11/23/23

437

433

*

991195092.UG.FTS.B,

29.48%,

11/21/23

85

6

991195096.UG.FTS.B,

15.97%,

11/28/24

270

269

991195109.UG.FTS.B,

28.98%,

11/11/24

1

1

991195127.UG.FTS.B,

22.97%,

11/13/24

755

742

991195149.UG.FTS.B,

28.98%,

11/24/24

33

32

991195171.UG.FTS.B,

29.49%,

11/21/24

688

681

991195198.UG.FTS.B,

29.49%,

11/18/24

233

229

991195204.UG.FTS.B,

28.98%,

11/19/24

356

353

991195206.UG.FTS.B,

29.48%,

11/24/23

937

930

991195243.UG.FTS.B,

29.49%,

11/30/24

4,908

4,880

991195252.UG.FTS.B,

29.49%,

11/23/24

579

574

991195261.UG.FTS.B,

19.3%,

11/17/23

233

232

991195286.UG.FTS.B,

29.49%,

11/08/23

86

83

*

991195289.UG.FTS.B,

29.49%,

11/25/24

117

9

991195313.UG.FTS.B,

28.98%,

12/06/24

2,496

2,555

991195336.UG.FTS.B,

21.46%,

11/29/24

406

402

991195337.UG.FTS.B,

29.49%,

11/19/23

57

56

991195338.UG.FTS.B,

22.95%,

11/29/24

426

421

*

991195363.UG.FTS.B,

29.49%,

11/24/24

81

11

991195368.UG.FTS.B,

28.98%,

11/22/24

131

130

991195371.UG.FTS.B,

29.49%,

11/22/24

421

417

991195379.UG.FTS.B,

28.98%,

11/24/24

121

120

991195424.UG.FTS.B,

25.45%,

12/05/23

614

612

991195437.UG.FTS.B,

29.49%,

11/23/24

29

28

991195453.UG.FTS.B,

29.49%,

11/19/23

93

91

*

991195456.UG.FTS.B,

29.49%,

11/30/24

105

104

991195476.UG.FTS.B,

19.96%,

12/01/23

360

358

991195485.UG.FTS.B,

19.96%,

11/30/23

196

195

*

991195487.UG.FTS.B,

29.49%,

12/01/23

112

111

991195518.UG.FTS.B,

29.49%,

2/21/27

1

1

991195570.UG.FTS.B,

29.48%,

11/19/23

46

45

991195573.UG.FTS.B,

29.49%,

11/20/24

388

384

991195579.UG.FTS.B,

29.49%,

12/01/23

77

76

991195592.UG.FTS.B,

18.97%,

11/28/24

253

252

991195593.UG.FTS.B,

25.45%,

11/12/23

312

306

991195613.UG.FTS.B,

29.49%,

12/01/24

21

21

991195628.UG.FTS.B,

29.49%,

11/22/23

205

202

991195637.UG.FTS.B,

29.49%,

12/01/23

682

668

991195640.UG.FTS.B,

19.99%,

12/01/24

74

74

991195686.UG.FTS.B,

19.99%,

11/24/24

56

55

991195692.UG.FTS.B,

29.49%,

11/29/24

59

58

*

991195707.UG.FTS.B,

29.49%,

11/24/23

30

5

991195713.UG.FTS.B,

29.49%,

12/01/24

129

127

*

991195728.UG.FTS.B,

29.49%,

11/25/23

255

265

991195736.UG.FTS.B,

27.99%,

12/05/24

259

257

991195745.UG.FTS.B,

20.96%,

2/26/27

2

2

991195751.UG.FTS.B,

19.99%,

11/08/24

6

6

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

475

a

991195755.UG.FTS.B,

28.98%,

12/01/24

47

46

991195763.UG.FTS.B,

29.49%,

11/24/23

305

299

991195764.UG.FTS.B,

28.98%,

11/22/24

138

137

991195793.UG.FTS.B,

28.98%,

11/09/24

1,740

1,733

*

991195803.UG.FTS.B,

28.98%,

2/18/27

4

1

991195820.UG.FTS.B,

29.49%,

11/30/24

40

40

991195835.UG.FTS.B,

28.48%,

11/24/23

67

66

991195836.UG.FTS.B,

29.49%,

12/01/24

256

254

991195854.UG.FTS.B,

22.47%,

2/27/27

-

-

*

991195857.UG.FTS.B,

29.49%,

11/30/24

55

54

991195861.UG.FTS.B,

28.48%,

12/01/23

-

-

991195888.UG.FTS.B,

29.49%,

11/11/23

76

76

*

991195890.UG.FTS.B,

29.49%,

11/25/23

86

88

991195912.UG.FTS.B,

14.98%,

2/03/27

3

3

991195929.UG.FTS.B,

21.46%,

11/27/24

170

168

991195967.UG.FTS.B,

29.49%,

11/21/24

281

277

991195972.UG.FTS.B,

15.97%,

11/29/24

67

67

991195977.UG.FTS.B,

29.49%,

11/24/24

182

187

991195982.UG.FTS.B,

17.99%,

12/06/24

6

6

991195991.UG.FTS.B,

29.49%,

11/22/24

194

192

991196044.UG.FTS.B,

29.48%,

11/11/23

30

30

991196097.UG.FTS.B,

29.49%,

11/25/24

58

59

991196098.UG.FTS.B,

20.46%,

11/12/24

287

284

*

991196111.UG.FTS.B,

28.98%,

11/19/24

214

212

991196131.UG.FTS.B,

20.47%,

11/12/23

23

23

*

991196136.UG.FTS.B,

28.98%,

11/21/24

518

511

991196155.UG.FTS.B,

29.48%,

11/24/23

235

233

*

991196160.UG.FTS.B,

29.49%,

11/11/24

64

18

991196169.UG.FTS.B,

29.49%,

12/01/24

222

220

991196206.UG.FTS.B,

28.48%,

11/23/23

86

84

991196260.UG.FTS.B,

28.98%,

11/23/24

927

911

991196288.UG.FTS.B,

18.97%,

11/29/24

128

127

991196289.UG.FTS.B,

29.49%,

11/20/23

148

146

991196292.UG.FTS.B,

22.97%,

11/22/24

271

268

991196293.UG.FTS.B,

19.21%,

11/23/24

748

744

*

991196295.UG.FTS.B,

29.49%,

11/25/24

53

8

991196328.UG.FTS.B,

28.98%,

11/20/24

338

335

991196333.UG.FTS.B,

28.98%,

12/01/24

268

267

991196339.UG.FTS.B,

29.49%,

12/06/24

267

265

991196345.UG.FTS.B,

28.98%,

11/25/24

29

29

991196352.UG.FTS.B,

29.49%,

12/06/24

1,437

1,445

991196358.UG.FTS.B,

29.49%,

11/30/24

143

142

*

991196394.UG.FTS.B,

29.49%,

12/01/23

63

62

991196429.UG.FTS.B,

29.49%,

11/25/23

80

82

*

991196456.UG.FTS.B,

29.49%,

11/09/24

27

10

991196471.UG.FTS.B,

29.48%,

11/11/23

86

87

991196476.UG.FTS.B,

19.99%,

11/09/24

266

269

991196497.UG.FTS.B,

29.49%,

11/22/24

148

145

991196502.UG.FTS.B,

29.49%,

12/01/24

41

41

991196539.UG.FTS.B,

28.98%,

11/21/24

104

103

*

991196545.UG.FTS.B,

29.48%,

11/22/23

49

48

*

991196579.UG.FTS.B,

29.49%,

11/23/23

2,439

2,435

991196584.UG.FTS.B,

22.97%,

11/28/24

84

84

991196590.UG.FTS.B,

19.8%,

11/12/24

287

283

991196606.UG.FTS.B,

15.97%,

11/11/24

92

94

*

991196628.UG.FTS.B,

29.49%,

11/22/24

300

39

991196638.UG.FTS.B,

14.98%,

11/23/24

959

957

991196653.UG.FTS.B,

22.45%,

11/15/23

187

184

991196666.UG.FTS.B,

29.48%,

11/22/23

1,886

1,871

991196669.UG.FTS.B,

28.98%,

11/19/24

290

287

*

991196672.UG.FTS.B,

18.97%,

11/28/24

1,479

1,474

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

476

a

991196677.UG.FTS.B,

29.49%,

12/06/24

357

369

991196691.UG.FTS.B,

20.47%,

11/20/23

301

298

991196696.UG.FTS.B,

24.95%,

11/13/24

459

289

991196736.UG.FTS.B,

28.98%,

11/11/24

309

313

991196758.UG.FTS.B,

21.46%,

11/15/24

1,246

1,225

991196806.UG.FTS.B,

29.49%,

11/25/24

4,667

4,810

991196824.UG.FTS.B,

17.99%,

11/29/24

193

192

991196856.UG.FTS.B,

29.49%,

11/25/24

632

651

*

991196925.UG.FTS.B,

29.49%,

12/01/24

223

31

991196943.UG.FTS.B,

29.49%,

11/11/23

93

94

991197008.UG.FTS.B,

29.49%,

11/22/23

32

32

991197035.UG.FTS.B,

21.97%,

11/12/24

160

158

*

991197040.UG.FTS.B,

21.46%,

11/13/24

200

23

991197057.UG.FTS.B,

21.46%,

11/15/24

960

952

*

991197064.UG.FTS.B,

20.46%,

11/30/24

4,005

491

*

991197071.UG.FTS.B,

21.98%,

11/11/24

300

191

991197118.UG.FTS.B,

16.49%,

11/28/23

654

652

991197152.UG.FTS.B,

18.97%,

11/29/24

8,902

8,873

991197157.UG.FTS.B,

22.95%,

11/21/24

771

765

991197167.UG.FTS.B,

23.95%,

11/13/24

192

188

991197185.UG.FTS.B,

29.49%,

11/23/23

471

467

991197204.UG.FTS.B,

28.98%,

11/19/24

2,299

2,281

991197268.UG.FTS.B,

29.49%,

11/11/24

95

96

991197313.UG.FTS.B,

29.49%,

11/11/24

241

243

991197316.UG.FTS.B,

21.48%,

11/15/23

187

185

991197320.UG.FTS.B,

29.49%,

11/23/24

1,457

1,446

991197351.UG.FTS.B,

29.49%,

11/20/23

135

132

991197372.UG.FTS.B,

29.49%,

11/20/24

83

82

991197390.UG.FTS.B,

16.49%,

11/11/23

2,041

2,084

*

991197433.UG.FTS.B,

19.8%,

11/15/24

8,328

1,550

991197445.UG.FTS.B,

28.98%,

11/11/24

3,175

3,217

991197470.UG.FTS.B,

29.49%,

11/19/24

944

932

991197495.UG.FTS.B,

20.97%,

11/28/24

325

327

*

991197501.UG.FTS.B,

29.49%,

11/25/23

235

35

*

991197507.UG.FTS.B,

29.49%,

11/25/24

103

8

991197523.UG.FTS.B,

28.98%,

11/20/24

1,254

1,244

991197536.UG.FTS.B,

29.49%,

11/30/24

447

445

991197577.UG.FTS.B,

18.97%,

11/23/24

2,115

2,105

991197608.UG.FTS.B,

24.95%,

11/14/24

769

754

991197617.UG.FTS.B,

28.98%,

11/11/24

898

711

991197636.UG.FTS.B,

19.8%,

11/26/24

2,357

2,348

991197642.UG.FTS.B,

29.49%,

11/19/24

194

191

991197691.UG.FTS.B,

29.49%,

11/30/23

38

37

*

991197721.UG.FTS.B,

25.44%,

11/11/23

112

25

*

991197724.UG.FTS.B,

29.49%,

11/25/24

149

154

991197725.UG.FTS.B,

29.49%,

11/21/24

2,569

2,542

991197730.UG.FTS.B,

28.98%,

11/30/24

122

121

991197732.UG.FTS.B,

29.49%,

11/20/23

188

186

991197747.UG.FTS.B,

21.46%,

11/18/24

385

382

991197771.UG.FTS.B,

28.98%,

11/22/24

222

219

991197784.UG.FTS.B,

19.8%,

11/20/24

576

573

991197816.UG.FTS.B,

20.47%,

11/14/23

466

462

991197823.UG.FTS.B,

19.3%,

11/25/23

936

967

991197844.UG.FTS.B,

29.49%,

11/11/24

956

968

991197855.UG.FTS.B,

21.97%,

11/11/24

1

1

991197876.UG.FTS.B,

29.49%,

11/23/23

944

936

991197901.UG.FTS.B,

29.49%,

11/11/24

292

294

991197902.UG.FTS.B,

15.97%,

11/27/24

8,197

8,173

991197928.UG.FTS.B,

21.46%,

12/01/24

887

880

*

991197952.UG.FTS.B,

23.95%,

11/12/24

343

67

991197966.UG.FTS.B,

28.98%,

11/21/24

155

154

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

477

a

991197990.UG.FTS.B,

29.49%,

12/07/23

506

494

991198002.UG.FTS.B,

29.49%,

12/07/23

98

96

*

991198026.UG.FTS.B,

28.98%,

12/07/24

71

9

991198051.UG.FTS.B,

29.48%,

11/29/23

83

82

991198064.UG.FTS.B,

28.48%,

11/20/23

65

64

991198108.UG.FTS.B,

29.49%,

12/06/24

47

48

991198112.UG.FTS.B,

19.8%,

11/21/24

365

362

991198117.UG.FTS.B,

29.49%,

12/07/24

591

586

991198120.UG.FTS.B,

29.49%,

11/21/24

64

63

991198128.UG.FTS.B,

29.48%,

11/16/23

32

32

991198134.UG.FTS.B,

19.96%,

12/07/23

401

398

991198187.UG.FTS.B,

28.98%,

11/30/24

83

82

991198243.UG.FTS.B,

19.21%,

11/27/24

354

352

991198256.UG.FTS.B,

21.98%,

12/01/24

40

40

991198258.UG.FTS.B,

21.46%,

11/29/24

847

844

*

991198262.UG.FTS.B,

29.49%,

12/07/24

1,130

728

991198278.UG.FTS.B,

28.98%,

12/07/24

47

47

991198294.UG.FTS.B,

21.97%,

11/28/24

123

122

991198309.UG.FTS.B,

28.98%,

11/30/24

152

151

991198311.UG.FTS.B,

29.49%,

11/30/24

273

270

991198334.UG.FTS.B,

29.49%,

1/20/27

-

-

991198356.UG.FTS.B,

19.21%,

11/28/24

579

575

*

991198357.UG.FTS.B,

19.99%,

11/10/24

33

5

991198358.UG.FTS.B,

29.49%,

11/21/23

59

58

991198370.UG.FTS.B,

29.49%,

11/20/24

329

322

991198371.UG.FTS.B,

19.97%,

11/12/24

17

17

991198394.UG.FTS.B,

29.49%,

11/20/24

699

691

991198399.UG.FTS.B,

28.98%,

2/20/27

4

4

991198505.UG.FTS.B,

21.46%,

11/27/24

6

6

991198524.UG.FTS.B,

21.46%,

11/15/24

1,065

1,055

991198547.UG.FTS.B,

15.97%,

12/06/24

1,900

1,967

991198564.UG.FTS.B,

28.98%,

11/10/24

168

169

991198566.UG.FTS.B,

29.49%,

11/23/24

200

198

991198572.UG.FTS.B,

29.49%,

12/01/24

6

6

*

991198602.UG.FTS.B,

28.98%,

12/07/24

1,381

285

991198608.UG.FTS.B,

29.47%,

12/06/24

503

519

991198663.UG.FTS.B,

29.49%,

11/24/24

274

272

991198724.UG.FTS.B,

29.49%,

11/19/23

166

163

991198729.UG.FTS.B,

18.71%,

11/22/23

15

15

991198745.UG.FTS.B,

20.97%,

11/24/24

12

12

*

991198784.UG.FTS.B,

29.49%,

12/05/24

317

65

991198786.UG.FTS.B,

28.98%,

11/20/24

439

431

991198791.UG.FTS.B,

29.49%,

11/30/24

965

960

991198800.UG.FTS.B,

25.95%,

11/18/24

313

309

991198832.UG.FTS.B,

19.99%,

11/30/24

266

263

991198844.UG.FTS.B,

28.98%,

11/25/24

4,660

4,785

991198862.UG.FTS.B,

29.49%,

12/07/23

15

15

*

991198878.UG.FTS.B,

23.45%,

11/24/23

396

393

991198912.UG.FTS.B,

28.98%,

11/08/24

155

152

991198940.UG.FTS.B,

29.49%,

11/30/23

557

544

*

991198945.UG.FTS.B,

21.46%,

11/30/24

127

127

*

991198992.UG.FTS.B,

28.98%,

12/01/24

180

179

991198995.UG.FTS.B,

29.49%,

11/11/23

193

190

991198996.UG.FTS.B,

29.48%,

12/01/23

137

136

991199006.UG.FTS.B,

29.49%,

12/06/23

512

507

991199042.UG.FTS.B,

19.21%,

11/22/24

884

877

991199049.UG.FTS.B,

29.49%,

12/07/24

165

162

991199058.UG.FTS.B,

16.99%,

12/07/24

205

211

991199059.UG.FTS.B,

28.98%,

11/23/24

86

85

991199081.UG.FTS.B,

22.97%,

11/28/24

308

308

991199091.UG.FTS.B,

29.49%,

12/07/24

564

582

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

478

a

991199097.UG.FTS.B,

26.94%,

11/15/24

786

769

*

991199098.UG.FTS.B,

29.49%,

11/24/24

20

1

991199100.UG.FTS.B,

22.97%,

11/28/24

131

130

991199156.UG.FTS.B,

15.97%,

11/27/24

714

712

991199158.UG.FTS.B,

23.45%,

12/06/23

146

151

991199231.UG.FTS.B,

28.98%,

11/11/24

72

73

991199250.UG.FTS.B,

29.49%,

11/19/24

141

139

*

991199308.UG.FTS.B,

29.49%,

11/30/24

77

76

991199354.UG.FTS.B,

22.47%,

12/01/23

597

594

991199406.UG.FTS.B,

29.49%,

11/09/23

173

173

991199432.UG.FTS.B,

29.49%,

12/07/24

3,844

3,815

991199446.UG.FTS.B,

21.98%,

11/28/24

950

946

991199452.UG.FTS.B,

21.48%,

11/26/23

270

269

991199455.UG.FTS.B,

29.49%,

11/30/24

14

14

991199463.UG.FTS.B,

20.97%,

11/29/24

121

120

991199481.UG.FTS.B,

19.99%,

12/07/24

107

105

991199483.UG.FTS.B,

29.49%,

11/29/23

215

212

991199523.UG.FTS.B,

29.49%,

12/06/24

875

900

991199545.UG.FTS.B,

29.48%,

12/01/23

652

645

*

991199568.UG.FTS.B,

29.49%,

11/24/24

26

2

991199570.UG.FTS.B,

29.48%,

11/24/23

97

96

991199584.UG.FTS.B,

29.49%,

12/07/24

346

341

991199588.UG.FTS.B,

28.98%,

12/07/24

189

186

991199597.UG.FTS.B,

29.49%,

11/30/24

36

31

991199599.UG.FTS.B,

29.49%,

11/10/23

131

127

991199616.UG.FTS.B,

28.98%,

11/19/24

1,182

1,161

991199620.UG.FTS.B,

18.97%,

11/25/24

410

423

991199627.UG.FTS.B,

29.49%,

11/21/23

199

194

*

991199628.UG.FTS.B,

29.49%,

11/23/24

365

49

*

991199650.UG.FTS.B,

29.49%,

11/30/24

146

20

991199658.UG.FTS.B,

23.45%,

11/22/23

243

241

*

991199685.UG.FTS.B,

24.45%,

1/15/27

9

1

991199711.UG.FTS.B,

29.49%,

12/07/24

226

223

991199714.UG.FTS.B,

29.49%,

11/11/23

53

54

991199718.UG.FTS.B,

29.49%,

12/07/24

143

141

991199727.UG.FTS.B,

28.98%,

12/06/24

526

515

991199742.UG.FTS.B,

18.97%,

11/11/24

443

453

991199787.UG.FTS.B,

20.96%,

11/15/23

22

22

991199794.UG.FTS.B,

21.46%,

12/07/24

171

170

*

991199806.UG.FTS.B,

28.98%,

11/20/24

192

191

991199808.UG.FTS.B,

29.49%,

11/19/24

60

59

991199846.UG.FTS.B,

29.49%,

12/07/24

115

113

991199872.UG.FTS.B,

28.98%,

11/11/24

156

158

991199912.UG.FTS.B,

29.49%,

11/22/23

467

458

991199919.UG.FTS.B,

29.48%,

11/19/23

587

582

991199929.UG.FTS.B,

29.49%,

11/20/24

101

100

991199938.UG.FTS.B,

29.49%,

12/07/24

35

35

991200010.UG.FTS.B,

29.49%,

11/19/24

18

18

991200031.UG.FTS.B,

28.98%,

11/21/24

468

465

991200068.UG.FTS.B,

29.49%,

12/06/24

2,234

2,278

991200072.UG.FTS.B,

29.49%,

12/07/24

584

575

991200084.UG.FTS.B,

28.98%,

11/19/24

342

333

991200140.UG.FTS.B,

29.49%,

11/19/24

109

107

*

991200192.UG.FTS.B,

29.49%,

11/30/23

44

4

991200198.UG.FTS.B,

28.98%,

11/24/24

55

54

991200202.UG.FTS.B,

29.49%,

11/17/24

502

492

991200208.UG.FTS.B,

28.48%,

11/20/23

101

99

991200264.UG.FTS.B,

28.98%,

12/05/24

206

203

991200271.UG.FTS.B,

19.96%,

11/13/23

408

402

991200285.UG.FTS.B,

29.49%,

11/23/24

635

622

991200289.UG.FTS.B,

29.49%,

11/19/23

52

51

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

479

a

991200297.UG.FTS.B,

18.97%,

11/25/24

2,345

2,330

991200331.UG.FTS.B,

28.98%,

12/07/24

1,077

1,059

991200333.UG.FTS.B,

28.98%,

11/25/24

85

85

*

991200338.UG.FTS.B,

28.98%,

12/01/24

360

359

991200362.UG.FTS.B,

29.49%,

12/07/24

40

39

991200416.UG.FTS.B,

29.49%,

11/25/24

298

306

991200417.UG.FTS.B,

29.49%,

11/21/23

75

58

*

991200418.UG.FTS.B,

29.47%,

12/06/24

2,954

623

991200425.UG.FTS.B,

29.49%,

11/25/23

88

90

991200438.UG.FTS.B,

29.49%,

11/23/24

672

667

991200452.UG.FTS.B,

16.99%,

11/27/24

692

688

991200464.UG.FTS.B,

29.49%,

12/07/24

215

210

991200466.UG.FTS.B,

28.98%,

12/01/24

449

446

991200514.UG.FTS.B,

29.49%,

12/06/23

64

62

991200531.UG.FTS.B,

28.48%,

11/19/23

83

82

991200536.UG.FTS.B,

29.49%,

11/21/24

83

81

991200558.UG.FTS.B,

20.97%,

11/29/24

400

397

*

991200570.UG.FTS.B,

28.98%,

2/21/27

3

3

991200591.UG.FTS.B,

28.98%,

11/10/24

1,666

1,629

991200627.UG.FTS.B,

29.49%,

11/30/24

407

404

991200628.UG.FTS.B,

19.8%,

11/27/24

242

241

991200653.UG.FTS.B,

17.49%,

11/11/23

37

38

991200657.UG.FTS.B,

28.48%,

11/19/23

34

34

991200661.UG.FTS.B,

29.49%,

11/25/24

756

779

991200663.UG.FTS.B,

29.49%,

11/24/24

173

171

991200665.UG.FTS.B,

28.98%,

11/11/24

63

64

991200667.UG.FTS.B,

29.49%,

11/30/24

736

725

991200674.UG.FTS.B,

28.48%,

11/24/23

134

130

991200682.UG.FTS.B,

21.98%,

12/07/24

254

250

991200683.UG.FTS.B,

28.98%,

11/30/24

224

222

991200707.UG.FTS.B,

29.49%,

12/05/24

446

440

991200717.UG.FTS.B,

29.49%,

11/24/24

308

312

991200725.UG.FTS.B,

29.49%,

11/20/24

45

45

991200737.UG.FTS.B,

29.49%,

11/24/24

188

185

991200741.UG.FTS.B,

29.49%,

11/19/23

69

67

991200758.UG.FTS.B,

28.98%,

11/20/24

170

169

991200765.UG.FTS.B,

15%,

12/17/26

-

-

*

991200769.UG.FTS.B,

29.49%,

11/09/23

43

7

991200777.UG.FTS.B,

29.49%,

12/07/24

75

74

991200796.UG.FTS.B,

29.49%,

11/24/24

53

52

991200811.UG.FTS.B,

29.49%,

12/07/24

-

-

991200837.UG.FTS.B,

29.49%,

11/22/24

344

337

991200847.UG.FTS.B,

29.48%,

11/20/23

485

481

991200855.UG.FTS.B,

29.49%,

12/01/24

48

47

*

991200913.UG.FTS.B,

29.49%,

11/24/23

12

2

991200918.UG.FTS.B,

19.21%,

11/13/24

616

609

991200919.UG.FTS.B,

21.46%,

11/20/24

153

151

991200927.UG.FTS.B,

29.49%,

11/08/24

317

310

991200937.UG.FTS.B,

28.98%,

12/05/24

419

416

991200945.UG.FTS.B,

28.48%,

12/07/23

3

3

991200958.UG.FTS.B,

20.46%,

12/06/24

568

565

991200969.UG.FTS.B,

28.48%,

11/19/23

364

358

991200989.UG.FTS.B,

28.98%,

12/07/24

59

58

991201041.UG.FTS.B,

29.49%,

11/22/23

55

54

991201097.UG.FTS.B,

28.48%,

11/21/23

302

299

*

991201118.UG.FTS.B,

29.49%,

11/20/24

1,661

1,647

991201139.UG.FTS.B,

28.98%,

12/06/24

324

318

991201198.UG.FTS.B,

28.98%,

11/22/24

62

61

*

991201204.UG.FTS.B,

29.49%,

12/07/23

88

21

991201222.UG.FTS.B,

29.49%,

11/19/23

23

23

991201247.UG.FTS.B,

29.49%,

11/23/24

19

19

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

480

a

991201291.UG.FTS.B,

21.48%,

11/19/23

242

241

991201317.UG.FTS.B,

29.49%,

11/22/23

141

139

991201322.UG.FTS.B,

28.98%,

11/22/24

415

412

991201380.UG.FTS.B,

28.48%,

11/20/23

37

37

991201381.UG.FTS.B,

28.98%,

11/24/24

36

35

991201385.UG.FTS.B,

28.98%,

11/11/24

280

278

991201399.UG.FTS.B,

28.98%,

11/11/24

24

24

991201436.UG.FTS.B,

15.97%,

12/06/24

13

13

991201454.UG.FTS.B,

29.49%,

11/30/24

263

262

991201468.UG.FTS.B,

29.49%,

11/21/24

18

18

991201470.UG.FTS.B,

29.49%,

11/30/24

-

-

991201514.UG.FTS.B,

19.8%,

11/11/24

168

172

991201528.UG.FTS.B,

29.49%,

11/24/23

436

428

991201541.UG.FTS.B,

19.21%,

11/28/24

2,520

2,503

991201543.UG.FTS.B,

29.49%,

11/19/24

53

52

*

991201548.UG.FTS.B,

29.49%,

11/19/23

371

51

991201555.UG.FTS.B,

23.95%,

12/01/24

550

539

991201558.UG.FTS.B,

21.98%,

11/28/24

855

848

991201575.UG.FTS.B,

15%,

12/06/24

1,131

1,159

991201579.UG.FTS.B,

29.49%,

11/18/24

558

550

991201594.UG.FTS.B,

28.48%,

11/22/23

653

648

991201641.UG.FTS.B,

29.49%,

12/07/24

293

292

991201689.UG.FTS.B,

29.49%,

11/25/24

77

79

*

991201692.UG.FTS.B,

16.99%,

11/29/24

149

17

991201693.UG.FTS.B,

29.49%,

11/25/24

191

197

991201705.UG.FTS.B,

29.49%,

11/08/24

300

293

991201730.UG.FTS.B,

28.98%,

11/19/24

282

277

991201746.UG.FTS.B,

20.46%,

12/07/24

2,974

2,960

991201758.UG.FTS.B,

17.97%,

11/08/24

337

333

991201759.UG.FTS.B,

29.46%,

12/06/24

1,172

1,180

991201765.UG.FTS.B,

29.49%,

11/20/23

35

35

*

991201769.UG.FTS.B,

29.49%,

12/01/24

34

33

991201775.UG.FTS.B,

29.49%,

12/06/24

77

75

991201781.UG.FTS.B,

29.49%,

11/21/24

47

47

991201830.UG.FTS.B,

29.49%,

12/07/24

256

251

991201841.UG.FTS.B,

28.98%,

12/07/24

44

43

991201853.UG.FTS.B,

20.46%,

11/18/24

180

179

991201867.UG.FTS.B,

19.21%,

11/18/24

161

159

991201873.UG.FTS.B,

29.49%,

11/08/24

270

263

*

991201898.UG.FTS.B,

20.46%,

11/30/24

781

775

991201913.UG.FTS.B,

22.97%,

11/16/24

504

496

991201938.UG.FTS.B,

29.49%,

11/23/23

79

78

991201949.UG.FTS.B,

29.49%,

11/30/24

87

86

991201951.UG.FTS.B,

29.49%,

2/06/27

1

1

*

991201952.UG.FTS.B,

29.49%,

11/22/24

309

306

*

991201968.UG.FTS.B,

29.49%,

12/01/24

391

53

991201969.UG.FTS.B,

28.98%,

11/09/24

287

290

991201982.UG.FTS.B,

28.98%,

12/01/24

348

343

991202004.UG.FTS.B,

29.49%,

11/25/24

456

469

991202073.UG.FTS.B,

28.98%,

11/11/24

164

163

991202129.UG.FTS.B,

28.98%,

11/30/24

332

329

991202145.UG.FTS.B,

21.48%,

11/13/23

926

912

*

991202182.UG.FTS.B,

23.45%,

11/25/23

149

20

991202194.UG.FTS.B,

28.98%,

11/24/24

136

134

991202197.UG.FTS.B,

15.97%,

12/06/24

2,119

2,184

991202200.UG.FTS.B,

29.49%,

11/25/23

123

126

991202209.UG.FTS.B,

29.45%,

12/06/24

1,477

1,501

991202211.UG.FTS.B,

19.21%,

11/18/24

30

30

991202225.UG.FTS.B,

19.8%,

12/07/24

799

790

991202228.UG.FTS.B,

29.49%,

11/20/24

235

232

991202244.UG.FTS.B,

20.97%,

11/19/24

290

287

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

481

a

991202248.UG.FTS.B,

29.49%,

11/20/24

55

55

991202249.UG.FTS.B,

29.49%,

11/19/24

67

66

*

991202260.UG.FTS.B,

28.48%,

11/24/23

93

93

*

991202271.UG.FTS.B,

29.49%,

12/05/23

151

104

991202281.UG.FTS.B,

29.49%,

11/30/24

398

392

991202283.UG.FTS.B,

28.98%,

11/29/24

377

374

991202297.UG.FTS.B,

28.98%,

11/28/24

1,220

1,202

991202328.UG.FTS.B,

28.98%,

12/01/24

201

200

991202370.UG.FTS.B,

29.49%,

11/11/24

57

58

991202378.UG.FTS.B,

16.49%,

11/11/23

175

179

991202408.UG.FTS.B,

28.48%,

11/21/23

17

17

991202437.UG.FTS.B,

29.49%,

11/25/24

1,010

1,025

991202464.UG.FTS.B,

19.8%,

11/28/24

209

207

991202467.UG.FTS.B,

29.49%,

11/25/24

191

196

991202489.UG.FTS.B,

29.49%,

11/09/23

179

179

991202524.UG.FTS.B,

29.49%,

11/11/23

55

55

991202534.UG.FTS.B,

28.98%,

11/20/24

578

568

991202543.UG.FTS.B,

29.49%,

11/30/24

207

206

991202562.UG.FTS.B,

29.49%,

11/11/24

29

30

991202580.UG.FTS.B,

29.49%,

12/01/23

74

73

991202589.UG.FTS.B,

29.49%,

11/16/24

20

20

991202593.UG.FTS.B,

29.49%,

12/06/23

148

150

991202599.UG.FTS.B,

29.49%,

11/18/24

26

26

991202634.UG.FTS.B,

29.49%,

11/11/23

41

41

991202640.UG.FTS.B,

28.98%,

11/29/24

595

584

991202657.UG.FTS.B,

28.48%,

12/01/23

234

231

991202664.UG.FTS.B,

28.98%,

11/20/24

193

188

991202672.UG.FTS.B,

21.46%,

11/26/24

189

188

*

991202678.UG.FTS.B,

21.48%,

11/14/23

17

8

991202686.UG.FTS.B,

29.49%,

12/07/23

180

185

991202722.UG.FTS.B,

28.98%,

12/01/24

1,304

1,280

991202748.UG.FTS.B,

28.48%,

11/16/23

1,211

1,189

991202767.UG.FTS.B,

28.98%,

11/24/24

19

19

991202777.UG.FTS.B,

29.49%,

11/21/24

392

389

991202795.UG.FTS.B,

19.8%,

12/07/24

1,444

1,437

991202894.UG.FTS.B,

29.49%,

11/30/24

129

129

991202907.UG.FTS.B,

28.48%,

12/06/23

288

286

*

991202924.UG.FTS.B,

29.49%,

12/01/23

84

83

991202952.UG.FTS.B,

29.49%,

11/19/23

48

47

991202979.UG.FTS.B,

28.98%,

12/06/24

337

331

991202997.UG.FTS.B,

29.49%,

11/22/23

149

147

991203010.UG.FTS.B,

28.98%,

11/25/24

354

359

991203023.UG.FTS.B,

29.49%,

11/19/24

87

86

991203049.UG.FTS.B,

28.98%,

11/29/24

1,080

1,063

991203060.UG.FTS.B,

28.98%,

11/18/24

537

530

991203115.UG.FTS.B,

29.49%,

11/24/23

290

292

*

991203124.UG.FTS.B,

20.46%,

11/26/24

533

531

991203142.UG.FTS.B,

29.49%,

2/28/27

1

1

991203157.UG.FTS.B,

29.49%,

11/20/23

131

130

991203162.UG.FTS.B,

28.48%,

12/07/23

164

162

991203166.UG.FTS.B,

28.98%,

11/25/24

483

498

991203194.UG.FTS.B,

28.98%,

12/07/24

414

411

991203200.UG.FTS.B,

25.94%,

11/11/24

198

200

991203206.UG.FTS.B,

29.49%,

11/19/24

50

49

991203207.UG.FTS.B,

29.46%,

12/06/24

2,112

2,176

*

991203209.UG.FTS.B,

29.49%,

11/23/24

14

14

991203220.UG.FTS.B,

28.48%,

11/25/23

34

35

991203244.UG.FTS.B,

21.48%,

11/18/23

382

379

991203271.UG.FTS.B,

28.48%,

12/07/23

82

81

991203276.UG.FTS.B,

28.98%,

12/07/24

165

163

991203281.UG.FTS.B,

28.98%,

12/01/24

586

583

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

482

a

991203318.UG.FTS.B,

28.98%,

11/24/24

211

207

991203343.UG.FTS.B,

28.98%,

11/23/24

5

5

991203385.UG.FTS.B,

29.49%,

11/20/24

450

440

991203391.UG.FTS.B,

28.48%,

12/07/23

14

14

991203406.UG.FTS.B,

28.48%,

11/23/23

14

14

991203413.UG.FTS.B,

29.49%,

11/23/24

123

122

991203416.UG.FTS.B,

16.99%,

12/06/24

1,152

1,191

991203465.UG.FTS.B,

19.99%,

12/01/24

18

18

991203481.UG.FTS.B,

29.49%,

11/30/24

18

18

991203517.UG.FTS.B,

21.46%,

1/23/27

-

-

991203518.UG.FTS.B,

28.98%,

11/20/24

95

92

991203533.UG.FTS.B,

28.48%,

11/22/23

335

329

991203546.UG.FTS.B,

19.96%,

11/28/23

55

55

991203551.UG.FTS.B,

29.49%,

12/07/23

1,420

1,405

991203586.UG.FTS.B,

29.49%,

12/07/23

200

203

991203597.UG.FTS.B,

28.98%,

12/08/24

130

130

991203600.UG.FTS.B,

29.49%,

12/07/23

317

310

991203637.UG.FTS.B,

28.98%,

11/21/24

47

47

991203694.UG.FTS.B,

29.49%,

12/05/23

164

163

991203709.UG.FTS.B,

28.98%,

11/10/24

173

174

991203718.UG.FTS.B,

29.49%,

12/08/24

644

664

991203729.UG.FTS.B,

29.49%,

12/08/24

387

399

991203730.UG.FTS.B,

28.98%,

11/25/24

96

98

991203768.UG.FTS.B,

19.99%,

11/30/24

167

165

991203796.UG.FTS.B,

29.48%,

11/09/23

49

49

991203810.UG.FTS.B,

19.3%,

11/25/23

63

64

*

991203811.UG.FTS.B,

29.49%,

11/08/23

44

43

991203818.UG.FTS.B,

29.49%,

12/08/24

1,420

1,433

991203822.UG.FTS.B,

21.48%,

12/06/23

270

269

991203842.UG.FTS.B,

29.49%,

11/10/24

53

52

991203845.UG.FTS.B,

25.95%,

11/27/24

882

877

991203846.UG.FTS.B,

29.49%,

12/08/24

25

26

991203855.UG.FTS.B,

28.98%,

11/10/24

305

304

991203872.UG.FTS.B,

28.98%,

11/24/24

124

122

991203877.UG.FTS.B,

29.49%,

11/21/24

361

354

991203879.UG.FTS.B,

20.96%,

11/29/23

76

75

991203892.UG.FTS.B,

28.98%,

12/08/24

1,206

1,245

991203929.UG.FTS.B,

29.49%,

12/06/23

653

642

991203940.UG.FTS.B,

18.71%,

11/20/23

209

207

*

991203943.UG.FTS.B,

29.49%,

11/25/23

218

225

*

991203956.UG.FTS.B,

19.99%,

12/07/24

79

6

991203973.UG.FTS.B,

29.48%,

12/07/23

25

25

991204030.UG.FTS.B,

29.49%,

11/20/24

389

381

991204031.UG.FTS.B,

18.97%,

11/19/24

535

531

991204055.UG.FTS.B,

29.48%,

11/24/23

6

6

991204082.UG.FTS.B,

28.98%,

11/24/24

98

97

*

991204095.UG.FTS.B,

29.49%,

11/24/24

64

63

991204096.UG.FTS.B,

19.8%,

11/20/24

840

830

*

991204107.UG.FTS.B,

29.49%,

12/07/24

1,261

779

991204108.UG.FTS.B,

28.98%,

11/20/24

55

55

991204119.UG.FTS.B,

20.46%,

11/22/24

88

87

991204123.UG.FTS.B,

29.49%,

11/30/23

334

330

991204138.UG.FTS.B,

29.49%,

11/18/24

368

360

991204148.UG.FTS.B,

21.98%,

11/19/24

147

146

991204158.UG.FTS.B,

28.98%,

11/22/24

393

388

991204182.UG.FTS.B,

29.49%,

12/07/24

1,767

1,821

991204199.UG.FTS.B,

29.47%,

12/08/23

158

161

991204233.UG.FTS.B,

29.49%,

11/11/24

82

83

991204241.UG.FTS.B,

29.49%,

11/11/23

1

1

991204243.UG.FTS.B,

29.49%,

12/08/24

68

69

991204247.UG.FTS.B,

29.49%,

12/08/23

298

304

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

483

a

991204250.UG.FTS.B,

29.49%,

11/18/24

358

351

991204253.UG.FTS.B,

20.46%,

11/22/24

170

169

991204254.UG.FTS.B,

29.49%,

11/23/24

54

53

*

991204261.UG.FTS.B,

21.48%,

11/15/23

175

63

991204271.UG.FTS.B,

28.98%,

11/21/24

206

204

991204289.UG.FTS.B,

29.49%,

11/22/23

12

12

991204348.UG.FTS.B,

29.49%,

11/23/23

109

108

*

991204352.UG.FTS.B,

28.98%,

11/30/24

412

408

991204365.UG.FTS.B,

28.98%,

12/08/24

259

266

991204386.UG.FTS.B,

29.49%,

11/20/24

511

506

991204410.UG.FTS.B,

28.98%,

12/07/24

479

473

991204417.UG.FTS.B,

29.49%,

12/08/24

183

183

991204428.UG.FTS.B,

29.49%,

11/08/24

386

377

991204447.UG.FTS.B,

20.96%,

12/07/23

120

119

*

991204464.UG.FTS.B,

29.49%,

12/07/24

99

70

991204510.UG.FTS.B,

19.21%,

11/14/24

21

21

991204529.UG.FTS.B,

28.48%,

11/22/23

95

95

*

991204547.UG.FTS.B,

29.49%,

11/24/24

469

463

991204551.UG.FTS.B,

29.49%,

12/01/24

605

595

991204556.UG.FTS.B,

28.98%,

11/29/24

666

655

991204559.UG.FTS.B,

25.45%,

11/12/23

49

48

991204575.UG.FTS.B,

19.21%,

11/08/24

430

424

991204576.UG.FTS.B,

20.46%,

11/20/24

288

287

991204582.UG.FTS.B,

20.96%,

11/17/23

169

167

991204587.UG.FTS.B,

29.49%,

11/23/24

524

520

*

991204588.UG.FTS.B,

28.98%,

11/30/24

1,961

268

991204590.UG.FTS.B,

29.49%,

12/01/23

371

369

991204616.UG.FTS.B,

25.95%,

12/07/24

384

381

991204617.UG.FTS.B,

23.45%,

11/17/23

918

907

991204642.UG.FTS.B,

25.45%,

11/14/23

86

85

991204646.UG.FTS.B,

22.47%,

11/28/23

1,520

1,506

991204657.UG.FTS.B,

29.49%,

11/20/24

89

88

991204664.UG.FTS.B,

28.98%,

11/21/24

352

346

991204665.UG.FTS.B,

19.96%,

11/18/23

5

5

991204732.UG.FTS.B,

20.97%,

11/10/24

80

79

991204768.UG.FTS.B,

29.49%,

12/07/23

149

146

991204770.UG.FTS.B,

29.49%,

12/06/23

184

180

991204785.UG.FTS.B,

29.48%,

11/24/23

77

76

991204789.UG.FTS.B,

15.97%,

12/07/24

2,006

2,059

991204791.UG.FTS.B,

19.8%,

11/20/24

173

171

991204850.UG.FTS.B,

28.98%,

12/07/24

58

57

991204851.UG.FTS.B,

28.98%,

11/20/24

581

577

991204873.UG.FTS.B,

23.45%,

11/12/23

55

54

*

991204875.UG.FTS.B,

29.49%,

11/23/23

15

3

991204893.UG.FTS.B,

23.45%,

11/11/23

65

66

991204905.UG.FTS.B,

28.98%,

11/23/24

1,286

1,276

991204909.UG.FTS.B,

17.71%,

12/08/23

238

244

991204942.UG.FTS.B,

28.98%,

11/20/24

211

209

991204954.UG.FTS.B,

28.48%,

12/01/23

229

228

991204964.UG.FTS.B,

28.48%,

11/08/23

-

-

991204969.UG.FTS.B,

29.49%,

11/08/23

20

20

991205011.UG.FTS.B,

28.98%,

11/30/24

385

379

991205021.UG.FTS.B,

29.49%,

11/18/24

2,449

2,422

991205035.UG.FTS.B,

16.99%,

12/07/24

2,790

2,887

991205065.UG.FTS.B,

16.99%,

12/08/24

97

99

991205086.UG.FTS.B,

21.46%,

11/26/24

476

470

991205108.UG.FTS.B,

29.48%,

11/18/23

242

238

991205139.UG.FTS.B,

29.49%,

11/30/23

196

195

991205166.UG.FTS.B,

28.98%,

12/01/24

52

52

991205178.UG.FTS.B,

29.49%,

11/20/23

331

326

*

991205182.UG.FTS.B,

28.98%,

11/25/24

88

12

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

484

a

991205183.UG.FTS.B,

29.49%,

12/07/24

643

639

991205194.UG.FTS.B,

28.98%,

11/24/24

693

686

991205222.UG.FTS.B,

28.98%,

11/24/24

345

355

991205228.UG.FTS.B,

28.98%,

11/21/24

110

109

991205229.UG.FTS.B,

21.98%,

11/21/24

80

79

991205230.UG.FTS.B,

29.49%,

11/21/24

103

101

991205269.UG.FTS.B,

21.46%,

11/26/24

1,820

1,796

991205313.UG.FTS.B,

19.21%,

12/07/24

1,169

1,158

991205325.UG.FTS.B,

29.49%,

11/24/24

83

82

991205347.UG.FTS.B,

29.49%,

12/07/24

68

66

991205352.UG.FTS.B,

29.49%,

11/18/24

579

568

*

991205361.UG.FTS.B,

29.49%,

11/21/24

472

294

991205366.UG.FTS.B,

29.49%,

12/07/24

74

73

991205399.UG.FTS.B,

29.49%,

11/20/23

5

5

991205415.UG.FTS.B,

19.3%,

11/24/23

154

153

991205442.UG.FTS.B,

29.49%,

11/30/24

1,632

1,606

991205444.UG.FTS.B,

27.99%,

11/09/24

17

17

991205445.UG.FTS.B,

28.98%,

11/21/24

553

549

991205446.UG.FTS.B,

28.98%,

11/08/24

154

151

991205449.UG.FTS.B,

20.47%,

11/09/23

84

83

991205461.UG.FTS.B,

20.47%,

11/11/23

189

192

991205505.UG.FTS.B,

21.97%,

11/13/24

194

191

*

991205549.UG.FTS.B,

29.49%,

11/20/24

106

8

991205558.UG.FTS.B,

16.99%,

12/08/24

567

584

991205571.UG.FTS.B,

18.96%,

11/13/23

269

265

991205590.UG.FTS.B,

29.49%,

11/21/23

471

461

991205598.UG.FTS.B,

29.49%,

11/10/24

258

260

991205617.UG.FTS.B,

21.98%,

11/24/24

88

87

991205630.UG.FTS.B,

18.71%,

11/08/23

52

52

991205662.UG.FTS.B,

25.45%,

11/20/23

79

78

991205665.UG.FTS.B,

28.98%,

11/23/24

114

113

991205666.UG.FTS.B,

29.49%,

11/08/23

51

50

991205716.UG.FTS.B,

29.49%,

11/22/23

53

52

991205720.UG.FTS.B,

21.98%,

11/09/24

175

172

991205733.UG.FTS.B,

29.49%,

12/07/24

716

705

991205739.UG.FTS.B,

29.49%,

12/01/23

22

22

991205757.UG.FTS.B,

29.49%,

12/23/26

-

-

991205767.UG.FTS.B,

29.49%,

11/16/23

155

152

991205776.UG.FTS.B,

28.98%,

12/01/24

362

359

991205792.UG.FTS.B,

29.49%,

12/07/24

466

463

991205851.UG.FTS.B,

29.49%,

12/01/23

150

148

991205904.UG.FTS.B,

28.98%,

11/09/24

11

11

991205908.UG.FTS.B,

29.49%,

11/09/23

62

60

991205924.UG.FTS.B,

29.49%,

11/08/23

79

78

991205930.UG.FTS.B,

29.49%,

11/23/23

17

17

991206012.UG.FTS.B,

29.49%,

11/25/24

305

307

991206041.UG.FTS.B,

29.49%,

11/08/24

133

129

991206044.UG.FTS.B,

28.98%,

11/19/24

27

26

991206045.UG.FTS.B,

29.49%,

11/25/23

271

278

*

991206084.UG.FTS.B,

29.49%,

11/25/24

12

12

991206088.UG.FTS.B,

16.49%,

12/08/23

761

787

991206111.UG.FTS.B,

29.49%,

11/30/24

201

200

991206115.UG.FTS.B,

29.49%,

11/08/23

12

11

991206138.UG.FTS.B,

28.48%,

11/21/23

574

564

991206154.UG.FTS.B,

29.49%,

11/19/24

98

97

991206178.UG.FTS.B,

29.49%,

2/09/27

1

1

991206241.UG.FTS.B,

29.49%,

11/25/24

69

69

991206263.UG.FTS.B,

15.97%,

12/08/24

215

222

*

991206285.UG.FTS.B,

29.49%,

11/21/24

15

14

991206294.UG.FTS.B,

28.48%,

11/22/23

50

50

991206316.UG.FTS.B,

21.46%,

11/29/24

328

325

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

485

a

991206337.UG.FTS.B,

16.99%,

12/08/24

667

685

991206392.UG.FTS.B,

28.98%,

11/20/24

371

365

991206398.UG.FTS.B,

29.49%,

11/19/24

9

9

991206416.UG.FTS.B,

29.49%,

11/28/24

1,063

1,040

991206480.UG.FTS.B,

29.49%,

12/01/23

72

70

991206481.UG.FTS.B,

29.49%,

11/11/24

57

58

991206494.UG.FTS.B,

29.49%,

11/23/24

52

51

991206502.UG.FTS.B,

21.48%,

11/19/23

32

32

991206543.UG.FTS.B,

21.97%,

11/21/24

6,979

6,931

991206557.UG.FTS.B,

15.47%,

12/08/23

106

109

991206568.UG.FTS.B,

29.49%,

11/21/24

30

29

991206586.UG.FTS.B,

29.49%,

11/19/24

230

227

991206594.UG.FTS.B,

29.49%,

12/07/23

69

68

991206600.UG.FTS.B,

19.99%,

11/09/24

42

42

991206631.UG.FTS.B,

29.49%,

11/25/24

199

204

991206665.UG.FTS.B,

29.49%,

11/19/23

-

-

991206669.UG.FTS.B,

29.49%,

11/22/24

695

683

991206693.UG.FTS.B,

29.49%,

11/09/23

75

76

991206725.UG.FTS.B,

29.49%,

12/07/24

791

785

991206734.UG.FTS.B,

29.49%,

11/19/24

664

653

991206750.UG.FTS.B,

16.99%,

12/08/24

2,756

2,851

991206759.UG.FTS.B,

20.46%,

11/24/24

404

402

991206760.UG.FTS.B,

29.49%,

11/25/24

132

136

991206770.UG.FTS.B,

19.21%,

2/10/27

1

1

991206790.UG.FTS.B,

28.98%,

2/19/27

1

1

991206793.UG.FTS.B,

17.99%,

12/06/24

1,693

1,752

991206794.UG.FTS.B,

21.47%,

11/26/23

42

42

*

991206815.UG.FTS.B,

29.49%,

11/10/24

77

58

991206819.UG.FTS.B,

29.49%,

11/21/24

325

321

991206820.UG.FTS.B,

29.49%,

11/09/23

213

207

991206829.UG.FTS.B,

29.49%,

12/06/24

275

271

991206832.UG.FTS.B,

28.48%,

11/21/23

686

680

991206844.UG.FTS.B,

29.49%,

11/22/23

77

76

991206848.UG.FTS.B,

22.47%,

11/11/23

35

34

991206861.UG.FTS.B,

29.49%,

12/07/23

600

595

991206897.UG.FTS.B,

29.49%,

11/21/24

116

114

991206915.UG.FTS.B,

19.96%,

11/14/23

657

648

991206923.UG.FTS.B,

29.49%,

11/09/24

136

137

991206968.UG.FTS.B,

29.49%,

12/07/24

444

434

991206979.UG.FTS.B,

16.99%,

12/08/24

6,680

6,863

991206982.UG.FTS.B,

29.49%,

11/21/23

970

962

991206990.UG.FTS.B,

19.8%,

12/07/24

1,476

1,513

991207007.UG.FTS.B,

29.49%,

11/20/24

58

57

991207048.UG.FTS.B,

29.49%,

11/08/23

140

137

991207067.UG.FTS.B,

19.99%,

12/08/24

495

510

991207072.UG.FTS.B,

29.49%,

11/17/24

122

120

991207112.UG.FTS.B,

29.49%,

12/08/24

250

258

991207120.UG.FTS.B,

28.48%,

12/08/23

45

46

*

991207156.UG.FTS.B,

29.49%,

12/08/23

174

23

991207166.UG.FTS.B,

29.48%,

12/08/23

280

288

991207172.UG.FTS.B,

28.98%,

11/09/24

131

129

991207204.UG.FTS.B,

27.99%,

11/09/24

119

116

991207215.UG.FTS.B,

28.98%,

11/20/24

33

33

991207277.UG.FTS.B,

29.49%,

11/11/23

37

37

991207326.UG.FTS.B,

28.98%,

11/08/24

91

89

991207328.UG.FTS.B,

20.46%,

11/19/24

314

310

991207340.UG.FTS.B,

28.98%,

12/07/24

874

884

991207377.UG.FTS.B,

16.99%,

11/26/24

922

915

991207407.UG.FTS.B,

28.98%,

11/23/24

118

117

991207411.UG.FTS.B,

28.48%,

11/25/23

15

15

991207432.UG.FTS.B,

29.49%,

11/21/24

103

101

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

486

a

991207442.UG.FTS.B,

16.99%,

12/08/24

556

576

991207443.UG.FTS.B,

28.48%,

11/19/23

6

6

991207457.UG.FTS.B,

22.95%,

11/28/24

726

716

991207461.UG.FTS.B,

28.48%,

11/22/23

48

47

991207462.UG.FTS.B,

20.46%,

11/12/24

57

56

*

991207531.UG.FTS.B,

29.49%,

11/21/24

13

2

991207555.UG.FTS.B,

28.98%,

11/20/24

2,526

2,473

991207580.UG.FTS.B,

29.49%,

11/19/23

341

338

991207585.UG.FTS.B,

29.49%,

11/25/24

51

52

991207595.UG.FTS.B,

29.49%,

11/09/24

33

33

991207616.UG.FTS.B,

20.46%,

11/29/24

446

441

991207630.UG.FTS.B,

21.98%,

11/21/24

583

575

991207636.UG.FTS.B,

29.49%,

11/10/24

983

954

991207657.UG.FTS.B,

23.45%,

12/01/23

-

-

991207669.UG.FTS.B,

19.8%,

11/13/24

147

145

991207694.UG.FTS.B,

19.21%,

11/29/24

3,819

3,783

991207715.UG.FTS.B,

29.49%,

11/25/24

16

16

991207792.UG.FTS.B,

29.49%,

11/21/24

128

126

991207799.UG.FTS.B,

29.49%,

11/23/23

71

70

991207858.UG.FTS.B,

27.95%,

12/07/24

3,087

3,182

991207887.UG.FTS.B,

18.71%,

11/15/23

342

342

991207942.UG.FTS.B,

18.47%,

12/08/23

588

605

991207958.UG.FTS.B,

29.49%,

11/22/23

28

28

991207998.UG.FTS.B,

19.99%,

12/01/24

1,017

1,009

991208014.UG.FTS.B,

21.46%,

12/08/24

427

437

991208015.UG.FTS.B,

29.49%,

11/21/23

233

229

991208021.UG.FTS.B,

29.49%,

11/22/24

31

31

991208035.UG.FTS.B,

29.49%,

12/08/24

77

78

991208043.UG.FTS.B,

29.49%,

11/24/24

31

30

991208065.UG.FTS.B,

19.8%,

11/26/24

553

547

991208130.UG.FTS.B,

29.49%,

11/09/24

43

42

991208131.UG.FTS.B,

29.49%,

11/20/24

33

32

991208204.UG.FTS.B,

28.98%,

11/25/24

188

193

991208213.UG.FTS.B,

19.96%,

12/08/23

47

48

991208225.UG.FTS.B,

22.47%,

11/11/23

100

101

991208229.UG.FTS.B,

29.49%,

11/30/23

26

25

991208250.UG.FTS.B,

19.8%,

11/23/24

259

257

991208261.UG.FTS.B,

19.99%,

12/08/24

1,215

1,254

991208263.UG.FTS.B,

29.49%,

12/17/26

-

-

991208277.UG.FTS.B,

29.49%,

11/08/24

25

25

991208304.UG.FTS.B,

28.98%,

12/08/24

396

409

991208326.UG.FTS.B,

29.49%,

12/01/24

30

30

991208345.UG.FTS.B,

29.49%,

11/19/23

74

72

991208349.UG.FTS.B,

28.48%,

11/23/23

197

194

991208366.UG.FTS.B,

28.48%,

11/20/23

178

177

991208387.UG.FTS.B,

29.49%,

12/01/23

93

92

991208389.UG.FTS.B,

29.49%,

11/08/24

119

114

991208406.UG.FTS.B,

29.49%,

12/08/24

121

121

991208407.UG.FTS.B,

20.97%,

11/29/24

342

339

991208432.UG.FTS.B,

19.8%,

12/06/24

314

324

991208441.UG.FTS.B,

19.99%,

11/08/24

21

20

991208445.UG.FTS.B,

28.98%,

12/07/24

62

64

991208461.UG.FTS.B,

29.49%,

12/01/23

111

109

991208463.UG.FTS.B,

17.99%,

11/28/24

23

23

991208491.UG.FTS.B,

29.49%,

11/30/24

679

670

*

991208508.UG.FTS.B,

26.44%,

11/24/23

24

24

991208511.UG.FTS.B,

29.49%,

2/21/27

2

2

991208515.UG.FTS.B,

29.48%,

11/22/23

-

-

991208520.UG.FTS.B,

29.49%,

11/22/24

222

218

991208532.UG.FTS.B,

29.49%,

11/30/23

43

42

991208575.UG.FTS.B,

29.49%,

11/11/23

119

119

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

487

a

991208599.UG.FTS.B,

29.49%,

11/22/23

67

66

991208622.UG.FTS.B,

28.98%,

12/01/24

68

67

991208629.UG.FTS.B,

20.47%,

11/09/23

67

66

991208660.UG.FTS.B,

29.49%,

11/18/23

313

307

991208695.UG.FTS.B,

28.98%,

11/25/24

43

44

991208712.UG.FTS.B,

29.49%,

12/01/23

139

98

991208739.UG.FTS.B,

29.49%,

11/24/23

15

15

991208751.UG.FTS.B,

19.8%,

11/14/24

171

169

991208827.UG.FTS.B,

29.49%,

12/01/24

138

137

991208833.UG.FTS.B,

29.49%,

11/24/24

38

38

991208843.UG.FTS.B,

21.98%,

11/24/24

87

86

991208894.UG.FTS.B,

29.49%,

11/22/23

101

99

991208911.UG.FTS.B,

20.98%,

11/10/24

38

38

991208929.UG.FTS.B,

29.49%,

11/23/24

196

199

991208944.UG.FTS.B,

29.49%,

11/22/24

34

34

991208952.UG.FTS.B,

21.48%,

11/12/23

95

94

991208956.UG.FTS.B,

23.45%,

11/21/23

115

113

991208980.UG.FTS.B,

29.49%,

11/30/24

727

724

991209026.UG.FTS.B,

29.49%,

11/23/23

272

269

991209031.UG.FTS.B,

28.98%,

11/30/24

66

65

991209074.UG.FTS.B,

28.98%,

11/25/24

315

316

991209108.UG.FTS.B,

21.48%,

11/12/23

350

345

991209121.UG.FTS.B,

28.98%,

11/09/24

163

166

991209135.UG.FTS.B,

28.98%,

11/22/24

1,366

1,340

991209146.UG.FTS.B,

29.49%,

11/30/24

156

154

*

991209155.UG.FTS.B,

29.49%,

11/30/24

53

53

*

991209159.UG.FTS.B,

29.49%,

11/20/24

138

11

991209221.UG.FTS.B,

19.99%,

11/25/23

57

58

991209294.UG.FTS.B,

18.97%,

11/26/24

328

325

991209298.UG.FTS.B,

29.49%,

11/24/24

59

58

991209315.UG.FTS.B,

28.98%,

11/30/24

83

82

991209330.UG.FTS.B,

29.49%,

2/19/27

-

-

991209332.UG.FTS.B,

29.49%,

12/01/23

439

426

991209380.UG.FTS.B,

28.98%,

11/23/24

750

745

991209384.UG.FTS.B,

29.49%,

11/24/24

288

284

991209407.UG.FTS.B,

15%,

12/08/24

3,440

3,533

991209413.UG.FTS.B,

29.49%,

11/24/23

40

39

991209419.UG.FTS.B,

28.98%,

11/29/24

198

195

991209436.UG.FTS.B,

23.95%,

11/29/24

339

336

991209491.UG.FTS.B,

19.21%,

11/27/24

1,004

994

991209537.UG.FTS.B,

29.48%,

11/23/23

637

652

991209547.UG.FTS.B,

18.71%,

11/12/23

-

-

991209553.UG.FTS.B,

16.99%,

11/12/24

33

33

991209560.UG.FTS.B,

21.48%,

11/17/23

144

142

991209565.UG.FTS.B,

29.49%,

11/22/24

756

740

991209578.UG.FTS.B,

28.98%,

11/29/24

284

283

991209604.UG.FTS.B,

29.49%,

11/20/24

146

145

991209613.UG.FTS.B,

29.49%,

11/23/23

121

119

991209618.UG.FTS.B,

23.95%,

11/14/24

345

338

991209624.UG.FTS.B,

28.98%,

11/19/24

559

547

991209636.UG.FTS.B,

29.49%,

12/08/24

3,190

3,263

991209650.UG.FTS.B,

28.98%,

11/20/24

64

63

991209672.UG.FTS.B,

29.49%,

11/22/24

175

173

991209693.UG.FTS.B,

28.98%,

11/11/24

105

106

991209726.UG.FTS.B,

29.49%,

11/30/24

455

447

991209755.UG.FTS.B,

29.49%,

12/08/23

674

692

991209759.UG.FTS.B,

29.49%,

12/08/23

143

146

991209761.UG.FTS.B,

29.49%,

12/08/23

457

458

991209779.UG.FTS.B,

29.49%,

11/20/23

96

95

991209803.UG.FTS.B,

29.49%,

11/19/23

153

149

991209885.UG.FTS.B,

29.49%,

11/22/24

161

159

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

488

a

991209934.UG.FTS.B,

28.48%,

11/20/23

1,343

1,319

*

991209953.UG.FTS.B,

21.48%,

11/27/23

2,091

2,070

991209961.UG.FTS.B,

27.99%,

12/08/23

1,881

1,377

991209975.UG.FTS.B,

29.49%,

11/19/24

104

102

991210036.UG.FTS.B,

28.98%,

12/08/24

1,542

1,591

991210059.UG.FTS.B,

29.48%,

11/24/24

68

67

991210061.UG.FTS.B,

28.98%,

11/20/24

237

234

991210088.UG.FTS.B,

29.49%,

11/20/24

869

853

991210095.UG.FTS.B,

29.49%,

11/24/24

189

187

991210107.UG.FTS.B,

19.96%,

11/22/23

2,718

2,704

991210110.UG.FTS.B,

29.49%,

11/24/24

630

625

991210130.UG.FTS.B,

28.98%,

11/19/24

143

142

991210134.UG.FTS.B,

29.49%,

11/25/24

609

627

991210171.UG.FTS.B,

19.99%,

11/11/23

211

214

991210195.UG.FTS.B,

29.49%,

12/08/24

2,686

2,765

991210205.UG.FTS.B,

29.48%,

12/08/24

258

258

991210218.UG.FTS.B,

29.49%,

11/21/23

114

112

991210220.UG.FTS.B,

29.49%,

11/21/24

59

58

991210224.UG.FTS.B,

29.49%,

11/09/24

50

50

991210246.UG.FTS.B,

29.49%,

11/30/23

541

538

991210286.UG.FTS.B,

29.48%,

12/08/23

67

69

991210304.UG.FTS.B,

28.48%,

11/09/23

111

112

*

991210309.UG.FTS.B,

29.49%,

11/10/24

72

10

991210459.UG.FTS.B,

29.48%,

12/08/24

1,594

1,642

991210511.UG.FTS.B,

20.96%,

11/28/23

75

74

991210567.UG.FTS.B,

28.98%,

11/23/24

96

95

*

991210582.UG.FTS.B,

29.49%,

11/19/23

95

13

991210617.UG.FTS.B,

21.98%,

11/29/24

206

203

991210628.UG.FTS.B,

28.98%,

12/01/24

289

284

991210654.UG.FTS.B,

28.98%,

11/25/24

21

21

991210659.UG.FTS.B,

28.98%,

11/24/24

80

79

991210665.UG.FTS.B,

14.98%,

11/29/24

72

71

991210674.UG.FTS.B,

29.49%,

12/01/23

90

89

991210688.UG.FTS.B,

19.99%,

11/20/24

118

117

991210693.UG.FTS.B,

19.99%,

11/30/24

497

493

991210711.UG.FTS.B,

29.49%,

11/23/24

-

-

991210763.UG.FTS.B,

17.99%,

12/08/24

713

737

991210769.UG.FTS.B,

28.98%,

12/01/24

321

318

*

991210794.UG.FTS.B,

Zero

Cpn.,

1/20/27

9

10

991210811.UG.FTS.B,

21.98%,

12/06/24

89

89

991210818.UG.FTS.B,

29.49%,

12/08/24

35

35

991210911.UG.FTS.B,

19.3%,

11/09/23

177

180

*

991210912.UG.FTS.B,

28.98%,

12/08/24

303

63

991210916.UG.FTS.B,

29.49%,

11/21/23

130

128

991210920.UG.FTS.B,

22.97%,

11/28/24

1,235

1,229

991210933.UG.FTS.B,

19.99%,

12/01/23

21

21

991210935.UG.FTS.B,

19.99%,

12/08/24

951

981

991211016.UG.FTS.B,

29.49%,

11/19/24

276

274

991211029.UG.FTS.B,

29.48%,

12/08/23

993

745

991211035.UG.FTS.B,

29.49%,

12/06/23

4

4

991211078.UG.FTS.B,

25.95%,

11/25/24

296

304

991211080.UG.FTS.B,

28.98%,

11/24/24

11

11

991211097.UG.FTS.B,

29.49%,

11/09/24

164

165

991211132.UG.FTS.B,

20.96%,

11/14/23

138

136

991211138.UG.FTS.B,

29.49%,

11/19/24

256

254

991211148.UG.FTS.B,

29.49%,

12/08/23

178

180

991211149.UG.FTS.B,

28.98%,

11/09/24

316

320

991211165.UG.FTS.B,

20.96%,

11/14/23

83

82

991211172.UG.FTS.B,

19.99%,

12/08/24

460

470

991211174.UG.FTS.B,

29.49%,

11/21/23

20

20

*

991211198.UG.FTS.B,

29.49%,

11/20/24

158

157

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

489

a

991211205.UG.FTS.B,

28.98%,

11/09/24

21

21

991211212.UG.FTS.B,

29.49%,

11/30/23

450

444

991211217.UG.FTS.B,

29.49%,

11/30/24

-

-

991211231.UG.FTS.B,

29.49%,

12/08/24

190

196

991211253.UG.FTS.B,

26.44%,

11/13/23

44

43

991211259.UG.FTS.B,

29.49%,

11/21/23

180

178

991211325.UG.FTS.B,

29.49%,

11/19/23

37

36

991211370.UG.FTS.B,

28.48%,

11/10/23

125

126

991211403.UG.FTS.B,

28.98%,

11/21/24

147

145

991211451.UG.FTS.B,

20.46%,

12/01/24

314

313

991211481.UG.FTS.B,

29.49%,

11/21/24

105

103

991211494.UG.FTS.B,

29.49%,

11/23/24

857

836

991211526.UG.FTS.B,

18.47%,

11/26/23

240

238

991211537.UG.FTS.B,

29.49%,

11/25/24

266

273

991211549.UG.FTS.B,

29.49%,

12/01/23

46

46

991211572.UG.FTS.B,

29.47%,

12/08/24

2,219

2,249

991211596.UG.FTS.B,

29.49%,

12/08/23

119

123

991211631.UG.FTS.B,

29.46%,

12/08/23

280

288

991211644.UG.FTS.B,

29.49%,

12/08/23

363

369

991211732.UG.FTS.B,

21.98%,

12/01/24

183

181

991211749.UG.FTS.B,

29.49%,

12/01/23

102

101

991211762.UG.FTS.B,

29.49%,

12/01/23

129

128

991211763.UG.FTS.B,

21.98%,

11/27/24

1,679

1,664

991211764.UG.FTS.B,

29.49%,

11/20/24

109

107

991211771.UG.FTS.B,

21.46%,

11/10/24

101

103

991211876.UG.FTS.B,

29.49%,

11/29/23

16

15

991211917.UG.FTS.B,

28.98%,

11/19/24

85

84

991211923.UG.FTS.B,

29.49%,

11/21/24

231

227

*

991211943.UG.FTS.B,

29.49%,

11/22/24

263

258

991211949.UG.FTS.B,

29.49%,

12/01/24

91

90

991211952.UG.FTS.B,

28.98%,

11/19/24

15

15

991211967.UG.FTS.B,

28.98%,

11/24/24

2,313

2,270

991211999.UG.FTS.B,

22.97%,

11/28/24

627

624

991212005.UG.FTS.B,

28.98%,

11/19/24

109

108

991212021.UG.FTS.B,

28.98%,

11/09/24

27

27

991212046.UG.FTS.B,

19.8%,

11/27/24

1,846

1,839

991212070.UG.FTS.B,

29.49%,

11/21/24

128

126

991212086.UG.FTS.B,

29.49%,

11/30/24

11

11

991212106.UG.FTS.B,

23.95%,

11/21/24

77

76

991212146.UG.FTS.B,

19.21%,

11/26/24

192

190

*

991212156.UG.FTS.B,

16.99%,

12/08/24

-

-

991212183.UG.FTS.B,

19.99%,

11/21/24

438

429

991212211.UG.FTS.B,

19.3%,

11/11/23

105

107

991212215.UG.FTS.B,

20.47%,

11/12/23

86

85

991212275.UG.FTS.B,

17.99%,

2/09/27

1

1

991212290.UG.FTS.B,

29.49%,

11/21/24

602

597

991212308.UG.FTS.B,

29.49%,

11/23/24

281

283

*

991212341.UG.FTS.B,

29.49%,

11/10/24

124

84

991212347.UG.FTS.B,

28.98%,

11/20/24

192

190

*

991212353.UG.FTS.B,

29.49%,

11/20/24

75

74

991212362.UG.FTS.B,

29.49%,

11/10/23

65

65

991212387.UG.FTS.B,

17.97%,

12/08/24

9,012

9,323

*

991212422.UG.FTS.B,

29.49%,

12/01/23

100

72

991212442.UG.FTS.B,

29.49%,

11/19/23

80

78

991212452.UG.FTS.B,

29.46%,

12/08/24

2,179

2,215

991212484.UG.FTS.B,

28.98%,

11/10/24

269

272

991212517.UG.FTS.B,

17.49%,

12/08/23

658

670

991212518.UG.FTS.B,

28.48%,

11/21/23

83

82

991212523.UG.FTS.B,

28.98%,

11/21/24

187

184

991212552.UG.FTS.B,

29.49%,

12/01/24

147

146

991212573.UG.FTS.B,

29.49%,

12/08/23

672

684

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

490

a

991212575.UG.FTS.B,

20.96%,

11/13/23

55

54

991212594.UG.FTS.B,

28.98%,

11/10/24

1,294

1,311

991212602.UG.FTS.B,

20.97%,

12/01/24

42

42

991212606.UG.FTS.B,

28.98%,

11/19/24

301

296

991212608.UG.FTS.B,

28.98%,

12/08/24

302

303

991212639.UG.FTS.B,

29.49%,

11/19/23

337

332

991212667.UG.FTS.B,

18.97%,

11/20/24

2,031

2,015

991212676.UG.FTS.B,

28.98%,

2/19/27

-

-

991212677.UG.FTS.B,

28.48%,

11/23/23

195

193

991212679.UG.FTS.B,

20.97%,

11/26/24

338

336

991212696.UG.FTS.B,

19.3%,

12/08/23

781

807

991212750.UG.FTS.B,

29.46%,

12/08/23

406

410

991212769.UG.FTS.B,

29.49%,

11/22/24

227

226

*

991212778.UG.FTS.B,

29.49%,

12/01/23

10

10

991212789.UG.FTS.B,

28.98%,

11/21/24

151

148

*

991212790.UG.FTS.B,

19.99%,

11/25/24

33

34

*

991212805.UG.FTS.B,

28.98%,

11/18/24

2,559

2,528

991212859.UG.FTS.B,

21.98%,

11/30/24

2,052

2,027

991212875.UG.FTS.B,

29.49%,

11/23/23

264

261

991212884.UG.FTS.B,

29.49%,

11/20/23

31

30

991212892.UG.FTS.B,

19.8%,

11/14/24

95

94

991212894.UG.FTS.B,

29.48%,

11/22/23

85

84

991212907.UG.FTS.B,

19.96%,

11/19/23

138

136

991212919.UG.FTS.B,

28.98%,

11/21/24

750

739

991212931.UG.FTS.B,

29.49%,

11/30/23

114

113

991212968.UG.FTS.B,

19.8%,

11/28/24

1,217

1,213

991212970.UG.FTS.B,

29.49%,

11/20/24

13

13

991212992.UG.FTS.B,

19.8%,

11/20/24

93

92

991212998.UG.FTS.B,

28.98%,

11/30/24

903

898

*

991213039.UG.FTS.B,

28.98%,

11/22/24

64

5

991213061.UG.FTS.B,

28.98%,

11/28/24

308

306

*

991213062.UG.FTS.B,

28.98%,

11/23/24

140

10

991213079.UG.FTS.B,

29.49%,

12/08/24

1,654

1,703

991213119.UG.FTS.B,

19.99%,

11/09/24

153

155

991213128.UG.FTS.B,

19.99%,

11/19/24

91

89

991213155.UG.FTS.B,

29.48%,

12/06/23

150

151

991213172.UG.FTS.B,

29.49%,

12/08/24

121

123

*

991213174.UG.FTS.B,

29.49%,

11/20/24

899

892

991213196.UG.FTS.B,

28.98%,

11/25/24

244

249

991213220.UG.FTS.B,

29.49%,

11/21/23

13

12

991213247.UG.FTS.B,

29.49%,

12/08/24

578

596

991213249.UG.FTS.B,

19.8%,

12/08/24

449

464

991213266.UG.FTS.B,

29.49%,

11/25/24

121

120

991213273.UG.FTS.B,

29.49%,

12/08/24

179

185

991213276.UG.FTS.B,

29.49%,

12/08/24

140

142

991213294.UG.FTS.B,

29.49%,

11/19/24

105

103

991213299.UG.FTS.B,

19.3%,

11/14/23

78

78

991213301.UG.FTS.B,

29.49%,

11/10/23

86

86

991213313.UG.FTS.B,

26.94%,

11/28/24

545

541

991213356.UG.FTS.B,

20.46%,

12/08/24

177

180

991213383.UG.FTS.B,

28.98%,

11/19/24

174

172

991213394.UG.FTS.B,

16.99%,

12/08/24

997

1,022

991213411.UG.FTS.B,

21.97%,

11/11/24

46

45

991213420.UG.FTS.B,

28.98%,

12/01/24

851

835

991213423.UG.FTS.B,

29.49%,

11/25/24

267

274

991213432.UG.FTS.B,

29.49%,

11/21/24

178

176

991213437.UG.FTS.B,

29.49%,

11/20/24

115

113

991213477.UG.FTS.B,

28.48%,

11/21/23

87

86

991213486.UG.FTS.B,

29.49%,

11/25/23

89

91

991213501.UG.FTS.B,

29.49%,

11/25/24

631

645

991213502.UG.FTS.B,

16.99%,

12/09/26

2,022

2,096

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

491

a

991213506.UG.FTS.B,

28.48%,

12/01/23

171

168

991213588.UG.FTS.B,

29.46%,

12/08/23

423

436

991213596.UG.FTS.B,

20.46%,

11/22/24

4,006

3,970

991213653.UG.FTS.B,

29.49%,

11/20/24

532

521

991213680.UG.FTS.B,

29.49%,

12/06/24

1,247

1,269

991213686.UG.FTS.B,

28.48%,

11/20/23

372

365

991213689.UG.FTS.B,

19.96%,

11/24/23

316

313

991213695.UG.FTS.B,

29.49%,

12/08/23

526

535

991213705.UG.FTS.B,

29.49%,

11/23/24

30

29

991213714.UG.FTS.B,

28.98%,

11/25/24

411

422

991213749.UG.FTS.B,

28.98%,

11/19/24

167

164

991213764.UG.FTS.B,

29.49%,

11/22/23

78

76

991213795.UG.FTS.B,

20.47%,

12/06/23

1,347

1,391

*

991213807.UG.FTS.B,

29.49%,

11/23/24

22

4

991213837.UG.FTS.B,

22.97%,

11/28/24

94

94

991213839.UG.FTS.B,

29.49%,

11/11/24

162

163

991213840.UG.FTS.B,

16.99%,

11/28/24

802

795

991213868.UG.FTS.B,

19.99%,

11/23/24

383

390

991213889.UG.FTS.B,

29.49%,

12/08/24

211

211

991213890.UG.FTS.B,

29.49%,

11/09/24

147

149

991213925.UG.FTS.B,

29.49%,

11/18/24

50

49

991213937.UG.FTS.B,

25.45%,

11/24/23

77

77

991213946.UG.FTS.B,

28.98%,

11/09/24

143

145

991213983.UG.FTS.B,

29.49%,

11/16/24

275

270

991213989.UG.FTS.B,

16.99%,

11/27/24

1,226

1,219

991213995.UG.FTS.B,

20.46%,

11/09/24

93

95

*

991214006.UG.FTS.B,

20.47%,

11/24/23

463

463

991214073.UG.FTS.B,

29.49%,

2/07/27

-

-

991214094.UG.FTS.B,

29.49%,

12/08/23

801

807

991214129.UG.FTS.B,

29.49%,

11/24/24

97

96

*

991214142.UG.FTS.B,

29.49%,

11/09/23

42

42

991214202.UG.FTS.B,

19.99%,

11/25/24

30

30

991214205.UG.FTS.B,

28.48%,

11/21/23

72

71

*

991214210.UG.FTS.B,

21.98%,

11/28/24

908

904

991214217.UG.FTS.B,

21.98%,

11/12/24

188

188

991214220.UG.FTS.B,

29.49%,

11/22/24

290

288

991214247.UG.FTS.B,

15.97%,

12/06/24

187

193

991214266.UG.FTS.B,

14.98%,

11/28/24

1,123

1,114

991214299.UG.FTS.B,

29.48%,

12/08/24

2,496

2,573

991214313.UG.FTS.B,

22.45%,

11/13/23

279

275

*

991214317.UG.FTS.B,

23.45%,

11/23/23

530

370

991214327.UG.FTS.B,

21.98%,

11/09/24

277

282

991214333.UG.FTS.B,

21.46%,

11/11/24

1,721

1,751

991214365.UG.FTS.B,

29.49%,

11/25/24

623

637

991214385.UG.FTS.B,

19.99%,

12/08/24

2,971

3,066

991214390.UG.FTS.B,

21.98%,

11/16/24

196

193

991214432.UG.FTS.B,

18.97%,

11/11/24

372

380

991214440.UG.FTS.B,

29.49%,

11/24/24

4,849

4,812

991214475.UG.FTS.B,

29.49%,

12/08/24

1,121

1,146

991214495.UG.FTS.B,

28.98%,

11/11/24

384

389

991214499.UG.FTS.B,

18.97%,

11/19/24

430

427

991214522.UG.FTS.B,

28.98%,

11/09/24

1,397

1,412

991214523.UG.FTS.B,

19.21%,

11/15/24

3,829

3,781

991214567.UG.FTS.B,

28.98%,

11/23/24

567

562

991214609.UG.FTS.B,

29.49%,

11/25/23

283

291

991214628.UG.FTS.B,

22.97%,

11/20/24

1,925

1,911

991214641.UG.FTS.B,

19.99%,

12/08/24

4,952

5,110

991214645.UG.FTS.B,

29.49%,

11/11/24

384

389

991214646.UG.FTS.B,

16.99%,

11/12/24

1,432

1,417

991214658.UG.FTS.B,

28.98%,

11/20/24

3,383

3,316

991214703.UG.FTS.B,

19.99%,

11/22/24

1,269

1,247

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

492

a

991214712.UG.FTS.B,

28.98%,

12/08/24

2,345

2,421

991214716.UG.FTS.B,

26.44%,

12/08/23

373

385

991214741.UG.FTS.B,

29.49%,

11/21/23

249

244

991214785.UG.FTS.B,

27.95%,

12/08/23

197

203

*

991214789.UG.FTS.B,

15.49%,

12/08/23

500

102

991214810.UG.FTS.B,

28.98%,

11/11/24

133

133

991214811.UG.FTS.B,

20.47%,

11/26/23

42

42

991214817.UG.FTS.B,

29.49%,

12/08/23

1,477

1,518

991214861.UG.FTS.B,

28.98%,

11/09/24

393

398

991214869.UG.FTS.B,

21.98%,

11/10/24

7,422

7,546

991214877.UG.FTS.B,

19.21%,

12/06/24

1,091

1,128

991214878.UG.FTS.B,

28.48%,

12/08/23

492

507

991214900.UG.FTS.B,

29.49%,

11/19/23

148

144

991214906.UG.FTS.B,

20.96%,

11/26/23

375

373

991214909.UG.FTS.B,

22.97%,

11/30/24

3,168

3,137

991214925.UG.FTS.B,

18.97%,

11/19/24

683

681

991214951.UG.FTS.B,

20.97%,

11/11/24

478

487

991214954.UG.FTS.B,

21.46%,

11/13/24

479

471

991214958.UG.FTS.B,

29.48%,

12/08/24

1,484

1,529

991214975.UG.FTS.B,

29.49%,

12/08/23

492

506

991214999.UG.FTS.B,

29.49%,

11/11/23

280

282

991215026.UG.FTS.B,

18.97%,

11/15/24

957

946

991215028.UG.FTS.B,

28.98%,

11/09/24

958

958

991215030.UG.FTS.B,

20.46%,

11/29/24

965

962

991215040.UG.FTS.B,

22.47%,

11/11/23

146

148

991215049.UG.FTS.B,

29.49%,

11/30/24

485

483

991215119.UG.FTS.B,

21.46%,

11/22/24

1,068

1,057

*

991215132.UG.FTS.B,

17.99%,

11/27/24

497

498

991215158.UG.FTS.B,

29.49%,

11/21/23

746

740

991215161.UG.FTS.B,

19.96%,

11/27/23

2,059

2,052

991215163.UG.FTS.B,

19.8%,

11/17/24

959

953

991215171.UG.FTS.B,

29.49%,

12/08/24

1,997

2,059

991215185.UG.FTS.B,

18.47%,

11/14/23

929

918

991215203.UG.FTS.B,

19.99%,

11/25/24

624

644

991215221.UG.FTS.B,

29.49%,

12/08/24

2,496

2,573

991215225.UG.FTS.B,

21.48%,

11/25/23

187

193

991215242.UG.FTS.B,

19.8%,

12/08/24

3,455

3,573

991215275.UG.FTS.B,

28.98%,

11/11/24

1,028

1,026

991215284.UG.FTS.B,

29.49%,

12/01/23

553

540

991215292.UG.FTS.B,

29.49%,

11/09/23

130

131

991215309.UG.FTS.B,

28.98%,

11/19/24

209

207

991215335.UG.FTS.B,

28.48%,

11/10/23

16

16

991215359.UG.FTS.B,

22.97%,

11/24/24

737

729

991215376.UG.FTS.B,

29.47%,

12/08/23

1,477

1,521

991215378.UG.FTS.B,

20.97%,

11/12/24

957

942

991215380.UG.FTS.B,

29.49%,

12/01/23

541

535

991215394.UG.FTS.B,

29.49%,

11/11/23

-

-

991215398.UG.FTS.B,

29.49%,

11/09/24

383

387

991215411.UG.FTS.B,

21.46%,

11/20/24

529

523

991215423.UG.FTS.B,

19.8%,

11/17/24

1,975

1,951

991215436.UG.FTS.B,

29.48%,

11/11/23

131

132

991215470.UG.FTS.B,

17.99%,

11/10/24

461

456

991215471.UG.FTS.B,

29.49%,

11/25/23

754

770

991215500.UG.FTS.B,

18.71%,

11/11/23

1,855

1,890

*

991215523.UG.FTS.B,

29.49%,

11/24/24

200

26

991215529.UG.FTS.B,

29.49%,

11/23/24

743

724

991215531.UG.FTS.B,

28.98%,

11/10/24

288

291

991215551.UG.FTS.B,

29.49%,

11/30/23

193

191

991215561.UG.FTS.B,

28.98%,

11/20/24

3,674

3,628

991215587.UG.FTS.B,

28.48%,

2/19/27

4

4

991215594.UG.FTS.B,

29.49%,

11/30/23

239

236

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

493

a

991215595.UG.FTS.B,

29.49%,

11/20/24

580

574

991215672.UG.FTS.B,

29.49%,

11/23/23

611

606

991215718.UG.FTS.B,

28.98%,

11/19/24

93

92

991215779.UG.FTS.B,

29.49%,

11/19/24

158

154

991215785.UG.FTS.B,

19.8%,

11/26/24

1,056

1,048

991215835.UG.FTS.B,

29.49%,

11/23/24

284

279

991215843.UG.FTS.B,

20.47%,

11/26/23

469

467

991215870.UG.FTS.B,

28.98%,

11/30/24

96

95

991215872.UG.FTS.B,

14.98%,

12/08/24

1,505

1,513

991215887.UG.FTS.B,

29.49%,

11/09/24

97

96

991215892.UG.FTS.B,

21.98%,

11/10/24

574

583

991215907.UG.FTS.B,

16.99%,

11/12/26

1,953

1,928

991215937.UG.FTS.B,

19.99%,

11/10/24

764

774

991215951.UG.FTS.B,

28.98%,

11/09/24

958

971

991215979.UG.FTS.B,

28.98%,

11/22/24

380

372

991215999.UG.FTS.B,

16.99%,

12/08/24

6,420

6,644

991216040.UG.FTS.B,

15.47%,

11/09/23

1,387

1,417

991216048.UG.FTS.B,

21.48%,

11/17/23

117

115

991216073.UG.FTS.B,

19.3%,

11/13/23

81

80

991216089.UG.FTS.B,

26.94%,

11/28/24

2,330

2,316

991216115.UG.FTS.B,

19.96%,

11/09/23

-

-

991216129.UG.FTS.B,

20.97%,

11/28/24

613

610

*

991216164.UG.FTS.B,

29.49%,

11/24/24

1,892

1,855

991216166.UG.FTS.B,

28.98%,

11/10/24

6,182

6,258

991216169.UG.FTS.B,

22.95%,

11/28/24

2,287

2,275

991216209.UG.FTS.B,

28.98%,

11/22/24

968

958

991216248.UG.FTS.B,

19.3%,

11/28/23

186

184

991216255.UG.FTS.B,

28.98%,

11/24/24

727

722

991216262.UG.FTS.B,

25.95%,

12/08/24

8,596

8,872

991216278.UG.FTS.B,

20.97%,

11/24/24

4,339

4,316

991216288.UG.FTS.B,

29.49%,

11/10/24

144

145

991216328.UG.FTS.B,

26.94%,

11/29/24

341

337

991216376.UG.FTS.B,

21.48%,

11/10/23

186

189

991216384.UG.FTS.B,

20.96%,

11/12/23

98

96

*

991216434.UG.FTS.B,

29.49%,

11/09/24

163

165

*

991216452.UG.FTS.B,

29.49%,

11/20/23

437

436

991216477.UG.FTS.B,

28.98%,

11/23/24

339

335

*

991216483.UG.FTS.B,

29.49%,

11/30/23

296

293

*

991216486.UG.FTS.B,

29.49%,

11/25/23

49

8

991216498.UG.FTS.B,

19.99%,

12/08/24

6,933

7,154

991216518.UG.FTS.B,

29.49%,

11/09/23

71

72

*

991216525.UG.FTS.B,

29.49%,

11/19/24

150

19

991216535.UG.FTS.B,

18.71%,

11/19/23

42

41

*

991216538.UG.FTS.B,

21.46%,

11/28/24

900

901

991216544.UG.FTS.B,

21.48%,

11/22/23

639

633

991216549.UG.FTS.B,

17.99%,

12/08/24

1,977

2,046

991216589.UG.FTS.B,

28.48%,

11/21/23

235

231

991216594.UG.FTS.B,

29.49%,

12/08/23

762

783

991216602.UG.FTS.B,

29.48%,

12/08/24

1,176

1,212

991216620.UG.FTS.B,

21.46%,

11/18/24

192

190

991216630.UG.FTS.B,

28.98%,

12/08/24

99

102

991216655.UG.FTS.B,

29.48%,

11/11/23

973

972

*

991216662.UG.FTS.B,

29.49%,

11/19/24

295

293

991216679.UG.FTS.B,

21.46%,

11/22/24

619

610

991216706.UG.FTS.B,

28.98%,

11/10/24

63

64

991216720.UG.FTS.B,

21.46%,

11/10/24

11,470

11,663

991216724.UG.FTS.B,

29.49%,

11/11/24

2,301

2,326

991216729.UG.FTS.B,

29.49%,

12/08/24

65

65

*

991216781.UG.FTS.B,

23.45%,

11/12/23

111

8

991216782.UG.FTS.B,

21.48%,

11/22/23

654

651

991216803.UG.FTS.B,

29.47%,

12/08/24

5,990

6,176

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

494

a

991216810.UG.FTS.B,

28.98%,

11/20/24

164

163

*

991216832.UG.FTS.B,

28.98%,

12/01/24

60

5

991216840.UG.FTS.B,

28.48%,

11/21/23

2,349

2,309

991216860.UG.FTS.B,

20.97%,

11/27/24

2,894

2,882

991216882.UG.FTS.B,

29.49%,

11/25/24

233

240

991216926.UG.FTS.B,

29.49%,

12/08/23

884

897

991216948.UG.FTS.B,

29.49%,

11/19/24

95

94

991216950.UG.FTS.B,

28.98%,

11/23/24

969

962

991216952.UG.FTS.B,

29.49%,

11/19/24

4,347

4,306

991216973.UG.FTS.B,

29.49%,

11/20/24

870

860

991216986.UG.FTS.B,

29.49%,

11/19/23

188

185

991217039.UG.FTS.B,

29.49%,

11/23/23

226

224

991217044.UG.FTS.B,

20.96%,

11/10/23

1,168

1,188

991217046.UG.FTS.B,

29.49%,

11/24/23

974

955

991217052.UG.FTS.B,

29.49%,

11/20/24

5,866

5,761

991217054.UG.FTS.B,

28.98%,

11/24/24

436

433

991217060.UG.FTS.B,

28.48%,

11/10/23

466

466

991217068.UG.FTS.B,

21.46%,

11/09/24

478

486

991217075.UG.FTS.B,

18.8%,

11/29/24

1,262

1,249

991217106.UG.FTS.B,

21.98%,

11/11/24

476

484

991217112.UG.FTS.B,

21.46%,

11/27/24

577

572

991217130.UG.FTS.B,

21.97%,

11/18/24

195

193

991217139.UG.FTS.B,

18.47%,

11/27/23

16

16

991217143.UG.FTS.B,

28.98%,

12/08/24

2,479

2,512

991217154.UG.FTS.B,

29.49%,

11/20/24

1,257

1,246

991217177.UG.FTS.B,

28.98%,

11/09/24

479

485

991217180.UG.FTS.B,

18.97%,

11/28/24

988

979

*

991217183.UG.FTS.B,

28.98%,

11/30/24

496

494

991217186.UG.FTS.B,

19.8%,

11/12/24

231

228

991217199.UG.FTS.B,

29.49%,

11/23/23

94

93

991217204.UG.FTS.B,

28.98%,

11/24/24

1,066

1,059

991217210.UG.FTS.B,

29.49%,

11/22/24

289

286

991217213.UG.FTS.B,

19.21%,

11/28/24

807

804

991217222.UG.FTS.B,

29.46%,

12/08/24

987

1,004

*

991217237.UG.FTS.B,

28.98%,

12/01/24

143

142

*

991217242.UG.FTS.B,

29.49%,

11/22/24

2,563

2,542

991217252.UG.FTS.B,

29.48%,

12/08/23

2,000

1,473

991217280.UG.FTS.B,

29.49%,

11/11/24

960

970

991217303.UG.FTS.B,

29.49%,

11/23/24

969

961

*

991217316.UG.FTS.B,

20.47%,

11/12/23

867

180

991217352.UG.FTS.B,

28.48%,

11/19/23

281

279

991217359.UG.FTS.B,

29.48%,

11/23/23

207

205

991217362.UG.FTS.B,

20.46%,

11/13/24

943

930

991217363.UG.FTS.B,

28.98%,

12/08/24

518

529

991217393.UG.FTS.B,

28.98%,

11/25/24

529

528

991217394.UG.FTS.B,

29.49%,

11/22/24

194

191

991217398.UG.FTS.B,

21.98%,

11/12/24

479

470

991217411.UG.FTS.B,

18.47%,

11/11/23

927

946

991217421.UG.FTS.B,

28.98%,

11/20/24

978

961

991217431.UG.FTS.B,

19.8%,

11/29/24

192

191

991217435.UG.FTS.B,

28.98%,

11/19/24

386

383

991217456.UG.FTS.B,

29.49%,

11/10/24

4,816

4,812

991217498.UG.FTS.B,

29.49%,

12/01/24

179

178

991217504.UG.FTS.B,

25.45%,

11/10/23

251

255

991217511.UG.FTS.B,

28.98%,

11/25/24

87

88

991217520.UG.FTS.B,

21.46%,

11/26/24

1,147

1,142

991217550.UG.FTS.B,

29.49%,

11/19/23

939

927

991217577.UG.FTS.B,

29.47%,

12/08/23

400

399

991217581.UG.FTS.B,

22.47%,

11/29/23

432

430

991217625.UG.FTS.B,

16.99%,

11/29/24

1,443

1,439

991217642.UG.FTS.B,

17.99%,

11/28/24

385

384

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

495

a

991217644.UG.FTS.B,

28.48%,

11/21/23

4,087

4,018

991217679.UG.FTS.B,

29.49%,

11/09/23

92

93

991217697.UG.FTS.B,

28.98%,

11/25/24

970

1,001

991217749.UG.FTS.B,

28.98%,

11/30/24

195

191

991217754.UG.FTS.B,

29.49%,

11/20/23

300

297

991217757.UG.FTS.B,

19.8%,

11/27/24

3,373

3,360

991217779.UG.FTS.B,

14.97%,

12/08/24

7,888

8,164

991217790.UG.FTS.B,

29.49%,

12/08/23

985

1,012

991217829.UG.FTS.B,

29.47%,

12/08/23

985

1,014

991217835.UG.FTS.B,

17.99%,

11/12/24

955

944

991217849.UG.FTS.B,

19.8%,

11/27/24

4,804

4,785

991217853.UG.FTS.B,

28.98%,

12/08/24

2,999

3,096

991217859.UG.FTS.B,

19.96%,

11/27/23

338

336

991217875.UG.FTS.B,

29.98%,

11/22/23

202

199

991217897.UG.FTS.B,

15.97%,

11/10/24

259

263

991217949.UG.FTS.B,

19.3%,

11/12/23

1,097

1,083

991217988.UG.FTS.B,

21.98%,

11/29/24

580

577

991218043.UG.FTS.B,

28.98%,

12/07/24

2,434

2,511

991218052.UG.FTS.B,

19.8%,

11/13/24

224

224

991218065.UG.FTS.B,

25.45%,

12/08/23

2,599

2,656

991218074.UG.FTS.B,

28.98%,

12/08/24

1,463

1,510

991218084.UG.FTS.B,

28.98%,

11/23/24

291

288

991218087.UG.FTS.B,

28.98%,

11/11/24

92

93

991218105.UG.FTS.B,

29.48%,

12/08/23

8

8

991218123.UG.FTS.B,

28.98%,

11/10/24

1,055

1,069

991218132.UG.FTS.B,

29.48%,

11/30/23

426

424

991218135.UG.FTS.B,

29.49%,

11/21/23

141

139

991218149.UG.FTS.B,

28.98%,

11/21/24

1,934

1,920

991218164.UG.FTS.B,

29.47%,

12/08/23

1,956

2,014

*

991218188.UG.FTS.B,

29.49%,

11/22/23

112

111

991218202.UG.FTS.B,

29.49%,

11/30/24

479

474

991218211.UG.FTS.B,

18.97%,

11/18/24

2,229

2,205

991218218.UG.FTS.B,

19.99%,

11/20/24

960

953

991218256.UG.FTS.B,

20.46%,

11/26/24

2,983

2,971

991218266.UG.FTS.B,

19.21%,

11/30/24

480

477

991218283.UG.FTS.B,

14.98%,

11/29/24

5,137

5,121

991218290.UG.FTS.B,

28.98%,

11/21/24

242

239

991218297.UG.FTS.B,

21.46%,

11/24/24

964

958

991218319.UG.FTS.B,

29.49%,

11/19/24

1,546

1,528

991218331.UG.FTS.B,

16.99%,

12/08/24

2,962

3,064

991218344.UG.FTS.B,

20.46%,

11/26/24

1,928

1,919

991218368.UG.FTS.B,

29.49%,

12/01/23

95

94

991218382.UG.FTS.B,

22.97%,

11/15/24

288

283

991218404.UG.FTS.B,

20.46%,

11/29/24

6,735

6,684

991218427.UG.FTS.B,

28.98%,

11/20/24

1,450

1,439

991218431.UG.FTS.B,

29.49%,

11/20/24

95

94

991218439.UG.FTS.B,

29.49%,

11/19/23

24

24

991218440.UG.FTS.B,

29.49%,

12/08/24

166

170

991218450.UG.FTS.B,

28.48%,

11/09/23

633

639

*

991218513.UG.FTS.B,

19.3%,

11/15/23

3

1

991218514.UG.FTS.B,

29.49%,

11/30/24

96

95

991218535.UG.FTS.B,

21.97%,

11/10/24

229

233

991218537.UG.FTS.B,

29.49%,

11/23/23

565

559

991218540.UG.FTS.B,

29.49%,

12/01/24

1,761

1,751

991218561.UG.FTS.B,

20.47%,

11/19/23

112

111

*

991218565.UG.FTS.B,

29.49%,

12/01/24

75

6

991218567.UG.FTS.B,

28.98%,

11/21/24

95

94

991218571.UG.FTS.B,

27.95%,

12/08/23

1,177

1,212

*

991218588.UG.FTS.B,

23.45%,

11/19/23

78

77

991218593.UG.FTS.B,

29.49%,

11/23/24

551

558

991218606.UG.FTS.B,

28.98%,

11/22/24

623

618

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

496

a

991218732.UG.FTS.B,

28.98%,

11/19/24

187

183

991218740.UG.FTS.B,

21.46%,

11/15/24

238

235

991218773.UG.FTS.B,

29.49%,

11/17/23

472

460

991218861.UG.FTS.B,

29.49%,

11/30/24

118

116

991218876.UG.FTS.B,

29.49%,

11/30/24

21

21

991218882.UG.FTS.B,

29.49%,

11/24/23

95

94

991218959.UG.FTS.B,

29.49%,

11/21/24

190

187

*

991218984.UG.FTS.B,

28.98%,

12/01/24

215

17

991219022.UG.FTS.B,

29.49%,

11/21/23

5

5

991219101.UG.FTS.B,

29.49%,

11/22/24

116

113

991219167.UG.FTS.B,

28.98%,

12/08/24

2,093

2,159

991219200.UG.FTS.B,

29.49%,

11/30/24

151

150

*

991219254.UG.FTS.B,

29.49%,

11/20/24

139

139

991219263.UG.FTS.B,

19.96%,

11/10/23

777

766

991219275.UG.FTS.B,

29.49%,

11/23/23

60

60

991219285.UG.FTS.B,

29.49%,

11/25/23

108

111

991219314.UG.FTS.B,

28.98%,

11/25/24

131

134

991219396.UG.FTS.B,

29.49%,

11/24/24

168

165

991219493.UG.FTS.B,

28.98%,

11/22/24

218

214

*

991219496.UG.FTS.B,

28.98%,

11/25/24

208

214

991219520.UG.FTS.B,

14.48%,

12/08/23

76

78

*

991219555.UG.FTS.B,

29.49%,

11/29/23

832

828

991219562.UG.FTS.B,

29.49%,

11/19/24

76

75

991219584.UG.FTS.B,

29.49%,

11/21/23

30

30

991219590.UG.FTS.B,

15.47%,

11/29/23

149

148

991219638.UG.FTS.B,

29.49%,

11/21/24

138

136

991219679.UG.FTS.B,

29.49%,

12/01/24

272

269

991219767.UG.FTS.B,

20.47%,

11/22/23

75

75

991219776.UG.FTS.B,

19.99%,

11/23/24

61

60

991219801.UG.FTS.B,

21.48%,

11/19/23

115

114

*

991219806.UG.FTS.B,

29.49%,

12/06/24

1,738

363

*

991219825.UG.FTS.B,

28.98%,

12/01/24

100

14

*

991219899.UG.FTS.B,

29.48%,

11/19/23

24

24

991219912.UG.FTS.B,

29.49%,

11/19/24

649

636

991220031.UG.FTS.B,

29.49%,

12/01/24

1,396

1,389

991220052.UG.FTS.B,

29.49%,

11/20/24

452

444

991220074.UG.FTS.B,

28.98%,

12/08/24

1,084

1,108

991220076.UG.FTS.B,

28.48%,

11/30/23

1,163

1,152

991220085.UG.FTS.B,

29.49%,

11/22/23

50

49

991220098.UG.FTS.B,

19.99%,

11/30/24

614

603

991220103.UG.FTS.B,

18.47%,

11/16/23

533

527

991220110.UG.FTS.B,

28.48%,

11/29/23

225

221

991220122.UG.FTS.B,

29.49%,

11/20/24

791

777

991220143.UG.FTS.B,

29.49%,

11/22/24

307

303

991220177.UG.FTS.B,

22.47%,

11/10/23

9

9

991220195.UG.FTS.B,

19.8%,

11/30/24

-

-

*

991220236.UG.FTS.B,

29.49%,

12/01/23

48

47

991220267.UG.FTS.B,

28.98%,

11/19/24

538

528

991220289.UG.FTS.B,

22.47%,

11/13/23

36

35

991220323.UG.FTS.B,

28.98%,

11/22/24

1,055

1,047

991220330.UG.FTS.B,

29.49%,

11/30/24

414

405

*

991220358.UG.FTS.B,

29.49%,

12/08/24

167

114

*

991220359.UG.FTS.B,

19.21%,

11/30/24

145

144

991220375.UG.FTS.B,

29.49%,

11/30/24

80

79

991220385.UG.FTS.B,

28.98%,

11/20/24

69

67

991220421.UG.FTS.B,

29.49%,

11/22/23

66

65

*

991220431.UG.FTS.B,

28.98%,

11/25/24

35

3

991220435.UG.FTS.B,

18.47%,

12/08/23

471

483

991220441.UG.FTS.B,

28.48%,

11/18/23

411

404

*

991220499.UG.FTS.B,

29.49%,

12/01/24

111

75

991220521.UG.FTS.B,

21.46%,

11/28/24

44

44

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

497

a

*

991220561.UG.FTS.B,

29.49%,

12/01/24

67

67

991220601.UG.FTS.B,

28.98%,

12/08/24

349

360

*

991220607.UG.FTS.B,

19.99%,

11/25/24

100

102

991220666.UG.FTS.B,

28.98%,

11/24/24

31

31

991220671.UG.FTS.B,

28.98%,

11/28/24

675

661

991220679.UG.FTS.B,

21.48%,

11/23/23

12

12

991220693.UG.FTS.B,

29.49%,

11/19/24

26

26

991220698.UG.FTS.B,

27.99%,

11/24/24

559

573

991220756.UG.FTS.B,

22.97%,

12/01/24

267

265

991220798.UG.FTS.B,

28.98%,

11/22/24

153

152

*

991220808.UG.FTS.B,

18.71%,

12/01/23

74

74

991220828.UG.FTS.B,

29.49%,

11/24/23

177

182

*

991220923.UG.FTS.B,

29.49%,

11/30/24

50

8

991220924.UG.FTS.B,

29.49%,

12/01/24

25

25

991220952.UG.FTS.B,

29.49%,

11/17/24

158

154

991220964.UG.FTS.B,

29.49%,

11/18/23

106

104

991221020.UG.FTS.B,

28.98%,

12/07/24

219

225

991221034.UG.FTS.B,

28.48%,

12/01/23

72

70

991221067.UG.FTS.B,

29.49%,

11/21/24

118

116

991221075.UG.FTS.B,

28.98%,

11/21/24

19

19

991221105.UG.FTS.B,

28.98%,

11/23/24

191

189

991221135.UG.FTS.B,

29.49%,

11/25/24

75

77

991221136.UG.FTS.B,

19.99%,

11/19/24

352

348

991221152.UG.FTS.B,

29.49%,

11/20/23

5

5

*

991221174.UG.FTS.B,

29.49%,

12/01/23

405

393

991221225.UG.FTS.B,

29.49%,

12/01/24

470

463

991221251.UG.FTS.B,

18.97%,

11/27/24

6

6

*

991221257.UG.FTS.B,

29.49%,

11/23/24

16

1

991221281.UG.FTS.B,

29.49%,

11/30/24

499

490

991221338.UG.FTS.B,

29.49%,

12/01/23

46

45

991221367.UG.FTS.B,

29.49%,

11/29/24

945

932

991221375.UG.FTS.B,

18.47%,

11/26/23

136

135

991221411.UG.FTS.B,

29.49%,

11/21/23

79

77

991221441.UG.FTS.B,

20.97%,

11/25/24

439

435

991221448.UG.FTS.B,

29.49%,

11/23/23

86

84

991221462.UG.FTS.B,

28.98%,

11/20/24

41

41

991221489.UG.FTS.B,

17.99%,

11/12/24

527

526

991221494.UG.FTS.B,

22.47%,

12/07/23

840

858

991221574.UG.FTS.B,

29.49%,

2/18/27

1

1

991221586.UG.FTS.B,

21.98%,

11/13/24

183

180

*

991221607.UG.FTS.B,

29.49%,

11/23/24

21

21

991221611.UG.FTS.B,

29.49%,

11/18/23

114

112

991221688.UG.FTS.B,

29.48%,

11/21/23

415

412

991221696.UG.FTS.B,

16.99%,

11/26/24

745

742

991221761.UG.FTS.B,

29.48%,

12/08/23

715

736

991221767.UG.FTS.B,

27.99%,

11/30/23

11

11

*

991221769.UG.FTS.B,

28.98%,

11/30/24

39

6

991221790.UG.FTS.B,

15.97%,

11/10/24

1,122

1,111

991221798.UG.FTS.B,

29.49%,

11/30/24

314

308

991221799.UG.FTS.B,

29.49%,

12/08/23

20

20

*

991221808.UG.FTS.B,

29.49%,

11/25/23

894

914

991221814.UG.FTS.B,

29.48%,

12/08/23

189

192

991221818.UG.FTS.B,

29.49%,

11/23/24

178

174

991221838.UG.FTS.B,

28.98%,

11/23/24

238

235

991221843.UG.FTS.B,

29.49%,

11/19/23

91

89

991221852.UG.FTS.B,

29.48%,

11/19/23

138

137

991221853.UG.FTS.B,

19.8%,

11/17/24

1,020

1,019

991221868.UG.FTS.B,

29.49%,

11/21/24

96

95

*

991221895.UG.FTS.B,

29.49%,

11/30/24

520

518

*

991221898.UG.FTS.B,

29.49%,

11/22/24

166

105

*

991221923.UG.FTS.B,

28.98%,

11/22/24

259

256

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

498

a

991221997.UG.FTS.B,

19.8%,

11/27/24

676

671

991221998.UG.FTS.B,

21.48%,

11/29/23

74

74

991221999.UG.FTS.B,

29.49%,

11/19/24

138

136

991222051.UG.FTS.B,

22.97%,

11/12/24

295

290

991222053.UG.FTS.B,

28.98%,

11/24/24

194

190

991222105.UG.FTS.B,

29.49%,

12/08/24

91

93

991222123.UG.FTS.B,

29.49%,

11/29/23

138

136

991222149.UG.FTS.B,

29.49%,

11/20/23

12

12

991222182.UG.FTS.B,

18.47%,

11/30/23

265

263

991222205.UG.FTS.B,

19.8%,

11/24/24

1,469

1,455

991222233.UG.FTS.B,

28.98%,

11/20/24

7

7

991222248.UG.FTS.B,

20.46%,

11/29/24

938

930

991222252.UG.FTS.B,

28.98%,

11/19/24

285

281

991222264.UG.FTS.B,

28.98%,

11/24/24

29

28

991222269.UG.FTS.B,

28.98%,

12/08/24

121

123

*

991222273.UG.FTS.B,

29.49%,

11/19/24

55

54

*

991222303.UG.FTS.B,

29.49%,

11/30/24

80

79

991222319.UG.FTS.B,

28.48%,

11/22/23

11

11

991222324.UG.FTS.B,

26.44%,

12/09/23

308

314

991222357.UG.FTS.B,

29.49%,

11/30/24

29

29

*

991222406.UG.FTS.B,

21.98%,

12/08/24

143

27

991222437.UG.FTS.B,

29.49%,

11/24/24

434

431

991222440.UG.FTS.B,

29.49%,

11/30/23

141

140

*

991222467.UG.FTS.B,

29.49%,

11/25/24

268

277

991222491.UG.FTS.B,

18.3%,

11/11/23

1,277

1,263

991222494.UG.FTS.B,

28.98%,

11/19/24

199

197

991222500.UG.FTS.B,

28.98%,

11/16/24

121

120

991222501.UG.FTS.B,

28.98%,

11/19/24

489

484

*

991222511.UG.FTS.B,

21.48%,

11/27/23

203

26

991222514.UG.FTS.B,

29.49%,

2/23/27

-

-

991222533.UG.FTS.B,

29.49%,

11/21/24

946

926

991222538.UG.FTS.B,

20.97%,

11/25/24

1,025

1,016

*

991222550.UG.FTS.B,

23.95%,

2/08/27

-

-

991222559.UG.FTS.B,

29.49%,

11/18/24

302

296

991222577.UG.FTS.B,

29.49%,

11/18/23

120

118

991222590.UG.FTS.B,

26.44%,

11/13/23

44

44

991222595.UG.FTS.B,

29.49%,

11/17/24

63

62

991222676.UG.FTS.B,

20.96%,

11/29/23

164

162

*

991222693.UG.FTS.B,

20.46%,

11/27/24

492

38

991222703.UG.FTS.B,

29.49%,

11/25/24

51

52

991222712.UG.FTS.B,

28.98%,

11/24/24

387

381

991222727.UG.FTS.B,

29.49%,

12/08/24

316

314

991222744.UG.FTS.B,

19.8%,

11/28/24

233

232

991222803.UG.FTS.B,

28.48%,

11/25/23

47

47

991222835.UG.FTS.B,

29.49%,

11/30/24

15

15

991222847.UG.FTS.B,

21.97%,

11/27/24

585

579

991222899.UG.FTS.B,

19.99%,

11/30/24

125

124

991222901.UG.FTS.B,

21.46%,

11/30/24

796

792

991222930.UG.FTS.B,

28.98%,

11/19/24

338

334

991222931.UG.FTS.B,

29.49%,

11/22/24

2,291

2,270

991222949.UG.FTS.B,

29.49%,

11/30/24

967

954

991222962.UG.FTS.B,

29.49%,

11/30/24

6

6

991222972.UG.FTS.B,

29.49%,

12/07/24

528

537

991222982.UG.FTS.B,

29.49%,

11/22/23

8

8

991223013.UG.FTS.B,

28.98%,

11/24/24

69

68

991223029.UG.FTS.B,

18.97%,

11/18/24

-

-

991223035.UG.FTS.B,

28.98%,

11/23/24

510

501

991223064.UG.FTS.B,

29.49%,

11/22/23

51

50

991223074.UG.FTS.B,

19.99%,

11/20/24

91

90

991223126.UG.FTS.B,

29.49%,

11/25/24

239

247

991223136.UG.FTS.B,

28.98%,

11/21/24

951

941

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

499

a

991223141.UG.FTS.B,

28.98%,

11/24/24

51

51

991223144.UG.FTS.B,

29.49%,

11/25/24

1,097

1,130

991223157.UG.FTS.B,

28.98%,

11/21/24

434

427

*

991223160.UG.FTS.B,

28.98%,

11/21/24

16

16

991223207.UG.FTS.B,

19.99%,

11/23/24

515

507

*

991223241.UG.FTS.B,

29.49%,

11/30/23

115

113

*

991223256.UG.FTS.B,

29.49%,

12/08/24

337

42

*

991223282.UG.FTS.B,

22.97%,

11/28/24

1,999

1,984

991223296.UG.FTS.B,

29.49%,

11/25/23

740

749

991223307.UG.FTS.B,

28.98%,

11/20/24

187

184

991223308.UG.FTS.B,

28.48%,

11/19/23

281

277

991223353.UG.FTS.B,

19.8%,

11/27/24

407

404

991223355.UG.FTS.B,

29.49%,

2/22/27

-

-

991223372.UG.FTS.B,

29.49%,

11/24/24

243

240

991223376.UG.FTS.B,

28.98%,

11/23/24

14

14

991223382.UG.FTS.B,

19.99%,

12/08/24

21

22

*

991223391.UG.FTS.B,

19.21%,

11/20/23

374

28

991223413.UG.FTS.B,

28.98%,

11/30/24

174

173

991223442.UG.FTS.B,

28.48%,

12/06/23

506

516

991223450.UG.FTS.B,

29.49%,

11/23/23

50

50

*

991223456.UG.FTS.B,

29.49%,

11/19/24

78

76

991223479.UG.FTS.B,

29.49%,

11/20/24

214

208

991223494.UG.FTS.B,

19.3%,

11/15/23

113

112

*

991223519.UG.FTS.B,

29.49%,

11/22/23

188

25

991223526.UG.FTS.B,

19.96%,

11/18/23

176

175

991223537.UG.FTS.B,

29.99%,

11/30/24

29

29

991223543.UG.FTS.B,

28.98%,

11/22/24

242

237

*

991223544.UG.FTS.B,

28.98%,

11/30/24

136

19

991223558.UG.FTS.B,

29.49%,

12/06/24

131

135

991223597.UG.FTS.B,

28.98%,

11/22/24

289

284

991223604.UG.FTS.B,

18.71%,

11/20/23

337

334

*

991223629.UG.FTS.B,

21.98%,

11/12/24

348

66

991223631.UG.FTS.B,

28.98%,

11/23/24

75

74

991223685.UG.FTS.B,

28.98%,

11/21/24

274

268

*

991223700.UG.FTS.B,

29.49%,

11/19/23

22

9

991223759.UG.FTS.B,

19.3%,

11/20/23

125

124

991223797.UG.FTS.B,

22.97%,

12/08/24

510

521

991223823.UG.FTS.B,

28.98%,

11/22/24

158

157

*

991223836.UG.FTS.B,

29.49%,

11/28/24

1,606

210

991223847.UG.FTS.B,

14%,

12/08/24

250

259

991223894.UG.FTS.B,

20.46%,

11/13/24

172

170

991223898.UG.FTS.B,

29.49%,

11/23/23

31

31

*

991223979.UG.FTS.B,

29.49%,

11/22/24

126

125

991224037.UG.FTS.B,

19.8%,

11/18/24

657

649

991224052.UG.FTS.B,

22.47%,

11/27/23

8

8

991224053.UG.FTS.B,

17.49%,

11/29/23

68

68

991224114.UG.FTS.B,

29.49%,

11/17/23

30

30

991224145.UG.FTS.B,

28.98%,

11/30/24

2,920

2,906

991224169.UG.FTS.B,

29.49%,

12/08/24

1,995

2,058

991224181.UG.FTS.B,

28.98%,

11/22/24

1,997

1,960

991224192.UG.FTS.B,

29.49%,

11/24/24

678

664

991224208.UG.FTS.B,

21.98%,

11/12/24

325

320

*

991224235.UG.FTS.B,

28.98%,

11/23/24

2,263

288

991224252.UG.FTS.B,

19.99%,

11/25/24

602

613

991224275.UG.FTS.B,

19.21%,

11/24/24

4,792

4,773

991224312.UG.FTS.B,

16.99%,

11/11/24

953

943

991224324.UG.FTS.B,

18.97%,

11/10/24

477

471

991224330.UG.FTS.B,

16.99%,

11/27/24

480

478

991224363.UG.FTS.B,

28.98%,

11/22/24

435

432

991224383.UG.FTS.B,

19.8%,

11/10/24

1,073

1,058

991224483.UG.FTS.B,

21.46%,

11/21/24

288

287

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

500

a

991224491.UG.FTS.B,

19.8%,

11/19/24

767

763

991224492.UG.FTS.B,

28.98%,

11/19/24

1,446

1,421

991224493.UG.FTS.B,

29.49%,

11/22/24

83

82

991224526.UG.FTS.B,

28.98%,

11/22/24

319

312

991224574.UG.FTS.B,

23.95%,

11/10/24

444

435

991224591.UG.FTS.B,

26.44%,

11/25/23

329

339

991224639.UG.FTS.B,

22.97%,

11/14/24

407

400

991224645.UG.FTS.B,

20.96%,

11/29/23

2,438

2,428

991224682.UG.FTS.B,

29.49%,

11/19/23

53

52

991224685.UG.FTS.B,

22.95%,

11/29/24

2,515

2,501

991224689.UG.FTS.B,

29.49%,

12/08/23

689

702

991224707.UG.FTS.B,

23.45%,

11/17/23

644

634

991224721.UG.FTS.B,

19.8%,

11/20/24

553

546

991224725.UG.FTS.B,

29.49%,

11/22/23

752

746

991224732.UG.FTS.B,

18.97%,

11/19/24

1,917

1,907

991224739.UG.FTS.B,

20.46%,

11/12/24

239

236

991224752.UG.FTS.B,

21.48%,

11/23/23

187

186

991224755.UG.FTS.B,

29.49%,

11/25/24

1,186

1,200

991224815.UG.FTS.B,

19.21%,

11/21/24

576

573

991224830.UG.FTS.B,

29.49%,

11/23/24

774

766

991224849.UG.FTS.B,

23.45%,

11/10/23

279

274

991224874.UG.FTS.B,

19.96%,

11/29/23

749

743

991224942.UG.FTS.B,

29.49%,

11/25/24

1,935

1,988

991224989.UG.FTS.B,

18.97%,

11/21/24

1,723

1,709

991225010.UG.FTS.B,

19.8%,

11/11/24

955

942

991225026.UG.FTS.B,

29.49%,

11/19/24

116

114

991225043.UG.FTS.B,

29.49%,

11/22/23

658

652

991225070.UG.FTS.B,

22.47%,

11/10/23

139

137

991225073.UG.FTS.B,

29.49%,

11/19/24

385

378

991225078.UG.FTS.B,

18.97%,

11/13/24

526

519

991225097.UG.FTS.B,

19.3%,

11/29/23

22

22

991225118.UG.FTS.B,

20.46%,

11/15/24

280

276

991225119.UG.FTS.B,

27.99%,

11/21/24

1,256

1,246

991225200.UG.FTS.B,

20.47%,

11/12/23

186

183

991225270.UG.FTS.B,

23.95%,

11/27/24

290

287

991225277.UG.FTS.B,

29.49%,

11/21/24

370

360

991225295.UG.FTS.B,

21.48%,

11/10/23

1,577

1,553

991225297.UG.FTS.B,

27.99%,

11/25/23

37

38

991225313.UG.FTS.B,

28.98%,

11/24/24

1,453

1,443

991225320.UG.FTS.B,

29.49%,

11/21/24

290

287

991225329.UG.FTS.B,

28.98%,

11/23/24

194

192

991225373.UG.FTS.B,

20.46%,

11/24/24

94

93

991225380.UG.FTS.B,

26.94%,

11/13/24

161

160

991225416.UG.FTS.B,

29.49%,

11/25/24

76

75

991225418.UG.FTS.B,

16.99%,

11/11/24

954

943

991225432.UG.FTS.B,

29.49%,

12/08/23

588

605

991225449.UG.FTS.B,

20.46%,

11/18/24

959

947

*

991225463.UG.FTS.B,

29.49%,

11/25/24

150

156

991225496.UG.FTS.B,

28.98%,

11/21/24

723

718

991225501.UG.FTS.B,

29.49%,

11/18/24

274

268

991225504.UG.FTS.B,

29.49%,

11/24/24

-

-

991225553.UG.FTS.B,

29.49%,

11/22/24

290

288

*

991225567.UG.FTS.B,

19.8%,

11/20/24

284

283

991225580.UG.FTS.B,

28.98%,

11/19/24

104

103

991225584.UG.FTS.B,

19.3%,

11/29/23

277

274

991225627.UG.FTS.B,

21.46%,

11/19/24

288

286

991225648.UG.FTS.B,

18.97%,

11/12/24

143

142

*

991225649.UG.FTS.B,

20.97%,

12/01/24

9,181

9,145

991225720.UG.FTS.B,

29.49%,

11/19/24

47

46

991225745.UG.FTS.B,

28.98%,

11/18/24

209

206

991225771.UG.FTS.B,

29.49%,

12/08/23

107

107

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

501

a

991225793.UG.FTS.B,

21.46%,

11/29/24

1,256

1,250

991225804.UG.FTS.B,

20.46%,

11/13/24

325

321

991225805.UG.FTS.B,

29.49%,

11/19/23

282

274

*

991225936.UG.FTS.B,

26.94%,

11/29/24

368

48

991226045.UG.FTS.B,

29.48%,

12/01/23

17

15

991226101.UG.FTS.B,

20.47%,

11/15/23

232

231

991226122.UG.FTS.B,

29.49%,

11/25/24

153

157

991226181.UG.FTS.B,

21.48%,

11/22/23

223

221

991226206.UG.FTS.B,

28.98%,

11/16/24

109

106

991226209.UG.FTS.B,

29.49%,

11/24/24

13

13

991226248.UG.FTS.B,

20.46%,

11/29/24

338

336

991226251.UG.FTS.B,

29.49%,

12/07/23

769

790

991226306.UG.FTS.B,

29.48%,

11/16/23

161

158

991226346.UG.FTS.B,

29.49%,

11/24/23

82

83

991226350.UG.FTS.B,

29.48%,

12/08/23

11

11

991226400.UG.FTS.B,

28.98%,

11/21/24

88

87

991226444.UG.FTS.B,

28.98%,

11/30/24

168

167

991226457.UG.FTS.B,

29.49%,

11/25/23

41

41

991226459.UG.FTS.B,

28.98%,

11/22/24

127

125

*

991226481.UG.FTS.B,

29.49%,

11/24/24

49

4

991226484.UG.FTS.B,

21.46%,

11/12/24

902

887

991226505.UG.FTS.B,

29.49%,

11/20/24

71

70

991226532.UG.FTS.B,

29.49%,

12/08/24

69

70

*

991226540.UG.FTS.B,

29.49%,

11/21/23

138

137

991226633.UG.FTS.B,

28.98%,

11/21/24

179

176

*

991226644.UG.FTS.B,

29.49%,

2/19/27

9

8

991226663.UG.FTS.B,

20.47%,

11/13/23

107

106

991226691.UG.FTS.B,

15.99%,

12/09/26

331

343

991226698.UG.FTS.B,

28.98%,

11/20/24

213

211

991226705.UG.FTS.B,

29.49%,

11/19/24

14

13

991226714.UG.FTS.B,

18.97%,

11/15/24

1,243

1,228

991226732.UG.FTS.B,

18.47%,

11/14/23

65

64

991226769.UG.FTS.B,

29.49%,

11/18/23

227

222

991226847.UG.FTS.B,

28.98%,

12/01/24

1,021

1,016

991226863.UG.FTS.B,

28.98%,

12/08/24

335

346

991226952.UG.FTS.B,

19.99%,

11/24/24

645

634

991227036.UG.FTS.B,

29.49%,

11/19/24

169

165

*

991227057.UG.FTS.B,

29.49%,

11/19/24

84

83

991227110.UG.FTS.B,

20.96%,

11/30/23

193

192

*

991227144.UG.FTS.B,

29.49%,

11/19/23

164

162

991227191.UG.FTS.B,

24.95%,

11/25/24

534

547

991227199.UG.FTS.B,

29.49%,

11/24/23

28

27

991227250.UG.FTS.B,

28.98%,

11/21/24

206

204

991227295.UG.FTS.B,

19.8%,

12/08/24

954

981

991227321.UG.FTS.B,

21.98%,

11/30/24

128

127

*

991227343.UG.FTS.B,

17.99%,

12/08/24

60

62

991227355.UG.FTS.B,

29.49%,

2/20/27

1

1

991227379.UG.FTS.B,

29.49%,

11/19/24

110

108

991227397.UG.FTS.B,

29.49%,

12/01/24

122

121

*

991227411.UG.FTS.B,

29.49%,

12/01/23

50

5

991227450.UG.FTS.B,

19.21%,

11/27/24

644

640

991227461.UG.FTS.B,

19.8%,

11/19/24

407

403

991227476.UG.FTS.B,

28.98%,

11/25/24

198

205

991227497.UG.FTS.B,

18.71%,

11/25/23

276

273

991227513.UG.FTS.B,

19.96%,

11/30/23

109

108

991227515.UG.FTS.B,

29.49%,

11/18/23

357

351

991227531.UG.FTS.B,

19.99%,

11/22/24

1,004

987

991227533.UG.FTS.B,

29.49%,

11/30/24

23

22

991227564.UG.FTS.B,

28.98%,

1/21/27

-

-

991227595.UG.FTS.B,

19.99%,

11/30/24

16

15

*

991227665.UG.FTS.B,

29.49%,

12/01/24

27

26

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

502

a

991227683.UG.FTS.B,

21.98%,

11/28/24

152

150

991227721.UG.FTS.B,

28.98%,

11/21/24

51

51

991227727.UG.FTS.B,

19.96%,

12/06/23

1,169

1,207

991227749.UG.FTS.B,

29.49%,

11/20/24

22

22

991227817.UG.FTS.B,

19.96%,

11/15/23

37

36

991227864.UG.FTS.B,

29.49%,

11/22/24

57

56

991227865.UG.FTS.B,

21.98%,

11/29/24

68

67

991228134.UG.FTS.B,

29.49%,

12/01/24

23

23

*

991228157.UG.FTS.B,

19.99%,

1/17/27

2

2

991228177.UG.FTS.B,

28.98%,

11/22/24

180

178

991228271.UG.FTS.B,

29.49%,

12/01/23

184

182

991228302.UG.FTS.B,

29.49%,

12/01/24

316

313

991228317.UG.FTS.B,

25.45%,

11/26/23

191

190

*

991228375.UG.FTS.B,

29.49%,

11/20/23

47

7

991228377.UG.FTS.B,

22.47%,

11/27/23

350

347

*

991228393.UG.FTS.B,

29.49%,

11/20/23

109

15

991228404.UG.FTS.B,

29.49%,

11/18/24

465

455

991228442.UG.FTS.B,

28.98%,

11/24/24

454

446

991228476.UG.FTS.B,

28.98%,

12/01/24

1,607

1,600

991228509.UG.FTS.B,

29.49%,

11/22/24

422

416

991228519.UG.FTS.B,

29.49%,

11/22/24

-

-

991228529.UG.FTS.B,

28.98%,

12/01/24

282

277

991228566.UG.FTS.B,

29.49%,

11/25/24

220

226

991228567.UG.FTS.B,

29.49%,

11/23/23

53

52

*

991228607.UG.FTS.B,

29.49%,

11/24/23

46

7

991228662.UG.FTS.B,

19.99%,

11/19/24

226

221

991228678.UG.FTS.B,

29.49%,

11/25/24

6

6

991228684.UG.FTS.B,

19.99%,

11/23/23

11

11

991228687.UG.FTS.B,

19.8%,

11/11/24

1

1

991228695.UG.FTS.B,

28.98%,

11/19/24

80

78

*

991228699.UG.FTS.B,

28.98%,

11/25/24

707

736

991228702.UG.FTS.B,

19.96%,

11/28/23

1,108

1,104

991228703.UG.FTS.B,

22.95%,

11/14/24

99

97

991228737.UG.FTS.B,

29.49%,

11/19/23

42

42

991228825.UG.FTS.B,

29.49%,

11/24/23

68

67

991228922.UG.FTS.B,

28.98%,

11/22/24

186

184

991228925.UG.FTS.B,

28.48%,

11/20/23

35

34

991228935.UG.FTS.B,

29.49%,

11/23/23

59

48

991228941.UG.FTS.B,

29.49%,

12/08/23

566

571

991229003.UG.FTS.B,

29.49%,

12/01/23

675

654

991229010.UG.FTS.B,

28.98%,

11/21/24

437

429

991229065.UG.FTS.B,

28.98%,

11/19/24

28

28

*

991229085.UG.FTS.B,

22.95%,

12/08/24

435

86

*

991229106.UG.FTS.B,

29.49%,

11/30/23

323

316

991229113.UG.FTS.B,

29.49%,

11/22/23

118

115

991229168.UG.FTS.B,

29.49%,

11/19/23

630

617

991229181.UG.FTS.B,

19.3%,

12/08/23

185

191

991229220.UG.FTS.B,

29.48%,

12/01/23

94

93

991229243.UG.FTS.B,

20.47%,

11/11/23

39

38

991229244.UG.FTS.B,

18.97%,

11/23/24

1,162

1,153

991229267.UG.FTS.B,

29.48%,

12/01/23

101

99

991229289.UG.FTS.B,

19.8%,

11/30/24

93

92

991229296.UG.FTS.B,

29.49%,

11/22/24

507

498

991229310.UG.FTS.B,

19.99%,

11/23/24

351

347

991229333.UG.FTS.B,

29.49%,

12/08/23

57

57

991229353.UG.FTS.B,

28.48%,

11/24/23

42

41

991229379.UG.FTS.B,

28.98%,

1/17/27

-

-

991229412.UG.FTS.B,

29.49%,

12/01/24

291

288

991229416.UG.FTS.B,

28.98%,

11/22/24

6

6

991229419.UG.FTS.B,

29.49%,

11/19/24

738

724

991229420.UG.FTS.B,

18.97%,

11/12/24

617

609

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

503

a

991229436.UG.FTS.B,

29.49%,

11/17/24

593

580

991229438.UG.FTS.B,

29.49%,

12/07/23

182

183

*

991229451.UG.FTS.B,

15.97%,

11/27/24

66

65

*

991229513.UG.FTS.B,

20.97%,

11/14/24

69

18

991229522.UG.FTS.B,

28.98%,

11/24/24

345

338

991229578.UG.FTS.B,

25.95%,

11/12/24

230

225

*

991229634.UG.FTS.B,

29.49%,

12/08/24

37

33

991229636.UG.FTS.B,

17.99%,

11/27/24

438

435

991229662.UG.FTS.B,

20.47%,

11/20/23

18

18

991229707.UG.FTS.B,

29.49%,

11/25/23

120

123

991229722.UG.FTS.B,

29.49%,

12/08/23

161

163

991229724.UG.FTS.B,

28.98%,

2/05/27

1

1

991229725.UG.FTS.B,

28.98%,

11/30/24

61

60

991229773.UG.FTS.B,

28.98%,

11/23/24

562

553

*

991229834.UG.FTS.B,

28.98%,

11/19/24

332

326

991229899.UG.FTS.B,

28.98%,

12/01/24

153

152

991229935.UG.FTS.B,

29.49%,

11/22/23

22

22

991229942.UG.FTS.B,

28.98%,

11/25/24

155

159

991229961.UG.FTS.B,

29.49%,

11/22/24

49

48

991229976.UG.FTS.B,

29.49%,

11/30/23

231

228

*

991230066.UG.FTS.B,

21.98%,

11/29/24

169

168

991230067.UG.FTS.B,

19.21%,

11/14/24

295

291

991230132.UG.FTS.B,

29.49%,

11/25/24

1,336

1,356

991230177.UG.FTS.B,

28.98%,

11/19/24

208

206

991230228.UG.FTS.B,

29.49%,

11/24/24

256

260

991230240.UG.FTS.B,

29.48%,

11/17/23

104

102

991230250.UG.FTS.B,

28.98%,

11/20/24

46

46

991230254.UG.FTS.B,

29.48%,

11/24/23

62

62

991230298.UG.FTS.B,

29.49%,

12/01/24

198

196

991230359.UG.FTS.B,

28.98%,

12/01/24

115

112

991230373.UG.FTS.B,

29.49%,

11/23/23

295

289

991230430.UG.FTS.B,

29.49%,

11/23/24

541

535

991230438.UG.FTS.B,

21.46%,

11/22/24

645

635

991230463.UG.FTS.B,

29.49%,

11/22/24

29

28

991230469.UG.FTS.B,

18.8%,

11/27/24

76

75

991230477.UG.FTS.B,

28.98%,

11/22/24

377

374

991230512.UG.FTS.B,

20.97%,

11/16/24

247

244

991230554.UG.FTS.B,

29.49%,

11/24/24

358

350

991230562.UG.FTS.B,

29.49%,

11/22/24

121

119

991230587.UG.FTS.B,

28.98%,

12/01/24

320

318

991230591.UG.FTS.B,

19.96%,

11/11/23

18

18

991230697.UG.FTS.B,

20.96%,

2/18/27

-

-

991230703.UG.FTS.B,

29.49%,

11/23/24

266

261

991230761.UG.FTS.B,

29.49%,

12/01/23

613

608

991230774.UG.FTS.B,

29.49%,

11/20/23

91

90

991230796.UG.FTS.B,

19.8%,

2/13/27

4

4

991230823.UG.FTS.B,

29.49%,

11/28/24

97

96

991231048.UG.FTS.B,

25.94%,

11/13/24

60

59

991231083.UG.FTS.B,

29.49%,

11/23/23

129

126

991231128.UG.FTS.B,

23.45%,

11/15/23

18

18

991231145.UG.FTS.B,

28.98%,

11/20/24

2,564

2,525

991231171.UG.FTS.B,

26.94%,

12/11/24

457

473

*

991231174.UG.FTS.B,

19.99%,

11/24/24

102

101

991231240.UG.FTS.B,

25.95%,

1/14/27

-

-

991231250.UG.FTS.B,

28.98%,

11/24/24

54

53

*

991231319.UG.FTS.B,

29.49%,

11/24/23

404

55

991231326.UG.FTS.B,

28.98%,

12/01/24

30

30

991231361.UG.FTS.B,

19.8%,

11/18/24

231

229

991231403.UG.FTS.B,

29.49%,

11/30/24

219

215

991231427.UG.FTS.B,

20.46%,

12/01/24

560

556

991231458.UG.FTS.B,

29.48%,

11/30/23

121

120

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

504

a

991231478.UG.FTS.B,

18.71%,

11/23/23

2,889

2,875

991231505.UG.FTS.B,

29.49%,

11/21/23

146

143

991231578.UG.FTS.B,

18.97%,

11/14/24

4,778

4,722

991231580.UG.FTS.B,

26.94%,

11/12/24

316

309

991231605.UG.FTS.B,

19.96%,

11/13/23

404

398

991231629.UG.FTS.B,

28.48%,

11/23/23

91

90

991231640.UG.FTS.B,

28.98%,

11/19/24

483

480

991231651.UG.FTS.B,

29.49%,

11/30/24

1,455

1,447

*

991231664.UG.FTS.B,

29.49%,

11/23/24

165

106

991231683.UG.FTS.B,

21.48%,

11/20/23

186

185

*

991231719.UG.FTS.B,

20.46%,

11/20/24

300

180

991231725.UG.FTS.B,

29.49%,

11/20/24

338

334

991231726.UG.FTS.B,

22.47%,

11/13/23

62

62

991231739.UG.FTS.B,

28.98%,

12/01/24

185

184

991231767.UG.FTS.B,

17.99%,

11/29/24

289

287

991231769.UG.FTS.B,

23.95%,

11/28/24

5,559

5,529

991231794.UG.FTS.B,

20.97%,

11/29/24

2,652

2,631

991231806.UG.FTS.B,

21.98%,

11/15/24

1,341

1,318

*

991231823.UG.FTS.B,

29.49%,

11/22/24

984

976

*

991231892.UG.FTS.B,

20.47%,

11/11/23

611

71

991231911.UG.FTS.B,

29.49%,

11/20/24

965

957

991231930.UG.FTS.B,

18.71%,

11/28/23

1,068

1,064

*

991231941.UG.FTS.B,

29.49%,

11/19/24

387

49

991231945.UG.FTS.B,

18.97%,

11/13/24

2,856

2,822

991231947.UG.FTS.B,

29.49%,

11/30/23

32

32

991231948.UG.FTS.B,

29.49%,

11/24/24

356

346

991231973.UG.FTS.B,

20.46%,

11/21/24

4,264

4,222

991231997.UG.FTS.B,

29.49%,

12/01/23

280

277

991232002.UG.FTS.B,

28.98%,

11/21/24

412

409

991232040.UG.FTS.B,

29.49%,

11/20/23

113

111

991232042.UG.FTS.B,

18.97%,

11/11/24

954

943

991232045.UG.FTS.B,

29.49%,

12/01/23

1,251

1,223

991232122.UG.FTS.B,

18.97%,

11/23/24

93

93

991232161.UG.FTS.B,

29.49%,

11/19/23

94

92

991232167.UG.FTS.B,

20.46%,

11/17/24

172

170

991232227.UG.FTS.B,

29.49%,

11/20/24

772

766

991232262.UG.FTS.B,

14.98%,

11/28/24

163

163

991232280.UG.FTS.B,

20.97%,

11/28/24

386

384

*

991232303.UG.FTS.B,

29.49%,

11/20/24

150

19

991232318.UG.FTS.B,

29.49%,

11/20/23

94

93

991232327.UG.FTS.B,

21.46%,

11/15/24

359

353

991232344.UG.FTS.B,

27.99%,

11/23/24

121

119

991232398.UG.FTS.B,

15.97%,

11/28/24

957

954

991232410.UG.FTS.B,

19.8%,

11/26/24

1,681

1,675

991232413.UG.FTS.B,

28.98%,

11/24/24

339

332

991232470.UG.FTS.B,

22.47%,

11/24/23

380

377

991232475.UG.FTS.B,

29.49%,

11/23/24

290

288

991232481.UG.FTS.B,

29.49%,

11/24/23

188

185

991232484.UG.FTS.B,

19.21%,

11/26/24

11,492

11,381

991232529.UG.FTS.B,

21.98%,

11/12/24

378

372

991232539.UG.FTS.B,

20.97%,

11/14/24

314

310

991232543.UG.FTS.B,

28.98%,

11/20/24

265

260

991232611.UG.FTS.B,

29.49%,

12/01/24

94

93

991232617.UG.FTS.B,

19.8%,

11/14/24

769

758

991232620.UG.FTS.B,

19.99%,

11/23/24

191

189

991232621.UG.FTS.B,

28.98%,

11/30/24

969

961

991232626.UG.FTS.B,

20.46%,

11/28/24

194

194

991232628.UG.FTS.B,

19.3%,

11/14/23

928

916

991232634.UG.FTS.B,

21.46%,

11/13/24

997

997

991232671.UG.FTS.B,

19.21%,

11/17/24

239

236

991232676.UG.FTS.B,

19.21%,

11/15/24

1,913

1,889

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

505

a

991232679.UG.FTS.B,

29.49%,

11/22/24

363

356

991232706.UG.FTS.B,

21.98%,

11/15/24

100

99

991232709.UG.FTS.B,

28.98%,

11/24/24

956

946

991232712.UG.FTS.B,

29.49%,

11/21/24

1,445

1,409

991232729.UG.FTS.B,

29.49%,

11/30/23

627

619

991232762.UG.FTS.B,

21.98%,

11/13/24

383

376

991232781.UG.FTS.B,

28.98%,

11/25/24

189

194

991232804.UG.FTS.B,

18.97%,

11/12/24

7,828

7,735

991232810.UG.FTS.B,

19.99%,

11/24/24

52

51

991232811.UG.FTS.B,

29.48%,

11/30/23

275

272

991232872.UG.FTS.B,

29.49%,

11/19/24

960

941

*

991232876.UG.FTS.B,

28.48%,

11/21/23

749

98

991232879.UG.FTS.B,

29.49%,

11/23/24

74

73

991232884.UG.FTS.B,

19.8%,

11/15/24

267

263

991232886.UG.FTS.B,

20.47%,

11/23/23

73

72

991232899.UG.FTS.B,

29.49%,

11/18/24

698

676

991232914.UG.FTS.B,

29.49%,

11/24/24

1,449

1,428

991232915.UG.FTS.B,

29.49%,

11/23/24

108

106

991232945.UG.FTS.B,

29.49%,

11/30/23

189

187

991232951.UG.FTS.B,

29.49%,

11/24/23

470

465

*

991232956.UG.FTS.B,

19.99%,

11/30/24

198

196

991233016.UG.FTS.B,

29.49%,

12/01/24

329

326

991233017.UG.FTS.B,

29.49%,

11/25/24

291

300

991233067.UG.FTS.B,

21.46%,

11/29/24

772

769

991233145.UG.FTS.B,

28.48%,

11/30/23

89

88

991233192.UG.FTS.B,

19.99%,

11/21/24

93

92

991233222.UG.FTS.B,

26.44%,

11/21/23

65

65

*

991233225.UG.FTS.B,

29.48%,

11/21/23

187

183

991233241.UG.FTS.B,

29.49%,

11/18/24

263

257

991233266.UG.FTS.B,

29.49%,

11/22/24

56

55

991233281.UG.FTS.B,

29.49%,

11/20/23

102

100

991233310.UG.FTS.B,

29.49%,

11/30/24

61

60

991233370.UG.FTS.B,

29.49%,

11/21/23

86

85

991233425.UG.FTS.B,

14.98%,

12/08/24

2,684

2,776

*

991233432.UG.FTS.B,

29.48%,

11/21/23

48

47

991233489.UG.FTS.B,

19.99%,

11/21/24

44

43

991233521.UG.FTS.B,

29.48%,

11/22/23

18

18

991233581.UG.FTS.B,

29.49%,

11/20/24

332

326

991233589.UG.FTS.B,

19.3%,

11/26/23

373

370

991233610.UG.FTS.B,

28.98%,

11/19/24

52

51

991233663.UG.FTS.B,

14.98%,

12/08/24

325

335

991233679.UG.FTS.B,

28.98%,

11/18/24

455

445

991233773.UG.FTS.B,

19.99%,

12/01/24

481

477

*

991233786.UG.FTS.B,

29.48%,

11/30/23

197

196

991233789.UG.FTS.B,

28.98%,

11/21/24

648

636

991233840.UG.FTS.B,

29.49%,

11/24/24

148

146

991233863.UG.FTS.B,

29.49%,

11/20/24

2,589

2,492

991233872.UG.FTS.B,

17.99%,

12/08/24

287

295

991233960.UG.FTS.B,

29.49%,

11/19/23

316

310

991234036.UG.FTS.B,

19.21%,

11/28/24

1,287

1,278

*

991234088.UG.FTS.B,

29.49%,

11/25/24

137

18

991234089.UG.FTS.B,

26.44%,

11/28/23

130

129

991234093.UG.FTS.B,

19.99%,

11/17/24

101

100

991234152.UG.FTS.B,

29.49%,

11/25/24

101

100

991234158.UG.FTS.B,

29.49%,

11/23/24

43

42

991234176.UG.FTS.B,

22.47%,

11/15/23

810

797

991234204.UG.FTS.B,

29.49%,

11/16/23

744

726

991234267.UG.FTS.B,

23.95%,

11/12/24

421

413

991234278.UG.FTS.B,

26.44%,

12/10/23

1,567

1,621

*

991234297.UG.FTS.B,

28.98%,

11/30/24

172

106

991234356.UG.FTS.B,

29.49%,

11/30/24

210

208

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

506

a

991234377.UG.FTS.B,

28.98%,

11/30/24

73

72

991234378.UG.FTS.B,

20.46%,

11/24/24

244

242

991234421.UG.FTS.B,

28.98%,

11/23/24

384

378

991234426.UG.FTS.B,

16.99%,

12/06/24

1,048

1,084

991234446.UG.FTS.B,

29.49%,

11/20/24

631

617

991234501.UG.FTS.B,

29.49%,

11/30/24

644

633

991234543.UG.FTS.B,

28.98%,

11/20/24

34

33

991234571.UG.FTS.B,

18.71%,

11/12/23

192

190

991234579.UG.FTS.B,

29.49%,

11/22/23

347

338

991234615.UG.FTS.B,

28.98%,

11/21/24

98

97

991234650.UG.FTS.B,

20.47%,

12/01/23

75

75

991234666.UG.FTS.B,

20.46%,

11/12/24

121

119

991234732.UG.FTS.B,

29.49%,

11/16/24

74

72

991234896.UG.FTS.B,

28.98%,

11/22/24

653

642

991234903.UG.FTS.B,

28.98%,

11/29/24

10

10

991234914.UG.FTS.B,

29.49%,

11/30/23

195

192

991234974.UG.FTS.B,

19.8%,

11/14/24

45

45

991234997.UG.FTS.B,

23.95%,

11/20/24

51

50

991235018.UG.FTS.B,

20.97%,

11/28/24

530

528

991235021.UG.FTS.B,

19.99%,

11/30/24

23

24

991235123.UG.FTS.B,

29.49%,

11/19/23

10

10

991235136.UG.FTS.B,

29.49%,

11/24/24

240

236

991235141.UG.FTS.B,

29.49%,

11/19/23

85

84

991235150.UG.FTS.B,

29.49%,

11/24/23

240

238

991235183.UG.FTS.B,

18.71%,

11/15/23

57

57

991235240.UG.FTS.B,

19.21%,

11/13/24

18

18

*

991235252.UG.FTS.B,

29.49%,

11/30/24

170

23

991235296.UG.FTS.B,

28.98%,

11/30/24

21

20

991235318.UG.FTS.B,

29.49%,

11/30/23

37

37

*

991235449.UG.FTS.B,

29.49%,

11/30/24

586

582

*

991235511.UG.FTS.B,

29.49%,

11/24/24

59

58

991235519.UG.FTS.B,

21.98%,

11/21/24

429

423

991235520.UG.FTS.B,

29.49%,

11/20/24

38

38

991235548.UG.FTS.B,

22.47%,

11/15/23

149

147

991235565.UG.FTS.B,

25.45%,

11/15/23

38

38

991235580.UG.FTS.B,

19.96%,

11/25/23

750

762

*

991235619.UG.FTS.B,

29.49%,

12/01/23

102

14

991235625.UG.FTS.B,

19.99%,

11/20/24

146

144

991235630.UG.FTS.B,

29.49%,

11/25/24

55

56

*

991235662.UG.FTS.B,

29.49%,

2/17/27

12

1

991235705.UG.FTS.B,

29.49%,

12/01/24

65

65

991235739.UG.FTS.B,

29.49%,

12/01/24

8

8

991235754.UG.FTS.B,

23.95%,

11/12/24

1,015

995

991235776.UG.FTS.B,

28.98%,

11/22/24

100

99

991235816.UG.FTS.B,

29.49%,

11/22/23

104

103

991235817.UG.FTS.B,

29.49%,

11/20/24

117

114

991235853.UG.FTS.B,

19.99%,

12/01/24

234

229

991235865.UG.FTS.B,

15.97%,

12/08/24

1,844

1,908

991235930.UG.FTS.B,

21.98%,

11/20/24

79

79

991235969.UG.FTS.B,

29.49%,

11/22/24

334

330

991236065.UG.FTS.B,

18.71%,

11/15/23

148

146

991236066.UG.FTS.B,

22.97%,

11/19/24

217

213

991236091.UG.FTS.B,

19.21%,

11/18/24

123

122

991236126.UG.FTS.B,

28.98%,

12/01/24

117

115

991236189.UG.FTS.B,

28.98%,

11/24/24

165

163

991236223.UG.FTS.B,

29.48%,

11/21/23

15

15

991236234.UG.FTS.B,

29.49%,

11/21/23

34

34

991236326.UG.FTS.B,

29.49%,

11/19/23

7

7

991236365.UG.FTS.B,

19.3%,

11/25/23

217

214

991236411.UG.FTS.B,

29.49%,

2/22/27

2

2

991236422.UG.FTS.B,

18.71%,

11/28/23

47

47

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

507

a

*

991236467.UG.FTS.B,

29.49%,

11/30/24

1,314

835

991236470.UG.FTS.B,

28.98%,

12/01/24

96

95

991236474.UG.FTS.B,

29.49%,

11/24/24

1,294

1,279

991236612.UG.FTS.B,

28.98%,

11/21/24

136

133

991236637.UG.FTS.B,

29.49%,

11/22/24

114

113

991236685.UG.FTS.B,

28.98%,

11/16/24

341

334

991236708.UG.FTS.B,

29.49%,

11/24/24

139

138

991236723.UG.FTS.B,

19.99%,

11/25/24

242

245

991236784.UG.FTS.B,

29.49%,

11/20/23

522

511

991236802.UG.FTS.B,

29.49%,

11/21/24

13

13

991236822.UG.FTS.B,

28.98%,

12/01/24

116

114

*

991236869.UG.FTS.B,

28.98%,

11/21/24

210

130

991236876.UG.FTS.B,

28.98%,

11/22/24

32

32

991236888.UG.FTS.B,

28.98%,

11/23/24

204

201

991236920.UG.FTS.B,

29.49%,

11/18/24

233

227

*

991236926.UG.FTS.B,

19.8%,

2/26/27

3

3

991236954.UG.FTS.B,

29.48%,

11/20/23

905

888

991236965.UG.FTS.B,

19.21%,

11/28/24

319

317

991237057.UG.FTS.B,

19.96%,

11/24/23

232

230

991237095.UG.FTS.B,

29.49%,

11/23/24

88

87

991237106.UG.FTS.B,

19.99%,

11/30/24

608

599

991237119.UG.FTS.B,

28.98%,

11/21/24

1,575

1,563

991237125.UG.FTS.B,

28.98%,

11/24/24

21

21

991237137.UG.FTS.B,

28.98%,

11/19/24

61

60

991237162.UG.FTS.B,

28.98%,

11/23/24

663

657

991237192.UG.FTS.B,

19.99%,

11/20/24

1,673

1,644

991237193.UG.FTS.B,

29.49%,

11/19/24

51

51

*

991237236.UG.FTS.B,

29.49%,

2/17/27

6

6

991237242.UG.FTS.B,

29.49%,

11/30/24

181

178

991237253.UG.FTS.B,

29.49%,

11/19/23

1,812

1,776

991237319.UG.FTS.B,

29.49%,

11/30/24

192

190

991237364.UG.FTS.B,

29.49%,

11/17/24

212

208

991237381.UG.FTS.B,

29.49%,

2/18/27

-

-

991237410.UG.FTS.B,

19.99%,

11/19/23

33

33

991237507.UG.FTS.B,

29.49%,

11/21/24

34

34

991237551.UG.FTS.B,

23.95%,

11/27/24

85

85

991237584.UG.FTS.B,

28.98%,

11/19/24

56

55

991237585.UG.FTS.B,

29.49%,

11/24/23

95

93

*

991237591.UG.FTS.B,

29.49%,

11/22/23

32

31

991237671.UG.FTS.B,

19.8%,

11/23/24

212

211

991237688.UG.FTS.B,

29.49%,

11/29/24

1,752

1,712

991237705.UG.FTS.B,

29.49%,

11/17/23

10

10

991237724.UG.FTS.B,

29.49%,

12/01/24

353

348

991237737.UG.FTS.B,

28.98%,

11/20/24

36

36

991237854.UG.FTS.B,

19.21%,

11/21/24

334

332

991237888.UG.FTS.B,

28.98%,

11/17/24

820

810

991237944.UG.FTS.B,

28.98%,

11/20/24

35

34

991237945.UG.FTS.B,

19.8%,

11/15/24

248

245

991238029.UG.FTS.B,

23.45%,

11/18/23

1

1

991238069.UG.FTS.B,

29.49%,

11/20/24

275

268

991238098.UG.FTS.B,

29.49%,

11/28/24

104

102

991238133.UG.FTS.B,

19.99%,

11/30/24

662

653

991238147.UG.FTS.B,

17.99%,

11/27/24

129

128

991238171.UG.FTS.B,

28.98%,

11/22/24

348

344

991238195.UG.FTS.B,

28.98%,

11/25/24

356

367

991238220.UG.FTS.B,

21.98%,

11/21/24

448

444

*

991238266.UG.FTS.B,

28.98%,

11/17/24

65

17

991238304.UG.FTS.B,

29.49%,

11/25/24

71

72

991238366.UG.FTS.B,

28.98%,

11/21/24

77

77

*

991238372.UG.FTS.B,

28.98%,

12/29/26

-

-

991238377.UG.FTS.B,

28.48%,

11/23/23

115

113

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

508

a

991238380.UG.FTS.B,

15.97%,

12/08/24

393

405

991238426.UG.FTS.B,

25.94%,

11/22/24

518

510

991238431.UG.FTS.B,

29.49%,

11/20/24

1,471

1,439

991238451.UG.FTS.B,

29.49%,

2/19/27

5

5

991238458.UG.FTS.B,

29.49%,

11/24/23

123

120

991238481.UG.FTS.B,

15%,

11/26/24

517

514

991238527.UG.FTS.B,

22.47%,

11/13/23

67

66

991238529.UG.FTS.B,

19.8%,

11/18/24

2,298

2,270

991238556.UG.FTS.B,

20.96%,

11/27/23

162

161

991238561.UG.FTS.B,

28.98%,

11/23/24

100

99

991238587.UG.FTS.B,

16.99%,

12/08/24

1,389

1,422

991238618.UG.FTS.B,

29.49%,

11/24/24

191

188

991238659.UG.FTS.B,

21.46%,

11/28/24

2,892

2,879

991238667.UG.FTS.B,

29.49%,

11/16/24

291

284

991238727.UG.FTS.B,

28.98%,

11/24/24

22

22

991238765.UG.FTS.B,

28.98%,

11/22/24

13

14

991238827.UG.FTS.B,

21.48%,

2/13/27

2

2

*

991238888.UG.FTS.B,

28.98%,

2/20/27

-

-

991238892.UG.FTS.B,

27.99%,

11/21/24

78

77

991238897.UG.FTS.B,

19.21%,

11/27/24

2,129

2,122

991238898.UG.FTS.B,

29.49%,

11/19/24

6

6

991238942.UG.FTS.B,

19.99%,

12/01/24

289

288

991238989.UG.FTS.B,

19.3%,

11/12/23

1,202

1,186

991239012.UG.FTS.B,

29.49%,

11/22/23

2,782

2,734

991239015.UG.FTS.B,

19.8%,

11/13/24

478

471

991239048.UG.FTS.B,

29.49%,

11/19/23

656

641

991239064.UG.FTS.B,

23.95%,

11/15/24

671

658

*

991239074.UG.FTS.B,

29.49%,

11/22/24

120

120

991239091.UG.FTS.B,

29.49%,

11/22/24

1,011

990

991239155.UG.FTS.B,

18.47%,

11/24/23

652

649

991239165.UG.FTS.B,

29.49%,

11/22/23

375

372

991239230.UG.FTS.B,

29.49%,

11/19/24

480

470

991239272.UG.FTS.B,

29.49%,

11/22/23

185

183

991239313.UG.FTS.B,

29.49%,

11/19/24

287

280

991239328.UG.FTS.B,

28.98%,

11/19/24

912

894

991239336.UG.FTS.B,

28.98%,

11/20/24

386

382

991239349.UG.FTS.B,

29.49%,

11/20/24

337

332

991239355.UG.FTS.B,

21.46%,

11/28/24

7,361

7,266

991239388.UG.FTS.B,

29.49%,

11/23/24

236

232

991239447.UG.FTS.B,

20.47%,

11/27/23

3,094

3,070

991239470.UG.FTS.B,

20.97%,

11/25/24

962

994

991239528.UG.FTS.B,

18.97%,

12/08/24

19,703

20,381

991239596.UG.FTS.B,

18.97%,

11/27/24

721

719

991239600.UG.FTS.B,

28.98%,

11/21/24

117

116

991239623.UG.FTS.B,

28.48%,

11/23/23

1,071

1,043

991239632.UG.FTS.B,

18.97%,

11/22/24

4,795

4,773

991239647.UG.FTS.B,

28.98%,

11/23/24

190

188

991239748.UG.FTS.B,

19.99%,

12/01/24

2,882

2,868

991239758.UG.FTS.B,

20.96%,

11/27/23

98

98

991239767.UG.FTS.B,

19.99%,

11/30/24

702

695

991239824.UG.FTS.B,

29.49%,

11/22/23

235

232

991239830.UG.FTS.B,

29.49%,

11/20/24

867

850

991239841.UG.FTS.B,

20.97%,

11/14/24

287

283

991239848.UG.FTS.B,

29.49%,

11/24/24

968

960

991239892.UG.FTS.B,

29.49%,

11/20/23

187

183

991239932.UG.FTS.B,

29.49%,

12/08/24

398

411

991239949.UG.FTS.B,

19.8%,

11/15/24

2,868

2,829

991239954.UG.FTS.B,

29.49%,

11/20/24

289

284

991239973.UG.FTS.B,

23.45%,

11/21/23

747

742

991239983.UG.FTS.B,

28.98%,

11/23/24

368

364

991240022.UG.FTS.B,

24.45%,

11/17/23

308

303

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

509

a

991240024.UG.FTS.B,

19.8%,

11/15/24

430

424

991240071.UG.FTS.B,

28.98%,

11/22/24

280

277

991240082.UG.FTS.B,

28.98%,

11/23/24

1,450

1,439

991240088.UG.FTS.B,

29.49%,

11/23/24

483

479

991240092.UG.FTS.B,

26.94%,

11/25/24

1,315

1,342

991240094.UG.FTS.B,

28.98%,

11/30/24

2,426

2,377

991240106.UG.FTS.B,

28.98%,

11/22/24

263

261

991240129.UG.FTS.B,

28.98%,

11/22/24

2,000

1,971

991240138.UG.FTS.B,

29.49%,

11/24/24

1,258

1,248

991240186.UG.FTS.B,

25.45%,

11/15/23

73

72

991240319.UG.FTS.B,

28.98%,

11/22/24

531

527

991240407.UG.FTS.B,

28.98%,

11/22/24

677

663

991240446.UG.FTS.B,

20.47%,

11/26/23

932

924

991240450.UG.FTS.B,

29.49%,

11/21/24

929

915

991240490.UG.FTS.B,

29.49%,

11/21/23

1,219

1,209

991240494.UG.FTS.B,

28.98%,

11/24/24

469

465

991240628.UG.FTS.B,

28.98%,

12/01/24

16

16

991240768.UG.FTS.B,

29.48%,

11/30/23

300

295

991240778.UG.FTS.B,

21.46%,

11/13/24

279

274

*

991240795.UG.FTS.B,

29.48%,

12/17/26

-

-

991240822.UG.FTS.B,

28.48%,

11/16/23

127

125

991240839.UG.FTS.B,

29.49%,

1/17/27

-

-

991240861.UG.FTS.B,

28.98%,

11/25/24

140

144

991240871.UG.FTS.B,

22.45%,

11/28/23

383

378

*

991240894.UG.FTS.B,

29.49%,

12/01/23

72

71

991240922.UG.FTS.B,

16.99%,

12/13/24

263

271

991241045.UG.FTS.B,

21.46%,

11/18/24

101

100

991241069.UG.FTS.B,

19.99%,

11/24/24

852

846

991241132.UG.FTS.B,

28.98%,

11/22/24

47

47

991241166.UG.FTS.B,

28.98%,

11/25/24

337

342

991241225.UG.FTS.B,

29.49%,

11/18/23

99

97

991241286.UG.FTS.B,

29.49%,

11/20/23

6

6

*

991241420.UG.FTS.B,

29.49%,

12/01/24

886

858

991241433.UG.FTS.B,

15%,

12/08/24

1,039

1,076

991241439.UG.FTS.B,

28.98%,

12/01/24

116

115

991241447.UG.FTS.B,

29.49%,

12/01/24

288

286

991241448.UG.FTS.B,

29.49%,

11/25/24

143

147

991241450.UG.FTS.B,

28.98%,

11/24/24

50

50

991241546.UG.FTS.B,

29.49%,

11/22/24

392

384

991241558.UG.FTS.B,

28.98%,

11/29/24

424

422

991241559.UG.FTS.B,

19.99%,

11/22/24

197

195

991241624.UG.FTS.B,

28.48%,

11/30/23

143

141

991241632.UG.FTS.B,

22.97%,

11/13/24

197

193

*

991241653.UG.FTS.B,

29.49%,

11/25/23

75

6

991241676.UG.FTS.B,

28.98%,

11/30/24

416

411

991241700.UG.FTS.B,

29.48%,

11/21/23

8

8

991241752.UG.FTS.B,

20.96%,

11/29/23

109

108

991241758.UG.FTS.B,

29.49%,

12/01/23

66

65

991241800.UG.FTS.B,

28.98%,

11/25/24

254

259

991241808.UG.FTS.B,

29.49%,

11/29/24

572

569

991241824.UG.FTS.B,

29.49%,

11/20/23

70

69

991241831.UG.FTS.B,

29.49%,

11/25/23

187

190

991241911.UG.FTS.B,

29.49%,

11/19/23

31

31

991241950.UG.FTS.B,

29.49%,

11/30/23

60

59

991241987.UG.FTS.B,

18.97%,

11/15/24

7

7

991241992.UG.FTS.B,

27.99%,

11/19/24

80

79

991242041.UG.FTS.B,

29.49%,

11/22/24

90

89

991242064.UG.FTS.B,

15.97%,

12/08/24

363

376

*

991242076.UG.FTS.B,

29.49%,

12/08/23

165

13

991242136.UG.FTS.B,

29.48%,

12/08/23

78

78

991242160.UG.FTS.B,

29.49%,

11/18/24

524

511

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

510

a

991242196.UG.FTS.B,

28.48%,

11/30/23

481

477

991242233.UG.FTS.B,

21.48%,

11/27/23

98

96

*

991242287.UG.FTS.B,

29.49%,

12/29/26

1

-

*

991242301.UG.FTS.B,

29.49%,

11/25/24

88

13

991242317.UG.FTS.B,

20.47%,

2/11/27

5

5

991242328.UG.FTS.B,

22.47%,

11/30/23

127

126

991242346.UG.FTS.B,

24.95%,

12/13/24

701

714

*

991242359.UG.FTS.B,

29.49%,

11/25/24

156

22

991242367.UG.FTS.B,

29.49%,

11/30/24

136

135

991242435.UG.FTS.B,

29.49%,

11/22/23

52

51

991242460.UG.FTS.B,

28.98%,

12/01/24

46

45

991242465.UG.FTS.B,

29.49%,

11/21/24

31

30

991242467.UG.FTS.B,

29.49%,

11/25/24

435

440

991242497.UG.FTS.B,

29.48%,

11/18/23

1,465

1,437

991242620.UG.FTS.B,

23.45%,

11/14/23

34

34

991242622.UG.FTS.B,

20.47%,

11/17/23

309

305

991242660.UG.FTS.B,

29.49%,

11/19/24

698

691

991242720.UG.FTS.B,

29.49%,

11/17/24

235

230

991242783.UG.FTS.B,

29.49%,

11/19/24

491

482

*

991242853.UG.FTS.B,

20.96%,

12/08/23

5

5

*

991242920.UG.FTS.B,

29.49%,

11/19/24

361

46

991242926.UG.FTS.B,

29.49%,

11/22/24

138

137

991242927.UG.FTS.B,

29.49%,

11/24/23

32

31

991242945.UG.FTS.B,

29.49%,

11/21/23

26

26

991242992.UG.FTS.B,

29.49%,

11/29/23

775

760

*

991243014.UG.FTS.B,

29.49%,

11/25/24

105

8

991243023.UG.FTS.B,

28.98%,

11/21/24

1,456

1,431

*

991243035.UG.FTS.B,

29.49%,

12/01/24

-

-

991243049.UG.FTS.B,

28.98%,

11/21/24

164

161

991243067.UG.FTS.B,

29.49%,

11/20/23

102

101

991243088.UG.FTS.B,

20.96%,

12/01/23

63

63

*

991243089.UG.FTS.B,

28.98%,

2/21/27

-

-

991243097.UG.FTS.B,

29.49%,

12/01/24

212

210

991243111.UG.FTS.B,

28.98%,

11/18/24

55

54

991243117.UG.FTS.B,

23.45%,

11/14/23

148

146

991243146.UG.FTS.B,

29.49%,

11/21/24

1,878

1,839

991243300.UG.FTS.B,

28.48%,

11/25/23

178

183

991243302.UG.FTS.B,

29.49%,

12/07/24

832

833

991243377.UG.FTS.B,

29.49%,

11/19/24

52

52

991243397.UG.FTS.B,

28.98%,

11/25/24

2

2

991243542.UG.FTS.B,

29.49%,

11/19/23

169

164

991243560.UG.FTS.B,

29.49%,

12/01/24

213

211

991243569.UG.FTS.B,

29.49%,

11/19/23

69

68

991243647.UG.FTS.B,

29.49%,

12/01/23

165

163

991243673.UG.FTS.B,

29.49%,

12/08/24

514

523

991243750.UG.FTS.B,

29.49%,

11/18/23

13

13

991243773.UG.FTS.B,

29.49%,

11/22/24

111

110

991243778.UG.FTS.B,

28.48%,

12/08/23

4

4

991243798.UG.FTS.B,

18.8%,

11/15/24

77

77

991243830.UG.FTS.B,

28.98%,

11/24/24

29

29

991243866.UG.FTS.B,

29.49%,

11/19/24

909

897

991243870.UG.FTS.B,

20.96%,

12/01/23

398

395

991243878.UG.FTS.B,

21.99%,

12/12/26

2,817

2,898

991243884.UG.FTS.B,

28.98%,

12/08/24

88

90

991243902.UG.FTS.B,

29.49%,

11/23/24

840

833

*

991243919.UG.FTS.B,

21.98%,

12/13/26

3

1

991243955.UG.FTS.B,

20.96%,

11/27/23

-

-

991243987.UG.FTS.B,

18.97%,

11/20/24

6,703

6,634

991243993.UG.FTS.B,

29.49%,

11/20/23

34

33

991244000.UG.FTS.B,

29.49%,

11/30/24

148

146

991244025.UG.FTS.B,

29.49%,

11/23/24

136

138

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

511

a

991244043.UG.FTS.B,

29.49%,

11/20/24

219

215

991244059.UG.FTS.B,

28.98%,

11/22/24

763

747

991244066.UG.FTS.B,

28.48%,

11/20/23

281

273

991244087.UG.FTS.B,

29.49%,

11/18/23

181

178

991244136.UG.FTS.B,

19.99%,

11/23/24

632

625

991244164.UG.FTS.B,

28.98%,

12/01/24

218

216

991244179.UG.FTS.B,

29.49%,

11/25/24

268

276

991244230.UG.FTS.B,

21.98%,

11/27/24

1,288

1,271

991244243.UG.FTS.B,

28.98%,

11/19/24

1,351

1,334

991244319.UG.FTS.B,

29.49%,

11/18/23

173

169

991244320.UG.FTS.B,

28.98%,

11/23/24

73

72

991244332.UG.FTS.B,

29.49%,

12/08/24

316

318

*

991244361.UG.FTS.B,

19.99%,

1/20/27

3

2

991244474.UG.FTS.B,

29.49%,

12/07/24

262

271

991244507.UG.FTS.B,

29.49%,

11/24/23

12

12

991244517.UG.FTS.B,

29.49%,

12/01/24

834

830

991244543.UG.FTS.B,

29.49%,

11/25/23

158

161

991244603.UG.FTS.B,

29.49%,

11/21/24

80

79

991244612.UG.FTS.B,

29.49%,

11/24/23

109

106

991244681.UG.FTS.B,

29.48%,

11/30/23

353

352

991244683.UG.FTS.B,

28.98%,

12/01/24

104

103

991244769.UG.FTS.B,

29.49%,

12/01/23

262

259

991244823.UG.FTS.B,

29.49%,

11/19/23

174

171

991244834.UG.FTS.B,

29.49%,

11/25/23

2,303

2,371

991244839.UG.FTS.B,

28.48%,

11/21/23

182

178

991244847.UG.FTS.B,

29.49%,

11/22/24

116

113

991244901.UG.FTS.B,

29.46%,

12/08/24

667

679

991244989.UG.FTS.B,

28.98%,

11/25/24

31

32

*

991245012.UG.FTS.B,

29.49%,

11/21/23

86

12

*

991245036.UG.FTS.B,

29.49%,

11/18/24

20

20

991245041.UG.FTS.B,

29.49%,

11/30/24

1,118

1,108

991245155.UG.FTS.B,

29.49%,

11/18/23

37

36

991245157.UG.FTS.B,

19.96%,

11/17/23

22

22

991245178.UG.FTS.B,

29.49%,

12/08/24

873

899

991245195.UG.FTS.B,

28.98%,

12/08/24

71

73

991245204.UG.FTS.B,

28.48%,

11/20/23

2,807

2,732

991245210.UG.FTS.B,

28.98%,

11/22/24

1,551

1,524

991245259.UG.FTS.B,

29.49%,

11/22/24

164

162

991245272.UG.FTS.B,

21.48%,

12/01/23

187

184

*

991245285.UG.FTS.B,

29.49%,

11/24/24

255

249

*

991245290.UG.FTS.B,

29.49%,

11/23/23

68

67

991245325.UG.FTS.B,

19.99%,

11/19/24

157

155

991245336.UG.FTS.B,

29.49%,

11/22/23

442

435

*

991245363.UG.FTS.B,

20.46%,

11/27/24

589

586

991245370.UG.FTS.B,

29.49%,

11/19/24

40

40

991245420.UG.FTS.B,

29.49%,

11/29/23

6

6

991245422.UG.FTS.B,

28.98%,

11/25/24

131

133

991245459.UG.FTS.B,

29.49%,

11/19/24

157

154

991245469.UG.FTS.B,

29.49%,

12/08/24

133

138

*

991245476.UG.FTS.B,

29.49%,

11/24/24

214

138

991245485.UG.FTS.B,

29.49%,

11/19/23

483

472

991245554.UG.FTS.B,

28.98%,

11/23/24

852

837

991245580.UG.FTS.B,

29.49%,

11/30/24

97

96

*

991245604.UG.FTS.B,

21.47%,

11/23/23

60

59

991245677.UG.FTS.B,

28.98%,

11/19/24

126

123

991245732.UG.FTS.B,

20.47%,

11/20/23

123

122

991245739.UG.FTS.B,

28.98%,

11/20/24

577

560

*

991245747.UG.FTS.B,

29.49%,

11/25/24

813

845

991245774.UG.FTS.B,

29.49%,

11/16/24

530

518

991245781.UG.FTS.B,

21.48%,

11/13/23

474

467

991245804.UG.FTS.B,

25.45%,

11/30/23

323

320

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

512

a

991245820.UG.FTS.B,

29.49%,

11/22/24

589

581

991245840.UG.FTS.B,

21.46%,

11/14/24

6

6

*

991245848.UG.FTS.B,

29.49%,

12/01/23

134

20

991245896.UG.FTS.B,

28.98%,

11/30/24

24

24

991245914.UG.FTS.B,

25.95%,

11/30/24

96

95

991245920.UG.FTS.B,

29.49%,

11/24/24

236

232

991245945.UG.FTS.B,

20.47%,

2/18/27

-

-

991245946.UG.FTS.B,

29.49%,

11/20/24

227

222

*

991245959.UG.FTS.B,

29.49%,

12/01/24

50

49

991246076.UG.FTS.B,

20.97%,

11/25/24

1,923

1,987

991246091.UG.FTS.B,

23.45%,

11/18/23

130

129

991246110.UG.FTS.B,

29.49%,

11/25/24

12

13

991246111.UG.FTS.B,

28.98%,

12/08/24

190

196

991246166.UG.FTS.B,

29.49%,

12/08/23

153

157

991246171.UG.FTS.B,

29.49%,

11/22/23

34

33

991246182.UG.FTS.B,

29.49%,

11/22/24

77

75

991246232.UG.FTS.B,

28.98%,

11/21/24

1,059

1,040

*

991246241.UG.FTS.B,

18.71%,

11/17/23

212

26

991246363.UG.FTS.B,

19.21%,

11/17/24

4,303

4,255

*

991246393.UG.FTS.B,

20.46%,

11/22/24

642

642

991246436.UG.FTS.B,

16.49%,

11/28/23

233

231

991246443.UG.FTS.B,

21.98%,

11/18/24

615

615

991246447.UG.FTS.B,

29.49%,

12/01/24

583

580

991246458.UG.FTS.B,

29.48%,

11/20/23

74

73

991246462.UG.FTS.B,

19.8%,

11/20/24

3,832

3,787

991246471.UG.FTS.B,

28.98%,

11/19/24

549

538

991246474.UG.FTS.B,

29.49%,

11/30/24

680

675

991246511.UG.FTS.B,

18.47%,

11/29/23

2,801

2,792

991246596.UG.FTS.B,

21.46%,

11/29/24

341

338

991246597.UG.FTS.B,

27.99%,

11/30/24

378

376

991246604.UG.FTS.B,

29.49%,

11/25/24

952

970

991246684.UG.FTS.B,

28.98%,

11/21/24

1,928

1,895

991246744.UG.FTS.B,

17.99%,

11/29/24

961

958

991246754.UG.FTS.B,

29.49%,

11/22/24

869

851

991246778.UG.FTS.B,

29.49%,

11/30/24

1,161

1,155

991246833.UG.FTS.B,

29.49%,

11/20/24

123

121

991246872.UG.FTS.B,

28.98%,

11/22/24

962

946

991246882.UG.FTS.B,

17.99%,

12/08/24

2,463

2,531

991246945.UG.FTS.B,

20.97%,

11/23/24

288

286

991246975.UG.FTS.B,

21.46%,

11/14/24

3,106

3,054

991247002.UG.FTS.B,

19.8%,

11/14/24

478

471

991247010.UG.FTS.B,

28.98%,

11/24/24

2,038

2,024

991247033.UG.FTS.B,

20.46%,

11/19/24

957

945

991247059.UG.FTS.B,

29.49%,

11/22/23

1,283

1,268

*

991247062.UG.FTS.B,

29.49%,

11/19/24

196

191

991247130.UG.FTS.B,

29.49%,

11/20/23

169

164

*

991247135.UG.FTS.B,

29.49%,

11/21/24

122

16

991247140.UG.FTS.B,

21.98%,

11/14/24

185

182

991247154.UG.FTS.B,

29.49%,

11/21/23

1,875

1,838

991247212.UG.FTS.B,

29.49%,

11/20/24

386

378

991247225.UG.FTS.B,

29.49%,

11/20/24

115

112

991247272.UG.FTS.B,

20.46%,

12/01/24

70

70

*

991247306.UG.FTS.B,

28.98%,

11/30/24

2,171

2,138

991247313.UG.FTS.B,

29.49%,

11/20/24

266

261

991247353.UG.FTS.B,

29.49%,

11/19/24

42

41

991247369.UG.FTS.B,

28.98%,

11/20/24

1,925

1,891

991247374.UG.FTS.B,

28.98%,

11/19/24

1,155

1,135

991247382.UG.FTS.B,

29.49%,

11/19/23

52

51

991247415.UG.FTS.B,

20.46%,

11/29/24

932

922

991247425.UG.FTS.B,

29.49%,

11/20/23

112

110

991247431.UG.FTS.B,

29.49%,

11/19/23

66

65

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

513

a

991247450.UG.FTS.B,

19.21%,

12/01/24

963

960

991247451.UG.FTS.B,

19.21%,

11/23/24

480

477

991247481.UG.FTS.B,

29.49%,

12/01/24

798

793

991247495.UG.FTS.B,

28.48%,

11/24/23

919

908

991247672.UG.FTS.B,

29.49%,

11/19/24

118

115

991247703.UG.FTS.B,

29.49%,

11/19/23

47

47

991247708.UG.FTS.B,

28.98%,

11/24/24

4,833

4,799

991247710.UG.FTS.B,

28.98%,

11/30/24

1,450

1,443

991247716.UG.FTS.B,

29.49%,

11/22/23

375

372

991247718.UG.FTS.B,

29.49%,

11/19/23

93

91

991247722.UG.FTS.B,

29.49%,

11/25/24

13

13

991247741.UG.FTS.B,

29.49%,

11/23/23

69

67

991247778.UG.FTS.B,

29.49%,

11/22/23

102

100

*

991247800.UG.FTS.B,

29.49%,

11/22/23

25

25

991247813.UG.FTS.B,

17.99%,

12/14/24

5,048

5,020

991247852.UG.FTS.B,

20.96%,

11/28/23

1,966

1,958

991247899.UG.FTS.B,

28.48%,

11/19/23

306

301

991247942.UG.FTS.B,

29.49%,

11/30/23

267

261

*

991247956.UG.FTS.B,

29.49%,

11/24/24

36

36

991247985.UG.FTS.B,

29.48%,

12/06/23

850

864

991247998.UG.FTS.B,

29.49%,

11/28/23

77

76

991248019.UG.FTS.B,

19.99%,

12/01/24

1,353

1,347

991248040.UG.FTS.B,

29.49%,

11/21/24

383

376

991248124.UG.FTS.B,

14.98%,

12/13/24

215

221

991248208.UG.FTS.B,

19.21%,

11/21/24

645

638

991248335.UG.FTS.B,

28.98%,

11/18/24

206

202

991248437.UG.FTS.B,

29.49%,

11/24/24

66

64

991248484.UG.FTS.B,

17.49%,

12/14/23

62

62

991248527.UG.FTS.B,

25.95%,

12/13/24

148

149

991248536.UG.FTS.B,

19.99%,

11/19/24

-

-

991248549.UG.FTS.B,

29.49%,

1/17/27

-

-

991248557.UG.FTS.B,

28.98%,

12/08/24

124

127

*

991248570.UG.FTS.B,

29.49%,

11/21/24

109

107

991248592.UG.FTS.B,

28.98%,

11/18/24

427

420

991248610.UG.FTS.B,

29.49%,

11/29/24

159

156

991248625.UG.FTS.B,

29.49%,

11/25/24

520

527

991248641.UG.FTS.B,

29.49%,

12/01/23

10

10

991248642.UG.FTS.B,

29.49%,

11/23/24

363

356

991248643.UG.FTS.B,

20.46%,

12/13/24

2,825

2,911

991248660.UG.FTS.B,

29.48%,

11/30/23

217

215

991248662.UG.FTS.B,

29.49%,

12/08/24

38

39

991248742.UG.FTS.B,

29.49%,

11/24/24

59

58

991248746.UG.FTS.B,

17.99%,

12/14/24

605

601

991248755.UG.FTS.B,

29.49%,

11/22/23

6

5

991248821.UG.FTS.B,

29.49%,

12/08/24

76

77

991248845.UG.FTS.B,

15.97%,

11/27/24

677

673

991248866.UG.FTS.B,

29.49%,

12/08/24

552

567

991248974.UG.FTS.B,

28.48%,

11/21/23

120

118

991249080.UG.FTS.B,

29.49%,

11/21/24

59

58

991249093.UG.FTS.B,

28.98%,

11/29/24

1,710

1,681

991249108.UG.FTS.B,

24.95%,

11/26/24

257

253

991249125.UG.FTS.B,

29.49%,

12/08/24

109

111

*

991249165.UG.FTS.B,

29.49%,

12/08/24

213

46

991249229.UG.FTS.B,

21.98%,

11/23/24

1,444

1,435

991249237.UG.FTS.B,

28.98%,

12/08/24

96

98

991249257.UG.FTS.B,

29.49%,

11/19/23

423

412

991249258.UG.FTS.B,

29.49%,

12/08/24

42

43

991249277.UG.FTS.B,

29.49%,

11/19/24

70

69

991249280.UG.FTS.B,

19.8%,

11/26/24

11

11

991249319.UG.FTS.B,

28.98%,

11/18/24

96

95

*

991249325.UG.FTS.B,

28.48%,

1/20/27

-

-

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

514

a

991249348.UG.FTS.B,

29.49%,

11/23/23

159

156

991249374.UG.FTS.B,

29.49%,

12/08/24

192

198

991249421.UG.FTS.B,

28.48%,

12/01/23

166

163

*

991249488.UG.FTS.B,

19.99%,

11/23/24

70

10

991249491.UG.FTS.B,

28.48%,

11/24/23

185

180

991249532.UG.FTS.B,

29.49%,

11/18/23

42

41

991249534.UG.FTS.B,

29.49%,

12/01/23

35

34

*

991249547.UG.FTS.B,

29.49%,

1/18/27

7

1

991249550.UG.FTS.B,

28.98%,

11/19/24

89

87

*

991249570.UG.FTS.B,

28.98%,

11/19/24

134

132

991249616.UG.FTS.B,

29.49%,

11/20/24

330

322

991249622.UG.FTS.B,

29.49%,

11/30/23

458

452

991249635.UG.FTS.B,

29.49%,

11/30/24

290

287

991249707.UG.FTS.B,

19.8%,

12/14/24

7,500

7,768

991249712.UG.FTS.B,

15.99%,

12/09/26

4,143

4,257

991249737.UG.FTS.B,

28.48%,

11/19/23

214

210

991249740.UG.FTS.B,

20.47%,

12/08/23

151

156

*

991249767.UG.FTS.B,

29.49%,

11/19/24

105

103

991249792.UG.FTS.B,

15.97%,

12/14/24

8,956

8,912

991249892.UG.FTS.B,

28.98%,

11/21/24

70

70

991249956.UG.FTS.B,

28.98%,

11/18/24

42

41

991249958.UG.FTS.B,

29.48%,

12/07/23

438

451

991249961.UG.FTS.B,

22.47%,

11/18/23

77

76

991250047.UG.FTS.B,

29.49%,

11/20/23

151

147

991250064.UG.FTS.B,

29.49%,

11/19/24

232

227

991250090.UG.FTS.B,

29.49%,

12/08/24

42

42

991250096.UG.FTS.B,

28.98%,

11/21/24

97

96

991250108.UG.FTS.B,

29.49%,

11/19/24

73

72

991250127.UG.FTS.B,

29.49%,

12/08/23

11

12

991250144.UG.FTS.B,

28.98%,

12/01/24

244

242

991250166.UG.FTS.B,

28.48%,

12/01/23

94

93

991250181.UG.FTS.B,

20.46%,

11/21/24

-

-

991250222.UG.FTS.B,

28.98%,

11/16/24

47

47

991250240.UG.FTS.B,

28.98%,

11/19/24

354

347

991250244.UG.FTS.B,

29.49%,

11/19/24

36

36

*

991250306.UG.FTS.B,

20.97%,

11/26/24

83

11

991250316.UG.FTS.B,

20.97%,

11/29/24

438

435

991250338.UG.FTS.B,

29.49%,

11/28/24

1,429

1,400

*

991250342.UG.FTS.B,

29.49%,

11/18/23

67

66

*

991250363.UG.FTS.B,

29.49%,

11/30/24

68

53

*

991250367.UG.FTS.B,

26.94%,

11/18/24

64

9

991250406.UG.FTS.B,

29.49%,

11/23/24

75

74

991250457.UG.FTS.B,

29.49%,

11/25/23

26

27

*

991250460.UG.FTS.B,

28.48%,

11/30/23

42

7

991250477.UG.FTS.B,

28.48%,

11/30/23

36

36

991250498.UG.FTS.B,

16.49%,

11/29/23

22

22

991250511.UG.FTS.B,

29.49%,

11/21/24

46

45

991250612.UG.FTS.B,

17.49%,

12/08/23

243

251

991250623.UG.FTS.B,

29.49%,

11/18/24

192

188

991250633.UG.FTS.B,

28.98%,

12/01/24

203

201

991250655.UG.FTS.B,

28.98%,

11/18/24

171

168

991250689.UG.FTS.B,

16.99%,

12/14/24

90

90

991250747.UG.FTS.B,

29.49%,

11/19/24

40

39

991250748.UG.FTS.B,

20.97%,

11/19/24

311

307

991250751.UG.FTS.B,

29.49%,

11/30/24

422

419

991250805.UG.FTS.B,

28.48%,

11/21/23

425

417

*

991250890.UG.FTS.B,

29.49%,

11/24/24

291

290

991250894.UG.FTS.B,

21.98%,

11/26/24

351

346

991250928.UG.FTS.B,

29.49%,

11/30/24

41

40

991250930.UG.FTS.B,

28.98%,

12/01/24

13

13

991250951.UG.FTS.B,

21.47%,

11/23/23

72

71

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

515

a

991251001.UG.FTS.B,

28.98%,

11/30/24

1,062

1,057

991251055.UG.FTS.B,

29.49%,

11/25/24

51

52

991251077.UG.FTS.B,

29.49%,

11/20/24

-

-

991251084.UG.FTS.B,

28.98%,

11/19/24

173

170

991251106.UG.FTS.B,

29.49%,

11/19/23

34

33

991251155.UG.FTS.B,

21.98%,

11/28/24

1,641

1,626

991251163.UG.FTS.B,

29.49%,

11/23/23

87

85

991251176.UG.FTS.B,

22.97%,

11/16/24

1,706

1,680

991251198.UG.FTS.B,

29.48%,

11/23/23

-

-

991251221.UG.FTS.B,

28.48%,

11/20/23

6

6

991251238.UG.FTS.B,

15.47%,

12/08/23

427

441

991251255.UG.FTS.B,

29.49%,

11/30/24

135

134

991251265.UG.FTS.B,

28.48%,

11/25/23

6

6

991251274.UG.FTS.B,

20.97%,

11/26/24

826

819

991251322.UG.FTS.B,

28.98%,

11/22/24

961

944

991251324.UG.FTS.B,

28.98%,

11/22/24

140

139

991251362.UG.FTS.B,

29.49%,

11/25/24

538

553

*

991251395.UG.FTS.B,

21.46%,

11/29/24

369

224

991251396.UG.FTS.B,

29.49%,

11/20/23

73

71

991251397.UG.FTS.B,

28.98%,

11/19/24

159

156

*

991251423.UG.FTS.B,

20.97%,

11/29/24

204

201

991251429.UG.FTS.B,

28.98%,

12/01/24

373

371

991251489.UG.FTS.B,

29.48%,

2/18/27

1

1

991251494.UG.FTS.B,

20.46%,

11/16/24

152

150

991251496.UG.FTS.B,

29.49%,

11/30/24

151

148

991251530.UG.FTS.B,

22.97%,

11/17/24

107

106

991251638.UG.FTS.B,

29.49%,

11/19/24

358

351

*

991251644.UG.FTS.B,

22.47%,

11/30/23

106

105

991251657.UG.FTS.B,

29.49%,

12/08/23

557

564

991251734.UG.FTS.B,

17.71%,

11/28/23

507

504

991251748.UG.FTS.B,

29.49%,

11/25/24

218

225

991251752.UG.FTS.B,

29.49%,

11/20/24

43

42

*

991251756.UG.FTS.B,

29.49%,

1/22/27

1

1

991251780.UG.FTS.B,

29.49%,

11/21/24

104

102

991251789.UG.FTS.B,

29.49%,

11/19/24

673

661

991251845.UG.FTS.B,

29.49%,

12/01/24

77

76

991251859.UG.FTS.B,

29.49%,

11/22/23

26

26

991251866.UG.FTS.B,

28.98%,

11/30/24

1,906

1,897

*

991251935.UG.FTS.B,

21.48%,

11/28/23

48

47

*

991251968.UG.FTS.B,

29.49%,

11/21/23

7

7

991251997.UG.FTS.B,

29.49%,

12/08/23

36

36

991251998.UG.FTS.B,

28.98%,

11/20/24

86

85

991252096.UG.FTS.B,

28.98%,

11/21/24

45

44

991252148.UG.FTS.B,

28.98%,

11/20/24

-

-

991252149.UG.FTS.B,

29.49%,

12/07/24

107

109

991252166.UG.FTS.B,

29.49%,

11/30/24

1,178

1,151

991252187.UG.FTS.B,

29.49%,

12/01/24

66

65

991252189.UG.FTS.B,

28.48%,

11/21/23

59

58

991252191.UG.FTS.B,

29.49%,

11/22/24

1,349

1,320

991252193.UG.FTS.B,

29.49%,

11/20/24

168

165

991252195.UG.FTS.B,

28.98%,

11/25/24

29

30

991252259.UG.FTS.B,

29.49%,

11/18/24

81

79

991252347.UG.FTS.B,

29.48%,

12/06/23

223

227

991252349.UG.FTS.B,

29.49%,

11/19/23

372

361

991252484.UG.FTS.B,

22.47%,

11/19/23

209

206

991252529.UG.FTS.B,

29.49%,

12/01/24

1,124

1,114

991252532.UG.FTS.B,

28.98%,

11/23/24

12

11

991252549.UG.FTS.B,

19.8%,

11/28/24

1,314

1,309

991252576.UG.FTS.B,

29.49%,

11/19/23

25

25

991252596.UG.FTS.B,

21.46%,

11/28/24

190

189

991252604.UG.FTS.B,

29.49%,

1/20/27

-

-

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

516

a

991252608.UG.FTS.B,

29.49%,

11/25/24

597

616

991252665.UG.FTS.B,

20.47%,

12/15/26

-

-

991252681.UG.FTS.B,

29.49%,

12/01/23

102

101

991252688.UG.FTS.B,

28.98%,

11/30/24

60

59

991252730.UG.FTS.B,

19.99%,

11/19/24

57

56

991252747.UG.FTS.B,

28.48%,

11/24/23

485

477

991252759.UG.FTS.B,

28.98%,

11/24/24

17

17

991252807.UG.FTS.B,

29.49%,

12/08/24

539

548

991252877.UG.FTS.B,

29.49%,

12/01/24

96

94

*

991252958.UG.FTS.B,

18.97%,

11/26/24

436

432

991253023.UG.FTS.B,

28.98%,

12/08/24

83

85

*

991253032.UG.FTS.B,

29.49%,

12/08/23

63

51

991253040.UG.FTS.B,

20.46%,

11/18/24

322

318

*

991253050.UG.FTS.B,

29.49%,

11/18/24

251

245

991253100.UG.FTS.B,

29.49%,

11/21/23

284

281

991253133.UG.FTS.B,

16.49%,

12/15/23

230

238

991253213.UG.FTS.B,

21.48%,

11/20/23

162

159

991253242.UG.FTS.B,

21.48%,

11/28/23

65

64

991253250.UG.FTS.B,

29.49%,

11/20/23

39

38

991253255.UG.FTS.B,

28.98%,

11/23/24

450

447

991253277.UG.FTS.B,

29.49%,

12/01/24

80

79

991253352.UG.FTS.B,

18.71%,

11/27/23

231

229

*

991253399.UG.FTS.B,

19.21%,

11/28/24

429

428

991253430.UG.FTS.B,

29.49%,

12/01/24

259

254

991253454.UG.FTS.B,

18.47%,

12/15/23

32

33

*

991253539.UG.FTS.B,

28.98%,

11/22/24

367

27

991253553.UG.FTS.B,

22.97%,

11/22/24

57

57

991253560.UG.FTS.B,

29.49%,

11/20/23

27

27

991253581.UG.FTS.B,

25.45%,

11/19/23

103

101

991253583.UG.FTS.B,

17.49%,

12/13/23

637

660

991253679.UG.FTS.B,

28.98%,

11/30/24

428

422

*

991253694.UG.FTS.B,

28.48%,

12/07/23

96

99

991253723.UG.FTS.B,

28.98%,

11/19/24

251

247

991253728.UG.FTS.B,

29.49%,

11/24/23

10

10

991253766.UG.FTS.B,

19.99%,

11/22/24

6

6

991253796.UG.FTS.B,

29.49%,

11/24/24

196

191

991253813.UG.FTS.B,

28.98%,

11/30/24

110

109

991253841.UG.FTS.B,

29.49%,

12/08/24

96

98

991253867.UG.FTS.B,

28.48%,

11/20/23

42

42

991253889.UG.FTS.B,

25.95%,

11/17/24

39

39

991253923.UG.FTS.B,

25.95%,

11/18/24

463

455

991253944.UG.FTS.B,

28.98%,

11/17/24

134

132

991253989.UG.FTS.B,

28.98%,

11/30/24

782

774

991254049.UG.FTS.B,

29.48%,

11/22/23

63

62

991254063.UG.FTS.B,

20.96%,

11/27/23

383

379

991254097.UG.FTS.B,

27.99%,

11/30/24

104

103

991254102.UG.FTS.B,

25.44%,

11/25/23

148

152

991254158.UG.FTS.B,

29.49%,

11/24/23

171

166

*

991254230.UG.FTS.B,

29.49%,

11/29/23

219

217

991254241.UG.FTS.B,

19.96%,

12/15/23

207

214

*

991254251.UG.FTS.B,

29.49%,

12/01/23

30

30

991254301.UG.FTS.B,

28.98%,

11/19/24

76

75

991254435.UG.FTS.B,

15.97%,

12/14/24

890

885

991254442.UG.FTS.B,

29.49%,

11/23/24

13

13

991254447.UG.FTS.B,

19.21%,

11/21/24

358

354

991254497.UG.FTS.B,

18.97%,

11/28/24

514

511

991254505.UG.FTS.B,

15%,

12/15/24

4,395

4,388

991254536.UG.FTS.B,

20.97%,

11/26/24

705

699

991254553.UG.FTS.B,

28.98%,

12/01/24

208

206

991254668.UG.FTS.B,

27.99%,

11/17/24

294

289

991254689.UG.FTS.B,

29.49%,

11/22/23

1,297

1,271

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

517

a

991254731.UG.FTS.B,

19.21%,

11/23/24

59

59

*

991254766.UG.FTS.B,

29.49%,

11/30/24

14

14

*

991254871.UG.FTS.B,

29.49%,

11/19/24

291

286

991254873.UG.FTS.B,

26.94%,

12/13/24

14

14

991254877.UG.FTS.B,

29.49%,

2/28/27

2

2

*

991254888.UG.FTS.B,

19.96%,

11/27/23

86

85

991254905.UG.FTS.B,

29.49%,

12/01/24

5

5

991254931.UG.FTS.B,

28.98%,

11/25/24

338

347

991254945.UG.FTS.B,

28.98%,

11/19/24

135

133

991254966.UG.FTS.B,

29.49%,

11/21/24

401

393

991254971.UG.FTS.B,

28.98%,

11/19/24

48

48

991255001.UG.FTS.B,

19.99%,

11/19/24

115

113

991255003.UG.FTS.B,

29.49%,

11/19/23

181

177

991255103.UG.FTS.B,

29.49%,

11/23/23

62

61

991255106.UG.FTS.B,

29.49%,

11/17/23

84

82

*

991255130.UG.FTS.B,

28.98%,

11/30/24

252

251

991255142.UG.FTS.B,

28.48%,

12/01/23

402

399

991255158.UG.FTS.B,

29.49%,

11/17/23

25

24

991255163.UG.FTS.B,

22.97%,

11/25/24

272

281

991255171.UG.FTS.B,

29.49%,

11/29/23

439

425

991255249.UG.FTS.B,

29.49%,

11/20/23

63

61

991255263.UG.FTS.B,

28.98%,

11/22/24

198

195

991255332.UG.FTS.B,

29.49%,

11/20/24

225

220

991255333.UG.FTS.B,

29.49%,

11/17/24

208

204

991255346.UG.FTS.B,

28.48%,

11/23/23

112

110

991255350.UG.FTS.B,

29.49%,

12/01/23

431

426

991255357.UG.FTS.B,

18.97%,

11/22/24

466

461

991255487.UG.FTS.B,

29.49%,

11/23/24

37

37

991255488.UG.FTS.B,

28.48%,

11/19/23

445

439

991255493.UG.FTS.B,

28.48%,

11/30/23

16

16

991255521.UG.FTS.B,

28.98%,

11/22/24

187

183

991255531.UG.FTS.B,

21.98%,

12/15/24

495

491

991255584.UG.FTS.B,

19.21%,

12/15/24

633

643

991255587.UG.FTS.B,

28.98%,

11/18/24

591

572

991255590.UG.FTS.B,

29.49%,

2/28/27

2

2

991255596.UG.FTS.B,

29.49%,

11/18/23

145

141

991255614.UG.FTS.B,

29.49%,

11/23/24

82

80

991255671.UG.FTS.B,

21.98%,

11/25/24

121

123

991255690.UG.FTS.B,

21.46%,

11/16/24

14

14

991255735.UG.FTS.B,

28.98%,

11/20/24

118

116

991255746.UG.FTS.B,

18.47%,

12/15/23

343

355

991255753.UG.FTS.B,

14.47%,

12/15/23

103

107

*

991255779.UG.FTS.B,

29.49%,

11/21/24

127

9

991255805.UG.FTS.B,

29.49%,

11/19/23

43

43

991255817.UG.FTS.B,

29.49%,

12/08/24

4

4

991255832.UG.FTS.B,

28.98%,

11/21/24

582

572

991255875.UG.FTS.B,

28.48%,

12/08/23

226

228

991255887.UG.FTS.B,

29.49%,

11/22/24

194

189

991255946.UG.FTS.B,

29.49%,

11/20/24

118

115

991255967.UG.FTS.B,

16.99%,

12/15/24

1,127

1,168

991256043.UG.FTS.B,

29.49%,

11/21/23

53

52

991256177.UG.FTS.B,

28.98%,

11/30/24

28

28

991256301.UG.FTS.B,

29.49%,

11/19/24

7

7

991256379.UG.FTS.B,

22.97%,

11/25/24

923

953

991256470.UG.FTS.B,

29.49%,

11/20/23

125

122

991256472.UG.FTS.B,

29.49%,

11/20/24

203

200

991256494.UG.FTS.B,

29.49%,

12/01/24

1,434

1,404

991256520.UG.FTS.B,

17.99%,

12/15/24

437

453

*

991256526.UG.FTS.B,

22.97%,

11/18/24

160

158

991256555.UG.FTS.B,

29.49%,

11/30/24

184

182

991256556.UG.FTS.B,

19.21%,

12/15/24

3,308

3,281

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

518

a

991256653.UG.FTS.B,

21.46%,

12/15/24

320

329

991256671.UG.FTS.B,

26.44%,

12/14/23

33

34

991256783.UG.FTS.B,

29.49%,

11/19/24

108

106

991256789.UG.FTS.B,

28.98%,

11/20/24

624

613

991256813.UG.FTS.B,

29.49%,

12/01/24

202

200

991256863.UG.FTS.B,

28.98%,

11/18/24

185

182

991256865.UG.FTS.B,

29.49%,

11/24/24

24

24

991256872.UG.FTS.B,

29.49%,

12/08/24

218

221

991256878.UG.FTS.B,

29.49%,

11/23/24

404

395

991256907.UG.FTS.B,

27.99%,

11/30/24

321

319

991256910.UG.FTS.B,

21.48%,

12/15/23

116

118

991256921.UG.FTS.B,

19.99%,

11/21/23

26

25

*

991256923.UG.FTS.B,

28.48%,

12/01/23

-

-

991256924.UG.FTS.B,

29.49%,

11/19/24

35

34

*

991256947.UG.FTS.B,

29.49%,

2/28/27

-

-

991256965.UG.FTS.B,

19.99%,

12/08/24

20

20

991256967.UG.FTS.B,

29.48%,

11/19/23

20

19

991257000.UG.FTS.B,

28.98%,

11/19/24

42

42

991257001.UG.FTS.B,

29.49%,

11/23/24

173

169

991257005.UG.FTS.B,

29.49%,

12/01/23

39

38

991257025.UG.FTS.B,

18.47%,

11/27/23

455

451

991257110.UG.FTS.B,

21.48%,

11/19/23

30

30

*

991257224.UG.FTS.B,

28.98%,

11/21/24

87

61

991257232.UG.FTS.B,

28.98%,

11/30/24

368

366

991257277.UG.FTS.B,

29.49%,

12/08/24

219

224

991257293.UG.FTS.B,

29.49%,

11/21/23

129

127

991257385.UG.FTS.B,

29.49%,

11/25/24

532

547

991257388.UG.FTS.B,

29.49%,

11/19/24

58

57

991257475.UG.FTS.B,

23.95%,

11/20/24

21

21

991257487.UG.FTS.B,

29.49%,

12/01/24

269

266

991257574.UG.FTS.B,

29.49%,

11/23/24

174

171

991257579.UG.FTS.B,

29.49%,

12/01/24

1,389

1,381

991257669.UG.FTS.B,

20.47%,

12/08/23

422

436

991257704.UG.FTS.B,

28.98%,

11/23/24

26

26

991257724.UG.FTS.B,

17.49%,

12/15/23

354

366

*

991257738.UG.FTS.B,

29.49%,

11/20/24

112

110

*

991257780.UG.FTS.B,

28.98%,

11/30/24

66

10

991257804.UG.FTS.B,

21.47%,

12/15/23

120

124

991257818.UG.FTS.B,

28.98%,

11/17/24

282

276

991257858.UG.FTS.B,

26.44%,

11/20/23

55

54

991257867.UG.FTS.B,

20.46%,

11/27/24

259

257

991257871.UG.FTS.B,

28.98%,

11/21/24

211

207

991257896.UG.FTS.B,

26.94%,

11/18/24

941

923

991257943.UG.FTS.B,

18.21%,

11/27/24

72

71

*

991257984.UG.FTS.B,

22.97%,

11/18/24

346

343

991258039.UG.FTS.B,

29.49%,

11/25/24

456

470

991258056.UG.FTS.B,

16.99%,

12/14/24

419

417

991258067.UG.FTS.B,

28.98%,

11/23/24

874

891

991258119.UG.FTS.B,

29.49%,

11/24/24

202

200

991258121.UG.FTS.B,

29.49%,

12/01/24

2,009

1,999

991258141.UG.FTS.B,

17.99%,

12/14/24

88

87

991258217.UG.FTS.B,

28.98%,

11/16/24

63

62

991258238.UG.FTS.B,

21.98%,

11/27/24

220

219

991258245.UG.FTS.B,

18.97%,

11/29/24

444

441

991258298.UG.FTS.B,

29.49%,

11/19/23

58

57

991258315.UG.FTS.B,

28.98%,

12/08/24

84

84

991258341.UG.FTS.B,

29.49%,

12/08/23

175

177

*

991258407.UG.FTS.B,

29.49%,

11/30/24

275

269

991258450.UG.FTS.B,

19.8%,

11/28/24

402

398

991258503.UG.FTS.B,

29.49%,

11/25/24

23

23

991258507.UG.FTS.B,

28.98%,

11/22/24

243

239

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

519

a

991258509.UG.FTS.B,

28.98%,

11/25/24

107

110

991258541.UG.FTS.B,

21.98%,

12/15/24

4,509

4,624

991258598.UG.FTS.B,

19.99%,

12/06/24

137

138

991258610.UG.FTS.B,

23.95%,

11/21/24

91

90

991258611.UG.FTS.B,

21.98%,

11/16/24

2,954

2,910

991258669.UG.FTS.B,

29.49%,

11/23/23

276

270

991258705.UG.FTS.B,

23.45%,

11/16/23

84

83

991258723.UG.FTS.B,

29.49%,

11/19/24

217

212

991258782.UG.FTS.B,

28.98%,

11/19/24

42

42

991258813.UG.FTS.B,

20.97%,

11/24/24

70

70

991258826.UG.FTS.B,

28.98%,

11/23/24

254

250

991258859.UG.FTS.B,

17.99%,

12/15/24

5,110

5,082

991258889.UG.FTS.B,

28.98%,

11/30/24

41

41

991258909.UG.FTS.B,

16.99%,

12/14/26

1,204

1,237

*

991258910.UG.FTS.B,

29.49%,

11/21/24

141

138

991258924.UG.FTS.B,

29.49%,

11/19/24

505

496

991258967.UG.FTS.B,

21.97%,

11/18/24

528

520

991258982.UG.FTS.B,

28.48%,

11/21/23

66

65

*

991259004.UG.FTS.B,

28.98%,

11/22/24

26

26

991259011.UG.FTS.B,

29.49%,

11/17/23

37

36

991259033.UG.FTS.B,

29.49%,

11/21/24

405

397

*

991259083.UG.FTS.B,

28.98%,

11/19/24

182

179

991259091.UG.FTS.B,

28.98%,

11/18/24

444

431

*

991259101.UG.FTS.B,

29.49%,

11/19/24

137

134

991259102.UG.FTS.B,

20.96%,

12/08/23

131

134

991259108.UG.FTS.B,

29.49%,

11/20/23

401

393

991259287.UG.FTS.B,

29.49%,

11/25/24

122

125

991259402.UG.FTS.B,

28.98%,

11/19/24

126

123

991259405.UG.FTS.B,

22.97%,

12/15/24

1,802

1,782

991259458.UG.FTS.B,

29.49%,

11/20/23

94

93

991259486.UG.FTS.B,

29.49%,

11/21/23

57

57

991259503.UG.FTS.B,

21.46%,

12/08/24

223

230

991259545.UG.FTS.B,

29.48%,

11/22/23

140

138

991259595.UG.FTS.B,

29.49%,

12/08/24

396

405

991259611.UG.FTS.B,

29.49%,

11/20/23

51

50

991259619.UG.FTS.B,

29.49%,

11/25/23

182

187

*

991259629.UG.FTS.B,

29.49%,

11/18/23

221

217

991259654.UG.FTS.B,

21.46%,

11/22/24

15

15

991259761.UG.FTS.B,

29.49%,

11/19/24

239

234

991259786.UG.FTS.B,

29.49%,

11/20/23

111

109

991259791.UG.FTS.B,

27.99%,

11/20/24

25

25

991259800.UG.FTS.B,

22.97%,

11/26/24

416

410

991259824.UG.FTS.B,

18.71%,

11/27/23

62

62

991259847.UG.FTS.B,

22.97%,

11/19/24

278

278

991259848.UG.FTS.B,

29.49%,

11/16/24

18

18

991259852.UG.FTS.B,

29.49%,

11/22/24

77

76

991259861.UG.FTS.B,

29.49%,

12/08/23

556

563

991259901.UG.FTS.B,

29.49%,

11/19/24

-

-

991259908.UG.FTS.B,

29.49%,

12/08/24

367

369

*

991259931.UG.FTS.B,

29.49%,

11/25/24

95

13

991259944.UG.FTS.B,

29.49%,

11/19/24

126

124

991259967.UG.FTS.B,

23.95%,

12/14/24

952

985

991259975.UG.FTS.B,

29.49%,

11/30/24

61

60

991260042.UG.FTS.B,

20.96%,

11/29/23

121

121

991260048.UG.FTS.B,

28.98%,

12/08/24

174

178

*

991260050.UG.FTS.B,

29.49%,

11/29/24

3,122

3,073

991260078.UG.FTS.B,

29.49%,

11/23/23

159

155

991260098.UG.FTS.B,

29.49%,

11/20/24

104

102

991260132.UG.FTS.B,

28.48%,

11/17/23

385

375

991260167.UG.FTS.B,

29.48%,

11/30/23

75

74

991260177.UG.FTS.B,

28.98%,

11/19/24

136

134

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

520

a

991260182.UG.FTS.B,

29.49%,

11/25/24

194

200

991260193.UG.FTS.B,

29.49%,

11/19/24

84

83

991260246.UG.FTS.B,

29.49%,

11/23/24

2

2

991260254.UG.FTS.B,

22.97%,

12/08/24

245

251

991260304.UG.FTS.B,

22.47%,

12/15/23

136

140

991260308.UG.FTS.B,

29.49%,

11/17/24

172

168

991260311.UG.FTS.B,

16.99%,

12/16/24

465

463

991260449.UG.FTS.B,

29.49%,

11/16/24

80

79

991260460.UG.FTS.B,

28.98%,

11/17/24

68

66

991260466.UG.FTS.B,

29.49%,

11/17/23

9

9

991260489.UG.FTS.B,

28.98%,

11/30/24

146

144

991260490.UG.FTS.B,

28.98%,

11/22/24

1,456

1,430

*

991260507.UG.FTS.B,

29.49%,

11/17/24

412

87

991260510.UG.FTS.B,

29.49%,

11/30/24

1,224

1,203

991260535.UG.FTS.B,

28.98%,

12/08/24

228

234

991260540.UG.FTS.B,

29.49%,

11/16/23

22

21

991260561.UG.FTS.B,

29.49%,

11/16/24

116

114

991260584.UG.FTS.B,

28.98%,

11/19/24

1,153

1,132

991260609.UG.FTS.B,

19.99%,

11/16/24

324

321

991260615.UG.FTS.B,

19.99%,

11/19/24

331

325

991260637.UG.FTS.B,

29.49%,

11/23/24

127

124

991260725.UG.FTS.B,

29.49%,

12/08/24

52

52

991260729.UG.FTS.B,

19.99%,

11/23/24

1,250

1,229

991260746.UG.FTS.B,

28.98%,

11/24/24

197

195

991260753.UG.FTS.B,

29.49%,

11/22/23

89

88

991260791.UG.FTS.B,

28.98%,

11/22/24

11

11

991260817.UG.FTS.B,

29.48%,

11/18/23

259

254

991260828.UG.FTS.B,

29.49%,

11/19/24

86

85

991260855.UG.FTS.B,

15.97%,

12/14/24

1,205

1,243

991260873.UG.FTS.B,

16.99%,

12/16/24

1,288

1,286

991260893.UG.FTS.B,

29.49%,

11/20/24

89

88

991260903.UG.FTS.B,

29.49%,

12/06/24

312

319

991260935.UG.FTS.B,

16.99%,

12/16/24

682

681

991260942.UG.FTS.B,

28.98%,

11/18/24

1

1

991260944.UG.FTS.B,

22.97%,

11/29/24

97

96

991260952.UG.FTS.B,

28.98%,

11/22/24

121

119

991261022.UG.FTS.B,

29.49%,

11/20/24

109

107

991261138.UG.FTS.B,

28.98%,

11/22/24

122

121

991261151.UG.FTS.B,

29.49%,

11/25/24

814

828

991261172.UG.FTS.B,

28.98%,

11/30/24

-

-

991261176.UG.FTS.B,

15%,

12/16/24

448

446

991261197.UG.FTS.B,

29.49%,

12/01/23

235

233

991261262.UG.FTS.B,

21.46%,

11/20/24

93

92

991261267.UG.FTS.B,

29.49%,

11/19/23

288

285

991261318.UG.FTS.B,

29.49%,

11/19/24

74

73

991261373.UG.FTS.B,

25.45%,

12/14/23

118

122

991261427.UG.FTS.B,

22.97%,

11/25/24

150

152

991261465.UG.FTS.B,

20.97%,

11/26/24

722

714

991261500.UG.FTS.B,

28.98%,

11/22/24

209

206

991261509.UG.FTS.B,

28.98%,

11/16/24

172

169

991261517.UG.FTS.B,

29.49%,

11/17/24

8

8

991261528.UG.FTS.B,

28.98%,

11/24/24

78

77

991261545.UG.FTS.B,

29.49%,

11/19/24

138

135

*

991261672.UG.FTS.B,

22.47%,

11/30/23

785

782

991261749.UG.FTS.B,

29.49%,

11/19/24

198

194

991261757.UG.FTS.B,

28.98%,

11/17/24

210

207

991261762.UG.FTS.B,

29.49%,

11/20/23

73

72

991261775.UG.FTS.B,

28.98%,

11/20/24

785

768

991261794.UG.FTS.B,

28.48%,

11/21/23

186

182

991261837.UG.FTS.B,

18.71%,

11/23/23

32

32

991261875.UG.FTS.B,

29.49%,

11/17/24

6

6

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

521

a

*

991261882.UG.FTS.B,

28.98%,

11/21/24

349

345

991261895.UG.FTS.B,

29.49%,

11/18/24

166

163

991261922.UG.FTS.B,

29.49%,

11/23/24

35

34

991261949.UG.FTS.B,

29.49%,

11/22/23

85

83

991262020.UG.FTS.B,

28.98%,

12/01/24

51

50

991262025.UG.FTS.B,

19.8%,

12/08/24

785

811

991262046.UG.FTS.B,

28.98%,

11/24/24

73

72

*

991262061.UG.FTS.B,

28.48%,

12/01/23

95

95

991262138.UG.FTS.B,

28.98%,

11/22/24

196

193

991262145.UG.FTS.B,

21.48%,

11/23/23

252

248

991262170.UG.FTS.B,

29.49%,

11/17/23

192

189

991262178.UG.FTS.B,

21.46%,

12/16/24

13

13

991262187.UG.FTS.B,

29.49%,

12/01/23

47

46

991262243.UG.FTS.B,

28.98%,

11/16/24

17

17

991262245.UG.FTS.B,

29.49%,

2/28/27

4

4

991262256.UG.FTS.B,

29.49%,

11/21/23

143

140

991262263.UG.FTS.B,

18.47%,

12/16/23

472

469

*

991262312.UG.FTS.B,

29.49%,

12/01/24

164

163

991262339.UG.FTS.B,

29.49%,

12/08/23

133

135

991262341.UG.FTS.B,

29.49%,

12/08/24

76

77

991262345.UG.FTS.B,

28.98%,

11/23/24

122

120

991262385.UG.FTS.B,

29.49%,

12/01/23

214

207

991262392.UG.FTS.B,

28.48%,

11/16/23

96

93

991262395.UG.FTS.B,

18.71%,

11/18/23

311

307

991262437.UG.FTS.B,

29.49%,

12/01/23

12

12

991262475.UG.FTS.B,

28.98%,

11/17/24

88

85

991262493.UG.FTS.B,

27.99%,

11/20/24

59

58

991262519.UG.FTS.B,

28.98%,

11/20/24

159

156

991262525.UG.FTS.B,

29.49%,

11/21/23

63

61

991262568.UG.FTS.B,

19.99%,

12/01/24

133

131

991262627.UG.FTS.B,

15.99%,

12/09/26

233

233

991262628.UG.FTS.B,

28.98%,

11/17/24

119

117

991262641.UG.FTS.B,

29.49%,

11/30/24

625

615

991262653.UG.FTS.B,

29.49%,

11/18/24

23

23

*

991262656.UG.FTS.B,

29.49%,

11/20/23

238

32

991262693.UG.FTS.B,

29.49%,

11/23/23

381

373

991262736.UG.FTS.B,

29.49%,

11/20/24

-

-

*

991262752.UG.FTS.B,

28.98%,

11/21/24

284

23

991262795.UG.FTS.B,

29.49%,

11/20/23

107

105

991262811.UG.FTS.B,

19.99%,

11/23/24

213

217

991262902.UG.FTS.B,

28.98%,

11/20/24

47

46

*

991262913.UG.FTS.B,

18.97%,

11/19/24

367

364

991263020.UG.FTS.B,

19.96%,

12/15/23

145

149

991263041.UG.FTS.B,

15.97%,

12/16/24

396

394

991263045.UG.FTS.B,

28.98%,

11/20/24

759

745

991263054.UG.FTS.B,

29.49%,

11/20/24

525

516

991263077.UG.FTS.B,

28.98%,

11/30/24

518

515

991263078.UG.FTS.B,

28.98%,

11/19/24

63

62

991263083.UG.FTS.B,

29.49%,

11/25/24

138

142

*

991263104.UG.FTS.B,

29.49%,

11/21/24

87

85

991263110.UG.FTS.B,

29.49%,

11/18/23

275

269

991263117.UG.FTS.B,

29.49%,

11/19/23

135

132

*

991263167.UG.FTS.B,

28.98%,

11/24/24

32

3

991263238.UG.FTS.B,

17.99%,

12/16/24

27

27

991263248.UG.FTS.B,

28.98%,

12/08/24

488

504

991263261.UG.FTS.B,

29.48%,

11/25/23

263

267

*

991263262.UG.FTS.B,

17.99%,

11/29/24

77

10

991263277.UG.FTS.B,

17.99%,

12/16/24

965

964

991263337.UG.FTS.B,

28.98%,

11/21/24

32

31

991263400.UG.FTS.B,

28.98%,

11/22/24

238

234

991263408.UG.FTS.B,

16.99%,

12/16/24

798

793

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

522

a

991263432.UG.FTS.B,

29.49%,

11/19/23

11

11

991263434.UG.FTS.B,

29.49%,

11/20/24

32

32

991263473.UG.FTS.B,

29.49%,

11/19/23

22

21

991263485.UG.FTS.B,

16.99%,

12/16/26

2,883

2,864

991263506.UG.FTS.B,

19.99%,

11/20/24

294

289

991263602.UG.FTS.B,

28.98%,

11/25/24

461

466

991263681.UG.FTS.B,

29.49%,

11/16/24

158

155

*

991263708.UG.FTS.B,

28.98%,

11/20/24

104

23

991263744.UG.FTS.B,

29.49%,

11/21/24

400

393

991263758.UG.FTS.B,

29.49%,

11/30/24

67

66

991263810.UG.FTS.B,

28.98%,

11/21/24

359

353

991263812.UG.FTS.B,

19.99%,

11/24/24

853

839

991263816.UG.FTS.B,

29.49%,

12/01/23

37

37

991263847.UG.FTS.B,

20.46%,

11/19/24

410

404

991263852.UG.FTS.B,

18.97%,

11/25/24

102

105

991263857.UG.FTS.B,

29.49%,

11/21/23

109

107

991263881.UG.FTS.B,

28.98%,

11/24/24

88

87

991263923.UG.FTS.B,

28.98%,

11/23/24

125

124

991263955.UG.FTS.B,

19.99%,

11/20/24

134

132

991263962.UG.FTS.B,

29.49%,

12/01/23

9

9

991263964.UG.FTS.B,

29.49%,

11/23/23

19

19

991263992.UG.FTS.B,

28.98%,

11/21/24

345

339

991264023.UG.FTS.B,

19.21%,

11/27/24

154

153

991264029.UG.FTS.B,

29.49%,

11/20/23

19

18

991264050.UG.FTS.B,

19.21%,

11/28/24

283

282

*

991264073.UG.FTS.B,

29.49%,

11/24/23

15

1

991264083.UG.FTS.B,

29.49%,

11/24/23

192

188

991264089.UG.FTS.B,

28.48%,

11/23/23

558

548

991264092.UG.FTS.B,

22.47%,

11/29/23

246

245

991264094.UG.FTS.B,

20.97%,

11/27/24

454

449

991264097.UG.FTS.B,

17.99%,

12/15/24

842

872

991264118.UG.FTS.B,

16.49%,

12/16/23

621

620

991264140.UG.FTS.B,

28.98%,

11/21/24

1,048

1,029

991264197.UG.FTS.B,

28.98%,

11/19/24

151

148

991264214.UG.FTS.B,

20.46%,

12/16/24

818

817

991264229.UG.FTS.B,

19.96%,

11/16/23

655

648

991264240.UG.FTS.B,

29.49%,

11/16/23

23

23

991264252.UG.FTS.B,

20.46%,

11/29/24

325

322

991264299.UG.FTS.B,

28.98%,

11/18/24

92

92

991264300.UG.FTS.B,

29.49%,

2/17/27

3

3

991264341.UG.FTS.B,

29.49%,

11/18/24

479

467

991264344.UG.FTS.B,

29.49%,

11/22/24

78

76

991264366.UG.FTS.B,

29.49%,

11/18/24

47

47

991264408.UG.FTS.B,

28.98%,

11/30/24

72

72

991264409.UG.FTS.B,

29.49%,

12/08/24

1,031

1,052

991264425.UG.FTS.B,

19.3%,

12/15/23

17

17

991264474.UG.FTS.B,

28.98%,

11/18/24

116

114

991264479.UG.FTS.B,

29.49%,

11/19/24

1,945

1,894

991264490.UG.FTS.B,

29.49%,

11/18/24

10

10

*

991264497.UG.FTS.B,

28.48%,

11/24/23

68

10

991264514.UG.FTS.B,

29.48%,

11/30/23

28

28

991264523.UG.FTS.B,

29.49%,

11/18/23

46

45

991264563.UG.FTS.B,

28.98%,

11/23/24

707

720

991264567.UG.FTS.B,

29.48%,

11/16/23

15

15

991264631.UG.FTS.B,

25.45%,

2/12/27

2

2

*

991264659.UG.FTS.B,

29.49%,

11/23/23

13

13

991264667.UG.FTS.B,

20.46%,

11/22/24

133

131

991264692.UG.FTS.B,

29.49%,

11/25/24

53

54

991264715.UG.FTS.B,

20.46%,

11/25/24

128

127

991264730.UG.FTS.B,

20.97%,

12/15/24

357

366

991264755.UG.FTS.B,

20.46%,

11/22/24

200

198

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

523

a

991264758.UG.FTS.B,

16.49%,

12/13/23

2,390

2,475

991264825.UG.FTS.B,

29.49%,

12/08/24

236

240

991264837.UG.FTS.B,

28.98%,

11/24/24

48

47

991264888.UG.FTS.B,

29.49%,

11/20/23

376

368

991264889.UG.FTS.B,

17.99%,

11/29/24

189

188

991264912.UG.FTS.B,

29.49%,

11/21/24

163

159

991264930.UG.FTS.B,

28.98%,

11/17/24

17

17

991264971.UG.FTS.B,

29.49%,

11/30/24

45

45

991265007.UG.FTS.B,

29.49%,

11/25/24

298

302

*

991265047.UG.FTS.B,

29.49%,

11/20/24

77

10

991265066.UG.FTS.B,

17.49%,

12/16/23

239

237

*

991265128.UG.FTS.B,

29.49%,

11/25/23

25

25

991265141.UG.FTS.B,

29.49%,

11/18/24

45

44

991265175.UG.FTS.B,

16.99%,

12/15/24

1,102

1,095

991265216.UG.FTS.B,

17.97%,

12/16/24

79

79

991265247.UG.FTS.B,

16.99%,

12/12/26

641

662

991265277.UG.FTS.B,

28.98%,

12/08/24

240

241

991265302.UG.FTS.B,

21.98%,

11/26/24

1,591

1,583

991265318.UG.FTS.B,

18.71%,

11/27/23

441

438

991265347.UG.FTS.B,

29.49%,

11/18/24

16

16

991265366.UG.FTS.B,

28.98%,

11/19/24

96

94

991265405.UG.FTS.B,

29.49%,

12/06/24

29

29

991265434.UG.FTS.B,

29.49%,

11/23/24

11

11

*

991265442.UG.FTS.B,

28.98%,

11/25/24

3

3

991265460.UG.FTS.B,

29.49%,

11/22/23

90

88

991265478.UG.FTS.B,

28.98%,

11/18/24

348

342

991265494.UG.FTS.B,

28.48%,

11/25/23

14

14

*

991265501.UG.FTS.B,

29.49%,

1/15/27

-

-

991265527.UG.FTS.B,

20.47%,

12/15/23

229

228

991265557.UG.FTS.B,

29.49%,

12/16/26

-

-

991265614.UG.FTS.B,

29.49%,

11/22/23

7

7

991265668.UG.FTS.B,

17.99%,

12/16/24

2,333

2,329

991265671.UG.FTS.B,

18.71%,

11/29/23

56

55

991265678.UG.FTS.B,

19.99%,

11/21/24

48

47

991265681.UG.FTS.B,

18.71%,

12/15/23

139

143

991265728.UG.FTS.B,

29.49%,

12/08/23

90

92

991265745.UG.FTS.B,

28.48%,

12/08/23

212

216

991265780.UG.FTS.B,

29.49%,

11/21/24

111

109

991265819.UG.FTS.B,

29.49%,

12/08/23

98

100

991265824.UG.FTS.B,

29.49%,

12/06/23

302

310

991265843.UG.FTS.B,

18.71%,

11/26/23

309

306

991265844.UG.FTS.B,

28.48%,

12/01/23

536

528

991265848.UG.FTS.B,

21.46%,

12/08/24

146

150

991265850.UG.FTS.B,

28.98%,

11/21/24

216

213

991265876.UG.FTS.B,

28.98%,

11/30/24

95

94

991265903.UG.FTS.B,

29.49%,

11/19/23

62

60

991265924.UG.FTS.B,

29.49%,

11/16/23

292

284

991265963.UG.FTS.B,

19.3%,

11/30/23

12

13

991265966.UG.FTS.B,

29.49%,

11/18/24

103

101

991266029.UG.FTS.B,

29.49%,

11/24/23

175

171

991266048.UG.FTS.B,

29.49%,

11/22/24

190

187

991266050.UG.FTS.B,

19.99%,

11/19/24

159

156

991266129.UG.FTS.B,

29.49%,

11/25/24

224

231

991266135.UG.FTS.B,

19.99%,

11/23/24

1,125

1,105

991266149.UG.FTS.B,

20.96%,

11/24/23

466

464

991266169.UG.FTS.B,

27.99%,

11/17/24

255

250

991266181.UG.FTS.B,

29.48%,

11/24/23

262

260

991266187.UG.FTS.B,

28.98%,

11/23/24

283

278

991266191.UG.FTS.B,

28.98%,

11/23/24

578

568

991266235.UG.FTS.B,

29.49%,

11/23/24

7

6

991266243.UG.FTS.B,

29.49%,

11/25/23

281

289

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

524

a

991266262.UG.FTS.B,

19.8%,

11/18/24

1,433

1,416

991266274.UG.FTS.B,

28.98%,

11/24/24

193

189

*

991266281.UG.FTS.B,

29.49%,

11/17/23

150

104

991266282.UG.FTS.B,

29.49%,

11/25/23

113

116

991266288.UG.FTS.B,

28.98%,

11/22/24

578

568

991266302.UG.FTS.B,

29.49%,

11/17/24

336

327

991266355.UG.FTS.B,

19.8%,

11/29/24

384

383

991266369.UG.FTS.B,

28.98%,

11/24/24

2,411

2,370

991266414.UG.FTS.B,

19.8%,

11/19/24

522

516

991266447.UG.FTS.B,

29.49%,

11/19/23

766

745

991266466.UG.FTS.B,

18.97%,

11/19/24

956

946

991266520.UG.FTS.B,

28.98%,

11/19/24

891

874

991266535.UG.FTS.B,

19.99%,

11/24/24

594

588

991266543.UG.FTS.B,

28.98%,

11/22/24

138

136

*

991266602.UG.FTS.B,

29.49%,

11/18/24

437

428

991266631.UG.FTS.B,

16.99%,

11/27/24

7,665

7,641

*

991266635.UG.FTS.B,

21.48%,

11/28/23

629

630

991266679.UG.FTS.B,

28.98%,

11/19/24

587

368

991266683.UG.FTS.B,

29.49%,

11/30/23

1,606

1,586

991266684.UG.FTS.B,

29.49%,

11/21/24

4,740

4,649

991266696.UG.FTS.B,

19.21%,

11/19/24

526

520

991266745.UG.FTS.B,

28.48%,

11/20/23

513

504

991266796.UG.FTS.B,

28.48%,

11/18/23

2,225

2,155

991266815.UG.FTS.B,

15%,

12/16/24

9,869

9,835

991266823.UG.FTS.B,

29.49%,

12/01/24

1,836

1,824

991266829.UG.FTS.B,

28.98%,

11/18/24

2,675

2,621

991266832.UG.FTS.B,

14.98%,

12/16/24

1,817

1,814

991266834.UG.FTS.B,

28.98%,

11/20/24

68

67

991266849.UG.FTS.B,

28.48%,

11/19/23

467

458

991266883.UG.FTS.B,

29.49%,

11/25/23

188

192

991266915.UG.FTS.B,

29.49%,

11/25/24

150

154

991266958.UG.FTS.B,

28.98%,

11/18/24

288

283

991266991.UG.FTS.B,

20.97%,

11/30/24

1,759

1,740

991267008.UG.FTS.B,

29.49%,

12/01/24

373

371

991267046.UG.FTS.B,

28.98%,

12/01/24

471

469

991267063.UG.FTS.B,

19.99%,

11/25/24

173

178

*

991267070.UG.FTS.B,

21.48%,

11/30/23

455

59

991267091.UG.FTS.B,

21.98%,

11/21/24

3,450

3,400

991267102.UG.FTS.B,

29.49%,

11/18/24

574

560

991267133.UG.FTS.B,

20.97%,

11/22/24

294

290

991267143.UG.FTS.B,

29.49%,

11/18/23

2,663

2,593

991267189.UG.FTS.B,

29.49%,

11/30/24

370

367

991267236.UG.FTS.B,

29.49%,

11/20/23

32

31

991267255.UG.FTS.B,

20.96%,

11/28/23

1,390

1,378

991267258.UG.FTS.B,

28.98%,

11/19/24

835

820

991267259.UG.FTS.B,

29.49%,

11/20/24

173

169

991267262.UG.FTS.B,

28.98%,

12/01/24

2,207

2,164

*

991267292.UG.FTS.B,

28.98%,

11/21/24

700

88

991267347.UG.FTS.B,

29.49%,

11/20/24

274

269

991267411.UG.FTS.B,

19.8%,

11/20/24

311

307

991267430.UG.FTS.B,

29.49%,

11/30/23

471

468

991267436.UG.FTS.B,

29.49%,

11/19/23

30

30

991267458.UG.FTS.B,

29.49%,

11/18/24

151

148

991267485.UG.FTS.B,

29.49%,

11/20/24

115

113

991267514.UG.FTS.B,

29.49%,

11/20/23

9

9

991267527.UG.FTS.B,

28.98%,

12/01/24

1,011

992

991267570.UG.FTS.B,

28.98%,

11/22/24

99

98

991267589.UG.FTS.B,

28.98%,

11/18/24

1,906

1,872

991267614.UG.FTS.B,

28.48%,

11/17/23

280

274

991267653.UG.FTS.B,

19.3%,

11/21/23

741

733

991267673.UG.FTS.B,

29.49%,

11/24/23

234

229

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

525

a

991267696.UG.FTS.B,

28.98%,

11/20/24

816

800

991267705.UG.FTS.B,

28.98%,

11/20/24

288

280

991267709.UG.FTS.B,

29.49%,

11/20/24

481

471

991267717.UG.FTS.B,

29.49%,

11/22/24

963

945

991267740.UG.FTS.B,

28.98%,

11/17/24

1,483

1,431

991267748.UG.FTS.B,

29.48%,

12/01/23

61

60

991267756.UG.FTS.B,

29.49%,

11/20/24

240

236

991267791.UG.FTS.B,

16.49%,

12/17/23

3,293

3,271

991267796.UG.FTS.B,

19.99%,

11/24/24

1,790

1,757

991267836.UG.FTS.B,

29.49%,

11/19/24

192

188

991267847.UG.FTS.B,

25.95%,

11/18/24

1,437

1,411

991267853.UG.FTS.B,

29.48%,

11/17/23

69

68

991267867.UG.FTS.B,

14.98%,

12/15/24

9,860

10,220

991267903.UG.FTS.B,

29.49%,

11/23/24

279

273

991267914.UG.FTS.B,

29.49%,

11/21/23

925

906

991267944.UG.FTS.B,

28.98%,

11/19/24

91

90

991267970.UG.FTS.B,

28.98%,

11/19/24

288

283

991267986.UG.FTS.B,

29.49%,

11/24/24

95

94

991268038.UG.FTS.B,

28.98%,

11/23/24

482

301

991268051.UG.FTS.B,

17.99%,

11/26/24

1,433

1,421

991268086.UG.FTS.B,

15%,

12/08/24

1,852

1,900

991268119.UG.FTS.B,

29.49%,

12/01/24

392

382

991268171.UG.FTS.B,

19.96%,

11/29/23

47

47

991268175.UG.FTS.B,

21.46%,

12/08/24

2,963

3,061

991268191.UG.FTS.B,

17.99%,

12/16/24

1,971

1,967

991268203.UG.FTS.B,

29.49%,

11/19/24

432

423

*

991268217.UG.FTS.B,

26.44%,

12/14/23

1,150

258

991268242.UG.FTS.B,

28.98%,

11/30/24

969

964

991268249.UG.FTS.B,

29.49%,

11/20/24

385

377

991268256.UG.FTS.B,

29.49%,

11/21/24

84

83

991268267.UG.FTS.B,

28.98%,

11/19/24

650

638

991268297.UG.FTS.B,

20.96%,

11/27/23

139

137

991268324.UG.FTS.B,

29.49%,

11/24/23

375

366

*

991268327.UG.FTS.B,

29.49%,

11/23/24

137

134

991268338.UG.FTS.B,

29.49%,

11/20/24

481

471

991268346.UG.FTS.B,

29.49%,

11/19/24

274

268

991268376.UG.FTS.B,

21.46%,

11/19/24

454

447

*

991268383.UG.FTS.B,

29.49%,

11/21/24

500

38

991268386.UG.FTS.B,

29.49%,

11/24/24

246

241

991268394.UG.FTS.B,

28.98%,

11/20/24

489

475

991268449.UG.FTS.B,

28.98%,

11/20/24

68

67

991268450.UG.FTS.B,

29.49%,

11/24/24

258

256

991268456.UG.FTS.B,

28.98%,

11/17/24

2,398

2,325

991268496.UG.FTS.B,

25.95%,

12/12/24

1,824

1,856

991268523.UG.FTS.B,

29.49%,

11/19/24

94

93

991268582.UG.FTS.B,

16.99%,

12/16/24

1,488

1,486

991268596.UG.FTS.B,

29.49%,

11/19/23

691

677

991268600.UG.FTS.B,

28.48%,

11/21/23

1,893

1,843

*

991268612.UG.FTS.B,

29.49%,

11/18/24

288

279

991268675.UG.FTS.B,

29.49%,

11/23/23

44

44

991268756.UG.FTS.B,

29.49%,

11/19/23

93

91

991268786.UG.FTS.B,

19.3%,

12/15/23

195

201

991268787.UG.FTS.B,

28.98%,

11/18/24

1,000

980

991268806.UG.FTS.B,

19.21%,

11/26/24

427

424

991268808.UG.FTS.B,

23.95%,

11/30/24

193

192

991268812.UG.FTS.B,

29.49%,

11/18/23

97

95

991268827.UG.FTS.B,

28.98%,

11/19/24

480

466

991268834.UG.FTS.B,

29.49%,

11/24/24

253

249

991268838.UG.FTS.B,

17.49%,

12/17/23

68

67

991268840.UG.FTS.B,

29.49%,

11/19/23

120

118

991268841.UG.FTS.B,

29.49%,

11/20/24

120

118

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

526

a

991268849.UG.FTS.B,

18.97%,

11/28/24

288

286

991268887.UG.FTS.B,

29.49%,

11/18/23

205

201

991268904.UG.FTS.B,

28.98%,

11/20/24

2,884

2,833

991268912.UG.FTS.B,

28.98%,

11/18/24

960

942

991268970.UG.FTS.B,

28.98%,

11/20/24

769

755

991269003.UG.FTS.B,

29.49%,

11/20/24

954

932

991269030.UG.FTS.B,

29.49%,

11/17/24

276

269

*

991269037.UG.FTS.B,

21.98%,

11/19/24

147

144

991269039.UG.FTS.B,

28.98%,

11/24/24

723

711

991269088.UG.FTS.B,

20.46%,

11/27/24

1,430

1,432

991269091.UG.FTS.B,

29.49%,

12/08/24

496

512

991269095.UG.FTS.B,

29.49%,

11/18/23

280

273

991269169.UG.FTS.B,

28.48%,

11/21/23

1,566

1,524

991269175.UG.FTS.B,

28.98%,

11/22/24

289

284

991269234.UG.FTS.B,

19.3%,

11/24/23

140

138

991269243.UG.FTS.B,

29.49%,

11/18/23

112

108

991269253.UG.FTS.B,

29.49%,

11/30/24

611

608

991269259.UG.FTS.B,

20.97%,

11/19/24

1,342

1,325

991269323.UG.FTS.B,

29.49%,

12/08/24

99

100

991269340.UG.FTS.B,

19.99%,

11/30/24

20

20

991269348.UG.FTS.B,

29.49%,

11/18/23

93

91

991269381.UG.FTS.B,

26.44%,

11/17/23

1,722

1,698

991269432.UG.FTS.B,

19.99%,

11/25/24

5,756

5,937

991269450.UG.FTS.B,

28.98%,

11/19/24

231

226

991269461.UG.FTS.B,

29.49%,

11/17/24

1,055

1,032

991269502.UG.FTS.B,

29.49%,

11/17/23

466

455

991269515.UG.FTS.B,

29.49%,

11/19/24

2,402

2,354

991269518.UG.FTS.B,

29.48%,

12/01/23

942

937

991269519.UG.FTS.B,

29.49%,

11/24/24

762

748

991269532.UG.FTS.B,

29.46%,

12/08/24

199

205

991269535.UG.FTS.B,

29.49%,

11/23/24

1,790

1,754

991269536.UG.FTS.B,

29.49%,

11/22/24

96

95

991269555.UG.FTS.B,

28.98%,

11/21/24

296

291

991269600.UG.FTS.B,

21.48%,

11/18/23

92

91

991269614.UG.FTS.B,

28.98%,

11/19/24

576

566

991269615.UG.FTS.B,

29.49%,

12/01/24

129

128

991269620.UG.FTS.B,

29.49%,

11/19/24

1,921

1,885

991269633.UG.FTS.B,

15.97%,

11/27/24

8,616

8,591

*

991269645.UG.FTS.B,

29.49%,

11/17/23

371

266

991269648.UG.FTS.B,

29.49%,

11/30/23

188

187

991269656.UG.FTS.B,

29.49%,

11/19/24

94

93

991269668.UG.FTS.B,

29.49%,

11/21/24

283

277

991269760.UG.FTS.B,

29.49%,

11/19/24

108

106

991269764.UG.FTS.B,

29.49%,

11/18/24

27

27

991269818.UG.FTS.B,

29.49%,

11/20/23

37

36

*

991269882.UG.FTS.B,

29.49%,

11/19/24

64

62

991269944.UG.FTS.B,

29.49%,

11/19/24

31

30

991270002.UG.FTS.B,

29.49%,

12/01/23

9

9

991270012.UG.FTS.B,

14.47%,

12/17/23

27

27

991270109.UG.FTS.B,

29.49%,

11/23/23

51

51

991270112.UG.FTS.B,

21.98%,

2/28/27

-

-

991270128.UG.FTS.B,

28.98%,

11/19/24

127

125

991270158.UG.FTS.B,

29.49%,

11/24/23

6

6

991270194.UG.FTS.B,

29.49%,

11/20/24

130

127

991270229.UG.FTS.B,

28.98%,

11/24/24

193

190

991270231.UG.FTS.B,

29.49%,

11/21/24

-

-

*

991270252.UG.FTS.B,

29.49%,

11/19/23

31

5

991270303.UG.FTS.B,

20.47%,

12/15/23

306

311

991270332.UG.FTS.B,

14.98%,

12/17/24

472

472

991270392.UG.FTS.B,

29.49%,

2/22/27

5

5

991270408.UG.FTS.B,

29.49%,

12/01/23

72

70

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

527

a

991270414.UG.FTS.B,

19.99%,

11/24/24

555

546

991270419.UG.FTS.B,

19.8%,

11/25/24

282

290

991270479.UG.FTS.B,

29.49%,

12/01/23

194

191

*

991270498.UG.FTS.B,

29.49%,

11/19/24

109

108

991270507.UG.FTS.B,

29.49%,

11/24/24

2,271

2,230

991270555.UG.FTS.B,

28.98%,

11/17/24

505

496

991270560.UG.FTS.B,

23.45%,

11/22/23

63

62

991270563.UG.FTS.B,

20.47%,

12/08/23

1,059

1,080

991270584.UG.FTS.B,

29.49%,

11/21/23

370

362

991270604.UG.FTS.B,

21.47%,

11/29/23

551

547

991270692.UG.FTS.B,

29.49%,

11/18/24

288

278

991270715.UG.FTS.B,

21.46%,

11/17/24

3,231

3,182

*

991270734.UG.FTS.B,

28.48%,

11/24/23

70

10

991270767.UG.FTS.B,

28.98%,

11/29/24

268

264

991270842.UG.FTS.B,

22.97%,

11/28/24

496

491

991270848.UG.FTS.B,

29.49%,

11/24/24

61

59

991270857.UG.FTS.B,

25.95%,

11/29/24

584

577

*

991270867.UG.FTS.B,

28.98%,

11/17/24

31

11

991270870.UG.FTS.B,

28.98%,

12/01/24

28

28

*

991270877.UG.FTS.B,

19.8%,

11/26/24

589

587

991270894.UG.FTS.B,

29.49%,

11/23/24

129

126

991270926.UG.FTS.B,

15%,

12/17/23

237

236

991270942.UG.FTS.B,

29.49%,

11/18/24

646

633

991270949.UG.FTS.B,

29.49%,

11/18/24

106

105

*

991270957.UG.FTS.B,

22.45%,

11/25/23

39

6

991271010.UG.FTS.B,

19.99%,

11/18/23

358

352

991271033.UG.FTS.B,

29.49%,

11/17/24

29

29

991271168.UG.FTS.B,

21.98%,

11/22/24

404

404

*

991271173.UG.FTS.B,

29.49%,

11/20/24

1,033

1,011

991271176.UG.FTS.B,

21.98%,

11/21/24

122

120

991271179.UG.FTS.B,

21.48%,

11/30/23

80

80

991271217.UG.FTS.B,

23.95%,

11/21/24

355

349

991271339.UG.FTS.B,

14%,

12/16/23

18

18

991271359.UG.FTS.B,

29.49%,

11/19/23

54

53

991271385.UG.FTS.B,

29.49%,

11/18/24

59

58

991271407.UG.FTS.B,

28.98%,

11/23/24

196

193

991271427.UG.FTS.B,

28.98%,

11/25/24

250

258

*

991271473.UG.FTS.B,

28.98%,

12/08/24

300

192

991271500.UG.FTS.B,

29.49%,

11/24/24

89

87

991271521.UG.FTS.B,

29.49%,

11/23/24

56

57

991271528.UG.FTS.B,

23.95%,

11/30/24

223

221

991271550.UG.FTS.B,

19.99%,

11/22/24

1,027

1,009

991271566.UG.FTS.B,

21.99%,

12/17/26

630

626

991271633.UG.FTS.B,

29.48%,

12/08/23

219

226

991271638.UG.FTS.B,

19.8%,

11/18/24

152

150

991271643.UG.FTS.B,

29.49%,

11/19/24

101

100

991271693.UG.FTS.B,

28.98%,

12/08/24

40

41

*

991271720.UG.FTS.B,

29.49%,

11/24/23

37

6

991271740.UG.FTS.B,

29.49%,

11/23/24

29

29

991271741.UG.FTS.B,

29.99%,

11/19/23

37

36

991271752.UG.FTS.B,

18.97%,

12/17/24

146

146

991271814.UG.FTS.B,

28.98%,

11/18/24

19

19

991271865.UG.FTS.B,

29.49%,

11/20/24

114

112

991271891.UG.FTS.B,

17.49%,

12/15/23

884

915

*

991271907.UG.FTS.B,

29.49%,

11/25/23

45

45

*

991271908.UG.FTS.B,

29.49%,

12/08/23

275

65

991271942.UG.FTS.B,

28.98%,

11/20/24

-

-

991272030.UG.FTS.B,

16.49%,

12/17/23

106

105

*

991272033.UG.FTS.B,

29.49%,

11/21/24

98

67

991272035.UG.FTS.B,

28.98%,

11/24/24

12

12

991272047.UG.FTS.B,

29.49%,

11/22/24

167

162

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

528

a

991272065.UG.FTS.B,

21.46%,

12/17/24

818

816

991272072.UG.FTS.B,

29.49%,

2/19/27

1

1

991272075.UG.FTS.B,

29.49%,

11/21/24

89

88

991272076.UG.FTS.B,

21.97%,

11/18/24

52

52

991272095.UG.FTS.B,

29.49%,

12/07/23

91

93

991272102.UG.FTS.B,

28.98%,

12/08/24

50

51

991272123.UG.FTS.B,

29.49%,

11/21/24

1,380

1,345

991272128.UG.FTS.B,

28.98%,

11/23/24

267

262

991272133.UG.FTS.B,

29.49%,

11/20/23

172

167

*

991272143.UG.FTS.B,

16.99%,

12/15/24

175

32

991272220.UG.FTS.B,

28.98%,

11/19/24

262

257

*

991272243.UG.FTS.B,

29.48%,

11/25/23

53

54

991272251.UG.FTS.B,

28.98%,

12/01/24

2,666

2,644

991272284.UG.FTS.B,

28.98%,

11/23/24

23

23

991272424.UG.FTS.B,

29.49%,

12/08/23

391

403

991272449.UG.FTS.B,

14.98%,

12/16/24

424

423

991272531.UG.FTS.B,

29.49%,

11/24/23

80

79

991272533.UG.FTS.B,

15%,

12/16/23

171

170

991272573.UG.FTS.B,

23.95%,

11/22/24

607

596

991272582.UG.FTS.B,

28.98%,

11/20/24

134

132

991272606.UG.FTS.B,

28.98%,

11/24/24

234

230

*

991272660.UG.FTS.B,

28.98%,

11/23/24

47

4

991272669.UG.FTS.B,

20.97%,

11/19/24

19

19

991272674.UG.FTS.B,

28.98%,

11/24/24

27

27

991272701.UG.FTS.B,

19.99%,

12/17/26

814

810

991272708.UG.FTS.B,

28.98%,

11/23/24

316

313

991272767.UG.FTS.B,

29.49%,

11/22/23

126

123

991272818.UG.FTS.B,

21.46%,

12/15/24

1,493

1,519

991272832.UG.FTS.B,

28.98%,

11/20/24

457

449

*

991272902.UG.FTS.B,

19.3%,

11/29/23

47

47

991272905.UG.FTS.B,

20.96%,

11/22/23

87

86

991272910.UG.FTS.B,

29.49%,

12/01/23

100

98

991272983.UG.FTS.B,

28.98%,

11/22/24

41

41

991273011.UG.FTS.B,

19.8%,

12/08/24

730

755

991273015.UG.FTS.B,

29.49%,

12/08/24

11

11

991273027.UG.FTS.B,

28.48%,

12/08/23

162

167

991273044.UG.FTS.B,

28.98%,

11/25/24

195

196

991273052.UG.FTS.B,

29.49%,

11/21/24

791

772

991273056.UG.FTS.B,

28.48%,

11/18/23

29

29

991273104.UG.FTS.B,

29.49%,

11/24/23

198

194

991273109.UG.FTS.B,

19.96%,

11/22/23

20

20

991273117.UG.FTS.B,

29.49%,

11/24/23

125

122

991273128.UG.FTS.B,

29.49%,

11/25/23

56

57

991273168.UG.FTS.B,

29.48%,

11/20/23

-

-

991273234.UG.FTS.B,

18.97%,

2/28/27

-

-

991273235.UG.FTS.B,

19.99%,

11/18/24

9

9

991273259.UG.FTS.B,

19.99%,

11/20/24

64

64

991273260.UG.FTS.B,

28.98%,

11/22/24

1,855

1,823

991273272.UG.FTS.B,

20.97%,

11/30/24

1,316

1,306

991273331.UG.FTS.B,

29.49%,

11/22/23

46

45

991273336.UG.FTS.B,

29.49%,

11/25/23

131

132

991273366.UG.FTS.B,

27.99%,

11/18/24

40

40

*

991273394.UG.FTS.B,

21.46%,

12/17/24

322

37

991273399.UG.FTS.B,

28.98%,

11/25/24

166

169

*

991273471.UG.FTS.B,

29.49%,

2/17/27

-

-

991273517.UG.FTS.B,

29.49%,

11/24/23

147

144

991273601.UG.FTS.B,

29.49%,

11/22/24

3,032

2,969

991273696.UG.FTS.B,

29.49%,

11/18/23

89

87

991273717.UG.FTS.B,

15.97%,

11/28/24

746

743

991273718.UG.FTS.B,

28.98%,

12/01/24

132

131

991273757.UG.FTS.B,

29.48%,

11/22/23

148

146

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

529

a

991273796.UG.FTS.B,

19.8%,

12/16/24

972

965

991273797.UG.FTS.B,

23.45%,

11/19/23

49

48

991273817.UG.FTS.B,

17.99%,

12/08/24

93

96

991273851.UG.FTS.B,

29.49%,

11/19/23

81

79

991273900.UG.FTS.B,

28.98%,

11/19/24

188

185

991273969.UG.FTS.B,

29.49%,

11/30/24

643

637

991273989.UG.FTS.B,

29.49%,

11/18/24

1,451

1,423

991274008.UG.FTS.B,

29.49%,

11/18/24

62

61

991274060.UG.FTS.B,

19.99%,

11/19/24

2

-

991274063.UG.FTS.B,

29.49%,

11/19/24

457

447

991274180.UG.FTS.B,

28.98%,

2/17/27

-

-

991274365.UG.FTS.B,

20.46%,

11/18/24

2,185

2,157

991274370.UG.FTS.B,

29.49%,

11/24/23

134

131

991274395.UG.FTS.B,

28.98%,

11/18/24

266

261

991274402.UG.FTS.B,

24.95%,

11/30/24

473

468

991274456.UG.FTS.B,

29.45%,

12/08/24

536

552

991274490.UG.FTS.B,

29.49%,

11/22/24

100

99

991274520.UG.FTS.B,

29.49%,

11/30/23

106

105

*

991274553.UG.FTS.B,

28.98%,

11/19/24

211

208

991274554.UG.FTS.B,

28.98%,

11/18/24

745

731

991274620.UG.FTS.B,

29.49%,

11/18/24

34

33

991274621.UG.FTS.B,

17.99%,

12/16/24

90

89

991274622.UG.FTS.B,

29.49%,

12/01/24

60

60

991274627.UG.FTS.B,

29.48%,

12/08/23

156

159

991274678.UG.FTS.B,

28.98%,

2/21/27

5

5

991274683.UG.FTS.B,

29.48%,

11/17/23

23

23

991274754.UG.FTS.B,

15.97%,

12/15/24

6,310

6,539

*

991274764.UG.FTS.B,

26.44%,

12/14/23

630

141

991274797.UG.FTS.B,

29.49%,

11/20/23

68

67

991274807.UG.FTS.B,

28.98%,

11/30/24

70

69

991274814.UG.FTS.B,

29.49%,

11/29/24

70

69

991274815.UG.FTS.B,

29.49%,

11/23/24

169

172

991274816.UG.FTS.B,

28.98%,

11/23/24

55

56

991274850.UG.FTS.B,

20.97%,

12/15/24

983

1,018

991274860.UG.FTS.B,

19.21%,

11/28/24

517

512

991274898.UG.FTS.B,

20.97%,

12/17/24

627

626

991274920.UG.FTS.B,

29.49%,

11/22/24

10

10

991275005.UG.FTS.B,

29.49%,

11/17/24

1,064

1,035

991275010.UG.FTS.B,

28.98%,

12/01/24

480

478

991275061.UG.FTS.B,

28.98%,

12/01/24

125

124

*

991275088.UG.FTS.B,

29.49%,

11/20/23

259

253

991275113.UG.FTS.B,

28.98%,

11/21/24

149

146

991275114.UG.FTS.B,

28.48%,

11/19/23

21

21

991275120.UG.FTS.B,

19.99%,

11/17/24

193

190

991275141.UG.FTS.B,

29.49%,

11/24/24

239

234

*

991275148.UG.FTS.B,

29.49%,

11/21/24

273

266

991275188.UG.FTS.B,

29.49%,

11/21/24

480

469

991275239.UG.FTS.B,

29.49%,

11/19/24

144

141

991275275.UG.FTS.B,

19.8%,

12/17/24

11

11

991275296.UG.FTS.B,

29.49%,

11/20/23

16

15

991275313.UG.FTS.B,

20.46%,

11/23/24

321

317

991275351.UG.FTS.B,

29.49%,

11/30/24

927

922

*

991275357.UG.FTS.B,

18.97%,

12/17/24

824

156

991275384.UG.FTS.B,

29.49%,

11/23/24

74

73

991275391.UG.FTS.B,

29.49%,

12/08/24

809

813

991275404.UG.FTS.B,

29.49%,

11/20/24

125

122

991275453.UG.FTS.B,

28.98%,

11/19/24

478

469

991275480.UG.FTS.B,

27.99%,

11/20/24

1,783

1,750

991275524.UG.FTS.B,

28.98%,

11/24/24

95

94

991275538.UG.FTS.B,

29.49%,

12/08/23

352

354

991275610.UG.FTS.B,

29.49%,

11/19/23

69

67

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

530

a

991275626.UG.FTS.B,

14.98%,

12/14/24

321

319

991275636.UG.FTS.B,

19.99%,

12/08/24

142

146

991275637.UG.FTS.B,

18.71%,

12/08/23

190

196

*

991275657.UG.FTS.B,

29.49%,

11/24/23

90

88

991275662.UG.FTS.B,

28.98%,

11/18/24

1,007

976

991275695.UG.FTS.B,

29.49%,

11/21/24

69

68

991275726.UG.FTS.B,

25.95%,

12/16/24

1,352

1,341

991275772.UG.FTS.B,

22.47%,

11/20/23

31

31

991275791.UG.FTS.B,

21.46%,

11/29/24

568

566

*

991275870.UG.FTS.B,

21.98%,

1/05/27

-

-

991275897.UG.FTS.B,

29.49%,

11/21/23

18

17

991275935.UG.FTS.B,

29.49%,

11/18/24

11

11

991275971.UG.FTS.B,

29.49%,

11/19/24

1,216

1,203

991275980.UG.FTS.B,

20.97%,

12/17/24

1,030

1,022

991275989.UG.FTS.B,

23.95%,

11/26/24

1,447

1,438

*

991276002.UG.FTS.B,

28.98%,

11/20/24

1,035

1,017

991276025.UG.FTS.B,

28.98%,

11/19/24

94

93

991276052.UG.FTS.B,

29.49%,

11/25/24

173

177

*

991276108.UG.FTS.B,

21.46%,

11/29/24

750

454

*

991276150.UG.FTS.B,

19.21%,

12/15/24

4,947

934

991276197.UG.FTS.B,

29.49%,

11/30/23

941

936

*

991276288.UG.FTS.B,

28.48%,

11/23/23

483

475

991276293.UG.FTS.B,

25.95%,

11/20/24

479

471

991276315.UG.FTS.B,

20.47%,

11/29/23

-

-

*

991276341.UG.FTS.B,

21.98%,

12/17/24

190

37

991276358.UG.FTS.B,

20.97%,

12/17/24

4,926

4,915

991276364.UG.FTS.B,

29.49%,

11/21/24

577

565

991276393.UG.FTS.B,

28.48%,

12/08/23

54

54

*

991276414.UG.FTS.B,

28.98%,

11/23/24

292

289

991276503.UG.FTS.B,

29.49%,

11/18/23

93

91

991276545.UG.FTS.B,

29.49%,

11/30/24

2,905

2,885

991276557.UG.FTS.B,

29.49%,

11/23/24

385

377

991276581.UG.FTS.B,

29.49%,

11/23/24

193

189

991276590.UG.FTS.B,

28.98%,

11/18/24

211

207

991276598.UG.FTS.B,

29.49%,

11/30/23

348

346

991276602.UG.FTS.B,

28.48%,

12/08/23

749

765

991276620.UG.FTS.B,

28.48%,

11/23/23

140

138

991276679.UG.FTS.B,

16.99%,

12/15/24

1,481

1,535

991276708.UG.FTS.B,

28.98%,

11/20/24

288

283

991276723.UG.FTS.B,

29.49%,

11/22/24

46

46

991276737.UG.FTS.B,

28.98%,

11/23/24

3,851

3,784

991276787.UG.FTS.B,

29.49%,

11/19/23

233

228

*

991276814.UG.FTS.B,

21.46%,

11/29/24

227

227

991276829.UG.FTS.B,

21.98%,

11/23/24

692

682

991276832.UG.FTS.B,

19.99%,

11/23/24

239

235

991276906.UG.FTS.B,

28.98%,

11/19/24

360

353

991276919.UG.FTS.B,

21.46%,

12/01/24

1,259

1,249

*

991276944.UG.FTS.B,

28.98%,

11/21/24

1,468

1,443

991277017.UG.FTS.B,

19.99%,

11/30/24

481

477

991277025.UG.FTS.B,

28.98%,

11/22/24

289

284

991277054.UG.FTS.B,

19.21%,

11/28/24

1,343

1,334

991277209.UG.FTS.B,

29.49%,

11/23/23

-

-

991277238.UG.FTS.B,

28.98%,

11/23/24

169

164

991277289.UG.FTS.B,

20.96%,

11/19/23

4,383

4,331

991277293.UG.FTS.B,

28.98%,

11/23/24

107

106

991277306.UG.FTS.B,

29.49%,

11/21/23

467

455

991277328.UG.FTS.B,

28.98%,

11/21/24

94

93

991277345.UG.FTS.B,

16.99%,

12/16/24

1,976

1,973

991277364.UG.FTS.B,

18.97%,

11/20/24

2,389

2,364

991277369.UG.FTS.B,

29.49%,

11/19/24

2,282

2,232

991277397.UG.FTS.B,

29.49%,

11/23/23

315

305

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

531

a

991277400.UG.FTS.B,

29.49%,

11/30/23

582

573

991277408.UG.FTS.B,

16.99%,

12/17/24

1,976

1,973

991277429.UG.FTS.B,

29.49%,

11/18/23

93

91

*

991277439.UG.FTS.B,

29.49%,

11/18/24

576

564

991277454.UG.FTS.B,

28.98%,

11/20/24

321

315

991277474.UG.FTS.B,

28.98%,

11/23/24

475

466

991277493.UG.FTS.B,

29.49%,

12/01/24

575

570

*

991277495.UG.FTS.B,

29.49%,

11/19/24

122

120

991277503.UG.FTS.B,

19.8%,

11/26/24

529

523

991277509.UG.FTS.B,

29.49%,

11/24/24

2,313

2,264

991277527.UG.FTS.B,

23.95%,

11/25/24

240

245

991277554.UG.FTS.B,

29.49%,

11/24/24

1,447

1,421

991277632.UG.FTS.B,

29.49%,

11/19/24

104

102

991277654.UG.FTS.B,

23.45%,

11/23/23

186

184

991277711.UG.FTS.B,

29.49%,

11/30/24

378

372

*

991277728.UG.FTS.B,

28.98%,

11/20/24

1,956

1,922

991277770.UG.FTS.B,

29.49%,

11/22/24

190

183

991277786.UG.FTS.B,

28.48%,

11/24/23

175

172

991277834.UG.FTS.B,

28.48%,

11/22/23

1,168

1,137

991277853.UG.FTS.B,

29.49%,

11/22/23

201

194

*

991277873.UG.FTS.B,

28.98%,

12/01/24

175

14

991278085.UG.FTS.B,

29.49%,

11/19/24

768

748

991278088.UG.FTS.B,

28.98%,

11/25/24

174

177

991278091.UG.FTS.B,

29.49%,

11/30/24

358

356

991278098.UG.FTS.B,

29.49%,

11/24/24

674

661

991278110.UG.FTS.B,

18.97%,

11/19/24

2,621

2,600

991278138.UG.FTS.B,

29.49%,

11/21/24

144

141

991278212.UG.FTS.B,

28.98%,

12/08/24

1,117

1,152

991278216.UG.FTS.B,

22.47%,

12/17/23

172

171

991278256.UG.FTS.B,

29.49%,

2/28/27

3

3

991278295.UG.FTS.B,

25.45%,

12/01/23

25

25

991278321.UG.FTS.B,

29.49%,

11/24/24

13

13

991278388.UG.FTS.B,

29.49%,

12/01/23

123

122

991278437.UG.FTS.B,

17.49%,

12/15/23

171

171

991278450.UG.FTS.B,

20.46%,

12/17/24

257

255

*

991278481.UG.FTS.B,

29.49%,

11/30/24

36

31

991278519.UG.FTS.B,

18.47%,

12/17/23

498

495

991278544.UG.FTS.B,

29.49%,

11/23/24

169

166

991278573.UG.FTS.B,

29.49%,

11/19/24

498

487

991278603.UG.FTS.B,

29.49%,

12/01/24

63

62

*

991278608.UG.FTS.B,

29.49%,

11/25/24

283

289

991278616.UG.FTS.B,

20.97%,

11/21/24

57

56

991278649.UG.FTS.B,

20.46%,

12/08/24

235

242

991278795.UG.FTS.B,

29.49%,

11/22/24

183

179

991278845.UG.FTS.B,

29.48%,

12/08/23

175

179

991278856.UG.FTS.B,

28.98%,

12/01/24

630

627

991278889.UG.FTS.B,

21.46%,

12/18/24

1,772

1,758

991278964.UG.FTS.B,

17.99%,

12/18/24

1,226

1,224

991278995.UG.FTS.B,

28.98%,

11/21/24

94

92

*

991279015.UG.FTS.B,

28.98%,

11/23/24

115

114

*

991279045.UG.FTS.B,

29.49%,

11/19/23

337

328

991279052.UG.FTS.B,

29.49%,

1/20/27

-

-

991279058.UG.FTS.B,

18.8%,

12/15/24

1,246

1,291

991279084.UG.FTS.B,

29.49%,

11/21/24

48

48

991279137.UG.FTS.B,

21.98%,

11/19/24

176

173

991279147.UG.FTS.B,

29.49%,

11/18/24

350

341

991279148.UG.FTS.B,

29.49%,

11/21/24

84

83

991279250.UG.FTS.B,

28.98%,

11/23/24

230

234

991279256.UG.FTS.B,

20.97%,

12/17/24

193

192

991279257.UG.FTS.B,

14%,

12/18/24

485

483

*

991279273.UG.FTS.B,

29.49%,

11/20/24

223

219

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

532

a

991279279.UG.FTS.B,

29.49%,

12/06/24

153

153

991279292.UG.FTS.B,

29.49%,

12/01/24

378

374

*

991279318.UG.FTS.B,

28.98%,

11/19/24

350

45

991279325.UG.FTS.B,

29.49%,

11/20/24

188

183

991279331.UG.FTS.B,

18.97%,

12/18/24

433

430

991279336.UG.FTS.B,

28.98%,

11/22/24

90

87

991279347.UG.FTS.B,

23.45%,

12/15/23

765

783

991279385.UG.FTS.B,

29.49%,

11/24/24

123

122

991279399.UG.FTS.B,

28.98%,

11/20/24

16

16

*

991279437.UG.FTS.B,

29.49%,

11/22/24

107

8

991279499.UG.FTS.B,

21.98%,

12/16/24

436

432

991279501.UG.FTS.B,

20.97%,

12/18/24

1,181

1,173

991279516.UG.FTS.B,

20.46%,

11/27/24

792

784

991279529.UG.FTS.B,

19.96%,

11/26/23

233

230

991279591.UG.FTS.B,

29.49%,

11/19/24

110

108

991279616.UG.FTS.B,

28.98%,

11/18/24

68

67

991279661.UG.FTS.B,

29.49%,

11/21/23

50

49

991279680.UG.FTS.B,

29.49%,

11/29/23

143

140

991279730.UG.FTS.B,

29.49%,

12/01/23

332

312

991279769.UG.FTS.B,

23.95%,

11/30/24

479

472

991279786.UG.FTS.B,

29.49%,

12/01/24

117

114

991279794.UG.FTS.B,

19.99%,

11/22/24

598

587

991279813.UG.FTS.B,

28.98%,

12/08/24

248

247

991279834.UG.FTS.B,

29.49%,

11/19/24

107

105

991279836.UG.FTS.B,

29.49%,

11/22/24

216

211

991279860.UG.FTS.B,

29.49%,

11/25/24

202

205

991279906.UG.FTS.B,

28.48%,

11/23/23

176

179

991279938.UG.FTS.B,

29.49%,

11/19/24

106

102

991279947.UG.FTS.B,

29.49%,

11/19/24

118

115

991279969.UG.FTS.B,

28.98%,

11/23/24

30

30

991280021.UG.FTS.B,

29.49%,

11/21/24

40

39

991280031.UG.FTS.B,

28.98%,

11/20/24

128

126

991280037.UG.FTS.B,

28.48%,

11/23/23

103

101

991280041.UG.FTS.B,

29.49%,

11/21/24

34

34

991280045.UG.FTS.B,

29.49%,

11/21/24

47

46

991280072.UG.FTS.B,

28.98%,

11/20/24

417

410

991280082.UG.FTS.B,

29.49%,

11/21/24

103

102

*

991280149.UG.FTS.B,

28.98%,

11/24/24

595

128

*

991280169.UG.FTS.B,

29.49%,

11/23/24

407

393

991280178.UG.FTS.B,

29.48%,

12/08/23

361

372

991280209.UG.FTS.B,

16.99%,

12/14/26

2,731

2,821

991280230.UG.FTS.B,

17.99%,

12/18/24

206

205

991280234.UG.FTS.B,

28.98%,

11/30/24

46

45

*

991280300.UG.FTS.B,

29.49%,

2/21/27

7

7

991280311.UG.FTS.B,

29.49%,

11/21/23

305

299

991280330.UG.FTS.B,

28.98%,

2/18/27

-

-

991280372.UG.FTS.B,

27.99%,

11/24/24

30

29

991280373.UG.FTS.B,

29.49%,

11/30/23

90

89

991280378.UG.FTS.B,

17.99%,

12/18/24

563

562

991280397.UG.FTS.B,

19.8%,

12/15/24

6

6

991280441.UG.FTS.B,

19.21%,

12/15/24

26

26

991280461.UG.FTS.B,

29.49%,

11/22/23

50

49

991280477.UG.FTS.B,

20.96%,

11/19/23

172

170

991280490.UG.FTS.B,

29.49%,

11/19/24

124

121

991280493.UG.FTS.B,

28.98%,

11/29/24

209

208

991280566.UG.FTS.B,

19.8%,

11/28/24

73

73

991280623.UG.FTS.B,

28.98%,

11/21/24

59

58

991280631.UG.FTS.B,

29.49%,

11/19/24

177

173

991280676.UG.FTS.B,

29.49%,

12/08/23

151

155

991280685.UG.FTS.B,

29.49%,

11/19/23

35

35

991280711.UG.FTS.B,

23.45%,

11/19/23

363

358

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

533

a

991280725.UG.FTS.B,

22.97%,

12/13/24

567

586

991280746.UG.FTS.B,

29.49%,

11/23/24

395

398

991280824.UG.FTS.B,

20.46%,

12/18/24

305

302

991280856.UG.FTS.B,

15.97%,

12/16/24

392

391

991280867.UG.FTS.B,

28.48%,

11/23/23

112

114

991280901.UG.FTS.B,

29.49%,

11/23/24

1,395

1,379

991281007.UG.FTS.B,

29.49%,

11/25/23

59

60

991281061.UG.FTS.B,

28.48%,

11/21/23

23

23

991281064.UG.FTS.B,

29.49%,

11/21/24

109

108

*

991281094.UG.FTS.B,

28.48%,

11/23/23

44

43

991281104.UG.FTS.B,

22.97%,

12/18/24

1,800

1,786

991281163.UG.FTS.B,

29.49%,

11/30/23

320

316

991281287.UG.FTS.B,

28.98%,

11/19/24

148

146

991281290.UG.FTS.B,

29.49%,

12/08/24

197

199

991281301.UG.FTS.B,

18.71%,

12/18/23

37

37

991281302.UG.FTS.B,

29.49%,

11/20/23

30

29

991281311.UG.FTS.B,

19.99%,

11/24/24

71

73

*

991281320.UG.FTS.B,

16.49%,

11/27/23

6

6

991281331.UG.FTS.B,

29.49%,

11/22/24

399

391

991281352.UG.FTS.B,

22.36%,

12/18/26

2,517

2,504

991281366.UG.FTS.B,

29.49%,

11/30/23

20

20

991281415.UG.FTS.B,

28.98%,

11/22/24

53

52

991281466.UG.FTS.B,

18.97%,

12/13/23

98

101

991281491.UG.FTS.B,

29.49%,

11/23/23

94

96

991281497.UG.FTS.B,

28.98%,

11/20/24

1,301

1,278

991281569.UG.FTS.B,

29.49%,

11/23/23

489

479

991281571.UG.FTS.B,

29.48%,

12/01/24

136

133

991281599.UG.FTS.B,

29.49%,

11/22/23

47

47

991281607.UG.FTS.B,

29.49%,

11/30/24

399

397

991281627.UG.FTS.B,

29.49%,

11/20/23

79

77

991281718.UG.FTS.B,

29.49%,

11/24/24

199

195

*

991281741.UG.FTS.B,

23.95%,

11/25/24

78

58

991281773.UG.FTS.B,

29.49%,

11/30/23

27

27

*

991281800.UG.FTS.B,

29.49%,

12/01/24

41

7

991281827.UG.FTS.B,

16.99%,

12/16/24

848

846

991281845.UG.FTS.B,

29.49%,

11/24/24

115

112

991281963.UG.FTS.B,

29.49%,

11/23/24

11

11

991281993.UG.FTS.B,

28.98%,

11/24/24

954

936

991282054.UG.FTS.B,

28.98%,

11/24/24

307

302

991282102.UG.FTS.B,

29.49%,

11/19/23

44

43

991282117.UG.FTS.B,

29.49%,

11/30/24

49

49

991282136.UG.FTS.B,

28.98%,

11/23/24

855

840

991282168.UG.FTS.B,

29.49%,

11/30/24

159

156

991282251.UG.FTS.B,

29.49%,

11/18/23

25

25

991282271.UG.FTS.B,

28.98%,

12/01/24

444

437

991282274.UG.FTS.B,

28.48%,

12/08/23

318

328

991282278.UG.FTS.B,

17.99%,

12/16/24

471

467

991282307.UG.FTS.B,

29.49%,

11/24/24

320

314

991282314.UG.FTS.B,

29.48%,

11/20/23

58

58

991282316.UG.FTS.B,

29.49%,

2/05/27

2

2

991282335.UG.FTS.B,

28.98%,

11/19/24

772

757

*

991282371.UG.FTS.B,

28.98%,

11/22/24

531

531

991282387.UG.FTS.B,

29.49%,

11/19/23

291

286

991282393.UG.FTS.B,

29.49%,

11/30/24

264

261

991282410.UG.FTS.B,

19.99%,

11/25/24

27

28

991282482.UG.FTS.B,

28.98%,

11/25/24

29

29

991282485.UG.FTS.B,

29.49%,

11/20/23

44

44

991282514.UG.FTS.B,

19.99%,

11/30/24

37

37

991282561.UG.FTS.B,

29.49%,

11/22/23

2

2

991282626.UG.FTS.B,

25.95%,

11/24/24

1,135

1,116

991282646.UG.FTS.B,

29.49%,

11/24/24

319

312

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

534

a

991282683.UG.FTS.B,

20.97%,

11/23/24

103

102

*

991282717.UG.FTS.B,

29.49%,

11/19/24

56

55

991282718.UG.FTS.B,

29.49%,

11/30/24

122

121

991282728.UG.FTS.B,

29.49%,

11/24/24

375

368

991282741.UG.FTS.B,

29.49%,

2/28/27

5

5

991282757.UG.FTS.B,

28.98%,

11/24/24

285

282

991282761.UG.FTS.B,

29.49%,

12/01/23

100

99

991282790.UG.FTS.B,

29.49%,

11/19/24

350

342

991282826.UG.FTS.B,

27.99%,

11/30/24

86

85

991282853.UG.FTS.B,

29.49%,

11/23/23

21

21

991282938.UG.FTS.B,

28.98%,

11/18/24

35

34

991283003.UG.FTS.B,

28.98%,

11/20/24

193

190

991283030.UG.FTS.B,

29.49%,

11/20/23

41

40

991283051.UG.FTS.B,

28.98%,

11/23/24

427

420

991283131.UG.FTS.B,

18.97%,

12/18/24

945

939

*

991283151.UG.FTS.B,

25.45%,

11/24/23

46

45

991283154.UG.FTS.B,

29.49%,

11/23/24

9

9

991283201.UG.FTS.B,

29.48%,

11/21/23

96

94

991283230.UG.FTS.B,

29.48%,

11/30/24

263

261

991283241.UG.FTS.B,

29.49%,

11/24/23

186

181

991283256.UG.FTS.B,

29.49%,

11/22/23

54

53

991283279.UG.FTS.B,

29.49%,

11/25/24

406

413

991283292.UG.FTS.B,

21.46%,

12/18/24

838

831

991283304.UG.FTS.B,

29.49%,

11/30/24

381

373

991283370.UG.FTS.B,

28.98%,

11/24/24

175

176

991283457.UG.FTS.B,

29.49%,

11/25/23

-

-

991283469.UG.FTS.B,

29.49%,

11/18/23

10

10

*

991283471.UG.FTS.B,

29.49%,

11/23/24

102

100

991283478.UG.FTS.B,

29.49%,

12/10/24

-

-

991283558.UG.FTS.B,

16.99%,

12/18/24

6,808

6,764

991283562.UG.FTS.B,

18.97%,

12/16/24

228

227

991283578.UG.FTS.B,

28.98%,

12/01/24

117

116

991283686.UG.FTS.B,

29.49%,

11/25/23

38

39

991283729.UG.FTS.B,

20.46%,

12/18/24

375

372

991283740.UG.FTS.B,

29.49%,

12/01/24

126

125

991283748.UG.FTS.B,

28.98%,

11/25/24

221

224

991283750.UG.FTS.B,

15.97%,

12/14/24

385

382

991283759.UG.FTS.B,

29.49%,

11/19/24

10

9

991283780.UG.FTS.B,

15%,

12/16/24

105

104

991283781.UG.FTS.B,

19.99%,

11/23/24

816

830

991283791.UG.FTS.B,

15.97%,

12/16/24

445

446

991283821.UG.FTS.B,

18.98%,

12/12/26

182

188

991283897.UG.FTS.B,

28.48%,

11/24/23

82

81

991283925.UG.FTS.B,

27.99%,

11/19/24

696

682

991283933.UG.FTS.B,

28.98%,

12/01/24

13

13

991284001.UG.FTS.B,

29.49%,

11/25/24

452

454

991284044.UG.FTS.B,

29.49%,

11/19/23

233

227

991284078.UG.FTS.B,

29.49%,

11/24/24

44

43

991284081.UG.FTS.B,

29.49%,

11/24/24

249

252

991284084.UG.FTS.B,

15.97%,

12/15/24

1,251

1,297

991284086.UG.FTS.B,

18.71%,

12/13/23

359

372

991284091.UG.FTS.B,

29.49%,

11/19/24

107

105

991284133.UG.FTS.B,

29.49%,

11/25/24

163

166

991284219.UG.FTS.B,

28.98%,

11/23/24

145

143

991284235.UG.FTS.B,

15.47%,

12/08/23

399

409

*

991284239.UG.FTS.B,

29.49%,

11/22/23

34

34

991284279.UG.FTS.B,

29.49%,

12/20/26

-

-

991284295.UG.FTS.B,

22.47%,

11/19/23

56

55

991284313.UG.FTS.B,

22.97%,

12/18/24

226

224

991284375.UG.FTS.B,

29.49%,

11/18/24

189

184

991284531.UG.FTS.B,

29.49%,

11/25/23

62

63

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

535

a

991284536.UG.FTS.B,

29.48%,

2/19/27

-

-

991284608.UG.FTS.B,

21.98%,

12/07/24

1,103

1,123

*

991284630.UG.FTS.B,

28.98%,

11/23/24

102

13

991284636.UG.FTS.B,

22.97%,

11/26/24

74

73

991284667.UG.FTS.B,

28.48%,

11/18/23

36

36

991284677.UG.FTS.B,

17.99%,

12/18/24

129

128

991284731.UG.FTS.B,

29.49%,

11/20/24

114

112

991284750.UG.FTS.B,

17.99%,

12/18/24

1,840

1,831

991284765.UG.FTS.B,

29.49%,

11/24/23

39

39

991284799.UG.FTS.B,

29.49%,

11/19/24

271

264

*

991284800.UG.FTS.B,

28.98%,

11/21/24

227

29

*

991284802.UG.FTS.B,

29.49%,

11/23/24

18

18

991284824.UG.FTS.B,

29.49%,

11/21/24

83

82

*

991284842.UG.FTS.B,

29.49%,

11/23/23

116

16

991284850.UG.FTS.B,

29.49%,

12/01/24

967

954

*

991284857.UG.FTS.B,

21.98%,

12/17/24

274

53

991284884.UG.FTS.B,

19.99%,

11/18/24

26

25

*

991284917.UG.FTS.B,

29.49%,

11/21/24

256

250

991284944.UG.FTS.B,

19.8%,

11/20/24

24

24

991284950.UG.FTS.B,

29.49%,

11/20/23

18

18

991284960.UG.FTS.B,

28.98%,

11/20/24

20

20

991284977.UG.FTS.B,

29.49%,

11/19/23

133

128

*

991284978.UG.FTS.B,

17.49%,

12/15/24

111

13

991284992.UG.FTS.B,

15.99%,

12/18/24

953

948

991285026.UG.FTS.B,

21.98%,

11/22/24

158

156

991285040.UG.FTS.B,

28.98%,

11/19/24

148

145

991285054.UG.FTS.B,

29.49%,

11/20/23

60

59

991285144.UG.FTS.B,

28.98%,

11/22/24

642

630

*

991285180.UG.FTS.B,

29.49%,

11/22/23

46

7

991285230.UG.FTS.B,

19.8%,

12/15/24

5,580

5,569

991285253.UG.FTS.B,

28.98%,

11/22/24

481

472

991285263.UG.FTS.B,

29.49%,

11/24/24

963

945

991285282.UG.FTS.B,

20.97%,

11/23/24

477

471

991285300.UG.FTS.B,

29.49%,

11/23/23

122

118

*

991285349.UG.FTS.B,

29.49%,

11/18/24

128

126

991285458.UG.FTS.B,

19.96%,

11/21/23

108

107

991285479.UG.FTS.B,

29.49%,

11/21/24

3,376

3,314

991285487.UG.FTS.B,

29.49%,

11/24/24

-

-

991285488.UG.FTS.B,

28.48%,

11/18/23

345

339

991285509.UG.FTS.B,

29.49%,

11/24/24

1,923

1,884

991285510.UG.FTS.B,

28.98%,

11/22/24

1

1

991285540.UG.FTS.B,

19.8%,

11/29/24

4,801

4,782

991285559.UG.FTS.B,

29.49%,

11/19/24

471

461

991285577.UG.FTS.B,

28.98%,

11/30/24

1,655

1,628

991285593.UG.FTS.B,

21.98%,

12/17/24

298

297

991285608.UG.FTS.B,

29.49%,

11/21/24

503

494

991285650.UG.FTS.B,

29.49%,

11/24/24

263

257

*

991285654.UG.FTS.B,

18.47%,

11/24/23

465

58

991285666.UG.FTS.B,

29.49%,

11/19/23

212

150

991285673.UG.FTS.B,

29.49%,

11/23/24

80

79

991285685.UG.FTS.B,

28.98%,

11/22/24

961

944

991285727.UG.FTS.B,

28.98%,

12/01/24

629

618

991285743.UG.FTS.B,

28.98%,

11/21/24

961

944

991285759.UG.FTS.B,

28.98%,

11/18/24

575

564

*

991285781.UG.FTS.B,

21.98%,

12/15/24

500

98

991285798.UG.FTS.B,

28.98%,

11/19/24

480

471

*

991285799.UG.FTS.B,

28.98%,

11/30/24

300

298

991285820.UG.FTS.B,

22.97%,

11/25/24

6,137

6,267

991285882.UG.FTS.B,

29.49%,

11/25/23

73

74

991285961.UG.FTS.B,

29.49%,

11/19/24

367

361

991285965.UG.FTS.B,

29.49%,

11/18/24

4,792

4,702

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

536

a

991285978.UG.FTS.B,

28.98%,

11/19/24

398

391

991285992.UG.FTS.B,

29.49%,

11/20/24

655

636

991286011.UG.FTS.B,

29.49%,

11/20/23

933

909

991286090.UG.FTS.B,

28.98%,

11/22/24

817

803

991286119.UG.FTS.B,

29.49%,

11/24/23

122

118

991286123.UG.FTS.B,

29.49%,

11/22/24

1,298

1,253

991286129.UG.FTS.B,

29.49%,

11/21/24

94

93

991286156.UG.FTS.B,

15%,

11/29/24

1,146

1,142

991286205.UG.FTS.B,

15.97%,

12/16/24

6,905

6,895

991286223.UG.FTS.B,

19.96%,

11/21/23

696

688

991286234.UG.FTS.B,

28.98%,

11/19/24

192

188

991286242.UG.FTS.B,

29.49%,

12/08/23

1,050

1,054

991286245.UG.FTS.B,

29.49%,

11/20/23

92

91

991286250.UG.FTS.B,

28.98%,

11/19/24

98

97

991286275.UG.FTS.B,

28.98%,

11/20/24

720

707

991286291.UG.FTS.B,

28.48%,

12/01/23

752

748

991286331.UG.FTS.B,

21.97%,

11/24/24

477

470

991286332.UG.FTS.B,

28.98%,

11/22/24

2,884

2,833

991286343.UG.FTS.B,

21.46%,

12/18/24

2,451

2,447

991286355.UG.FTS.B,

28.98%,

11/21/24

192

186

991286365.UG.FTS.B,

29.49%,

11/22/23

934

908

991286377.UG.FTS.B,

29.49%,

11/18/23

559

544

991286399.UG.FTS.B,

29.49%,

11/24/23

257

252

991286438.UG.FTS.B,

20.46%,

11/22/24

287

284

991286445.UG.FTS.B,

28.98%,

11/24/24

289

284

991286520.UG.FTS.B,

19.21%,

12/18/24

4,951

4,945

991286528.UG.FTS.B,

17.99%,

12/17/24

45

45

991286546.UG.FTS.B,

20.46%,

11/29/24

1,921

1,913

991286551.UG.FTS.B,

29.49%,

11/18/24

538

523

991286579.UG.FTS.B,

21.46%,

11/25/24

264

270

991286593.UG.FTS.B,

29.49%,

11/23/24

69

67

991286604.UG.FTS.B,

29.49%,

11/19/23

121

118

991286624.UG.FTS.B,

19.3%,

11/24/23

279

276

991286648.UG.FTS.B,

29.49%,

11/18/24

247

242

991286666.UG.FTS.B,

19.96%,

11/22/23

460

455

991286703.UG.FTS.B,

29.49%,

11/18/24

-

-

*

991286731.UG.FTS.B,

29.49%,

12/01/24

1,000

84

991286761.UG.FTS.B,

28.98%,

11/24/24

69

68

991286797.UG.FTS.B,

18.8%,

12/15/24

115

118

991286904.UG.FTS.B,

29.49%,

11/23/24

127

129

991286912.UG.FTS.B,

29.49%,

12/01/23

186

185

991286922.UG.FTS.B,

21.46%,

12/18/24

1,540

1,524

991286985.UG.FTS.B,

29.49%,

11/22/23

30

29

991287021.UG.FTS.B,

29.49%,

11/29/24

40

40

991287091.UG.FTS.B,

21.46%,

11/19/24

63

62

991287107.UG.FTS.B,

14.98%,

12/19/24

522

521

991287109.UG.FTS.B,

29.49%,

11/21/23

21

21

991287114.UG.FTS.B,

28.48%,

11/24/23

81

80

991287179.UG.FTS.B,

28.98%,

11/19/24

61

60

991287211.UG.FTS.B,

28.48%,

11/22/23

1

1

991287220.UG.FTS.B,

16.99%,

12/08/24

440

455

991287252.UG.FTS.B,

28.98%,

11/25/24

53

54

991287259.UG.FTS.B,

29.49%,

12/08/24

192

197

991287274.UG.FTS.B,

19.8%,

12/17/24

488

487

991287412.UG.FTS.B,

29.49%,

11/22/24

119

115

991287433.UG.FTS.B,

17.99%,

12/18/24

1,019

1,017

991287459.UG.FTS.B,

20.46%,

12/01/24

1,323

1,309

991287562.UG.FTS.B,

16.99%,

12/15/24

1,678

1,739

991287640.UG.FTS.B,

29.49%,

11/23/24

147

145

991287641.UG.FTS.B,

29.49%,

11/30/24

2,437

2,410

991287696.UG.FTS.B,

20.96%,

11/23/23

230

227

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

537

a

991287710.UG.FTS.B,

28.98%,

11/25/24

285

291

991287740.UG.FTS.B,

17.49%,

12/13/23

362

375

*

991287869.UG.FTS.B,

29.49%,

11/30/23

75

74

991287925.UG.FTS.B,

19.3%,

12/19/23

355

354

*

991288011.UG.FTS.B,

29.49%,

11/19/23

17

8

991288025.UG.FTS.B,

20.96%,

12/15/23

100

103

991288030.UG.FTS.B,

29.49%,

11/21/23

82

80

991288033.UG.FTS.B,

29.49%,

11/22/24

27

27

991288087.UG.FTS.B,

29.49%,

11/22/24

151

148

991288118.UG.FTS.B,

29.49%,

11/20/24

157

153

*

991288161.UG.FTS.B,

29.49%,

11/21/23

71

70

991288271.UG.FTS.B,

29.49%,

11/23/23

41

41

*

991288317.UG.FTS.B,

19.99%,

11/21/24

51

50

*

991288321.UG.FTS.B,

20.46%,

12/17/24

243

46

*

991288462.UG.FTS.B,

29.49%,

11/30/23

12

12

*

991288480.UG.FTS.B,

19.99%,

11/23/24

1,657

202

991288512.UG.FTS.B,

29.49%,

11/23/24

774

760

991288522.UG.FTS.B,

29.49%,

11/20/24

23

22

991288619.UG.FTS.B,

29.49%,

11/19/23

53

52

991288626.UG.FTS.B,

17.99%,

12/18/24

631

628

*

991288633.UG.FTS.B,

29.49%,

11/23/24

117

116

991288639.UG.FTS.B,

29.49%,

11/19/23

308

300

991288667.UG.FTS.B,

29.49%,

11/24/24

332

336

991288668.UG.FTS.B,

29.99%,

11/20/24

188

181

991288784.UG.FTS.B,

23.45%,

11/26/23

24

23

991288785.UG.FTS.B,

29.49%,

11/19/24

253

249

*

991288791.UG.FTS.B,

19.99%,

11/25/24

477

97

991288835.UG.FTS.B,

18.97%,

12/16/24

979

977

991288847.UG.FTS.B,

29.49%,

12/08/24

1,849

1,877

991288870.UG.FTS.B,

29.49%,

11/23/23

32

31

991288892.UG.FTS.B,

28.98%,

11/19/24

158

155

991288937.UG.FTS.B,

29.48%,

11/19/23

33

33

991288941.UG.FTS.B,

29.49%,

11/30/24

159

158

991288945.UG.FTS.B,

29.49%,

11/22/24

115

113

991288971.UG.FTS.B,

23.95%,

11/23/24

69

68

991288985.UG.FTS.B,

29.49%,

11/25/24

111

114

*

991288995.UG.FTS.B,

29.49%,

12/08/24

211

26

991289027.UG.FTS.B,

29.49%,

11/30/23

89

87

991289039.UG.FTS.B,

17.99%,

12/17/24

699

698

991289078.UG.FTS.B,

29.49%,

11/23/23

41

40

991289130.UG.FTS.B,

29.49%,

11/23/23

45

44

991289146.UG.FTS.B,

29.49%,

12/08/23

188

193

991289176.UG.FTS.B,

16.99%,

12/17/24

4,256

4,229

991289179.UG.FTS.B,

19.96%,

11/26/23

21

21

991289184.UG.FTS.B,

29.49%,

11/21/23

143

140

991289229.UG.FTS.B,

19.8%,

11/19/24

29

28

991289243.UG.FTS.B,

29.49%,

11/21/23

121

118

991289254.UG.FTS.B,

28.98%,

11/22/24

22

22

991289268.UG.FTS.B,

19.8%,

12/18/24

86

86

991289288.UG.FTS.B,

19.21%,

11/29/24

466

462

991289325.UG.FTS.B,

28.98%,

11/19/24

16

16

991289336.UG.FTS.B,

29.48%,

12/08/23

134

138

991289340.UG.FTS.B,

21.46%,

12/18/24

359

358

991289357.UG.FTS.B,

28.98%,

11/23/24

21

21

991289376.UG.FTS.B,

21.46%,

11/26/24

20

20

991289399.UG.FTS.B,

29.49%,

12/08/24

62

63

*

991289420.UG.FTS.B,

29.49%,

11/30/24

261

259

991289422.UG.FTS.B,

29.49%,

11/22/23

223

218

991289456.UG.FTS.B,

15.97%,

12/15/24

910

905

991289526.UG.FTS.B,

29.49%,

11/21/23

61

60

991289617.UG.FTS.B,

29.49%,

12/01/24

243

238

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

538

a

991289638.UG.FTS.B,

18.97%,

12/08/24

163

166

991289704.UG.FTS.B,

29.49%,

11/30/24

61

60

991289736.UG.FTS.B,

29.49%,

11/25/24

84

86

*

991289813.UG.FTS.B,

29.49%,

11/30/23

28

28

991289831.UG.FTS.B,

21.48%,

11/26/23

89

88

991289839.UG.FTS.B,

18.97%,

11/21/24

63

62

991289896.UG.FTS.B,

29.49%,

11/20/24

49

48

991289920.UG.FTS.B,

16.99%,

12/19/24

503

502

991289977.UG.FTS.B,

28.98%,

11/21/24

90

89

991289981.UG.FTS.B,

29.49%,

12/01/23

303

299

991289983.UG.FTS.B,

19.96%,

2/12/27

3

3

991290002.UG.FTS.B,

17.99%,

12/15/24

233

241

991290022.UG.FTS.B,

19.8%,

12/08/24

540

558

991290079.UG.FTS.B,

29.49%,

11/23/23

63

62

991290100.UG.FTS.B,

28.48%,

11/19/23

27

26

991290102.UG.FTS.B,

17.99%,

12/19/24

1,036

1,031

*

991290104.UG.FTS.B,

29.49%,

11/19/24

126

123

*

991290108.UG.FTS.B,

26.94%,

12/08/24

49

15

991290115.UG.FTS.B,

22.47%,

11/30/23

30

30

991290149.UG.FTS.B,

29.49%,

12/01/24

66

65

991290177.UG.FTS.B,

28.98%,

11/20/24

101

100

991290226.UG.FTS.B,

16.99%,

12/17/24

312

310

991290240.UG.FTS.B,

29.49%,

11/22/24

250

245

991290245.UG.FTS.B,

29.49%,

11/21/24

187

183

991290266.UG.FTS.B,

19.8%,

12/08/24

46

47

991290272.UG.FTS.B,

28.98%,

11/23/24

140

138

991290289.UG.FTS.B,

28.98%,

11/21/24

23

23

991290316.UG.FTS.B,

29.49%,

11/23/24

50

50

991290351.UG.FTS.B,

29.49%,

11/23/24

11

11

991290358.UG.FTS.B,

29.49%,

11/23/23

35

34

991290359.UG.FTS.B,

29.49%,

11/21/24

51

50

991290366.UG.FTS.B,

29.49%,

11/30/23

21

21

991290370.UG.FTS.B,

22.47%,

12/18/23

25

25

*

991290395.UG.FTS.B,

28.98%,

11/30/24

79

78

991290418.UG.FTS.B,

29.49%,

12/01/24

326

324

991290429.UG.FTS.B,

29.49%,

11/19/23

43

43

991290463.UG.FTS.B,

28.98%,

11/30/24

140

138

991290469.UG.FTS.B,

28.98%,

11/20/24

201

198

991290497.UG.FTS.B,

21.48%,

12/08/23

33

34

991290510.UG.FTS.B,

28.98%,

11/21/24

126

123

991290564.UG.FTS.B,

29.48%,

11/30/23

71

70

991290574.UG.FTS.B,

27.99%,

11/30/23

6

6

991290590.UG.FTS.B,

28.98%,

12/08/24

33

33

*

991290592.UG.FTS.B,

29.49%,

11/19/23

13

2

991290596.UG.FTS.B,

29.49%,

2/18/27

3

3

991290597.UG.FTS.B,

29.49%,

12/08/23

39

39

991290619.UG.FTS.B,

29.49%,

11/24/24

98

97

991290666.UG.FTS.B,

19.96%,

12/15/23

55

57

991290696.UG.FTS.B,

29.49%,

11/19/24

69

68

991290703.UG.FTS.B,

20.47%,

11/20/23

63

63

991290746.UG.FTS.B,

28.48%,

1/10/27

-

-

991290759.UG.FTS.B,

21.98%,

11/20/24

44

44

991290834.UG.FTS.B,

29.49%,

12/01/24

640

629

991290902.UG.FTS.B,

28.48%,

12/07/23

244

246

991290932.UG.FTS.B,

20.46%,

12/18/24

1,579

1,566

991290938.UG.FTS.B,

19.21%,

12/18/24

3,204

3,180

991290943.UG.FTS.B,

29.49%,

11/24/24

168

170

991290953.UG.FTS.B,

19.8%,

11/25/24

105

108

991291019.UG.FTS.B,

29.49%,

11/20/23

58

57

991291045.UG.FTS.B,

16.99%,

12/19/24

439

438

991291065.UG.FTS.B,

21.46%,

12/18/24

297

297

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

539

a

991291090.UG.FTS.B,

28.98%,

11/19/24

185

181

991291093.UG.FTS.B,

26.94%,

12/15/24

381

394

991291121.UG.FTS.B,

19.96%,

11/23/23

126

125

991291158.UG.FTS.B,

24.45%,

12/17/23

321

320

991291197.UG.FTS.B,

17.99%,

12/16/24

3,003

2,988

991291199.UG.FTS.B,

21.98%,

12/18/24

128

127

991291304.UG.FTS.B,

21.46%,

12/15/24

2,967

3,054

*

991291326.UG.FTS.B,

21.46%,

11/24/24

106

105

991291345.UG.FTS.B,

28.98%,

11/22/24

182

179

*

991291362.UG.FTS.B,

19.99%,

11/30/23

277

276

991291409.UG.FTS.B,

29.49%,

11/25/23

210

212

*

991291423.UG.FTS.B,

29.49%,

11/25/24

70

71

991291448.UG.FTS.B,

26.94%,

11/23/24

48

47

991291449.UG.FTS.B,

29.49%,

11/21/24

78

77

991291451.UG.FTS.B,

18.3%,

12/18/23

174

172

991291469.UG.FTS.B,

29.49%,

11/23/24

166

163

991291482.UG.FTS.B,

29.49%,

2/21/27

-

-

991291564.UG.FTS.B,

20.98%,

11/21/24

132

130

991291585.UG.FTS.B,

28.48%,

12/08/23

438

445

991291592.UG.FTS.B,

19.99%,

11/30/24

35

35

991291613.UG.FTS.B,

29.49%,

11/22/24

34

33

991291662.UG.FTS.B,

21.48%,

12/19/23

664

658

991291675.UG.FTS.B,

28.48%,

11/20/23

73

72

991291690.UG.FTS.B,

28.98%,

11/19/24

38

38

991291709.UG.FTS.B,

28.98%,

11/23/24

46

45

991291764.UG.FTS.B,

29.49%,

11/24/23

65

64

991291766.UG.FTS.B,

18.47%,

12/18/23

151

151

991291786.UG.FTS.B,

29.48%,

11/24/23

75

74

*

991291809.UG.FTS.B,

26.44%,

2/28/27

14

1

991291853.UG.FTS.B,

29.49%,

11/20/24

92

89

991291862.UG.FTS.B,

29.49%,

11/21/24

283

277

991291869.UG.FTS.B,

29.49%,

11/23/23

44

43

991291945.UG.FTS.B,

17.49%,

12/08/23

873

902

991291999.UG.FTS.B,

29.49%,

11/22/24

105

103

991292013.UG.FTS.B,

29.47%,

12/08/23

49

50

991292060.UG.FTS.B,

21.48%,

11/30/23

63

63

991292108.UG.FTS.B,

28.48%,

2/28/27

-

-

991292171.UG.FTS.B,

29.49%,

11/30/23

87

86

991292172.UG.FTS.B,

29.49%,

11/23/24

94

93

991292173.UG.FTS.B,

28.98%,

11/23/24

269

264

991292205.UG.FTS.B,

18.98%,

12/14/26

1,074

1,103

991292210.UG.FTS.B,

14.98%,

12/19/24

172

172

991292294.UG.FTS.B,

29.49%,

12/01/23

329

325

*

991292322.UG.FTS.B,

29.49%,

2/28/27

8

1

991292382.UG.FTS.B,

29.48%,

11/21/23

58

57

991292404.UG.FTS.B,

18.71%,

11/25/23

562

576

991292407.UG.FTS.B,

15.97%,

12/19/24

199

198

991292447.UG.FTS.B,

29.49%,

11/19/24

163

158

991292471.UG.FTS.B,

29.49%,

11/20/24

71

70

991292477.UG.FTS.B,

29.49%,

11/23/24

172

168

*

991292508.UG.FTS.B,

29.49%,

11/22/24

123

16

991292532.UG.FTS.B,

23.45%,

11/29/23

15

15

*

991292538.UG.FTS.B,

29.49%,

12/01/24

17

3

991292542.UG.FTS.B,

29.49%,

11/19/23

96

93

991292552.UG.FTS.B,

29.48%,

11/25/23

23

23

991292611.UG.FTS.B,

20.46%,

12/19/24

2,243

2,225

991292756.UG.FTS.B,

19.21%,

12/18/24

531

528

991292764.UG.FTS.B,

29.49%,

11/25/24

72

73

*

991292780.UG.FTS.B,

29.49%,

11/21/23

73

11

991292783.UG.FTS.B,

29.49%,

11/20/24

40

40

991292850.UG.FTS.B,

29.49%,

11/24/24

205

202

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

540

a

991292895.UG.FTS.B,

29.49%,

11/30/24

41

40

991292904.UG.FTS.B,

28.98%,

11/25/24

454

463

991292959.UG.FTS.B,

29.49%,

11/21/24

102

100

991292995.UG.FTS.B,

29.49%,

11/20/24

643

626

991293019.UG.FTS.B,

17.99%,

12/17/24

34

34

991293161.UG.FTS.B,

29.49%,

11/23/24

35

37

991293181.UG.FTS.B,

16.49%,

12/19/23

124

124

991293187.UG.FTS.B,

29.49%,

2/21/27

1

1

991293234.UG.FTS.B,

20.97%,

11/20/24

305

301

991293258.UG.FTS.B,

29.49%,

11/20/23

93

91

991293290.UG.FTS.B,

21.98%,

11/19/24

51

51

991293334.UG.FTS.B,

16.99%,

12/16/24

3,947

3,941

991293396.UG.FTS.B,

28.48%,

11/24/23

82

80

991293404.UG.FTS.B,

28.48%,

11/30/23

312

310

991293405.UG.FTS.B,

29.49%,

11/25/24

21

22

991293437.UG.FTS.B,

19.21%,

11/28/24

307

306

991293457.UG.FTS.B,

23.45%,

11/20/23

49

48

991293465.UG.FTS.B,

29.49%,

11/22/24

240

235

991293482.UG.FTS.B,

16.99%,

12/19/24

1,464

1,462

991293518.UG.FTS.B,

22.47%,

11/22/23

17

17

991293572.UG.FTS.B,

19.96%,

12/19/23

364

364

991293573.UG.FTS.B,

29.49%,

11/20/23

123

119

991293575.UG.FTS.B,

18.97%,

12/15/24

79

80

991293602.UG.FTS.B,

21.48%,

11/24/23

119

117

991293661.UG.FTS.B,

28.98%,

11/21/24

395

388

991293698.UG.FTS.B,

17.99%,

12/16/24

197

196

991293725.UG.FTS.B,

19.99%,

11/25/24

19

19

991293746.UG.FTS.B,

29.49%,

11/23/24

247

239

991293772.UG.FTS.B,

29.49%,

11/23/24

698

683

991293793.UG.FTS.B,

18.97%,

11/26/24

19

19

991293819.UG.FTS.B,

20.47%,

11/24/23

74

74

*

991293953.UG.FTS.B,

28.98%,

12/01/24

36

35

*

991293979.UG.FTS.B,

28.98%,

11/19/24

108

14

991293990.UG.FTS.B,

29.49%,

11/22/24

90

89

991294045.UG.FTS.B,

29.49%,

11/19/24

17

17

991294113.UG.FTS.B,

29.49%,

11/24/24

501

489

991294116.UG.FTS.B,

22.97%,

11/30/24

668

661

*

991294138.UG.FTS.B,

23.45%,

12/17/23

94

12

991294158.UG.FTS.B,

28.98%,

11/24/24

25

24

991294159.UG.FTS.B,

28.98%,

12/01/24

117

116

991294161.UG.FTS.B,

14.98%,

12/19/24

150

149

991294236.UG.FTS.B,

29.48%,

11/25/23

34

34

991294252.UG.FTS.B,

29.49%,

11/29/23

319

312

991294253.UG.FTS.B,

21.98%,

11/21/24

225

222

991294259.UG.FTS.B,

28.48%,

11/23/23

26

26

991294280.UG.FTS.B,

29.49%,

11/21/24

77

76

991294323.UG.FTS.B,

21.46%,

12/20/24

1,256

1,244

991294425.UG.FTS.B,

28.98%,

11/23/24

67

69

991294453.UG.FTS.B,

19.99%,

11/30/24

384

381

991294485.UG.FTS.B,

27.99%,

11/25/24

156

158

991294521.UG.FTS.B,

29.49%,

11/21/24

121

119

991294793.UG.FTS.B,

29.49%,

11/21/23

18

18

991294899.UG.FTS.B,

17.99%,

12/16/24

319

317

991294915.UG.FTS.B,

19.3%,

12/19/23

141

140

991294927.UG.FTS.B,

21.98%,

12/19/24

1,251

1,242

991294963.UG.FTS.B,

28.98%,

11/28/24

131

129

991295029.UG.FTS.B,

29.49%,

11/25/24

238

242

*

991295048.UG.FTS.B,

28.98%,

11/22/24

443

435

*

991295102.UG.FTS.B,

28.48%,

12/01/23

250

247

991295104.UG.FTS.B,

26.94%,

11/22/24

143

140

*

991295131.UG.FTS.B,

29.49%,

11/21/24

104

70

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

541

a

991295151.UG.FTS.B,

16.99%,

12/15/24

905

929

991295156.UG.FTS.B,

29.49%,

11/30/24

308

306

991295168.UG.FTS.B,

29.49%,

11/23/23

63

62

*

991295173.UG.FTS.B,

29.49%,

2/07/27

8

1

991295332.UG.FTS.B,

21.46%,

12/01/24

61

60

991295344.UG.FTS.B,

28.98%,

11/23/24

43

42

991295352.UG.FTS.B,

23.95%,

12/19/24

513

509

991295500.UG.FTS.B,

29.49%,

11/30/23

10

10

991295513.UG.FTS.B,

29.49%,

11/21/23

87

85

991295536.UG.FTS.B,

22.67%,

12/16/26

9,710

9,685

991295552.UG.FTS.B,

29.49%,

2/19/27

-

-

991295561.UG.FTS.B,

29.49%,

11/30/23

413

408

991295578.UG.FTS.B,

29.49%,

12/01/24

430

419

991295581.UG.FTS.B,

28.98%,

11/24/24

1,154

1,119

991295722.UG.FTS.B,

29.49%,

11/24/23

133

130

*

991295757.UG.FTS.B,

29.49%,

11/24/23

33

5

991295784.UG.FTS.B,

19.99%,

11/20/23

91

89

991295802.UG.FTS.B,

20.46%,

12/19/26

-

-

991295815.UG.FTS.B,

29.49%,

11/30/24

266

263

991295825.UG.FTS.B,

28.48%,

11/30/23

253

249

991295844.UG.FTS.B,

29.49%,

11/23/23

33

32

991295848.UG.FTS.B,

29.49%,

11/21/23

78

76

991295869.UG.FTS.B,

29.49%,

11/30/24

2,394

2,357

991295877.UG.FTS.B,

19.8%,

11/29/24

418

414

*

991295909.UG.FTS.B,

29.49%,

11/25/24

138

141

*

991295932.UG.FTS.B,

18.97%,

12/19/24

750

749

991295957.UG.FTS.B,

17.49%,

12/20/23

180

179

991295998.UG.FTS.B,

15.97%,

12/20/24

377

376

991296022.UG.FTS.B,

16.49%,

12/15/23

61

62

991296091.UG.FTS.B,

29.48%,

11/29/23

257

253

991296137.UG.FTS.B,

19.99%,

11/23/24

270

265

991296142.UG.FTS.B,

29.49%,

2/18/27

4

4

991296143.UG.FTS.B,

19.8%,

11/26/24

449

444

991296195.UG.FTS.B,

15%,

12/20/24

804

803

991296205.UG.FTS.B,

20.96%,

12/19/23

281

281

991296244.UG.FTS.B,

20.46%,

12/09/24

11

11

991296368.UG.FTS.B,

20.97%,

12/15/24

137

140

991296386.UG.FTS.B,

28.98%,

11/23/24

24

24

991296391.UG.FTS.B,

28.98%,

11/22/24

67

66

991296408.UG.FTS.B,

18.97%,

12/19/24

41

41

*

991296482.UG.FTS.B,

28.48%,

12/18/26

1

-

991296594.UG.FTS.B,

29.49%,

12/13/24

40

39

991296598.UG.FTS.B,

29.49%,

11/25/24

115

116

991296637.UG.FTS.B,

28.48%,

11/24/23

179

174

991296644.UG.FTS.B,

20.97%,

12/13/24

1,245

1,289

991296657.UG.FTS.B,

23.95%,

12/15/24

1,347

1,395

991296676.UG.FTS.B,

29.49%,

11/25/23

18

18

991296682.UG.FTS.B,

28.98%,

11/23/24

5,271

5,178

991296702.UG.FTS.B,

25.44%,

11/22/23

46

45

991296737.UG.FTS.B,

26.44%,

12/19/23

63

63

991296770.UG.FTS.B,

29.49%,

11/24/23

15

15

991296784.UG.FTS.B,

17.99%,

12/15/24

28

29

*

991296828.UG.FTS.B,

29.49%,

11/21/23

33

32

991296829.UG.FTS.B,

28.98%,

12/11/24

55

55

991296855.UG.FTS.B,

29.49%,

12/01/24

1,479

1,454

991297014.UG.FTS.B,

29.49%,

11/20/24

34

33

991297074.UG.FTS.B,

18.97%,

12/19/24

579

575

991297134.UG.FTS.B,

28.48%,

12/11/23

38

37

991297153.UG.FTS.B,

20.97%,

12/18/24

5,619

5,610

*

991297157.UG.FTS.B,

29.49%,

11/24/23

96

94

*

991297237.UG.FTS.B,

20.46%,

12/08/24

297

294

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

542

a

991297240.UG.FTS.B,

27.99%,

11/22/24

112

110

*

991297252.UG.FTS.B,

28.98%,

12/10/24

360

74

991297255.UG.FTS.B,

18.71%,

12/19/23

234

233

991297261.UG.FTS.B,

21.46%,

12/15/24

2,550

2,640

991297269.UG.FTS.B,

29.49%,

11/24/23

32

31

991297297.UG.FTS.B,

28.98%,

11/21/24

316

310

991297301.UG.FTS.B,

28.98%,

11/22/24

236

232

*

991297303.UG.FTS.B,

29.49%,

12/12/23

27

10

991297402.UG.FTS.B,

28.98%,

11/20/24

312

306

991297432.UG.FTS.B,

21.48%,

11/22/23

25

25

991297454.UG.FTS.B,

28.98%,

12/12/24

104

103

991297466.UG.FTS.B,

19.99%,

11/23/24

9

9

991297492.UG.FTS.B,

29.49%,

11/22/23

37

36

991297505.UG.FTS.B,

29.49%,

11/20/24

362

354

991297522.UG.FTS.B,

20.47%,

12/19/23

111

110

991297615.UG.FTS.B,

29.49%,

11/20/24

97

96

991297694.UG.FTS.B,

29.49%,

12/01/23

32

32

991297706.UG.FTS.B,

17.99%,

12/20/24

1,989

1,987

991297765.UG.FTS.B,

29.49%,

11/25/23

128

129

991297769.UG.FTS.B,

29.49%,

11/22/23

123

120

991297796.UG.FTS.B,

29.49%,

11/21/23

8

8

*

991297838.UG.FTS.B,

29.49%,

1/28/27

-

-

991297846.UG.FTS.B,

29.49%,

11/25/23

312

314

991297851.UG.FTS.B,

29.49%,

11/30/23

13

13

991297865.UG.FTS.B,

28.98%,

11/21/24

298

293

991297877.UG.FTS.B,

29.49%,

11/30/24

597

583

991297896.UG.FTS.B,

28.98%,

11/22/24

4,521

4,471

991297898.UG.FTS.B,

29.49%,

11/25/24

137

138

*

991297918.UG.FTS.B,

22.36%,

12/20/26

350

41

991297923.UG.FTS.B,

17.49%,

12/15/23

11

11

991297945.UG.FTS.B,

17.99%,

12/20/24

4,201

4,196

991298047.UG.FTS.B,

28.98%,

12/01/24

483

479

991298057.UG.FTS.B,

28.98%,

11/21/24

192

188

991298090.UG.FTS.B,

17.99%,

12/08/24

2,834

2,931

991298103.UG.FTS.B,

19.96%,

11/24/23

52

51

991298110.UG.FTS.B,

21.48%,

12/18/23

341

340

991298112.UG.FTS.B,

29.49%,

11/23/23

42

41

991298120.UG.FTS.B,

28.98%,

11/20/24

2,037

1,999

*

991298129.UG.FTS.B,

28.98%,

11/30/24

280

37

991298134.UG.FTS.B,

15.99%,

12/18/24

429

427

991298164.UG.FTS.B,

18.97%,

12/13/24

2,466

2,459

991298218.UG.FTS.B,

28.98%,

11/21/24

165

162

*

991298237.UG.FTS.B,

29.49%,

11/21/24

700

90

991298267.UG.FTS.B,

17.97%,

12/20/24

989

988

991298339.UG.FTS.B,

29.49%,

11/21/24

73

72

*

991298377.UG.FTS.B,

28.48%,

11/22/23

98

96

991298466.UG.FTS.B,

17.99%,

12/09/24

1,968

1,962

991298496.UG.FTS.B,

28.98%,

12/01/24

95

94

991298521.UG.FTS.B,

15%,

12/16/24

148

147

991298537.UG.FTS.B,

29.49%,

11/22/24

125

122

991298538.UG.FTS.B,

29.49%,

11/25/24

125

127

991298542.UG.FTS.B,

19.8%,

11/20/24

2,632

2,601

991298550.UG.FTS.B,

29.48%,

11/22/23

560

549

991298567.UG.FTS.B,

16.49%,

11/29/23

372

369

991298575.UG.FTS.B,

29.49%,

11/24/23

794

772

991298604.UG.FTS.B,

20.46%,

12/18/24

1,616

1,603

991298644.UG.FTS.B,

28.48%,

11/30/23

66

66

991298727.UG.FTS.B,

28.98%,

11/25/24

2,672

2,642

991298763.UG.FTS.B,

29.49%,

11/23/24

240

235

991298786.UG.FTS.B,

29.49%,

11/25/24

529

539

991298808.UG.FTS.B,

19.21%,

11/20/24

8

8

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

543

a

991298830.UG.FTS.B,

19.96%,

11/23/23

2,300

2,274

991298844.UG.FTS.B,

16.99%,

12/16/24

1,975

1,972

991298875.UG.FTS.B,

29.49%,

11/25/24

433

439

991298936.UG.FTS.B,

29.49%,

12/12/23

122

122

991298967.UG.FTS.B,

29.49%,

11/21/23

16

16

991298998.UG.FTS.B,

28.98%,

11/25/24

481

484

991298999.UG.FTS.B,

29.49%,

11/23/24

110

109

991299031.UG.FTS.B,

29.49%,

11/23/24

384

372

991299057.UG.FTS.B,

28.98%,

11/24/24

480

489

991299064.UG.FTS.B,

15%,

12/16/24

6,894

6,883

991299072.UG.FTS.B,

29.49%,

11/25/24

318

323

991299086.UG.FTS.B,

20.46%,

11/21/24

472

466

991299096.UG.FTS.B,

17.49%,

12/08/23

935

967

991299119.UG.FTS.B,

28.98%,

11/22/24

94

93

991299164.UG.FTS.B,

29.49%,

11/23/23

301

295

*

991299167.UG.FTS.B,

29.49%,

11/25/24

132

18

*

991299204.UG.FTS.B,

28.98%,

11/25/24

145

19

991299222.UG.FTS.B,

20.47%,

12/20/23

1,082

1,074

991299270.UG.FTS.B,

28.98%,

11/22/24

960

943

991299279.UG.FTS.B,

29.48%,

11/25/23

561

570

991299292.UG.FTS.B,

20.97%,

12/15/24

1,015

1,051

991299329.UG.FTS.B,

21.48%,

12/20/23

341

340

991299355.UG.FTS.B,

28.98%,

12/09/24

2,735

2,687

991299383.UG.FTS.B,

29.49%,

11/21/23

1,557

1,526

991299399.UG.FTS.B,

29.48%,

11/24/23

1,060

1,076

991299458.UG.FTS.B,

28.98%,

11/22/24

720

707

991299471.UG.FTS.B,

19.99%,

11/30/24

768

762

991299486.UG.FTS.B,

19.99%,

11/21/24

90

88

991299494.UG.FTS.B,

29.49%,

12/12/24

695

691

991299503.UG.FTS.B,

17.99%,

11/29/24

370

368

991299505.UG.FTS.B,

28.98%,

11/23/24

672

661

991299548.UG.FTS.B,

21.48%,

11/28/23

150

148

991299610.UG.FTS.B,

28.98%,

11/20/24

1,246

1,223

991299623.UG.FTS.B,

28.98%,

12/11/24

446

444

991299624.UG.FTS.B,

20.97%,

11/27/24

2,879

2,846

*

991299649.UG.FTS.B,

29.49%,

11/21/24

586

575

991299658.UG.FTS.B,

29.49%,

11/23/23

16

16

991299684.UG.FTS.B,

29.49%,

11/25/24

337

343

*

991299721.UG.FTS.B,

28.48%,

11/20/23

128

17

*

991299756.UG.FTS.B,

29.48%,

11/20/23

818

808

991299810.UG.FTS.B,

29.49%,

12/11/24

198

196

991299824.UG.FTS.B,

29.49%,

12/01/24

674

667

991299845.UG.FTS.B,

29.49%,

11/20/24

1,438

1,406

991299847.UG.FTS.B,

29.49%,

11/23/24

270

268

991299878.UG.FTS.B,

19.21%,

12/08/24

1,476

1,527

991299880.UG.FTS.B,

19.8%,

12/11/24

394

393

991299902.UG.FTS.B,

29.49%,

11/20/24

479

470

991299909.UG.FTS.B,

20.46%,

11/26/24

383

378

991299913.UG.FTS.B,

17.99%,

11/29/24

575

573

991299929.UG.FTS.B,

28.98%,

11/24/24

1,922

1,865

991299932.UG.FTS.B,

29.49%,

11/22/24

3,696

3,582

991299945.UG.FTS.B,

18.71%,

11/25/23

93

95

991299959.UG.FTS.B,

28.98%,

12/12/24

154

153

991299968.UG.FTS.B,

28.98%,

11/30/24

251

250

991299978.UG.FTS.B,

29.49%,

12/10/24

174

174

991299995.UG.FTS.B,

28.98%,

11/23/24

868

852

991300073.UG.FTS.B,

29.49%,

11/22/23

1,217

1,176

991300099.UG.FTS.B,

29.49%,

12/12/24

11

11

991300115.UG.FTS.B,

14.97%,

12/17/24

2,393

2,383

991300152.UG.FTS.B,

17.99%,

11/25/24

159

158

991300163.UG.FTS.B,

29.49%,

12/13/24

49

48

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

544

a

991300168.UG.FTS.B,

28.98%,

12/11/24

61

60

991300187.UG.FTS.B,

29.49%,

11/22/24

715

700

991300215.UG.FTS.B,

21.46%,

12/11/24

187

185

991300230.UG.FTS.B,

29.49%,

12/12/23

37

36

991300238.UG.FTS.B,

22.97%,

12/19/24

32

32

991300246.UG.FTS.B,

29.49%,

12/11/24

42

41

991300360.UG.FTS.B,

15.97%,

12/17/24

1,901

1,890

991300383.UG.FTS.B,

28.48%,

12/13/23

67

67

991300398.UG.FTS.B,

23.95%,

12/18/24

622

621

991300404.UG.FTS.B,

29.49%,

11/22/24

545

533

991300515.UG.FTS.B,

29.49%,

11/22/24

140

138

991300522.UG.FTS.B,

28.98%,

11/25/24

563

574

991300618.UG.FTS.B,

29.49%,

12/10/24

478

475

991300625.UG.FTS.B,

20.46%,

12/09/24

56

55

991300678.UG.FTS.B,

29.49%,

12/08/23

105

108

991300687.UG.FTS.B,

28.98%,

12/13/24

360

358

991300750.UG.FTS.B,

28.98%,

11/22/24

79

78

991300760.UG.FTS.B,

19.99%,

11/23/24

291

286

991300774.UG.FTS.B,

15.97%,

12/18/24

301

300

991300821.UG.FTS.B,

29.49%,

12/12/24

515

512

991300902.UG.FTS.B,

28.98%,

11/23/24

130

132

991300935.UG.FTS.B,

29.49%,

12/12/24

218

213

991301001.UG.FTS.B,

29.49%,

11/25/24

537

547

991301029.UG.FTS.B,

27.99%,

11/23/23

48

49

991301057.UG.FTS.B,

28.48%,

12/12/23

289

285

991301090.UG.FTS.B,

29.49%,

11/24/23

89

87

991301096.UG.FTS.B,

29.48%,

11/24/23

171

167

*

991301099.UG.FTS.B,

29.49%,

12/08/23

85

84

991301102.UG.FTS.B,

17.99%,

12/17/24

202

201

991301112.UG.FTS.B,

29.49%,

11/23/23

7

7

991301115.UG.FTS.B,

29.49%,

12/09/24

18

17

991301137.UG.FTS.B,

29.49%,

11/22/23

252

245

991301149.UG.FTS.B,

28.98%,

11/24/24

1

1

991301362.UG.FTS.B,

28.98%,

11/22/24

1,025

1,003

991301389.UG.FTS.B,

28.98%,

11/30/24

459

452

991301519.UG.FTS.B,

17.49%,

12/13/23

485

483

991301523.UG.FTS.B,

16.99%,

12/10/24

262

261

991301615.UG.FTS.B,

28.48%,

11/21/23

426

418

991301675.UG.FTS.B,

19.96%,

12/18/23

120

119

991301682.UG.FTS.B,

28.98%,

12/08/24

526

536

991301708.UG.FTS.B,

29.49%,

11/25/24

1,231

1,245

991301771.UG.FTS.B,

21.98%,

12/15/24

963

953

*

991301788.UG.FTS.B,

28.98%,

11/21/24

51

50

991301821.UG.FTS.B,

20.46%,

11/22/24

667

661

991301880.UG.FTS.B,

16.49%,

12/10/23

423

422

991301938.UG.FTS.B,

15.47%,

12/10/23

597

594

991301956.UG.FTS.B,

29.49%,

12/08/24

109

111

991301998.UG.FTS.B,

19.96%,

12/15/23

311

311

991302013.UG.FTS.B,

29.99%,

11/22/23

111

106

991302098.UG.FTS.B,

28.48%,

11/25/23

85

86

991302139.UG.FTS.B,

29.49%,

11/23/24

621

607

991302143.UG.FTS.B,

17.99%,

12/12/24

999

996

991302156.UG.FTS.B,

29.49%,

11/30/24

371

367

991302254.UG.FTS.B,

29.49%,

11/23/23

213

208

991302261.UG.FTS.B,

28.98%,

11/22/24

73

71

991302262.UG.FTS.B,

28.98%,

12/10/24

649

639

*

991302263.UG.FTS.B,

15%,

12/15/24

101

22

991302342.UG.FTS.B,

17.99%,

11/27/24

323

320

991302343.UG.FTS.B,

29.49%,

12/01/23

54

53

991302354.UG.FTS.B,

19.99%,

12/08/24

660

680

991302355.UG.FTS.B,

29.49%,

12/11/24

1,521

1,511

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

545

a

991302421.UG.FTS.B,

14.98%,

12/13/24

3,444

3,569

991302424.UG.FTS.B,

22.97%,

12/11/24

304

301

991302432.UG.FTS.B,

29.49%,

12/10/24

217

215

991302449.UG.FTS.B,

29.49%,

12/10/23

472

469

991302538.UG.FTS.B,

29.49%,

11/30/24

225

222

991302600.UG.FTS.B,

29.49%,

11/22/24

147

146

991302601.UG.FTS.B,

29.49%,

12/08/24

316

321

991302607.UG.FTS.B,

29.49%,

11/22/24

39

38

991302610.UG.FTS.B,

29.49%,

11/22/24

797

781

991302676.UG.FTS.B,

28.98%,

12/10/24

1,632

1,612

991302743.UG.FTS.B,

19.8%,

11/30/24

73

72

991302771.UG.FTS.B,

19.99%,

11/30/24

458

451

*

991302796.UG.FTS.B,

29.49%,

12/10/23

178

126

991302811.UG.FTS.B,

29.49%,

11/24/24

77

76

991302857.UG.FTS.B,

29.49%,

11/22/23

140

138

991302889.UG.FTS.B,

29.49%,

11/30/24

52

52

991302896.UG.FTS.B,

29.49%,

11/30/24

199

196

991302932.UG.FTS.B,

19.47%,

12/17/23

192

191

991302988.UG.FTS.B,

29.49%,

11/22/23

59

58

991303088.UG.FTS.B,

29.49%,

11/29/24

149

146

991303170.UG.FTS.B,

29.49%,

12/01/23

153

151

991303235.UG.FTS.B,

29.49%,

11/25/24

62

63

991303241.UG.FTS.B,

19.21%,

12/20/24

667

663

991303252.UG.FTS.B,

20.47%,

12/13/23

50

50

991303272.UG.FTS.B,

28.98%,

12/09/24

143

139

991303288.UG.FTS.B,

29.49%,

12/07/24

236

231

991303322.UG.FTS.B,

29.49%,

12/13/24

37

37

991303333.UG.FTS.B,

28.98%,

11/21/24

57

57

991303347.UG.FTS.B,

19.99%,

11/30/24

74

73

*

991303380.UG.FTS.B,

29.49%,

11/25/24

201

204

991303384.UG.FTS.B,

21.48%,

12/20/23

111

111

991303430.UG.FTS.B,

16.99%,

12/18/24

51

51

991303485.UG.FTS.B,

16.99%,

12/17/24

245

245

991303511.UG.FTS.B,

28.98%,

12/13/24

110

109

991303513.UG.FTS.B,

28.98%,

11/25/24

5

6

*

991303531.UG.FTS.B,

29.49%,

12/10/24

26

26

*

991303567.UG.FTS.B,

29.49%,

11/22/23

39

6

991303599.UG.FTS.B,

16.99%,

12/20/24

2,104

2,101

991303606.UG.FTS.B,

21.46%,

12/01/24

143

142

991303612.UG.FTS.B,

28.98%,

12/13/24

398

396

991303617.UG.FTS.B,

29.49%,

11/24/23

34

35

991303703.UG.FTS.B,

19.21%,

12/20/24

635

630

991303719.UG.FTS.B,

16.47%,

12/20/24

342

341

991303746.UG.FTS.B,

29.49%,

12/01/24

69

68

991303806.UG.FTS.B,

29.48%,

11/29/23

12

12

991304008.UG.FTS.B,

18.97%,

12/20/24

2

2

991304013.UG.FTS.B,

29.49%,

12/13/24

169

166

991304075.UG.FTS.B,

28.48%,

12/07/23

709

730

991304104.UG.FTS.B,

29.49%,

11/23/24

74

73

991304140.UG.FTS.B,

17.99%,

12/20/24

425

424

991304189.UG.FTS.B,

29.49%,

12/12/24

260

258

991304200.UG.FTS.B,

28.98%,

12/12/24

158

156

991304220.UG.FTS.B,

28.98%,

11/22/24

153

151

991304228.UG.FTS.B,

29.49%,

2/05/27

2

2

991304298.UG.FTS.B,

28.98%,

11/22/24

790

776

991304314.UG.FTS.B,

29.49%,

11/21/24

31

30

991304371.UG.FTS.B,

29.49%,

12/12/24

2,085

2,055

991304389.UG.FTS.B,

29.49%,

12/12/23

128

126

991304399.UG.FTS.B,

29.49%,

12/12/23

104

102

*

991304430.UG.FTS.B,

29.49%,

12/01/23

187

186

991304451.UG.FTS.B,

29.49%,

12/12/23

75

74

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

546

a

991304475.UG.FTS.B,

19.21%,

11/23/24

45

45

991304513.UG.FTS.B,

23.45%,

12/17/23

24

24

991304514.UG.FTS.B,

29.49%,

12/08/24

204

210

991304516.UG.FTS.B,

16.99%,

12/17/24

1,817

1,815

991304554.UG.FTS.B,

27.99%,

12/09/24

468

460

991304636.UG.FTS.B,

29.49%,

11/24/23

284

279

991304639.UG.FTS.B,

19.8%,

12/12/24

155

155

991304642.UG.FTS.B,

29.49%,

12/11/24

191

189

991304647.UG.FTS.B,

29.49%,

12/12/23

6

6

991304654.UG.FTS.B,

29.49%,

11/22/23

8

8

991304734.UG.FTS.B,

29.48%,

11/30/23

20

20

*

991304743.UG.FTS.B,

22.97%,

2/08/27

4

2

991304745.UG.FTS.B,

22.47%,

12/18/23

106

106

991304818.UG.FTS.B,

22.47%,

11/26/23

455

450

991304854.UG.FTS.B,

29.49%,

11/24/24

70

69

*

991304857.UG.FTS.B,

19.8%,

12/17/24

48

15

991305036.UG.FTS.B,

21.46%,

12/20/24

363

361

991305111.UG.FTS.B,

19.8%,

12/20/24

2,134

2,131

991305114.UG.FTS.B,

18.71%,

12/17/23

812

811

991305126.UG.FTS.B,

29.49%,

11/22/24

303

297

991305134.UG.FTS.B,

29.49%,

11/30/24

127

124

991305149.UG.FTS.B,

29.49%,

12/12/24

2,061

2,046

991305224.UG.FTS.B,

29.49%,

12/01/24

55

55

*

991305234.UG.FTS.B,

21.46%,

12/20/24

155

18

*

991305236.UG.FTS.B,

28.98%,

12/12/24

102

13

991305273.UG.FTS.B,

28.98%,

12/01/24

349

347

991305354.UG.FTS.B,

28.98%,

11/30/24

52

52

991305415.UG.FTS.B,

14.98%,

12/16/24

499

498

991305423.UG.FTS.B,

18.47%,

12/20/23

263

262

991305534.UG.FTS.B,

18.3%,

12/12/23

133

132

991305555.UG.FTS.B,

20.46%,

12/20/24

637

634

*

991305571.UG.FTS.B,

28.98%,

12/09/24

34

34

991305580.UG.FTS.B,

14.98%,

12/15/24

535

555

991305601.UG.FTS.B,

15.97%,

12/20/24

433

431

991305655.UG.FTS.B,

29.49%,

11/22/23

119

116

991305696.UG.FTS.B,

28.48%,

12/09/23

129

128

991305698.UG.FTS.B,

21.98%,

12/12/24

7

7

991305751.UG.FTS.B,

17.99%,

12/09/24

605

604

991305756.UG.FTS.B,

29.49%,

12/10/23

244

243

991305808.UG.FTS.B,

29.49%,

12/13/24

62

61

991305812.UG.FTS.B,

29.49%,

12/10/24

50

49

991305828.UG.FTS.B,

29.49%,

12/11/23

65

64

991305854.UG.FTS.B,

29.49%,

12/12/24

325

320

991305908.UG.FTS.B,

28.98%,

12/11/24

105

104

991305961.UG.FTS.B,

28.98%,

12/10/24

14

14

991305962.UG.FTS.B,

21.46%,

12/13/24

15

15

991305981.UG.FTS.B,

29.49%,

11/22/24

99

97

991306003.UG.FTS.B,

29.49%,

12/10/24

31

31

*

991306040.UG.FTS.B,

17.49%,

12/08/23

157

162

991306063.UG.FTS.B,

28.98%,

11/24/24

520

511

991306169.UG.FTS.B,

29.49%,

12/08/24

99

97

991306187.UG.FTS.B,

28.98%,

11/25/24

80

82

991306198.UG.FTS.B,

28.98%,

11/22/24

411

404

991306214.UG.FTS.B,

29.49%,

12/09/24

149

145

*

991306259.UG.FTS.B,

29.49%,

11/22/23

66

9

991306281.UG.FTS.B,

29.49%,

11/25/23

27

28

991306283.UG.FTS.B,

26.44%,

12/19/23

174

173

991306319.UG.FTS.B,

29.49%,

12/09/24

345

336

991306329.UG.FTS.B,

29.49%,

12/01/23

103

102

991306338.UG.FTS.B,

29.49%,

12/09/24

5

5

991306342.UG.FTS.B,

29.49%,

11/30/24

94

92

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

547

a

991306346.UG.FTS.B,

29.49%,

11/24/23

157

153

991306395.UG.FTS.B,

28.48%,

11/23/23

11

11

991306413.UG.FTS.B,

18.71%,

12/19/23

305

304

991306442.UG.FTS.B,

29.49%,

12/13/23

142

139

*

991306451.UG.FTS.B,

28.98%,

12/09/24

103

12

991306488.UG.FTS.B,

29.49%,

11/21/24

34

34

991306513.UG.FTS.B,

21.46%,

11/25/24

531

524

991306531.UG.FTS.B,

28.98%,

12/12/24

47

46

991306567.UG.FTS.B,

29.49%,

11/24/24

134

131

991306609.UG.FTS.B,

15%,

12/20/23

529

527

991306654.UG.FTS.B,

22.36%,

12/20/26

16,724

16,640

*

991306659.UG.FTS.B,

27.99%,

12/01/24

64

63

991306734.UG.FTS.B,

28.48%,

11/21/23

1

1

991306739.UG.FTS.B,

29.49%,

12/08/24

1,722

1,773

991306770.UG.FTS.B,

19.71%,

11/23/24

271

268

991306783.UG.FTS.B,

29.48%,

11/23/23

70

69

991306794.UG.FTS.B,

20.47%,

12/20/23

181

180

991306805.UG.FTS.B,

29.49%,

11/25/24

91

93

991306855.UG.FTS.B,

18.97%,

11/25/24

149

153

*

991306864.UG.FTS.B,

29.49%,

11/23/23

220

32

991306928.UG.FTS.B,

29.49%,

11/23/23

22

22

991307000.UG.FTS.B,

21.48%,

11/25/23

86

89

991307055.UG.FTS.B,

29.49%,

11/24/24

22

22

991307067.UG.FTS.B,

28.98%,

11/23/24

76

75

991307076.UG.FTS.B,

28.98%,

11/23/24

11

11

991307078.UG.FTS.B,

21.46%,

12/30/26

-

-

991307103.UG.FTS.B,

14.98%,

12/16/24

690

686

991307115.UG.FTS.B,

20.46%,

12/17/24

46

46

*

991307217.UG.FTS.B,

29.49%,

12/08/23

20

3

991307230.UG.FTS.B,

28.98%,

12/09/24

3,828

3,768

991307235.UG.FTS.B,

15.97%,

12/08/24

70

72

991307286.UG.FTS.B,

16.99%,

12/14/24

27

27

991307320.UG.FTS.B,

29.49%,

11/30/23

25

25

991307338.UG.FTS.B,

28.98%,

12/08/24

278

282

991307475.UG.FTS.B,

17.49%,

12/20/23

1,218

1,217

991307487.UG.FTS.B,

29.49%,

2/23/27

-

-

991307505.UG.FTS.B,

15.47%,

12/13/23

228

227

991307518.UG.FTS.B,

17.99%,

12/13/24

1,311

1,307

991307538.UG.FTS.B,

28.98%,

12/07/24

198

202

991307616.UG.FTS.B,

29.49%,

12/12/24

-

-

991307672.UG.FTS.B,

29.49%,

12/13/24

40

39

991307684.UG.FTS.B,

29.49%,

11/25/24

259

264

991307686.UG.FTS.B,

28.98%,

11/22/24

283

278

991307688.UG.FTS.B,

29.49%,

12/08/24

552

548

991307693.UG.FTS.B,

28.98%,

12/08/24

47

48

991307752.UG.FTS.B,

29.49%,

12/12/24

93

92

991307755.UG.FTS.B,

29.49%,

11/30/23

70

69

991307782.UG.FTS.B,

29.49%,

11/22/23

74

73

991307830.UG.FTS.B,

29.49%,

12/09/24

29

29

991307842.UG.FTS.B,

29.49%,

11/25/23

57

58

991307874.UG.FTS.B,

21.98%,

12/19/24

523

522

*

991307878.UG.FTS.B,

29.48%,

12/01/23

1,315

1,294

991307905.UG.FTS.B,

29.49%,

11/24/24

331

335

991307960.UG.FTS.B,

29.49%,

12/12/23

13

13

991307974.UG.FTS.B,

29.49%,

11/24/23

217

212

991308017.UG.FTS.B,

29.49%,

11/23/24

100

98

991308018.UG.FTS.B,

29.49%,

11/23/24

77

76

991308020.UG.FTS.B,

28.98%,

11/30/24

68

67

991308038.UG.FTS.B,

19.21%,

11/25/24

87

90

991308110.UG.FTS.B,

18.47%,

12/19/23

146

145

991308149.UG.FTS.B,

28.98%,

12/11/24

328

323

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

548

a

991308154.UG.FTS.B,

28.98%,

12/10/24

243

241

991308270.UG.FTS.B,

29.49%,

12/09/23

243

242

991308446.UG.FTS.B,

29.49%,

11/25/23

11

11

991308457.UG.FTS.B,

21.46%,

12/10/24

707

704

991308466.UG.FTS.B,

15%,

12/13/24

628

624

991308573.UG.FTS.B,

29.49%,

11/25/23

26

26

991308588.UG.FTS.B,

14.98%,

12/09/24

26

26

991308684.UG.FTS.B,

29.49%,

11/23/24

21

20

991308753.UG.FTS.B,

20.46%,

12/19/24

1,040

1,033

991308764.UG.FTS.B,

28.98%,

12/10/24

1,095

1,089

991308780.UG.FTS.B,

29.49%,

12/09/24

142

141

991308824.UG.FTS.B,

29.49%,

11/23/23

84

82

991308841.UG.FTS.B,

28.98%,

11/23/24

101

100

991308861.UG.FTS.B,

29.49%,

2/28/27

1

1

991308871.UG.FTS.B,

23.95%,

12/15/24

103

106

991308875.UG.FTS.B,

23.95%,

12/19/24

795

786

991308890.UG.FTS.B,

27.99%,

11/23/23

78

77

991308970.UG.FTS.B,

15%,

12/20/24

473

470

991309000.UG.FTS.B,

20.96%,

12/13/23

118

118

991309043.UG.FTS.B,

28.98%,

11/23/24

1,048

1,066

991309074.UG.FTS.B,

29.49%,

11/24/23

21

21

991309192.UG.FTS.B,

19.3%,

12/17/23

370

368

991309210.UG.FTS.B,

15.97%,

12/18/24

1,927

1,924

*

991309215.UG.FTS.B,

29.49%,

12/08/24

1,145

247

991309246.UG.FTS.B,

28.98%,

12/06/24

50

51

991309300.UG.FTS.B,

16.99%,

12/10/24

29

29

991309325.UG.FTS.B,

29.49%,

11/25/23

183

185

991309415.UG.FTS.B,

25.45%,

12/01/23

982

977

991309417.UG.FTS.B,

20.47%,

12/18/23

392

390

991309513.UG.FTS.B,

16.99%,

12/13/24

1,971

1,959

*

991309522.UG.FTS.B,

29.49%,

12/06/23

313

71

991309526.UG.FTS.B,

28.48%,

12/01/23

57

56

991309534.UG.FTS.B,

29.48%,

11/30/23

30

30

991309544.UG.FTS.B,

20.47%,

12/20/23

996

995

991309602.UG.FTS.B,

17.49%,

11/26/23

222

220

991309670.UG.FTS.B,

21.46%,

2/28/27

-

-

991309689.UG.FTS.B,

25.95%,

12/17/24

167

165

991309704.UG.FTS.B,

19.21%,

12/11/24

885

877

991309719.UG.FTS.B,

29.49%,

12/11/24

234

231

991309754.UG.FTS.B,

22.95%,

11/22/24

15

15

991309761.UG.FTS.B,

29.49%,

12/10/24

109

107

991309842.UG.FTS.B,

29.49%,

12/01/23

17

17

991309883.UG.FTS.B,

15%,

12/17/24

340

338

991309886.UG.FTS.B,

28.98%,

11/24/24

54

56

991309891.UG.FTS.B,

28.98%,

12/12/24

143

142

991309899.UG.FTS.B,

19.96%,

12/12/23

35

35

991309900.UG.FTS.B,

29.49%,

12/12/24

78

76

991309911.UG.FTS.B,

19.8%,

12/20/24

1,657

1,655

991310007.UG.FTS.B,

29.49%,

12/10/23

75

74

991310039.UG.FTS.B,

18.47%,

12/17/23

707

706

991310063.UG.FTS.B,

29.49%,

12/01/23

140

138

991310090.UG.FTS.B,

29.49%,

12/13/24

458

452

991310091.UG.FTS.B,

14.98%,

12/16/24

5,064

5,056

991310117.UG.FTS.B,

29.49%,

12/01/24

44

43

*

991310138.UG.FTS.B,

29.49%,

11/25/23

32

6

991310187.UG.FTS.B,

29.49%,

11/29/24

1,237

1,198

991310225.UG.FTS.B,

28.98%,

12/09/24

297

295

991310240.UG.FTS.B,

20.47%,

12/19/23

63

63

991310251.UG.FTS.B,

29.49%,

12/13/23

227

226

991310309.UG.FTS.B,

21.46%,

12/10/24

422

420

991310315.UG.FTS.B,

28.98%,

12/13/24

44

44

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

549

a

991310336.UG.FTS.B,

29.49%,

11/23/24

84

83

991310380.UG.FTS.B,

29.49%,

11/23/23

-

-

991310415.UG.FTS.B,

29.49%,

12/12/24

6

6

991310519.UG.FTS.B,

16.49%,

12/20/23

822

820

991310522.UG.FTS.B,

17.47%,

12/13/23

14

14

*

991310538.UG.FTS.B,

15.97%,

1/09/27

-

-

991310600.UG.FTS.B,

28.98%,

12/08/24

518

523

991310622.UG.FTS.B,

28.98%,

12/08/24

328

338

*

991310654.UG.FTS.B,

29.49%,

12/08/24

8

2

991310729.UG.FTS.B,

17.49%,

12/09/23

234

232

991310742.UG.FTS.B,

16.99%,

12/20/24

292

290

991310750.UG.FTS.B,

29.49%,

12/10/23

328

326

991310755.UG.FTS.B,

17.49%,

12/20/23

477

476

991310830.UG.FTS.B,

18.71%,

12/19/23

1

1

991310873.UG.FTS.B,

27.99%,

11/30/24

387

381

991310930.UG.FTS.B,

17.99%,

12/20/24

722

718

991311167.UG.FTS.B,

22.47%,

12/17/23

814

813

991311246.UG.FTS.B,

16.99%,

2/18/27

-

-

*

991311311.UG.FTS.B,

20.97%,

12/15/24

41

14

991311428.UG.FTS.B,

29.49%,

11/22/24

2,275

2,234

991311434.UG.FTS.B,

28.98%,

11/23/24

102

101

991311525.UG.FTS.B,

18.97%,

12/20/24

895

894

991311528.UG.FTS.B,

28.98%,

11/22/24

79

78

991311530.UG.FTS.B,

29.49%,

11/30/24

91

90

991311584.UG.FTS.B,

29.49%,

11/25/24

667

677

*

991311586.UG.FTS.B,

28.98%,

12/01/24

3

3

991311590.UG.FTS.B,

21.46%,

2/26/27

1

1

991311610.UG.FTS.B,

29.49%,

11/28/23

93

91

*

991311624.UG.FTS.B,

22.36%,

12/20/26

76

10

991311647.UG.FTS.B,

29.49%,

11/30/24

188

183

991311660.UG.FTS.B,

14.98%,

12/09/24

3,228

3,220

991311719.UG.FTS.B,

29.49%,

12/13/24

109

106

991311758.UG.FTS.B,

28.98%,

12/09/24

248

244

991311760.UG.FTS.B,

28.98%,

11/30/24

1,126

1,107

991311773.UG.FTS.B,

29.49%,

12/11/23

9

8

991311783.UG.FTS.B,

19.99%,

2/23/27

1

1

991311786.UG.FTS.B,

28.98%,

12/11/24

9

8

*

991311807.UG.FTS.B,

22.47%,

12/19/23

149

10

991311828.UG.FTS.B,

17.99%,

11/27/24

514

509

991311832.UG.FTS.B,

29.49%,

12/12/23

63

62

991311847.UG.FTS.B,

28.98%,

11/22/24

307

302

991311852.UG.FTS.B,

28.98%,

12/12/24

77

75

991311878.UG.FTS.B,

29.49%,

11/29/24

85

83

991311973.UG.FTS.B,

28.48%,

11/24/23

57

56

991311986.UG.FTS.B,

19.21%,

12/15/24

302

313

991312007.UG.FTS.B,

16.99%,

12/16/24

175

174

991312067.UG.FTS.B,

29.49%,

11/25/24

44

45

991312091.UG.FTS.B,

29.48%,

11/23/23

79

78

991312106.UG.FTS.B,

29.49%,

12/12/24

449

442

991312114.UG.FTS.B,

28.98%,

11/30/24

590

581

991312161.UG.FTS.B,

28.98%,

12/12/24

242

236

991312178.UG.FTS.B,

20.96%,

12/20/23

169

169

991312199.UG.FTS.B,

28.98%,

11/22/24

64

64

991312216.UG.FTS.B,

21.46%,

12/19/24

554

552

991312298.UG.FTS.B,

28.98%,

11/23/24

24

24

991312302.UG.FTS.B,

29.49%,

12/10/23

63

62

991312419.UG.FTS.B,

29.49%,

11/22/24

128

126

991312439.UG.FTS.B,

19.99%,

12/12/24

287

286

991312485.UG.FTS.B,

28.98%,

11/30/24

220

216

991312497.UG.FTS.B,

29.49%,

12/13/23

162

160

991312526.UG.FTS.B,

29.49%,

12/11/23

33

32

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

550

a

991312568.UG.FTS.B,

20.97%,

12/12/24

16

16

991312599.UG.FTS.B,

19.99%,

12/13/24

15

15

991312739.UG.FTS.B,

28.98%,

2/23/27

5

5

991312754.UG.FTS.B,

16.99%,

12/06/24

113

116

991312767.UG.FTS.B,

28.98%,

11/23/24

283

278

991312802.UG.FTS.B,

29.48%,

11/23/23

292

297

991312810.UG.FTS.B,

29.49%,

12/10/24

668

657

991312825.UG.FTS.B,

21.46%,

12/17/24

530

529

991312853.UG.FTS.B,

28.48%,

12/10/23

98

96

991312861.UG.FTS.B,

29.49%,

11/30/23

291

286

991312870.UG.FTS.B,

29.49%,

12/01/23

48

47

991312912.UG.FTS.B,

19.21%,

11/26/24

467

281

991312918.UG.FTS.B,

29.49%,

12/13/24

275

273

991312943.UG.FTS.B,

21.48%,

12/19/23

115

114

991312948.UG.FTS.B,

15.97%,

12/20/23

24

24

991313003.UG.FTS.B,

21.48%,

12/19/23

415

415

991313088.UG.FTS.B,

19.99%,

11/23/24

575

564

991313187.UG.FTS.B,

17.49%,

11/28/23

97

97

991313210.UG.FTS.B,

28.98%,

12/13/24

406

402

991313269.UG.FTS.B,

29.49%,

11/24/23

75

73

991313299.UG.FTS.B,

18.97%,

11/25/24

559

573

991313374.UG.FTS.B,

29.49%,

12/06/24

482

481

991313399.UG.FTS.B,

19.21%,

11/23/24

331

339

991313403.UG.FTS.B,

28.98%,

12/11/24

896

883

*

991313437.UG.FTS.B,

23.45%,

12/10/23

13

1

991313442.UG.FTS.B,

19.21%,

12/15/24

176

181

991313449.UG.FTS.B,

14.98%,

12/13/24

6

6

991313472.UG.FTS.B,

19.99%,

12/07/24

544

538

991313589.UG.FTS.B,

16.99%,

12/17/24

2,381

2,378

991313630.UG.FTS.B,

19.21%,

12/11/24

492

487

*

991313664.UG.FTS.B,

18.97%,

12/13/24

527

59

991313672.UG.FTS.B,

29.49%,

12/12/24

289

288

991313679.UG.FTS.B,

17.99%,

12/16/24

504

501

991313868.UG.FTS.B,

29.49%,

12/08/23

304

310

991313891.UG.FTS.B,

28.98%,

11/25/24

56

57

991313938.UG.FTS.B,

15.97%,

12/20/24

443

441

991313951.UG.FTS.B,

18.96%,

12/19/23

475

475

991313978.UG.FTS.B,

15.97%,

12/20/24

767

763

991314063.UG.FTS.B,

29.49%,

12/01/24

175

172

991314125.UG.FTS.B,

19.99%,

11/24/24

206

210

991314147.UG.FTS.B,

28.48%,

11/24/23

30

30

991314186.UG.FTS.B,

19.99%,

11/30/24

543

535

991314188.UG.FTS.B,

19.21%,

12/16/24

1,207

1,200

991314226.UG.FTS.B,

29.49%,

12/01/24

40

39

*

991314237.UG.FTS.B,

29.49%,

11/30/23

21

20

991314252.UG.FTS.B,

20.46%,

12/12/24

985

977

991314340.UG.FTS.B,

29.49%,

11/25/23

25

26

991314526.UG.FTS.B,

29.49%,

11/30/23

51

50

991314587.UG.FTS.B,

29.49%,

12/11/24

744

735

991314678.UG.FTS.B,

29.49%,

12/10/24

110

109

991314694.UG.FTS.B,

29.49%,

11/23/23

16

17

991314717.UG.FTS.B,

22.97%,

11/26/24

244

241

991314763.UG.FTS.B,

26.94%,

12/11/24

628

625

991314784.UG.FTS.B,

29.49%,

12/10/23

25

25

991314847.UG.FTS.B,

20.96%,

12/13/23

96

100

991314865.UG.FTS.B,

28.98%,

12/11/24

182

181

991314948.UG.FTS.B,

28.98%,

11/23/24

73

75

991314958.UG.FTS.B,

15.47%,

12/19/23

269

267

991314961.UG.FTS.B,

28.98%,

11/23/24

600

601

991314974.UG.FTS.B,

29.49%,

12/10/24

135

133

991315059.UG.FTS.B,

29.49%,

12/11/24

176

173

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

551

a

991315274.UG.FTS.B,

28.98%,

12/12/24

1,090

1,077

*

991315280.UG.FTS.B,

29.49%,

12/09/24

22

9

991315348.UG.FTS.B,

28.98%,

11/23/24

225

229

991315452.UG.FTS.B,

22.47%,

12/20/23

794

787

991315471.UG.FTS.B,

20.96%,

12/09/23

361

358

991315535.UG.FTS.B,

28.48%,

12/06/23

584

594

991315551.UG.FTS.B,

28.98%,

11/25/24

559

563

991315576.UG.FTS.B,

27.99%,

12/08/24

214

210

991315633.UG.FTS.B,

28.98%,

12/10/24

39

38

991315664.UG.FTS.B,

27.99%,

12/08/24

82

84

991315683.UG.FTS.B,

17.99%,

12/18/24

936

935

991315745.UG.FTS.B,

25.95%,

12/15/24

342

354

991315785.UG.FTS.B,

16.99%,

11/27/24

14

14

991315931.UG.FTS.B,

29.49%,

11/25/24

16

16

991315961.UG.FTS.B,

29.49%,

11/25/24

118

118

991315971.UG.FTS.B,

29.48%,

12/13/24

725

714

991316004.UG.FTS.B,

19.21%,

12/09/24

14

14

991316008.UG.FTS.B,

28.98%,

11/23/24

169

172

991316061.UG.FTS.B,

21.46%,

12/08/24

222

228

991316071.UG.FTS.B,

29.49%,

12/01/23

92

91

991316123.UG.FTS.B,

23.95%,

12/18/24

672

671

*

991316266.UG.FTS.B,

29.49%,

12/01/24

59

59

991316267.UG.FTS.B,

28.98%,

11/23/24

82

84

991316297.UG.FTS.B,

29.49%,

11/24/24

42

43

*

991316347.UG.FTS.B,

29.49%,

12/01/24

113

112

991316434.UG.FTS.B,

23.95%,

12/19/24

21

21

991316447.UG.FTS.B,

19.46%,

12/12/24

2,189

2,182

991316528.UG.FTS.B,

19.21%,

12/20/24

785

784

991316580.UG.FTS.B,

20.97%,

12/18/24

453

450

*

991316641.UG.FTS.B,

29.48%,

12/10/23

47

14

991316650.UG.FTS.B,

29.49%,

12/13/23

23

23

991316696.UG.FTS.B,

28.98%,

11/25/24

115

117

991316785.UG.FTS.B,

29.49%,

12/11/23

136

134

991316822.UG.FTS.B,

29.48%,

12/12/23

40

40

991316998.UG.FTS.B,

20.97%,

11/27/24

138

136

991317004.UG.FTS.B,

28.98%,

11/24/24

719

733

*

991317052.UG.FTS.B,

29.49%,

12/01/24

92

91

991317078.UG.FTS.B,

29.49%,

11/23/24

86

86

991317115.UG.FTS.B,

23.45%,

12/13/23

24

24

991317121.UG.FTS.B,

29.49%,

11/30/24

202

199

991317142.UG.FTS.B,

29.49%,

12/11/23

85

84

991317149.UG.FTS.B,

21.98%,

12/12/24

97

96

991317151.UG.FTS.B,

29.49%,

12/13/23

5

5

991317193.UG.FTS.B,

29.49%,

11/23/24

133

132

991317211.UG.FTS.B,

28.98%,

11/25/24

89

91

*

991317220.UG.FTS.B,

28.48%,

11/23/23

408

409

991317263.UG.FTS.B,

29.49%,

11/25/24

131

133

991317304.UG.FTS.B,

29.49%,

2/23/27

2

2

991317368.UG.FTS.B,

29.49%,

11/24/23

41

41

*

991317381.UG.FTS.B,

20.97%,

12/19/24

11

11

991317397.UG.FTS.B,

28.98%,

12/12/24

639

635

991317445.UG.FTS.B,

29.49%,

11/23/23

52

53

991317458.UG.FTS.B,

28.48%,

11/24/23

8

8

*

991317463.UG.FTS.B,

29.49%,

12/01/24

47

47

*

991317468.UG.FTS.B,

29.49%,

11/23/24

147

150

991317469.UG.FTS.B,

29.49%,

12/12/23

227

225

991317505.UG.FTS.B,

17.99%,

12/20/24

105

104

991317515.UG.FTS.B,

21.46%,

12/11/24

44

43

991317555.UG.FTS.B,

28.98%,

11/23/24

47

48

991317582.UG.FTS.B,

17.49%,

12/19/23

304

302

991317613.UG.FTS.B,

29.49%,

12/09/24

219

216

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

552

a

991317614.UG.FTS.B,

20.96%,

11/30/23

10

10

991317659.UG.FTS.B,

28.98%,

12/08/24

145

150

991317701.UG.FTS.B,

20.46%,

12/09/24

46

46

*

991317772.UG.FTS.B,

28.98%,

12/10/24

253

30

991317800.UG.FTS.B,

29.49%,

11/24/24

64

66

991317833.UG.FTS.B,

16.49%,

12/18/23

30

30

991317869.UG.FTS.B,

28.98%,

12/09/24

99

97

991317879.UG.FTS.B,

29.49%,

12/08/24

484

499

991317892.UG.FTS.B,

22.97%,

11/24/24

55

57

991317904.UG.FTS.B,

29.49%,

12/01/24

26

26

991317985.UG.FTS.B,

29.49%,

12/08/23

264

262

991318049.UG.FTS.B,

28.98%,

12/09/24

83

82

991318082.UG.FTS.B,

20.96%,

12/13/23

41

41

991318113.UG.FTS.B,

28.98%,

12/29/26

-

-

991318142.UG.FTS.B,

29.49%,

2/05/27

3

3

991318188.UG.FTS.B,

28.98%,

11/25/24

37

38

991318209.UG.FTS.B,

27.99%,

12/10/23

238

234

991318215.UG.FTS.B,

28.98%,

11/24/24

56

58

991318223.UG.FTS.B,

19.99%,

12/12/24

201

199

991318246.UG.FTS.B,

28.48%,

12/06/23

269

272

991318295.UG.FTS.B,

28.98%,

12/10/24

287

285

991318302.UG.FTS.B,

15.47%,

12/19/23

67

67

991318319.UG.FTS.B,

22.47%,

12/13/23

110

109

991318390.UG.FTS.B,

29.49%,

12/12/24

26

26

991318470.UG.FTS.B,

29.49%,

12/08/24

232

234

*

991318485.UG.FTS.B,

29.49%,

11/24/23

28

5

991318654.UG.FTS.B,

29.49%,

12/08/24

177

182

991318694.UG.FTS.B,

15.47%,

12/15/23

162

167

991318702.UG.FTS.B,

28.98%,

11/30/24

36

36

991318724.UG.FTS.B,

29.49%,

11/23/23

97

99

991318810.UG.FTS.B,

16.99%,

12/20/24

637

634

991318925.UG.FTS.B,

21.97%,

12/12/24

189

188

991318932.UG.FTS.B,

28.98%,

11/24/24

2,452

2,493

991318950.UG.FTS.B,

19.99%,

12/12/24

395

391

991318951.UG.FTS.B,

19.99%,

12/01/24

26

26

991319039.UG.FTS.B,

23.95%,

12/08/24

24

24

991319042.UG.FTS.B,

28.48%,

12/10/23

42

42

991319050.UG.FTS.B,

28.98%,

11/23/24

222

227

991319059.UG.FTS.B,

28.98%,

12/08/24

34

35

991319097.UG.FTS.B,

29.49%,

12/08/24

32

32

991319153.UG.FTS.B,

29.49%,

12/12/24

810

805

991319168.UG.FTS.B,

28.98%,

12/01/24

190

188

991319207.UG.FTS.B,

17.99%,

11/28/24

67

67

991319229.UG.FTS.B,

29.49%,

11/30/24

1,954

1,915

991319276.UG.FTS.B,

26.44%,

12/19/23

75

74

991319283.UG.FTS.B,

29.49%,

12/08/24

93

95

991319295.UG.FTS.B,

19.99%,

11/29/24

268

264

991319321.UG.FTS.B,

29.49%,

11/25/23

88

89

991319347.UG.FTS.B,

28.98%,

12/11/24

177

175

991319463.UG.FTS.B,

28.98%,

12/09/24

386

384

*

991319492.UG.FTS.B,

29.49%,

12/01/24

-

-

991319507.UG.FTS.B,

19.8%,

12/08/24

46

47

991319523.UG.FTS.B,

15.97%,

12/13/24

129

129

*

991319528.UG.FTS.B,

15.47%,

12/20/23

358

357

991319570.UG.FTS.B,

29.49%,

11/23/23

42

43

991319625.UG.FTS.B,

29.49%,

11/24/23

71

73

991319670.UG.FTS.B,

28.98%,

11/24/24

932

949

*

991319711.UG.FTS.B,

29.49%,

11/30/24

104

68

991319714.UG.FTS.B,

19.21%,

12/17/24

568

564

991319759.UG.FTS.B,

19.99%,

12/01/24

1

1

991319761.UG.FTS.B,

29.49%,

12/13/24

464

462

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

553

a

*

991319816.UG.FTS.B,

28.48%,

11/30/23

53

52

991319900.UG.FTS.B,

19.21%,

12/19/24

390

389

991319933.UG.FTS.B,

29.49%,

11/24/24

123

125

991319968.UG.FTS.B,

23.45%,

12/19/23

333

331

991320036.UG.FTS.B,

26.44%,

11/24/23

1,086

1,107

991320063.UG.FTS.B,

20.96%,

12/19/23

357

355

991320074.UG.FTS.B,

16.99%,

12/11/24

21

21

991320165.UG.FTS.B,

29.49%,

12/01/24

27

27

991320273.UG.FTS.B,

29.49%,

11/24/23

1,576

1,569

991320293.UG.FTS.B,

21.46%,

12/08/24

736

753

991320324.UG.FTS.B,

28.98%,

12/12/24

591

588

991320351.UG.FTS.B,

18.97%,

12/17/24

393

393

991320410.UG.FTS.B,

20.96%,

11/24/23

106

108

991320459.UG.FTS.B,

28.48%,

11/25/23

124

126

991320497.UG.FTS.B,

28.98%,

11/24/24

192

195

991320514.UG.FTS.B,

28.98%,

12/08/24

79

79

991320548.UG.FTS.B,

28.98%,

11/25/24

137

140

991320561.UG.FTS.B,

18.97%,

12/20/24

445

444

991320573.UG.FTS.B,

29.49%,

12/10/24

2,256

2,226

991320615.UG.FTS.B,

29.49%,

12/01/24

95

94

991320725.UG.FTS.B,

29.48%,

12/08/23

136

140

991320731.UG.FTS.B,

29.49%,

12/13/23

978

971

991320853.UG.FTS.B,

29.49%,

11/25/24

960

977

991320873.UG.FTS.B,

29.49%,

11/25/24

94

97

991320917.UG.FTS.B,

21.48%,

12/17/23

1,099

1,097

991320943.UG.FTS.B,

29.49%,

12/01/24

965

949

991320987.UG.FTS.B,

21.46%,

12/16/24

1,625

1,621

991321006.UG.FTS.B,

29.49%,

11/25/23

73

74

*

991321188.UG.FTS.B,

29.49%,

11/25/24

128

17

991321225.UG.FTS.B,

28.98%,

11/24/24

479

482

991321245.UG.FTS.B,

28.98%,

11/25/24

236

236

991321251.UG.FTS.B,

20.97%,

11/24/24

861

881

991321301.UG.FTS.B,

28.98%,

11/25/24

134

137

991321305.UG.FTS.B,

29.49%,

11/30/24

482

474

991321338.UG.FTS.B,

28.98%,

12/01/24

126

124

991321344.UG.FTS.B,

19.99%,

11/24/24

477

486

991321382.UG.FTS.B,

29.49%,

12/01/23

281

276

991321429.UG.FTS.B,

26.94%,

11/26/24

952

936

*

991321455.UG.FTS.B,

29.49%,

11/24/24

68

70

991321514.UG.FTS.B,

29.48%,

12/08/23

2,432

2,481

991321544.UG.FTS.B,

28.98%,

11/25/24

1,056

1,076

991321558.UG.FTS.B,

29.49%,

11/24/23

326

328

991321699.UG.FTS.B,

17.49%,

12/19/23

778

778

991321731.UG.FTS.B,

28.98%,

11/24/24

575

586

991321761.UG.FTS.B,

19.8%,

12/01/24

336

332

991321816.UG.FTS.B,

29.49%,

11/25/24

720

732

991321832.UG.FTS.B,

29.49%,

11/24/24

1,534

1,562

991321882.UG.FTS.B,

29.49%,

11/25/24

816

827

991321909.UG.FTS.B,

21.46%,

11/29/24

1,055

1,041

991321933.UG.FTS.B,

29.49%,

11/25/23

933

947

991321964.UG.FTS.B,

28.48%,

12/08/23

400

409

991321993.UG.FTS.B,

21.98%,

12/11/24

4,929

4,909

991321995.UG.FTS.B,

19.3%,

11/27/23

223

221

991322006.UG.FTS.B,

29.49%,

12/12/23

17

17

991322058.UG.FTS.B,

28.98%,

11/24/24

461

469

991322131.UG.FTS.B,

28.98%,

12/01/24

158

156

991322157.UG.FTS.B,

19.21%,

11/27/24

1,910

1,892

991322158.UG.FTS.B,

17.49%,

12/17/23

1,867

1,854

991322162.UG.FTS.B,

29.49%,

11/25/24

1,440

1,466

991322244.UG.FTS.B,

28.98%,

12/11/24

1,979

1,969

991322304.UG.FTS.B,

17.99%,

12/18/24

481

480

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

554

a

991322322.UG.FTS.B,

28.48%,

11/25/23

1,851

1,882

991322358.UG.FTS.B,

29.49%,

11/25/24

94

97

991322375.UG.FTS.B,

28.98%,

11/30/24

755

743

991322379.UG.FTS.B,

29.49%,

12/01/24

482

475

991322420.UG.FTS.B,

19.8%,

12/11/24

689

687

991322428.UG.FTS.B,

29.49%,

11/24/24

336

335

991322433.UG.FTS.B,

29.49%,

12/09/24

346

344

991322463.UG.FTS.B,

28.98%,

12/01/24

2,052

2,013

991322514.UG.FTS.B,

22.97%,

11/28/24

2,027

2,000

991322594.UG.FTS.B,

29.49%,

12/13/23

57

56

991322618.UG.FTS.B,

29.49%,

11/25/23

93

94

991322697.UG.FTS.B,

29.49%,

12/08/23

108

109

991322762.UG.FTS.B,

29.49%,

11/24/23

93

95

991322776.UG.FTS.B,

23.45%,

12/18/23

209

209

991322822.UG.FTS.B,

21.98%,

11/24/24

3,384

3,434

991322847.UG.FTS.B,

18.97%,

12/11/24

768

765

991322852.UG.FTS.B,

23.45%,

12/18/23

103

102

991323004.UG.FTS.B,

15.97%,

12/08/24

587

606

*

991323036.UG.FTS.B,

29.49%,

11/24/24

160

105

991323064.UG.FTS.B,

28.98%,

11/24/24

120

121

*

991323082.UG.FTS.B,

28.98%,

11/25/24

847

863

991323087.UG.FTS.B,

29.49%,

11/30/24

964

947

991323110.UG.FTS.B,

19.99%,

11/24/24

812

827

991323155.UG.FTS.B,

17.99%,

12/08/24

295

304

991323210.UG.FTS.B,

28.98%,

11/24/24

959

977

991323212.UG.FTS.B,

28.98%,

12/10/24

989

971

991323235.UG.FTS.B,

18.97%,

12/10/24

623

619

991323238.UG.FTS.B,

22.97%,

12/19/24

159

157

991323243.UG.FTS.B,

28.98%,

11/30/24

963

949

991323300.UG.FTS.B,

28.98%,

11/24/24

663

664

991323419.UG.FTS.B,

28.98%,

11/25/24

245

249

991323439.UG.FTS.B,

15.97%,

12/11/24

833

831

991323450.UG.FTS.B,

15.97%,

12/20/24

569

566

991323457.UG.FTS.B,

16.99%,

12/13/24

-

-

991323462.UG.FTS.B,

29.49%,

12/01/23

100

99

991323497.UG.FTS.B,

29.49%,

11/24/24

623

630

991323531.UG.FTS.B,

29.49%,

11/24/24

1,387

1,408

991323557.UG.FTS.B,

29.49%,

11/30/23

356

348

991323566.UG.FTS.B,

19.99%,

12/10/24

3,936

3,915

991323578.UG.FTS.B,

29.49%,

12/01/24

482

474

991323681.UG.FTS.B,

25.44%,

11/26/23

93

92

991323688.UG.FTS.B,

29.49%,

12/09/24

494

491

991323706.UG.FTS.B,

28.98%,

12/01/24

579

570

991323713.UG.FTS.B,

29.49%,

11/25/23

653

661

*

991323727.UG.FTS.B,

29.49%,

11/24/23

77

79

991323728.UG.FTS.B,

23.95%,

12/11/24

3

3

991323736.UG.FTS.B,

29.49%,

11/25/24

312

318

991323738.UG.FTS.B,

17.99%,

12/20/24

2,742

2,732

991323760.UG.FTS.B,

29.49%,

11/30/24

108

7

991323937.UG.FTS.B,

29.49%,

11/30/24

95

94

991324176.UG.FTS.B,

19.8%,

12/18/24

288

287

991324206.UG.FTS.B,

21.97%,

12/02/24

5

5

991324239.UG.FTS.B,

29.49%,

11/30/24

101

100

991324331.UG.FTS.B,

17.99%,

12/14/24

728

751

991324350.UG.FTS.B,

28.98%,

12/12/24

459

457

991324361.UG.FTS.B,

29.49%,

12/12/23

46

45

991324423.UG.FTS.B,

29.49%,

12/13/23

91

89

*

991324432.UG.FTS.B,

29.49%,

12/11/24

127

15

991324475.UG.FTS.B,

19.8%,

12/13/24

148

147

991324499.UG.FTS.B,

29.49%,

12/12/24

49

49

991324541.UG.FTS.B,

19.99%,

12/01/24

308

303

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

555

a

991324549.UG.FTS.B,

29.48%,

12/10/23

111

110

991324558.UG.FTS.B,

29.49%,

12/12/24

203

201

991324569.UG.FTS.B,

15%,

12/16/24

14

14

991324600.UG.FTS.B,

29.49%,

12/12/24

158

157

991324767.UG.FTS.B,

29.48%,

11/30/23

411

405

991324789.UG.FTS.B,

29.49%,

12/13/24

453

445

991324832.UG.FTS.B,

21.98%,

12/16/24

323

320

991324857.UG.FTS.B,

29.49%,

12/10/23

383

378

991324986.UG.FTS.B,

19.21%,

11/25/24

85

84

991325045.UG.FTS.B,

28.98%,

11/30/24

137

135

991325090.UG.FTS.B,

21.98%,

11/29/24

576

568

991325118.UG.FTS.B,

16.49%,

12/20/23

506

504

991325122.UG.FTS.B,

19.3%,

12/10/23

6

6

991325171.UG.FTS.B,

29.49%,

12/12/23

123

120

991325187.UG.FTS.B,

28.98%,

12/12/24

20

19

991325207.UG.FTS.B,

19.99%,

12/13/23

339

336

*

991325253.UG.FTS.B,

29.49%,

11/30/23

55

55

991325321.UG.FTS.B,

23.45%,

12/12/23

138

136

991325531.UG.FTS.B,

28.98%,

12/01/24

1,239

1,220

991325572.UG.FTS.B,

29.49%,

11/29/24

125

123

991325674.UG.FTS.B,

20.46%,

12/15/24

57

59

991325948.UG.FTS.B,

17.49%,

12/20/23

157

156

991326016.UG.FTS.B,

17.97%,

12/12/24

2,081

2,075

991326057.UG.FTS.B,

29.49%,

11/30/24

133

130

*

991326142.UG.FTS.B,

19.99%,

12/12/24

686

129

991326150.UG.FTS.B,

17.49%,

12/13/23

71

70

991326167.UG.FTS.B,

19.21%,

11/24/24

30

30

991326185.UG.FTS.B,

20.47%,

12/09/23

56

56

991326214.UG.FTS.B,

15.97%,

12/10/24

43

43

991326218.UG.FTS.B,

29.48%,

12/01/23

13

13

991326232.UG.FTS.B,

29.49%,

12/10/23

251

248

991326262.UG.FTS.B,

28.98%,

12/02/24

148

153

991326263.UG.FTS.B,

20.96%,

12/13/23

151

151

991326331.UG.FTS.B,

29.49%,

12/09/24

186

184

991326530.UG.FTS.B,

27.99%,

12/12/24

185

183

991326547.UG.FTS.B,

29.48%,

2/10/27

1

1

991326572.UG.FTS.B,

29.49%,

12/09/23

94

94

991326616.UG.FTS.B,

29.49%,

11/30/23

61

60

991326633.UG.FTS.B,

21.99%,

12/19/26

915

910

991326653.UG.FTS.B,

19.3%,

11/28/23

256

254

991326670.UG.FTS.B,

29.49%,

12/01/23

55

56

991326680.UG.FTS.B,

15%,

11/27/24

113

112

991326713.UG.FTS.B,

29.49%,

11/30/23

74

73

991326852.UG.FTS.B,

28.98%,

12/10/24

379

377

991326895.UG.FTS.B,

28.98%,

12/11/24

70

69

991327167.UG.FTS.B,

29.49%,

11/30/23

134

133

991327245.UG.FTS.B,

18.97%,

12/20/24

379

377

991327361.UG.FTS.B,

20.96%,

11/24/23

12

12

991327465.UG.FTS.B,

15.47%,

12/13/23

1,649

1,639

991327492.UG.FTS.B,

25.44%,

12/12/23

745

735

*

991327625.UG.FTS.B,

28.98%,

12/09/24

154

153

991327730.UG.FTS.B,

29.49%,

12/12/24

135

133

991327791.UG.FTS.B,

16.49%,

12/09/23

168

167

991327950.UG.FTS.B,

20.46%,

12/15/24

54

55

991327994.UG.FTS.B,

29.49%,

12/11/24

108

107

991328319.UG.FTS.B,

19.99%,

12/12/24

674

662

991328330.UG.FTS.B,

15.97%,

12/16/24

4,562

4,555

991328367.UG.FTS.B,

14.98%,

12/20/24

359

357

991328492.UG.FTS.B,

28.48%,

11/30/23

53

52

991328673.UG.FTS.B,

29.49%,

11/28/24

153

150

991328743.UG.FTS.B,

28.98%,

12/01/24

1,435

1,414

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

556

a

991328762.UG.FTS.B,

19.96%,

12/19/23

67

67

991328767.UG.FTS.B,

29.49%,

11/28/24

114

111

991328858.UG.FTS.B,

15.97%,

12/13/24

44

44

991329135.UG.FTS.B,

19.8%,

12/20/24

9,432

9,419

991329161.UG.FTS.B,

16.49%,

12/20/23

503

500

991329266.UG.FTS.B,

23.95%,

12/09/24

2,248

2,223

991329280.UG.FTS.B,

22.47%,

12/20/23

307

304

*

991329328.UG.FTS.B,

19.3%,

2/09/27

5

1

*

991329390.UG.FTS.B,

29.49%,

12/09/23

148

19

991329419.UG.FTS.B,

17.49%,

11/27/23

137

135

991329494.UG.FTS.B,

15.97%,

12/09/24

380

378

991329516.UG.FTS.B,

19.8%,

12/19/24

410

408

991329588.UG.FTS.B,

17.99%,

12/18/24

1,778

1,775

991329693.UG.FTS.B,

19.8%,

11/27/24

246

244

991329705.UG.FTS.B,

15.47%,

12/20/23

61

61

991329812.UG.FTS.B,

19.21%,

12/13/24

1,107

1,103

991329859.UG.FTS.B,

18.47%,

12/01/23

790

780

991329891.UG.FTS.B,

16.99%,

12/17/26

2,849

2,819

*

991329985.UG.FTS.B,

19.8%,

12/08/24

301

55

*

991330023.UG.FTS.B,

28.98%,

12/02/24

193

200

991330064.UG.FTS.B,

17.97%,

12/20/24

154

153

991330089.UG.FTS.B,

16.99%,

11/27/24

161

161

991330128.UG.FTS.B,

15.97%,

12/15/24

80

82

991330160.UG.FTS.B,

22.47%,

12/01/23

27

27

991330183.UG.FTS.B,

28.98%,

12/11/24

535

529

991330184.UG.FTS.B,

19.21%,

12/10/24

83

83

991330274.UG.FTS.B,

29.49%,

12/01/23

16

16

991330365.UG.FTS.B,

17.99%,

12/15/24

76

78

991330400.UG.FTS.B,

19.96%,

12/20/23

27

27

991330431.UG.FTS.B,

14.98%,

12/12/24

94

93

991330462.UG.FTS.B,

19.3%,

12/20/23

313

311

991330484.UG.FTS.B,

14.98%,

12/11/24

32

32

991330533.UG.FTS.B,

29.49%,

12/02/24

29

29

991330539.UG.FTS.B,

18.97%,

11/27/24

246

244

991330788.UG.FTS.B,

29.49%,

12/12/24

3,959

3,886

991330842.UG.FTS.B,

29.49%,

12/08/24

5,042

5,149

991330889.UG.FTS.B,

29.49%,

12/01/24

68

68

991330945.UG.FTS.B,

28.98%,

12/11/24

173

172

991330975.UG.FTS.B,

29.49%,

12/08/24

487

499

991330990.UG.FTS.B,

18.97%,

12/20/24

3,952

3,947

991331015.UG.FTS.B,

22.97%,

12/11/24

296

293

991331047.UG.FTS.B,

19.96%,

12/17/23

117

117

991331054.UG.FTS.B,

18.97%,

11/29/24

6,696

6,635

991331167.UG.FTS.B,

16.49%,

12/15/23

1,460

1,513

991331220.UG.FTS.B,

20.47%,

11/27/23

445

440

991331221.UG.FTS.B,

21.46%,

12/15/24

288

296

991331225.UG.FTS.B,

19.8%,

12/20/24

1,280

1,278

991331235.UG.FTS.B,

21.46%,

12/09/24

689

686

991331258.UG.FTS.B,

28.98%,

12/09/24

592

589

991331374.UG.FTS.B,

18.47%,

11/28/23

4,455

4,415

991331384.UG.FTS.B,

16.99%,

12/16/24

985

983

991331450.UG.FTS.B,

18.47%,

12/20/23

146

146

991331455.UG.FTS.B,

29.49%,

12/02/23

141

143

991331471.UG.FTS.B,

20.46%,

11/24/24

1,304

1,289

991331491.UG.FTS.B,

21.46%,

12/17/24

494

490

991331498.UG.FTS.B,

18.97%,

11/28/24

956

947

991331528.UG.FTS.B,

20.46%,

12/13/24

2,682

2,659

991331548.UG.FTS.B,

29.49%,

12/12/24

3

3

991331574.UG.FTS.B,

21.46%,

12/02/24

336

347

991331652.UG.FTS.B,

19.99%,

12/02/24

192

196

991331674.UG.FTS.B,

29.48%,

12/12/23

312

310

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

557

a

991331702.UG.FTS.B,

16.99%,

12/18/24

1,200

1,194

991331713.UG.FTS.B,

19.99%,

12/13/24

296

294

991331734.UG.FTS.B,

21.46%,

11/24/24

1,624

1,602

991331755.UG.FTS.B,

29.48%,

12/02/23

216

221

991331833.UG.FTS.B,

29.49%,

12/10/24

1,190

1,183

991331886.UG.FTS.B,

28.98%,

12/13/24

2,269

2,257

991332004.UG.FTS.B,

22.47%,

11/26/23

194

192

991332022.UG.FTS.B,

23.45%,

12/19/23

195

194

991332070.UG.FTS.B,

19.99%,

12/11/24

843

839

991332114.UG.FTS.B,

29.48%,

12/02/23

351

357

*

991332127.UG.FTS.B,

21.47%,

12/10/23

480

99

991332147.UG.FTS.B,

28.98%,

12/02/24

675

689

991332180.UG.FTS.B,

29.49%,

12/02/23

166

166

991332205.UG.FTS.B,

19.21%,

12/19/24

296

296

991332222.UG.FTS.B,

21.48%,

12/13/23

218

217

991332248.UG.FTS.B,

28.98%,

12/12/24

189

188

991332249.UG.FTS.B,

29.49%,

12/02/24

656

668

991332263.UG.FTS.B,

15.47%,

12/20/23

731

728

991332273.UG.FTS.B,

19.8%,

11/25/24

478

472

991332300.UG.FTS.B,

18.97%,

12/20/24

1,186

1,184

*

991332314.UG.FTS.B,

19.21%,

11/28/24

294

292

991332373.UG.FTS.B,

20.46%,

11/25/24

237

234

991332381.UG.FTS.B,

29.49%,

12/13/24

792

788

991332406.UG.FTS.B,

17.49%,

12/15/23

182

189

991332506.UG.FTS.B,

19.8%,

11/27/24

139

137

991332591.UG.FTS.B,

29.49%,

12/08/24

479

493

991332593.UG.FTS.B,

29.49%,

12/12/24

399

397

991332603.UG.FTS.B,

29.48%,

12/11/23

47

46

991332633.UG.FTS.B,

21.46%,

11/26/24

163

160

991332722.UG.FTS.B,

15.97%,

11/28/24

439

436

991332754.UG.FTS.B,

21.46%,

12/09/24

974

964

991332782.UG.FTS.B,

28.98%,

12/02/24

1,084

1,099

991332908.UG.FTS.B,

29.49%,

12/02/23

141

144

991332951.UG.FTS.B,

18.97%,

11/29/24

382

379

991332964.UG.FTS.B,

28.98%,

12/01/24

626

617

*

991333018.UG.FTS.B,

20.46%,

11/27/24

2,440

2,413

991333020.UG.FTS.B,

15%,

12/20/24

1,773

1,771

991333034.UG.FTS.B,

17.99%,

11/28/24

82

82

991333179.UG.FTS.B,

28.98%,

12/02/24

69

71

*

991333195.UG.FTS.B,

17.99%,

12/18/24

898

162

991333615.UG.FTS.B,

14.48%,

12/11/23

231

231

991333702.UG.FTS.B,

19.8%,

12/09/24

5,557

5,502

991333878.UG.FTS.B,

15.97%,

12/17/24

4,966

4,943

991333894.UG.FTS.B,

28.48%,

12/13/23

464

462

991333904.UG.FTS.B,

23.95%,

12/15/24

274

271

991333962.UG.FTS.B,

28.98%,

12/10/24

141

139

991334231.UG.FTS.B,

29.49%,

12/13/24

1,045

1,026

991334262.UG.FTS.B,

17.99%,

11/28/24

555

550

991334276.UG.FTS.B,

29.49%,

12/13/24

220

216

991334320.UG.FTS.B,

18.71%,

12/17/23

193

192

*

991334416.UG.FTS.B,

29.49%,

12/01/23

22

2

991334429.UG.FTS.B,

27.99%,

12/02/24

902

921

991334441.UG.FTS.B,

28.48%,

12/02/23

64

64

991334473.UG.FTS.B,

21.46%,

12/10/24

620

613

991334523.UG.FTS.B,

29.49%,

12/07/23

235

231

991334534.UG.FTS.B,

16.99%,

12/12/24

287

285

991334556.UG.FTS.B,

29.49%,

12/10/24

7

7

*

991334564.UG.FTS.B,

29.49%,

12/11/24

78

76

991334621.UG.FTS.B,

17.49%,

12/13/23

444

459

991334704.UG.FTS.B,

19.99%,

12/01/24

111

110

991334732.UG.FTS.B,

18.71%,

12/17/23

485

484

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

558

a

991334789.UG.FTS.B,

25.45%,

12/12/23

306

304

991334897.UG.FTS.B,

29.49%,

12/10/24

100

99

991334924.UG.FTS.B,

28.98%,

12/08/24

1,510

1,548

991334941.UG.FTS.B,

28.98%,

11/29/24

-

-

991334999.UG.FTS.B,

29.49%,

11/29/23

19

19

*

991335018.UG.FTS.B,

29.49%,

12/01/24

82

82

991335102.UG.FTS.B,

29.49%,

12/09/23

298

293

991335115.UG.FTS.B,

15%,

12/18/24

128

128

991335192.UG.FTS.B,

29.49%,

12/13/24

38

37

991335350.UG.FTS.B,

29.49%,

12/12/23

86

84

991335445.UG.FTS.B,

17.49%,

12/18/23

48

47

991335451.UG.FTS.B,

28.98%,

12/12/24

76

75

991335538.UG.FTS.B,

29.49%,

12/13/23

38

38

991335642.UG.FTS.B,

29.49%,

12/13/23

200

199

991335766.UG.FTS.B,

28.98%,

12/10/24

454

446

*

991335786.UG.FTS.B,

28.98%,

12/02/24

7

7

991335907.UG.FTS.B,

29.49%,

12/12/24

79

78

991335909.UG.FTS.B,

20.96%,

12/13/23

199

199

991335974.UG.FTS.B,

28.48%,

12/07/23

117

115

991335992.UG.FTS.B,

28.98%,

12/11/24

271

270

991336028.UG.FTS.B,

29.48%,

12/13/23

103

103

991336089.UG.FTS.B,

28.98%,

12/11/24

83

82

991336123.UG.FTS.B,

29.49%,

12/12/24

18

17

991336257.UG.FTS.B,

18.71%,

12/11/23

-

-

991336374.UG.FTS.B,

15%,

12/20/24

193

193

991336404.UG.FTS.B,

29.49%,

12/01/24

42

42

991336471.UG.FTS.B,

28.98%,

12/08/24

390

392

*

991336574.UG.FTS.B,

29.49%,

12/01/23

13

12

991336600.UG.FTS.B,

17.49%,

11/28/23

153

152

991336814.UG.FTS.B,

28.98%,

12/09/24

1,998

1,966

991336825.UG.FTS.B,

22.97%,

12/13/24

81

80

991336833.UG.FTS.B,

29.49%,

2/28/27

2

2

991336896.UG.FTS.B,

29.49%,

12/01/23

50

49

991336903.UG.FTS.B,

19.96%,

11/29/23

14

14

991336926.UG.FTS.B,

29.49%,

12/13/23

167

166

991336985.UG.FTS.B,

14.98%,

12/13/24

66

66

991337019.UG.FTS.B,

14.98%,

2/09/27

1

1

991337092.UG.FTS.B,

29.46%,

12/12/23

91

90

991337098.UG.FTS.B,

19.3%,

12/08/23

637

652

991337297.UG.FTS.B,

29.49%,

12/13/24

1,612

1,579

991337481.UG.FTS.B,

18.97%,

12/02/24

810

828

991337482.UG.FTS.B,

21.48%,

12/18/23

251

251

991337675.UG.FTS.B,

18.97%,

12/12/24

975

973

991337692.UG.FTS.B,

29.49%,

12/12/23

123

121

991337931.UG.FTS.B,

28.98%,

12/02/24

62

64

991338159.UG.FTS.B,

29.49%,

12/08/24

305

312

991338177.UG.FTS.B,

28.98%,

12/01/24

562

553

991338204.UG.FTS.B,

14.48%,

12/12/23

65

65

991338225.UG.FTS.B,

17.49%,

12/19/23

19

19

*

991338381.UG.FTS.B,

16.99%,

12/12/24

457

80

991338386.UG.FTS.B,

29.49%,

12/08/24

480

483

991338460.UG.FTS.B,

28.98%,

12/02/24

95

97

991338569.UG.FTS.B,

29.49%,

12/01/23

87

85

*

991338674.UG.FTS.B,

29.49%,

11/29/24

54

53

991338806.UG.FTS.B,

19.21%,

12/10/24

4,962

4,926

991338827.UG.FTS.B,

29.49%,

12/08/24

25

26

991338831.UG.FTS.B,

29.49%,

12/01/23

358

350

991338908.UG.FTS.B,

29.48%,

12/10/23

190

187

991338916.UG.FTS.B,

18.97%,

12/09/24

732

725

991338923.UG.FTS.B,

29.49%,

12/01/23

94

91

991338974.UG.FTS.B,

29.49%,

12/11/23

432

425

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

559

a

991338982.UG.FTS.B,

29.49%,

12/11/24

472

464

*

991338988.UG.FTS.B,

29.49%,

12/12/24

2

2

991339002.UG.FTS.B,

29.49%,

12/02/24

279

284

991339062.UG.FTS.B,

17.99%,

12/10/24

280

280

991339085.UG.FTS.B,

15.47%,

12/17/23

228

228

991339149.UG.FTS.B,

28.98%,

12/01/24

174

171

991339191.UG.FTS.B,

29.49%,

12/01/24

91

89

991339202.UG.FTS.B,

18.71%,

12/23/26

-

-

991339263.UG.FTS.B,

16.99%,

11/27/24

947

942

991339363.UG.FTS.B,

21.46%,

12/16/24

277

274

991339375.UG.FTS.B,

29.49%,

12/01/23

117

114

991339390.UG.FTS.B,

29.49%,

12/08/24

667

688

991339453.UG.FTS.B,

15.97%,

12/19/24

346

345

*

991339745.UG.FTS.B,

15.47%,

12/20/23

1,252

1,246

991339753.UG.FTS.B,

15.97%,

12/09/24

478

477

991339850.UG.FTS.B,

29.49%,

12/02/24

891

896

991339855.UG.FTS.B,

15.97%,

12/12/24

597

594

*

991340008.UG.FTS.B,

29.49%,

12/01/24

150

147

991340064.UG.FTS.B,

19.21%,

12/18/24

197

196

991340100.UG.FTS.B,

20.46%,

12/20/24

9,886

9,872

991340137.UG.FTS.B,

15%,

12/19/24

394

393

*

991340165.UG.FTS.B,

28.98%,

12/01/24

500

65

991340182.UG.FTS.B,

29.49%,

12/09/24

753

743

991340225.UG.FTS.B,

15%,

11/27/24

2,859

2,836

991340317.UG.FTS.B,

29.49%,

12/02/23

468

476

991340452.UG.FTS.B,

24.95%,

12/13/24

244

240

991340458.UG.FTS.B,

19.21%,

12/13/24

2,263

2,256

991340524.UG.FTS.B,

29.49%,

12/02/24

238

241

991340573.UG.FTS.B,

28.98%,

12/08/24

1,972

2,033

991340673.UG.FTS.B,

15.97%,

12/08/24

980

1,014

991340738.UG.FTS.B,

26.94%,

12/19/24

789

782

991340740.UG.FTS.B,

16.99%,

11/27/24

6,172

6,121

991340971.UG.FTS.B,

21.97%,

11/26/24

500

501

991341019.UG.FTS.B,

17.99%,

12/13/24

944

936

991341146.UG.FTS.B,

28.48%,

12/01/23

285

281

991341179.UG.FTS.B,

17.49%,

11/29/23

62

61

991341216.UG.FTS.B,

19.99%,

12/08/24

638

658

991341264.UG.FTS.B,

18.97%,

12/18/24

375

69

991341287.UG.FTS.B,

20.46%,

12/09/24

1,474

1,469

991341386.UG.FTS.B,

17.99%,

12/15/24

2,461

2,550

991341435.UG.FTS.B,

19.8%,

12/18/24

586

582

991341510.UG.FTS.B,

29.49%,

12/01/24

1,156

1,137

991341533.UG.FTS.B,

18.47%,

11/29/23

464

460

991341535.UG.FTS.B,

22.95%,

12/13/24

446

444

991341537.UG.FTS.B,

19.8%,

12/12/24

1,476

1,471

*

991341606.UG.FTS.B,

29.49%,

12/01/24

100

99

991341745.UG.FTS.B,

20.97%,

12/12/24

788

785

991341778.UG.FTS.B,

17.99%,

12/12/24

885

882

991341808.UG.FTS.B,

29.49%,

12/01/24

385

379

991341925.UG.FTS.B,

20.97%,

12/15/24

365

376

991341939.UG.FTS.B,

16.49%,

12/13/23

97

96

991341979.UG.FTS.B,

14.98%,

12/10/24

6,863

6,845

991341980.UG.FTS.B,

20.47%,

12/19/23

484

481

991342087.UG.FTS.B,

19.96%,

11/28/23

29

29

991342123.UG.FTS.B,

21.98%,

11/29/24

58

58

991342288.UG.FTS.B,

29.49%,

12/08/24

335

337

991342380.UG.FTS.B,

17.99%,

12/16/24

125

124

991342465.UG.FTS.B,

29.49%,

12/08/24

181

186

991342513.UG.FTS.B,

29.49%,

12/10/23

998

981

991342536.UG.FTS.B,

28.98%,

12/11/24

59

58

991342598.UG.FTS.B,

28.98%,

12/08/24

159

161

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

560

a

991342766.UG.FTS.B,

28.48%,

12/08/23

83

85

991342819.UG.FTS.B,

15.97%,

12/14/24

432

432

991342828.UG.FTS.B,

29.49%,

12/12/24

333

331

991342840.UG.FTS.B,

23.95%,

11/27/24

548

540

991342863.UG.FTS.B,

21.98%,

12/17/24

87

86

991342872.UG.FTS.B,

25.94%,

12/08/24

7

7

991342949.UG.FTS.B,

15%,

12/06/24

347

356

991342954.UG.FTS.B,

15.97%,

12/15/24

10

11

991343012.UG.FTS.B,

16.99%,

12/15/24

211

219

991343081.UG.FTS.B,

22.97%,

2/16/27

5

5

*

991343151.UG.FTS.B,

29.49%,

12/08/23

46

16

991343243.UG.FTS.B,

21.46%,

12/08/24

121

124

991343256.UG.FTS.B,

20.46%,

12/08/24

95

98

991343301.UG.FTS.B,

19.99%,

12/13/24

943

929

991343324.UG.FTS.B,

28.98%,

12/11/24

61

60

991343356.UG.FTS.B,

19.96%,

12/08/23

289

286

991343423.UG.FTS.B,

17.99%,

12/18/24

1,729

1,726

991343465.UG.FTS.B,

28.48%,

12/11/23

433

426

991343565.UG.FTS.B,

28.98%,

12/13/24

20

20

991343569.UG.FTS.B,

28.98%,

12/01/24

93

93

991343699.UG.FTS.B,

20.96%,

12/16/23

580

575

991343730.UG.FTS.B,

28.98%,

12/01/24

23

23

991343855.UG.FTS.B,

29.49%,

12/01/24

26

26

991343930.UG.FTS.B,

16.49%,

12/12/23

1,515

1,504

991344153.UG.FTS.B,

19.21%,

11/27/24

58

57

991344161.UG.FTS.B,

29.49%,

12/12/23

294

292

991344165.UG.FTS.B,

19.21%,

12/20/24

258

257

991344192.UG.FTS.B,

29.49%,

11/29/23

35

35

991344193.UG.FTS.B,

14.98%,

12/19/24

86

86

991344251.UG.FTS.B,

29.49%,

12/01/24

29

29

991344253.UG.FTS.B,

14%,

12/16/23

32

32

*

991344330.UG.FTS.B,

29.49%,

12/01/23

32

3

991344494.UG.FTS.B,

29.49%,

12/06/24

146

148

991344560.UG.FTS.B,

28.98%,

12/09/24

285

280

991344916.UG.FTS.B,

29.49%,

12/01/24

82

81

991345233.UG.FTS.B,

21.98%,

12/20/24

8,903

8,888

991345244.UG.FTS.B,

29.49%,

12/12/24

3,659

3,616

991345282.UG.FTS.B,

29.49%,

12/01/24

794

769

*

991345285.UG.FTS.B,

19.21%,

11/27/24

654

647

991345292.UG.FTS.B,

17.99%,

12/18/24

5,419

5,412

991345307.UG.FTS.B,

29.49%,

12/12/24

172

170

991345322.UG.FTS.B,

18.47%,

12/15/23

775

795

991345338.UG.FTS.B,

29.49%,

12/01/24

293

286

991345394.UG.FTS.B,

14.98%,

12/08/24

758

785

991345403.UG.FTS.B,

17.99%,

12/19/24

434

433

991345452.UG.FTS.B,

20.96%,

12/01/23

1,022

1,047

991345459.UG.FTS.B,

19.8%,

12/17/24

1,972

1,968

991345496.UG.FTS.B,

15.97%,

11/28/24

6,007

5,960

991345529.UG.FTS.B,

28.98%,

12/12/24

567

558

991345531.UG.FTS.B,

29.49%,

12/08/24

493

501

991345544.UG.FTS.B,

16.99%,

11/29/24

620

615

991345598.UG.FTS.B,

29.49%,

12/10/24

448

440

991345661.UG.FTS.B,

28.48%,

12/02/23

351

357

991345698.UG.FTS.B,

28.98%,

12/02/24

235

239

*

991345719.UG.FTS.B,

20.46%,

11/29/24

1,912

1,892

991345795.UG.FTS.B,

16.99%,

12/10/24

736

734

991345796.UG.FTS.B,

16.99%,

11/28/24

1,431

1,419

991345802.UG.FTS.B,

28.98%,

12/08/24

425

438

991345837.UG.FTS.B,

21.46%,

12/08/24

538

552

991345897.UG.FTS.B,

29.49%,

12/08/24

633

638

991345917.UG.FTS.B,

21.46%,

12/13/24

1,227

1,222

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

561

a

991345949.UG.FTS.B,

29.49%,

12/12/23

131

129

991346117.UG.FTS.B,

25.95%,

12/02/24

481

490

991346128.UG.FTS.B,

28.98%,

12/01/24

900

873

991346182.UG.FTS.B,

19.99%,

12/02/23

254

257

991346291.UG.FTS.B,

17.49%,

11/26/23

74

74

991346310.UG.FTS.B,

25.95%,

12/08/24

441

451

991346434.UG.FTS.B,

15.97%,

12/17/24

7,588

7,576

991346450.UG.FTS.B,

15.97%,

12/12/24

3,926

3,916

991346464.UG.FTS.B,

29.49%,

12/02/23

2,340

2,356

991346488.UG.FTS.B,

20.96%,

12/20/23

464

461

991346525.UG.FTS.B,

17.99%,

12/20/24

1,479

1,478

991346528.UG.FTS.B,

19.8%,

12/17/24

493

492

991346575.UG.FTS.B,

29.49%,

12/02/24

154

156

991346576.UG.FTS.B,

28.98%,

12/02/24

165

168

991346583.UG.FTS.B,

29.49%,

12/02/24

481

491

*

991346617.UG.FTS.B,

29.49%,

12/02/24

144

147

991346650.UG.FTS.B,

16.99%,

11/27/24

4,769

4,730

991346666.UG.FTS.B,

19.21%,

12/13/24

295

293

991346704.UG.FTS.B,

29.48%,

12/02/23

234

238

*

991346807.UG.FTS.B,

20.47%,

12/20/23

1,581

1,579

991346830.UG.FTS.B,

19.21%,

12/20/24

987

986

991346843.UG.FTS.B,

28.98%,

12/02/24

289

295

991346907.UG.FTS.B,

29.49%,

12/13/23

150

149

991346915.UG.FTS.B,

28.98%,

12/08/24

199

206

991346962.UG.FTS.B,

28.98%,

12/13/24

198

197

991346971.UG.FTS.B,

20.46%,

12/01/24

326

322

991346992.UG.FTS.B,

29.49%,

12/02/23

140

142

991347043.UG.FTS.B,

29.49%,

12/01/24

962

944

991347063.UG.FTS.B,

19.8%,

11/26/24

1,432

1,417

991347172.UG.FTS.B,

23.45%,

12/20/23

198

196

991347246.UG.FTS.B,

28.98%,

12/06/24

1,313

1,325

991347324.UG.FTS.B,

19.21%,

12/02/24

23

24

991347593.UG.FTS.B,

28.98%,

12/02/24

295

301

991347694.UG.FTS.B,

17.99%,

12/12/24

60

60

991347740.UG.FTS.B,

29.49%,

12/08/23

45

46

991347765.UG.FTS.B,

29.49%,

12/13/24

1,107

1,098

991347766.UG.FTS.B,

28.98%,

12/13/24

245

242

991347801.UG.FTS.B,

14.98%,

12/17/24

194

194

991347910.UG.FTS.B,

28.98%,

12/02/24

276

281

991348273.UG.FTS.B,

28.48%,

12/08/23

583

594

991348343.UG.FTS.B,

29.49%,

12/01/24

19

19

991348521.UG.FTS.B,

29.49%,

12/02/23

102

77

991348531.UG.FTS.B,

28.98%,

11/29/24

152

150

991348609.UG.FTS.B,

29.49%,

12/02/24

124

126

991348628.UG.FTS.B,

15.97%,

12/20/24

1,154

1,153

991348696.UG.FTS.B,

29.49%,

12/02/24

134

136

991348705.UG.FTS.B,

29.49%,

12/08/23

32

33

991348718.UG.FTS.B,

19.8%,

11/29/24

411

407

991348739.UG.FTS.B,

19.96%,

2/17/27

-

-

991348742.UG.FTS.B,

18.97%,

12/19/24

184

184

991348748.UG.FTS.B,

29.49%,

12/02/24

22

22

*

991348813.UG.FTS.B,

21.48%,

11/28/23

16

16

991348928.UG.FTS.B,

19.8%,

12/12/24

4,439

4,395

991349015.UG.FTS.B,

29.49%,

12/08/24

1,066

1,099

991349054.UG.FTS.B,

29.49%,

2/08/27

1

1

991349059.UG.FTS.B,

28.98%,

12/02/24

13

13

991349064.UG.FTS.B,

16.99%,

12/16/26

249

249

991349075.UG.FTS.B,

19.21%,

11/27/24

232

230

991349146.UG.FTS.B,

29.49%,

12/13/24

15

15

991349149.UG.FTS.B,

19.96%,

12/02/23

337

345

991349156.UG.FTS.B,

29.49%,

12/10/24

60

59

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

562

a

991349195.UG.FTS.B,

21.46%,

12/09/24

135

134

991349350.UG.FTS.B,

28.48%,

12/09/23

59

58

991349508.UG.FTS.B,

15.97%,

11/29/24

567

562

991349605.UG.FTS.B,

15%,

12/13/24

492

488

991349664.UG.FTS.B,

17.99%,

12/20/24

263

262

991349755.UG.FTS.B,

29.49%,

12/08/23

111

113

991349861.UG.FTS.B,

17.99%,

12/19/24

78

78

991350123.UG.FTS.B,

28.98%,

12/08/24

305

315

991350142.UG.FTS.B,

17.99%,

12/13/24

1,168

1,165

991350172.UG.FTS.B,

29.49%,

12/11/24

107

107

991350184.UG.FTS.B,

16.99%,

12/20/24

833

829

991350400.UG.FTS.B,

29.49%,

12/12/23

552

543

991350413.UG.FTS.B,

28.98%,

12/09/24

48

47

991350536.UG.FTS.B,

15.97%,

12/16/24

117

117

991350538.UG.FTS.B,

18.47%,

12/09/23

231

230

991350587.UG.FTS.B,

28.98%,

11/29/24

24

24

991350590.UG.FTS.B,

29.49%,

12/09/24

227

223

991350659.UG.FTS.B,

29.49%,

12/10/24

411

404

991350865.UG.FTS.B,

29.49%,

11/29/24

104

103

991350869.UG.FTS.B,

29.49%,

12/08/24

384

393

991350933.UG.FTS.B,

21.46%,

12/08/24

225

232

991350984.UG.FTS.B,

28.98%,

12/08/24

7

7

991350986.UG.FTS.B,

21.98%,

12/12/24

42

42

991350999.UG.FTS.B,

29.49%,

12/08/24

131

133

991351009.UG.FTS.B,

29.49%,

12/12/23

76

74

991351263.UG.FTS.B,

19.3%,

12/17/23

106

105

991351385.UG.FTS.B,

29.49%,

12/07/23

1,038

1,020

991351674.UG.FTS.B,

22.47%,

11/29/23

21

21

991351707.UG.FTS.B,

15.97%,

12/16/24

86

86

991351714.UG.FTS.B,

16.99%,

12/19/24

1,937

1,927

991351944.UG.FTS.B,

15.97%,

12/11/24

56

56

991352105.UG.FTS.B,

29.49%,

11/29/23

110

108

991352161.UG.FTS.B,

19.3%,

12/17/23

937

935

991352301.UG.FTS.B,

28.98%,

12/13/24

144

143

991352358.UG.FTS.B,

29.49%,

12/09/23

51

51

991352448.UG.FTS.B,

29.49%,

12/09/24

321

319

991352529.UG.FTS.B,

29.49%,

12/12/23

123

119

991352632.UG.FTS.B,

29.49%,

12/01/24

4

4

991352691.UG.FTS.B,

29.49%,

11/29/24

149

147

991352702.UG.FTS.B,

28.98%,

11/29/24

118

116

*

991352724.UG.FTS.B,

23.45%,

12/01/23

67

67

991352742.UG.FTS.B,

28.48%,

12/01/23

1,316

1,283

991352757.UG.FTS.B,

21.46%,

12/20/24

292

290

991352797.UG.FTS.B,

15.97%,

12/16/24

1,484

1,483

991352807.UG.FTS.B,

29.49%,

12/02/23

37

38

991352854.UG.FTS.B,

28.98%,

12/01/24

105

104

991353023.UG.FTS.B,

28.98%,

12/08/24

663

679

991353140.UG.FTS.B,

28.48%,

1/29/27

-

-

991353144.UG.FTS.B,

29.49%,

12/01/23

1,487

1,454

991353250.UG.FTS.B,

18.71%,

12/12/23

429

428

991353299.UG.FTS.B,

21.48%,

11/28/23

194

192

991353303.UG.FTS.B,

29.49%,

12/13/24

61

60

*

991353314.UG.FTS.B,

21.98%,

12/13/24

125

24

991353340.UG.FTS.B,

29.49%,

12/12/24

55

54

991353364.UG.FTS.B,

29.49%,

12/10/23

49

49

991353381.UG.FTS.B,

29.49%,

12/02/24

21

22

991353465.UG.FTS.B,

29.49%,

12/07/23

197

193

991353617.UG.FTS.B,

18.47%,

11/28/23

58

57

991353794.UG.FTS.B,

19.3%,

12/10/23

123

122

*

991353801.UG.FTS.B,

29.49%,

12/02/23

122

93

991353833.UG.FTS.B,

29.49%,

12/09/23

87

86

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

563

a

*

991353838.UG.FTS.B,

28.48%,

12/02/23

48

49

991353863.UG.FTS.B,

29.49%,

12/02/24

114

115

991353871.UG.FTS.B,

28.98%,

11/30/24

138

141

991353914.UG.FTS.B,

29.49%,

12/02/23

72

74

991353959.UG.FTS.B,

19.21%,

12/18/24

392

390

*

991354003.UG.FTS.B,

29.49%,

12/02/24

124

126

991354049.UG.FTS.B,

29.49%,

12/06/24

241

245

*

991354059.UG.FTS.B,

29.49%,

11/29/23

61

61

991354074.UG.FTS.B,

19.99%,

12/01/24

1,015

993

*

991354178.UG.FTS.B,

21.46%,

12/15/24

37

13

991354238.UG.FTS.B,

20.96%,

12/09/23

748

745

991354319.UG.FTS.B,

29.49%,

12/02/23

87

87

991354349.UG.FTS.B,

15.99%,

12/10/24

119

118

991354435.UG.FTS.B,

29.49%,

12/08/24

54

55

991354436.UG.FTS.B,

29.49%,

12/13/24

90

89

991354445.UG.FTS.B,

28.98%,

11/30/24

564

577

991354554.UG.FTS.B,

29.49%,

11/30/24

162

159

991354570.UG.FTS.B,

18.71%,

12/20/23

36

36

*

991354601.UG.FTS.B,

29.49%,

12/01/23

76

75

991354689.UG.FTS.B,

17.99%,

12/09/24

502

501

991354709.UG.FTS.B,

18.71%,

12/13/23

197

197

991354731.UG.FTS.B,

18.71%,

12/18/23

221

220

991354749.UG.FTS.B,

28.98%,

12/09/24

17

17

991354806.UG.FTS.B,

29.49%,

12/02/23

78

80

*

991354851.UG.FTS.B,

21.48%,

11/30/23

76

78

*

991354877.UG.FTS.B,

28.98%,

12/01/24

-

-

*

991354880.UG.FTS.B,

28.48%,

12/12/23

25

4

991354900.UG.FTS.B,

28.98%,

12/01/24

24

24

991354962.UG.FTS.B,

29.49%,

12/02/24

58

60

*

991355007.UG.FTS.B,

17.47%,

2/18/27

3

3

991355050.UG.FTS.B,

18.97%,

12/17/24

138

137

991355135.UG.FTS.B,

17.99%,

12/15/24

911

944

991355202.UG.FTS.B,

29.49%,

12/09/23

26

26

991355300.UG.FTS.B,

29.49%,

2/28/27

1

1

991355305.UG.FTS.B,

29.49%,

12/02/24

43

45

991355407.UG.FTS.B,

29.49%,

12/11/23

31

30

991355439.UG.FTS.B,

29.49%,

12/01/24

466

454

991355498.UG.FTS.B,

29.49%,

12/02/23

79

81

991355499.UG.FTS.B,

29.49%,

2/28/27

-

-

991355570.UG.FTS.B,

20.46%,

12/09/24

364

363

991355729.UG.FTS.B,

16.99%,

12/09/24

281

280

991355823.UG.FTS.B,

29.49%,

12/01/23

91

89

*

991355888.UG.FTS.B,

20.46%,

12/18/24

4,557

883

991355914.UG.FTS.B,

28.98%,

12/11/24

285

277

991355935.UG.FTS.B,

19.99%,

12/12/24

77

77

991355941.UG.FTS.B,

19.8%,

11/28/24

1,548

1,532

991355972.UG.FTS.B,

29.49%,

12/08/24

584

598

991355976.UG.FTS.B,

29.49%,

2/28/27

-

-

991356130.UG.FTS.B,

28.98%,

12/13/24

707

696

991356147.UG.FTS.B,

29.49%,

12/09/23

122

122

991356211.UG.FTS.B,

28.98%,

12/12/24

252

251

991356235.UG.FTS.B,

29.49%,

12/12/23

19

18

991356250.UG.FTS.B,

29.49%,

12/11/23

220

218

991356277.UG.FTS.B,

20.96%,

12/01/23

93

92

991356309.UG.FTS.B,

28.98%,

12/02/24

310

316

991356417.UG.FTS.B,

29.49%,

12/08/24

294

299

991356469.UG.FTS.B,

16.99%,

12/10/26

605

601

991356558.UG.FTS.B,

29.49%,

12/12/23

10

10

991356589.UG.FTS.B,

23.95%,

12/10/24

246

245

991356601.UG.FTS.B,

28.98%,

12/06/24

81

81

991356609.UG.FTS.B,

29.49%,

12/08/24

181

185

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

564

a

991356636.UG.FTS.B,

28.98%,

12/12/24

32

32

*

991356728.UG.FTS.B,

29.49%,

12/01/24

170

23

991356748.UG.FTS.B,

29.49%,

12/02/23

26

26

991356769.UG.FTS.B,

29.49%,

12/12/23

337

330

991356835.UG.FTS.B,

29.49%,

12/08/24

40

41

991356901.UG.FTS.B,

29.49%,

12/11/24

798

793

*

991356977.UG.FTS.B,

28.98%,

12/12/24

51

15

991357008.UG.FTS.B,

29.49%,

12/12/23

109

107

991357030.UG.FTS.B,

17.99%,

12/08/24

473

486

991357112.UG.FTS.B,

29.49%,

12/06/23

147

148

991357192.UG.FTS.B,

16.49%,

12/09/23

166

165

991357205.UG.FTS.B,

28.48%,

12/11/23

40

39

991357235.UG.FTS.B,

29.49%,

2/07/27

2

2

991357285.UG.FTS.B,

17.49%,

11/27/23

120

119

991357402.UG.FTS.B,

22.47%,

12/10/23

213

212

*

991357406.UG.FTS.B,

29.49%,

12/08/24

92

22

991357435.UG.FTS.B,

29.49%,

12/08/23

36

36

991357531.UG.FTS.B,

29.49%,

11/29/24

178

175

991357694.UG.FTS.B,

28.98%,

12/10/24

1

1

991357717.UG.FTS.B,

29.49%,

12/01/23

72

71

991357803.UG.FTS.B,

28.98%,

12/13/24

419

416

991357828.UG.FTS.B,

29.49%,

12/01/23

8

8

991357833.UG.FTS.B,

28.48%,

12/01/23

234

230

991357854.UG.FTS.B,

29.49%,

12/02/23

227

228

991357960.UG.FTS.B,

29.49%,

12/11/23

216

211

991357983.UG.FTS.B,

28.98%,

12/02/24

95

97

991357997.UG.FTS.B,

14.97%,

12/08/24

895

921

991358100.UG.FTS.B,

19.99%,

12/11/24

143

141

991358160.UG.FTS.B,

22.97%,

11/27/24

7

7

991358197.UG.FTS.B,

15.97%,

12/10/24

1,308

1,298

991358217.UG.FTS.B,

29.49%,

12/10/23

408

401

991358233.UG.FTS.B,

17.49%,

12/20/23

972

971

991358257.UG.FTS.B,

29.49%,

12/08/24

197

202

991358361.UG.FTS.B,

28.98%,

12/08/24

246

254

991358397.UG.FTS.B,

25.94%,

12/08/24

197

203

991358489.UG.FTS.B,

19.99%,

12/02/24

1,358

1,355

991358540.UG.FTS.B,

14.98%,

12/18/24

853

852

991358554.UG.FTS.B,

28.98%,

12/08/24

197

203

991358659.UG.FTS.B,

28.98%,

12/02/24

52

54

991358666.UG.FTS.B,

28.98%,

12/01/24

961

934

991358773.UG.FTS.B,

29.49%,

12/13/24

1,526

1,517

991358801.UG.FTS.B,

28.98%,

12/02/24

980

999

991358911.UG.FTS.B,

28.98%,

12/01/24

959

967

991358922.UG.FTS.B,

20.46%,

12/08/24

314

325

991358973.UG.FTS.B,

15.97%,

12/15/24

1,600

1,659

991358982.UG.FTS.B,

17.49%,

12/15/23

485

502

*

991359039.UG.FTS.B,

21.48%,

11/28/23

65

64

991359085.UG.FTS.B,

19.21%,

12/11/24

982

979

991359124.UG.FTS.B,

20.47%,

12/09/23

581

579

991359143.UG.FTS.B,

20.97%,

12/15/24

296

305

991359172.UG.FTS.B,

19.99%,

12/13/24

302

299

991359201.UG.FTS.B,

28.98%,

12/01/24

1,922

1,893

991359215.UG.FTS.B,

19.99%,

12/01/24

167

164

991359235.UG.FTS.B,

29.49%,

12/08/24

152

155

991359251.UG.FTS.B,

29.49%,

12/01/24

1,058

1,039

991359328.UG.FTS.B,

28.98%,

12/09/24

985

979

991359351.UG.FTS.B,

29.49%,

12/02/24

95

95

991359359.UG.FTS.B,

15.99%,

12/14/26

972

1,003

991359387.UG.FTS.B,

20.46%,

12/09/24

65

65

991359463.UG.FTS.B,

19.96%,

12/08/23

375

385

991359480.UG.FTS.B,

15.47%,

12/10/23

363

361

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

565

a

991359488.UG.FTS.B,

29.49%,

12/01/24

135

132

991359585.UG.FTS.B,

29.49%,

12/13/24

198

196

991359607.UG.FTS.B,

19.99%,

12/08/24

981

1,011

991359624.UG.FTS.B,

21.46%,

12/20/24

163

164

*

991359688.UG.FTS.B,

29.49%,

12/01/24

150

20

991359960.UG.FTS.B,

28.98%,

12/02/23

351

356

991359972.UG.FTS.B,

21.48%,

12/15/23

121

124

991359987.UG.FTS.B,

29.49%,

12/02/24

46

47

991360089.UG.FTS.B,

16.99%,

12/15/24

288

286

991360120.UG.FTS.B,

28.98%,

12/10/24

1,123

1,104

991360342.UG.FTS.B,

29.49%,

12/02/24

105

108

991360354.UG.FTS.B,

15.97%,

12/13/24

636

631

*

991360373.UG.FTS.B,

29.49%,

12/09/23

30

4

991360398.UG.FTS.B,

29.49%,

12/12/24

67

66

991360406.UG.FTS.B,

28.98%,

12/12/24

98

97

991360411.UG.FTS.B,

29.49%,

12/09/24

935

919

991360540.UG.FTS.B,

29.49%,

12/13/24

114

113

991360674.UG.FTS.B,

19.99%,

12/09/24

22

22

*

991360686.UG.FTS.B,

29.49%,

12/12/23

7

4

991360722.UG.FTS.B,

29.49%,

12/13/24

200

197

991360797.UG.FTS.B,

29.49%,

11/30/24

355

359

*

991360875.UG.FTS.B,

28.98%,

12/02/24

29

3

991360876.UG.FTS.B,

27.99%,

12/02/23

36

36

991360888.UG.FTS.B,

17.99%,

12/08/24

418

429

991360920.UG.FTS.B,

28.48%,

12/01/23

32

33

991360922.UG.FTS.B,

19.8%,

12/13/24

97

96

991360944.UG.FTS.B,

29.49%,

12/09/23

51

50

991360982.UG.FTS.B,

29.49%,

12/13/24

28

28

991361082.UG.FTS.B,

29.49%,

12/11/23

60

59

991361115.UG.FTS.B,

29.47%,

12/12/24

519

516

991361169.UG.FTS.B,

29.49%,

12/13/23

856

849

991361182.UG.FTS.B,

29.48%,

12/13/23

62

61

991361291.UG.FTS.B,

19.99%,

12/08/24

592

583

991361331.UG.FTS.B,

29.49%,

12/02/23

1,436

1,450

991361368.UG.FTS.B,

22.47%,

12/10/23

17

17

991361518.UG.FTS.B,

29.49%,

11/30/23

134

131

991361519.UG.FTS.B,

28.48%,

11/29/23

30

30

991361560.UG.FTS.B,

19.8%,

12/12/24

282

280

991361573.UG.FTS.B,

29.49%,

12/10/23

74

73

991361575.UG.FTS.B,

28.48%,

11/30/23

11

11

991361596.UG.FTS.B,

29.49%,

12/11/23

1,197

1,171

991361643.UG.FTS.B,

29.49%,

12/02/24

102

104

991361711.UG.FTS.B,

29.49%,

12/13/23

36

35

991361774.UG.FTS.B,

19.8%,

12/13/24

129

128

991361796.UG.FTS.B,

29.49%,

12/12/23

134

132

991361899.UG.FTS.B,

29.49%,

11/29/23

72

71

991361911.UG.FTS.B,

17.99%,

12/12/24

36

36

991361962.UG.FTS.B,

29.49%,

12/01/23

58

58

991362022.UG.FTS.B,

29.49%,

12/02/24

124

127

991362043.UG.FTS.B,

29.49%,

12/01/23

298

293

991362136.UG.FTS.B,

29.49%,

12/02/23

17

17

991362195.UG.FTS.B,

19.21%,

12/18/24

321

319

991362465.UG.FTS.B,

17.99%,

12/08/24

2,253

2,321

991362551.UG.FTS.B,

17.99%,

12/11/24

859

856

991362557.UG.FTS.B,

19.99%,

12/08/23

61

62

991362615.UG.FTS.B,

28.98%,

11/30/24

154

157

991362762.UG.FTS.B,

29.49%,

12/01/23

148

146

991362772.UG.FTS.B,

18.97%,

12/18/24

5,184

5,147

991362795.UG.FTS.B,

14.48%,

12/12/23

203

203

991362835.UG.FTS.B,

28.48%,

12/01/23

81

79

991362967.UG.FTS.B,

29.49%,

12/10/24

184

180

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

566

a

991363186.UG.FTS.B,

28.98%,

2/28/27

4

4

991363259.UG.FTS.B,

19.3%,

12/20/23

174

174

*

991363302.UG.FTS.B,

29.49%,

12/02/23

56

57

*

991363340.UG.FTS.B,

29.49%,

12/02/24

58

59

991363393.UG.FTS.B,

17.49%,

12/19/23

38

38

991363430.UG.FTS.B,

16.49%,

12/07/23

271

277

991363514.UG.FTS.B,

29.49%,

12/08/23

126

127

991363548.UG.FTS.B,

17.99%,

12/18/24

22

22

991363577.UG.FTS.B,

28.48%,

11/30/23

114

116

991363687.UG.FTS.B,

17.99%,

12/14/24

964

959

991363707.UG.FTS.B,

29.49%,

12/13/24

1,232

1,225

991363714.UG.FTS.B,

28.98%,

12/08/24

307

312

991363730.UG.FTS.B,

29.49%,

12/13/24

80

79

991363749.UG.FTS.B,

28.98%,

12/08/24

6

6

991363779.UG.FTS.B,

21.48%,

12/13/23

13

13

991363840.UG.FTS.B,

29.49%,

2/28/27

5

5

991363853.UG.FTS.B,

20.46%,

12/08/24

68

70

991364128.UG.FTS.B,

15.97%,

12/10/24

94

93

991364192.UG.FTS.B,

28.98%,

12/02/24

192

196

991364240.UG.FTS.B,

25.45%,

12/06/23

299

302

991364256.UG.FTS.B,

29.49%,

12/02/24

86

88

991364308.UG.FTS.B,

28.98%,

12/13/24

366

364

991364368.UG.FTS.B,

29.49%,

12/09/23

543

531

991364444.UG.FTS.B,

18.97%,

11/30/24

176

181

991364464.UG.FTS.B,

17.99%,

12/13/24

1,194

1,184

991364514.UG.FTS.B,

29.49%,

12/11/24

97

96

991364577.UG.FTS.B,

19.3%,

12/12/23

246

244

991364610.UG.FTS.B,

28.98%,

12/11/24

80

79

991364651.UG.FTS.B,

23.45%,

12/18/23

10

10

*

991364689.UG.FTS.B,

19.99%,

12/02/24

165

168

991364787.UG.FTS.B,

22.45%,

12/15/23

492

505

991365055.UG.FTS.B,

29.49%,

12/02/24

42

43

991365096.UG.FTS.B,

18.97%,

12/20/24

197

196

991365168.UG.FTS.B,

19.99%,

11/29/24

98

97

991365182.UG.FTS.B,

23.95%,

12/01/24

94

94

991365314.UG.FTS.B,

28.98%,

12/01/24

2,881

2,837

991365395.UG.FTS.B,

29.49%,

12/02/23

209

210

991365405.UG.FTS.B,

29.49%,

12/01/24

820

798

991365516.UG.FTS.B,

28.98%,

2/28/27

5

5

991365579.UG.FTS.B,

15.97%,

12/20/24

3,041

3,038

991365848.UG.FTS.B,

28.98%,

12/11/24

3,083

3,036

*

991365969.UG.FTS.B,

29.49%,

2/28/27

5

1

991365980.UG.FTS.B,

15%,

12/20/24

116

115

991366079.UG.FTS.B,

29.49%,

12/01/23

4

4

991366147.UG.FTS.B,

18.47%,

12/20/23

887

886

991366258.UG.FTS.B,

20.46%,

11/29/24

142

140

991366359.UG.FTS.B,

28.98%,

12/01/24

116

114

991366386.UG.FTS.B,

29.49%,

11/30/23

-

-

991366476.UG.FTS.B,

28.98%,

11/30/24

503

514

991366767.UG.FTS.B,

14.98%,

12/10/24

463

459

991366778.UG.FTS.B,

29.49%,

12/01/23

47

47

991366785.UG.FTS.B,

15%,

12/17/24

104

104

991366863.UG.FTS.B,

22.95%,

12/20/24

62

62

991366912.UG.FTS.B,

28.98%,

12/10/24

1,150

1,143

991366922.UG.FTS.B,

29.49%,

11/30/24

115

113

991366927.UG.FTS.B,

18.71%,

11/30/23

150

149

991367106.UG.FTS.B,

21.46%,

12/18/24

848

840

991367240.UG.FTS.B,

29.49%,

12/09/24

663

658

*

991367251.UG.FTS.B,

29.49%,

11/30/24

262

257

991367266.UG.FTS.B,

28.48%,

11/29/23

57

56

991367295.UG.FTS.B,

29.49%,

12/13/24

62

61

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

567

a

991367313.UG.FTS.B,

29.49%,

12/11/24

65

65

991367322.UG.FTS.B,

22.47%,

12/19/23

189

187

991367388.UG.FTS.B,

27.95%,

12/13/24

94

93

991367687.UG.FTS.B,

29.49%,

12/09/23

447

438

991367704.UG.FTS.B,

28.98%,

12/01/24

854

856

991367716.UG.FTS.B,

29.49%,

11/29/24

158

155

991367812.UG.FTS.B,

17.99%,

12/16/24

301

300

991367841.UG.FTS.B,

29.48%,

12/09/23

7

7

991367934.UG.FTS.B,

29.49%,

12/10/24

74

73

991367935.UG.FTS.B,

29.49%,

11/30/24

151

154

991367940.UG.FTS.B,

29.49%,

12/13/23

76

75

991367977.UG.FTS.B,

28.98%,

12/13/24

333

328

991368001.UG.FTS.B,

29.49%,

12/10/23

401

390

991368030.UG.FTS.B,

19.21%,

12/15/24

5,056

5,016

991368032.UG.FTS.B,

29.49%,

11/29/23

55

54

991368094.UG.FTS.B,

29.49%,

12/12/24

125

123

991368164.UG.FTS.B,

29.49%,

12/02/23

64

66

*

991368165.UG.FTS.B,

29.49%,

11/30/23

207

31

991368231.UG.FTS.B,

28.48%,

11/30/23

5

5

991368424.UG.FTS.B,

29.49%,

11/30/24

284

275

991368537.UG.FTS.B,

19.21%,

12/17/24

162

161

991368596.UG.FTS.B,

15.97%,

12/11/24

456

455

991368632.UG.FTS.B,

28.98%,

12/01/24

160

158

991368667.UG.FTS.B,

28.98%,

11/29/24

68

67

991368704.UG.FTS.B,

19.8%,

12/10/24

828

820

991368726.UG.FTS.B,

29.49%,

11/29/23

131

130

991368817.UG.FTS.B,

28.98%,

11/30/24

694

684

991368859.UG.FTS.B,

29.49%,

12/07/24

906

883

991369058.UG.FTS.B,

22.95%,

12/10/24

409

404

*

991369096.UG.FTS.B,

23.95%,

2/27/27

-

-

991369126.UG.FTS.B,

29.49%,

12/02/24

140

142

991369304.UG.FTS.B,

29.49%,

12/10/24

122

120

*

991369349.UG.FTS.B,

29.49%,

12/02/24

589

600

991369350.UG.FTS.B,

21.46%,

12/10/24

157

156

991369363.UG.FTS.B,

29.49%,

12/02/24

101

104

991369399.UG.FTS.B,

29.49%,

11/30/24

412

420

991369529.UG.FTS.B,

28.98%,

12/01/24

57

56

991369543.UG.FTS.B,

28.48%,

11/29/23

144

141

991369593.UG.FTS.B,

28.98%,

11/30/24

104

107

991369605.UG.FTS.B,

16.49%,

12/18/23

330

330

991369636.UG.FTS.B,

19.3%,

11/29/23

32

32

991369647.UG.FTS.B,

16.49%,

12/15/23

525

543

991369727.UG.FTS.B,

29.49%,

12/01/24

132

135

991369740.UG.FTS.B,

29.49%,

11/29/24

52

51

991369836.UG.FTS.B,

22.97%,

12/17/24

1,201

1,198

991369993.UG.FTS.B,

16.99%,

12/08/24

2,183

2,166

991370075.UG.FTS.B,

20.97%,

12/09/24

297

293

991370711.UG.FTS.B,

27.99%,

11/30/23

15

15

991370712.UG.FTS.B,

29.49%,

12/02/24

175

178

991370788.UG.FTS.B,

19.8%,

12/17/24

3,074

3,068

991370921.UG.FTS.B,

19.99%,

11/30/24

264

260

*

991371047.UG.FTS.B,

28.98%,

11/30/24

126

17

991371101.UG.FTS.B,

19.99%,

12/02/23

398

403

991371153.UG.FTS.B,

29.49%,

11/30/24

13

13

*

991371478.UG.FTS.B,

29.49%,

11/30/24

104

107

991371596.UG.FTS.B,

29.49%,

12/02/23

20

20

991371771.UG.FTS.B,

28.98%,

12/02/24

303

307

991371806.UG.FTS.B,

16.99%,

12/20/24

1,970

1,967

991371813.UG.FTS.B,

18.97%,

12/19/24

166

166

991371883.UG.FTS.B,

28.48%,

12/01/23

16

16

991371940.UG.FTS.B,

16.99%,

12/15/24

1,103

1,143

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

568

a

991372018.UG.FTS.B,

28.98%,

11/30/24

319

325

991372053.UG.FTS.B,

17.99%,

12/10/24

2,687

2,666

991372098.UG.FTS.B,

28.98%,

12/01/24

105

104

991372106.UG.FTS.B,

29.49%,

11/29/24

238

234

991372109.UG.FTS.B,

26.94%,

11/29/24

14

14

991372136.UG.FTS.B,

29.49%,

12/11/23

131

130

991372194.UG.FTS.B,

28.98%,

12/13/24

6

6

991372195.UG.FTS.B,

28.48%,

1/28/27

-

-

*

991372313.UG.FTS.B,

29.49%,

12/08/24

194

40

991372337.UG.FTS.B,

20.96%,

12/17/23

1,411

1,400

991372402.UG.FTS.B,

23.95%,

12/12/24

78

77

991372439.UG.FTS.B,

28.98%,

11/30/24

601

611

991372518.UG.FTS.B,

28.98%,

11/30/24

7

7

991372730.UG.FTS.B,

28.48%,

12/02/23

32

33

991372826.UG.FTS.B,

29.49%,

11/30/23

155

157

991372869.UG.FTS.B,

23.95%,

12/08/24

3,507

3,579

991372915.UG.FTS.B,

18.97%,

12/20/24

124

123

991372956.UG.FTS.B,

29.49%,

2/28/27

2

2

991372962.UG.FTS.B,

28.98%,

11/30/24

37

38

991373067.UG.FTS.B,

19.3%,

12/20/23

456

455

991373158.UG.FTS.B,

19.99%,

12/01/23

19

19

991373271.UG.FTS.B,

29.49%,

11/30/23

-

-

991373328.UG.FTS.B,

21.98%,

12/08/24

392

401

991373345.UG.FTS.B,

29.49%,

12/02/24

138

140

991373551.UG.FTS.B,

19.21%,

12/08/24

316

313

991373643.UG.FTS.B,

29.49%,

12/11/23

1,030

1,016

991373819.UG.FTS.B,

29.49%,

11/30/24

207

208

991373941.UG.FTS.B,

20.46%,

12/13/24

556

551

991373956.UG.FTS.B,

27.99%,

11/30/24

16

16

991374223.UG.FTS.B,

29.49%,

11/30/24

96

99

991374347.UG.FTS.B,

29.49%,

12/02/24

27

28

991374376.UG.FTS.B,

19.99%,

11/30/24

43

45

991374455.UG.FTS.B,

29.49%,

12/10/23

327

320

991374463.UG.FTS.B,

29.49%,

11/30/24

160

163

991374468.UG.FTS.B,

29.49%,

12/10/23

212

209

991374505.UG.FTS.B,

21.48%,

12/01/23

380

387

991374578.UG.FTS.B,

16.99%,

12/18/24

206

206

991374679.UG.FTS.B,

29.49%,

12/12/23

87

85

*

991374823.UG.FTS.B,

28.98%,

11/30/24

66

52

991375080.UG.FTS.B,

19.99%,

11/30/24

55

57

991375119.UG.FTS.B,

29.49%,

12/08/24

177

173

991375136.UG.FTS.B,

19.99%,

11/30/24

180

184

991375351.UG.FTS.B,

29.49%,

11/30/23

75

76

991375433.UG.FTS.B,

29.49%,

12/02/24

99

101

991375440.UG.FTS.B,

15.97%,

12/18/24

464

462

991375448.UG.FTS.B,

29.49%,

12/02/23

57

58

991375502.UG.FTS.B,

20.46%,

12/13/24

426

422

991375691.UG.FTS.B,

29.49%,

11/30/23

61

63

*

991375698.UG.FTS.B,

14.98%,

12/16/24

21

4

991375709.UG.FTS.B,

15.97%,

12/20/24

339

339

991375720.UG.FTS.B,

29.49%,

12/12/24

61

60

991375749.UG.FTS.B,

28.98%,

12/09/24

93

92

991375810.UG.FTS.B,

15%,

12/16/24

134

133

991375848.UG.FTS.B,

14.98%,

12/15/24

331

343

991375870.UG.FTS.B,

17.49%,

12/09/23

139

138

*

991375971.UG.FTS.B,

28.98%,

12/02/24

42

43

991376032.UG.FTS.B,

29.49%,

11/30/23

7

7

991376100.UG.FTS.B,

22.97%,

12/19/24

62

61

991376120.UG.FTS.B,

16.99%,

12/15/26

1,077

1,067

991376192.UG.FTS.B,

22.97%,

12/19/24

10

10

991376799.UG.FTS.B,

19.3%,

12/16/23

1,384

1,374

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

569

a

991376848.UG.FTS.B,

29.49%,

2/28/27

-

-

991376913.UG.FTS.B,

29.49%,

11/30/24

229

234

991377012.UG.FTS.B,

29.49%,

12/08/24

1,935

1,957

991377094.UG.FTS.B,

15.97%,

12/15/24

100

103

991377107.UG.FTS.B,

29.49%,

12/06/24

151

153

991377143.UG.FTS.B,

29.49%,

12/02/23

21

21

991377271.UG.FTS.B,

29.49%,

12/02/24

38

39

991377384.UG.FTS.B,

19.21%,

11/30/24

267

274

991377393.UG.FTS.B,

28.98%,

12/02/24

96

99

991377496.UG.FTS.B,

14.48%,

12/18/23

52

52

991377604.UG.FTS.B,

29.49%,

12/01/24

508

511

991377745.UG.FTS.B,

28.98%,

11/30/24

1

1

*

991377847.UG.FTS.B,

29.48%,

2/28/27

10

2

991377925.UG.FTS.B,

29.48%,

12/08/23

112

113

991378052.UG.FTS.B,

28.98%,

12/01/24

169

171

991378075.UG.FTS.B,

20.46%,

12/02/24

-

-

991378188.UG.FTS.B,

19.21%,

12/01/24

321

328

991378418.UG.FTS.B,

16.99%,

12/15/24

328

339

991378428.UG.FTS.B,

29.49%,

11/30/24

41

42

991378438.UG.FTS.B,

28.98%,

11/30/24

334

335

*

991378439.UG.FTS.B,

29.49%,

12/01/23

331

334

991378445.UG.FTS.B,

29.49%,

12/02/23

20

20

991378560.UG.FTS.B,

20.46%,

12/17/24

24

24

991378672.UG.FTS.B,

29.49%,

12/08/24

83

85

991378744.UG.FTS.B,

17.99%,

12/17/24

278

277

991378826.UG.FTS.B,

21.46%,

12/15/24

266

171

991378952.UG.FTS.B,

28.98%,

12/06/24

234

238

991379123.UG.FTS.B,

18.47%,

12/15/23

57

58

991379124.UG.FTS.B,

29.49%,

12/01/23

432

440

991379151.UG.FTS.B,

19.99%,

2/28/27

-

-

991379172.UG.FTS.B,

29.49%,

12/01/24

51

53

991379179.UG.FTS.B,

29.49%,

12/08/23

60

60

991379195.UG.FTS.B,

16.99%,

12/13/24

3,248

3,239

991379240.UG.FTS.B,

29.49%,

12/02/24

768

782

991379243.UG.FTS.B,

16.99%,

12/11/24

1,959

1,954

991379292.UG.FTS.B,

29.49%,

12/01/23

652

663

991379527.UG.FTS.B,

17.99%,

12/17/24

2,150

2,151

991379657.UG.FTS.B,

16.99%,

12/16/24

6,841

6,806

991379697.UG.FTS.B,

29.49%,

12/01/24

384

391

991379744.UG.FTS.B,

19.99%,

12/02/24

354

360

991379746.UG.FTS.B,

22.36%,

12/15/26

2,422

2,429

991379877.UG.FTS.B,

16.99%,

12/09/24

1,420

1,412

991379940.UG.FTS.B,

20.46%,

12/19/24

912

905

991380031.UG.FTS.B,

16.99%,

12/20/24

393

393

991380191.UG.FTS.B,

16.49%,

12/09/23

714

708

991380303.UG.FTS.B,

15%,

12/20/24

1,281

1,280

991380550.UG.FTS.B,

29.49%,

12/01/24

2,398

2,445

991380811.UG.FTS.B,

29.49%,

12/02/24

432

440

991380875.UG.FTS.B,

19.8%,

12/08/24

979

1,004

991380999.UG.FTS.B,

17.99%,

12/12/24

823

820

991381018.UG.FTS.B,

16.99%,

12/09/26

4,948

4,930

991381078.UG.FTS.B,

29.49%,

12/01/24

535

544

991381134.UG.FTS.B,

17.49%,

12/20/23

3,881

3,877

991381190.UG.FTS.B,

18.97%,

12/18/24

251

249

991381201.UG.FTS.B,

29.49%,

12/02/24

105

104

991381262.UG.FTS.B,

18.97%,

12/20/24

148

147

991381282.UG.FTS.B,

29.48%,

12/01/23

161

164

991381330.UG.FTS.B,

16.49%,

12/12/23

1,159

1,151

991381375.UG.FTS.B,

29.49%,

12/02/24

288

292

991381398.UG.FTS.B,

16.99%,

12/16/24

1,473

1,471

991381905.UG.FTS.B,

17.99%,

12/16/24

1,965

1,962

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

570

a

991381959.UG.FTS.B,

15%,

12/12/24

5,484

5,469

991382013.UG.FTS.B,

28.98%,

12/08/24

292

292

991382042.UG.FTS.B,

29.49%,

12/08/23

581

590

991382058.UG.FTS.B,

19.21%,

12/18/24

984

983

991382068.UG.FTS.B,

17.99%,

12/16/24

9,137

9,122

991382074.UG.FTS.B,

29.49%,

12/08/24

97

99

991382180.UG.FTS.B,

29.48%,

12/02/23

1,166

1,187

991382185.UG.FTS.B,

21.46%,

12/17/24

97

97

991382200.UG.FTS.B,

21.46%,

12/15/24

2,990

2,983

991382249.UG.FTS.B,

21.98%,

12/19/24

1,973

1,969

991382424.UG.FTS.B,

29.49%,

12/02/23

466

467

991382672.UG.FTS.B,

15%,

12/16/23

151

150

991382737.UG.FTS.B,

19.21%,

12/17/24

1,361

1,353

991382759.UG.FTS.B,

17.99%,

12/16/24

491

490

991382866.UG.FTS.B,

21.46%,

12/19/24

693

692

*

991382959.UG.FTS.B,

19.8%,

12/17/24

118

23

991383012.UG.FTS.B,

29.49%,

12/02/24

3,908

3,943

991383117.UG.FTS.B,

29.49%,

12/01/24

336

343

991383119.UG.FTS.B,

21.46%,

12/19/24

2,465

2,461

991383149.UG.FTS.B,

18.97%,

12/15/24

1,211

1,255

991383396.UG.FTS.B,

29.49%,

12/01/24

192

195

*

991383439.UG.FTS.B,

29.49%,

12/02/24

240

245

991383476.UG.FTS.B,

16.99%,

12/11/24

10,406

10,336

*

991383507.UG.FTS.B,

18.97%,

12/08/24

100

20

991383559.UG.FTS.B,

29.49%,

12/02/24

42

43

991383601.UG.FTS.B,

20.97%,

12/01/24

287

294

991383776.UG.FTS.B,

17.99%,

12/18/24

50

50

991383946.UG.FTS.B,

17.99%,

12/13/24

800

829

991384387.UG.FTS.B,

15.97%,

12/13/24

1,078

1,070

991384565.UG.FTS.B,

17.99%,

12/08/24

541

555

991384624.UG.FTS.B,

16.99%,

12/12/24

157

157

991384958.UG.FTS.B,

22.45%,

12/19/23

1,942

1,939

991385429.UG.FTS.B,

17.99%,

12/13/24

81

82

991385756.UG.FTS.B,

16.99%,

12/17/24

1,457

1,455

991386011.UG.FTS.B,

17.99%,

12/09/24

5,752

5,731

991386181.UG.FTS.B,

18.96%,

12/19/23

37

37

991386259.UG.FTS.B,

17.99%,

12/08/24

814

835

991386605.UG.FTS.B,

19.99%,

12/11/24

842

838

991386700.UG.FTS.B,

28.98%,

12/08/24

107

107

991386826.UG.FTS.B,

15.47%,

12/16/23

332

331

991386835.UG.FTS.B,

19.8%,

12/20/24

261

260

991386872.UG.FTS.B,

29.49%,

12/11/24

86

85

991387048.UG.FTS.B,

29.49%,

12/09/23

47

47

991387145.UG.FTS.B,

15.97%,

12/19/24

577

574

991387472.UG.FTS.B,

29.49%,

12/12/23

485

482

991387743.UG.FTS.B,

18.71%,

12/15/23

835

865

991387894.UG.FTS.B,

29.49%,

12/12/24

837

832

991388005.UG.FTS.B,

28.98%,

12/13/24

154

152

991388123.UG.FTS.B,

29.49%,

12/12/23

386

381

991388393.UG.FTS.B,

19.99%,

12/12/23

201

198

*

991388415.UG.FTS.B,

29.49%,

12/11/24

17

15

991388422.UG.FTS.B,

29.49%,

12/11/24

24

24

991388506.UG.FTS.B,

29.49%,

12/13/23

134

132

991388714.UG.FTS.B,

17.99%,

12/08/24

31

32

991388767.UG.FTS.B,

16.49%,

12/09/23

1,243

1,233

991388996.UG.FTS.B,

17.49%,

12/07/23

578

591

991389074.UG.FTS.B,

21.48%,

12/09/23

183

181

991389147.UG.FTS.B,

22.36%,

12/19/26

281

277

991389216.UG.FTS.B,

20.47%,

12/12/23

696

694

991389281.UG.FTS.B,

29.49%,

12/11/24

99

98

991389357.UG.FTS.B,

29.49%,

12/13/24

219

215

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

571

a

991389712.UG.FTS.B,

22.95%,

12/13/24

138

137

991389716.UG.FTS.B,

29.49%,

12/11/23

79

78

*

991389723.UG.FTS.B,

14.98%,

12/15/24

515

57

*

991389829.UG.FTS.B,

29.49%,

2/08/27

4

4

991390097.UG.FTS.B,

19.96%,

12/20/23

156

156

991390117.UG.FTS.B,

15.47%,

12/16/23

483

483

991390147.UG.FTS.B,

19.8%,

12/13/24

903

900

991390377.UG.FTS.B,

22.45%,

12/19/23

972

971

991390811.UG.FTS.B,

19.3%,

12/13/23

2,885

2,862

991390838.UG.FTS.B,

19.8%,

12/20/24

246

245

991390886.UG.FTS.B,

19.21%,

12/17/24

492

491

991390941.UG.FTS.B,

21.46%,

12/20/24

2,469

2,465

991390976.UG.FTS.B,

26.94%,

12/08/24

441

450

991390998.UG.FTS.B,

19.99%,

12/13/24

294

291

991391018.UG.FTS.B,

15%,

12/16/24

980

979

991391034.UG.FTS.B,

17.99%,

12/09/24

96

96

991391037.UG.FTS.B,

17.49%,

12/20/23

97

96

991391063.UG.FTS.B,

19.99%,

12/10/24

587

578

991391181.UG.FTS.B,

28.98%,

12/13/24

267

264

991391339.UG.FTS.B,

16.99%,

12/20/24

7,473

7,464

991391450.UG.FTS.B,

17.99%,

12/09/24

1,734

1,720

991391597.UG.FTS.B,

29.49%,

12/08/24

491

499

991391691.UG.FTS.B,

28.98%,

12/13/24

1,970

1,959

991391780.UG.FTS.B,

25.45%,

12/15/23

186

190

991391873.UG.FTS.B,

29.49%,

12/10/24

480

471

991391880.UG.FTS.B,

28.98%,

12/08/24

118

120

991391915.UG.FTS.B,

25.45%,

12/10/23

218

215

991392011.UG.FTS.B,

15.47%,

12/17/23

242

242

991392015.UG.FTS.B,

28.98%,

12/10/24

77

76

991392018.UG.FTS.B,

21.98%,

12/12/24

94

93

991392067.UG.FTS.B,

17.99%,

12/16/24

725

724

991392128.UG.FTS.B,

18.47%,

12/20/23

21

21

991392626.UG.FTS.B,

17.49%,

12/11/23

770

-

991392707.UG.FTS.B,

16.99%,

12/19/24

3

3

991392739.UG.FTS.B,

18.47%,

12/12/23

29

29

991392911.UG.FTS.B,

14.98%,

12/15/24

710

705

991392955.UG.FTS.B,

29.49%,

12/08/23

87

87

991393007.UG.FTS.B,

29.49%,

12/11/24

328

322

991393014.UG.FTS.B,

28.48%,

12/09/23

188

185

991393173.UG.FTS.B,

28.98%,

12/11/24

302

297

991393383.UG.FTS.B,

29.49%,

12/10/23

20

19

991393693.UG.FTS.B,

29.49%,

12/09/24

434

426

991393800.UG.FTS.B,

27.99%,

12/08/24

32

32

991393890.UG.FTS.B,

16.99%,

12/20/24

210

209

991394068.UG.FTS.B,

28.48%,

12/08/23

124

123

991394120.UG.FTS.B,

26.94%,

12/13/24

428

422

991394160.UG.FTS.B,

29.49%,

12/08/23

20

20

991394440.UG.FTS.B,

29.49%,

12/08/24

36

36

991394572.UG.FTS.B,

22.47%,

12/20/23

224

224

991394692.UG.FTS.B,

29.49%,

12/08/24

149

152

991394745.UG.FTS.B,

28.98%,

12/09/24

611

602

991394774.UG.FTS.B,

29.49%,

12/10/24

83

82

991394786.UG.FTS.B,

29.49%,

12/08/23

36

36

991395285.UG.FTS.B,

21.98%,

12/15/24

165

170

991395653.UG.FTS.B,

29.49%,

12/10/23

631

623

991395795.UG.FTS.B,

20.97%,

12/19/24

1,303

1,292

991395863.UG.FTS.B,

23.95%,

12/15/24

743

768

991396030.UG.FTS.B,

16.49%,

12/12/23

643

640

991396086.UG.FTS.B,

28.98%,

12/08/24

177

180

991396297.UG.FTS.B,

29.49%,

12/08/24

130

132

991396730.UG.FTS.B,

17.49%,

12/12/23

302

300

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

572

a

991396860.UG.FTS.B,

17.99%,

12/08/24

1

1

991396924.UG.FTS.B,

17.47%,

12/18/23

281

279

991397064.UG.FTS.B,

16.49%,

12/10/23

106

105

991397130.UG.FTS.B,

28.98%,

12/12/24

1,715

1,667

991397136.UG.FTS.B,

29.48%,

12/13/23

233

230

991397147.UG.FTS.B,

29.48%,

2/09/27

3

3

991397187.UG.FTS.B,

28.98%,

12/07/24

366

373

991397201.UG.FTS.B,

15%,

12/10/23

180

180

991397440.UG.FTS.B,

29.49%,

12/10/24

70

69

991397722.UG.FTS.B,

29.49%,

12/10/24

174

171

991397955.UG.FTS.B,

29.49%,

12/13/24

217

213

991398313.UG.FTS.B,

19.3%,

12/13/23

162

161

991398337.UG.FTS.B,

19.96%,

1/17/27

-

-

991398718.UG.FTS.B,

29.49%,

12/10/24

1,964

1,921

991398771.UG.FTS.B,

29.49%,

12/12/24

492

483

991398838.UG.FTS.B,

14.98%,

12/17/24

2,941

2,937

991398894.UG.FTS.B,

29.49%,

12/13/23

26

26

991398995.UG.FTS.B,

18.97%,

12/10/24

275

273

991399049.UG.FTS.B,

19.96%,

12/10/23

159

158

991399078.UG.FTS.B,

20.97%,

12/08/24

978

1,002

991399127.UG.FTS.B,

17.99%,

12/15/24

981

1,016

991399222.UG.FTS.B,

20.46%,

12/15/24

3,928

4,068

991399269.UG.FTS.B,

20.46%,

12/10/24

490

485

991399386.UG.FTS.B,

29.48%,

12/11/23

55

54

991399394.UG.FTS.B,

29.49%,

12/11/23

138

137

991399488.UG.FTS.B,

19.21%,

12/09/24

685

679

991399497.UG.FTS.B,

29.49%,

12/13/24

984

978

991399690.UG.FTS.B,

20.97%,

12/15/24

1,286

1,273

991399713.UG.FTS.B,

29.49%,

12/11/24

77

76

991399754.UG.FTS.B,

29.49%,

12/12/24

303

299

991399812.UG.FTS.B,

19.3%,

12/15/23

1,936

2,004

991399925.UG.FTS.B,

20.46%,

12/20/24

492

492

991399977.UG.FTS.B,

17.99%,

12/17/24

1,949

1,939

991400052.UG.FTS.B,

29.49%,

12/11/24

1,965

1,931

991400098.UG.FTS.B,

22.47%,

12/15/23

70

71

991400100.UG.FTS.B,

29.49%,

12/11/23

97

96

991400175.UG.FTS.B,

29.49%,

12/11/24

123

121

991400268.UG.FTS.B,

14.98%,

12/08/24

2,835

2,912

991400299.UG.FTS.B,

23.45%,

12/09/23

290

286

*

991400353.UG.FTS.B,

28.48%,

12/10/23

1,034

1,018

991400367.UG.FTS.B,

29.49%,

12/09/24

226

221

991400429.UG.FTS.B,

17.49%,

12/15/23

483

498

991400459.UG.FTS.B,

15.47%,

12/20/23

575

572

991400497.UG.FTS.B,

28.98%,

12/11/24

491

483

991400565.UG.FTS.B,

19.99%,

12/12/24

26

26

991400670.UG.FTS.B,

28.98%,

12/10/24

17

17

991400962.UG.FTS.B,

22.47%,

12/20/23

103

103

991401151.UG.FTS.B,

17.99%,

12/17/24

341

341

991401636.UG.FTS.B,

15%,

12/08/24

376

387

991401701.UG.FTS.B,

14.98%,

12/13/24

670

668

991401900.UG.FTS.B,

19.3%,

12/20/23

36

35

991402286.UG.FTS.B,

17.99%,

12/10/24

2,060

2,043

991402304.UG.FTS.B,

28.98%,

12/12/24

63

62

*

991402557.UG.FTS.B,

17.97%,

12/16/24

79

18

991402670.UG.FTS.B,

29.49%,

12/10/23

392

385

991402779.UG.FTS.B,

17.49%,

12/19/23

388

388

991402789.UG.FTS.B,

29.49%,

12/12/24

76

75

*

991402935.UG.FTS.B,

29.49%,

12/09/23

137

17

991403049.UG.FTS.B,

14.97%,

12/08/24

409

420

991403269.UG.FTS.B,

29.49%,

12/07/24

606

594

991403287.UG.FTS.B,

28.98%,

12/11/24

71

70

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

573

a

991403298.UG.FTS.B,

29.49%,

12/11/23

53

52

*

991403300.UG.FTS.B,

29.49%,

12/09/23

41

14

991403359.UG.FTS.B,

17.49%,

12/19/23

122

121

991403650.UG.FTS.B,

16.49%,

12/10/23

112

112

991404117.UG.FTS.B,

22.47%,

12/10/23

9

9

991404201.UG.FTS.B,

29.49%,

12/07/23

118

116

991404223.UG.FTS.B,

20.96%,

12/13/23

39

39

991404235.UG.FTS.B,

29.49%,

12/12/24

187

183

991404433.UG.FTS.B,

17.99%,

12/18/24

27

26

991404538.UG.FTS.B,

17.47%,

12/09/23

111

110

991404688.UG.FTS.B,

17.99%,

12/13/24

10

10

991405113.UG.FTS.B,

19.99%,

12/12/24

1,478

1,456

991405120.UG.FTS.B,

18.97%,

12/15/24

753

780

991405158.UG.FTS.B,

29.49%,

12/12/24

344

338

991405194.UG.FTS.B,

28.98%,

12/10/24

84

83

991405209.UG.FTS.B,

29.49%,

12/08/24

143

141

991405285.UG.FTS.B,

17.49%,

12/08/23

15

15

991405305.UG.FTS.B,

16.49%,

12/19/23

1,432

1,430

991405335.UG.FTS.B,

17.49%,

12/19/23

77

77

991405419.UG.FTS.B,

29.49%,

12/09/23

1,160

1,134

991405592.UG.FTS.B,

29.49%,

12/07/24

353

344

991405634.UG.FTS.B,

29.49%,

12/13/24

186

184

991405681.UG.FTS.B,

20.96%,

12/13/23

371

367

991405712.UG.FTS.B,

29.49%,

12/12/24

271

264

991405894.UG.FTS.B,

15.97%,

12/08/24

2,931

3,009

*

991405919.UG.FTS.B,

28.98%,

12/13/24

431

88

991405926.UG.FTS.B,

18.97%,

12/09/24

142

140

991406002.UG.FTS.B,

28.98%,

12/09/24

202

199

991406118.UG.FTS.B,

20.96%,

12/12/23

52

52

991406256.UG.FTS.B,

29.49%,

12/08/24

4

4

991406398.UG.FTS.B,

29.48%,

12/12/24

459

450

991406420.UG.FTS.B,

21.46%,

12/10/24

204

201

991406512.UG.FTS.B,

28.98%,

12/07/24

373

367

991406536.UG.FTS.B,

29.49%,

12/12/24

338

332

991406600.UG.FTS.B,

23.45%,

12/09/23

109

108

991406640.UG.FTS.B,

27.95%,

12/12/23

61

60

991406664.UG.FTS.B,

29.49%,

12/10/24

72

71

991406748.UG.FTS.B,

29.49%,

12/09/23

8

8

991406788.UG.FTS.B,

21.98%,

12/17/24

65

64

991407037.UG.FTS.B,

26.94%,

12/19/24

186

185

991407052.UG.FTS.B,

28.98%,

12/10/24

619

609

991407126.UG.FTS.B,

14.98%,

12/20/24

2,876

2,862

*

991407213.UG.FTS.B,

28.48%,

12/07/23

294

285

991407328.UG.FTS.B,

15%,

12/18/23

155

154

991407380.UG.FTS.B,

29.49%,

12/10/24

274

269

991407429.UG.FTS.B,

28.98%,

12/09/24

294

290

991407432.UG.FTS.B,

19.21%,

12/11/24

97

96

991407525.UG.FTS.B,

29.49%,

12/08/23

349

352

991407585.UG.FTS.B,

29.49%,

12/09/24

378

372

991407604.UG.FTS.B,

29.49%,

12/08/24

46

47

991407610.UG.FTS.B,

20.97%,

12/17/24

53

53

991407635.UG.FTS.B,

16.99%,

12/12/24

979

976

991407702.UG.FTS.B,

29.49%,

12/12/24

144

143

991407709.UG.FTS.B,

21.46%,

12/15/24

4,910

5,082

991407759.UG.FTS.B,

29.49%,

12/09/24

368

357

991407765.UG.FTS.B,

29.49%,

12/11/23

77

76

991407871.UG.FTS.B,

16.49%,

12/17/23

290

290

991407945.UG.FTS.B,

29.49%,

12/10/24

981

965

991407951.UG.FTS.B,

19.8%,

12/17/24

982

980

991408027.UG.FTS.B,

19.96%,

12/12/23

287

284

991408268.UG.FTS.B,

19.3%,

12/20/23

3,152

3,149

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

574

a

991408348.UG.FTS.B,

29.49%,

12/08/23

193

195

991408472.UG.FTS.B,

19.21%,

12/18/24

983

981

991408506.UG.FTS.B,

18.97%,

12/09/24

3,618

3,587

991408541.UG.FTS.B,

15.97%,

12/20/24

491

490

991408695.UG.FTS.B,

28.98%,

12/10/24

662

652

991408740.UG.FTS.B,

29.49%,

12/12/24

98

96

991408790.UG.FTS.B,

29.49%,

12/13/24

98

96

991408859.UG.FTS.B,

29.49%,

12/10/24

147

145

991408874.UG.FTS.B,

20.47%,

12/13/23

96

95

991408941.UG.FTS.B,

29.49%,

12/09/23

145

142

991408989.UG.FTS.B,

20.46%,

12/20/24

5,370

5,325

991409003.UG.FTS.B,

19.8%,

12/15/24

313

324

991409026.UG.FTS.B,

29.49%,

12/08/24

102

104

991409057.UG.FTS.B,

29.49%,

12/10/24

80

79

991409078.UG.FTS.B,

29.49%,

12/13/23

35

34

991409082.UG.FTS.B,

21.46%,

12/20/24

78

78

991409255.UG.FTS.B,

29.46%,

12/08/23

154

156

991409276.UG.FTS.B,

29.49%,

12/08/23

200

201

991409310.UG.FTS.B,

28.98%,

12/12/24

86

85

991409785.UG.FTS.B,

21.46%,

12/12/24

998

986

991409814.UG.FTS.B,

29.49%,

12/11/24

442

436

991409861.UG.FTS.B,

29.49%,

12/10/24

49

48

*

991409872.UG.FTS.B,

29.49%,

12/10/23

31

27

991409885.UG.FTS.B,

29.49%,

12/06/24

161

164

991409905.UG.FTS.B,

29.49%,

12/12/24

274

269

991409974.UG.FTS.B,

29.49%,

12/08/23

26

27

991410096.UG.FTS.B,

29.49%,

12/08/24

74

75

991410103.UG.FTS.B,

29.49%,

2/10/27

-

-

991410183.UG.FTS.B,

29.49%,

12/08/23

22

22

991410711.UG.FTS.B,

20.47%,

12/20/23

413

410

991410728.UG.FTS.B,

23.45%,

12/17/23

602

604

991410854.UG.FTS.B,

15.97%,

12/07/24

1,411

1,400

991410920.UG.FTS.B,

14.48%,

12/20/23

71

71

991411214.UG.FTS.B,

29.49%,

12/13/23

52

52

991411230.UG.FTS.B,

29.49%,

12/10/24

52

51

991411685.UG.FTS.B,

28.98%,

12/13/24

708

697

991412009.UG.FTS.B,

21.48%,

12/17/23

59

59

991412047.UG.FTS.B,

20.46%,

12/11/24

247

244

991412052.UG.FTS.B,

28.98%,

12/09/24

23

22

991412069.UG.FTS.B,

19.99%,

12/08/24

411

419

991412185.UG.FTS.B,

29.49%,

12/08/24

66

67

991412287.UG.FTS.B,

29.49%,

2/05/27

2

2

991412436.UG.FTS.B,

18.71%,

12/12/23

222

220

991412517.UG.FTS.B,

21.48%,

12/20/23

119

119

991413102.UG.FTS.B,

17.99%,

12/10/24

280

278

*

991413139.UG.FTS.B,

29.49%,

12/13/24

146

31

*

991413195.UG.FTS.B,

29.49%,

12/13/24

110

24

*

991413389.UG.FTS.B,

28.98%,

12/10/24

10

6

*

991413622.UG.FTS.B,

26.94%,

12/20/24

340

340

991414054.UG.FTS.B,

21.46%,

12/19/24

688

682

991414126.UG.FTS.B,

21.48%,

12/19/23

776

769

991415110.UG.FTS.B,

16.49%,

12/08/23

68

70

991415270.UG.FTS.B,

16.99%,

12/06/26

563

578

991415421.UG.FTS.B,

16.99%,

12/11/24

37

37

991415595.UG.FTS.B,

22.97%,

12/08/24

587

599

991415618.UG.FTS.B,

20.97%,

12/15/24

585

603

991415822.UG.FTS.B,

16.99%,

12/17/24

1,273

1,271

991415873.UG.FTS.B,

19.8%,

12/20/24

1,967

1,964

991416236.UG.FTS.B,

28.98%,

12/08/24

382

388

991416240.UG.FTS.B,

29.49%,

12/08/24

117

119

991416701.UG.FTS.B,

14.98%,

12/10/24

5,861

5,816

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

575

a

991416710.UG.FTS.B,

18.71%,

12/18/23

2,494

2,491

991416998.UG.FTS.B,

19.21%,

12/17/24

589

588

991417112.UG.FTS.B,

15.97%,

12/13/24

8,806

8,783

991417238.UG.FTS.B,

14.98%,

12/19/24

8,930

8,872

991417885.UG.FTS.B,

14.98%,

12/11/24

1,756

1,743

991417926.UG.FTS.B,

29.49%,

12/12/23

40

39

991418045.UG.FTS.B,

28.98%,

12/09/24

189

185

991418068.UG.FTS.B,

28.98%,

12/09/24

121

119

991418120.UG.FTS.B,

14.98%,

12/16/24

196

196

991418303.UG.FTS.B,

24.45%,

12/11/23

265

265

991418338.UG.FTS.B,

19.99%,

12/10/24

91

90

991418416.UG.FTS.B,

29.49%,

12/12/24

5

5

991418451.UG.FTS.B,

29.49%,

12/10/23

224

220

991418490.UG.FTS.B,

29.49%,

12/11/24

29

28

991418698.UG.FTS.B,

15%,

12/19/24

258

258

991418713.UG.FTS.B,

19.8%,

12/10/24

97

96

991418728.UG.FTS.B,

29.49%,

12/12/24

242

237

991418802.UG.FTS.B,

29.49%,

12/13/24

102

99

*

991418902.UG.FTS.B,

29.49%,

12/11/24

131

27

991418937.UG.FTS.B,

29.49%,

12/12/23

41

41

991419085.UG.FTS.B,

19.96%,

12/20/23

234

232

991419162.UG.FTS.B,

29.49%,

12/13/23

428

417

991419211.UG.FTS.B,

16.49%,

12/08/23

1,139

1,167

991419325.UG.FTS.B,

27.99%,

12/06/24

409

416

991419474.UG.FTS.B,

15.47%,

12/13/23

491

488

991419724.UG.FTS.B,

28.98%,

12/09/24

38

37

991420041.UG.FTS.B,

28.98%,

12/09/24

1,085

1,067

991420233.UG.FTS.B,

22.47%,

12/08/23

87

86

991420296.UG.FTS.B,

28.48%,

12/12/23

161

157

991420297.UG.FTS.B,

28.98%,

12/11/24

80

78

991420371.UG.FTS.B,

28.98%,

12/10/24

100

99

991420506.UG.FTS.B,

29.49%,

12/10/24

33

33

991420615.UG.FTS.B,

29.49%,

12/11/23

12

11

991420666.UG.FTS.B,

29.49%,

12/13/23

40

40

991420683.UG.FTS.B,

20.96%,

12/12/23

65

64

991420736.UG.FTS.B,

17.99%,

12/20/24

70

69

991420889.UG.FTS.B,

21.46%,

12/13/24

11

11

991421136.UG.FTS.B,

17.99%,

12/11/24

147

146

991421184.UG.FTS.B,

29.49%,

12/09/24

291

282

991421235.UG.FTS.B,

15.47%,

12/09/23

59

59

991421271.UG.FTS.B,

20.96%,

12/12/23

9

8

991421339.UG.FTS.B,

28.98%,

12/10/24

196

191

991421673.UG.FTS.B,

18.71%,

12/18/23

1,190

1,189

991422168.UG.FTS.B,

19.21%,

12/20/24

6,359

6,350

991422218.UG.FTS.B,

29.49%,

12/11/23

1,143

1,124

991422523.UG.FTS.B,

28.48%,

12/07/23

133

129

991422603.UG.FTS.B,

29.49%,

12/09/23

48

47

991422639.UG.FTS.B,

29.49%,

12/12/23

53

52

991422733.UG.FTS.B,

14.98%,

12/10/24

98

98

991422940.UG.FTS.B,

16.99%,

12/17/24

55

55

991423001.UG.FTS.B,

26.94%,

12/08/24

1,190

1,212

991423157.UG.FTS.B,

16.99%,

12/12/24

850

844

991423168.UG.FTS.B,

17.99%,

12/16/24

1,230

1,224

991423236.UG.FTS.B,

28.98%,

12/11/24

20

20

991423398.UG.FTS.B,

29.49%,

12/11/24

83

82

991423472.UG.FTS.B,

28.98%,

12/09/24

173

171

991423500.UG.FTS.B,

28.98%,

12/13/24

21

21

991423507.UG.FTS.B,

29.49%,

12/09/24

11

11

991423577.UG.FTS.B,

29.49%,

12/09/23

16

15

991423603.UG.FTS.B,

29.49%,

12/10/24

180

177

991423640.UG.FTS.B,

29.49%,

12/08/24

215

218

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

576

a

991423752.UG.FTS.B,

16.99%,

12/20/24

248

247

991423861.UG.FTS.B,

19.3%,

12/08/23

17

17

991423881.UG.FTS.B,

28.98%,

12/09/24

30

30

991424182.UG.FTS.B,

29.49%,

12/09/24

301

296

991424465.UG.FTS.B,

29.49%,

12/12/23

1,245

1,221

991424582.UG.FTS.B,

29.49%,

12/11/24

136

134

991424598.UG.FTS.B,

29.49%,

12/08/24

320

315

991424612.UG.FTS.B,

29.49%,

12/12/24

228

224

991424738.UG.FTS.B,

29.49%,

12/07/24

61

60

991425011.UG.FTS.B,

17.99%,

12/15/24

271

279

991425034.UG.FTS.B,

28.98%,

12/11/24

1,217

1,183

991425160.UG.FTS.B,

29.49%,

12/09/23

660

649

991425383.UG.FTS.B,

19.21%,

12/17/24

266

264

991425414.UG.FTS.B,

28.98%,

12/13/24

178

176

991425673.UG.FTS.B,

28.98%,

12/09/24

415

409

991425901.UG.FTS.B,

17.99%,

12/19/24

30

30

991425928.UG.FTS.B,

19.46%,

12/20/24

231

230

991426127.UG.FTS.B,

21.98%,

12/17/24

249

247

991426384.UG.FTS.B,

17.99%,

12/08/24

93

94

991426474.UG.FTS.B,

29.49%,

12/11/24

443

434

*

991426546.UG.FTS.B,

29.49%,

12/08/24

108

13

991426825.UG.FTS.B,

29.49%,

12/12/24

129

126

991426866.UG.FTS.B,

29.49%,

12/12/23

566

548

991427279.UG.FTS.B,

28.48%,

12/10/23

339

334

991427325.UG.FTS.B,

29.49%,

12/12/23

20

20

991427404.UG.FTS.B,

23.95%,

12/18/24

847

837

991427426.UG.FTS.B,

20.47%,

12/20/23

2,947

2,923

991427457.UG.FTS.B,

16.99%,

12/17/24

176

175

991427458.UG.FTS.B,

29.49%,

12/09/23

53

52

991427835.UG.FTS.B,

22.47%,

12/15/23

42

43

991427865.UG.FTS.B,

19.96%,

12/15/23

831

850

991427889.UG.FTS.B,

29.49%,

12/11/24

188

184

991427925.UG.FTS.B,

27.99%,

12/10/23

84

83

991427948.UG.FTS.B,

29.49%,

12/13/23

35

34

991428225.UG.FTS.B,

28.98%,

12/08/24

176

174

991428424.UG.FTS.B,

28.98%,

12/12/24

520

512

991428519.UG.FTS.B,

29.49%,

12/13/23

161

158

991428521.UG.FTS.B,

29.49%,

12/12/24

78

77

991428638.UG.FTS.B,

19.8%,

12/21/24

71

70

991428703.UG.FTS.B,

29.49%,

12/10/23

101

99

991428744.UG.FTS.B,

29.49%,

12/10/24

111

109

991428763.UG.FTS.B,

16.99%,

12/16/24

74

73

991429054.UG.FTS.B,

18.97%,

12/18/24

49

49

991429195.UG.FTS.B,

16.99%,

12/13/24

21

21

991429379.UG.FTS.B,

15.97%,

12/09/24

93

92

991429423.UG.FTS.B,

17.47%,

12/19/23

169

168

991429687.UG.FTS.B,

16.99%,

12/06/24

96

99

991431493.UG.FTS.B,

29.49%,

12/12/24

2,641

2,596

991431521.UG.FTS.B,

29.49%,

12/08/24

31

30

991431543.UG.FTS.B,

29.49%,

12/12/23

80

79

991431700.UG.FTS.B,

29.49%,

12/10/24

327

321

991431724.UG.FTS.B,

29.49%,

12/10/23

91

89

991431727.UG.FTS.B,

29.49%,

12/10/23

26

26

991431781.UG.FTS.B,

29.49%,

12/13/23

77

75

991431872.UG.FTS.B,

28.98%,

12/10/24

69

68

991431975.UG.FTS.B,

14.98%,

12/19/24

533

529

991432095.UG.FTS.B,

21.48%,

12/07/23

202

199

991432141.UG.FTS.B,

29.49%,

12/11/24

60

60

991432271.UG.FTS.B,

29.49%,

12/12/23

157

154

991432301.UG.FTS.B,

29.49%,

12/11/24

132

130

991432369.UG.FTS.B,

22.95%,

12/15/24

49

50

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

577

a

991432440.UG.FTS.B,

29.48%,

12/13/24

252

247

991432644.UG.FTS.B,

17.49%,

12/20/23

185

184

991433211.UG.FTS.B,

15%,

12/16/24

97

97

991433523.UG.FTS.B,

17.99%,

12/09/24

1,061

1,053

991433616.UG.FTS.B,

20.96%,

12/19/23

134

133

991433855.UG.FTS.B,

28.98%,

12/07/24

318

313

991433950.UG.FTS.B,

29.49%,

12/08/24

124

122

991434441.UG.FTS.B,

14.97%,

12/19/24

179

178

991434684.UG.FTS.B,

28.98%,

12/12/24

1,059

1,043

991434948.UG.FTS.B,

28.48%,

12/09/23

156

153

991435003.UG.FTS.B,

17.99%,

12/08/24

-

-

991435728.UG.FTS.B,

29.49%,

12/08/23

867

848

991435822.UG.FTS.B,

22.97%,

12/12/24

35

34

991435852.UG.FTS.B,

18.97%,

12/08/24

19

19

991436278.UG.FTS.B,

19.3%,

12/13/23

6

6

*

991436506.UG.FTS.B,

20.97%,

12/17/24

176

20

991436585.UG.FTS.B,

15.97%,

12/08/24

35

35

991436725.UG.FTS.B,

21.99%,

12/20/26

190

189

991437120.UG.FTS.B,

17.99%,

12/10/24

2,929

2,905

991437221.UG.FTS.B,

21.46%,

12/17/24

1,076

1,065

991437361.UG.FTS.B,

15.47%,

12/09/23

148

147

991437838.UG.FTS.B,

17.99%,

12/19/24

7,354

7,344

991437993.UG.FTS.B,

19.8%,

12/20/24

4,909

4,902

991438111.UG.FTS.B,

17.99%,

12/13/24

117

116

991438216.UG.FTS.B,

21.98%,

12/08/24

7,754

7,658

991438242.UG.FTS.B,

15.97%,

12/21/24

392

392

991438264.UG.FTS.B,

29.49%,

12/12/23

367

359

991438351.UG.FTS.B,

28.98%,

12/13/24

984

969

991438530.UG.FTS.B,

19.21%,

12/12/24

391

387

991438550.UG.FTS.B,

18.97%,

12/12/24

1,466

1,454

991438831.UG.FTS.B,

15%,

12/19/24

5,874

5,867

991438848.UG.FTS.B,

16.99%,

12/17/24

6,447

6,415

991438861.UG.FTS.B,

19.21%,

12/13/24

1,112

1,109

991438897.UG.FTS.B,

17.47%,

12/13/23

185

183

991438900.UG.FTS.B,

29.49%,

12/10/23

370

362

991438965.UG.FTS.B,

29.49%,

12/09/23

482

471

991439089.UG.FTS.B,

29.49%,

12/11/23

221

216

991439286.UG.FTS.B,

22.47%,

12/21/23

145

145

991439324.UG.FTS.B,

28.98%,

12/12/24

686

675

991439506.UG.FTS.B,

29.49%,

12/13/24

977

959

991439596.UG.FTS.B,

22.47%,

12/09/23

530

524

991440099.UG.FTS.B,

19.3%,

12/13/23

1,929

1,911

991440326.UG.FTS.B,

20.46%,

12/12/24

1,565

1,549

991440360.UG.FTS.B,

15.97%,

12/16/24

978

977

991440404.UG.FTS.B,

17.99%,

12/08/24

629

625

991440512.UG.FTS.B,

26.44%,

12/14/23

193

198

991440606.UG.FTS.B,

29.49%,

12/10/24

538

529

991440658.UG.FTS.B,

25.95%,

12/17/24

701

692

991440711.UG.FTS.B,

20.96%,

12/11/23

122

122

991440734.UG.FTS.B,

18.97%,

12/13/24

269

267

991440743.UG.FTS.B,

29.49%,

12/08/24

245

240

991440813.UG.FTS.B,

16.99%,

12/18/24

489

487

991440834.UG.FTS.B,

18.97%,

12/18/24

4,689

4,663

*

991440844.UG.FTS.B,

16.99%,

12/20/24

6,866

6,857

991441014.UG.FTS.B,

17.49%,

12/10/23

15

15

991441221.UG.FTS.B,

16.99%,

12/10/24

634

629

991441309.UG.FTS.B,

19.21%,

12/15/24

57

59

991441377.UG.FTS.B,

19.3%,

12/21/23

1

1

991441615.UG.FTS.B,

19.8%,

12/11/24

8

8

991441697.UG.FTS.B,

18.97%,

12/12/24

420

417

991441876.UG.FTS.B,

20.97%,

12/20/24

1,160

1,150

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

578

a

991442130.UG.FTS.B,

19.8%,

12/12/24

203

201

991442239.UG.FTS.B,

29.49%,

12/09/23

46

45

991442281.UG.FTS.B,

29.49%,

12/08/23

29

28

991442454.UG.FTS.B,

16.49%,

12/17/23

1,138

1,132

991442654.UG.FTS.B,

29.49%,

12/12/24

108

107

991442696.UG.FTS.B,

29.49%,

12/11/23

-

-

991442831.UG.FTS.B,

29.49%,

12/09/23

20

20

991442887.UG.FTS.B,

22.97%,

2/06/27

1

1

991443311.UG.FTS.B,

29.49%,

12/12/23

670

659

991443462.UG.FTS.B,

28.48%,

2/05/27

5

5

991443740.UG.FTS.B,

23.45%,

12/11/23

246

243

991443761.UG.FTS.B,

28.98%,

12/11/24

50

49

991443790.UG.FTS.B,

29.49%,

12/11/24

163

161

991443998.UG.FTS.B,

17.49%,

12/10/23

68

68

991444022.UG.FTS.B,

19.21%,

12/12/24

781

774

991444252.UG.FTS.B,

29.49%,

12/11/24

146

144

991444299.UG.FTS.B,

29.49%,

12/09/24

6

6

991444499.UG.FTS.B,

29.49%,

12/12/23

23

23

991444531.UG.FTS.B,

15.47%,

12/20/23

15

15

991444573.UG.FTS.B,

29.49%,

12/12/24

262

256

991444729.UG.FTS.B,

28.98%,

12/10/24

6

6

991445413.UG.FTS.B,

29.49%,

12/11/24

1,014

991

991445457.UG.FTS.B,

29.49%,

12/08/24

126

124

991445681.UG.FTS.B,

19.96%,

12/20/23

132

133

991445845.UG.FTS.B,

29.49%,

12/12/23

227

222

991446034.UG.FTS.B,

19.21%,

12/13/24

101

101

991446089.UG.FTS.B,

19.99%,

12/12/24

189

187

991446107.UG.FTS.B,

21.46%,

12/09/24

49

49

991446181.UG.FTS.B,

29.49%,

12/09/24

36

35

991446289.UG.FTS.B,

15.97%,

12/19/24

731

730

991446493.UG.FTS.B,

18.97%,

12/08/24

59

59

991446528.UG.FTS.B,

21.98%,

12/18/24

24

24

991446545.UG.FTS.B,

19.96%,

12/11/23

92

92

991446589.UG.FTS.B,

21.98%,

12/11/24

31

30

991447451.UG.FTS.B,

18.97%,

12/17/24

97

96

991447468.UG.FTS.B,

23.95%,

12/12/24

1,467

1,447

991447470.UG.FTS.B,

17.99%,

12/15/24

489

503

991447659.UG.FTS.B,

17.99%,

12/15/24

4,891

5,030

991447662.UG.FTS.B,

15.97%,

12/12/24

1,172

1,163

991447683.UG.FTS.B,

20.46%,

12/20/24

687

686

991447716.UG.FTS.B,

29.49%,

12/11/23

362

356

991447793.UG.FTS.B,

14.98%,

12/11/24

878

871

991447864.UG.FTS.B,

21.46%,

12/20/24

246

244

991448015.UG.FTS.B,

19.96%,

12/21/23

907

900

991448119.UG.FTS.B,

26.94%,

12/20/24

177

177

991448152.UG.FTS.B,

22.45%,

12/15/23

268

274

991448328.UG.FTS.B,

20.46%,

12/13/24

1,064

1,067

991448392.UG.FTS.B,

29.49%,

12/13/24

67

66

991448451.UG.FTS.B,

28.98%,

12/09/24

218

214

991448475.UG.FTS.B,

17.99%,

12/10/24

585

581

991448481.UG.FTS.B,

28.98%,

12/10/24

440

433

991448491.UG.FTS.B,

23.45%,

12/08/23

385

380

991448530.UG.FTS.B,

28.98%,

12/13/24

97

96

991448540.UG.FTS.B,

15.47%,

12/11/23

866

860

991448673.UG.FTS.B,

21.46%,

12/18/24

3,148

3,117

991448680.UG.FTS.B,

16.99%,

12/15/24

235

242

991448782.UG.FTS.B,

28.98%,

12/12/24

388

382

991448905.UG.FTS.B,

29.49%,

12/09/23

963

947

991449076.UG.FTS.B,

29.49%,

12/13/23

580

562

991449088.UG.FTS.B,

29.49%,

12/13/23

49

48

991449126.UG.FTS.B,

29.49%,

12/09/24

567

560

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

579

a

991449152.UG.FTS.B,

29.49%,

12/13/23

72

71

991449164.UG.FTS.B,

18.98%,

12/12/26

198

195

991449168.UG.FTS.B,

16.49%,

12/16/23

338

335

991449415.UG.FTS.B,

23.45%,

12/13/23

19

19

991449461.UG.FTS.B,

14.98%,

12/20/24

72

72

991449829.UG.FTS.B,

15.97%,

12/18/24

813

808

991450228.UG.FTS.B,

16.49%,

12/21/23

191

190

991450708.UG.FTS.B,

14.98%,

12/16/24

649

645

991451258.UG.FTS.B,

19.3%,

12/21/23

641

636

991451584.UG.FTS.B,

18.97%,

12/17/24

1,023

1,016

991451736.UG.FTS.B,

19.8%,

12/13/24

1,626

1,668

991452932.UG.FTS.B,

25.45%,

12/18/23

56

56

991453307.UG.FTS.B,

15.97%,

12/09/24

4,655

4,621

991453515.UG.FTS.B,

17.99%,

12/11/24

103

102

991453536.UG.FTS.B,

29.49%,

12/10/24

160

158

991454147.UG.FTS.B,

20.46%,

12/19/24

179

178

991454428.UG.FTS.B,

19.8%,

12/21/24

1,889

1,877

991454430.UG.FTS.B,

22.97%,

12/20/24

33

33

991454535.UG.FTS.B,

20.46%,

12/15/24

514

527

991454608.UG.FTS.B,

21.98%,

12/19/24

1,068

1,060

991455137.UG.FTS.B,

29.49%,

12/13/24

1,714

1,675

991455162.UG.FTS.B,

28.98%,

12/11/24

11

11

991455291.UG.FTS.B,

29.49%,

12/12/24

21

21

991455309.UG.FTS.B,

17.99%,

12/20/24

295

293

991455523.UG.FTS.B,

17.99%,

12/16/24

312

310

991455537.UG.FTS.B,

15.97%,

12/09/24

131

130

991455918.UG.FTS.B,

29.49%,

12/13/24

783

769

991456024.UG.FTS.B,

29.49%,

12/11/23

179

176

991457206.UG.FTS.B,

15.97%,

12/20/24

1,469

1,467

991457248.UG.FTS.B,

16.99%,

12/21/24

147

146

991457293.UG.FTS.B,

22.47%,

12/15/23

193

198

991458324.UG.FTS.B,

16.99%,

12/20/24

767

766

991459030.UG.FTS.B,

21.46%,

12/21/24

1,793

1,790

991459249.UG.FTS.B,

25.95%,

12/15/24

461

471

991459552.UG.FTS.B,

16.99%,

12/17/24

154

153

991459556.UG.FTS.B,

17.49%,

12/16/23

301

299

991459870.UG.FTS.B,

15.97%,

12/18/24

51

51

991460963.UG.FTS.B,

18.97%,

12/19/24

1,083

1,076

991461435.UG.FTS.B,

17.49%,

12/16/23

98

98

991461565.UG.FTS.B,

23.95%,

12/15/24

42

43

991462169.UG.FTS.B,

18.47%,

12/20/23

102

102

991462514.UG.FTS.B,

19.8%,

12/21/24

244

146

991463103.UG.FTS.B,

19.21%,

12/19/24

362

359

991463713.UG.FTS.B,

15.97%,

12/20/24

816

811

991464314.UG.FTS.B,

15%,

12/10/24

346

343

991464460.UG.FTS.B,

17.97%,

12/16/24

230

228

991464675.UG.FTS.B,

17.99%,

12/19/24

97

96

991465503.UG.FTS.B,

22.97%,

12/19/24

246

246

991465738.UG.FTS.B,

20.46%,

12/19/24

294

294

991465779.UG.FTS.B,

15.97%,

12/17/24

489

486

991466178.UG.FTS.B,

18.3%,

12/15/23

6

6

991467528.UG.FTS.B,

15.99%,

12/14/26

582

597

991467590.UG.FTS.B,

17.49%,

12/19/23

172

171

*

991467666.UG.FTS.B,

22.97%,

12/19/24

166

163

991468736.UG.FTS.B,

20.47%,

12/19/23

112

111

991469109.UG.FTS.B,

18.98%,

12/15/26

883

875

991469894.UG.FTS.B,

17.99%,

12/19/24

421

418

*

991470281.UG.FTS.B,

15.97%,

12/18/24

341

60

*

991470333.UG.FTS.B,

19.8%,

12/20/24

22

4

991470545.UG.FTS.B,

17.49%,

12/18/23

808

809

991471096.UG.FTS.B,

16.99%,

12/21/24

16,633

16,529

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

580

a

991471407.UG.FTS.B,

15.97%,

12/17/24

169

168

991471788.UG.FTS.B,

14.98%,

12/18/24

546

542

991472171.UG.FTS.B,

18.97%,

12/21/24

489

488

*

991472819.UG.FTS.B,

17.99%,

12/17/24

1,000

180

991473251.UG.FTS.B,

14.48%,

12/19/23

222

220

991473499.UG.FTS.B,

17.99%,

12/17/24

342

340

991473570.UG.FTS.B,

15%,

12/17/24

536

533

*

991474429.UG.FTS.B,

22.47%,

12/15/23

600

130

991474590.UG.FTS.B,

15.97%,

12/15/24

262

269

991476329.UG.FTS.B,

16.99%,

12/20/24

15

15

*

991476383.UG.FTS.B,

15%,

12/15/24

24

10

991477405.UG.FTS.B,

19.21%,

12/20/24

486

483

991477839.UG.FTS.B,

22.97%,

12/17/24

2,359

2,334

991478164.UG.FTS.B,

15%,

12/20/24

70

70

991478169.UG.FTS.B,

17.99%,

12/18/24

6,354

6,312

991478310.UG.FTS.B,

14.98%,

12/16/24

292

290

991478996.UG.FTS.B,

16.99%,

12/15/24

14

15

991480124.UG.FTS.B,

15.97%,

12/21/24

42

42

*

991480986.UG.FTS.B,

21.46%,

12/17/24

50

16

991480996.UG.FTS.B,

14.98%,

12/13/24

35

36

991481165.UG.FTS.B,

22.97%,

12/14/24

1,693

1,733

991481298.UG.FTS.B,

15.97%,

12/15/24

260

258

991481444.UG.FTS.B,

20.46%,

12/16/24

78

78

991481672.UG.FTS.B,

16.99%,

12/16/24

544

540

991482107.UG.FTS.B,

19.8%,

12/19/24

215

213

991482563.UG.FTS.B,

17.49%,

12/14/23

84

86

991483241.UG.FTS.B,

23.45%,

12/16/23

105

104

991483634.UG.FTS.B,

21.98%,

12/17/24

12

12

991483798.UG.FTS.B,

15.47%,

12/20/23

1,571

1,563

991484015.UG.FTS.B,

19.3%,

12/20/23

170

169

991484132.UG.FTS.B,

15.97%,

12/15/24

3,462

3,440

991484317.UG.FTS.B,

15.97%,

12/19/24

1

1

991484626.UG.FTS.B,

19.21%,

12/15/24

3,024

3,103

991484651.UG.FTS.B,

16.99%,

12/21/24

829

824

991486110.UG.FTS.B,

21.98%,

12/20/24

346

342

991486306.UG.FTS.B,

20.46%,

12/19/24

658

653

991486964.UG.FTS.B,

15.97%,

12/14/24

33

33

991488102.UG.FTS.B,

20.46%,

12/17/24

843

836

991488666.UG.FTS.B,

20.97%,

12/19/24

76

75

991489034.UG.FTS.B,

21.99%,

12/15/26

338

333

991489325.UG.FTS.B,

16.99%,

12/19/24

163

162

991490644.UG.FTS.B,

19.8%,

12/19/24

172

170

991490847.UG.FTS.B,

17.99%,

12/20/24

68

68

*

991491392.UG.FTS.B,

17.99%,

1/17/27

-

-

991491511.UG.FTS.B,

15.47%,

12/19/23

47

47

991491868.UG.FTS.B,

14.48%,

12/15/23

38

38

991493260.UG.FTS.B,

15.97%,

12/20/24

900

899

991493639.UG.FTS.B,

18.97%,

12/19/24

572

568

991493817.UG.FTS.B,

16.99%,

12/16/26

2,614

2,590

991493847.UG.FTS.B,

17.99%,

12/18/24

977

970

991494409.UG.FTS.B,

14.98%,

12/19/24

859

854

991494550.UG.FTS.B,

21.48%,

12/20/23

359

358

991494610.UG.FTS.B,

26.94%,

12/19/24

240

237

991495192.UG.FTS.B,

16.99%,

12/21/24

2,445

2,429

991495748.UG.FTS.B,

19.8%,

12/21/24

1,440

1,429

*

991496207.UG.FTS.B,

16.49%,

12/17/23

3,000

608

991496455.UG.FTS.B,

19.21%,

12/19/24

489

485

991496764.UG.FTS.B,

18.47%,

12/20/23

964

957

*

991497562.UG.FTS.B,

20.46%,

12/17/24

86

19

991498769.UG.FTS.B,

15.47%,

12/19/23

403

401

991499186.UG.FTS.B,

21.98%,

12/17/24

379

375

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

581

a

991499965.UG.FTS.B,

19.3%,

12/21/23

341

340

991500213.UG.FTS.B,

18.97%,

12/17/24

213

211

991500619.UG.FTS.B,

21.46%,

12/17/24

48

48

991501583.UG.FTS.B,

15%,

12/21/24

359

357

991501609.UG.FTS.B,

17.99%,

12/21/24

330

328

991502135.UG.FTS.B,

16.99%,

12/20/24

16

16

991502273.UG.FTS.B,

19.8%,

12/19/24

103

102

991504029.UG.FTS.B,

15.97%,

12/20/24

977

971

991505059.UG.FTS.B,

21.48%,

12/21/23

145

143

991505343.UG.FTS.B,

17.99%,

12/21/24

391

388

991505430.UG.FTS.B,

17.99%,

12/16/24

293

291

991507277.UG.FTS.B,

18.3%,

12/19/23

487

483

991507545.UG.FTS.B,

16.99%,

12/18/24

308

307

991509838.UG.FTS.B,

25.45%,

12/20/23

148

147

991510026.UG.FTS.B,

25.95%,

12/18/24

31

30

991510199.UG.FTS.B,

15%,

12/20/24

616

612

991510204.UG.FTS.B,

20.96%,

12/20/23

54

53

991511200.UG.FTS.B,

19.3%,

12/19/23

167

166

991511356.UG.FTS.B,

15.97%,

12/19/24

910

905

991511457.UG.FTS.B,

18.47%,

12/20/23

41

40

991512039.UG.FTS.B,

19.96%,

12/19/23

258

259

991512531.UG.FTS.B,

17.99%,

12/20/24

134

134

991513641.UG.FTS.B,

23.95%,

12/16/24

385

381

991514311.UG.FTS.B,

22.47%,

12/20/23

482

478

991514693.UG.FTS.B,

20.96%,

12/21/23

241

239

991515123.UG.FTS.B,

17.99%,

12/20/24

1,954

1,941

991515245.UG.FTS.B,

15.97%,

12/17/24

780

775

991515407.UG.FTS.B,

21.98%,

12/16/24

293

290

991515439.UG.FTS.B,

16.99%,

12/18/24

47

47

991517094.UG.FTS.B,

17.99%,

12/18/24

163

162

991517884.UG.FTS.B,

15.97%,

12/17/24

281

279

991518437.UG.FTS.B,

20.46%,

12/20/24

356

353

991519234.UG.FTS.B,

18.97%,

12/19/24

5

5

991519745.UG.FTS.B,

23.95%,

12/21/24

777

769

991520568.UG.FTS.B,

21.98%,

12/21/24

197

195

991520646.UG.FTS.B,

19.8%,

12/21/24

129

129

991521038.UG.FTS.B,

20.96%,

12/21/23

5

5

991521970.UG.FTS.B,

16.99%,

12/20/24

198

197

991523134.UG.FTS.B,

19.8%,

12/20/24

9,376

9,299

991523409.UG.FTS.B,

19.8%,

12/17/24

11,701

11,604

991523565.UG.FTS.B,

16.99%,

12/21/24

1,948

1,936

991523578.UG.FTS.B,

20.47%,

12/19/23

481

477

991523610.UG.FTS.B,

19.96%,

12/20/23

481

478

991523739.UG.FTS.B,

21.46%,

12/17/24

283

280

991525181.UG.FTS.B,

14.98%,

12/18/24

115

114

991526160.UG.FTS.B,

23.45%,

12/20/23

683

677

991526785.UG.FTS.B,

21.46%,

12/20/24

485

480

991528460.UG.FTS.B,

18.47%,

12/21/23

12

12

991529107.UG.FTS.B,

15.47%,

12/19/23

548

544

991531539.UG.FTS.B,

18.71%,

12/19/23

209

209

991533128.UG.FTS.B,

20.46%,

12/19/24

976

967

991533752.UG.FTS.B,

21.46%,

12/19/24

976

966

*

991536020.UG.FTS.B,

23.45%,

12/21/23

363

360

991536339.UG.FTS.B,

19.21%,

12/21/24

151

150

991536801.UG.FTS.B,

18.71%,

12/19/23

257

257

991536948.UG.FTS.B,

18.98%,

12/19/26

679

672

991540256.UG.FTS.B,

22.47%,

12/20/23

71

71

7,888,338

Upgrade,

Inc…................................................................

22941021.UG.FTS.B,

25.26%,

10/18/22

3,240

3,281

23041408.UG.FTS.B,

14.19%,

10/15/22

1,164

1,171

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

582

a

23437398.UG.FTS.B,

29.69%,

10/15/24

17,992

18,814

23485455.UG.FTS.B,

30.51%,

10/15/22

1,427

1,468

23489281.UG.FTS.B,

18.46%,

10/15/22

486

488

23493641.UG.FTS.B,

14.99%,

10/21/22

1,621

1,625

*

23501032.UG.FTS.B,

24.99%,

10/15/22

2,318

662

23511189.UG.FTS.B,

24.29%,

10/15/22

9,633

9,725

23525446.UG.FTS.B,

25.26%,

10/15/22

1,614

1,632

23537573.UG.FTS.B,

24.99%,

10/15/22

1,293

1,307

23543933.UG.FTS.B,

25.26%,

10/31/22

12,079

12,043

23546722.UG.FTS.B,

29.69%,

10/22/24

12,954

13,592

23552749.UG.FTS.B,

24.29%,

10/15/22

321

324

23553542.UG.FTS.B,

25.82%,

10/16/24

8,397

8,676

23553668.UG.FTS.B,

29.69%,

10/15/24

8,636

9,031

23563316.UG.FTS.B,

25.26%,

10/15/22

1,531

1,546

23569305.UG.FTS.B,

25.26%,

10/15/22

3,245

3,268

23577000.UG.FTS.B,

25.26%,

10/23/22

10,863

10,802

23578072.UG.FTS.B,

22.34%,

10/15/22

1,576

1,588

*

23588039.UG.FTS.B,

25.26%,

10/19/22

2,334

357

23593658.UG.FTS.B,

24.99%,

11/03/22

5,449

5,376

23594637.UG.FTS.B,

25.26%,

10/16/22

1,577

1,576

23597552.UG.FTS.B,

25.26%,

10/17/22

3,599

3,597

23604577.UG.FTS.B,

24.99%,

10/31/22

2,508

2,523

23605056.UG.FTS.B,

25.26%,

10/16/22

324

328

*

23605321.UG.FTS.B,

25.26%,

10/16/22

4,132

4,155

23620002.UG.FTS.B,

21.38%,

10/28/22

7,809

7,895

23630190.UG.FTS.B,

25.26%,

10/17/22

326

329

23635348.UG.FTS.B,

24.99%,

10/18/22

1,117

1,121

*

23645045.UG.FTS.B,

25.26%,

10/17/22

1,171

178

23649728.UG.FTS.B,

23.3%,

11/01/22

897

896

23651998.UG.FTS.B,

25.26%,

10/18/22

1,945

1,969

23653441.UG.FTS.B,

24.29%,

10/22/22

1,124

1,137

23657799.UG.FTS.B,

25.75%,

10/18/22

325

329

23667406.UG.FTS.B,

25.26%,

10/23/22

1,620

1,643

23667875.UG.FTS.B,

25.26%,

10/31/22

2,901

2,925

*

23672006.UG.FTS.B,

24.29%,

10/22/22

424

37

23675028.UG.FTS.B,

18.46%,

10/23/22

3,036

3,057

23677681.UG.FTS.B,

25.26%,

11/27/22

3,920

3,880

23680847.UG.FTS.B,

25.26%,

10/18/22

3,240

3,281

23691875.UG.FTS.B,

25.26%,

10/23/22

1,944

1,972

23694113.UG.FTS.B,

25.26%,

10/22/22

324

329

23708474.UG.FTS.B,

24.99%,

10/23/22

2,909

2,949

23713109.UG.FTS.B,

14.29%,

10/23/22

291

293

23717152.UG.FTS.B,

15.12%,

10/23/24

19,223

19,710

*

23722058.UG.FTS.B,

24.29%,

10/27/22

4,799

4,798

23724438.UG.FTS.B,

24.99%,

10/21/22

1,616

1,637

*

23725003.UG.FTS.B,

25.26%,

10/21/22

1,649

1,663

23725850.UG.FTS.B,

25.26%,

10/31/22

7,363

7,375

23730056.UG.FTS.B,

21.38%,

10/22/22

10,932

11,034

*

23730847.UG.FTS.B,

25.26%,

10/21/22

545

549

*

23731128.UG.FTS.B,

14.29%,

10/21/22

1,759

251

23738963.UG.FTS.B,

25.26%,

11/01/22

891

895

23740055.UG.FTS.B,

24.99%,

10/21/22

2,586

2,619

23743020.UG.FTS.B,

25.26%,

11/02/22

1,351

1,352

23746413.UG.FTS.B,

14.29%,

10/21/22

2,912

2,936

23747966.UG.FTS.B,

18.46%,

10/28/22

611

614

23751913.UG.FTS.B,

25.26%,

10/22/22

389

389

23753978.UG.FTS.B,

25.26%,

11/20/22

4,837

4,831

23760968.UG.FTS.B,

25.26%,

10/22/22

859

869

23767655.UG.FTS.B,

25.26%,

10/22/22

3,240

3,286

23769541.UG.FTS.B,

25.26%,

10/23/22

389

394

23774366.UG.FTS.B,

25.26%,

10/30/22

856

868

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

583

a

*

23782613.UG.FTS.B,

25.26%,

10/22/22

6,680

632

23782933.UG.FTS.B,

25.26%,

10/23/22

2,261

2,294

23784970.UG.FTS.B,

25.26%,

10/25/22

2,268

2,302

23793303.UG.FTS.B,

27.74%,

10/22/24

16,151

16,383

23798311.UG.FTS.B,

23.3%,

10/23/22

1,591

1,607

23804584.UG.FTS.B,

25.26%,

10/23/22

1,789

1,804

*

23806327.UG.FTS.B,

25.26%,

11/04/22

382

119

*

23816048.UG.FTS.B,

Zero

Cpn.,

10/25/22

3,438

264

23816823.UG.FTS.B,

25.82%,

10/24/24

10,496

10,874

23832122.UG.FTS.B,

25.26%,

10/24/22

8,106

8,189

23833392.UG.FTS.B,

25.26%,

10/24/22

972

986

*

23843578.UG.FTS.B,

25.26%,

10/24/22

954

958

*

23852798.UG.FTS.B,

25.26%,

11/04/22

1,954

612

23853633.UG.FTS.B,

22.34%,

11/01/22

1,807

1,803

23863806.UG.FTS.B,

25.26%,

10/25/22

648

658

23865227.UG.FTS.B,

25.26%,

11/14/22

9,087

9,137

24174311.UG.FTS.B,

29.69%,

11/05/24

24,220

22,905

24177734.UG.FTS.B,

25.26%,

11/18/22

5,525

5,584

*

24186916.UG.FTS.B,

16.89%,

11/07/22

1,081

338

*

24195480.UG.FTS.B,

25.26%,

11/06/22

480

(11)

24201399.UG.FTS.B,

25.26%,

11/06/22

357

358

24226485.UG.FTS.B,

23.3%,

11/04/22

197

195

24237195.UG.FTS.B,

30.51%,

11/07/22

3,504

3,084

24254603.UG.FTS.B,

25.26%,

11/07/22

1,245

1,250

24254995.UG.FTS.B,

29.69%,

11/14/24

18,086

17,605

24261903.UG.FTS.B,

29.69%,

11/15/24

21,124

21,264

*

24265697.UG.FTS.B,

25.26%,

11/08/22

9,993

3,470

24273095.UG.FTS.B,

25.26%,

11/18/22

7,128

7,205

24297139.UG.FTS.B,

25.26%,

11/14/22

892

896

24344120.UG.FTS.B,

21.38%,

11/12/22

1,471

1,466

24350035.UG.FTS.B,

28.99%,

12/10/24

10,044

10,399

*

24380471.UG.FTS.B,

25.26%,

11/13/22

3,563

515

24382106.UG.FTS.B,

25.26%,

11/28/22

9,803

9,825

24385036.UG.FTS.B,

25.26%,

11/15/22

3,256

3,287

24398576.UG.FTS.B,

15.99%,

11/13/24

13,225

13,578

24414523.UG.FTS.B,

28.71%,

1/15/25

11,865

11,500

*

24451345.UG.FTS.B,

25.82%,

12/31/24

15,503

15,747

24463019.UG.FTS.B,

22.34%,

11/28/22

3,550

3,572

24485661.UG.FTS.B,

29.69%,

11/18/24

20,927

21,094

24500475.UG.FTS.B,

25.26%,

11/18/22

2,791

2,812

*

24502591.UG.FTS.B,

21.38%,

11/30/22

4,656

(7)

24541142.UG.FTS.B,

25.26%,

11/19/22

428

432

24551422.UG.FTS.B,

25.26%,

12/03/22

3,237

3,235

24556463.UG.FTS.B,

24.99%,

12/05/22

3,872

3,885

24557481.UG.FTS.B,

25.26%,

11/21/22

1,793

1,807

24557579.UG.FTS.B,

26.77%,

11/19/24

13,024

13,126

24561375.UG.FTS.B,

25.26%,

11/19/22

5,346

5,406

24596272.UG.FTS.B,

29.69%,

12/04/24

25,988

25,828

24598359.UG.FTS.B,

25.26%,

11/25/22

1,084

1,094

24603049.UG.FTS.B,

23.3%,

11/20/22

350

353

24614060.UG.FTS.B,

25.26%,

11/26/22

1,196

1,208

24631334.UG.FTS.B,

29.69%,

11/21/24

18,378

19,131

24647910.UG.FTS.B,

22.34%,

11/25/22

3,471

3,501

24672526.UG.FTS.B,

29.69%,

12/11/24

22,425

23,163

24677388.UG.FTS.B,

29.69%,

11/27/24

9,854

10,075

24679045.UG.FTS.B,

23.3%,

11/22/22

10,491

10,579

24682587.UG.FTS.B,

25.26%,

11/25/22

2,139

2,167

*

24697392.UG.FTS.B,

25.26%,

11/25/22

777

792

24702305.UG.FTS.B,

19.99%,

11/25/22

1,696

1,707

24757863.UG.FTS.B,

24.99%,

11/11/22

3,463

3,487

24762956.UG.FTS.B,

25.26%,

12/15/22

3,902

3,915

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

584

a

24767095.UG.FTS.B,

25.26%,

12/04/22

689

689

24773171.UG.FTS.B,

23.3%,

11/29/22

8,768

8,826

24783965.UG.FTS.B,

25.26%,

11/26/22

357

361

*

24789598.UG.FTS.B,

25.26%,

11/27/22

9,765

9,836

24806209.UG.FTS.B,

24.99%,

12/03/22

6,063

5,946

24817129.UG.FTS.B,

25.26%,

12/02/22

1,165

1,168

24861750.UG.FTS.B,

25.26%,

12/02/22

388

389

24864814.UG.FTS.B,

29.69%,

12/09/24

22,687

23,459

24869155.UG.FTS.B,

21.38%,

12/04/22

1,126

1,127

24869174.UG.FTS.B,

24.29%,

12/02/22

770

771

24909623.UG.FTS.B,

27.74%,

12/02/24

25,826

26,507

*

24921011.UG.FTS.B,

24.99%,

12/03/22

10,105

856

24924105.UG.FTS.B,

22.34%,

12/01/22

3,391

3,391

24945411.UG.FTS.B,

19.99%,

12/06/22

927

927

24950608.UG.FTS.B,

29.69%,

12/04/24

27,430

26,430

*

24953277.UG.FTS.B,

30.12%,

12/05/22

439

133

24956265.UG.FTS.B,

24.99%,

12/04/22

2,323

2,331

24958533.UG.FTS.B,

24.29%,

12/04/22

1,155

1,157

24959142.UG.FTS.B,

29.69%,

12/15/24

17,238

17,165

25004891.UG.FTS.B,

25.26%,

12/12/22

1,359

1,367

25010663.UG.FTS.B,

24.99%,

12/16/22

774

780

*

25016177.UG.FTS.B,

25.26%,

12/06/22

839

252

25016399.UG.FTS.B,

24.29%,

12/10/22

1,218

1,211

25017577.UG.FTS.B,

25.26%,

12/16/22

788

791

25019431.UG.FTS.B,

30.51%,

12/06/22

1,219

1,247

25021464.UG.FTS.B,

19.99%,

12/09/22

2,642

2,624

*

25021851.UG.FTS.B,

Zero

Cpn.,

12/12/22

8,083

621

25024829.UG.FTS.B,

25.26%,

12/24/22

6,229

6,265

*

25058875.UG.FTS.B,

25.26%,

12/18/22

1,695

154

*

25075344.UG.FTS.B,

24.29%,

12/10/22

9,224

705

25082597.UG.FTS.B,

24.29%,

12/11/22

6,206

6,212

25083869.UG.FTS.B,

19.99%,

12/14/22

2,045

2,043

25087726.UG.FTS.B,

25.26%,

12/10/22

1,195

1,198

25141055.UG.FTS.B,

25.26%,

12/11/22

10,274

10,198

25157726.UG.FTS.B,

25.26%,

12/13/22

1,941

1,953

25179690.UG.FTS.B,

25.26%,

12/12/22

779

780

*

25212470.UG.FTS.B,

24.29%,

12/23/22

11,403

1,707

25223499.UG.FTS.B,

25.26%,

12/18/22

1,918

1,934

25237402.UG.FTS.B,

29.69%,

12/21/24

19,713

19,690

*

25246775.UG.FTS.B,

25.26%,

12/18/22

425

427

25276940.UG.FTS.B,

19.99%,

12/17/22

6,772

6,778

25296798.UG.FTS.B,

25.75%,

12/18/22

577

576

*

25312483.UG.FTS.B,

29.69%,

12/18/24

12,753

12,780

25320800.UG.FTS.B,

24.29%,

12/17/22

385

387

25338572.UG.FTS.B,

30.51%,

12/17/22

2,857

2,944

25340125.UG.FTS.B,

25.26%,

12/18/22

388

391

25347475.UG.FTS.B,

25.26%,

12/20/22

4,658

4,701

25350265.UG.FTS.B,

25.26%,

12/17/22

3,105

3,131

*

25360219.UG.FTS.B,

25.26%,

12/18/22

409

61

25367605.UG.FTS.B,

25.82%,

12/18/24

24,159

24,783

*

25392723.UG.FTS.B,

25.26%,

12/31/22

5,257

5,146

25395786.UG.FTS.B,

25.26%,

12/30/22

2,614

2,622

25406339.UG.FTS.B,

30.12%,

12/20/22

404

416

25417054.UG.FTS.B,

24.99%,

12/20/22

2,323

2,344

25418308.UG.FTS.B,

25.26%,

12/23/22

1,342

1,352

25438817.UG.FTS.B,

23.3%,

12/20/22

572

576

25466421.UG.FTS.B,

30.51%,

12/23/22

406

421

25467845.UG.FTS.B,

25.26%,

12/26/22

1,242

1,256

25468327.UG.FTS.B,

22.34%,

3/08/23

19,186

18,327

25472752.UG.FTS.B,

25.26%,

12/23/22

388

392

25472785.UG.FTS.B,

30.12%,

12/23/22

619

632

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

585

a

25481004.UG.FTS.B,

19.99%,

12/23/22

741

745

25485430.UG.FTS.B,

30.51%,

12/26/22

3,245

3,373

25507319.UG.FTS.B,

25.26%,

12/24/22

388

392

25513881.UG.FTS.B,

25.26%,

12/24/22

299

301

25514664.UG.FTS.B,

30.51%,

1/01/23

446

456

25515345.UG.FTS.B,

25.26%,

12/24/22

4,104

4,104

25516664.UG.FTS.B,

25.26%,

1/02/23

839

839

25517486.UG.FTS.B,

24.29%,

12/24/22

3,080

3,107

25521488.UG.FTS.B,

30.51%,

12/24/22

608

632

25561004.UG.FTS.B,

25.26%,

12/27/22

8,077

8,137

25572365.UG.FTS.B,

25.26%,

1/02/23

416

414

25578705.UG.FTS.B,

30.51%,

12/27/22

1,487

1,524

25598205.UG.FTS.B,

25.26%,

1/07/23

419

420

25610639.UG.FTS.B,

25.26%,

1/15/23

420

420

25621764.UG.FTS.B,

24.29%,

12/30/22

770

778

25640455.UG.FTS.B,

29.69%,

12/30/24

11,208

11,728

*

25654232.UG.FTS.B,

25.26%,

1/06/23

537

(13)

25657936.UG.FTS.B,

22.34%,

12/30/22

373

376

25664098.UG.FTS.B,

25.26%,

1/02/23

10,480

10,483

25668884.UG.FTS.B,

25.26%,

12/31/22

838

838

25670552.UG.FTS.B,

23.3%,

12/31/22

6,181

6,172

*

25688752.UG.FTS.B,

24.29%,

1/07/23

1,352

1,081

*

25697683.UG.FTS.B,

25.26%,

1/02/23

450

126

25698153.UG.FTS.B,

28.71%,

1/15/25

11,608

11,915

25708036.UG.FTS.B,

29.69%,

1/20/25

23,601

18,965

25713774.UG.FTS.B,

30.51%,

1/02/23

654

671

25718462.UG.FTS.B,

14.99%,

1/03/23

768

766

25743155.UG.FTS.B,

25.26%,

1/03/23

2,487

2,469

25750065.UG.FTS.B,

30.51%,

1/10/23

160

160

25756855.UG.FTS.B,

19.99%,

1/03/23

3,330

3,303

25759538.UG.FTS.B,

23.3%,

1/03/23

2,063

2,060

25770271.UG.FTS.B,

25.26%,

1/15/23

4,278

4,290

25776610.UG.FTS.B,

25.26%,

1/17/23

3,238

3,251

25801571.UG.FTS.B,

25.26%,

1/07/23

2,096

2,101

25805026.UG.FTS.B,

30.51%,

12/21/22

2,078

2,148

25832795.UG.FTS.B,

25.26%,

1/14/23

1,467

1,475

25843226.UG.FTS.B,

28.99%,

1/07/25

16,284

16,785

1,001,125

Upstart

Network,

Inc….....................................................

FW1410022.UP.FTS.B,

30.3%,

7/09/26

3,826

3,794

FW1410302.UP.FTS.B,

27.74%,

7/09/24

6,621

6,525

FW1410803.UP.FTS.B,

28.82%,

7/09/26

6,101

6,047

FW1410806.UP.FTS.B,

26.55%,

7/09/26

2,094

2,076

FW1410862.UP.FTS.B,

30.65%,

7/09/26

2,006

1,989

FW1410940.UP.FTS.B,

21.18%,

7/09/24

2,624

2,583

FW1583303.UP.FTS.B,

28.11%,

8/24/26

17,471

17,387

*

FW1587758.UP.FTS.B,

28.29%,

8/25/26

968

965

FW1591289.UP.FTS.B,

25.18%,

8/24/26

3,252

3,236

FW1593496.UP.FTS.B,

29.19%,

8/23/24

1,621

1,598

FW1598463.UP.FTS.B,

30.71%,

8/23/26

14,444

14,371

*

FW1601279.UP.FTS.B,

28.41%,

8/25/24

1,805

1,797

FW1603076.UP.FTS.B,

25.34%,

8/24/26

30,518

30,363

FW1603917.UP.FTS.B,

27.16%,

8/24/24

3,620

3,585

FW1604455.UP.FTS.B,

27.65%,

8/23/24

4,529

4,483

*

FW1605600.UP.FTS.B,

29.46%,

8/24/26

6,852

1,075

FW1606291.UP.FTS.B,

27.01%,

8/23/24

3,619

3,583

FW1607221.UP.FTS.B,

22.53%,

8/23/26

23,388

23,237

FW1608456.UP.FTS.B,

28.41%,

8/24/24

635

626

FW1608509.UP.FTS.B,

14.45%,

8/23/26

1,883

1,874

FW1610809.UP.FTS.B,

31.14%,

8/23/26

2,794

2,780

FW1611006.UP.FTS.B,

15.64%,

8/23/26

19,838

19,728

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

586

a

FW1611405.UP.FTS.B,

30.92%,

8/23/24

6,463

6,400

FW1611607.UP.FTS.B,

31.84%,

8/23/26

3,030

3,012

FW1611668.UP.FTS.B,

11.38%,

8/23/24

12,332

12,273

FW1611723.UP.FTS.B,

28.21%,

8/24/26

7,681

7,644

FW1611776.UP.FTS.B,

31.69%,

8/23/26

6,231

6,185

*

FW1611792.UP.FTS.B,

28.67%,

8/23/26

6,780

6,454

FW1611869.UP.FTS.B,

19.81%,

8/23/24

1,779

1,764

*

FW1611882.UP.FTS.B,

17.94%,

8/23/26

11,731

1,754

*

FW1611914.UP.FTS.B,

24.09%,

8/23/24

1,407

1,336

FW1611967.UP.FTS.B,

27.5%,

8/23/24

4,533

4,488

FW1611972.UP.FTS.B,

28.72%,

8/23/24

1,089

1,078

FW1611989.UP.FTS.B,

12.35%,

8/23/24

2,647

2,634

FW1611995.UP.FTS.B,

26.04%,

8/23/24

5,421

5,366

FW1611997.UP.FTS.B,

26.88%,

8/23/24

5,428

5,373

FW1612094.UP.FTS.B,

15.12%,

8/23/24

791

782

FW1612104.UP.FTS.B,

26.59%,

8/23/26

10,348

10,293

FW1612108.UP.FTS.B,

27.61%,

8/23/26

3,377

3,344

FW1612116.UP.FTS.B,

7.74%,

8/23/24

4,895

4,870

FW1612119.UP.FTS.B,

13.33%,

8/23/26

19,042

17,974

FW1612126.UP.FTS.B,

32.02%,

8/23/26

4,791

4,765

FW1612144.UP.FTS.B,

17.97%,

8/24/24

2,669

2,648

*

FW1612200.UP.FTS.B,

28.42%,

8/23/24

5,559

5,273

FW1612221.UP.FTS.B,

33.09%,

8/23/26

8,110

8,071

*

FW1612224.UP.FTS.B,

26.73%,

8/23/26

1,952

580

*

FW1612278.UP.FTS.B,

30.94%,

8/23/26

3,100

93

FW1612304.UP.FTS.B,

28.02%,

8/23/26

5,729

5,697

FW1612359.UP.FTS.B,

28.35%,

8/23/26

19,205

19,105

FW1612398.UP.FTS.B,

22.84%,

8/23/26

9,547

9,494

FW1612416.UP.FTS.B,

27.52%,

8/23/26

9,535

9,481

FW1612446.UP.FTS.B,

14.89%,

8/23/26

3,477

3,458

FW1612504.UP.FTS.B,

31.06%,

8/23/26

2,321

2,306

*

FW1612529.UP.FTS.B,

31.07%,

8/23/24

2,809

2,666

FW1612593.UP.FTS.B,

29.96%,

8/23/26

25,014

24,887

FW1612668.UP.FTS.B,

29.21%,

8/23/26

9,612

9,563

*

FW1612750.UP.FTS.B,

17.01%,

8/23/24

4,677

1,311

*

FW1612756.UP.FTS.B,

24.22%,

8/23/26

6,681

6,421

FW1612781.UP.FTS.B,

27.12%,

8/23/26

9,575

9,524

FW1612843.UP.FTS.B,

23.35%,

8/23/24

4,498

4,451

FW1612870.UP.FTS.B,

32.37%,

8/23/24

4,561

4,517

FW1612879.UP.FTS.B,

24.86%,

8/23/24

2,705

2,678

FW1612884.UP.FTS.B,

30.9%,

8/23/26

2,852

2,832

FW1612909.UP.FTS.B,

31.01%,

8/24/26

1,252

1,246

FW1612948.UP.FTS.B,

30.7%,

8/23/26

9,629

9,581

*

FW1612961.UP.FTS.B,

33.07%,

8/23/26

2,394

(15)

FW1612976.UP.FTS.B,

31.2%,

8/23/26

19,099

18,991

FW1613053.UP.FTS.B,

30.42%,

8/23/26

893

883

FW1613080.UP.FTS.B,

17.65%,

8/23/26

6,625

6,558

*

FW1613124.UP.FTS.B,

26.6%,

8/24/26

14,840

14,173

FW1613143.UP.FTS.B,

19.39%,

8/23/26

18,977

18,788

FW1613150.UP.FTS.B,

30.32%,

8/23/24

2,782

2,745

FW1613175.UP.FTS.B,

24.35%,

8/23/24

4,956

4,905

FW1613177.UP.FTS.B,

28.73%,

8/23/26

2,498

2,475

FW1613197.UP.FTS.B,

28.07%,

8/24/26

34,845

34,676

*

FW1613224.UP.FTS.B,

28.23%,

8/23/26

22,800

334

FW1613225.UP.FTS.B,

28.66%,

8/23/26

48,019

47,770

FW1613232.UP.FTS.B,

29.47%,

8/23/26

1,154

1,148

FW1613237.UP.FTS.B,

31.25%,

8/23/26

11,918

11,857

FW1613240.UP.FTS.B,

28.79%,

8/23/24

1,361

1,348

FW1613265.UP.FTS.B,

23.28%,

8/23/26

5,725

5,693

FW1613272.UP.FTS.B,

22.64%,

8/23/26

3,813

3,791

FW1613287.UP.FTS.B,

21.05%,

8/23/26

2,853

2,836

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

587

a

FW1613295.UP.FTS.B,

28.65%,

8/23/26

9,608

9,558

*

FW1613406.UP.FTS.B,

26.85%,

8/24/24

6,610

6,289

FW1613454.UP.FTS.B,

27.71%,

8/24/26

9,602

9,556

FW1613460.UP.FTS.B,

25.66%,

8/24/26

5,928

5,898

*

FW1613464.UP.FTS.B,

21.96%,

8/24/26

9,941

549

FW1613466.UP.FTS.B,

30.19%,

8/24/26

1,441

1,434

FW1613484.UP.FTS.B,

31.07%,

8/24/26

1,541

1,534

FW1613498.UP.FTS.B,

13.3%,

8/24/26

46,995

46,763

FW1613690.UP.FTS.B,

28.43%,

8/24/26

4,802

4,779

FW1613692.UP.FTS.B,

31.33%,

8/24/26

14,454

14,387

*

FW1613695.UP.FTS.B,

28.28%,

8/24/24

1,702

491

*

FW1613724.UP.FTS.B,

30.34%,

8/25/26

1,457

226

FW1613731.UP.FTS.B,

24.96%,

8/24/26

18,167

18,075

FW1613769.UP.FTS.B,

16.69%,

8/24/26

4,725

4,678

FW1613781.UP.FTS.B,

20.91%,

8/24/26

19,016

18,914

FW1613802.UP.FTS.B,

25.17%,

8/24/26

2,869

2,855

FW1613869.UP.FTS.B,

30.42%,

8/24/26

1,251

1,246

*

FW1613918.UP.FTS.B,

25.55%,

8/24/24

1,846

1,751

FW1613923.UP.FTS.B,

31.84%,

8/24/26

4,822

4,793

*

FW1613956.UP.FTS.B,

28.99%,

8/24/26

1,938

1,845

FW1613979.UP.FTS.B,

26.13%,

8/24/26

958

953

FW1614066.UP.FTS.B,

29.58%,

8/24/26

5,340

5,312

FW1614076.UP.FTS.B,

14.66%,

8/24/26

9,390

9,340

FW1614078.UP.FTS.B,

30.3%,

8/24/26

1,829

1,820

FW1614110.UP.FTS.B,

32.03%,

8/24/26

4,147

4,128

FW1614111.UP.FTS.B,

23.36%,

8/24/26

11,450

11,390

FW1614135.UP.FTS.B,

30.54%,

8/24/26

14,441

14,373

*

FW1614302.UP.FTS.B,

28.68%,

8/24/26

4,529

701

*

FW1614391.UP.FTS.B,

26.95%,

8/24/26

3,739

579

FW1614395.UP.FTS.B,

30.78%,

8/24/26

3,274

3,259

FW1614430.UP.FTS.B,

26.68%,

8/24/26

9,511

9,459

*

FW1614553.UP.FTS.B,

32.51%,

8/24/26

8,088

2,437

FW1614554.UP.FTS.B,

27.01%,

8/24/24

1,719

1,703

FW1614557.UP.FTS.B,

26.33%,

8/24/26

11,494

11,437

*

FW1614632.UP.FTS.B,

29.76%,

8/24/26

1,552

1,478

FW1614643.UP.FTS.B,

27.02%,

8/24/26

9,587

9,540

FW1614673.UP.FTS.B,

31.31%,

8/24/26

1,060

1,055

FW1614679.UP.FTS.B,

28.88%,

8/24/24

4,553

4,511

FW1614688.UP.FTS.B,

21.95%,

8/24/26

10,438

10,382

FW1614692.UP.FTS.B,

22.37%,

8/24/24

9,853

9,750

FW1614723.UP.FTS.B,

23.32%,

8/24/26

14,312

14,237

FW1614729.UP.FTS.B,

21.59%,

8/24/24

2,870

2,841

FW1614841.UP.FTS.B,

27.56%,

8/24/26

2,782

2,768

*

FW1614946.UP.FTS.B,

25.95%,

8/24/26

9,816

2,915

FW1614960.UP.FTS.B,

27.28%,

8/24/24

3,159

3,127

FW1614982.UP.FTS.B,

25.4%,

8/24/26

8,611

8,567

FW1614996.UP.FTS.B,

27.38%,

8/24/26

14,387

14,316

FW1615022.UP.FTS.B,

26.47%,

8/24/26

5,748

5,720

*

FW1615046.UP.FTS.B,

25.17%,

8/24/26

3,000

213

FW1615059.UP.FTS.B,

26.12%,

8/24/24

5,379

5,323

FW1615073.UP.FTS.B,

30.97%,

8/24/26

2,890

2,876

*

FW1615160.UP.FTS.B,

30.49%,

8/24/26

6,783

6,458

FW1615203.UP.FTS.B,

28.26%,

8/24/24

2,718

2,691

FW1615207.UP.FTS.B,

26.92%,

8/24/26

2,398

2,386

FW1615250.UP.FTS.B,

30.57%,

8/24/26

1,926

1,917

FW1615292.UP.FTS.B,

25.84%,

8/24/26

9,603

9,557

FW1615331.UP.FTS.B,

21.76%,

8/24/26

23,063

22,912

FW1615354.UP.FTS.B,

31.17%,

8/24/26

12,428

12,371

FW1615373.UP.FTS.B,

25.87%,

8/24/26

14,360

14,288

*

FW1615415.UP.FTS.B,

28.87%,

8/24/26

9,835

2,940

FW1615497.UP.FTS.B,

30.73%,

8/25/26

1,449

1,445

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

588

a

FW1615534.UP.FTS.B,

31.81%,

8/24/26

4,297

4,274

FW1615676.UP.FTS.B,

25.32%,

8/24/24

1,541

1,523

FW1615716.UP.FTS.B,

16.39%,

8/24/26

20,781

20,620

FW1615728.UP.FTS.B,

25.9%,

8/24/26

4,787

4,763

*

FW1615802.UP.FTS.B,

24.99%,

8/24/26

3,143

487

FW1615843.UP.FTS.B,

29.08%,

8/24/24

999

989

*

FW1615862.UP.FTS.B,

31.69%,

8/24/26

3,917

1,176

FW1615867.UP.FTS.B,

14.28%,

8/24/26

8,451

8,406

*

FW1615892.UP.FTS.B,

33.37%,

8/24/26

9,939

(95)

*

FW1615896.UP.FTS.B,

31.55%,

8/24/26

8,852

2,660

FW1615921.UP.FTS.B,

28.4%,

8/25/26

17,478

17,424

FW1615973.UP.FTS.B,

18.52%,

8/24/26

20,810

20,594

FW1616102.UP.FTS.B,

32.95%,

8/24/26

4,440

4,420

FW1616128.UP.FTS.B,

32.08%,

8/24/26

1,837

1,829

*

FW1616140.UP.FTS.B,

29.44%,

8/24/26

10,186

1,605

FW1616172.UP.FTS.B,

14.22%,

8/24/24

3,283

3,262

FW1616218.UP.FTS.B,

26.77%,

8/24/26

3,394

3,351

FW1616220.UP.FTS.B,

31.24%,

8/24/26

4,656

4,630

FW1616224.UP.FTS.B,

21.78%,

8/24/26

1,428

1,421

FW1616263.UP.FTS.B,

30.46%,

8/24/26

3,411

3,250

FW1616265.UP.FTS.B,

25.8%,

8/24/24

6,265

5,939

FW1616273.UP.FTS.B,

23.5%,

8/24/26

938

932

FW1616326.UP.FTS.B,

29.5%,

8/24/26

1,442

1,436

FW1616426.UP.FTS.B,

30.21%,

8/24/26

1,732

1,724

FW1616441.UP.FTS.B,

18.68%,

8/24/24

2,217

2,199

FW1616445.UP.FTS.B,

23.57%,

8/24/26

4,772

4,738

*

FW1616577.UP.FTS.B,

31.21%,

8/24/26

1,987

1,901

FW1616600.UP.FTS.B,

27.4%,

8/24/26

7,138

7,100

FW1616613.UP.FTS.B,

23.91%,

8/24/26

16,722

16,636

*

FW1616657.UP.FTS.B,

30.74%,

8/24/26

1,946

1,854

FW1616664.UP.FTS.B,

27.41%,

8/24/24

563

557

FW1616680.UP.FTS.B,

21.59%,

8/24/26

11,422

11,314

FW1616690.UP.FTS.B,

26.45%,

8/24/24

729

719

FW1616803.UP.FTS.B,

25.11%,

8/24/26

4,782

4,758

*

FW1616893.UP.FTS.B,

28.25%,

8/24/24

5,555

5,272

FW1616899.UP.FTS.B,

25.66%,

8/24/26

2,803

2,786

FW1616936.UP.FTS.B,

31.7%,

8/24/26

8,387

8,348

FW1616948.UP.FTS.B,

31.18%,

8/24/26

6,780

6,737

FW1617037.UP.FTS.B,

21.16%,

8/24/26

9,469

9,417

*

FW1617124.UP.FTS.B,

21.09%,

8/24/26

27,578

26,282

FW1617127.UP.FTS.B,

28.63%,

8/24/24

2,721

2,695

FW1617191.UP.FTS.B,

30.37%,

8/24/24

1,361

1,348

FW1617241.UP.FTS.B,

28.98%,

8/24/26

4,805

4,782

*

FW1617246.UP.FTS.B,

30.23%,

8/24/24

11,100

777

*

FW1617321.UP.FTS.B,

28.31%,

8/24/24

1,796

536

FW1617392.UP.FTS.B,

16.64%,

8/24/24

5,336

5,293

FW1617403.UP.FTS.B,

29.66%,

8/24/26

7,529

7,482

FW1617458.UP.FTS.B,

23.54%,

8/24/26

10,498

10,444

FW1617532.UP.FTS.B,

25.68%,

8/25/26

2,871

2,861

FW1617548.UP.FTS.B,

21.5%,

8/24/26

4,568

4,544

FW1617590.UP.FTS.B,

31.04%,

8/24/26

2,409

2,398

FW1617603.UP.FTS.B,

31.1%,

8/24/26

2,408

2,397

*

FW1617694.UP.FTS.B,

31%,

8/24/26

1,844

1,757

*

FW1617697.UP.FTS.B,

29%,

8/24/24

2,046

1,943

FW1617796.UP.FTS.B,

31.5%,

8/24/26

3,373

3,358

FW1617836.UP.FTS.B,

29.73%,

8/24/26

3,847

3,829

FW1617880.UP.FTS.B,

29.1%,

8/24/24

1,816

1,798

FW1617924.UP.FTS.B,

27.4%,

8/24/26

7,673

7,636

*

FW1617954.UP.FTS.B,

30.19%,

8/24/24

1,890

1,796

FW1617979.UP.FTS.B,

21.99%,

8/24/24

7,182

7,110

FW1617995.UP.FTS.B,

27.41%,

8/24/26

5,544

5,516

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

589

a

FW1618059.UP.FTS.B,

16.81%,

8/24/24

4,446

4,410

FW1618114.UP.FTS.B,

25.78%,

8/24/26

3,063

3,048

*

FW1618115.UP.FTS.B,

29.51%,

8/24/26

11,537

11,002

FW1618121.UP.FTS.B,

27.49%,

8/24/24

8,552

8,452

FW1618156.UP.FTS.B,

24.82%,

8/24/26

47,272

47,003

FW1618160.UP.FTS.B,

30.92%,

8/24/26

2,120

2,110

FW1618172.UP.FTS.B,

31.12%,

8/25/26

7,803

7,782

FW1618205.UP.FTS.B,

17.17%,

8/24/24

11,572

11,479

FW1618227.UP.FTS.B,

7.62%,

8/24/24

13,989

13,923

FW1618242.UP.FTS.B,

10.05%,

8/24/26

14,020

13,977

FW1618300.UP.FTS.B,

31.51%,

8/25/26

6,024

6,004

FW1618301.UP.FTS.B,

25.83%,

8/24/26

23,912

23,792

FW1618334.UP.FTS.B,

28.78%,

8/25/26

16,140

16,092

*

FW1618357.UP.FTS.B,

25.15%,

8/25/24

3,300

3,285

FW1618558.UP.FTS.B,

20.33%,

8/25/26

5,226

5,183

FW1618611.UP.FTS.B,

19.46%,

8/25/24

3,754

3,729

*

FW1618685.UP.FTS.B,

19.7%,

8/25/26

9,671

9,647

FW1618716.UP.FTS.B,

29.11%,

8/25/24

1,089

1,081

FW1618720.UP.FTS.B,

30.08%,

8/25/24

6,546

6,496

*

FW1618777.UP.FTS.B,

29.12%,

8/25/26

15,490

15,380

FW1618797.UP.FTS.B,

27.03%,

8/25/24

5,000

4,944

FW1618819.UP.FTS.B,

30.18%,

8/25/26

2,582

2,573

*

FW1618882.UP.FTS.B,

25.91%,

8/25/24

4,652

4,620

FW1619065.UP.FTS.B,

16.98%,

8/25/26

23,636

23,480

*

FW1619139.UP.FTS.B,

33.02%,

8/25/26

3,920

1,185

FW1619311.UP.FTS.B,

16.02%,

8/25/26

5,664

5,626

*

FW1619324.UP.FTS.B,

28.56%,

8/25/24

1,670

13

FW1619379.UP.FTS.B,

25.68%,

8/25/24

987

979

FW1619402.UP.FTS.B,

29.13%,

8/25/24

1,796

1,778

FW1619445.UP.FTS.B,

29.19%,

8/25/26

9,612

9,584

FW1619678.UP.FTS.B,

27.32%,

8/25/24

2,716

2,694

FW1619681.UP.FTS.B,

27.38%,

8/25/26

9,152

9,120

*

FW1619858.UP.FTS.B,

28.41%,

8/25/26

12,009

11,962

FW1619947.UP.FTS.B,

22.69%,

8/25/26

1,975

1,953

*

FW1619951.UP.FTS.B,

23.23%,

8/25/26

7,000

500

FW1620098.UP.FTS.B,

26.52%,

8/25/24

3,101

3,071

FW1620127.UP.FTS.B,

19.04%,

8/25/24

4,465

4,435

FW1620348.UP.FTS.B,

22.68%,

8/25/26

3,693

3,658

FW1620587.UP.FTS.B,

20.68%,

8/25/26

46,676

46,237

FW1620588.UP.FTS.B,

28.29%,

8/25/26

3,841

3,829

FW1620759.UP.FTS.B,

25.44%,

8/25/26

3,827

3,814

FW1620817.UP.FTS.B,

28.14%,

8/25/26

2,887

2,876

FW1620982.UP.FTS.B,

29.78%,

8/25/26

28,856

28,774

FW1621090.UP.FTS.B,

25.79%,

8/25/24

1,806

1,791

FW1690729.UP.FTS.B,

14.92%,

9/13/26

6,049

5,998

FW1690887.UP.FTS.B,

23.14%,

9/13/24

3,680

3,631

FW1694399.UP.FTS.B,

25.04%,

9/13/26

2,895

2,870

FW1694619.UP.FTS.B,

29.89%,

9/13/26

38,752

38,415

FW1695164.UP.FTS.B,

31%,

9/13/26

2,542

2,523

FW1697654.UP.FTS.B,

31.43%,

9/13/26

1,748

1,733

FW1699123.UP.FTS.B,

22.68%,

9/13/24

3,677

3,629

FW1701565.UP.FTS.B,

15.8%,

9/13/26

24,760

24,482

FW1701942.UP.FTS.B,

19.32%,

9/13/26

14,387

14,219

FW1702989.UP.FTS.B,

28.98%,

9/13/24

3,058

3,019

FW1703114.UP.FTS.B,

14.49%,

9/13/24

3,182

3,148

FW1703178.UP.FTS.B,

19.77%,

9/13/26

6,204

6,123

FW1703542.UP.FTS.B,

31.45%,

9/13/26

23,661

23,499

FW1703655.UP.FTS.B,

10.14%,

9/13/26

4,266

4,237

FW1704764.UP.FTS.B,

32.03%,

9/13/26

3,110

3,080

*

FW1704780.UP.FTS.B,

31.23%,

9/13/26

1,886

277

FW1704781.UP.FTS.B,

29.08%,

9/13/26

1,493

1,472

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

590

a

FW1704787.UP.FTS.B,

26.17%,

9/13/24

4,096

4,028

FW1704791.UP.FTS.B,

32.71%,

9/13/26

18,663

18,510

FW1704833.UP.FTS.B,

28.32%,

9/13/26

1,764

1,751

FW1704838.UP.FTS.B,

25.19%,

9/13/24

8,672

8,520

FW1704840.UP.FTS.B,

30.21%,

9/13/26

2,910

2,886

FW1704857.UP.FTS.B,

28.91%,

9/13/24

4,155

4,095

FW1704880.UP.FTS.B,

13.22%,

9/13/26

7,615

7,570

FW1704884.UP.FTS.B,

18%,

9/13/24

1,321

1,305

*

FW1704919.UP.FTS.B,

26.76%,

9/13/24

2,770

412

FW1704921.UP.FTS.B,

13.23%,

9/13/26

1,904

1,893

FW1704923.UP.FTS.B,

29.37%,

9/13/26

2,624

2,597

FW1704941.UP.FTS.B,

14.48%,

9/13/26

14,218

14,067

FW1704944.UP.FTS.B,

26.63%,

9/13/26

6,285

6,232

FW1704990.UP.FTS.B,

31.11%,

9/13/26

1,329

1,317

FW1704992.UP.FTS.B,

27.2%,

9/13/26

1,934

1,918

FW1705009.UP.FTS.B,

29.1%,

9/13/26

4,351

4,313

FW1705022.UP.FTS.B,

32.46%,

9/13/26

7,452

7,400

FW1705037.UP.FTS.B,

26.99%,

9/13/26

1,741

1,726

FW1705071.UP.FTS.B,

30.65%,

9/13/26

9,703

9,622

*

FW1705119.UP.FTS.B,

29.09%,

9/13/26

19,697

11,834

FW1705124.UP.FTS.B,

18.03%,

9/13/26

47,884

47,323

FW1705153.UP.FTS.B,

30.9%,

9/13/24

6,576

6,479

FW1705167.UP.FTS.B,

31%,

9/13/26

1,456

1,444

FW1705178.UP.FTS.B,

12.84%,

9/13/26

47,484

47,168

*

FW1705189.UP.FTS.B,

30.48%,

9/13/26

8,318

4,999

FW1705213.UP.FTS.B,

29.91%,

9/13/26

5,818

5,769

FW1705224.UP.FTS.B,

10.49%,

9/13/26

23,711

23,566

FW1705262.UP.FTS.B,

32.4%,

9/13/26

6,317

6,264

FW1705299.UP.FTS.B,

26.7%,

9/13/26

24,168

23,961

FW1705300.UP.FTS.B,

26.94%,

9/13/26

2,127

2,109

FW1705307.UP.FTS.B,

31.85%,

9/13/26

5,536

5,491

FW1705329.UP.FTS.B,

30.95%,

9/13/26

1,721

1,699

FW1705344.UP.FTS.B,

29.85%,

9/13/24

4,602

4,538

*

FW1705358.UP.FTS.B,

27.85%,

9/13/26

1,200

200

FW1705410.UP.FTS.B,

26.37%,

9/13/26

19,559

19,419

FW1705418.UP.FTS.B,

30.88%,

9/13/26

6,543

6,476

FW1705430.UP.FTS.B,

26.41%,

9/13/24

2,913

2,872

*

FW1705435.UP.FTS.B,

25%,

9/13/26

2,337

1,397

FW1705464.UP.FTS.B,

28.92%,

9/13/26

7,266

7,204

FW1705472.UP.FTS.B,

19.5%,

9/13/26

7,632

7,553

FW1705480.UP.FTS.B,

22.14%,

9/13/24

1,378

1,364

FW1705494.UP.FTS.B,

29.37%,

9/13/26

9,692

9,610

FW1705531.UP.FTS.B,

30.66%,

9/13/26

1,164

1,155

FW1705539.UP.FTS.B,

25.63%,

9/13/26

4,828

4,787

FW1705554.UP.FTS.B,

29.43%,

9/13/26

1,454

1,442

FW1705587.UP.FTS.B,

5.77%,

9/13/24

5,384

5,359

FW1705589.UP.FTS.B,

29.13%,

9/13/24

2,410

2,379

FW1705595.UP.FTS.B,

15.51%,

9/13/26

14,268

14,118

FW1705619.UP.FTS.B,

26.39%,

9/13/26

2,416

2,395

FW1705686.UP.FTS.B,

30.68%,

9/13/26

3,881

3,849

FW1705725.UP.FTS.B,

26.51%,

9/13/24

1,402

1,384

FW1705757.UP.FTS.B,

21.7%,

9/13/26

3,462

3,431

FW1705791.UP.FTS.B,

30.47%,

9/13/26

4,824

4,781

FW1705801.UP.FTS.B,

25.74%,

9/13/26

19,316

19,149

FW1705816.UP.FTS.B,

30.33%,

9/13/26

3,880

3,848

FW1705847.UP.FTS.B,

32.5%,

9/13/26

2,486

2,453

FW1705876.UP.FTS.B,

30.83%,

9/13/26

1,650

1,636

FW1705881.UP.FTS.B,

30.81%,

9/13/26

4,852

4,812

FW1705888.UP.FTS.B,

30.31%,

9/13/26

2,903

2,878

FW1705946.UP.FTS.B,

31.02%,

9/13/26

1,262

1,251

FW1705954.UP.FTS.B,

33.77%,

9/13/26

9,448

9,372

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

591

a

FW1705970.UP.FTS.B,

29.06%,

9/13/26

3,924

3,884

FW1705979.UP.FTS.B,

32.01%,

9/13/26

5,829

5,781

FW1705990.UP.FTS.B,

30.28%,

9/13/26

3,104

3,078

*

FW1706011.UP.FTS.B,

20.18%,

9/13/26

6,413

3,825

FW1706018.UP.FTS.B,

29.95%,

9/13/26

1,447

1,434

FW1706019.UP.FTS.B,

31.21%,

9/13/26

3,887

3,844

FW1706040.UP.FTS.B,

30.94%,

9/13/26

5,824

5,776

FW1706055.UP.FTS.B,

29.52%,

9/13/26

1,730

1,714

FW1706068.UP.FTS.B,

28.73%,

9/13/24

37,055

36,580

*

FW1706126.UP.FTS.B,

30.49%,

9/13/26

3,500

(29)

FW1706133.UP.FTS.B,

18.48%,

9/13/24

5,254

5,190

FW1706139.UP.FTS.B,

18.73%,

9/13/26

9,585

9,498

FW1706150.UP.FTS.B,

31.15%,

9/13/24

7,525

7,430

FW1706171.UP.FTS.B,

23.72%,

9/13/24

921

909

FW1706216.UP.FTS.B,

31.13%,

9/13/26

29,121

28,879

*

FW1706226.UP.FTS.B,

31.64%,

9/13/26

20,000

3,364

FW1706229.UP.FTS.B,

30.24%,

9/13/26

4,360

4,323

FW1706244.UP.FTS.B,

31.81%,

9/13/26

1,166

1,156

FW1706245.UP.FTS.B,

18.38%,

9/13/24

5,485

5,427

FW1706246.UP.FTS.B,

22.25%,

9/13/24

1,378

1,360

FW1706293.UP.FTS.B,

31.37%,

9/13/26

2,428

2,408

FW1706308.UP.FTS.B,

31.09%,

9/13/26

7,197

7,129

FW1706385.UP.FTS.B,

28.43%,

9/13/24

2,871

2,834

FW1706388.UP.FTS.B,

21.83%,

9/13/26

5,771

5,720

FW1706392.UP.FTS.B,

28.7%,

9/13/24

7,360

7,257

FW1706400.UP.FTS.B,

31.38%,

9/13/26

3,790

3,759

FW1706404.UP.FTS.B,

28.75%,

9/13/26

6,729

6,668

FW1706420.UP.FTS.B,

32.09%,

9/13/26

4,760

4,721

FW1706423.UP.FTS.B,

27.55%,

9/13/24

3,700

3,652

FW1706453.UP.FTS.B,

30.32%,

9/13/26

933

924

FW1706468.UP.FTS.B,

26.54%,

9/13/24

1,863

1,840

*

FW1706499.UP.FTS.B,

30.93%,

9/13/26

2,957

865

FW1706519.UP.FTS.B,

29.52%,

9/13/26

6,826

6,763

*

FW1706564.UP.FTS.B,

27.85%,

9/13/26

7,353

2,138

*

FW1706573.UP.FTS.B,

32.89%,

9/13/26

2,372

346

FW1706578.UP.FTS.B,

30.5%,

9/13/26

9,160

9,058

FW1706582.UP.FTS.B,

31.84%,

9/13/26

2,615

2,592

FW1706595.UP.FTS.B,

30.73%,

9/13/26

4,853

4,812

FW1706597.UP.FTS.B,

31.11%,

9/13/26

1,844

1,829

FW1706600.UP.FTS.B,

28.17%,

9/13/26

7,745

7,679

FW1706656.UP.FTS.B,

29.5%,

9/13/26

1,939

1,922

FW1706713.UP.FTS.B,

30.93%,

9/13/26

5,629

5,582

FW1706756.UP.FTS.B,

30.97%,

9/13/26

1,354

1,334

FW1706809.UP.FTS.B,

18.19%,

9/13/26

16,666

16,512

FW1706840.UP.FTS.B,

26.82%,

9/13/26

34,910

34,619

FW1706882.UP.FTS.B,

17.33%,

9/13/26

4,405

4,365

FW1706907.UP.FTS.B,

30.87%,

9/13/26

1,747

1,732

FW1706938.UP.FTS.B,

31.73%,

9/13/26

1,651

1,637

FW1706959.UP.FTS.B,

28.41%,

9/13/24

1,852

1,828

*

FW1706968.UP.FTS.B,

30.72%,

9/13/26

1,100

(10)

FW1706995.UP.FTS.B,

24.61%,

9/13/26

9,647

9,563

FW1707010.UP.FTS.B,

29.12%,

9/13/26

12,193

12,086

FW1707042.UP.FTS.B,

16.94%,

9/13/26

13,277

13,137

*

FW1845428.UP.FTS.B,

22.68%,

10/19/26

10,799

774

FW1862190.UP.FTS.B,

27.8%,

10/19/26

19,042

18,942

FW1864993.UP.FTS.B,

24.55%,

10/19/24

7,522

7,445

FW1866351.UP.FTS.B,

22.85%,

10/19/26

2,432

2,418

FW1871822.UP.FTS.B,

30.64%,

10/19/26

9,784

9,735

FW1872454.UP.FTS.B,

29.14%,

10/19/26

1,075

1,070

FW1872886.UP.FTS.B,

29.7%,

10/19/26

3,911

3,891

FW1873483.UP.FTS.B,

27.95%,

10/19/24

1,323

1,312

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

592

a

FW1874803.UP.FTS.B,

29.23%,

10/19/24

2,600

2,572

*

FW1874930.UP.FTS.B,

31.86%,

10/19/26

6,657

6,355

FW1875013.UP.FTS.B,

22.78%,

10/19/26

8,754

8,705

*

FW1875588.UP.FTS.B,

30.73%,

10/19/26

1,900

287

*

FW1875600.UP.FTS.B,

28.18%,

10/19/26

8,537

8,146

FW1875628.UP.FTS.B,

28.54%,

10/19/26

1,270

1,261

FW1875773.UP.FTS.B,

28.85%,

10/19/24

6,476

6,410

FW1875831.UP.FTS.B,

25.28%,

10/19/26

2,949

2,808

FW1875989.UP.FTS.B,

31.19%,

10/19/26

5,873

5,844

FW1876195.UP.FTS.B,

31.18%,

10/19/26

2,447

2,435

FW1876257.UP.FTS.B,

26.65%,

10/19/26

4,919

4,683

FW1876338.UP.FTS.B,

17.58%,

10/19/26

3,486

3,465

FW1876400.UP.FTS.B,

27.05%,

10/19/26

5,856

5,825

FW1876421.UP.FTS.B,

26.08%,

10/19/26

5,386

5,358

FW1876491.UP.FTS.B,

30.62%,

10/19/26

6,360

6,328

FW1876495.UP.FTS.B,

31.7%,

10/19/26

6,266

6,236

FW1876497.UP.FTS.B,

31.41%,

10/19/26

3,328

3,312

FW1876515.UP.FTS.B,

31.37%,

10/19/26

3,133

3,117

FW1876616.UP.FTS.B,

20.92%,

10/19/26

1,165

1,157

FW1876639.UP.FTS.B,

25.42%,

10/19/24

1,321

1,312

FW1876658.UP.FTS.B,

27.58%,

10/19/26

3,417

3,399

FW1876668.UP.FTS.B,

27%,

10/19/26

28,497

28,346

FW1876680.UP.FTS.B,

30.74%,

10/19/26

3,200

3,084

FW1876692.UP.FTS.B,

32.21%,

10/19/26

9,109

9,064

FW1876728.UP.FTS.B,

23.57%,

10/19/26

14,419

14,319

FW1876731.UP.FTS.B,

30.12%,

10/19/26

3,423

3,406

FW1876795.UP.FTS.B,

29.56%,

10/19/26

3,129

3,113

FW1876796.UP.FTS.B,

29.31%,

10/19/26

19,699

18,763

FW1876805.UP.FTS.B,

20.67%,

10/19/24

939

932

FW1876886.UP.FTS.B,

31.18%,

10/19/26

2,741

2,727

FW1876930.UP.FTS.B,

28.99%,

10/19/26

12,072

11,999

FW1876979.UP.FTS.B,

30.26%,

10/19/26

2,935

2,920

FW1877034.UP.FTS.B,

30.62%,

10/19/26

7,639

7,589

FW1877068.UP.FTS.B,

20.9%,

10/19/26

12,567

12,484

*

FW1877084.UP.FTS.B,

27.19%,

10/19/26

4,973

1,473

FW1877099.UP.FTS.B,

30.81%,

10/19/26

1,566

1,558

*

FW1877135.UP.FTS.B,

30.93%,

10/19/26

1,500

255

FW1877169.UP.FTS.B,

26.6%,

10/19/24

1,682

1,623

FW1877173.UP.FTS.B,

27.96%,

10/19/26

9,766

9,715

FW1877179.UP.FTS.B,

24.14%,

10/19/26

19,367

19,242

FW1877218.UP.FTS.B,

28.56%,

10/19/26

9,846

9,377

FW1877220.UP.FTS.B,

29.16%,

10/19/24

1,543

1,467

FW1877226.UP.FTS.B,

19.27%,

10/19/26

12,608

12,533

FW1877253.UP.FTS.B,

31.23%,

10/19/26

1,175

1,169

FW1877272.UP.FTS.B,

27.59%,

10/19/24

2,362

2,342

FW1877315.UP.FTS.B,

28.16%,

10/19/24

947

939

FW1877469.UP.FTS.B,

31.71%,

10/19/26

5,875

5,846

*

FW1877508.UP.FTS.B,

20.09%,

10/19/24

4,830

4,593

FW1877532.UP.FTS.B,

24.41%,

10/19/24

2,896

2,866

FW1877644.UP.FTS.B,

31.18%,

10/19/26

3,154

3,005

FW1877656.UP.FTS.B,

23.66%,

10/19/24

1,974

1,952

FW1877716.UP.FTS.B,

31.6%,

10/19/26

3,916

3,897

FW1877751.UP.FTS.B,

26.95%,

10/19/26

3,901

3,877

FW1877802.UP.FTS.B,

26.08%,

10/19/26

7,342

7,305

FW1877809.UP.FTS.B,

28.9%,

10/19/24

4,635

4,597

FW1877902.UP.FTS.B,

26.21%,

10/19/26

18,919

18,818

FW1877987.UP.FTS.B,

20.97%,

10/19/26

3,885

3,855

FW1877999.UP.FTS.B,

16.63%,

10/19/26

14,513

14,422

FW1878006.UP.FTS.B,

22.44%,

10/19/26

11,669

11,603

FW1878010.UP.FTS.B,

28.01%,

10/19/26

9,766

9,715

FW1878061.UP.FTS.B,

25.84%,

10/19/24

7,355

7,279

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

593

a

FW1878085.UP.FTS.B,

31.21%,

10/19/26

3,915

3,896

FW1878098.UP.FTS.B,

30.84%,

10/19/26

1,174

1,168

FW1878108.UP.FTS.B,

31%,

10/19/26

2,936

2,921

FW1878125.UP.FTS.B,

25.92%,

10/19/26

2,145

2,134

FW1878185.UP.FTS.B,

13.38%,

10/19/26

38,580

38,431

FW1878235.UP.FTS.B,

16.59%,

10/19/24

935

928

FW1878248.UP.FTS.B,

26.84%,

10/19/26

3,969

3,787

FW1878279.UP.FTS.B,

18.26%,

10/19/24

935

928

FW1878284.UP.FTS.B,

25.91%,

10/19/26

14,627

14,548

FW1878337.UP.FTS.B,

12.57%,

10/19/26

7,842

7,414

*

FW1878353.UP.FTS.B,

21.39%,

10/19/26

27,800

4,613

FW1878356.UP.FTS.B,

29.67%,

10/19/26

3,716

3,697

FW1878432.UP.FTS.B,

30.26%,

10/19/26

20,542

20,438

FW1878489.UP.FTS.B,

30.93%,

10/19/26

1,468

1,461

FW1878560.UP.FTS.B,

28.77%,

10/19/26

4,857

4,827

*

FW1878565.UP.FTS.B,

29.05%,

10/19/26

2,976

2,836

FW1878626.UP.FTS.B,

30.84%,

10/19/26

4,894

4,869

FW1878630.UP.FTS.B,

21.75%,

10/19/24

2,819

2,794

FW1878640.UP.FTS.B,

27.06%,

10/19/26

3,416

3,398

*

FW1878645.UP.FTS.B,

31.62%,

10/19/26

5,000

850

FW1878650.UP.FTS.B,

27.3%,

10/19/26

4,870

4,833

FW1878691.UP.FTS.B,

31.38%,

10/19/26

14,390

14,319

FW1878756.UP.FTS.B,

30.15%,

10/19/26

14,696

14,624

FW1878804.UP.FTS.B,

31.02%,

10/19/26

2,957

2,817

FW1878828.UP.FTS.B,

27.6%,

10/19/26

9,763

9,712

FW1878841.UP.FTS.B,

29.23%,

10/19/24

4,164

4,129

FW1878875.UP.FTS.B,

20.95%,

10/19/26

4,757

4,709

*

FW1878981.UP.FTS.B,

26.75%,

10/19/24

2,897

2,755

FW1879016.UP.FTS.B,

10.84%,

10/19/26

24,050

23,952

FW1879017.UP.FTS.B,

25.45%,

10/19/26

19,413

19,294

*

FW1879021.UP.FTS.B,

32.25%,

10/19/26

5,962

1,782

FW1879031.UP.FTS.B,

13.13%,

10/19/26

6,750

6,724

FW1879069.UP.FTS.B,

31.2%,

10/19/26

9,113

9,068

FW1879145.UP.FTS.B,

30.61%,

10/19/26

1,565

1,558

FW1879167.UP.FTS.B,

25.8%,

10/19/26

975

970

*

FW1879185.UP.FTS.B,

31.03%,

10/19/26

2,400

408

FW1879233.UP.FTS.B,

26.7%,

10/19/24

944

938

FW1879257.UP.FTS.B,

15.55%,

10/19/26

43,107

42,835

*

FW1879376.UP.FTS.B,

31.09%,

10/19/26

2,760

2,629

*

FW1879414.UP.FTS.B,

29.21%,

10/19/24

2,100

357

*

FW1879426.UP.FTS.B,

24.23%,

10/19/26

1,488

436

FW1879449.UP.FTS.B,

23.4%,

10/19/24

1,129

1,119

FW1879625.UP.FTS.B,

21.71%,

10/19/26

1,944

1,933

*

FW1879645.UP.FTS.B,

31.45%,

10/19/26

12,500

2,124

FW1879659.UP.FTS.B,

32.23%,

10/19/26

3,428

3,411

*

FW1879661.UP.FTS.B,

31.47%,

10/19/26

3,635

3,459

FW1879752.UP.FTS.B,

31.05%,

10/19/26

1,829

1,816

FW1879782.UP.FTS.B,

25.28%,

10/19/26

22,427

22,305

FW1879790.UP.FTS.B,

20.32%,

10/19/24

938

932

FW1879854.UP.FTS.B,

22.85%,

10/19/26

10,100

10,037

FW1879914.UP.FTS.B,

30.16%,

10/19/26

1,840

1,829

FW1879978.UP.FTS.B,

31.48%,

10/19/26

28,391

28,250

FW1880015.UP.FTS.B,

10.71%,

10/19/24

15,785

15,715

FW1880017.UP.FTS.B,

32.16%,

10/19/26

7,347

7,311

FW1880021.UP.FTS.B,

19.73%,

10/19/24

6,562

6,502

FW1880033.UP.FTS.B,

31%,

10/19/26

4,114

3,914

FW1880085.UP.FTS.B,

31.18%,

10/19/26

12,027

11,457

FW1880088.UP.FTS.B,

23.43%,

10/19/26

8,954

8,904

FW1880094.UP.FTS.B,

29.13%,

10/19/26

6,647

6,612

FW1880160.UP.FTS.B,

22.89%,

10/19/26

5,150

5,113

FW1880186.UP.FTS.B,

20.64%,

10/19/26

5,437

5,406

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

594

a

FW1880191.UP.FTS.B,

31.2%,

10/19/26

2,349

2,337

FW1880218.UP.FTS.B,

31.05%,

10/19/26

2,535

2,520

FW1880229.UP.FTS.B,

31.05%,

10/19/26

1,370

1,363

FW1880292.UP.FTS.B,

22.54%,

10/19/24

2,821

2,802

FW1880297.UP.FTS.B,

29.3%,

10/19/26

2,248

2,237

FW1880308.UP.FTS.B,

29.56%,

10/19/26

1,271

1,265

FW1880325.UP.FTS.B,

31.15%,

10/19/26

1,468

1,461

FW1880340.UP.FTS.B,

29.4%,

10/19/24

3,029

3,003

FW1880356.UP.FTS.B,

28.86%,

10/19/26

2,345

2,333

FW1880381.UP.FTS.B,

31.84%,

10/19/26

7,638

7,601

FW1880395.UP.FTS.B,

31.16%,

10/19/26

2,153

2,143

FW1880412.UP.FTS.B,

11.4%,

10/19/24

9,293

9,252

FW1880438.UP.FTS.B,

30.87%,

10/19/26

2,621

2,605

FW1880449.UP.FTS.B,

30.82%,

10/19/26

2,710

2,693

FW1880539.UP.FTS.B,

18.7%,

10/19/24

3,278

3,255

FW1880551.UP.FTS.B,

23.22%,

10/19/26

6,275

6,233

FW1880562.UP.FTS.B,

28.77%,

10/19/24

2,838

2,814

FW1880576.UP.FTS.B,

31.56%,

10/19/26

2,839

2,825

FW1880615.UP.FTS.B,

31.56%,

10/19/26

5,874

5,845

FW1880640.UP.FTS.B,

31.2%,

10/19/26

1,488

1,472

FW1880670.UP.FTS.B,

28.35%,

10/19/24

1,418

1,406

FW1880682.UP.FTS.B,

28.5%,

10/19/26

1,372

1,366

*

FW1880689.UP.FTS.B,

25.33%,

10/19/26

10,600

10,117

FW1880709.UP.FTS.B,

20.07%,

10/19/26

6,794

6,753

FW1880712.UP.FTS.B,

21.75%,

10/19/26

3,888

3,865

FW1880734.UP.FTS.B,

27.23%,

10/19/26

19,518

19,414

FW1880779.UP.FTS.B,

27.13%,

10/19/24

4,722

4,682

FW1880786.UP.FTS.B,

24.67%,

10/19/26

5,362

5,332

*

FW1880787.UP.FTS.B,

30.56%,

10/19/26

1,271

1,226

FW1880807.UP.FTS.B,

27.59%,

10/19/24

4,724

4,684

FW1880823.UP.FTS.B,

27.61%,

10/19/24

3,307

3,279

*

FW1880833.UP.FTS.B,

30.74%,

10/19/26

5,125

4,882

FW1880852.UP.FTS.B,

31.2%,

10/19/26

2,854

2,841

FW1880905.UP.FTS.B,

31.62%,

10/19/26

3,232

3,216

FW1880930.UP.FTS.B,

26.15%,

10/19/26

9,740

9,682

FW1880944.UP.FTS.B,

20.45%,

10/19/24

6,553

6,501

FW1881006.UP.FTS.B,

30.81%,

10/19/26

1,478

1,408

*

FW1881014.UP.FTS.B,

31.49%,

10/19/26

5,000

850

FW1881063.UP.FTS.B,

25.77%,

10/19/26

7,800

7,758

FW1881168.UP.FTS.B,

31.09%,

10/19/26

1,972

1,878

FW1881184.UP.FTS.B,

28.63%,

10/19/26

4,885

4,860

FW1881188.UP.FTS.B,

17.77%,

10/19/26

2,831

2,817

FW1881190.UP.FTS.B,

29.8%,

10/19/26

1,467

1,459

FW1881200.UP.FTS.B,

31.14%,

10/19/26

3,817

3,798

FW1881345.UP.FTS.B,

31.13%,

10/19/26

14,535

14,450

FW1881379.UP.FTS.B,

28.36%,

10/19/26

177

175

FW1881398.UP.FTS.B,

18.35%,

10/19/26

3,392

3,371

FW1881404.UP.FTS.B,

28.73%,

10/19/24

3,310

3,283

FW1881446.UP.FTS.B,

11.54%,

10/19/24

929

926

FW1881461.UP.FTS.B,

25.38%,

10/19/26

5,848

5,817

FW1881475.UP.FTS.B,

30.95%,

10/19/26

2,740

2,727

FW1881512.UP.FTS.B,

31%,

10/19/26

7,438

7,401

*

FW1881575.UP.FTS.B,

27.93%,

10/19/24

3,000

456

FW1881583.UP.FTS.B,

25.39%,

10/19/24

4,714

4,674

*

FW1964090.UP.FTS.B,

29.97%,

11/08/26

2,800

810

FW1984213.UP.FTS.B,

18.47%,

11/08/24

2,873

2,850

FW1986945.UP.FTS.B,

31.01%,

11/08/26

11,997

11,902

FW1988077.UP.FTS.B,

17.51%,

11/08/24

2,879

2,856

FW1988366.UP.FTS.B,

30.88%,

11/08/26

4,928

4,893

FW1988381.UP.FTS.B,

31.18%,

11/08/26

5,045

4,990

FW1988399.UP.FTS.B,

31.18%,

11/08/26

1,873

1,860

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

595

a

FW1988425.UP.FTS.B,

30.92%,

11/08/26

1,281

1,272

FW1988491.UP.FTS.B,

30.97%,

11/08/26

1,746

1,730

FW1988815.UP.FTS.B,

10.61%,

11/08/24

1,429

1,423

FW1988830.UP.FTS.B,

27.97%,

11/08/24

4,614

4,545

FW1988879.UP.FTS.B,

30.15%,

11/08/26

5,911

5,869

FW1989018.UP.FTS.B,

14.66%,

11/08/24

8,597

8,524

FW1989153.UP.FTS.B,

31.22%,

11/08/26

13,377

13,286

*

FW1989182.UP.FTS.B,

31.12%,

11/08/26

5,200

3,191

FW1989286.UP.FTS.B,

17.14%,

11/08/24

4,892

4,828

FW1989355.UP.FTS.B,

18.43%,

11/08/26

18,628

18,511

FW1989533.UP.FTS.B,

30.48%,

11/08/26

1,833

1,813

FW1989573.UP.FTS.B,

22.36%,

11/08/24

1,440

1,426

FW1989608.UP.FTS.B,

31.17%,

11/08/26

1,774

1,762

FW1989633.UP.FTS.B,

11.19%,

11/08/26

5,883

5,860

*

FW1989679.UP.FTS.B,

31.11%,

11/08/26

10,600

6,361

FW1989730.UP.FTS.B,

9.3%,

11/08/24

14,272

14,217

FW1989899.UP.FTS.B,

22.28%,

11/08/26

2,738

2,714

FW1989905.UP.FTS.B,

26.97%,

11/08/26

7,339

7,274

FW1990125.UP.FTS.B,

20.11%,

11/08/26

8,541

8,449

FW1990135.UP.FTS.B,

25.6%,

11/08/26

4,916

4,874

FW1990192.UP.FTS.B,

20%,

11/08/24

4,797

4,758

FW1990199.UP.FTS.B,

27.43%,

11/08/26

14,671

14,542

*

FW1990414.UP.FTS.B,

17.64%,

11/08/24

5,871

3,382

FW1990423.UP.FTS.B,

22.23%,

11/08/26

9,809

9,722

FW1990425.UP.FTS.B,

27.28%,

11/08/24

4,816

4,768

FW1990464.UP.FTS.B,

26.65%,

11/08/26

6,197

6,151

FW1990513.UP.FTS.B,

31.11%,

11/08/26

4,604

4,565

FW1990565.UP.FTS.B,

26.42%,

11/08/24

2,599

2,573

FW1990667.UP.FTS.B,

27.83%,

11/08/26

4,412

4,373

FW1990668.UP.FTS.B,

22.76%,

11/08/26

6,872

6,818

FW1990874.UP.FTS.B,

27.43%,

11/08/24

2,495

2,464

FW1991024.UP.FTS.B,

30.67%,

11/08/26

1,084

1,076

FW1991047.UP.FTS.B,

21.84%,

11/08/26

3,434

3,407

FW1991109.UP.FTS.B,

23.32%,

11/08/24

4,804

4,755

FW1991126.UP.FTS.B,

30.85%,

11/08/26

1,281

1,272

FW1991255.UP.FTS.B,

15.82%,

11/08/26

11,245

11,205

FW1991256.UP.FTS.B,

25.07%,

11/08/26

21,624

21,459

FW1991266.UP.FTS.B,

5.75%,

11/08/24

5,694

5,677

FW1991332.UP.FTS.B,

31.15%,

11/08/26

4,042

4,013

FW1991387.UP.FTS.B,

24.97%,

11/08/26

4,128

4,096

FW1991433.UP.FTS.B,

29.04%,

11/08/26

1,477

1,466

FW1991443.UP.FTS.B,

26.55%,

11/08/26

34,325

34,027

FW1991447.UP.FTS.B,

30.68%,

11/08/26

2,953

2,929

FW1991474.UP.FTS.B,

24.66%,

11/08/26

5,896

5,851

FW1991525.UP.FTS.B,

30.5%,

11/08/26

10,840

10,762

FW1991541.UP.FTS.B,

29.36%,

11/08/26

5,910

5,867

FW1991582.UP.FTS.B,

31.04%,

11/08/26

9,068

9,004

*

FW1991698.UP.FTS.B,

30.64%,

11/08/26

992

595

FW1991732.UP.FTS.B,

27.87%,

11/08/26

4,959

4,925

FW1991794.UP.FTS.B,

28.92%,

11/08/26

1,391

1,371

FW1991866.UP.FTS.B,

15.28%,

11/08/24

7,167

7,107

FW1991878.UP.FTS.B,

15.23%,

11/08/26

4,887

4,869

FW1991890.UP.FTS.B,

31.12%,

11/08/26

2,978

2,958

FW1991976.UP.FTS.B,

18.69%,

11/08/24

4,023

3,991

FW1992001.UP.FTS.B,

27.49%,

11/08/26

1,857

1,837

*

FW1992007.UP.FTS.B,

27.2%,

11/08/24

2,944

1,762

FW1992267.UP.FTS.B,

20.22%,

11/08/26

49,019

48,623

FW1992280.UP.FTS.B,

26.9%,

11/08/26

29,514

29,293

*

FW1992281.UP.FTS.B,

28.65%,

11/08/26

6,000

1,829

FW1992347.UP.FTS.B,

29.82%,

11/08/26

29,555

29,340

FW1992613.UP.FTS.B,

30.95%,

11/08/26

24,641

24,465

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

596

a

FW1992670.UP.FTS.B,

14.58%,

11/08/26

31,267

31,150

FW1992674.UP.FTS.B,

30.71%,

11/08/26

1,873

1,859

FW1992676.UP.FTS.B,

24.35%,

11/08/24

2,832

2,796

FW1992698.UP.FTS.B,

29.42%,

11/08/24

2,206

2,175

*

FW1992716.UP.FTS.B,

28.39%,

11/08/26

992

593

FW1992743.UP.FTS.B,

16.8%,

11/08/26

3,914

3,888

FW1992839.UP.FTS.B,

29.33%,

11/08/26

4,925

4,889

FW1992858.UP.FTS.B,

28.68%,

11/08/26

2,462

2,444

FW1992877.UP.FTS.B,

28.84%,

11/08/26

1,421

1,407

FW1992892.UP.FTS.B,

31.61%,

11/08/26

8,833

8,759

FW1992949.UP.FTS.B,

30.07%,

11/08/26

1,971

1,956

FW1993106.UP.FTS.B,

27.22%,

11/08/24

2,890

2,861

FW1993113.UP.FTS.B,

19.77%,

11/08/26

39,205

38,889

FW1993326.UP.FTS.B,

16.87%,

11/08/24

963

956

FW1993349.UP.FTS.B,

24.02%,

11/08/26

7,368

7,311

*

FW1993440.UP.FTS.B,

30.95%,

11/08/26

3,200

926

FW1993453.UP.FTS.B,

28.76%,

11/08/26

11,816

11,729

FW1993483.UP.FTS.B,

11.78%,

11/08/26

19,200

19,093

FW1993525.UP.FTS.B,

29.04%,

11/08/26

39,392

39,104

FW1993533.UP.FTS.B,

22.18%,

11/08/26

3,435

3,408

*

FW1993568.UP.FTS.B,

27.44%,

11/08/26

4,959

2,963

*

FW1993671.UP.FTS.B,

30.7%,

11/08/26

1,092

654

FW1993731.UP.FTS.B,

19.61%,

11/08/26

2,450

2,430

FW1993779.UP.FTS.B,

28.2%,

11/08/26

14,766

14,657

FW1993836.UP.FTS.B,

18.68%,

11/08/26

9,694

9,612

FW1994027.UP.FTS.B,

31.13%,

11/08/26

2,661

2,642

FW1994028.UP.FTS.B,

24.21%,

11/08/26

6,877

6,824

FW1994083.UP.FTS.B,

29.21%,

11/08/24

10,415

10,313

FW1994216.UP.FTS.B,

22.64%,

11/08/24

960

953

FW1994230.UP.FTS.B,

15.86%,

11/08/26

3,912

3,886

FW1994284.UP.FTS.B,

26.94%,

11/08/26

10,788

10,695

FW1994293.UP.FTS.B,

30.31%,

11/08/26

1,380

1,370

FW1994300.UP.FTS.B,

26.6%,

11/08/26

11,804

11,715

FW1994341.UP.FTS.B,

25.59%,

11/08/26

11,798

11,708

FW1994376.UP.FTS.B,

31.11%,

11/08/26

1,577

1,566

FW1994418.UP.FTS.B,

15.89%,

11/08/26

1,926

1,916

FW1994443.UP.FTS.B,

27.95%,

11/08/26

9,843

9,770

*

FW1994553.UP.FTS.B,

31.11%,

11/08/26

1,600

463

FW1994569.UP.FTS.B,

30.87%,

11/08/26

5,717

5,676

FW1994680.UP.FTS.B,

20.27%,

11/08/26

2,970

2,948

FW1994756.UP.FTS.B,

28%,

11/08/26

3,439

3,410

FW1994811.UP.FTS.B,

23.15%,

11/08/26

10,277

10,171

*

FW1994831.UP.FTS.B,

29.79%,

11/08/26

1,900

583

FW1994909.UP.FTS.B,

27.53%,

11/08/26

16,638

16,492

FW1995006.UP.FTS.B,

10.93%,

11/08/26

12,671

12,604

FW1995019.UP.FTS.B,

31.1%,

11/08/26

1,668

1,654

FW1995066.UP.FTS.B,

29.83%,

11/08/26

5,418

5,379

FW1995067.UP.FTS.B,

30.03%,

11/08/26

5,911

5,869

FW1995078.UP.FTS.B,

31.18%,

11/08/26

1,590

1,582

FW1995090.UP.FTS.B,

23.92%,

11/08/26

4,912

4,874

FW1995096.UP.FTS.B,

27.27%,

11/08/24

3,275

3,242

FW1995099.UP.FTS.B,

31.21%,

11/08/26

3,546

3,517

FW1995167.UP.FTS.B,

29.32%,

11/08/26

3,447

3,422

FW1995179.UP.FTS.B,

16.42%,

11/08/26

1,467

1,454

FW1995188.UP.FTS.B,

28.89%,

11/08/26

3,939

3,910

FW1995329.UP.FTS.B,

26.52%,

11/08/26

6,885

6,834

FW1995331.UP.FTS.B,

23.11%,

11/08/26

7,365

7,307

FW1995496.UP.FTS.B,

31.66%,

11/08/26

7,589

7,527

FW1995576.UP.FTS.B,

8.64%,

11/08/26

16,016

15,966

FW1995623.UP.FTS.B,

26.55%,

11/08/26

4,525

4,491

FW1995724.UP.FTS.B,

22.43%,

11/08/26

11,779

11,687

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

597

a

FW1995784.UP.FTS.B,

21.66%,

11/08/26

15,208

15,087

*

FW1995850.UP.FTS.B,

29.69%,

11/08/26

1,091

654

FW1995866.UP.FTS.B,

29.41%,

11/08/26

3,179

3,151

FW1995939.UP.FTS.B,

17.87%,

11/08/26

15,665

15,565

FW1995947.UP.FTS.B,

31.02%,

11/08/26

3,647

3,621

FW1995970.UP.FTS.B,

26.64%,

11/08/26

2,237

2,216

FW1996041.UP.FTS.B,

27.48%,

11/08/26

11,809

11,721

FW1996092.UP.FTS.B,

29.72%,

11/08/26

2,901

2,875

FW1996177.UP.FTS.B,

29.18%,

11/08/24

2,411

2,387

FW1996197.UP.FTS.B,

31.07%,

11/08/26

4,140

4,110

FW1996228.UP.FTS.B,

28.64%,

11/08/26

12,516

12,402

*

FW1996238.UP.FTS.B,

29.51%,

11/08/26

1,500

433

FW1996257.UP.FTS.B,

30.52%,

11/08/26

2,379

2,356

FW1996342.UP.FTS.B,

28.14%,

11/08/26

6,891

6,840

FW1996489.UP.FTS.B,

31.09%,

11/08/26

3,449

3,421

FW1996643.UP.FTS.B,

27.31%,

11/08/26

3,444

3,418

FW1996652.UP.FTS.B,

20.84%,

11/08/24

1,439

1,428

FW1996797.UP.FTS.B,

31.11%,

11/08/26

3,444

3,416

FW1996841.UP.FTS.B,

31.12%,

11/08/26

28,586

28,382

FW1996853.UP.FTS.B,

31.2%,

11/08/26

2,957

2,936

FW1996902.UP.FTS.B,

31.33%,

11/08/26

9,333

9,271

FW1996943.UP.FTS.B,

30.67%,

11/08/26

5,791

5,738

FW1996955.UP.FTS.B,

27.91%,

11/08/26

1,476

1,466

FW1997075.UP.FTS.B,

22.84%,

11/08/26

1,561

1,548

FW1997204.UP.FTS.B,

28.06%,

11/08/24

4,799

4,741

FW1997243.UP.FTS.B,

26.96%,

11/08/26

4,919

4,882

FW1997293.UP.FTS.B,

14.33%,

11/08/26

4,885

4,860

FW1997312.UP.FTS.B,

30.32%,

11/08/26

985

978

FW1997339.UP.FTS.B,

15.98%,

11/08/24

5,259

5,215

FW1997494.UP.FTS.B,

23.73%,

11/08/26

15,642

15,501

FW1997612.UP.FTS.B,

14.81%,

11/08/26

4,398

4,381

FW1997618.UP.FTS.B,

31.04%,

11/08/26

3,564

3,539

FW1997639.UP.FTS.B,

18.71%,

11/08/26

9,800

9,768

FW1997734.UP.FTS.B,

6.36%,

11/08/24

7,872

7,841

FW1997760.UP.FTS.B,

22.3%,

11/08/24

7,681

7,602

*

FW1997810.UP.FTS.B,

31.15%,

11/08/26

2,100

1,260

*

FW1997971.UP.FTS.B,

28.52%,

11/08/26

24,800

14,835

FW1998032.UP.FTS.B,

29.86%,

11/08/26

4,926

4,890

FW1998048.UP.FTS.B,

26.92%,

11/08/26

2,460

2,441

FW1998089.UP.FTS.B,

22.65%,

11/08/26

8,835

8,766

FW1998119.UP.FTS.B,

17.6%,

11/08/26

5,859

5,810

FW1998216.UP.FTS.B,

32.38%,

11/08/26

10,553

10,479

FW1998245.UP.FTS.B,

30.99%,

11/08/26

8,772

8,710

FW1998248.UP.FTS.B,

26.38%,

11/08/26

9,836

9,761

FW1998286.UP.FTS.B,

23.78%,

11/08/26

14,712

14,563

FW1998360.UP.FTS.B,

15.76%,

11/08/26

7,822

7,771

FW1998379.UP.FTS.B,

28.74%,

11/08/26

4,726

4,692

FW1998388.UP.FTS.B,

28.53%,

11/08/24

1,348

1,328

FW1998398.UP.FTS.B,

17.48%,

11/08/26

4,891

4,851

FW1998458.UP.FTS.B,

30.59%,

11/08/26

4,139

4,109

FW1998471.UP.FTS.B,

23.26%,

11/08/26

9,820

9,743

FW1998519.UP.FTS.B,

24.06%,

11/08/24

17,062

16,843

FW1998538.UP.FTS.B,

20.31%,

11/08/24

4,767

4,707

FW1998543.UP.FTS.B,

22.52%,

11/08/26

14,332

14,219

FW1998563.UP.FTS.B,

26.46%,

11/08/26

2,450

2,428

FW1998626.UP.FTS.B,

27.42%,

11/08/24

2,885

2,851

FW1998636.UP.FTS.B,

30.67%,

11/08/26

1,084

1,076

FW1998906.UP.FTS.B,

25.05%,

11/08/24

3,836

3,789

FW1998913.UP.FTS.B,

15.22%,

11/08/26

4,382

4,345

FW1999015.UP.FTS.B,

31.12%,

11/08/26

1,577

1,566

FW1999025.UP.FTS.B,

31.46%,

11/08/26

9,969

9,921

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

598

a

FW1999057.UP.FTS.B,

28%,

11/08/26

24,608

24,426

FW1999097.UP.FTS.B,

30.46%,

11/08/26

2,956

2,935

FW1999118.UP.FTS.B,

17.22%,

11/08/26

5,872

5,834

FW1999242.UP.FTS.B,

30.52%,

11/08/26

39,419

39,135

FW1999260.UP.FTS.B,

28.83%,

11/08/24

9,641

9,547

FW1999282.UP.FTS.B,

31.18%,

11/08/26

8,867

8,795

FW1999321.UP.FTS.B,

26.61%,

11/08/24

4,333

4,290

FW1999367.UP.FTS.B,

26.01%,

11/08/24

1,950

1,932

*

FW1999409.UP.FTS.B,

25.1%,

11/08/26

4,997

2,984

FW1999443.UP.FTS.B,

29.76%,

11/08/26

7,881

7,824

FW1999553.UP.FTS.B,

14.97%,

11/08/24

955

951

FW1999590.UP.FTS.B,

31.42%,

11/08/26

4,929

4,894

FW1999593.UP.FTS.B,

28.28%,

11/08/24

1,928

1,909

FW1999686.UP.FTS.B,

18.97%,

11/08/26

16,655

16,550

FW1999851.UP.FTS.B,

29.4%,

11/08/26

4,961

4,927

FW1999870.UP.FTS.B,

17.9%,

11/08/26

979

973

FW1999985.UP.FTS.B,

23.27%,

11/08/26

9,794

9,694

FW2043410.UP.FTS.B,

30.75%,

11/18/26

1,489

1,420

FW2056277.UP.FTS.B,

31.13%,

11/18/26

8,674

8,651

FW2058162.UP.FTS.B,

31.17%,

11/18/26

986

983

FW2059197.UP.FTS.B,

28.55%,

11/18/26

9,846

9,816

FW2060208.UP.FTS.B,

8.38%,

11/18/24

5,688

5,668

FW2061676.UP.FTS.B,

14.9%,

11/18/26

19,546

19,484

FW2062142.UP.FTS.B,

27.35%,

11/18/26

19,773

19,717

FW2063602.UP.FTS.B,

32.22%,

11/18/26

3,550

3,541

FW2067233.UP.FTS.B,

29.68%,

11/18/26

1,773

1,768

*

FW2067378.UP.FTS.B,

20.23%,

11/18/24

2,500

730

FW2067875.UP.FTS.B,

30.93%,

11/18/26

1,380

1,376

FW2068660.UP.FTS.B,

25.77%,

11/18/26

4,916

4,900

FW2069864.UP.FTS.B,

31.2%,

11/18/26

3,549

3,539

FW2069880.UP.FTS.B,

30.4%,

11/18/26

5,912

5,896

FW2069888.UP.FTS.B,

30.95%,

11/18/26

5,520

5,505

FW2070047.UP.FTS.B,

27.3%,

11/18/26

1,279

1,275

FW2070090.UP.FTS.B,

18.57%,

11/18/26

1,941

1,930

FW2070116.UP.FTS.B,

24.93%,

11/18/26

5,897

5,877

FW2070210.UP.FTS.B,

21.14%,

11/18/24

14,392

14,306

FW2070278.UP.FTS.B,

25.78%,

11/18/26

5,753

5,723

FW2070287.UP.FTS.B,

31.24%,

11/18/26

3,700

3,568

FW2070300.UP.FTS.B,

20.46%,

11/18/26

9,805

9,766

FW2070506.UP.FTS.B,

20.1%,

11/18/26

4,313

4,294

FW2070592.UP.FTS.B,

31.39%,

11/18/26

4,732

4,719

FW2070599.UP.FTS.B,

13.28%,

11/18/26

5,077

5,066

*

FW2070652.UP.FTS.B,

30.89%,

11/18/26

1,600

1,529

*

FW2070666.UP.FTS.B,

25.76%,

11/18/26

6,000

1,853

FW2070830.UP.FTS.B,

31%,

11/18/26

3,844

3,834

FW2070865.UP.FTS.B,

31.17%,

11/18/26

1,577

1,573

FW2070966.UP.FTS.B,

18.96%,

11/18/26

5,878

5,850

*

FW2070994.UP.FTS.B,

31.74%,

11/18/26

11,323

10,949

FW2071024.UP.FTS.B,

22.22%,

11/18/26

19,629

19,555

FW2071058.UP.FTS.B,

30.15%,

11/18/26

2,382

2,271

FW2071181.UP.FTS.B,

29.1%,

11/18/24

3,664

3,646

FW2071291.UP.FTS.B,

30.75%,

11/18/26

3,154

3,145

FW2071396.UP.FTS.B,

25.74%,

11/18/24

962

957

FW2071617.UP.FTS.B,

24.28%,

11/18/24

9,467

9,388

FW2071651.UP.FTS.B,

17.93%,

11/18/26

6,328

6,293

FW2071761.UP.FTS.B,

25.95%,

11/18/26

7,436

7,087

FW2071863.UP.FTS.B,

19.94%,

11/18/26

44,110

43,805

FW2071866.UP.FTS.B,

28.65%,

11/18/26

2,500

738

FW2071894.UP.FTS.B,

31.21%,

11/18/26

8,083

8,061

FW2071922.UP.FTS.B,

30.48%,

11/18/26

2,365

2,358

FW2071971.UP.FTS.B,

26.02%,

11/18/26

3,934

3,921

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

599

a

FW2071985.UP.FTS.B,

13.1%,

11/18/26

9,761

9,729

FW2072010.UP.FTS.B,

26.11%,

11/18/26

7,989

7,629

FW2072043.UP.FTS.B,

23.69%,

11/18/26

4,911

4,893

FW2072059.UP.FTS.B,

30.46%,

11/18/26

4,434

4,422

FW2072098.UP.FTS.B,

27.42%,

11/18/26

16,434

16,382

*

FW2072147.UP.FTS.B,

19.3%,

11/18/26

12,949

12,329

FW2072221.UP.FTS.B,

19.4%,

11/18/24

6,708

6,668

FW2072234.UP.FTS.B,

12.64%,

11/18/26

9,759

9,738

FW2072266.UP.FTS.B,

18.67%,

11/18/26

2,536

2,518

FW2072277.UP.FTS.B,

28.95%,

11/18/26

4,431

4,418

FW2072335.UP.FTS.B,

29.54%,

11/18/26

1,182

1,179

FW2072339.UP.FTS.B,

30.87%,

11/18/26

2,267

2,261

FW2072385.UP.FTS.B,

15%,

11/18/26

6,841

6,815

FW2072386.UP.FTS.B,

31.16%,

11/18/26

6,999

6,980

FW2072451.UP.FTS.B,

31.15%,

11/18/26

1,081

1,077

FW2072495.UP.FTS.B,

28.04%,

11/18/24

2,698

2,684

FW2072505.UP.FTS.B,

31.14%,

11/18/26

2,366

2,359

FW2072528.UP.FTS.B,

30.61%,

11/18/26

2,455

2,445

FW2072552.UP.FTS.B,

31.11%,

11/18/26

8,280

8,258

FW2072628.UP.FTS.B,

21.63%,

11/18/26

4,415

4,402

*

FW2072669.UP.FTS.B,

22.61%,

11/18/26

18,000

17,345

FW2072695.UP.FTS.B,

30.47%,

11/18/26

992

947

FW2072758.UP.FTS.B,

30.89%,

11/18/26

1,478

1,474

FW2072771.UP.FTS.B,

26.31%,

11/18/24

961

954

FW2072823.UP.FTS.B,

15.21%,

11/18/26

2,426

2,418

FW2072877.UP.FTS.B,

28.24%,

11/18/26

2,953

2,944

FW2073066.UP.FTS.B,

11.7%,

11/18/26

4,867

4,850

FW2073202.UP.FTS.B,

16.18%,

11/18/26

14,671

14,616

FW2073266.UP.FTS.B,

25.94%,

11/18/24

7,218

7,179

FW2073427.UP.FTS.B,

31.17%,

11/18/26

3,700

3,568

*

FW2073451.UP.FTS.B,

22.34%,

11/18/26

8,000

2,333

FW2073462.UP.FTS.B,

31.41%,

11/18/26

2,563

2,556

FW2073506.UP.FTS.B,

30.43%,

11/18/26

972

967

FW2073526.UP.FTS.B,

31.02%,

11/18/26

1,873

1,868

*

FW2073534.UP.FTS.B,

30.72%,

11/18/26

1,400

439

FW2073544.UP.FTS.B,

26.86%,

11/18/24

1,926

1,916

FW2073658.UP.FTS.B,

30.11%,

11/18/26

12,809

12,772

FW2073710.UP.FTS.B,

9.45%,

11/18/24

3,331

3,320

FW2073759.UP.FTS.B,

25.15%,

11/18/26

1,179

1,174

FW2073808.UP.FTS.B,

13.9%,

11/18/26

2,930

2,924

FW2073821.UP.FTS.B,

23.18%,

11/18/26

6,900

6,877

FW2073854.UP.FTS.B,

26.37%,

11/18/24

5,776

5,745

FW2073859.UP.FTS.B,

30.99%,

11/18/26

2,070

2,064

FW2073884.UP.FTS.B,

24.56%,

11/18/26

2,287

2,274

FW2073891.UP.FTS.B,

29.48%,

11/18/26

10,638

10,607

FW2073919.UP.FTS.B,

21.16%,

11/18/26

2,943

2,931

FW2073951.UP.FTS.B,

29.99%,

11/18/26

9,852

9,824

FW2073976.UP.FTS.B,

27.83%,

11/18/26

1,969

1,962

FW2074064.UP.FTS.B,

29.92%,

11/18/26

1,773

1,768

FW2074069.UP.FTS.B,

16.79%,

11/18/26

9,784

9,749

FW2074090.UP.FTS.B,

24.77%,

11/18/26

2,764

2,755

FW2074102.UP.FTS.B,

27.44%,

11/18/26

2,555

2,544

FW2074154.UP.FTS.B,

28.72%,

11/18/24

1,060

1,052

FW2074160.UP.FTS.B,

29.41%,

11/18/26

2,746

2,735

FW2074163.UP.FTS.B,

13.98%,

11/18/26

2,930

2,921

FW2074174.UP.FTS.B,

27.6%,

11/18/24

1,156

1,150

FW2074265.UP.FTS.B,

29.67%,

11/18/26

8,373

8,349

FW2074290.UP.FTS.B,

14.55%,

11/18/24

1,422

1,417

FW2074336.UP.FTS.B,

11.25%,

11/18/26

6,825

6,809

FW2074345.UP.FTS.B,

26.9%,

11/18/26

986

984

FW2074435.UP.FTS.B,

29.62%,

11/18/26

7,461

7,430

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

600

a

FW2074443.UP.FTS.B,

30.94%,

11/18/26

19,715

19,661

FW2074457.UP.FTS.B,

16.98%,

11/18/26

24,464

24,343

FW2074495.UP.FTS.B,

19.61%,

11/18/26

8,820

8,780

FW2074496.UP.FTS.B,

30.71%,

11/18/26

3,056

3,047

FW2074553.UP.FTS.B,

28.4%,

11/18/26

985

982

FW2074575.UP.FTS.B,

21.98%,

11/18/24

4,800

4,772

FW2074587.UP.FTS.B,

28.1%,

11/18/26

9,919

9,457

FW2074592.UP.FTS.B,

31.05%,

11/18/26

986

983

FW2074605.UP.FTS.B,

29%,

11/18/24

4,182

4,149

FW2074630.UP.FTS.B,

17.03%,

11/18/26

41,145

41,082

FW2074651.UP.FTS.B,

29.17%,

11/18/24

6,171

5,874

FW2074661.UP.FTS.B,

27.99%,

11/18/26

1,969

1,963

FW2074679.UP.FTS.B,

30.95%,

11/18/26

986

983

FW2074713.UP.FTS.B,

31.25%,

11/18/26

6,900

6,882

FW2074718.UP.FTS.B,

28.91%,

11/18/24

1,446

1,439

FW2074724.UP.FTS.B,

26.71%,

11/18/26

5,902

5,883

*

FW2074734.UP.FTS.B,

30.89%,

11/18/26

2,000

627

FW2074736.UP.FTS.B,

24.49%,

11/18/26

6,878

6,854

FW2074738.UP.FTS.B,

25.07%,

11/18/24

3,848

3,826

FW2074740.UP.FTS.B,

30.66%,

11/18/26

31,635

31,548

FW2074755.UP.FTS.B,

28.62%,

11/18/26

1,969

1,961

FW2074777.UP.FTS.B,

16.81%,

11/18/26

9,295

9,261

FW2074782.UP.FTS.B,

25.34%,

11/18/26

2,652

2,641

FW2074803.UP.FTS.B,

18.88%,

11/18/26

12,245

12,204

FW2074809.UP.FTS.B,

24.23%,

11/18/24

5,736

5,691

FW2074811.UP.FTS.B,

25.21%,

11/18/26

5,308

5,290

FW2074827.UP.FTS.B,

26.53%,

11/18/26

1,967

1,961

FW2074829.UP.FTS.B,

32.37%,

11/18/26

5,424

5,410

FW2074885.UP.FTS.B,

26.84%,

11/18/24

2,889

2,874

FW2074886.UP.FTS.B,

23.12%,

11/18/24

2,882

2,866

FW2074890.UP.FTS.B,

23.06%,

11/18/26

3,437

3,424

FW2074893.UP.FTS.B,

28.12%,

11/18/24

1,253

1,246

FW2074969.UP.FTS.B,

30.51%,

11/18/26

1,489

1,420

FW2074975.UP.FTS.B,

25.07%,

11/18/26

5,881

5,854

FW2075015.UP.FTS.B,

31%,

11/18/26

1,479

1,474

FW2075045.UP.FTS.B,

31.38%,

11/18/26

7,047

6,723

FW2075060.UP.FTS.B,

26.35%,

11/18/26

4,950

4,718

*

FW2075062.UP.FTS.B,

28.95%,

11/18/24

3,633

3,459

FW2075107.UP.FTS.B,

23.56%,

11/18/26

7,857

7,829

FW2075115.UP.FTS.B,

29.25%,

11/18/26

5,909

5,892

FW2075122.UP.FTS.B,

17.19%,

11/18/26

3,915

3,901

FW2075135.UP.FTS.B,

32.07%,

11/18/26

2,939

2,927

FW2075141.UP.FTS.B,

31.72%,

11/18/26

3,352

3,343

FW2075148.UP.FTS.B,

14.93%,

11/18/26

3,909

3,894

FW2075149.UP.FTS.B,

31.58%,

11/18/26

2,366

2,360

FW2075164.UP.FTS.B,

19.63%,

11/18/26

4,848

4,812

FW2075168.UP.FTS.B,

30.19%,

11/18/26

4,237

4,225

FW2075255.UP.FTS.B,

28.94%,

11/18/26

7,878

7,855

FW2075274.UP.FTS.B,

20.91%,

11/18/26

178

177

FW2075299.UP.FTS.B,

17.67%,

11/18/26

3,916

3,902

FW2075303.UP.FTS.B,

17.27%,

11/18/26

2,436

2,422

FW2075407.UP.FTS.B,

16.01%,

11/18/26

15,452

15,394

FW2075442.UP.FTS.B,

22.23%,

11/18/26

6,791

6,742

FW2075446.UP.FTS.B,

17.4%,

11/18/26

3,915

3,901

FW2075547.UP.FTS.B,

30.66%,

11/18/26

1,183

1,179

FW2194665.UP.FTS.B,

23.32%,

12/09/24

1,177

1,170

FW2200741.UP.FTS.B,

29.11%,

12/09/24

4,717

4,692

FW2204545.UP.FTS.B,

27.62%,

12/09/24

1,917

1,898

FW2205180.UP.FTS.B,

31.15%,

12/09/26

28,312

28,199

FW2209695.UP.FTS.B,

23.37%,

12/09/26

4,935

4,902

FW2212786.UP.FTS.B,

23.27%,

12/10/26

1,983

1,974

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

601

a

FW2213572.UP.FTS.B,

21.18%,

12/09/26

2,477

2,464

FW2213612.UP.FTS.B,

31%,

12/09/26

2,992

2,972

FW2213785.UP.FTS.B,

30.97%,

12/09/26

3,079

3,067

FW2213955.UP.FTS.B,

18.45%,

12/09/26

8,910

8,884

FW2213968.UP.FTS.B,

31.23%,

12/09/26

25,829

25,726

FW2213988.UP.FTS.B,

28.59%,

12/09/26

3,845

3,817

FW2214018.UP.FTS.B,

16.4%,

12/09/26

19,788

19,724

FW2214022.UP.FTS.B,

31.21%,

12/09/26

4,768

4,749

FW2214024.UP.FTS.B,

26.86%,

12/09/26

5,557

5,532

FW2214086.UP.FTS.B,

28.88%,

12/09/26

6,928

6,887

FW2214103.UP.FTS.B,

26.54%,

12/09/26

29,768

29,632

FW2214145.UP.FTS.B,

25.06%,

12/09/24

4,907

4,879

FW2214150.UP.FTS.B,

26.84%,

12/09/26

2,183

2,173

FW2214152.UP.FTS.B,

19.21%,

12/09/24

3,428

3,413

FW2214164.UP.FTS.B,

24.23%,

12/09/26

34,907

34,787

FW2214196.UP.FTS.B,

23.98%,

12/10/26

5,969

5,943

FW2214209.UP.FTS.B,

24.78%,

12/09/26

3,967

3,948

FW2214210.UP.FTS.B,

20.55%,

12/09/26

4,953

4,934

FW2214228.UP.FTS.B,

24.21%,

12/09/26

15,867

15,789

FW2214286.UP.FTS.B,

30.83%,

12/09/26

20,884

20,809

FW2214394.UP.FTS.B,

19.36%,

12/09/24

980

975

FW2214435.UP.FTS.B,

13.25%,

12/09/26

24,709

24,671

*

FW2214437.UP.FTS.B,

24.67%,

12/09/24

3,000

1,798

FW2214513.UP.FTS.B,

31.01%,

12/09/26

2,980

2,968

FW2214522.UP.FTS.B,

26.52%,

12/09/24

5,892

5,859

FW2214573.UP.FTS.B,

31.21%,

12/09/26

1,291

1,286

FW2214645.UP.FTS.B,

11.71%,

12/09/24

4,884

4,869

FW2214657.UP.FTS.B,

27.98%,

12/09/26

993

988

FW2214667.UP.FTS.B,

30.92%,

12/09/26

5,066

5,046

FW2214674.UP.FTS.B,

31.47%,

12/09/26

2,583

2,573

FW2214689.UP.FTS.B,

24.38%,

12/09/26

8,931

8,888

FW2214711.UP.FTS.B,

30.81%,

12/09/24

4,971

4,949

FW2214740.UP.FTS.B,

29.52%,

12/09/26

7,399

7,354

FW2214828.UP.FTS.B,

15.83%,

12/09/26

10,881

10,845

FW2214870.UP.FTS.B,

29.08%,

12/09/24

2,457

2,444

FW2214874.UP.FTS.B,

27.9%,

12/09/26

4,963

4,941

FW2214935.UP.FTS.B,

26.5%,

12/09/26

955

948

FW2215010.UP.FTS.B,

21.32%,

12/09/26

1,979

1,970

FW2215013.UP.FTS.B,

23.03%,

12/09/26

14,870

14,795

FW2215062.UP.FTS.B,

27.89%,

12/10/26

2,571

2,556

FW2215089.UP.FTS.B,

25.18%,

12/10/24

14,723

14,643

FW2215092.UP.FTS.B,

21.19%,

12/09/26

9,908

9,856

FW2215261.UP.FTS.B,

31.21%,

12/10/26

1,788

1,782

FW2215268.UP.FTS.B,

30.49%,

12/09/26

1,127

1,119

FW2215280.UP.FTS.B,

15.14%,

12/09/24

18,584

18,490

FW2215319.UP.FTS.B,

21.51%,

12/09/26

3,964

3,943

FW2215355.UP.FTS.B,

27.68%,

12/10/26

1,092

1,087

FW2215384.UP.FTS.B,

27.87%,

12/09/26

9,926

9,882

FW2215387.UP.FTS.B,

29.86%,

12/09/26

993

989

FW2215497.UP.FTS.B,

28.74%,

12/09/26

21,445

21,353

FW2215534.UP.FTS.B,

30.92%,

12/10/26

993

990

FW2215535.UP.FTS.B,

27.65%,

12/09/26

9,529

9,486

FW2215575.UP.FTS.B,

30.72%,

12/09/26

3,591

3,578

FW2215587.UP.FTS.B,

32.03%,

12/09/26

7,452

7,423

FW2215617.UP.FTS.B,

17.98%,

12/09/24

2,937

2,923

FW2215661.UP.FTS.B,

28.62%,

12/09/26

11,914

11,862

FW2215725.UP.FTS.B,

28.05%,

12/09/26

7,941

7,906

FW2215764.UP.FTS.B,

29.48%,

12/09/26

8,540

8,504

FW2215766.UP.FTS.B,

16.39%,

12/09/24

4,601

4,555

FW2215767.UP.FTS.B,

28.86%,

12/09/26

20,000

20,093

FW2215801.UP.FTS.B,

28.45%,

12/09/26

7,346

7,314

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

602

a

FW2215821.UP.FTS.B,

31.64%,

12/09/26

7,948

7,917

FW2215830.UP.FTS.B,

23.46%,

12/09/26

1,091

1,085

FW2215838.UP.FTS.B,

16.38%,

12/09/26

7,908

7,864

FW2215916.UP.FTS.B,

31.42%,

12/09/26

1,689

1,682

FW2215962.UP.FTS.B,

24.1%,

12/09/26

4,958

4,934

FW2216011.UP.FTS.B,

31.3%,

12/09/26

2,186

2,177

FW2216012.UP.FTS.B,

23.5%,

12/09/26

14,872

14,798

FW2216167.UP.FTS.B,

23.76%,

12/09/26

5,949

5,920

FW2216190.UP.FTS.B,

12.02%,

12/09/26

4,940

4,931

FW2216203.UP.FTS.B,

25.54%,

12/09/26

6,733

6,683

FW2216231.UP.FTS.B,

31.22%,

12/10/26

3,477

3,464

FW2216308.UP.FTS.B,

30.91%,

12/09/26

3,272

3,254

FW2216312.UP.FTS.B,

30.43%,

12/09/26

17,967

17,798

FW2216336.UP.FTS.B,

30.57%,

12/09/26

16,389

16,322

FW2216383.UP.FTS.B,

31.17%,

12/09/26

6,556

6,540

FW2216442.UP.FTS.B,

29.14%,

12/09/26

8,979

8,944

FW2216459.UP.FTS.B,

29.02%,

12/09/26

14,798

14,707

FW2216465.UP.FTS.B,

18.28%,

12/09/26

1,980

1,974

FW2216510.UP.FTS.B,

30.91%,

12/10/26

6,357

6,334

FW2216563.UP.FTS.B,

16.13%,

12/09/26

9,300

9,289

FW2216628.UP.FTS.B,

31.19%,

12/09/26

5,662

5,640

FW2216633.UP.FTS.B,

30.84%,

12/09/26

993

989

FW2216676.UP.FTS.B,

31.08%,

12/09/26

1,192

1,187

FW2216682.UP.FTS.B,

26.9%,

12/10/26

5,954

5,929

FW2216717.UP.FTS.B,

29.9%,

12/09/26

1,291

1,286

FW2216725.UP.FTS.B,

31.78%,

12/09/26

5,688

5,668

FW2216772.UP.FTS.B,

10.45%,

12/09/24

2,441

2,437

FW2216867.UP.FTS.B,

31.83%,

12/09/26

5,085

5,050

FW2216892.UP.FTS.B,

26.56%,

12/09/26

1,488

1,484

FW2216908.UP.FTS.B,

31.2%,

12/09/26

3,372

3,353

FW2216919.UP.FTS.B,

25.11%,

12/09/26

2,182

2,172

FW2216920.UP.FTS.B,

30.07%,

12/09/26

991

986

FW2216921.UP.FTS.B,

28.44%,

12/09/26

17,075

17,001

FW2216931.UP.FTS.B,

29.9%,

12/09/26

7,892

7,845

FW2216935.UP.FTS.B,

30.07%,

12/09/26

1,480

1,471

*

FW2216936.UP.FTS.B,

28.81%,

12/09/26

5,000

2,999

FW2216954.UP.FTS.B,

19.2%,

12/09/24

5,871

5,832

FW2216975.UP.FTS.B,

31.08%,

12/09/26

3,176

3,159

FW2216994.UP.FTS.B,

20.27%,

12/09/26

20,802

20,719

FW2217014.UP.FTS.B,

31.19%,

12/09/26

3,080

3,067

FW2217031.UP.FTS.B,

25.82%,

12/09/26

5,953

5,925

FW2217042.UP.FTS.B,

22.14%,

12/09/26

4,931

4,898

FW2217056.UP.FTS.B,

15.21%,

12/09/24

1,467

1,460

FW2217065.UP.FTS.B,

30.33%,

12/10/26

4,469

4,453

FW2217088.UP.FTS.B,

28.71%,

12/09/24

2,162

2,155

FW2217099.UP.FTS.B,

17.98%,

12/09/26

2,970

2,961

FW2217115.UP.FTS.B,

31.21%,

12/09/26

2,186

2,177

FW2217138.UP.FTS.B,

32.58%,

12/09/26

7,353

7,326

FW2217269.UP.FTS.B,

21.91%,

12/09/24

6,079

6,041

FW2217284.UP.FTS.B,

26.82%,

12/09/26

4,466

4,445

FW2217297.UP.FTS.B,

28.83%,

12/09/26

2,979

2,966

FW2217304.UP.FTS.B,

18.29%,

12/10/26

990

986

FW2217383.UP.FTS.B,

21.29%,

12/09/24

4,406

4,366

FW2217399.UP.FTS.B,

24.73%,

12/09/26

7,112

7,066

FW2217430.UP.FTS.B,

31.5%,

12/09/26

4,242

4,217

FW2217484.UP.FTS.B,

28.11%,

12/09/26

8,934

8,895

FW2217488.UP.FTS.B,

22.29%,

12/09/26

991

987

FW2217503.UP.FTS.B,

13.59%,

12/09/24

1,955

1,949

*

FW2217517.UP.FTS.B,

28.7%,

12/09/26

8,000

4,902

FW2217553.UP.FTS.B,

16.03%,

12/09/26

5,857

5,838

FW2217651.UP.FTS.B,

25.2%,

12/09/26

3,968

3,949

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

603

a

FW2217716.UP.FTS.B,

27.04%,

12/10/26

1,489

1,482

FW2217757.UP.FTS.B,

30.55%,

12/09/26

2,980

2,968

FW2217838.UP.FTS.B,

18.43%,

12/09/24

19,555

19,422

FW2217843.UP.FTS.B,

31.21%,

12/09/26

1,287

1,280

FW2217873.UP.FTS.B,

20.4%,

12/09/26

5,349

5,328

FW2217876.UP.FTS.B,

31.85%,

12/09/26

3,875

3,860

FW2217890.UP.FTS.B,

28.41%,

12/10/26

1,787

1,780

FW2217920.UP.FTS.B,

22.05%,

12/09/26

3,964

3,944

FW2217958.UP.FTS.B,

25.35%,

12/09/26

4,464

4,443

FW2217960.UP.FTS.B,

30.51%,

12/09/26

4,966

4,946

FW2217975.UP.FTS.B,

26.18%,

12/10/26

36,711

36,554

FW2217977.UP.FTS.B,

26.88%,

12/10/24

3,928

3,908

*

FW2217984.UP.FTS.B,

31.03%,

12/09/26

1,000

601

FW2218056.UP.FTS.B,

30.74%,

12/09/26

45,400

45,615

FW2218062.UP.FTS.B,

20.6%,

12/09/24

2,940

2,927

FW2218106.UP.FTS.B,

26.79%,

12/09/26

6,351

6,322

FW2218127.UP.FTS.B,

24.14%,

12/09/26

9,917

9,868

FW2218159.UP.FTS.B,

30.95%,

12/09/26

17,330

17,232

FW2218160.UP.FTS.B,

29.47%,

12/10/26

4,766

4,748

FW2218182.UP.FTS.B,

19.24%,

12/10/24

1,469

1,463

FW2218197.UP.FTS.B,

9.08%,

12/09/26

49,246

49,158

FW2218331.UP.FTS.B,

30.75%,

12/09/26

5,960

5,936

FW2218339.UP.FTS.B,

16.61%,

12/10/26

11,874

11,838

FW2218340.UP.FTS.B,

31.07%,

12/09/26

7,927

7,882

FW2218437.UP.FTS.B,

22.08%,

12/09/26

2,476

2,460

FW2218450.UP.FTS.B,

29.93%,

12/10/26

1,577

1,568

FW2218521.UP.FTS.B,

31.24%,

12/09/26

3,179

3,166

FW2218562.UP.FTS.B,

29.96%,

12/09/26

993

989

*

FW2218625.UP.FTS.B,

30.08%,

12/09/26

2,500

1,501

FW2218657.UP.FTS.B,

21.6%,

12/10/24

5,190

5,150

FW2218668.UP.FTS.B,

30.04%,

12/09/26

1,986

1,978

FW2218670.UP.FTS.B,

28.43%,

12/09/26

2,978

2,965

FW2218689.UP.FTS.B,

31.74%,

12/09/26

8,870

8,804

FW2218723.UP.FTS.B,

29.12%,

12/09/24

2,162

2,151

FW2218737.UP.FTS.B,

31.19%,

12/10/26

1,788

1,782

FW2218780.UP.FTS.B,

29.8%,

12/10/26

5,363

5,342

FW2218787.UP.FTS.B,

31.1%,

12/10/26

8,146

8,116

FW2218792.UP.FTS.B,

30.24%,

12/10/26

1,986

1,979

FW2218817.UP.FTS.B,

27.5%,

12/10/26

5,459

5,436

FW2218821.UP.FTS.B,

31.13%,

12/10/26

2,384

2,375

FW2218855.UP.FTS.B,

7.72%,

12/10/26

7,881

7,877

FW2218883.UP.FTS.B,

30.53%,

12/10/26

7,946

7,917

FW2218886.UP.FTS.B,

25.43%,

12/10/26

7,936

7,901

FW2218896.UP.FTS.B,

19.03%,

12/10/26

7,922

7,891

FW2218919.UP.FTS.B,

30.84%,

12/10/26

2,682

2,672

FW2218934.UP.FTS.B,

31.41%,

12/10/26

7,451

7,424

FW2218939.UP.FTS.B,

31.36%,

12/10/26

3,974

3,959

FW2218990.UP.FTS.B,

27.91%,

12/10/26

1,787

1,779

FW2219042.UP.FTS.B,

29.37%,

12/10/26

7,504

7,461

FW2219062.UP.FTS.B,

19.4%,

12/10/26

5,929

5,889

FW2219091.UP.FTS.B,

8.24%,

12/10/24

6,244

6,232

FW2219095.UP.FTS.B,

31.11%,

12/10/26

509

503

FW2219100.UP.FTS.B,

31.23%,

12/10/26

1,490

1,485

FW2219110.UP.FTS.B,

14.72%,

12/10/24

7,335

7,316

FW2219135.UP.FTS.B,

26.36%,

12/10/26

3,969

3,952

FW2219137.UP.FTS.B,

32.32%,

12/10/26

7,254

7,228

FW2219145.UP.FTS.B,

21.86%,

12/10/26

16,649

16,568

FW2219211.UP.FTS.B,

31.11%,

12/10/26

4,500

4,523

*

FW2219214.UP.FTS.B,

31.13%,

12/10/26

1,800

1,107

FW2219219.UP.FTS.B,

30.68%,

12/10/26

3,476

3,469

FW2219222.UP.FTS.B,

31.25%,

12/10/26

3,775

3,761

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

604

a

FW2219230.UP.FTS.B,

15.75%,

12/10/26

10,881

10,847

FW2219236.UP.FTS.B,

30.82%,

12/10/26

2,300

2,293

FW2219260.UP.FTS.B,

28.47%,

12/10/24

3,341

3,324

FW2219263.UP.FTS.B,

25.61%,

12/10/24

5,890

5,858

FW2219266.UP.FTS.B,

31.97%,

12/10/26

34,676

34,554

FW2219267.UP.FTS.B,

18.39%,

12/10/26

7,920

7,889

FW2219297.UP.FTS.B,

29.16%,

12/10/24

2,722

2,698

FW2219336.UP.FTS.B,

7.29%,

12/10/26

9,863

9,844

FW2219337.UP.FTS.B,

14.64%,

12/10/26

5,933

5,926

FW2219339.UP.FTS.B,

20.87%,

12/10/26

1,978

1,965

FW2219361.UP.FTS.B,

31.69%,

12/10/26

14,605

14,553

FW2219362.UP.FTS.B,

18.87%,

12/10/24

4,407

4,388

FW2219378.UP.FTS.B,

27.07%,

12/10/26

11,909

11,859

FW2219414.UP.FTS.B,

29.72%,

12/10/26

5,934

5,901

FW2219455.UP.FTS.B,

30.53%,

12/10/26

1,490

1,484

FW2219474.UP.FTS.B,

13.95%,

12/10/26

9,886

9,873

FW2219505.UP.FTS.B,

19.04%,

12/10/26

22,775

22,687

*

FW2219559.UP.FTS.B,

31.14%,

12/10/26

3,000

1,805

FW2219561.UP.FTS.B,

22.18%,

12/10/24

2,451

2,442

FW2219568.UP.FTS.B,

21.42%,

12/10/26

1,927

1,916

FW2219596.UP.FTS.B,

29.28%,

12/10/26

5,163

5,143

FW2219598.UP.FTS.B,

25.14%,

12/10/26

1,980

1,968

FW2219626.UP.FTS.B,

25.21%,

12/10/26

5,356

5,333

FW2219635.UP.FTS.B,

27.99%,

12/10/26

9,857

9,799

FW2219637.UP.FTS.B,

30.65%,

12/10/26

2,980

2,969

FW2219745.UP.FTS.B,

31.03%,

12/10/26

2,285

2,276

*

FW2219767.UP.FTS.B,

29.74%,

12/10/26

8,000

4,806

FW2219804.UP.FTS.B,

10.44%,

12/10/26

9,874

9,856

FW2219807.UP.FTS.B,

27.31%,

12/10/26

5,955

5,930

FW2219819.UP.FTS.B,

28.69%,

12/10/26

18,864

18,789

FW2219847.UP.FTS.B,

28.03%,

12/10/26

5,997

5,976

FW2219854.UP.FTS.B,

30.55%,

12/10/26

3,476

3,463

FW2219902.UP.FTS.B,

15.07%,

12/10/24

14,671

14,601

FW2219943.UP.FTS.B,

28.3%,

12/10/26

10,721

10,678

FW2219989.UP.FTS.B,

31.38%,

12/10/26

3,953

3,932

FW2220020.UP.FTS.B,

31.12%,

12/10/26

1,093

1,089

FW2220027.UP.FTS.B,

13.09%,

12/10/26

9,883

9,869

FW2220034.UP.FTS.B,

31.4%,

12/10/26

3,171

3,154

FW2220064.UP.FTS.B,

27.61%,

12/10/26

2,371

2,357

*

FW2220067.UP.FTS.B,

19.52%,

12/10/24

5,000

2,928

FW2220076.UP.FTS.B,

30.08%,

12/10/26

5,959

5,936

FW2220079.UP.FTS.B,

23.76%,

12/10/26

3,768

3,751

FW2220084.UP.FTS.B,

30.41%,

12/10/26

1,986

1,979

FW2220128.UP.FTS.B,

28.06%,

12/10/26

4,963

4,943

FW2220132.UP.FTS.B,

25.62%,

12/10/24

2,945

2,929

FW2220187.UP.FTS.B,

28.24%,

12/10/26

4,964

4,944

FW2220220.UP.FTS.B,

21.76%,

12/10/24

3,431

3,411

FW2220221.UP.FTS.B,

22.46%,

12/10/26

6,938

6,905

FW2220230.UP.FTS.B,

22.67%,

12/10/26

10,173

10,112

FW2220263.UP.FTS.B,

30.95%,

12/10/26

20,066

19,992

FW2220266.UP.FTS.B,

24.3%,

12/10/26

3,570

3,554

FW2220289.UP.FTS.B,

15.19%,

12/10/24

8,054

7,992

FW2220294.UP.FTS.B,

22.87%,

12/10/26

19,826

19,733

FW2220308.UP.FTS.B,

31.92%,

12/10/26

3,468

3,450

FW2220333.UP.FTS.B,

29.02%,

12/10/26

5,456

5,427

FW2220337.UP.FTS.B,

25.2%,

12/10/26

3,968

3,950

FW2220353.UP.FTS.B,

29.92%,

12/10/26

2,979

2,968

FW2220401.UP.FTS.B,

25.43%,

12/10/26

2,976

2,963

FW2220411.UP.FTS.B,

27.41%,

12/10/26

5,955

5,930

FW2220416.UP.FTS.B,

27.46%,

12/10/26

2,978

2,965

FW2220424.UP.FTS.B,

20.74%,

12/10/26

30,514

30,361

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

605

a

FW2220451.UP.FTS.B,

27.06%,

12/10/26

31,828

31,701

FW2220466.UP.FTS.B,

28.85%,

12/10/26

8,936

8,901

FW2220470.UP.FTS.B,

30.6%,

12/10/26

3,874

3,859

FW2220480.UP.FTS.B,

32.04%,

12/10/26

5,534

5,504

FW2220544.UP.FTS.B,

24.21%,

12/10/26

9,917

9,897

FW2220547.UP.FTS.B,

20.94%,

12/10/26

1,486

1,481

FW2220602.UP.FTS.B,

22.35%,

12/10/24

5,099

5,070

FW2220653.UP.FTS.B,

22.15%,

12/10/26

5,947

5,918

FW2220709.UP.FTS.B,

24.66%,

12/10/26

2,479

2,468

FW2220729.UP.FTS.B,

27.41%,

12/10/26

8,734

8,698

FW2220767.UP.FTS.B,

16.93%,

12/10/24

3,426

3,410

FW2220794.UP.FTS.B,

24.46%,

12/10/26

5,195

5,174

FW2220803.UP.FTS.B,

30.27%,

12/10/26

2,196

2,189

*

FW2220804.UP.FTS.B,

30.81%,

12/10/26

1,200

738

FW2220816.UP.FTS.B,

30.57%,

12/10/26

1,490

1,484

*

FW2220907.UP.FTS.B,

31.08%,

12/10/26

9,000

5,414

FW2220942.UP.FTS.B,

13.11%,

12/10/26

4,447

4,441

*

FW2220957.UP.FTS.B,

25.57%,

12/10/24

24,679

14,902

FW2220958.UP.FTS.B,

32.58%,

12/10/26

7,453

7,427

FW2220970.UP.FTS.B,

26.98%,

12/10/26

992

988

FW2221001.UP.FTS.B,

24.99%,

12/10/26

4,959

4,937

FW2221042.UP.FTS.B,

19.89%,

12/10/24

980

976

FW2221043.UP.FTS.B,

26.33%,

12/10/24

5,874

5,827

FW2221047.UP.FTS.B,

23.77%,

12/10/26

4,561

4,540

FW2221051.UP.FTS.B,

27.18%,

12/10/26

10,917

10,872

FW2221075.UP.FTS.B,

30.26%,

12/10/26

3,476

3,463

FW2221223.UP.FTS.B,

26.01%,

12/10/26

2,976

2,964

FW2221253.UP.FTS.B,

28.97%,

12/10/26

6,950

6,923

FW2221264.UP.FTS.B,

29.23%,

12/10/26

5,560

5,539

FW2221322.UP.FTS.B,

31.23%,

12/10/26

3,080

3,068

FW2221345.UP.FTS.B,

26.17%,

12/10/26

2,906

2,885

FW2221359.UP.FTS.B,

17.28%,

12/10/26

3,365

3,355

FW2221373.UP.FTS.B,

23.4%,

12/10/24

2,943

2,926

FW2221398.UP.FTS.B,

27.53%,

12/10/26

5,161

5,140

FW2221416.UP.FTS.B,

26.49%,

12/10/26

3,969

3,952

FW2221439.UP.FTS.B,

30.5%,

12/10/26

2,185

2,177

FW2221500.UP.FTS.B,

30.88%,

12/10/26

1,589

1,584

FW2221531.UP.FTS.B,

30.36%,

12/10/26

3,476

3,463

FW2221538.UP.FTS.B,

17.36%,

12/10/26

15,835

15,789

FW2221540.UP.FTS.B,

16.4%,

12/10/26

1,979

1,973

FW2221543.UP.FTS.B,

31.13%,

12/10/26

4,768

4,751

FW2221547.UP.FTS.B,

28.78%,

12/10/26

3,475

3,461

FW2221564.UP.FTS.B,

30.28%,

12/10/26

3,774

3,760

FW2221592.UP.FTS.B,

12.68%,

12/10/24

4,831

4,811

FW2221624.UP.FTS.B,

24.89%,

12/10/24

1,133

1,123

FW2221651.UP.FTS.B,

27.6%,

12/10/26

9,925

9,885

FW2221673.UP.FTS.B,

16.43%,

12/10/26

4,947

4,942

FW2221679.UP.FTS.B,

30.52%,

12/10/26

3,476

3,463

FW2221698.UP.FTS.B,

26.97%,

12/10/26

7,939

7,906

FW2221748.UP.FTS.B,

31.55%,

12/10/26

4,868

4,851

FW2221749.UP.FTS.B,

30.5%,

12/10/26

1,152

1,144

FW2221895.UP.FTS.B,

22.51%,

12/10/24

5,884

5,850

FW2221902.UP.FTS.B,

30.92%,

12/10/26

1,689

1,682

FW2221927.UP.FTS.B,

25.04%,

12/10/26

24,047

23,874

FW2221942.UP.FTS.B,

29.08%,

12/10/26

17,872

17,805

FW2221945.UP.FTS.B,

13.84%,

12/10/24

1,466

1,463

FW2221990.UP.FTS.B,

27.25%,

12/10/26

5,459

5,436

FW2221994.UP.FTS.B,

27.39%,

12/10/26

2,580

2,570

FW2222019.UP.FTS.B,

31.71%,

12/10/26

6,955

6,930

FW2222025.UP.FTS.B,

24.95%,

12/10/26

9,919

9,875

FW2222054.UP.FTS.B,

29.08%,

12/10/26

7,943

7,912

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

606

a

FW2222066.UP.FTS.B,

26.8%,

12/10/24

1,571

1,563

FW2222082.UP.FTS.B,

26.8%,

12/10/26

22,626

22,530

FW2222089.UP.FTS.B,

11.88%,

12/10/24

4,885

4,870

FW2222124.UP.FTS.B,

30.9%,

12/10/26

1,100

1,091

FW2222294.UP.FTS.B,

24.54%,

12/10/26

9,918

9,887

FW2222308.UP.FTS.B,

31.18%,

12/10/26

49,670

49,499

FW2222326.UP.FTS.B,

14.82%,

12/10/26

17,306

17,285

FW2222345.UP.FTS.B,

30.23%,

12/10/26

6,952

6,926

FW2222355.UP.FTS.B,

17.64%,

12/10/24

8,811

8,772

FW2222378.UP.FTS.B,

26.49%,

12/10/26

5,940

5,906

FW2222412.UP.FTS.B,

10.49%,

12/10/26

987

987

FW2222423.UP.FTS.B,

16.87%,

12/10/24

15,660

15,588

L1356992.UP.FTS.B,

19.62%,

12/09/26

18,240

18,022

L1406959.UP.FTS.B,

19.7%,

7/09/26

2,387

2,352

L1410134.UP.FTS.B,

22.14%,

7/09/26

5,186

5,135

*

L1410512.UP.FTS.B,

21.24%,

7/09/24

9,182

2,620

L1410647.UP.FTS.B,

25.18%,

7/09/26

4,738

4,693

L1410682.UP.FTS.B,

18.43%,

7/09/26

8,460

8,342

L1410764.UP.FTS.B,

15.3%,

7/09/24

2,592

2,560

L1410769.UP.FTS.B,

17.3%,

7/09/26

4,229

4,170

L1410812.UP.FTS.B,

23.09%,

7/09/26

8,879

8,775

L1410835.UP.FTS.B,

25.62%,

7/09/26

3,793

3,758

L1410857.UP.FTS.B,

23.47%,

7/09/24

4,570

4,498

L1410871.UP.FTS.B,

19.36%,

7/09/26

3,753

3,701

L1410905.UP.FTS.B,

21.33%,

7/09/26

23,539

23,309

L1410939.UP.FTS.B,

23.67%,

7/09/24

3,976

3,915

L1410942.UP.FTS.B,

18.88%,

7/09/26

9,012

8,887

L1411017.UP.FTS.B,

25.28%,

7/09/26

7,992

7,919

L1572047.UP.FTS.B,

12.99%,

8/25/26

6,200

6,174

*

L1592106.UP.FTS.B,

25.43%,

8/24/26

2,400

170

L1595806.UP.FTS.B,

16.33%,

8/25/24

3,022

3,001

*

L1597028.UP.FTS.B,

19.71%,

8/24/26

4,874

4,622

*

L1597410.UP.FTS.B,

22.34%,

8/24/24

1,856

1,762

L1597917.UP.FTS.B,

26.39%,

8/24/26

3,067

3,052

L1599086.UP.FTS.B,

24.44%,

8/24/26

7,604

7,562

L1599969.UP.FTS.B,

14.68%,

8/24/26

6,995

6,957

*

L1600527.UP.FTS.B,

20.35%,

8/24/26

9,204

8,712

*

L1601875.UP.FTS.B,

25.4%,

8/25/26

7,901

7,885

*

L1602831.UP.FTS.B,

23.76%,

8/24/26

1,983

46

L1603724.UP.FTS.B,

25.36%,

8/25/26

1,339

1,335

L1605896.UP.FTS.B,

25.03%,

8/23/26

28,694

28,538

L1606405.UP.FTS.B,

26.01%,

8/24/24

2,170

2,149

L1606587.UP.FTS.B,

14.39%,

8/23/26

47,066

46,831

L1606592.UP.FTS.B,

16.34%,

8/23/24

31,110

30,847

L1606808.UP.FTS.B,

22.21%,

8/23/26

15,250

15,165

L1607649.UP.FTS.B,

23.71%,

8/24/26

1,432

1,419

L1609249.UP.FTS.B,

10.93%,

8/25/24

4,401

4,382

L1610778.UP.FTS.B,

25.4%,

8/23/26

4,080

4,056

L1611110.UP.FTS.B,

20.52%,

8/23/26

17,108

17,009

L1611337.UP.FTS.B,

22.25%,

8/23/26

17,911

17,810

*

L1611345.UP.FTS.B,

25.42%,

8/24/26

2,654

411

L1611722.UP.FTS.B,

19.13%,

8/23/26

7,588

7,513

L1611787.UP.FTS.B,

20.92%,

8/23/26

14,264

14,183

*

L1611804.UP.FTS.B,

15.57%,

8/23/26

3,862

3,652

L1611808.UP.FTS.B,

20.24%,

8/23/26

9,500

9,445

L1611811.UP.FTS.B,

15.17%,

8/23/26

18,821

18,659

L1611864.UP.FTS.B,

21.84%,

8/23/26

6,665

6,628

L1611926.UP.FTS.B,

17.14%,

8/23/24

890

883

L1611958.UP.FTS.B,

16.45%,

8/23/26

10,893

10,791

L1611961.UP.FTS.B,

21.45%,

8/23/26

5,234

5,204

L1611973.UP.FTS.B,

18.36%,

8/23/24

2,676

2,654

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

607

a

L1611980.UP.FTS.B,

21.62%,

8/23/26

3,808

3,786

L1611991.UP.FTS.B,

25.15%,

8/23/26

2,627

2,610

L1612011.UP.FTS.B,

17.65%,

8/23/24

2,171

2,151

L1612016.UP.FTS.B,

8.95%,

8/23/24

2,701

2,686

L1612072.UP.FTS.B,

20.22%,

8/23/26

5,333

5,271

L1612081.UP.FTS.B,

22.91%,

8/23/24

3,056

3,025

L1612115.UP.FTS.B,

25.2%,

8/23/26

1,148

1,142

L1612132.UP.FTS.B,

6.94%,

8/23/24

14,847

14,783

L1612153.UP.FTS.B,

17.45%,

8/23/24

3,071

3,043

L1612158.UP.FTS.B,

24.51%,

8/23/26

16,723

16,632

L1612198.UP.FTS.B,

11.94%,

8/23/26

12,122

12,052

L1612236.UP.FTS.B,

24.57%,

8/24/24

3,205

3,171

L1612245.UP.FTS.B,

7.13%,

8/23/26

4,456

4,448

L1612257.UP.FTS.B,

22.94%,

8/23/24

17,979

17,792

L1612268.UP.FTS.B,

24.09%,

8/23/26

6,179

6,144

L1612289.UP.FTS.B,

15.71%,

8/23/24

15,982

15,846

L1612300.UP.FTS.B,

11.24%,

8/23/24

2,202

2,191

L1612307.UP.FTS.B,

24.25%,

8/23/26

9,553

9,500

L1612342.UP.FTS.B,

11.46%,

8/23/26

46,849

46,603

L1612356.UP.FTS.B,

23.75%,

8/23/26

37,719

37,510

L1612371.UP.FTS.B,

7.58%,

8/23/24

5,215

5,190

L1612389.UP.FTS.B,

21.85%,

8/23/26

6,035

5,969

L1612410.UP.FTS.B,

21.86%,

8/23/26

4,613

4,560

*

L1612414.UP.FTS.B,

15.63%,

8/23/26

9,892

464

L1612430.UP.FTS.B,

25.3%,

8/23/26

1,052

1,047

L1612435.UP.FTS.B,

24.55%,

8/23/26

4,301

4,260

L1612441.UP.FTS.B,

8.61%,

8/23/24

4,381

4,363

L1612460.UP.FTS.B,

14.95%,

8/23/26

14,136

14,022

L1612462.UP.FTS.B,

18.65%,

8/23/26

9,375

9,270

L1612472.UP.FTS.B,

11.46%,

8/23/26

10,311

10,220

L1612475.UP.FTS.B,

25.7%,

8/23/26

1,296

1,287

L1612483.UP.FTS.B,

6.75%,

8/23/26

9,291

9,277

L1612489.UP.FTS.B,

23.23%,

8/23/26

4,007

3,984

L1612495.UP.FTS.B,

22.7%,

8/23/24

2,336

2,312

L1612612.UP.FTS.B,

26.83%,

8/23/26

2,013

2,002

L1612696.UP.FTS.B,

19.76%,

8/23/26

10,443

10,382

L1612705.UP.FTS.B,

21.91%,

8/23/24

4,487

4,440

*

L1612733.UP.FTS.B,

25.21%,

8/23/26

1,900

135

*

L1612740.UP.FTS.B,

25.31%,

8/24/26

1,072

166

L1612751.UP.FTS.B,

14.6%,

8/23/26

14,128

14,014

L1612759.UP.FTS.B,

7.7%,

8/23/26

5,119

5,102

L1612765.UP.FTS.B,

17.19%,

8/23/26

14,186

14,043

L1612795.UP.FTS.B,

19.34%,

8/23/24

7,178

7,117

L1612812.UP.FTS.B,

18.75%,

8/23/24

8,926

8,852

L1612815.UP.FTS.B,

22.77%,

8/24/24

3,056

3,025

L1612818.UP.FTS.B,

26.11%,

8/23/26

945

934

L1612835.UP.FTS.B,

11.9%,

8/23/24

3,615

3,424

*

L1612848.UP.FTS.B,

23.46%,

8/23/24

3,313

3,142

*

L1612853.UP.FTS.B,

22.27%,

8/23/24

2,764

2,621

L1612867.UP.FTS.B,

25.04%,

8/23/26

1,721

1,712

L1612902.UP.FTS.B,

24.91%,

8/23/26

14,249

14,167

L1612903.UP.FTS.B,

17.72%,

8/23/24

4,455

4,418

*

L1612908.UP.FTS.B,

25.56%,

8/23/26

1,463

1,394

L1612910.UP.FTS.B,

20.88%,

8/23/26

6,182

6,146

L1612935.UP.FTS.B,

25.45%,

8/23/26

1,627

1,618

L1612946.UP.FTS.B,

20.18%,

8/23/26

33,248

33,055

L1612969.UP.FTS.B,

13.77%,

8/24/26

26,233

26,084

*

L1612983.UP.FTS.B,

11.8%,

8/23/26

47,901

45,226

*

L1613013.UP.FTS.B,

25.41%,

8/23/26

1,933

1,839

L1613022.UP.FTS.B,

25.17%,

8/23/26

5,695

5,663

L1613031.UP.FTS.B,

10.95%,

8/23/26

18,621

18,514

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

608

a

L1613033.UP.FTS.B,

26.95%,

8/23/26

4,314

4,291

L1613034.UP.FTS.B,

10.28%,

8/23/26

27,859

27,696

L1613038.UP.FTS.B,

18.06%,

8/23/24

3,566

3,537

L1613041.UP.FTS.B,

26.53%,

8/23/26

5,919

5,878

L1613087.UP.FTS.B,

17.25%,

8/23/26

7,563

7,481

L1613097.UP.FTS.B,

17.66%,

8/23/26

905

897

L1613119.UP.FTS.B,

24.86%,

8/24/26

11,568

11,487

L1613128.UP.FTS.B,

21.09%,

8/24/26

47,559

47,107

L1613140.UP.FTS.B,

17.2%,

8/23/24

3,112

3,086

L1613141.UP.FTS.B,

18.36%,

8/23/26

5,685

5,628

*

L1613160.UP.FTS.B,

11.35%,

8/23/26

28,573

26,970

*

L1613168.UP.FTS.B,

25.62%,

8/24/26

6,953

6,619

L1613261.UP.FTS.B,

22.8%,

8/24/26

3,242

3,225

L1613335.UP.FTS.B,

10.66%,

8/24/26

1,404

1,399

L1613343.UP.FTS.B,

12.33%,

8/23/24

5,295

5,268

L1613360.UP.FTS.B,

25.85%,

8/24/26

4,691

4,667

L1613386.UP.FTS.B,

16.82%,

8/24/24

2,673

2,651

*

L1613413.UP.FTS.B,

26.38%,

8/24/26

21,934

3,395

L1613477.UP.FTS.B,

20.77%,

8/24/26

3,787

3,747

L1613478.UP.FTS.B,

9.07%,

8/24/26

13,996

13,952

L1613531.UP.FTS.B,

19.04%,

8/24/24

2,679

2,658

L1613537.UP.FTS.B,

10.76%,

8/24/24

7,918

7,881

*

L1613565.UP.FTS.B,

20.3%,

8/24/26

961

909

L1613574.UP.FTS.B,

19.14%,

8/24/26

2,846

2,818

L1613583.UP.FTS.B,

18.67%,

8/24/24

5,355

5,312

L1613599.UP.FTS.B,

25.21%,

8/24/26

2,391

2,379

L1613615.UP.FTS.B,

24.66%,

8/24/26

11,286

11,221

*

L1613633.UP.FTS.B,

25.23%,

8/24/26

7,165

6,870

L1613683.UP.FTS.B,

16.65%,

8/24/26

6,129

6,079

L1613701.UP.FTS.B,

22.48%,

8/24/24

8,085

8,004

*

L1613779.UP.FTS.B,

8.38%,

8/24/26

13,258

12,508

L1613838.UP.FTS.B,

13.27%,

8/24/26

937

932

L1613877.UP.FTS.B,

13.09%,

8/24/26

14,093

14,023

L1613927.UP.FTS.B,

20.62%,

8/24/24

4,480

4,435

L1613929.UP.FTS.B,

6.38%,

8/24/26

13,926

13,906

L1613954.UP.FTS.B,

22.51%,

8/24/24

7,186

7,115

L1613957.UP.FTS.B,

19.33%,

8/24/26

10,436

10,336

L1614047.UP.FTS.B,

25.99%,

8/24/26

7,538

7,452

L1614068.UP.FTS.B,

12.29%,

8/24/26

14,074

14,004

L1614073.UP.FTS.B,

15.77%,

8/24/24

8,839

8,766

*

L1614080.UP.FTS.B,

9.53%,

8/24/26

2,833

2,672

L1614191.UP.FTS.B,

24.4%,

8/24/26

4,118

3,926

L1614231.UP.FTS.B,

25.4%,

8/24/26

1,818

1,809

L1614266.UP.FTS.B,

16.7%,

8/24/26

2,930

2,907

L1614273.UP.FTS.B,

14.09%,

8/24/26

10,352

10,302

L1614277.UP.FTS.B,

17.35%,

8/24/24

919

871

L1614289.UP.FTS.B,

24.87%,

8/24/26

2,964

2,949

L1614292.UP.FTS.B,

22.91%,

8/24/24

899

890

L1614295.UP.FTS.B,

24.71%,

8/24/24

2,254

2,232

*

L1614297.UP.FTS.B,

21.86%,

8/24/26

8,659

8,238

L1614345.UP.FTS.B,

12.28%,

8/24/26

3,742

3,721

L1614363.UP.FTS.B,

16.55%,

8/24/26

6,589

6,534

L1614367.UP.FTS.B,

9.22%,

8/24/24

1,316

1,310

L1614375.UP.FTS.B,

18.88%,

8/24/26

7,585

7,512

L1614397.UP.FTS.B,

13.46%,

8/24/26

3,290

3,274

L1614419.UP.FTS.B,

24.11%,

8/24/26

960

913

L1614520.UP.FTS.B,

11.22%,

8/24/24

3,091

3,070

L1614540.UP.FTS.B,

20.1%,

8/24/24

5,816

5,756

L1614573.UP.FTS.B,

8.61%,

8/24/24

2,804

2,790

L1614621.UP.FTS.B,

22.87%,

8/24/24

8,032

7,947

L1614645.UP.FTS.B,

22.79%,

8/24/26

3,051

3,035

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

609

a

L1614711.UP.FTS.B,

8.06%,

8/24/26

4,657

4,642

L1614717.UP.FTS.B,

20.99%,

8/24/24

2,688

2,661

L1614745.UP.FTS.B,

25.32%,

8/24/26

6,697

6,663

L1614751.UP.FTS.B,

17.63%,

8/24/26

14,196

14,057

*

L1614834.UP.FTS.B,

25.32%,

8/24/26

5,696

5,422

L1614886.UP.FTS.B,

19.82%,

8/24/26

10,634

10,554

L1614925.UP.FTS.B,

21.15%,

8/24/26

950

945

L1614941.UP.FTS.B,

13.72%,

8/24/26

9,304

9,254

L1614943.UP.FTS.B,

25.57%,

8/24/26

7,393

7,345

L1615041.UP.FTS.B,

7.72%,

8/24/24

5,248

5,226

L1615061.UP.FTS.B,

22.82%,

8/24/26

2,860

2,845

L1615113.UP.FTS.B,

21.5%,

8/24/26

3,181

3,162

L1615115.UP.FTS.B,

21.89%,

8/24/26

14,284

14,149

L1615117.UP.FTS.B,

19.17%,

8/24/24

1,820

1,724

L1615205.UP.FTS.B,

15.01%,

8/24/26

621

616

*

L1615220.UP.FTS.B,

17.4%,

8/24/26

4,959

732

L1615232.UP.FTS.B,

25.93%,

8/24/26

4,117

4,096

L1615372.UP.FTS.B,

24.2%,

8/24/26

12,418

12,354

*

L1615478.UP.FTS.B,

9.75%,

8/24/24

2,708

2,563

L1615531.UP.FTS.B,

23.83%,

8/24/24

2,791

2,763

L1615613.UP.FTS.B,

11.71%,

8/24/26

5,999

5,969

L1615616.UP.FTS.B,

23.96%,

8/24/26

7,204

7,148

L1615656.UP.FTS.B,

19.47%,

8/24/24

6,703

6,650

L1615692.UP.FTS.B,

15.67%,

8/24/26

6,582

6,548

L1615714.UP.FTS.B,

8.06%,

8/24/24

3,939

3,922

L1615725.UP.FTS.B,

13.27%,

8/24/26

5,075

5,050

L1615740.UP.FTS.B,

22.58%,

8/24/26

3,813

3,793

L1615756.UP.FTS.B,

23.61%,

8/24/26

9,545

9,496

L1615763.UP.FTS.B,

22.54%,

8/25/26

2,859

2,849

L1615783.UP.FTS.B,

25.43%,

8/24/26

1,316

1,302

L1615965.UP.FTS.B,

13.71%,

8/24/24

5,308

5,283

L1616071.UP.FTS.B,

18.36%,

8/24/26

9,475

9,383

L1616072.UP.FTS.B,

24%,

8/24/26

6,016

5,977

*

L1616129.UP.FTS.B,

25.18%,

8/25/26

1,431

1,424

L1616132.UP.FTS.B,

25.25%,

8/24/26

1,148

1,142

L1616175.UP.FTS.B,

25.43%,

8/24/26

4,114

4,093

L1616206.UP.FTS.B,

20.31%,

8/24/24

2,238

2,220

*

L1616231.UP.FTS.B,

24.63%,

8/24/26

9,739

9,281

*

L1616336.UP.FTS.B,

26.22%,

8/24/26

5,741

5,527

*

L1616337.UP.FTS.B,

27.22%,

8/24/26

9,536

9,083

*

L1616343.UP.FTS.B,

23.46%,

8/24/24

3,924

3,727

L1616362.UP.FTS.B,

23.47%,

8/24/26

5,709

5,679

L1616432.UP.FTS.B,

13.96%,

8/24/26

16,914

16,825

L1616477.UP.FTS.B,

19.45%,

8/24/26

5,694

5,639

L1616494.UP.FTS.B,

21.88%,

8/24/26

9,434

9,385

*

L1616510.UP.FTS.B,

16.59%,

8/24/26

5,773

5,459

L1616524.UP.FTS.B,

16.36%,

8/24/24

4,445

4,424

L1616581.UP.FTS.B,

16.94%,

8/24/26

2,826

2,802

L1616591.UP.FTS.B,

20.97%,

8/24/26

3,209

3,173

L1616604.UP.FTS.B,

10.09%,

8/24/26

13,554

13,483

L1616607.UP.FTS.B,

25.48%,

8/24/26

4,425

4,397

L1616625.UP.FTS.B,

11.18%,

8/24/26

13,112

13,045

L1616760.UP.FTS.B,

20.32%,

8/24/26

8,076

8,032

L1616789.UP.FTS.B,

21.29%,

8/24/24

1,793

1,775

L1616794.UP.FTS.B,

12.02%,

8/24/24

12,523

12,462

L1616807.UP.FTS.B,

14.12%,

8/24/26

4,692

4,667

L1616813.UP.FTS.B,

7.47%,

8/24/26

4,652

4,645

L1616819.UP.FTS.B,

16.55%,

8/24/24

13,338

13,230

*

L1616824.UP.FTS.B,

23.86%,

8/24/24

1,571

1,490

L1616828.UP.FTS.B,

23.14%,

8/24/26

6,868

6,832

L1616900.UP.FTS.B,

7.68%,

8/24/24

5,248

5,226

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

610

a

L1616929.UP.FTS.B,

19.05%,

8/24/26

9,484

9,392

L1616941.UP.FTS.B,

6.69%,

8/24/24

3,492

3,477

L1616949.UP.FTS.B,

24.98%,

8/24/26

14,343

14,211

L1616977.UP.FTS.B,

16.49%,

8/24/26

2,801

2,777

L1616998.UP.FTS.B,

18.36%,

8/24/24

3,122

3,097

L1617004.UP.FTS.B,

16.62%,

8/24/26

5,669

5,626

L1617008.UP.FTS.B,

21.28%,

8/24/26

3,045

3,028

L1617016.UP.FTS.B,

15.82%,

8/24/26

16,421

16,293

L1617018.UP.FTS.B,

24.39%,

8/24/26

4,794

4,560

L1617026.UP.FTS.B,

9.07%,

8/24/24

2,631

2,618

L1617047.UP.FTS.B,

19.37%,

8/24/26

3,416

3,397

L1617080.UP.FTS.B,

19.1%,

8/24/26

6,639

6,589

L1617085.UP.FTS.B,

12.5%,

8/24/26

12,051

11,983

L1617167.UP.FTS.B,

9.97%,

8/24/24

1,757

1,749

L1617202.UP.FTS.B,

19.24%,

8/24/26

2,846

2,825

L1617253.UP.FTS.B,

25.15%,

8/24/26

13,390

13,322

L1617268.UP.FTS.B,

15.74%,

8/24/26

2,359

2,348

L1617302.UP.FTS.B,

20.41%,

1/24/27

7,097

7,057

L1617307.UP.FTS.B,

16.47%,

8/24/24

1,245

1,235

L1617314.UP.FTS.B,

23.08%,

8/24/26

2,359

2,345

L1617323.UP.FTS.B,

20.76%,

8/24/24

4,483

4,437

L1617338.UP.FTS.B,

23.46%,

8/24/26

2,386

2,373

L1617363.UP.FTS.B,

23.46%,

8/24/26

7,585

7,523

L1617369.UP.FTS.B,

8.58%,

8/24/26

15,131

15,076

L1617370.UP.FTS.B,

24.47%,

8/24/26

10,439

10,382

L1617383.UP.FTS.B,

14.86%,

8/25/26

7,032

6,979

L1617429.UP.FTS.B,

23.23%,

8/24/24

16,234

16,026

*

L1617430.UP.FTS.B,

22.57%,

8/24/24

4,703

1,383

L1617436.UP.FTS.B,

15.41%,

8/24/24

1,767

1,758

*

L1617509.UP.FTS.B,

26.53%,

8/24/26

5,837

5,559

L1617537.UP.FTS.B,

20.26%,

8/24/26

3,515

3,482

*

L1617661.UP.FTS.B,

22.8%,

8/24/26

4,909

1,453

*

L1617677.UP.FTS.B,

25.4%,

8/24/26

2,318

2,206

L1617681.UP.FTS.B,

25.54%,

8/24/26

2,010

1,999

*

L1617729.UP.FTS.B,

24.84%,

8/24/26

2,400

714

*

L1617738.UP.FTS.B,

20.93%,

8/25/24

6,788

6,736

L1617795.UP.FTS.B,

13.57%,

8/24/26

23,508

23,392

L1617797.UP.FTS.B,

22.65%,

8/24/26

31,457

31,292

L1617870.UP.FTS.B,

25.85%,

8/24/26

20,103

20,002

L1617884.UP.FTS.B,

24.99%,

8/24/26

1,147

1,142

L1617912.UP.FTS.B,

17.57%,

8/25/26

5,620

5,566

L1617914.UP.FTS.B,

12.61%,

8/25/26

4,694

4,674

L1617960.UP.FTS.B,

12.89%,

8/24/24

3,533

3,516

*

L1617985.UP.FTS.B,

24.68%,

8/25/24

2,796

2,777

*

L1618000.UP.FTS.B,

16.11%,

8/24/24

9,115

8,643

L1618007.UP.FTS.B,

15.83%,

8/24/24

2,235

2,208

L1618034.UP.FTS.B,

21.14%,

8/24/24

2,510

2,490

L1618119.UP.FTS.B,

21.46%,

8/24/24

6,244

6,178

L1618136.UP.FTS.B,

10.88%,

8/24/26

4,680

4,656

L1618177.UP.FTS.B,

16.15%,

8/25/26

3,288

3,264

L1618185.UP.FTS.B,

18.18%,

8/24/26

11,366

11,279

L1618202.UP.FTS.B,

10.07%,

8/25/26

4,673

4,652

L1618207.UP.FTS.B,

22.64%,

8/25/24

3,594

3,563

L1618210.UP.FTS.B,

13.21%,

8/24/26

9,398

9,351

L1618223.UP.FTS.B,

16.48%,

8/24/26

10,378

10,292

L1618226.UP.FTS.B,

25.83%,

8/25/26

17,135

17,077

L1618259.UP.FTS.B,

19.27%,

8/24/26

7,590

7,548

L1618271.UP.FTS.B,

25.5%,

8/25/26

47,842

47,679

*

L1618282.UP.FTS.B,

23.65%,

8/25/26

1,000

71

*

L1618314.UP.FTS.B,

25.21%,

8/25/26

1,300

34

L1618433.UP.FTS.B,

12.74%,

8/25/24

13,246

13,193

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

611

a

L1618437.UP.FTS.B,

25.3%,

8/25/26

10,068

10,018

L1618519.UP.FTS.B,

22.51%,

8/25/26

28,572

28,466

*

L1618555.UP.FTS.B,

25.87%,

8/25/26

10,058

10,039

L1618616.UP.FTS.B,

21.44%,

8/25/26

9,517

9,479

L1618618.UP.FTS.B,

15.72%,

8/25/24

888

882

L1618701.UP.FTS.B,

22.67%,

8/25/26

2,860

2,849

L1618708.UP.FTS.B,

19.03%,

8/25/26

18,924

18,852

L1618792.UP.FTS.B,

25.43%,

8/25/26

3,253

3,242

L1618810.UP.FTS.B,

17.27%,

8/25/26

16,458

16,316

L1618817.UP.FTS.B,

13.07%,

8/25/24

3,181

3,168

L1618855.UP.FTS.B,

24.48%,

8/25/26

2,485

2,476

L1618890.UP.FTS.B,

13.2%,

8/25/24

3,535

3,521

L1618902.UP.FTS.B,

21.03%,

8/25/26

5,385

5,362

L1618921.UP.FTS.B,

15.37%,

8/25/26

2,332

2,321

L1619028.UP.FTS.B,

25.43%,

8/25/26

7,558

7,533

L1619050.UP.FTS.B,

15.55%,

8/25/26

3,778

3,753

L1619055.UP.FTS.B,

19.81%,

8/25/26

2,848

2,837

L1619126.UP.FTS.B,

9.43%,

8/25/26

9,337

9,313

L1619128.UP.FTS.B,

25.91%,

8/25/26

9,257

9,225

L1619235.UP.FTS.B,

18.04%,

8/25/24

2,220

2,204

L1619251.UP.FTS.B,

24.92%,

8/25/26

2,103

2,096

*

L1619285.UP.FTS.B,

19.51%,

8/25/26

23,984

23,810

*

L1619335.UP.FTS.B,

18.67%,

8/25/26

2,923

430

*

L1619343.UP.FTS.B,

16.69%,

8/25/26

10,519

10,459

L1619382.UP.FTS.B,

24.38%,

8/25/26

14,332

14,221

L1619423.UP.FTS.B,

24.53%,

8/25/26

3,356

3,342

L1619514.UP.FTS.B,

10.85%,

8/25/26

4,661

4,638

L1619565.UP.FTS.B,

11.35%,

8/25/26

7,588

7,555

L1619582.UP.FTS.B,

21.11%,

8/25/24

6,274

6,219

L1619585.UP.FTS.B,

25.33%,

8/25/26

6,984

6,960

L1619610.UP.FTS.B,

17.18%,

8/25/26

4,721

4,677

L1619746.UP.FTS.B,

25.05%,

8/25/26

6,120

6,099

L1619755.UP.FTS.B,

13.74%,

8/25/24

4,954

4,935

L1619757.UP.FTS.B,

12.57%,

8/25/26

7,507

7,473

L1619786.UP.FTS.B,

7.29%,

8/25/24

4,370

4,353

L1619826.UP.FTS.B,

16.95%,

8/25/26

15,111

14,969

L1619833.UP.FTS.B,

19.96%,

8/25/24

8,229

8,156

*

L1619910.UP.FTS.B,

21.67%,

8/25/26

27,211

8,014

L1620021.UP.FTS.B,

20.47%,

8/25/24

1,791

1,779

L1620043.UP.FTS.B,

17.72%,

8/25/26

2,993

2,980

L1620110.UP.FTS.B,

16.48%,

8/25/26

14,776

14,630

L1620125.UP.FTS.B,

15.38%,

8/25/26

943

937

L1620151.UP.FTS.B,

26.66%,

8/25/26

15,308

15,236

L1620172.UP.FTS.B,

13.4%,

8/25/26

14,094

14,031

L1620282.UP.FTS.B,

13.89%,

8/25/26

11,265

11,215

*

L1620353.UP.FTS.B,

21.57%,

8/25/24

1,918

567

L1620409.UP.FTS.B,

9.92%,

8/25/24

1,757

1,750

L1620511.UP.FTS.B,

25.13%,

8/25/26

1,626

1,621

L1620526.UP.FTS.B,

23.25%,

8/25/26

1,908

1,901

L1620644.UP.FTS.B,

9.95%,

8/25/26

7,476

7,458

L1620684.UP.FTS.B,

15.61%,

8/25/24

5,326

5,288

L1620763.UP.FTS.B,

23.08%,

8/25/26

5,151

5,132

L1620896.UP.FTS.B,

7.97%,

8/25/24

3,192

3,176

L1620912.UP.FTS.B,

14.91%,

8/25/26

4,712

4,693

L1620917.UP.FTS.B,

16.21%,

8/25/26

9,443

9,380

L1620934.UP.FTS.B,

22.56%,

8/25/24

3,414

3,385

L1621031.UP.FTS.B,

25.07%,

8/25/26

5,738

5,718

L1621068.UP.FTS.B,

25.46%,

8/25/26

4,019

4,005

L1621070.UP.FTS.B,

8.8%,

8/25/26

27,978

27,904

L1621220.UP.FTS.B,

21.82%,

8/25/24

2,784

2,760

L1671620.UP.FTS.B,

25.49%,

9/13/26

3,155

3,125

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

612

a

L1690396.UP.FTS.B,

25.48%,

9/13/26

34,373

34,076

L1693379.UP.FTS.B,

10.32%,

9/13/24

4,518

4,488

L1694396.UP.FTS.B,

11.41%,

9/13/26

9,474

9,410

L1696934.UP.FTS.B,

25.2%,

9/13/26

1,071

1,054

L1699091.UP.FTS.B,

8.91%,

9/13/26

47,316

47,145

L1699219.UP.FTS.B,

19.88%,

9/13/26

13,445

13,325

L1699552.UP.FTS.B,

17.37%,

9/13/26

4,019

3,972

L1699725.UP.FTS.B,

24.98%,

9/13/26

1,966

571

L1699795.UP.FTS.B,

11.82%,

9/13/26

8,551

8,500

L1700079.UP.FTS.B,

19.55%,

9/13/26

19,263

19,089

L1700175.UP.FTS.B,

15.87%,

9/13/28

14,600

14,572

L1701616.UP.FTS.B,

19.62%,

9/13/24

1,692

1,665

L1702113.UP.FTS.B,

24.96%,

9/13/28

3,497

1,926

L1702670.UP.FTS.B,

17.62%,

9/13/24

2,557

2,530

L1702725.UP.FTS.B,

22.11%,

9/13/26

2,405

2,384

L1703843.UP.FTS.B,

26.77%,

9/13/26

13,631

13,515

L1703901.UP.FTS.B,

26.94%,

9/13/28

9,428

9,348

L1704236.UP.FTS.B,

15.99%,

9/13/24

8,070

7,979

L1704561.UP.FTS.B,

11.28%,

9/13/26

47,330

47,010

L1704776.UP.FTS.B,

15.5%,

9/13/26

6,683

6,620

L1704821.UP.FTS.B,

15.71%,

9/13/26

4,763

4,714

L1704834.UP.FTS.B,

12.73%,

9/13/26

8,562

8,511

L1704836.UP.FTS.B,

20.03%,

9/13/26

2,898

2,865

L1704842.UP.FTS.B,

13.48%,

9/13/24

3,613

3,588

L1704856.UP.FTS.B,

26.37%,

9/13/26

14,496

14,371

L1704876.UP.FTS.B,

9.87%,

9/13/24

1,806

1,796

L1704877.UP.FTS.B,

19.78%,

9/13/24

3,663

3,625

L1704899.UP.FTS.B,

25.19%,

9/13/26

6,117

6,054

L1704905.UP.FTS.B,

25.69%,

9/13/26

1,327

1,310

L1704906.UP.FTS.B,

26.62%,

9/13/26

7,250

7,188

L1704947.UP.FTS.B,

17.56%,

9/13/24

1,520

1,495

L1704959.UP.FTS.B,

10.56%,

9/13/26

6,641

6,601

L1704972.UP.FTS.B,

19.67%,

9/13/26

43,177

42,791

L1704980.UP.FTS.B,

24.51%,

9/13/26

4,823

4,781

L1704988.UP.FTS.B,

19.24%,

9/13/26

22,524

22,270

L1705021.UP.FTS.B,

18.29%,

9/13/26

7,693

7,604

L1705055.UP.FTS.B,

24.99%,

9/13/26

1,880

1,861

L1705059.UP.FTS.B,

15.08%,

9/13/24

5,455

5,395

L1705061.UP.FTS.B,

25.48%,

9/13/26

2,703

2,680

L1705062.UP.FTS.B,

20.27%,

9/13/26

1,920

1,903

L1705068.UP.FTS.B,

19.72%,

9/13/26

1,919

1,897

L1705093.UP.FTS.B,

15.95%,

9/13/26

765

759

L1705130.UP.FTS.B,

24.98%,

9/13/26

2,895

2,870

L1705225.UP.FTS.B,

19.41%,

9/13/26

4,725

4,663

L1705248.UP.FTS.B,

24.44%,

9/13/26

4,283

4,248

L1705287.UP.FTS.B,

16.2%,

9/13/26

10,989

10,886

L1705310.UP.FTS.B,

25.76%,

9/13/24

1,384

1,366

L1705316.UP.FTS.B,

12.75%,

9/13/26

5,529

5,497

L1705350.UP.FTS.B,

7.7%,

9/13/24

3,600

3,579

L1705353.UP.FTS.B,

25.94%,

9/13/26

3,189

3,161

*

L1705395.UP.FTS.B,

15.62%,

9/13/26

14,633

3,916

L1705404.UP.FTS.B,

25.63%,

9/13/26

9,619

9,532

L1705415.UP.FTS.B,

19.86%,

9/13/26

9,116

9,000

L1705462.UP.FTS.B,

16.72%,

9/13/24

23,563

23,299

L1705489.UP.FTS.B,

23.58%,

9/13/26

9,637

9,552

L1705495.UP.FTS.B,

19.78%,

9/13/26

2,879

2,853

L1705507.UP.FTS.B,

21.58%,

9/13/26

4,808

4,765

*

L1705551.UP.FTS.B,

24.8%,

9/13/26

14,991

4,376

L1705580.UP.FTS.B,

14.66%,

9/13/26

17,644

17,476

L1705591.UP.FTS.B,

23.35%,

9/13/24

5,407

5,327

L1705598.UP.FTS.B,

17.01%,

9/13/26

2,774

2,748

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

613

a

L1705607.UP.FTS.B,

16.78%,

9/13/26

28,687

28,419

L1705625.UP.FTS.B,

22.24%,

9/13/26

5,292

5,246

L1705631.UP.FTS.B,

14.99%,

9/13/26

16,220

16,066

L1705649.UP.FTS.B,

12.52%,

9/13/24

5,439

5,404

L1705650.UP.FTS.B,

13.61%,

9/13/26

4,762

4,734

L1705666.UP.FTS.B,

20.28%,

9/13/26

2,261

2,229

L1705668.UP.FTS.B,

7.09%,

9/13/26

47,191

47,014

*

L1705698.UP.FTS.B,

25.49%,

9/13/26

983

285

L1705710.UP.FTS.B,

20.53%,

9/13/24

4,569

4,519

L1705718.UP.FTS.B,

17.42%,

9/13/26

9,570

9,481

L1705724.UP.FTS.B,

25.27%,

9/13/26

1,158

1,148

L1705731.UP.FTS.B,

15.3%,

9/13/26

15,369

15,228

L1705774.UP.FTS.B,

24.52%,

9/13/26

7,717

7,650

L1705789.UP.FTS.B,

25.49%,

9/13/26

5,436

5,381

L1705820.UP.FTS.B,

24.05%,

9/13/26

2,893

2,868

L1705855.UP.FTS.B,

20.56%,

9/13/26

6,723

6,646

L1705864.UP.FTS.B,

19.54%,

9/13/26

29,741

29,474

L1705867.UP.FTS.B,

23.21%,

9/13/24

4,635

4,589

*

L1705882.UP.FTS.B,

24.88%,

9/13/26

1,784

1,069

L1705884.UP.FTS.B,

14.95%,

9/13/26

8,587

8,505

L1705897.UP.FTS.B,

6.84%,

9/13/24

22,469

22,367

L1705902.UP.FTS.B,

7.87%,

9/13/24

9,002

8,951

L1705915.UP.FTS.B,

25.54%,

9/13/26

26,098

25,875

L1705917.UP.FTS.B,

16.39%,

9/13/26

4,779

4,734

L1705964.UP.FTS.B,

25.31%,

9/13/26

4,923

4,881

L1706003.UP.FTS.B,

21.07%,

9/13/26

6,727

6,650

L1706013.UP.FTS.B,

21.25%,

9/13/26

8,651

8,551

L1706066.UP.FTS.B,

18.08%,

9/13/26

7,183

7,099

L1706082.UP.FTS.B,

23.36%,

9/13/24

4,601

4,541

L1706107.UP.FTS.B,

18.07%,

9/13/26

12,450

12,305

L1706117.UP.FTS.B,

19.33%,

9/13/26

3,837

3,792

L1706122.UP.FTS.B,

26.74%,

9/13/26

8,121

8,051

L1706147.UP.FTS.B,

23.21%,

9/13/26

4,817

4,775

L1706155.UP.FTS.B,

23.63%,

9/13/26

3,855

3,821

L1706157.UP.FTS.B,

9.34%,

9/13/24

4,060

4,037

L1706158.UP.FTS.B,

11.42%,

9/13/26

3,799

3,776

L1706178.UP.FTS.B,

22.1%,

9/13/26

3,367

3,338

L1706179.UP.FTS.B,

25.28%,

9/13/26

1,255

1,241

*

L1706210.UP.FTS.B,

9.61%,

9/13/26

20,170

10,164

*

L1706223.UP.FTS.B,

20.97%,

9/13/26

14,729

8,781

L1706268.UP.FTS.B,

16.68%,

9/13/24

1,801

1,780

L1706278.UP.FTS.B,

17.82%,

9/13/24

8,677

8,586

L1706305.UP.FTS.B,

23.62%,

9/13/26

1,167

1,158

*

L1706335.UP.FTS.B,

19.94%,

9/13/26

32,952

18,912

L1706343.UP.FTS.B,

22.18%,

9/13/26

19,244

19,075

L1706347.UP.FTS.B,

23.37%,

9/13/26

8,671

8,595

L1706350.UP.FTS.B,

24.39%,

9/13/26

19,289

19,121

L1706370.UP.FTS.B,

22.24%,

9/13/24

2,756

2,720

L1706431.UP.FTS.B,

14.35%,

9/13/24

2,818

2,787

L1706436.UP.FTS.B,

12.13%,

9/13/26

3,327

3,307

L1706439.UP.FTS.B,

8.12%,

9/13/26

9,439

9,400

L1706443.UP.FTS.B,

23.44%,

9/13/26

2,902

2,878

L1706444.UP.FTS.B,

12.27%,

9/13/26

5,704

5,670

L1706467.UP.FTS.B,

24.5%,

9/13/26

1,254

1,243

L1706478.UP.FTS.B,

12.65%,

9/13/24

4,156

4,128

L1706481.UP.FTS.B,

26.52%,

9/13/26

9,284

9,217

L1706486.UP.FTS.B,

18.45%,

9/13/24

4,571

4,523

L1706495.UP.FTS.B,

23.71%,

9/13/26

8,757

8,686

L1706496.UP.FTS.B,

12.56%,

9/13/24

13,602

13,514

L1706515.UP.FTS.B,

23%,

9/13/24

1,829

1,803

L1706518.UP.FTS.B,

13.48%,

9/13/26

952

947

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

614

a

L1706528.UP.FTS.B,

10.16%,

9/13/26

6,636

6,595

L1706567.UP.FTS.B,

20.03%,

9/13/26

38,396

37,951

L1706571.UP.FTS.B,

25.43%,

9/13/26

2,230

2,211

L1706603.UP.FTS.B,

17.88%,

9/13/24

2,192

2,169

L1706613.UP.FTS.B,

27.15%,

9/13/26

6,480

6,424

L1706617.UP.FTS.B,

10.35%,

9/13/24

904

899

L1706636.UP.FTS.B,

22.54%,

9/13/24

7,226

7,122

L1706652.UP.FTS.B,

13.34%,

9/13/26

20,632

20,492

L1706658.UP.FTS.B,

26.61%,

9/13/26

6,893

6,828

*

L1706664.UP.FTS.B,

18.89%,

9/13/26

15,339

2,224

L1706676.UP.FTS.B,

24.2%,

9/13/26

14,842

14,710

L1706683.UP.FTS.B,

16.01%,

9/13/26

2,293

2,280

L1706690.UP.FTS.B,

18.37%,

9/13/24

2,742

2,713

L1706707.UP.FTS.B,

14.84%,

9/13/26

19,078

18,967

*

L1706714.UP.FTS.B,

26.63%,

9/13/26

6,998

4,195

L1706718.UP.FTS.B,

17.25%,

9/13/26

4,784

4,739

L1706751.UP.FTS.B,

6.12%,

9/13/24

8,708

8,668

L1706753.UP.FTS.B,

13.61%,

9/13/24

6,810

6,766

L1706754.UP.FTS.B,

16.23%,

9/13/24

18,228

18,034

L1706770.UP.FTS.B,

25.3%,

9/13/26

7,151

7,084

L1706771.UP.FTS.B,

9.86%,

9/13/26

17,057

16,952

L1706791.UP.FTS.B,

26.15%,

9/13/26

2,794

2,765

L1706793.UP.FTS.B,

12.07%,

9/13/26

13,296

13,207

L1706804.UP.FTS.B,

14.15%,

9/13/24

14,851

14,671

L1706806.UP.FTS.B,

15.22%,

9/13/26

7,444

7,401

L1706811.UP.FTS.B,

19.16%,

9/13/26

3,836

3,815

*

L1706826.UP.FTS.B,

24.4%,

9/13/26

15,000

208

L1706832.UP.FTS.B,

21.04%,

9/13/26

5,722

5,668

L1706836.UP.FTS.B,

21.71%,

9/13/26

6,580

6,494

L1706863.UP.FTS.B,

15.07%,

9/13/26

4,771

4,726

*

L1706870.UP.FTS.B,

25.03%,

9/13/26

2,240

1,338

*

L1706876.UP.FTS.B,

24.73%,

9/13/26

2,500

34

L1706913.UP.FTS.B,

20.18%,

9/13/26

7,083

7,018

L1706922.UP.FTS.B,

15.62%,

9/13/24

36,423

36,035

L1706931.UP.FTS.B,

24.04%,

9/13/26

1,157

1,147

L1706939.UP.FTS.B,

15.26%,

9/13/24

1,820

1,801

L1706970.UP.FTS.B,

23.23%,

9/13/26

1,927

1,910

L1706982.UP.FTS.B,

23.01%,

9/13/24

607

596

L1707003.UP.FTS.B,

25.5%,

9/13/26

1,641

1,627

L1707019.UP.FTS.B,

22.94%,

9/13/24

9,288

9,171

L1707020.UP.FTS.B,

25.62%,

9/13/26

1,148

1,137

L1707040.UP.FTS.B,

24.58%,

9/13/24

11,413

11,249

L1707041.UP.FTS.B,

6.68%,

9/13/24

24,261

24,150

L1707055.UP.FTS.B,

16.78%,

9/13/26

4,699

4,649

L1828554.UP.FTS.B,

9.21%,

10/19/24

1,390

1,385

L1832966.UP.FTS.B,

16.66%,

10/19/26

19,337

19,190

L1843265.UP.FTS.B,

9.92%,

10/19/24

11,133

11,091

L1851771.UP.FTS.B,

9.22%,

10/19/26

3,361

3,354

L1860514.UP.FTS.B,

16.68%,

10/19/26

10,449

10,366

L1862143.UP.FTS.B,

22.66%,

10/19/26

3,307

3,288

L1864741.UP.FTS.B,

16.15%,

10/19/26

5,802

5,766

L1869480.UP.FTS.B,

22.43%,

10/19/24

3,761

3,727

L1870902.UP.FTS.B,

22.62%,

10/19/26

2,158

2,053

L1870989.UP.FTS.B,

21.8%,

10/19/24

940

931

L1871080.UP.FTS.B,

18.23%,

10/19/26

5,876

5,572

L1871750.UP.FTS.B,

19.96%,

10/19/26

5,822

5,788

L1873426.UP.FTS.B,

24.98%,

10/19/26

1,462

1,454

L1873948.UP.FTS.B,

25.57%,

10/19/26

9,749

9,696

L1874758.UP.FTS.B,

20.02%,

10/19/26

11,665

11,576

L1875318.UP.FTS.B,

10.07%,

10/19/26

5,747

5,718

L1875492.UP.FTS.B,

20.47%,

10/19/26

6,796

6,756

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

615

a

*

L1875627.UP.FTS.B,

24.98%,

10/19/26

1,800

302

L1876035.UP.FTS.B,

20.11%,

10/19/26

3,882

3,859

L1876177.UP.FTS.B,

16.95%,

10/19/24

935

928

L1876336.UP.FTS.B,

23.54%,

10/19/26

1,947

1,936

L1876344.UP.FTS.B,

21.57%,

10/19/24

3,005

2,978

L1876404.UP.FTS.B,

25.47%,

10/19/26

1,950

1,939

L1876477.UP.FTS.B,

25.39%,

10/19/26

3,412

3,393

L1876483.UP.FTS.B,

24.7%,

10/19/26

4,579

4,554

L1876508.UP.FTS.B,

15.29%,

10/19/24

2,333

2,316

L1876513.UP.FTS.B,

22.94%,

10/19/26

4,269

4,242

L1876524.UP.FTS.B,

18.4%,

10/19/26

5,330

5,288

L1876562.UP.FTS.B,

22.64%,

10/19/26

8,590

8,486

L1876648.UP.FTS.B,

22.83%,

10/19/26

10,506

10,447

L1876700.UP.FTS.B,

25.46%,

10/19/26

3,119

3,102

L1876765.UP.FTS.B,

18.15%,

10/19/26

2,448

2,319

L1876777.UP.FTS.B,

21.6%,

10/19/26

8,454

8,406

L1876780.UP.FTS.B,

7.17%,

10/19/24

4,624

4,610

L1876819.UP.FTS.B,

22.33%,

10/19/26

16,981

16,854

*

L1876834.UP.FTS.B,

26.05%,

10/19/26

15,670

14,922

L1876835.UP.FTS.B,

19.58%,

10/19/26

970

963

L1876850.UP.FTS.B,

13.16%,

10/19/26

33,750

33,619

L1876901.UP.FTS.B,

24.3%,

10/19/26

5,389

5,361

L1876918.UP.FTS.B,

23.43%,

10/19/24

1,318

1,306

L1876948.UP.FTS.B,

22.59%,

10/19/26

7,707

7,656

L1877030.UP.FTS.B,

18.47%,

10/19/26

14,537

14,423

*

L1877074.UP.FTS.B,

25.09%,

10/19/26

29,885

28,515

L1877100.UP.FTS.B,

25.32%,

10/19/26

1,852

1,842

L1877145.UP.FTS.B,

25.39%,

10/19/26

1,639

1,628

L1877157.UP.FTS.B,

19.36%,

10/19/24

5,155

5,119

L1877167.UP.FTS.B,

25.04%,

10/19/26

5,360

5,330

L1877178.UP.FTS.B,

24.58%,

10/19/26

5,942

5,909

L1877184.UP.FTS.B,

9.06%,

10/19/26

8,717

8,691

L1877239.UP.FTS.B,

19.55%,

10/19/26

4,757

4,722

L1877299.UP.FTS.B,

22.84%,

10/19/26

11,673

11,607

L1877355.UP.FTS.B,

17.66%,

10/19/26

1,937

1,925

L1877381.UP.FTS.B,

17.14%,

10/19/26

7,744

7,716

L1877399.UP.FTS.B,

18.99%,

10/19/24

937

930

L1877424.UP.FTS.B,

20.68%,

10/19/24

4,046

4,000

L1877448.UP.FTS.B,

26.35%,

10/19/26

12,778

12,710

L1877450.UP.FTS.B,

14.9%,

10/19/26

3,864

3,849

L1877458.UP.FTS.B,

20.58%,

10/19/26

6,796

6,757

L1877515.UP.FTS.B,

24.94%,

10/19/26

6,398

6,315

L1877523.UP.FTS.B,

19.9%,

10/19/26

5,725

5,681

L1877538.UP.FTS.B,

16.57%,

10/19/26

6,772

6,730

L1877544.UP.FTS.B,

9.08%,

10/19/24

1,004

999

L1877560.UP.FTS.B,

16.13%,

10/19/26

35,733

35,457

L1877561.UP.FTS.B,

23.97%,

10/19/26

5,805

5,767

L1877594.UP.FTS.B,

24.95%,

10/19/26

3,410

3,392

L1877620.UP.FTS.B,

25.77%,

10/19/26

6,027

5,990

L1877636.UP.FTS.B,

13.78%,

10/19/26

11,771

11,726

L1877685.UP.FTS.B,

16.18%,

10/19/26

7,895

7,841

L1877722.UP.FTS.B,

20.57%,

10/19/26

15,535

15,415

L1877810.UP.FTS.B,

10.5%,

10/19/24

2,103

1,993

L1877812.UP.FTS.B,

19.98%,

10/19/24

1,125

1,118

L1877874.UP.FTS.B,

26.52%,

10/19/26

4,390

4,367

L1877922.UP.FTS.B,

21.18%,

10/19/26

3,869

3,843

L1877933.UP.FTS.B,

16.4%,

10/19/26

2,876

2,862

L1877982.UP.FTS.B,

21.8%,

10/19/26

4,860

4,833

*

L1877989.UP.FTS.B,

14.75%,

10/19/24

9,658

9,171

L1878015.UP.FTS.B,

14.68%,

10/19/24

933

926

L1878027.UP.FTS.B,

16.7%,

10/19/26

9,610

9,534

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

616

a

L1878043.UP.FTS.B,

23%,

10/19/24

37,629

37,298

L1878106.UP.FTS.B,

22.97%,

10/19/26

16,616

16,528

L1878121.UP.FTS.B,

8.96%,

10/19/26

22,450

22,381

L1878135.UP.FTS.B,

25.22%,

10/19/26

5,856

5,824

L1878152.UP.FTS.B,

7.43%,

10/19/26

2,396

2,390

L1878256.UP.FTS.B,

9.69%,

10/19/26

9,608

9,568

L1878258.UP.FTS.B,

14.16%,

10/19/26

7,722

7,693

L1878278.UP.FTS.B,

16.38%,

10/19/26

9,673

9,612

L1878309.UP.FTS.B,

25.22%,

10/19/26

1,852

1,842

L1878336.UP.FTS.B,

11.06%,

10/19/26

2,406

2,396

L1878517.UP.FTS.B,

25.91%,

10/19/26

9,556

9,505

L1878596.UP.FTS.B,

12.67%,

10/19/24

1,117

1,112

*

L1878619.UP.FTS.B,

25.7%,

10/19/26

11,799

11,234

L1878636.UP.FTS.B,

21.12%,

10/19/26

14,571

14,487

L1878741.UP.FTS.B,

23.21%,

10/19/24

3,199

3,177

L1878742.UP.FTS.B,

25.52%,

10/19/26

4,874

4,848

L1878749.UP.FTS.B,

24.6%,

10/19/26

3,902

3,881

L1878758.UP.FTS.B,

25.46%,

10/19/26

6,614

6,573

L1878816.UP.FTS.B,

25.23%,

10/19/26

7,504

7,464

L1878824.UP.FTS.B,

25.27%,

10/19/26

4,469

4,441

L1878845.UP.FTS.B,

24.96%,

10/19/26

14,616

14,536

L1878886.UP.FTS.B,

11.91%,

10/19/24

5,571

5,543

L1878925.UP.FTS.B,

26.03%,

10/19/26

8,148

8,097

L1878943.UP.FTS.B,

23.41%,

10/19/26

28,649

28,447

L1879063.UP.FTS.B,

24.07%,

10/19/26

974

968

L1879131.UP.FTS.B,

25.24%,

10/19/26

4,678

4,644

*

L1879160.UP.FTS.B,

15.75%,

10/19/26

6,927

1,876

L1879183.UP.FTS.B,

24.36%,

10/19/26

12,661

12,592

L1879198.UP.FTS.B,

19.39%,

10/19/26

12,939

12,811

L1879203.UP.FTS.B,

25.01%,

10/19/26

1,169

1,163

L1879219.UP.FTS.B,

18.95%,

10/19/24

4,684

4,651

L1879230.UP.FTS.B,

12.91%,

10/19/24

5,957

5,932

L1879248.UP.FTS.B,

19.71%,

10/19/26

5,821

5,776

L1879363.UP.FTS.B,

23.97%,

10/19/26

6,815

6,778

L1879385.UP.FTS.B,

25.48%,

10/19/26

5,069

5,041

L1879412.UP.FTS.B,

17.84%,

10/19/26

5,506

5,458

L1879422.UP.FTS.B,

25.49%,

10/19/26

2,242

2,226

L1879537.UP.FTS.B,

18.64%,

10/19/26

9,887

9,827

L1879540.UP.FTS.B,

17.97%,

10/19/26

4,843

4,805

L1879610.UP.FTS.B,

23.28%,

10/19/26

6,846

6,810

L1879612.UP.FTS.B,

25.74%,

10/19/26

8,769

8,704

L1879662.UP.FTS.B,

19.3%,

10/19/26

19,397

19,282

L1879667.UP.FTS.B,

23.62%,

10/19/26

3,407

3,388

L1879681.UP.FTS.B,

23%,

10/19/26

19,461

19,352

L1879731.UP.FTS.B,

20.78%,

10/19/26

4,855

4,818

L1879737.UP.FTS.B,

19.73%,

10/19/26

5,239

5,199

L1879783.UP.FTS.B,

25.86%,

10/19/26

3,218

3,200

L1879789.UP.FTS.B,

13.49%,

10/19/26

23,108

22,981

L1879796.UP.FTS.B,

25.24%,

10/19/26

2,729

2,714

L1879823.UP.FTS.B,

11.68%,

10/19/26

19,738

19,659

L1879834.UP.FTS.B,

11.35%,

10/19/26

24,007

23,886

L1879903.UP.FTS.B,

19.68%,

10/19/26

6,776

6,710

L1879927.UP.FTS.B,

13.42%,

10/19/24

5,123

5,084

L1879966.UP.FTS.B,

14.94%,

10/19/26

9,660

9,598

L1880031.UP.FTS.B,

18.37%,

10/19/26

5,808

5,752

L1880045.UP.FTS.B,

25.59%,

10/19/26

2,340

2,327

L1880089.UP.FTS.B,

25.26%,

10/19/26

7,407

7,367

L1880095.UP.FTS.B,

17.84%,

10/19/26

14,529

14,478

L1880122.UP.FTS.B,

25.62%,

10/19/26

13,551

13,478

*

L1880129.UP.FTS.B,

24.99%,

10/19/26

3,452

3,287

L1880162.UP.FTS.B,

25.34%,

10/19/26

3,119

3,096

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

617

a

*

L1880207.UP.FTS.B,

25.32%,

10/19/26

27,484

26,170

L1880227.UP.FTS.B,

25.15%,

10/19/26

1,949

1,938

L1880235.UP.FTS.B,

23.33%,

10/19/26

1,946

1,935

L1880312.UP.FTS.B,

16.77%,

10/19/24

2,337

2,320

L1880353.UP.FTS.B,

22.93%,

10/19/26

3,389

3,371

L1880360.UP.FTS.B,

12.99%,

10/19/26

28,923

28,811

L1880362.UP.FTS.B,

23.34%,

10/19/24

941

933

L1880376.UP.FTS.B,

17.81%,

10/19/26

10,654

10,570

*

L1880403.UP.FTS.B,

10.47%,

10/19/26

9,744

9,202

L1880417.UP.FTS.B,

5.63%,

10/19/24

3,231

3,221

L1880423.UP.FTS.B,

25.24%,

10/19/26

6,853

6,818

L1880426.UP.FTS.B,

18.73%,

10/19/24

2,623

2,604

L1880437.UP.FTS.B,

23.31%,

10/19/24

9,337

9,239

L1880453.UP.FTS.B,

8.07%,

10/19/24

4,166

4,150

L1880480.UP.FTS.B,

8.79%,

10/19/24

9,265

9,230

L1880563.UP.FTS.B,

24.05%,

10/19/26

2,715

2,698

L1880586.UP.FTS.B,

15.78%,

10/19/26

7,237

7,181

L1880587.UP.FTS.B,

18.12%,

10/19/26

3,875

3,852

L1880630.UP.FTS.B,

9.76%,

10/19/26

1,147

1,144

L1880631.UP.FTS.B,

14.27%,

10/19/26

6,757

6,732

L1880669.UP.FTS.B,

22.94%,

10/19/24

4,703

4,662

L1880678.UP.FTS.B,

24.94%,

10/19/26

21,437

21,319

L1880702.UP.FTS.B,

9.87%,

10/19/26

16,722

16,685

L1880707.UP.FTS.B,

25.7%,

10/19/26

2,408

2,392

L1880716.UP.FTS.B,

23.94%,

10/19/26

5,355

5,325

*

L1880788.UP.FTS.B,

7.46%,

10/19/24

19,003

17,982

*

L1880791.UP.FTS.B,

14.17%,

10/19/26

2,957

2,797

L1880795.UP.FTS.B,

23.65%,

10/19/26

2,894

2,875

L1880865.UP.FTS.B,

23.12%,

10/19/26

7

7

L1880928.UP.FTS.B,

8.42%,

10/19/24

7,501

7,473

L1880929.UP.FTS.B,

9.86%,

10/19/24

4,638

4,621

L1880976.UP.FTS.B,

21.84%,

10/19/24

4,651

4,612

L1881018.UP.FTS.B,

23.05%,

10/19/26

8,841

8,786

L1881025.UP.FTS.B,

21.78%,

10/19/26

38,883

38,588

L1881150.UP.FTS.B,

25.41%,

10/19/26

1,118

1,110

*

L1881161.UP.FTS.B,

23.76%,

10/19/26

991

945

L1881182.UP.FTS.B,

21.66%,

10/19/26

5,397

5,115

L1881217.UP.FTS.B,

14.02%,

10/19/26

6,337

6,290

L1881256.UP.FTS.B,

11.03%,

10/19/26

11,483

11,424

L1881269.UP.FTS.B,

13.94%,

10/19/24

2,330

2,312

L1881280.UP.FTS.B,

20.85%,

10/19/24

5,632

5,593

L1881294.UP.FTS.B,

24.41%,

10/19/26

4,870

4,843

L1881295.UP.FTS.B,

16.28%,

10/19/26

6,770

6,728

L1881325.UP.FTS.B,

18.34%,

10/19/26

10,659

10,594

L1881360.UP.FTS.B,

22.2%,

10/19/24

4,700

4,658

L1881390.UP.FTS.B,

19.15%,

10/19/26

19,879

19,724

L1881431.UP.FTS.B,

24.79%,

10/19/26

1,559

1,550

L1881471.UP.FTS.B,

25.43%,

10/19/26

2,890

2,871

L1881502.UP.FTS.B,

21.09%,

10/19/26

7,771

7,726

L1881555.UP.FTS.B,

17.31%,

10/19/26

6,293

6,243

L1881570.UP.FTS.B,

18.65%,

10/19/26

13,764

13,656

L1919784.UP.FTS.B,

25.31%,

11/08/26

11,010

10,926

L1959123.UP.FTS.B,

23.14%,

11/18/24

4,227

4,210

L1963222.UP.FTS.B,

25.7%,

11/08/26

4,621

4,586

L1967532.UP.FTS.B,

25.5%,

11/08/26

4,227

4,195

L1969331.UP.FTS.B,

16.28%,

11/08/24

956

948

L1970963.UP.FTS.B,

23.87%,

11/08/26

5,305

5,263

L1971121.UP.FTS.B,

22.87%,

11/08/26

3,436

3,409

L1971199.UP.FTS.B,

25.65%,

11/08/26

15,240

15,125

L1973901.UP.FTS.B,

25.44%,

11/08/26

7,570

7,512

L1974259.UP.FTS.B,

14.58%,

11/08/26

9,646

9,559

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

618

a

L1985518.UP.FTS.B,

25.71%,

11/08/26

3,932

3,898

L1987185.UP.FTS.B,

17.72%,

11/08/24

1,833

1,821

L1988054.UP.FTS.B,

22.7%,

11/08/26

9,817

9,741

L1988232.UP.FTS.B,

25.43%,

11/08/26

4,270

4,224

L1988349.UP.FTS.B,

24.02%,

11/08/26

3,340

3,314

L1988359.UP.FTS.B,

14.56%,

11/08/26

4,885

4,867

L1988372.UP.FTS.B,

13.34%,

11/08/26

5,858

5,835

L1988413.UP.FTS.B,

19.1%,

11/08/26

1,851

1,839

*

L1988462.UP.FTS.B,

20.81%,

11/08/26

6,405

3,549

L1988482.UP.FTS.B,

18.26%,

11/08/26

7,638

7,576

L1988531.UP.FTS.B,

17.52%,

11/08/24

4,786

4,746

L1988558.UP.FTS.B,

14.04%,

11/08/26

1,465

1,460

L1988932.UP.FTS.B,

16.37%,

11/08/26

3,902

3,869

L1988937.UP.FTS.B,

24.71%,

11/08/26

12,761

12,651

L1988958.UP.FTS.B,

10.98%,

11/08/26

1,462

1,456

L1988972.UP.FTS.B,

13.14%,

11/08/26

6,345

6,312

L1988974.UP.FTS.B,

9.55%,

11/08/26

9,738

9,717

L1989003.UP.FTS.B,

15.35%,

11/08/26

24,439

24,317

L1989008.UP.FTS.B,

12.93%,

11/08/26

1,659

1,653

L1989064.UP.FTS.B,

25.45%,

11/08/26

2,555

2,533

L1989094.UP.FTS.B,

15.37%,

11/08/24

1,147

1,136

L1989095.UP.FTS.B,

21.91%,

11/08/26

9,092

8,993

L1989102.UP.FTS.B,

19.31%,

11/08/26

9,799

9,719

L1989128.UP.FTS.B,

11.31%,

11/08/24

2,382

2,368

L1989183.UP.FTS.B,

20.95%,

11/08/24

12,472

12,373

L1989194.UP.FTS.B,

22.95%,

11/08/26

4,909

4,871

L1989244.UP.FTS.B,

25.47%,

11/08/26

3,146

3,122

L1989270.UP.FTS.B,

6.75%,

11/08/24

6,172

6,155

L1989271.UP.FTS.B,

15.62%,

11/08/26

11,733

11,690

L1989289.UP.FTS.B,

9.6%,

11/08/24

3,677

3,658

*

L1989301.UP.FTS.B,

18.62%,

11/08/26

6,432

3,362

L1989312.UP.FTS.B,

26.43%,

11/08/26

3,738

3,709

L1989334.UP.FTS.B,

21.32%,

11/08/26

19,620

19,463

L1989394.UP.FTS.B,

24.46%,

11/08/26

1,081

1,073

L1989606.UP.FTS.B,

16.9%,

11/08/26

3,914

3,889

*

L1989611.UP.FTS.B,

20.18%,

11/08/24

979

564

L1989716.UP.FTS.B,

12.85%,

11/08/26

3,423

3,410

L1989785.UP.FTS.B,

23.91%,

11/08/26

13,421

13,291

*

L1989805.UP.FTS.B,

17.05%,

11/08/26

15,000

4,157

L1989812.UP.FTS.B,

15.46%,

11/08/26

23,463

23,377

L1989817.UP.FTS.B,

26.39%,

11/08/26

3,443

3,417

L1989848.UP.FTS.B,

24.75%,

11/08/26

7,855

7,780

L1989930.UP.FTS.B,

13.94%,

11/08/24

2,387

2,375

L1989940.UP.FTS.B,

12.93%,

11/08/26

2,733

2,722

L1989989.UP.FTS.B,

16.18%,

11/08/26

10,465

10,397

L1990115.UP.FTS.B,

8.12%,

11/08/26

4,864

4,849

L1990151.UP.FTS.B,

19.66%,

11/08/26

29,402

29,165

L1990206.UP.FTS.B,

19.65%,

11/08/24

3,936

3,896

L1990253.UP.FTS.B,

19.05%,

11/08/26

4,409

4,381

L1990332.UP.FTS.B,

24.87%,

11/08/26

10,713

10,631

L1990356.UP.FTS.B,

16.87%,

11/08/26

2,855

2,845

L1990371.UP.FTS.B,

25.5%,

11/08/26

28,960

28,696

L1990465.UP.FTS.B,

18.74%,

11/08/26

5,877

5,840

L1990483.UP.FTS.B,

10.71%,

11/08/24

950

946

L1990488.UP.FTS.B,

10.69%,

11/08/24

13,335

13,265

L1990534.UP.FTS.B,

22.07%,

11/08/24

9,601

9,501

L1990551.UP.FTS.B,

26.95%,

11/08/26

12,003

11,913

L1990580.UP.FTS.B,

19.47%,

11/08/26

24,405

24,203

L1990650.UP.FTS.B,

23.08%,

11/08/24

2,017

1,997

L1990660.UP.FTS.B,

20.07%,

11/08/26

9,786

9,684

L1990756.UP.FTS.B,

7.18%,

11/08/26

11,666

11,628

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

619

a

L1990825.UP.FTS.B,

15.23%,

11/08/24

3,822

3,790

L1990855.UP.FTS.B,

13.97%,

11/08/24

1,623

1,615

L1990886.UP.FTS.B,

17.65%,

11/08/26

6,363

6,322

L1990900.UP.FTS.B,

25.72%,

11/08/26

2,458

2,439

L1991018.UP.FTS.B,

17.05%,

11/08/24

2,392

2,372

L1991140.UP.FTS.B,

17.85%,

11/08/26

4,895

4,844

L1991151.UP.FTS.B,

25.79%,

11/08/26

1,964

1,947

L1991180.UP.FTS.B,

17.58%,

11/08/26

3,427

3,406

L1991181.UP.FTS.B,

20.28%,

11/08/26

10,491

10,406

L1991230.UP.FTS.B,

9.13%,

11/08/26

25,214

25,158

L1991253.UP.FTS.B,

25.18%,

11/08/26

2,246

2,223

L1991260.UP.FTS.B,

20.4%,

11/08/24

15,992

15,778

L1991265.UP.FTS.B,

25.27%,

11/08/26

2,654

2,634

L1991281.UP.FTS.B,

20.82%,

11/08/26

2,158

2,140

*

L1991283.UP.FTS.B,

25.9%,

11/08/26

7,733

4,317

*

L1991320.UP.FTS.B,

24.72%,

11/08/26

19,712

11,745

L1991330.UP.FTS.B,

25.89%,

11/08/26

7,375

7,312

L1991391.UP.FTS.B,

19.74%,

11/08/24

4,173

4,130

L1991421.UP.FTS.B,

11.28%,

11/08/26

1,950

1,942

L1991444.UP.FTS.B,

25.36%,

11/08/26

2,949

2,927

L1991475.UP.FTS.B,

22.35%,

11/08/26

1,963

1,948

L1991554.UP.FTS.B,

15.42%,

11/08/26

14,664

14,610

L1991593.UP.FTS.B,

11.07%,

11/08/26

48,849

48,653

L1991645.UP.FTS.B,

20.87%,

11/08/26

14,711

14,594

L1991663.UP.FTS.B,

21.95%,

11/08/26

10,161

10,069

L1991664.UP.FTS.B,

13.31%,

11/08/24

6,108

6,055

L1991691.UP.FTS.B,

16.02%,

11/08/26

6,357

6,315

L1991759.UP.FTS.B,

24.98%,

11/08/26

4,914

4,877

L1991768.UP.FTS.B,

21.66%,

11/08/24

2,975

2,945

L1991804.UP.FTS.B,

14.89%,

11/08/26

7,818

7,789

L1991806.UP.FTS.B,

8.35%,

11/08/26

2,428

2,421

L1991822.UP.FTS.B,

23.93%,

11/08/26

8,517

8,442

L1991908.UP.FTS.B,

22.22%,

11/08/24

6,721

6,652

L1991934.UP.FTS.B,

14.49%,

11/08/24

4,298

4,277

L1991938.UP.FTS.B,

7.13%,

11/08/24

9,378

9,341

L1991956.UP.FTS.B,

21.37%,

11/08/26

1,962

1,946

L1991993.UP.FTS.B,

25.38%,

11/08/26

1,388

1,378

L1992010.UP.FTS.B,

15.9%,

11/08/26

3,912

3,897

L1992016.UP.FTS.B,

21%,

11/08/26

31,386

31,135

L1992157.UP.FTS.B,

23.42%,

11/08/24

5,765

5,721

L1992210.UP.FTS.B,

21.73%,

11/08/24

2,825

2,792

L1992261.UP.FTS.B,

15.59%,

11/08/26

2,738

2,724

L1992362.UP.FTS.B,

10.78%,

11/08/26

2,924

2,912

L1992388.UP.FTS.B,

19.63%,

11/08/26

5,880

5,833

L1992471.UP.FTS.B,

15.65%,

11/08/26

24,509

24,422

*

L1992535.UP.FTS.B,

23.83%,

11/08/26

4,200

1,265

L1992540.UP.FTS.B,

16%,

11/08/26

16,572

16,489

L1992549.UP.FTS.B,

25.44%,

11/08/26

9,831

9,747

L1992552.UP.FTS.B,

20.32%,

11/08/26

17,088

16,908

L1992592.UP.FTS.B,

14.54%,

11/08/26

1,954

1,947

L1992601.UP.FTS.B,

23.37%,

11/08/24

1,197

1,181

L1992602.UP.FTS.B,

24.58%,

11/08/26

4,913

4,876

L1992622.UP.FTS.B,

16.26%,

11/08/26

6,803

6,768

L1992632.UP.FTS.B,

10.14%,

11/08/26

5,261

5,239

L1992732.UP.FTS.B,

26.2%,

11/08/26

4,426

4,392

L1992742.UP.FTS.B,

22.2%,

11/08/26

16,076

15,933

*

L1992774.UP.FTS.B,

25.05%,

11/08/26

14,868

8,867

L1992799.UP.FTS.B,

15.97%,

11/08/24

4,781

4,741

L1992806.UP.FTS.B,

18.72%,

11/08/26

14,693

14,601

L1992850.UP.FTS.B,

21.32%,

11/08/24

9,596

9,496

L1992891.UP.FTS.B,

10.76%,

11/08/26

7,797

7,765

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

620

a

L1992903.UP.FTS.B,

20.68%,

11/08/26

9,801

9,713

L1992970.UP.FTS.B,

16.04%,

11/08/26

14,623

14,498

L1993049.UP.FTS.B,

14.87%,

11/08/26

19,545

19,473

L1993142.UP.FTS.B,

18.96%,

11/08/26

3,414

3,378

L1993163.UP.FTS.B,

22.06%,

11/08/24

3,828

3,780

L1993214.UP.FTS.B,

14.6%,

11/08/26

9,771

9,735

L1993244.UP.FTS.B,

16.45%,

11/08/26

5,871

5,833

L1993345.UP.FTS.B,

18.18%,

11/08/24

1,149

1,140

L1993366.UP.FTS.B,

14.1%,

11/08/26

1,954

1,946

L1993369.UP.FTS.B,

10.08%,

11/08/26

974

971

L1993448.UP.FTS.B,

14.68%,

11/08/26

3,420

3,407

L1993451.UP.FTS.B,

9.84%,

11/08/26

12,175

12,149

L1993463.UP.FTS.B,

16.94%,

11/08/26

9,296

9,218

L1993474.UP.FTS.B,

15.71%,

11/08/26

3,911

3,885

L1993496.UP.FTS.B,

25.83%,

11/08/26

1,967

1,952

L1993514.UP.FTS.B,

16.68%,

11/08/26

3,054

3,036

L1993640.UP.FTS.B,

16.21%,

11/08/26

4,031

4,001

L1993658.UP.FTS.B,

16.43%,

11/08/24

9,332

9,234

L1993764.UP.FTS.B,

17.26%,

11/08/26

1,468

1,463

L1993774.UP.FTS.B,

19.59%,

11/08/26

14,735

14,617

L1993850.UP.FTS.B,

11.61%,

11/08/26

10,727

10,670

L1993869.UP.FTS.B,

14.59%,

11/08/26

8,305

8,274

L1993873.UP.FTS.B,

9.76%,

11/08/26

9,726

9,697

L1993881.UP.FTS.B,

16.54%,

11/08/26

19,677

19,611

L1993906.UP.FTS.B,

21.28%,

11/08/26

5,395

5,352

L1993950.UP.FTS.B,

18.43%,

11/08/26

4,300

4,254

L1994045.UP.FTS.B,

22.76%,

11/08/24

2,593

2,567

L1994058.UP.FTS.B,

19.2%,

11/08/26

2,939

2,921

L1994062.UP.FTS.B,

25.49%,

11/08/26

2,949

2,927

L1994098.UP.FTS.B,

15.34%,

11/08/26

14,663

14,590

L1994167.UP.FTS.B,

22.19%,

11/08/24

3,162

3,123

L1994177.UP.FTS.B,

6.01%,

11/08/24

7,592

7,571

L1994202.UP.FTS.B,

22.77%,

11/08/26

47,751

47,230

L1994247.UP.FTS.B,

23.34%,

11/08/24

2,210

2,187

L1994371.UP.FTS.B,

9.71%,

11/08/26

5,843

5,819

L1994442.UP.FTS.B,

16.18%,

11/08/24

1,913

1,897

L1994627.UP.FTS.B,

11.81%,

11/08/26

5,852

5,836

L1994652.UP.FTS.B,

9.68%,

11/08/26

17,530

17,492

L1994689.UP.FTS.B,

21.04%,

11/08/26

3,923

3,892

L1994718.UP.FTS.B,

8.83%,

11/08/26

18,493

18,452

L1994789.UP.FTS.B,

14.19%,

11/08/26

6,838

6,812

L1994793.UP.FTS.B,

11.1%,

11/08/26

14,623

14,563

L1994841.UP.FTS.B,

25.44%,

11/08/26

34,239

33,935

L1995095.UP.FTS.B,

25.4%,

11/08/26

5,702

5,658

L1995141.UP.FTS.B,

22.04%,

11/08/26

29,441

29,208

L1995168.UP.FTS.B,

19.1%,

11/08/26

9,798

9,736

L1995328.UP.FTS.B,

23.72%,

11/08/24

4,850

4,803

L1995338.UP.FTS.B,

23.87%,

11/08/26

12,770

12,671

L1995340.UP.FTS.B,

25.48%,

11/08/26

1,573

1,561

L1995350.UP.FTS.B,

18.28%,

11/08/26

20,555

20,338

L1995354.UP.FTS.B,

15.38%,

11/08/24

9,557

9,477

L1995369.UP.FTS.B,

8.19%,

11/08/26

7,783

7,759

L1995371.UP.FTS.B,

12.23%,

11/08/26

3,902

3,882

L1995379.UP.FTS.B,

15.15%,

11/08/26

6,842

6,817

L1995398.UP.FTS.B,

25.36%,

11/08/26

2,556

2,536

L1995404.UP.FTS.B,

14.33%,

11/08/26

7,815

7,749

L1995433.UP.FTS.B,

17.92%,

11/08/26

3,916

3,875

L1995435.UP.FTS.B,

12.23%,

11/08/26

1,659

1,652

L1995448.UP.FTS.B,

21.72%,

11/08/26

5,397

5,354

L1995487.UP.FTS.B,

15.52%,

11/08/26

4,888

4,856

L1995628.UP.FTS.B,

8.15%,

11/08/24

2,840

2,826

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

621

a

L1995781.UP.FTS.B,

7.12%,

11/08/24

45,269

45,087

L1995820.UP.FTS.B,

14.08%,

11/08/26

9,252

9,205

L1995842.UP.FTS.B,

18.87%,

11/08/26

3,429

3,413

L1995911.UP.FTS.B,

24.36%,

11/08/26

7,567

7,508

L1995937.UP.FTS.B,

19.73%,

11/08/24

12,447

12,328

L1995969.UP.FTS.B,

24.32%,

11/08/26

3,440

3,413

L1995974.UP.FTS.B,

18.08%,

11/08/26

9,269

9,191

L1995984.UP.FTS.B,

26.08%,

11/08/26

2,262

2,245

L1996044.UP.FTS.B,

10.24%,

11/08/26

19,339

19,232

L1996051.UP.FTS.B,

22.14%,

11/08/26

7,822

7,759

L1996074.UP.FTS.B,

24%,

11/08/26

12,771

12,660

L1996138.UP.FTS.B,

23.54%,

11/08/26

6,875

6,822

L1996174.UP.FTS.B,

21.54%,

11/08/26

11,816

11,689

L1996179.UP.FTS.B,

8.33%,

11/08/24

951

946

L1996185.UP.FTS.B,

20.69%,

11/08/26

4,903

4,873

L1996204.UP.FTS.B,

20.65%,

11/08/26

26,477

26,203

L1996217.UP.FTS.B,

19.54%,

11/08/26

4,491

4,443

L1996314.UP.FTS.B,

21.56%,

11/08/26

12,853

12,721

L1996355.UP.FTS.B,

10.29%,

11/08/26

12,666

12,597

L1996438.UP.FTS.B,

18.51%,

11/08/26

5,877

5,839

L1996448.UP.FTS.B,

11.66%,

11/08/26

39,009

38,802

L1996453.UP.FTS.B,

17.48%,

11/08/26

14,682

14,561

L1996492.UP.FTS.B,

5.82%,

11/08/24

2,372

2,366

L1996493.UP.FTS.B,

13.68%,

11/08/26

19,504

19,404

L1996508.UP.FTS.B,

20.76%,

11/08/26

9,807

9,747

L1996568.UP.FTS.B,

13.69%,

11/08/24

4,296

4,274

L1996580.UP.FTS.B,

14.28%,

11/08/26

8,304

8,272

L1996768.UP.FTS.B,

23.2%,

11/08/26

9,781

9,693

L1996783.UP.FTS.B,

13.88%,

11/08/24

1,909

1,900

L1996800.UP.FTS.B,

25.32%,

11/08/26

24,023

23,772

L1996816.UP.FTS.B,

26.05%,

11/08/26

15,439

15,323

L1996839.UP.FTS.B,

25.95%,

11/08/26

6,195

6,148

L1996843.UP.FTS.B,

24.19%,

11/08/26

9,825

9,749

L1996884.UP.FTS.B,

21.44%,

11/08/24

11,516

11,425

L1996946.UP.FTS.B,

22.18%,

11/08/26

4,907

4,868

L1996950.UP.FTS.B,

14.91%,

11/08/24

4,779

4,756

L1996991.UP.FTS.B,

9.23%,

11/08/26

27,044

26,962

L1997113.UP.FTS.B,

24.31%,

11/08/26

4,700

4,658

L1997129.UP.FTS.B,

7.49%,

11/08/24

6,651

6,625

L1997353.UP.FTS.B,

20.62%,

11/08/24

959

952

*

L1997360.UP.FTS.B,

24.8%,

11/08/26

1,500

439

L1997437.UP.FTS.B,

23.17%,

11/08/26

5,397

5,350

L1997469.UP.FTS.B,

17.09%,

11/08/26

9,003

8,928

L1997527.UP.FTS.B,

19%,

11/08/26

10,777

10,689

L1997541.UP.FTS.B,

23.86%,

11/08/26

7,367

7,324

L1997576.UP.FTS.B,

11.59%,

11/08/24

953

948

*

L1997611.UP.FTS.B,

16.66%,

11/08/26

16,400

9,192

L1997630.UP.FTS.B,

15.64%,

11/08/26

5,402

5,383

L1997638.UP.FTS.B,

17.88%,

11/08/26

1,958

1,942

L1997701.UP.FTS.B,

10.05%,

11/08/26

3,902

3,894

L1997806.UP.FTS.B,

16.06%,

11/08/24

3,851

3,820

L1997808.UP.FTS.B,

18.09%,

11/08/26

19,584

19,459

L1997831.UP.FTS.B,

21.12%,

11/08/26

9,780

9,691

L1997930.UP.FTS.B,

20.97%,

11/08/26

4,316

4,281

L1997947.UP.FTS.B,

19.54%,

11/08/26

4,987

2,855

L1997965.UP.FTS.B,

24.59%,

11/08/26

7,447

7,405

L1998016.UP.FTS.B,

25.76%,

11/08/26

5,408

5,367

L1998067.UP.FTS.B,

17.15%,

11/08/26

42,580

42,205

L1998083.UP.FTS.B,

15.73%,

11/08/26

3,911

3,897

L1998235.UP.FTS.B,

19.5%,

11/08/26

2,940

2,916

L1998240.UP.FTS.B,

14.07%,

11/08/24

17,187

17,041

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

622

a

L1998298.UP.FTS.B,

13.53%,

11/08/26

4,296

4,280

L1998402.UP.FTS.B,

21.04%,

11/08/26

14,712

14,596

L1998424.UP.FTS.B,

19%,

11/08/24

4,886

4,847

L1998526.UP.FTS.B,

25.32%,

11/08/26

1,278

1,268

L1998549.UP.FTS.B,

10.13%,

11/08/26

5,456

5,433

L1998611.UP.FTS.B,

20.35%,

11/08/26

24,649

24,457

L1998643.UP.FTS.B,

25.85%,

11/08/26

5,745

5,690

L1998723.UP.FTS.B,

23.2%,

11/08/26

2,946

2,923

L1998726.UP.FTS.B,

14.84%,

11/08/26

23,936

23,810

L1998866.UP.FTS.B,

11.49%,

11/08/26

16,571

16,483

L1998877.UP.FTS.B,

25.23%,

11/08/26

980

972

L1999124.UP.FTS.B,

21.96%,

11/08/24

1,917

1,894

L1999143.UP.FTS.B,

16.44%,

11/08/26

22,488

22,379

L1999186.UP.FTS.B,

20.9%,

11/08/24

3,361

3,327

L1999227.UP.FTS.B,

17.88%,

11/08/26

16,938

16,759

L1999276.UP.FTS.B,

21.67%,

11/08/26

981

973

L1999322.UP.FTS.B,

22.85%,

11/08/26

9,805

9,719

L1999369.UP.FTS.B,

11.96%,

11/08/26

1,951

1,943

L1999521.UP.FTS.B,

15.41%,

11/08/24

4,291

4,249

L1999541.UP.FTS.B,

15.36%,

11/08/24

956

948

L1999575.UP.FTS.B,

12.84%,

11/08/26

1,074

1,068

L1999596.UP.FTS.B,

10.08%,

11/08/26

3,897

3,888

L1999649.UP.FTS.B,

24.86%,

11/08/26

3,931

3,901

L1999670.UP.FTS.B,

24.18%,

11/08/26

2,456

2,437

L1999737.UP.FTS.B,

25.47%,

11/08/26

4,253

4,212

L1999740.UP.FTS.B,

14.54%,

11/08/24

7,619

7,542

L1999817.UP.FTS.B,

23.27%,

11/08/26

5,892

5,846

L1999933.UP.FTS.B,

8.2%,

11/08/26

23,887

23,808

L2000015.UP.FTS.B,

20.73%,

11/08/24

962

955

L2000050.UP.FTS.B,

21.53%,

11/08/26

5,235

5,181

L2000077.UP.FTS.B,

12.06%,

11/08/26

14,632

14,555

L2039193.UP.FTS.B,

19.81%,

11/18/26

15,192

15,123

L2039587.UP.FTS.B,

16.24%,

11/18/26

9,781

9,745

L2041907.UP.FTS.B,

9.16%,

11/18/26

3,894

3,890

L2042230.UP.FTS.B,

10.36%,

11/18/24

1,143

1,140

L2043746.UP.FTS.B,

18%,

11/18/24

5,745

5,718

L2044841.UP.FTS.B,

17.43%,

11/18/26

9,788

9,753

L2045168.UP.FTS.B,

25.61%,

11/18/26

9,242

9,211

L2060606.UP.FTS.B,

19.84%,

11/18/26

37,149

37,027

L2063418.UP.FTS.B,

18.03%,

11/18/26

3,917

3,903

L2067255.UP.FTS.B,

7.27%,

11/18/24

12,342

12,298

L2067851.UP.FTS.B,

19.79%,

11/18/26

14,552

14,447

L2068374.UP.FTS.B,

25.37%,

11/18/26

4,915

4,894

L2069140.UP.FTS.B,

20.85%,

11/18/26

9,807

9,764

L2069479.UP.FTS.B,

19.68%,

11/18/26

1,960

1,951

L2069517.UP.FTS.B,

12.06%,

11/18/24

9,534

9,507

L2069559.UP.FTS.B,

19.65%,

11/18/26

16,759

16,682

L2069647.UP.FTS.B,

24.91%,

11/18/26

5,111

5,079

L2069667.UP.FTS.B,

13.87%,

11/18/24

955

951

L2069706.UP.FTS.B,

24.96%,

11/18/26

1,671

1,665

L2069740.UP.FTS.B,

13.83%,

11/18/26

15,724

15,693

L2069743.UP.FTS.B,

8.95%,

11/18/24

7,610

7,592

L2069760.UP.FTS.B,

20.2%,

11/18/26

22,732

21,580

L2069761.UP.FTS.B,

11.37%,

11/18/24

1,378

1,372

L2069767.UP.FTS.B,

18.84%,

11/18/26

4,854

4,817

L2069831.UP.FTS.B,

17.74%,

11/18/26

27,412

27,315

L2069833.UP.FTS.B,

22.47%,

11/18/26

3,141

3,129

L2069907.UP.FTS.B,

16.18%,

11/18/24

4,207

4,187

L2069944.UP.FTS.B,

18.01%,

11/18/26

9,791

9,757

L2069953.UP.FTS.B,

23.63%,

11/18/26

2,716

2,697

L2069989.UP.FTS.B,

21.94%,

11/18/24

8,160

8,112

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

623

a

L2070073.UP.FTS.B,

20.5%,

11/18/26

8,825

8,785

L2070078.UP.FTS.B,

21.01%,

11/18/24

2,303

2,284

L2070082.UP.FTS.B,

8.09%,

11/18/26

19,456

19,416

L2070094.UP.FTS.B,

18.61%,

11/18/26

19,611

19,545

L2070118.UP.FTS.B,

26.13%,

11/18/26

2,557

2,549

L2070126.UP.FTS.B,

12.98%,

11/18/26

6,833

6,818

L2070164.UP.FTS.B,

25.24%,

11/18/26

4,078

4,057

L2070214.UP.FTS.B,

8.6%,

11/18/26

2,438

2,435

L2070361.UP.FTS.B,

16.86%,

11/18/24

7,654

7,617

L2070387.UP.FTS.B,

15.7%,

11/18/26

15,547

15,488

L2070410.UP.FTS.B,

21.99%,

11/18/26

3,925

3,908

L2070468.UP.FTS.B,

13.05%,

11/18/24

5,725

5,709

L2070496.UP.FTS.B,

23.39%,

11/18/26

9,821

9,785

L2070587.UP.FTS.B,

14.32%,

11/18/26

7,815

7,785

L2070593.UP.FTS.B,

17.59%,

11/18/26

19,580

19,551

L2070689.UP.FTS.B,

19.39%,

11/18/24

9,584

9,540

L2070695.UP.FTS.B,

24.74%,

11/18/26

5,897

5,876

L2070708.UP.FTS.B,

7.71%,

11/18/26

19,442

19,401

L2070719.UP.FTS.B,

25.21%,

11/18/26

6,593

6,571

L2070733.UP.FTS.B,

25.4%,

11/18/26

2,949

2,939

L2070735.UP.FTS.B,

15.91%,

11/18/24

10,517

10,465

L2070744.UP.FTS.B,

7.92%,

11/18/24

11,406

11,366

L2070764.UP.FTS.B,

16.31%,

11/18/24

2,391

2,379

*

L2070785.UP.FTS.B,

22.32%,

11/18/24

1,500

459

L2070829.UP.FTS.B,

25.31%,

11/18/26

972

965

L2070988.UP.FTS.B,

13.92%,

11/18/26

7,813

7,788

L2071075.UP.FTS.B,

6.65%,

11/18/24

9,495

9,479

L2071149.UP.FTS.B,

16.73%,

11/18/26

25,025

24,882

L2071196.UP.FTS.B,

26.88%,

11/18/26

14,855

14,808

L2071211.UP.FTS.B,

15.75%,

11/18/24

5,258

5,232

L2071251.UP.FTS.B,

17.57%,

11/18/24

957

951

L2071257.UP.FTS.B,

25.4%,

11/18/26

983

979

L2071288.UP.FTS.B,

18.9%,

11/18/26

4,391

4,368

L2071334.UP.FTS.B,

13.96%,

11/18/24

2,864

2,857

L2071339.UP.FTS.B,

23.22%,

11/18/24

9,415

9,362

L2071348.UP.FTS.B,

16.45%,

11/18/26

13,695

13,673

L2071378.UP.FTS.B,

20.26%,

11/18/26

7,425

7,049

L2071446.UP.FTS.B,

25.46%,

11/18/26

2,163

2,156

L2071456.UP.FTS.B,

12.81%,

11/18/26

36,111

36,035

L2071487.UP.FTS.B,

14%,

11/18/26

7,763

7,737

L2071590.UP.FTS.B,

16.75%,

11/18/26

6,810

6,771

L2071601.UP.FTS.B,

7.69%,

11/18/26

2,918

2,914

L2071639.UP.FTS.B,

12.89%,

11/18/26

7,765

7,738

L2071644.UP.FTS.B,

25.54%,

11/18/26

6,489

6,467

L2071744.UP.FTS.B,

15.58%,

11/18/24

9,080

9,035

L2071747.UP.FTS.B,

16.81%,

11/18/26

5,871

5,849

L2071754.UP.FTS.B,

19.22%,

11/18/26

4,784

4,748

L2071817.UP.FTS.B,

17.19%,

11/18/26

9,772

9,718

L2071821.UP.FTS.B,

25.5%,

11/18/26

4,817

4,801

L2071865.UP.FTS.B,

10.09%,

11/18/26

7,306

7,289

L2071958.UP.FTS.B,

10.19%,

11/18/24

4,284

4,275

L2072070.UP.FTS.B,

14.5%,

11/18/24

3,220

3,195

L2072150.UP.FTS.B,

21.62%,

11/18/26

29,236

29,082

L2072180.UP.FTS.B,

25.94%,

11/18/26

18,684

18,621

L2072240.UP.FTS.B,

24.96%,

11/18/26

4,956

4,723

L2072271.UP.FTS.B,

11.33%,

11/18/26

26,289

26,195

L2072338.UP.FTS.B,

10.5%,

11/18/26

7,308

7,302

L2072379.UP.FTS.B,

15.04%,

11/18/24

1,433

1,430

L2072554.UP.FTS.B,

25.17%,

11/18/26

1,474

1,469

L2072594.UP.FTS.B,

25.45%,

11/18/26

1,180

1,176

L2072625.UP.FTS.B,

18.48%,

11/18/26

21,547

21,473

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

624

a

L2072694.UP.FTS.B,

20.25%,

11/18/26

3,235

3,221

L2072786.UP.FTS.B,

22.57%,

11/18/26

13,742

13,691

L2072907.UP.FTS.B,

25.45%,

11/18/26

3,950

3,938

L2072929.UP.FTS.B,

22.93%,

11/18/24

1,441

1,435

L2072975.UP.FTS.B,

25.28%,

11/18/26

2,776

2,645

L2072986.UP.FTS.B,

19.5%,

11/18/24

8,817

8,778

L2073022.UP.FTS.B,

21.98%,

11/18/26

4,318

4,301

L2073048.UP.FTS.B,

20.74%,

11/18/26

4,903

4,881

L2073139.UP.FTS.B,

26.23%,

11/18/26

5,901

5,882

L2073148.UP.FTS.B,

24.83%,

11/18/26

1,474

1,468

L2073150.UP.FTS.B,

9.42%,

11/18/26

15,993

15,962

L2073169.UP.FTS.B,

10.97%,

11/18/26

21,445

21,395

L2073228.UP.FTS.B,

13.71%,

11/18/26

9,961

9,941

L2073235.UP.FTS.B,

22.81%,

11/18/26

6,847

6,800

L2073258.UP.FTS.B,

14.73%,

11/18/26

977

975

L2073264.UP.FTS.B,

12.07%,

11/18/26

7,804

7,787

L2073290.UP.FTS.B,

12.34%,

11/18/26

9,757

9,736

L2073296.UP.FTS.B,

11.88%,

11/18/24

8,770

8,738

L2073355.UP.FTS.B,

23.21%,

11/18/26

4,910

4,887

L2073411.UP.FTS.B,

25.27%,

11/18/26

3,534

3,518

L2073479.UP.FTS.B,

9.88%,

11/18/26

13,636

13,623

L2073503.UP.FTS.B,

10.22%,

11/18/24

2,856

2,847

L2073535.UP.FTS.B,

24.04%,

11/18/26

982

978

L2073552.UP.FTS.B,

25.3%,

11/18/26

1,966

1,959

L2073562.UP.FTS.B,

20.66%,

11/18/26

4,904

4,889

L2073576.UP.FTS.B,

10.8%,

11/18/24

10,503

10,482

L2073597.UP.FTS.B,

19.97%,

11/18/26

1,882

1,867

L2073624.UP.FTS.B,

22.92%,

11/18/26

982

975

L2073655.UP.FTS.B,

10.46%,

11/18/26

17,540

17,498

L2073657.UP.FTS.B,

25.23%,

11/18/26

1,784

1,700

L2073684.UP.FTS.B,

7.58%,

11/18/26

9,708

9,687

L2073694.UP.FTS.B,

22.99%,

11/18/26

5,843

5,813

L2073707.UP.FTS.B,

22.91%,

11/18/26

2,749

2,739

L2073728.UP.FTS.B,

15.85%,

11/18/26

8,022

7,993

L2073782.UP.FTS.B,

25.91%,

11/18/26

9,145

9,115

L2073790.UP.FTS.B,

24.3%,

11/18/26

3,027

3,012

L2073793.UP.FTS.B,

18.13%,

11/18/24

5,745

5,718

L2073860.UP.FTS.B,

16.19%,

11/18/26

2,934

2,923

L2073878.UP.FTS.B,

15.54%,

11/18/26

4,400

4,392

L2073879.UP.FTS.B,

22.29%,

11/18/26

1,963

1,956

L2073933.UP.FTS.B,

20.06%,

11/18/26

5,720

5,676

L2073937.UP.FTS.B,

18.46%,

11/18/26

11,702

11,638

L2073938.UP.FTS.B,

23.55%,

11/18/26

2,427

2,410

L2073949.UP.FTS.B,

13.85%,

11/18/26

4,883

4,867

L2073985.UP.FTS.B,

14.6%,

11/18/26

4,885

4,876

L2073994.UP.FTS.B,

21.04%,

11/18/26

4,904

4,882

L2073997.UP.FTS.B,

25.36%,

11/18/26

2,649

2,637

L2074108.UP.FTS.B,

16.87%,

11/18/26

2,925

2,908

L2074193.UP.FTS.B,

12.02%,

11/18/26

9,213

9,179

L2074195.UP.FTS.B,

15.15%,

11/18/26

9,774

9,757

L2074218.UP.FTS.B,

20.01%,

11/18/24

1,726

1,718

L2074223.UP.FTS.B,

25.45%,

11/18/26

1,068

1,063

L2074275.UP.FTS.B,

25.13%,

11/18/26

1,718

1,708

L2074300.UP.FTS.B,

9.14%,

11/18/24

19,956

19,889

L2074321.UP.FTS.B,

23.4%,

11/18/24

1,078

1,026

L2074324.UP.FTS.B,

22.74%,

11/18/24

1,921

1,910

L2074361.UP.FTS.B,

7.81%,

11/18/26

12,644

12,628

L2074379.UP.FTS.B,

20.93%,

11/18/26

18,058

17,959

L2074383.UP.FTS.B,

19.98%,

11/18/26

4,411

4,391

L2074432.UP.FTS.B,

21.97%,

11/18/26

2,453

2,444

L2074442.UP.FTS.B,

9.61%,

11/18/24

3,807

3,798

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

625

a

L2074473.UP.FTS.B,

8.08%,

11/18/26

14,494

14,477

L2074489.UP.FTS.B,

11.11%,

11/18/26

22,227

22,175

L2074491.UP.FTS.B,

14.11%,

11/18/26

8,205

8,179

L2074516.UP.FTS.B,

14.71%,

11/18/26

9,283

9,254

L2074520.UP.FTS.B,

22.63%,

11/18/26

673

665

L2074536.UP.FTS.B,

12.35%,

11/18/26

5,854

5,841

L2074544.UP.FTS.B,

15.5%,

11/18/26

4,910

4,902

L2074554.UP.FTS.B,

20.64%,

11/18/26

21,574

21,477

L2074570.UP.FTS.B,

18.15%,

11/18/26

15,668

15,613

L2074576.UP.FTS.B,

20.39%,

11/18/26

9,736

9,683

L2074593.UP.FTS.B,

18.9%,

11/18/26

1,470

1,463

L2074611.UP.FTS.B,

22.62%,

11/18/26

24,542

24,450

L2074618.UP.FTS.B,

27.13%,

11/18/28

3,520

3,510

L2074624.UP.FTS.B,

14.71%,

11/18/24

2,866

2,851

*

L2074633.UP.FTS.B,

25.29%,

11/18/26

6,700

1,966

L2074643.UP.FTS.B,

10.22%,

11/18/26

19,290

19,244

L2074652.UP.FTS.B,

14.53%,

11/18/24

1,910

1,905

L2074657.UP.FTS.B,

23.23%,

11/18/26

3,732

3,718

L2074658.UP.FTS.B,

22.83%,

11/18/26

9,818

9,781

L2074677.UP.FTS.B,

25.72%,

11/18/26

12,881

12,837

L2074700.UP.FTS.B,

18.17%,

11/18/26

6,365

6,343

L2074701.UP.FTS.B,

14.63%,

11/18/26

6,254

6,218

L2074717.UP.FTS.B,

9.11%,

11/18/24

7,611

7,593

L2074730.UP.FTS.B,

20.02%,

11/18/26

4,489

4,275

L2074744.UP.FTS.B,

20.69%,

11/18/24

5,755

5,730

L2074747.UP.FTS.B,

24.82%,

11/18/26

2,948

2,938

L2074769.UP.FTS.B,

17.24%,

11/18/26

5,872

5,851

*

L2074775.UP.FTS.B,

25.97%,

11/18/26

6,930

6,605

L2074779.UP.FTS.B,

22.95%,

11/18/26

9,818

9,782

L2074787.UP.FTS.B,

25.38%,

11/18/26

5,702

5,682

L2074791.UP.FTS.B,

11.72%,

11/18/26

14,615

14,563

L2074792.UP.FTS.B,

22.51%,

11/18/26

4,908

4,890

L2074804.UP.FTS.B,

24.45%,

11/18/26

983

979

L2074815.UP.FTS.B,

23.53%,

11/18/26

5,747

5,715

L2074825.UP.FTS.B,

11.88%,

11/18/24

1,716

1,710

L2074833.UP.FTS.B,

17.19%,

11/18/26

13,701

13,652

L2074846.UP.FTS.B,

15.74%,

11/18/26

14,667

14,612

L2074856.UP.FTS.B,

21.95%,

11/18/26

11,093

11,033

L2074857.UP.FTS.B,

16.11%,

11/18/26

19,569

19,536

L2074866.UP.FTS.B,

20.36%,

11/18/24

1,055

1,053

L2074869.UP.FTS.B,

22.9%,

11/18/26

4,860

4,810

L2074877.UP.FTS.B,

18.54%,

11/18/26

5,340

5,301

L2074894.UP.FTS.B,

7.38%,

11/18/24

12,351

12,331

L2074931.UP.FTS.B,

21.33%,

11/18/26

5,886

5,863

L2074932.UP.FTS.B,

23.75%,

11/18/26

9,037

9,004

L2074954.UP.FTS.B,

19.66%,

11/18/26

5,292

5,256

L2074995.UP.FTS.B,

6.25%,

11/18/24

4,696

4,682

L2074997.UP.FTS.B,

24.24%,

11/18/26

4,127

4,112

L2075006.UP.FTS.B,

25.72%,

11/18/26

18,977

18,903

L2075012.UP.FTS.B,

19.96%,

11/18/24

6,711

6,670

L2075018.UP.FTS.B,

25.44%,

11/18/26

9,931

9,898

L2075024.UP.FTS.B,

23.38%,

11/18/26

4,757

4,729

L2075025.UP.FTS.B,

25.46%,

11/18/26

1,190

1,134

L2075027.UP.FTS.B,

25.16%,

11/18/26

5,898

5,878

L2075029.UP.FTS.B,

10.15%,

11/18/26

10,716

10,690

L2075032.UP.FTS.B,

25.17%,

11/18/26

3,866

3,684

L2075040.UP.FTS.B,

11.45%,

11/18/26

13,638

13,589

L2075043.UP.FTS.B,

25%,

11/18/26

2,261

2,253

L2075044.UP.FTS.B,

12.3%,

11/18/26

3,903

3,889

L2075061.UP.FTS.B,

23.07%,

11/18/26

9,236

9,188

L2075077.UP.FTS.B,

11.07%,

11/18/26

2,924

2,918

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

626

a

L2075086.UP.FTS.B,

14.83%,

11/18/26

6,782

6,759

L2075129.UP.FTS.B,

25.35%,

11/18/26

983

979

L2075154.UP.FTS.B,

22.63%,

11/18/24

5,702

5,655

L2075163.UP.FTS.B,

19.13%,

11/18/24

5,264

5,232

L2075166.UP.FTS.B,

15%,

11/18/26

1,255

1,247

L2075194.UP.FTS.B,

25.45%,

11/18/26

3,932

3,919

L2075196.UP.FTS.B,

6.5%,

11/18/24

1,424

1,422

L2075199.UP.FTS.B,

18.78%,

11/18/24

4,772

4,742

L2075201.UP.FTS.B,

22.55%,

11/18/24

3,361

3,347

L2075204.UP.FTS.B,

25.29%,

11/18/26

4,817

4,800

L2075248.UP.FTS.B,

19.24%,

11/18/26

1,170

1,164

L2075305.UP.FTS.B,

25.17%,

11/18/26

1,487

1,417

L2075360.UP.FTS.B,

22.53%,

11/18/24

960

955

L2075530.UP.FTS.B,

19.87%,

11/18/26

3,823

3,805

L2075589.UP.FTS.B,

16.26%,

11/18/26

6,806

6,785

L2163677.UP.FTS.B,

11.56%,

12/09/26

31,528

31,420

L2181395.UP.FTS.B,

25.48%,

12/10/26

4,762

4,741

L2183750.UP.FTS.B,

17.62%,

12/10/26

7,918

7,896

L2190045.UP.FTS.B,

18.31%,

12/09/26

5,346

5,330

L2190121.UP.FTS.B,

23.59%,

12/10/26

5,396

5,374

L2191057.UP.FTS.B,

24.45%,

12/10/26

2,741

2,708

L2194261.UP.FTS.B,

15.71%,

12/10/26

11,870

11,833

L2194347.UP.FTS.B,

13.85%,

12/10/26

5,911

5,893

L2198465.UP.FTS.B,

24.17%,

12/09/26

4,946

4,914

L2198786.UP.FTS.B,

7.35%,

12/09/24

6,817

6,800

L2199212.UP.FTS.B,

23.01%,

12/09/26

15,862

15,781

L2199916.UP.FTS.B,

24.99%,

12/10/26

2,584

2,573

L2205063.UP.FTS.B,

12.6%,

12/10/26

4,717

4,702

L2206502.UP.FTS.B,

18.87%,

12/10/26

1,782

1,778

L2209708.UP.FTS.B,

25.32%,

12/10/26

1,488

1,481

L2210114.UP.FTS.B,

22.83%,

12/10/26

1,198

1,193

L2210120.UP.FTS.B,

18.97%,

12/10/26

3,367

3,354

L2211103.UP.FTS.B,

13.86%,

12/10/26

12,852

12,835

L2211401.UP.FTS.B,

18.86%,

12/10/26

29,689

29,488

L2211402.UP.FTS.B,

18.17%,

12/10/24

2,938

2,925

L2211511.UP.FTS.B,

12.64%,

12/10/26

49,408

49,335

L2212982.UP.FTS.B,

14.94%,

12/09/26

6,923

6,913

L2213266.UP.FTS.B,

25.07%,

12/10/26

1,488

1,481

L2213331.UP.FTS.B,

24.88%,

12/10/26

2,480

2,475

L2213576.UP.FTS.B,

22.2%,

12/09/26

3,468

3,442

L2213659.UP.FTS.B,

25.4%,

12/09/26

3,770

3,752

L2213701.UP.FTS.B,

19.91%,

12/09/26

2,872

2,861

L2213733.UP.FTS.B,

25.47%,

12/09/26

3,571

3,554

L2213909.UP.FTS.B,

25.76%,

12/09/26

5,350

5,317

L2213943.UP.FTS.B,

8.37%,

12/09/26

9,867

9,858

L2214062.UP.FTS.B,

25.9%,

12/09/26

3,869

3,851

L2214064.UP.FTS.B,

25.48%,

12/09/26

4,861

4,838

L2214089.UP.FTS.B,

9.59%,

12/09/24

5,849

5,830

L2214101.UP.FTS.B,

19.31%,

12/09/26

6,338

6,312

L2214140.UP.FTS.B,

25.45%,

12/09/26

3,552

3,529

L2214144.UP.FTS.B,

11.27%,

12/09/26

8,395

8,380

L2214174.UP.FTS.B,

23.38%,

12/09/26

1,060

1,052

L2214186.UP.FTS.B,

22.58%,

12/09/24

3,334

3,314

L2214203.UP.FTS.B,

22.16%,

12/09/24

7,844

7,796

L2214231.UP.FTS.B,

17.61%,

12/09/26

3,662

3,651

L2214317.UP.FTS.B,

25.17%,

12/09/26

4,860

4,850

L2214318.UP.FTS.B,

13.19%,

12/09/26

2,474

2,471

L2214345.UP.FTS.B,

25.65%,

12/09/26

2,976

2,962

L2214363.UP.FTS.B,

20.5%,

12/09/26

15,823

15,742

L2214364.UP.FTS.B,

26.4%,

12/09/26

4,712

4,677

L2214388.UP.FTS.B,

25.7%,

12/09/26

3,663

3,640

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

627

a

L2214428.UP.FTS.B,

14.33%,

12/09/24

3,796

3,766

L2214498.UP.FTS.B,

22.72%,

12/09/26

1,983

1,972

L2214500.UP.FTS.B,

18.31%,

12/09/26

31,581

31,486

L2214523.UP.FTS.B,

9.75%,

12/09/26

24,679

24,662

L2214552.UP.FTS.B,

25.53%,

12/09/26

4,960

4,937

L2214629.UP.FTS.B,

23.78%,

12/09/24

5,867

5,815

L2214639.UP.FTS.B,

9.77%,

12/09/26

8,391

8,385

L2214721.UP.FTS.B,

12.86%,

12/09/26

10,574

10,557

L2214734.UP.FTS.B,

21.37%,

12/09/26

10,750

10,675

L2214771.UP.FTS.B,

21.93%,

12/09/26

2,379

2,366

L2214773.UP.FTS.B,

21.94%,

12/09/24

3,236

3,215

L2214776.UP.FTS.B,

24.04%,

12/09/26

10,809

10,756

L2214819.UP.FTS.B,

13.75%,

12/09/26

5,918

5,899

L2214850.UP.FTS.B,

21.36%,

12/09/24

2,941

2,922

L2214897.UP.FTS.B,

25.44%,

12/09/26

16,269

16,192

L2215001.UP.FTS.B,

25.92%,

12/10/26

4,588

4,554

L2215023.UP.FTS.B,

10.75%,

12/09/26

8,850

8,819

L2215071.UP.FTS.B,

25.57%,

12/09/26

4,563

4,542

L2215091.UP.FTS.B,

25.15%,

12/09/26

3,174

3,159

L2215113.UP.FTS.B,

19.57%,

12/09/24

4,337

4,303

L2215136.UP.FTS.B,

25.42%,

12/09/26

4,861

4,845

L2215156.UP.FTS.B,

18.88%,

12/09/24

6,954

6,922

L2215266.UP.FTS.B,

17.71%,

12/09/26

7,918

7,894

L2215303.UP.FTS.B,

20.05%,

12/09/26

6,934

6,896

L2215373.UP.FTS.B,

20.25%,

12/09/26

991

988

L2215377.UP.FTS.B,

17.32%,

12/09/24

979

974

L2215391.UP.FTS.B,

24.53%,

12/09/24

12,825

12,715

L2215396.UP.FTS.B,

24.34%,

12/09/26

4,259

4,232

L2215412.UP.FTS.B,

25.55%,

12/09/26

3,671

3,653

L2215431.UP.FTS.B,

25.39%,

12/09/26

2,282

2,277

L2215433.UP.FTS.B,

14.02%,

12/09/26

1,977

1,974

L2215442.UP.FTS.B,

16.68%,

12/09/26

2,771

2,762

L2215514.UP.FTS.B,

6.51%,

12/09/24

6,727

6,719

L2215533.UP.FTS.B,

9.49%,

12/09/26

4,931

4,923

L2215557.UP.FTS.B,

25.29%,

12/09/26

2,282

2,271

L2215559.UP.FTS.B,

25.19%,

12/09/26

1,482

1,472

L2215565.UP.FTS.B,

13.14%,

12/09/26

5,930

5,921

L2215585.UP.FTS.B,

21.73%,

12/09/26

49,550

49,424

L2215589.UP.FTS.B,

25.25%,

12/09/26

2,236

2,222

L2215597.UP.FTS.B,

23.78%,

12/09/26

4,129

4,081

L2215619.UP.FTS.B,

17.97%,

12/09/24

1,958

1,949

L2215625.UP.FTS.B,

15.65%,

12/09/26

10,881

10,844

L2215668.UP.FTS.B,

11.82%,

12/09/24

10,742

10,696

L2215694.UP.FTS.B,

22.23%,

12/09/24

5,883

5,847

L2215706.UP.FTS.B,

19.38%,

12/09/26

2,476

2,469

L2215729.UP.FTS.B,

25.13%,

12/09/26

14,879

14,808

L2215734.UP.FTS.B,

20.13%,

12/09/26

31,994

31,906

L2215765.UP.FTS.B,

17.77%,

12/09/24

2,154

2,144

L2215847.UP.FTS.B,

15.81%,

12/09/24

11,735

11,652

L2215859.UP.FTS.B,

16.43%,

12/09/26

4,254

4,241

L2215879.UP.FTS.B,

21.14%,

12/09/24

4,411

4,383

*

L2215888.UP.FTS.B,

25.06%,

12/09/26

1,000

610

L2215903.UP.FTS.B,

18.3%,

12/09/26

3,952

3,931

L2216002.UP.FTS.B,

24.2%,

12/09/26

4,661

4,638

L2216013.UP.FTS.B,

22.2%,

12/09/26

3,667

3,648

L2216019.UP.FTS.B,

19.11%,

12/10/26

1,439

1,431

L2216029.UP.FTS.B,

17.52%,

12/09/26

6,942

6,921

L2216039.UP.FTS.B,

16.11%,

12/09/26

4,947

4,930

*

L2216046.UP.FTS.B,

21.22%,

12/10/26

1,000

556

L2216050.UP.FTS.B,

25.25%,

12/09/26

4,761

4,739

L2216051.UP.FTS.B,

16.31%,

12/09/24

5,866

5,825

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

628

a

L2216186.UP.FTS.B,

14.13%,

12/09/24

4,102

4,082

L2216265.UP.FTS.B,

21.78%,

12/09/26

4,955

4,929

L2216322.UP.FTS.B,

12.95%,

12/09/26

10,673

10,656

L2216364.UP.FTS.B,

26.06%,

12/09/26

6,945

6,913

L2216373.UP.FTS.B,

23.47%,

12/09/26

1,998

1,989

L2216377.UP.FTS.B,

21.52%,

12/09/26

15,855

15,772

L2216386.UP.FTS.B,

16.55%,

12/09/26

2,968

2,959

L2216494.UP.FTS.B,

18.54%,

12/09/24

14,200

14,134

L2216524.UP.FTS.B,

25.42%,

12/09/26

9,807

9,746

L2216607.UP.FTS.B,

25.48%,

12/09/26

2,976

2,962

L2216646.UP.FTS.B,

24.42%,

12/09/26

9,917

9,869

L2216648.UP.FTS.B,

14.79%,

12/09/26

34,434

34,332

L2216689.UP.FTS.B,

20.06%,

12/09/26

5,943

5,927

L2216720.UP.FTS.B,

24.17%,

12/09/26

49,583

49,340

L2216754.UP.FTS.B,

23.73%,

12/09/26

13,414

13,325

L2216782.UP.FTS.B,

25.06%,

12/09/26

3,467

3,445

L2216795.UP.FTS.B,

26.15%,

12/09/26

13,394

13,332

L2216810.UP.FTS.B,

22.84%,

12/09/26

18,835

18,739

L2216815.UP.FTS.B,

12.98%,

12/09/26

2,965

2,960

L2216825.UP.FTS.B,

16.43%,

12/09/26

17,809

17,789

L2216827.UP.FTS.B,

26.18%,

12/09/26

3,969

3,950

L2216862.UP.FTS.B,

21.41%,

12/09/26

1,982

1,974

L2216870.UP.FTS.B,

10.32%,

12/09/24

4,394

4,386

*

L2216881.UP.FTS.B,

18.6%,

12/09/26

7,500

4,148

L2216898.UP.FTS.B,

13.16%,

12/09/26

10,378

10,361

L2216899.UP.FTS.B,

16.51%,

12/09/24

2,943

2,928

L2216927.UP.FTS.B,

25.5%,

12/09/26

1,389

1,382

L2216938.UP.FTS.B,

24.5%,

12/09/26

8,396

8,341

L2216941.UP.FTS.B,

14.73%,

12/09/26

2,967

2,963

L2216952.UP.FTS.B,

8.42%,

12/09/26

17,735

17,702

L2216965.UP.FTS.B,

20.16%,

12/09/26

34,669

34,574

L2216987.UP.FTS.B,

17.24%,

12/09/26

9,859

9,786

L2217016.UP.FTS.B,

21.8%,

12/09/26

4,624

4,588

L2217057.UP.FTS.B,

13.87%,

12/09/24

978

975

L2217133.UP.FTS.B,

11.03%,

12/09/26

24,630

24,543

L2217187.UP.FTS.B,

23.26%,

12/09/24

3,433

3,412

L2217202.UP.FTS.B,

15.56%,

12/09/26

4,154

4,149

L2217220.UP.FTS.B,

24.27%,

12/09/26

4,958

4,934

L2217227.UP.FTS.B,

18.97%,

12/09/26

10,892

10,847

L2217244.UP.FTS.B,

21.96%,

12/09/26

4,955

4,937

L2217252.UP.FTS.B,

25.25%,

12/09/26

1,980

1,967

L2217273.UP.FTS.B,

18.07%,

12/09/24

1,958

1,949

L2217330.UP.FTS.B,

10.1%,

12/09/26

4,925

4,917

L2217348.UP.FTS.B,

19.38%,

12/09/26

6,932

6,904

L2217408.UP.FTS.B,

17.74%,

12/09/24

1,469

1,462

L2217490.UP.FTS.B,

20.86%,

12/09/26

24,769

24,636

L2217491.UP.FTS.B,

17.56%,

12/09/26

3,068

3,059

L2217514.UP.FTS.B,

20.23%,

12/09/26

4,953

4,926

L2217516.UP.FTS.B,

24.76%,

12/09/26

1,481

1,471

L2217530.UP.FTS.B,

22.65%,

12/09/26

4,461

4,438

L2217548.UP.FTS.B,

17.23%,

12/09/26

14,845

14,798

L2217598.UP.FTS.B,

23.52%,

12/09/26

9,518

9,471

L2217603.UP.FTS.B,

17.91%,

12/09/26

6,434

6,415

L2217604.UP.FTS.B,

22.37%,

12/09/26

3,469

3,456

L2217765.UP.FTS.B,

25.4%,

12/09/26

1,091

1,086

L2217781.UP.FTS.B,

25.34%,

12/09/26

4,166

4,146

L2217794.UP.FTS.B,

22.85%,

12/09/24

1,962

1,954

L2217818.UP.FTS.B,

24.73%,

12/09/26

1,785

1,777

L2217826.UP.FTS.B,

23.12%,

12/09/24

3,923

3,900

L2217859.UP.FTS.B,

8.75%,

12/09/26

19,736

19,720

L2217862.UP.FTS.B,

16.51%,

12/09/26

10,884

10,849

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

629

a

*

L2217871.UP.FTS.B,

23.93%,

12/09/26

6,500

3,960

L2217875.UP.FTS.B,

26.21%,

12/09/26

7,938

7,901

L2217930.UP.FTS.B,

20.56%,

12/10/24

2,940

2,928

L2217932.UP.FTS.B,

21.91%,

12/09/26

12,884

12,835

L2217957.UP.FTS.B,

24.82%,

12/09/24

4,049

4,010

L2217964.UP.FTS.B,

25.45%,

12/09/26

6,349

6,319

L2217989.UP.FTS.B,

22.68%,

12/10/26

4,362

4,347

L2218003.UP.FTS.B,

23.87%,

12/09/26

2,479

2,467

L2218057.UP.FTS.B,

12.68%,

12/09/24

4,300

4,287

L2218119.UP.FTS.B,

12.83%,

12/09/24

1,466

1,462

L2218260.UP.FTS.B,

25.7%,

12/09/26

6,548

6,517

L2218279.UP.FTS.B,

18.41%,

12/10/26

4,943

4,909

L2218303.UP.FTS.B,

25.88%,

12/09/26

6,350

6,320

L2218347.UP.FTS.B,

8.96%,

12/09/24

4,879

4,870

L2218351.UP.FTS.B,

14.35%,

12/09/26

989

987

L2218367.UP.FTS.B,

9.23%,

12/09/24

976

974

L2218428.UP.FTS.B,

25.03%,

12/09/26

1,488

1,481

L2218454.UP.FTS.B,

6.62%,

12/09/24

3,120

3,116

L2218472.UP.FTS.B,

10.62%,

12/09/26

3,456

3,450

*

L2218473.UP.FTS.B,

11.83%,

12/09/24

7,500

4,141

L2218508.UP.FTS.B,

20.09%,

12/09/26

5,250

5,221

L2218511.UP.FTS.B,

26.56%,

12/09/26

7,171

7,140

L2218540.UP.FTS.B,

15.26%,

12/09/26

5,828

5,810

L2218573.UP.FTS.B,

25.46%,

12/10/26

4,762

4,741

L2218623.UP.FTS.B,

23.41%,

12/09/26

4,362

4,341

L2218636.UP.FTS.B,

17.88%,

12/09/24

4,903

4,880

L2218652.UP.FTS.B,

13.28%,

12/09/26

10,477

10,461

L2218665.UP.FTS.B,

25.47%,

12/10/26

2,379

2,365

L2218671.UP.FTS.B,

15.6%,

12/10/26

4,946

4,930

L2218677.UP.FTS.B,

17.27%,

12/09/26

5,938

5,919

L2218678.UP.FTS.B,

25.2%,

12/09/26

2,083

2,073

L2218752.UP.FTS.B,

24.44%,

12/09/26

1,677

1,666

L2218789.UP.FTS.B,

22.64%,

12/10/26

5,947

5,919

L2218850.UP.FTS.B,

25.86%,

12/10/26

9,524

9,483

L2218865.UP.FTS.B,

12.56%,

12/10/26

2,964

2,960

L2218875.UP.FTS.B,

13.44%,

12/10/26

11,861

11,845

L2218889.UP.FTS.B,

13.59%,

12/10/24

5,892

5,877

L2218904.UP.FTS.B,

24.83%,

12/10/26

19,837

19,748

L2218915.UP.FTS.B,

25.37%,

12/10/26

9,523

9,506

L2218938.UP.FTS.B,

7.83%,

12/10/24

7,315

7,301

L2219005.UP.FTS.B,

25.75%,

12/10/26

3,571

3,556

L2219015.UP.FTS.B,

22.73%,

12/10/26

6,939

6,906

L2219041.UP.FTS.B,

24.61%,

12/10/24

9,813

9,760

L2219046.UP.FTS.B,

24.89%,

12/10/26

5,951

5,925

L2219054.UP.FTS.B,

16.23%,

12/10/24

5,382

5,357

L2219088.UP.FTS.B,

10.44%,

12/10/26

21,198

21,126

L2219105.UP.FTS.B,

25.3%,

12/10/26

11,011

10,962

L2219179.UP.FTS.B,

14.67%,

12/10/26

3,955

3,951

L2219210.UP.FTS.B,

12.38%,

12/10/26

4,448

4,441

L2219245.UP.FTS.B,

18.95%,

12/10/26

990

990

L2219249.UP.FTS.B,

23.16%,

12/10/26

5,937

5,900

L2219250.UP.FTS.B,

27.55%,

12/10/26

24,615

24,514

L2219252.UP.FTS.B,

15.58%,

12/10/26

5,824

5,790

L2219293.UP.FTS.B,

15.87%,

12/10/26

14,838

14,823

L2219295.UP.FTS.B,

25.08%,

12/10/26

8,530

8,493

*

L2219304.UP.FTS.B,

23.21%,

12/10/26

4,400

2,627

L2219311.UP.FTS.B,

15.7%,

12/10/26

19,388

19,328

L2219342.UP.FTS.B,

22.94%,

12/10/26

2,974

2,960

L2219356.UP.FTS.B,

17.56%,

12/10/26

10,590

10,560

L2219369.UP.FTS.B,

17.34%,

12/10/26

9,897

9,888

*

L2219458.UP.FTS.B,

25.35%,

12/10/26

2,100

1,237

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

630

a

L2219468.UP.FTS.B,

14.29%,

12/10/24

4,883

4,849

L2219496.UP.FTS.B,

25.44%,

12/10/26

1,190

1,185

*

L2219610.UP.FTS.B,

13.72%,

12/10/26

3,000

1,579

L2219614.UP.FTS.B,

24.09%,

12/10/26

9,233

9,172

L2219654.UP.FTS.B,

16.29%,

12/10/26

3,066

3,049

L2219681.UP.FTS.B,

23.2%,

12/10/24

1,275

1,270

L2219692.UP.FTS.B,

18.1%,

12/10/26

3,153

3,137

L2219716.UP.FTS.B,

17.42%,

12/10/24

5,865

5,826

L2219719.UP.FTS.B,

24.34%,

12/10/26

1,488

1,481

L2219730.UP.FTS.B,

6.81%,

12/10/24

9,750

9,740

L2219737.UP.FTS.B,

25.45%,

12/10/26

2,282

2,272

L2219741.UP.FTS.B,

18.33%,

12/10/26

5,346

5,325

L2219790.UP.FTS.B,

20.59%,

12/10/24

4,900

4,880

L2219813.UP.FTS.B,

22.77%,

12/10/26

7,421

7,374

L2219823.UP.FTS.B,

20.59%,

12/10/26

5,647

5,633

L2219861.UP.FTS.B,

23.85%,

12/10/24

5,494

5,464

L2219895.UP.FTS.B,

26.7%,

12/10/28

3,820

3,809

L2219909.UP.FTS.B,

25.83%,

12/10/26

2,976

2,963

L2219928.UP.FTS.B,

20.9%,

12/10/26

5,428

5,393

L2219936.UP.FTS.B,

19.32%,

12/10/26

11,586

11,556

L2219944.UP.FTS.B,

24.47%,

12/10/26

2,975

2,962

L2219955.UP.FTS.B,

16.75%,

12/10/26

5,348

5,333

L2219971.UP.FTS.B,

21.13%,

12/10/26

7,968

7,951

L2219994.UP.FTS.B,

16.63%,

12/10/26

6,926

6,920

L2219995.UP.FTS.B,

23.54%,

12/10/26

3,966

3,948

L2220004.UP.FTS.B,

15.97%,

12/10/26

5,144

5,139

*

L2220009.UP.FTS.B,

18.38%,

12/10/24

2,400

1,393

L2220037.UP.FTS.B,

17.77%,

12/10/26

3,167

3,158

L2220113.UP.FTS.B,

20.52%,

12/10/26

4,950

4,919

L2220148.UP.FTS.B,

26.68%,

12/10/26

5,458

5,442

L2220173.UP.FTS.B,

10.59%,

12/10/24

1,944

1,938

L2220175.UP.FTS.B,

12.44%,

12/10/24

3,909

3,898

L2220216.UP.FTS.B,

9.67%,

12/10/26

22,000

21,958

L2220236.UP.FTS.B,

11.73%,

12/10/26

21,315

21,283

L2220245.UP.FTS.B,

13.24%,

12/10/26

26,291

26,254

L2220257.UP.FTS.B,

19.73%,

12/10/26

4,952

4,939

L2220260.UP.FTS.B,

12.23%,

12/10/26

49,401

49,325

L2220268.UP.FTS.B,

10.33%,

12/10/24

4,882

4,874

L2220278.UP.FTS.B,

18.47%,

12/10/26

5,940

5,924

L2220292.UP.FTS.B,

21.61%,

12/10/26

9,939

9,892

L2220336.UP.FTS.B,

11.03%,

12/10/26

5,926

5,916

L2220439.UP.FTS.B,

15.52%,

12/10/24

978

976

L2220491.UP.FTS.B,

10.62%,

12/10/24

976

975

L2220492.UP.FTS.B,

19.4%,

12/10/24

4,927

4,908

L2220530.UP.FTS.B,

19.78%,

12/10/24

2,925

2,899

L2220551.UP.FTS.B,

8.19%,

12/10/26

2,170

2,169

L2220582.UP.FTS.B,

24.94%,

12/10/26

8,390

8,339

L2220618.UP.FTS.B,

13.32%,

12/10/26

42,303

42,244

L2220633.UP.FTS.B,

20.25%,

12/10/26

13,075

13,009

L2220654.UP.FTS.B,

9.13%,

12/10/26

24,617

24,575

L2220670.UP.FTS.B,

23.96%,

12/10/26

3,570

3,553

L2220687.UP.FTS.B,

23.72%,

12/10/26

2,961

2,942

L2220695.UP.FTS.B,

14.81%,

12/10/26

4,944

4,939

L2220747.UP.FTS.B,

18.08%,

12/10/26

9,865

9,813

L2220760.UP.FTS.B,

15.79%,

12/10/26

3,264

3,254

L2220844.UP.FTS.B,

25.09%,

12/10/26

2,579

2,568

L2220914.UP.FTS.B,

18.55%,

12/10/24

1,477

1,471

L2220922.UP.FTS.B,

13.6%,

12/10/26

6,919

6,910

L2220935.UP.FTS.B,

8.04%,

12/10/26

10,852

10,843

L2220963.UP.FTS.B,

12.62%,

12/10/26

19,763

19,734

L2220985.UP.FTS.B,

12.19%,

12/10/26

1,973

1,967

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

631

a

L2220986.UP.FTS.B,

15.2%,

12/10/26

3,054

3,037

L2220990.UP.FTS.B,

24.8%,

12/10/26

4,959

4,937

L2221024.UP.FTS.B,

11.5%,

12/10/24

4,200

4,188

L2221071.UP.FTS.B,

14.15%,

12/10/26

8,404

8,393

L2221097.UP.FTS.B,

19.86%,

12/10/26

2,432

2,414

L2221125.UP.FTS.B,

15.5%,

12/10/26

1,978

1,976

L2221153.UP.FTS.B,

23.7%,

12/10/26

5,156

5,146

L2221255.UP.FTS.B,

13.17%,

12/10/26

7,413

7,402

L2221277.UP.FTS.B,

9.11%,

12/10/24

9,759

9,742

L2221286.UP.FTS.B,

22.62%,

12/10/24

5,884

5,850

L2221302.UP.FTS.B,

22.2%,

12/10/24

6,864

6,837

L2221318.UP.FTS.B,

24.95%,

12/10/26

2,380

2,370

L2221352.UP.FTS.B,

13.11%,

12/10/26

988

985

L2221405.UP.FTS.B,

16.42%,

12/10/24

5,804

5,763

L2221412.UP.FTS.B,

25.35%,

12/10/26

1,488

1,481

L2221415.UP.FTS.B,

11.88%,

12/10/26

5,730

5,721

L2221428.UP.FTS.B,

25.43%,

12/10/26

9,325

9,284

L2221448.UP.FTS.B,

11.13%,

12/10/26

2,963

2,958

L2221450.UP.FTS.B,

10.03%,

12/10/24

1,952

1,949

L2221488.UP.FTS.B,

22.09%,

12/10/26

1,487

1,479

L2221493.UP.FTS.B,

23.3%,

12/10/26

3,898

3,870

L2221548.UP.FTS.B,

14.74%,

12/10/26

989

988

L2221560.UP.FTS.B,

25.03%,

12/10/26

2,376

2,361

L2221598.UP.FTS.B,

19.31%,

12/10/26

34,660

34,528

L2221600.UP.FTS.B,

21.39%,

12/10/26

9,513

9,490

L2221609.UP.FTS.B,

22.8%,

12/10/26

8,000

8,038

L2221612.UP.FTS.B,

20.59%,

12/10/26

11,888

11,828

*

L2221618.UP.FTS.B,

12.8%,

12/10/26

6,000

3,156

L2221622.UP.FTS.B,

16.93%,

12/10/24

10,864

10,815

L2221644.UP.FTS.B,

19.1%,

12/10/24

4,898

4,877

L2221646.UP.FTS.B,

18.79%,

12/10/26

9,922

9,884

L2221648.UP.FTS.B,

14.47%,

12/10/26

11,865

11,851

L2221664.UP.FTS.B,

9.98%,

12/10/26

9,771

9,736

L2221701.UP.FTS.B,

19.55%,

12/10/26

6,933

6,915

L2221708.UP.FTS.B,

13%,

12/10/26

5,244

5,236

L2221709.UP.FTS.B,

13.43%,

12/10/26

15,716

15,694

L2221731.UP.FTS.B,

23.05%,

12/10/26

5,948

5,920

L2221739.UP.FTS.B,

19.78%,

12/10/26

8,914

8,868

L2221746.UP.FTS.B,

18.66%,

12/10/26

4,950

4,931

L2221765.UP.FTS.B,

7.56%,

12/10/26

9,864

9,855

L2221774.UP.FTS.B,

21.93%,

12/10/24

9,805

9,766

L2221797.UP.FTS.B,

19.44%,

12/10/26

16,744

16,631

L2221819.UP.FTS.B,

25.44%,

12/10/26

14,354

14,269

L2221919.UP.FTS.B,

19.66%,

12/10/26

5,546

5,525

L2221936.UP.FTS.B,

13.59%,

12/10/26

6,326

6,318

L2221940.UP.FTS.B,

24.71%,

12/10/26

5,455

5,430

L2222005.UP.FTS.B,

20.98%,

12/10/26

14,410

14,331

L2222012.UP.FTS.B,

21.64%,

12/10/26

3,479

3,462

L2222014.UP.FTS.B,

9.11%,

12/10/26

24,673

24,657

L2222016.UP.FTS.B,

10.14%,

12/10/24

5,858

5,848

L2222062.UP.FTS.B,

23.82%,

12/10/26

12,395

12,355

L2222083.UP.FTS.B,

16.07%,

12/10/26

1,484

1,482

L2222110.UP.FTS.B,

20.56%,

12/10/24

2,940

2,928

L2222111.UP.FTS.B,

18.1%,

12/10/26

5,445

5,429

L2222118.UP.FTS.B,

24.15%,

12/10/26

2,975

2,961

L2222138.UP.FTS.B,

25.24%,

12/10/26

20,831

20,739

L2222165.UP.FTS.B,

23.77%,

12/10/26

6,445

6,415

L2222173.UP.FTS.B,

23.88%,

12/10/26

13,855

13,770

L2222176.UP.FTS.B,

17.82%,

12/10/24

2,937

2,924

L2222184.UP.FTS.B,

12.02%,

12/10/26

8,299

8,286

L2222196.UP.FTS.B,

25.5%,

12/10/26

2,381

2,370

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

632

At

January

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

a

L2222197.UP.FTS.B,

25.16%,

12/10/26

2,579

2,568

L2222285.UP.FTS.B,

19.82%,

12/10/24

980

976

L2222299.UP.FTS.B,

20.17%,

12/10/26

5,943

5,928

L2222302.UP.FTS.B,

24.68%,

12/10/26

4,959

4,937

L2222328.UP.FTS.B,

22.95%,

12/10/26

19,827

19,733

L2222334.UP.FTS.B,

11.99%,

12/10/26

13,804

13,759

L2222339.UP.FTS.B,

22.08%,

12/10/26

8,622

8,581

L2222354.UP.FTS.B,

11.87%,

12/10/24

1,075

1,072

L2222460.UP.FTS.B,

25.39%,

12/10/26

3,193

3,167

L2222466.UP.FTS.B,

25.12%,

12/10/26

10,415

10,369

L2222515.UP.FTS.B,

14.14%,

12/10/26

6,921

6,912

L2222516.UP.FTS.B,

25.46%,

12/10/26

1,118

1,108

L2222524.UP.FTS.B,

25.5%,

12/10/26

2,678

2,667

L2222560.UP.FTS.B,

24.11%,

12/10/24

5,511

5,456

L2222570.UP.FTS.B,

13.7%,

12/10/26

4,943

4,936

L2222593.UP.FTS.B,

12.51%,

12/10/26

5,929

5,920

20,625,328

Total

Marketplace

Loans

(Cost

$121,617,491)….............

$118,584,180

*

Interest

payment

overdue.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

962

$

123,105,938

3/22/22

$

924,669

U.S.

Treasury

2

Year

Notes

.....................

Long

550

119,160,938

3/31/22

(952,069)

U.S.

Treasury

5

Year

Notes

.....................

Long

1,845

219,929,766

3/31/22

(1,425,962)

U.S.

Treasury

Long

Bonds

.....................

Short

395

61,471,875

3/22/22

1,023,970

U.S.

Treasury

Ultra

Bonds

......................

Long

1,005

189,882,188

3/22/22

(3,895,852)

Total

Futures

Contracts

......................................................................

$(4,325,244)

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

633

At

January

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

At

January

31,

2022,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

3

. 

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

JPHQ

Buy

18,100,000

13,364,823

3/01/22

$

—

$

(567,969)

Australian

Dollar

....

JPHQ

Sell

18,100,000

13,110,264

3/01/22

313,411

—

New

Zealand

Dollar

.

JPHQ

Buy

18,700,000

12,667,380

3/01/22

—

(363,959)

New

Zealand

Dollar

.

JPHQ

Sell

18,700,000

13,191,945

3/01/22

888,524

—

Euro

.............

JPHQ

Sell

64,520,335

73,332,941

3/18/22

771,264

—

Turkish

Lira

........

JPHQ

Buy

76,280,000

7,871,221

3/22/22

—

(2,283,104)

Turkish

Lira

........

JPHQ

Sell

76,280,000

6,491,639

3/22/22

903,521

—

Euro

.............

JPHQ

Sell

72,940,000

82,832,893

6/07/22

590,815

—

Japanese

Yen

......

JPHQ

Buy

990,500,000

8,753,562

6/22/22

—

(124,814)

Australian

Dollar

....

JPHQ

Buy

17,000,000

12,393,510

7/21/22

—

(360,639)

South

Korean

Won

..

JPHQ

Buy

14,600,000,000

12,304,892

7/21/22

—

(219,566)

Total

Forward

Exchange

Contracts

...................................................

$3,467,535

$(3,920,051)

Net

unrealized

appreciation

(depreciation)

............................................

$(452,516)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Unamortized

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CDX.NA.HY.37

.

(5.00)%

Quarterly

12/20/26

30,362,500

$

(2,277,733)

$

(2,656,217)

$

378,484

Total

Centrally

Cleared

Swap

Contracts

.....................................

$(2,277,733)

$(2,656,217)

$378,484

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Single

Name

Avon

Products,

Inc.

.......

(5.00)%

Quarterly

CITI

3/20/23

8,800,000

(413,584)

(289,193)

(124,391)

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Air

France-KLM

.

5.00%

Quarterly

BOFA

6/20/26

1,170,000

EUR

50,573

20,681

29,892

NR

Air

France-KLM

.

5.00%

Quarterly

JPHQ

6/20/26

2,780,000

EUR

120,166

42,925

77,241

NR

Air

France-KLM

.

5.00%

Quarterly

MSCO

12/20/25

6,430,000

EUR

289,365

6,020

283,345

NR

American

Airlines

Group,

Inc.

..

5.00%

Quarterly

GSCO

6/20/22

5,200,000

33,343

(18,608)

51,951

CCC

Carnival

Corp.

..

1.00%

Quarterly

CITI

12/20/26

8,836,000

(1,425,654)

(1,071,459)

(354,195)

B-

Nabors

Industries,

Inc.

.......

1.00%

Quarterly

CITI

12/20/23

10,225,000

(828,168)

(576,107)

(252,061)

CCC-

Nordstrom,

Inc.

.

1.00%

Quarterly

JPHQ

12/20/26

12,600,000

(1,451,175)

(1,050,619)

(400,556)

BB+

United

Airlines

Holdings,

Inc.

.

5.00%

Quarterly

JPHQ

12/20/26

7,300,000

95,542

218,643

(123,101)

B

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

634

*Posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

the

agreement.

The

table below

summarizes

the

cash

and/or

securities

held

as

collateral

for

each

applicable

counterparty

at

period

end.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Unamortized

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

(c)(d)

(continued)

Traded

Index

(e)

BNP

Paribas

Bespoke

Haverhill

Index,

Mezzanine

Tranche

5-10%

4.10%

Quarterly

BNDP

12/20/23

4,250,000

EUR

$

82,269

$

—

$

82,269

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kenai

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/23

28,800,000

(10,803,505)

(8,320,392)

(2,483,113)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kona

Index,

Equity

Tranche

0-5%

—%

Quarterly

CITI

12/20/22

12,600,000

(2,178,080)

(1,536,415)

(641,665)

Non-

Investment

Grade

(e)

Citibank

Bespoke

Kona

Index,

Mezzanine

Tranche

5-10%

2.42%

Quarterly

CITI

12/20/22

10,500,000

67,925

—

67,925

Non-

Investment

Grade

(e)

Citibank

Bespoke

Palm

Beach

Index,

Mezzanine

Tranche

5-10%

1.97%

Quarterly

CITI

12/20/22

14,000,000

121,123

—

121,123

Non-

Investment

Grade

(e)

Citibank

Bespoke

Rotorua

Index,

Mezzanine

Tranche

5-10%

3.60%

Quarterly

CITI

12/20/23

8,300,000

(61,634)

—

(61,634)

Non-

Investment

Grade

MCDX.

NA.MAIN.31

.

1.00%

Quarterly

CITI

12/20/23

2,325,000

28,781

8,859

19,922

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(16,272,713)

$(12,565,665)

$(3,707,048)

Total

Credit

Default

Swap

Contracts

....................................

$(18,550,446)

$

(15,221,882)

$(3,328,564)

Counterparty

Collateral

Pledged

(Received)

CITI

$15,320,000

GSCO

(260,000)

JPHQ

(331,567)

MSCO

(210,000)

Total

collateral

$14,518,433

Franklin

Investors

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

635

At

January

31,

2022,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

Note

3

.

See

A

bbreviations

on

page

654

.

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

(e)

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

Value

Unamortized

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

............

Annual

Pay

Fixed

1.545%

...

Annual

7/19/27

61,100,000

$

98,374

$

—

$

98,374

Total

Interest

Rate

Swap

Contracts

...............................

$98,374

$

—

$98,374

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

636

Quarterly

Statements

of

Investments

1.

Organization

Franklin

Investors

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of seven

separate

funds,

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

637

Quarterly

Statements

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

January

31,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds’ investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

638

Quarterly

Statements

of

Investments

At

January

31,

2022,

the

Funds

received

U.S.

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives,

as

follows:

Franklin Low

Duration

Total

Return

Fund

-

$346,971

Franklin

Total

Return

Fund

- $331,567

Certain

or

all

Funds entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Certain

or

all

Funds

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss.

Certain

or

all

Funds

entered

into

OTC

cross

currency

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

cross

currency

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

(determined

using

either

a

fixed

or

floating

rate)

based

on

the

notional

amounts

of

two

different

currencies.

The

notional

amounts

are

typically

determined

based

on

the

spot

exchange

rates

at

the

opening

of

the

contract.

Cross

currency

swaps

may

require

the

exchange

of

notional

amounts

at

the

opening

and/or

closing

of

the

contract.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

depreciation

and

appreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

represent

compensating

factors

between

stated

terms

of

the

cross

currency

swap

contract

and

prevailing

market

conditions

(interest

rate

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss.

Certain

or

all

Funds

entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

3.

Derivative

Financial

Instruments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

639

Quarterly

Statements

of

Investments

margin

payable

or

receivable.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

depreciation

and

appreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Certain

or

all

Funds purchased

or

wrote

exchange

traded

and/or

OTC

option

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Certain

or

all

Funds

invest in

value

recovery

instruments

(VRI)

primarily

to

gain

exposure

to

economic

growth.

Periodic

payments

from

VRI

are

dependent

on

established

benchmarks

for

underlying

variables.

VRI

has

a

notional

amount,

which

is

used

to

calculate

amounts

of

payments

to

holders.

Payments

are

recorded

upon

receipt

as

realized

gains.

The

risks

of

investing

in

VRI

include

growth

risk,

liquidity,

and

the

potential

loss

of

investment.

The

following

Funds

have

invested

in

derivatives

during

the

period. 

Franklin Low

Duration

Total

Return

Fund

-

Futures,

forwards,

options

and

swaps

Franklin

Total

Return

Fund

- Futures,

forwards,

options,

swaps

and

VRI

4.

Mortgage

Dollar

Rolls 

Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Total

Return

Fund

enter

into

mortgage

dollar

rolls,

typically

on

a

to-be-announced

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

a

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

on

a

specified

date

and

simultaneously

contracts

to

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

at

a

future

date

and

at

a

predetermined

price.

Gains

or

losses

are

realized

on

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

is

recorded

as

an

unrealized

gain

or

loss

to

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

In

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

is

not

entitled

to

principal

and

interest

paid

on

the

mortgage

backed

securities.

Transactions

in

mortgage

dollar

rolls

are

accounted

for

as

purchases

and

sales

and

may

result

in

an

increase

to

the

Fund’s

portfolio

turnover

rate.

The

risks

of

mortgage

dollar

roll

transactions

include

the

potential

inability

of

the

counterparty

to

fulfill

its

obligations.

5.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19,

has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general,

and

may

continue

for

an

unpredictable

duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds,

their

ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and

their

ability

to

achieve

their

investment

objectives.

3.

Derivative

Financial

Instruments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

640

Quarterly

Statements

of

Investments

6.

Restricted

Securities

At

January

31,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

7.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Statements

of

Investments.

At

January

31,

2022,

unfunded

commitments

were

as

follows:

8.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

January

31,

2022,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Low

Duration

Total

Return

Fund

12,326,925

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

92,077

$

—

1,226,701

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

911

—

2,835

Riviera

Resources,

Inc.

.......................

8/08/18

42,242

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$135,230

$—

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Total

Return

Fund

28,762,824

a

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

221,469

$

—

2,862,311

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

2,125

—

12,605

Riviera

Resources,

Inc.

.......................

8/08/18

187,815

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$411,409

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$

0

as

of

January

31,

2022

.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

athenahealth

Group,

Inc.

$

2,714,992

Aveanna

Healthcare,

LLC

968,079

DexKo

Global,

Inc.

219,409

Medical

Solutions

Holdings,

Inc.

451,212

National

Mentor

Holdings,

Inc.

448,736

Osmosis

Buyer

Ltd.

358,550

Sovos

Compliance,

LLC

559,057

Thrasio

,

LLC

2,489,063

$

8,209,098

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

641

Quarterly

Statements

of

Investments

9.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Appvion

Operations,

Inc.

$

31,283,822

$

—

$

(37,326,239)

a

$

24,534,466

$

(18,492,049)

$

—

b

—

$

—

Quarternorth

Energy

Holding

Inc

.......

38,698,545

—

—

—

(61,844)

38,636,701

370,321

—

Quarternorth

Energy

Holding,

Inc.,

2/01/49

15,858,083

—

(4,406,820)

(420,652)

(31,305)

10,999,306

105,425

—

Interest

Quarter

n

orth

Energy

Holding,

Inc.,

Second

Lien,

Initial

New

Term

Loan,

9%,

(3-month

USD

LIBOR

+

8%),

8/27/26

..........

13,818,047

—

—

—

(21,409)

13,796,638

13,723,697

6,367,376

c

Total

Affiliated

Securities

(Value

is

4.1%

of

Net

Assets)

..........

$99,658,497

$—

$(41,733,059)

$

24,113,814

$

(18,606,607)

$63,432,645

$6,367,376

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

January

31,

2022,

no

longer

held

by

the

fund.

c

Includes

non-cash

dividend/interest

received.

8.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

642

Quarterly

Statements

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Adjustable

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

14,899,131

$

52,354,454

$

(36,079,736)

$

—

$

—

$

31,173,849

31,173,849

$

463

Total

Affiliated

Securities

...

$14,899,131

$52,354,454

$(36,079,736)

$—

$—

$31,173,849

$463

Franklin

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

207,020,838

241,175,034

(417,256,145)

—

—

30,939,727

30,939,727

4,048

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$5,838,000

$72,369,000

$(54,259,000)

$—

$—

$23,948,000

23,948,000

$490

Total

Affiliated

Securities

...

$212,858,838

$313,544,034

$(471,515,145)

$—

$—

$54,887,727

$4,538

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

73,775,321

221,371,988

(237,642,973)

—

—

57,504,336

57,504,336

1,496

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$7,746,000

$41,256,000

$(42,559,000)

$—

$—

$6,443,000

6,443,000

$264

Total

Affiliated

Securities

...

$81,521,321

$262,627,988

$(280,201,973)

$—

$—

$63,947,336

$1,760

9.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

643

Quarterly

Statements

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$

37,735,428

$

—

$

—

$

—

$

—

$

37,735,42

8

4,630,114

$

447,383

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

68,461,270

8,729,227

(1,206,661)

—

—

75,983,836

75,983,836

1,765

Total

Non-Controlled

Affiliates

$106,196,698

$8,729,227

$(1,206,661)

$

—

$

—

$113,719,264

$

449,148

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$13,383,000

$(8,841,000)

$—

$—

$4,542,000

4,542,000

$44

Total

Affiliated

Securities

...

$106,196,698

$22,112,227

$(10,047,661)

$—

$—

$118,261,264

$449,192

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$

120,909,895

$

—

$

—

$

—

$

—

$

120,909,895

14,835,570

$

1,433,480

Franklin

Liberty

High

Yield

Corporate

ETF

...........

6,801,288

—

—

—

(145,113)

6,656,175

259,500

79,117

a

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

56,135,533

1,226,201

(1,468,776)

—

—

55,892,958

55,892,958

1,408

Total

Non-Controlled

Affiliates

$183,846,716

$1,226,201

$(1,468,776)

$—

$(145,113)

$183,459,028

$1,514,005

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$13,810,000

$(12,272,000)

$—

$—

$1,538,000

1,538,000

$6

Total

Affiliated

Securities

...

$183,846,716

$15,036,201

$(13,740,776)

$—

$(145,113)

$184,997,028

$1,514,011

Franklin

Managed

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Systematic

Style

Premia

ETF

.............

$

24,348,115

$

—

$

—

$

—

$

749,885

$

25,098,000

1,175,000

$

23,111

Franklin

Liberty

U.S.

Low

Volatility

ETF

.............

42,197,018

—

—

—

(230,996)

41,966,022

860,000

216,948

Total

Controlled

Affiliates

...

$66,545,133

$—

$—

$

—

$

518,889

$67,064,022

$

240,059

9.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

644

Quarterly

Statements

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Managed

Income

Fund

(continued)

Non-Controlled

Affiliates

Dividends

Franklin

FTSE

Japan

ETF

....

$

21,021,000

$

—

$

—

$

—

$

(1,281,000)

$

19,740,000

700,000

$

217,989

Franklin

FTSE

United

Kingdom

ETF

...................

31,950,000

—

—

—

312,500

32,262,500

1,250,000

398,099

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

117,838,554

307,808,896

(354,655,688)

—

—

70,991,762

70,991,762

2,461

Total

Non-Controlled

Affiliates

$170,809,554

$307,808,896

$(354,655,688)

—

(968,500)

$122,994,262

618,549

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$84,508,000

$(70,137,000)

$—

$—

$14,371,000

14,371,000

$310

Total

Affiliated

Securities

...

$237,354,687

$392,316,896

$(424,792,688)

$—

$(449,611)

$204,429,284

$858,918

Franklin

Total

Return

Fund

Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

..................

$

196,547,305

$

—

$

—

$

—

$

—

$

196,547,305

24,116,234

$

2,330,221

Franklin

Liberty

High

Yield

Corporate

ETF

...........

123,183,240

—

—

—

(2,628,240)

120,555,000

4,700,000

1,432,936

a

Franklin

Liberty

Investment

Grade

Corporate

ETF

.......

475,884,925

—

—

—

(17,876,625)

458,008,300

18,335,000

2,309,036

a

Total

Controlled

Affiliates

...

$795,615,470

$—

$—

$

—

$

(20,504,865)

$775,110,605

$

6,072,193

Non-Controlled

Affiliates

Dividends

Franklin

Liberty

Senior

Loan

ETF

$

43,391,565

$

—

$

—

$

—

$

(17,374)

$

43,374,191

1,737,400

$

246,393

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

130,579,435

264,046,714

(347,370,532)

—

—

47,255,617

47,255,617

1,637

Total

Non-Controlled

Affiliates

$173,971,000

$264,046,714

$(347,370,532)

$

—

$

(17,374)

$90,629,808

$

248,030

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$5,174,000

$79,154,000

$(57,059,000)

$—

$—

$27,269,000

27,269,000

$142

Total

Affiliated

Securities

...

$974,760,470

$343,200,714

$(404,429,532)

$—

$(20,522,239)

$893,009,413

$6,320,365

a

Dividend

income

includes

any

capital

gain

distributions

received

from

underlying

funds.

9.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

645

Quarterly

Statements

of

Investments

10. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

January

31,

2022,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Adjustable

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

Commercial

Mortgage-Backed

Securities

......

$

—

$

104,447,426

$

—

$

104,447,426

Mortgage-Backed

Securities

................

—

476,319,615

—

476,319,615

Short

Term

Investments

...................

31,173,849

5,524,659

—

36,698,508

Total

Investments

in

Securities

...........

$31,173,849

$586,291,700

$—

$617,465,549

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

Convertible

Preferred

Stocks

:

Auto

Components

......................

82,563,400

—

—

82,563,400

Capital

Markets

........................

89,647,600

—

—

89,647,600

Electric

Utilities

........................

191,443,300

—

—

191,443,300

Food

Products

........................

81,830,700

—

—

81,830,700

Health

Care

Technology

.................

19,686,000

—

—

19,686,000

Life

Sciences

Tools

&

Services

............

180,526,039

—

—

180,526,039

Machinery

............................

23,947,500

—

—

23,947,500

Multi-Utilities

..........................

91,912,500

—

—

91,912,500

Semiconductors

&

Semiconductor

Equipment

.

93,595,782

—

—

93,595,782

Water

Utilities

.........................

45,060,400

—

—

45,060,400

Wireless

Telecommunication

Services

.......

—

47,860,570

—

47,860,570

Convertible

Bonds

.......................

—

3,420,104,539

—

3,420,104,539

Short

Term

Investments

...................

54,887,727

6,482,124

—

61,369,851

Total

Investments

in

Securities

...........

$955,100,948

$3,474,447,233

$—

$4,429,548,181

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

131,970,291

—

—

131,970,291

Air

Freight

&

Logistics

...................

99,082,900

—

—

99,082,900

Banks

...............................

341,134,200

—

—

341,134,200

Beverages

...........................

142,849,700

—

—

142,849,700

Capital

Markets

........................

258,983,880

—

—

258,983,880

Chemicals

...........................

90,671,140

27,191,481

—

117,862,621

Commercial

Services

&

Supplies

...........

53,808,690

—

—

53,808,690

Communications

Equipment

..............

45,092,700

—

—

45,092,700

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

646

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Equity

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Consumer

Finance

.....................

$

17,622,360

$

—

$

—

$

17,622,360

Diversified

Financial

Services

.............

57,750,000

—

—

57,750,000

Diversified

Telecommunication

Services

.....

14,918,527

—

—

14,918,527

Electric

Utilities

........................

209,854,800

—

—

209,854,800

Electrical

Equipment

....................

76,182,420

—

—

76,182,420

Equity

Real

Estate

Investment

Trusts

(REITs)

.

85,933,200

—

—

85,933,200

Food

&

Staples

Retailing

.................

42,012,905

—

—

42,012,905

Food

Products

........................

24,130,800

—

—

24,130,800

Health

Care

Equipment

&

Supplies

.........

99,867,850

—

—

99,867,850

Health

Care

Providers

&

Services

..........

117,324,790

—

—

117,324,790

Hotels,

Restaurants

&

Leisure

.............

59,673,500

—

—

59,673,500

Household

Products

....................

102,688,000

—

—

102,688,000

Insurance

............................

20,216,320

—

—

20,216,320

IT

Services

...........................

37,877,290

—

—

37,877,290

Life

Sciences

Tools

&

Services

............

36,331,250

—

—

36,331,250

Machinery

............................

54,007,825

—

—

54,007,825

Media

...............................

33,493,300

—

—

33,493,300

Multiline

Retail

........................

94,784,900

—

—

94,784,900

Oil,

Gas

&

Consumable

Fuels

.............

268,766,500

—

—

268,766,500

Pharmaceuticals

.......................

158,460,450

—

—

158,460,450

Road

&

Rail

..........................

31,414,845

—

—

31,414,845

Semiconductors

&

Semiconductor

Equipment

.

64,076,130

—

—

64,076,130

Software

.............................

50,891,750

—

—

50,891,750

Specialty

Retail

........................

95,961,775

—

—

95,961,775

Equity-Linked

Securities

...................

—

348,570,521

—

348,570,521

Convertible

Preferred

Stocks

...............

279,861,537

—

—

279,861,537

Short

Term

Investments

...................

63,947,336

1,611,977

—

65,559,313

Total

Investments

in

Securities

...........

$3,361,643,861

$377,373,979

b

$—

$3,739,017,840

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

377,777

—

377,777

Machinery

............................

—

14,243,030

—

14,243,030

Oil,

Gas

&

Consumable

Fuels

.............

—

38,636,701

—

38,636,701

Road

&

Rail

..........................

—

—

386,125

386,125

Management

Investment

Companies

.........

43,898,972

—

—

43,898,972

Preferred

Stocks

........................

—

1,576,396

—

1,576,396

Warrants

:

Machinery

............................

—

—

1,805

1,805

Oil,

Gas

&

Consumable

Fuels

.............

—

10,999,306

—

10,999,306

Corporate

Bonds

:

Airlines

..............................

—

12,759,095

—

12,759,095

Chemicals

...........................

—

5,570,720

—

5,570,720

Communications

Equipment

..............

—

1,937,231

—

1,937,231

Construction

Materials

..................

—

3,998,496

—

3,998,496

Containers

&

Packaging

.................

—

3,446,324

—

3,446,324

Diversified

Consumer

Services

............

—

3,101,700

—

3,101,700

Diversified

Financial

Services

.............

—

1,282,801

—

1,282,801

Diversified

Telecommunication

Services

.....

—

5,400,157

—

5,400,157

Energy

Equipment

&

Services

.............

—

742,040

—

742,040

Hotels,

Restaurants

&

Leisure

.............

—

511,550

—

511,550

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

647

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Independent

Power

and

Renewable

Electricity

Producers

..........................

$

—

$

1,372,719

$

—

$

1,372,719

Insurance

............................

—

1,390,541

—

1,390,541

Media

...............................

—

4,029,497

—

4,029,497

Oil,

Gas

&

Consumable

Fuels

.............

—

2,439,996

—

2,439,996

Road

&

Rail

..........................

—

474,590

21,454,322

21,928,912

Specialty

Retail

........................

—

1,897,262

—

1,897,262

Wireless

Telecommunication

Services

.......

—

1,327,183

—

1,327,183

Senior

Floating

Rate

Interests

...............

—

1,258,334,837

5,172,303

1,263,507,140

Asset-Backed

Securities

..................

—

9,490,971

—

9,490,971

Escrows

and

Litigation

Trusts

...............

—

—

—

c

—

Short

Term

Investments

...................

80,525,836

137,571,522

—

218,097,358

Total

Investments

in

Securities

...........

$124,424,808

$1,522,912,442

$27,014,555

$1,674,351,805

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$

—

$

14,728

$

—

$

14,728

Total

Other

Financial

Instruments

.........

$—

$14,728

$—

$14,728

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$

—

$

2,331

$

—

$

2,331

Total

Other

Financial

Instruments

.........

$—

$2,331

$—

$2,331

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

........................

—

—

—

c

—

Management

Investment

Companies

.........

153,096,470

—

—

153,096,470

Warrants

:

Oil,

Gas

&

Consumable

Fuels

.............

—

—

294

294

Paper

&

Forest

Products

.................

—

—

—

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

15,952,385

—

15,952,385

Air

Freight

&

Logistics

...................

—

1,657,226

—

1,657,226

Airlines

..............................

—

14,194,028

—

14,194,028

Banks

...............................

—

96,659,450

—

96,659,450

Beverages

...........................

—

12,714,612

—

12,714,612

Biotechnology

.........................

—

5,870,084

—

5,870,084

Capital

Markets

........................

—

34,698,554

—

34,698,554

Chemicals

...........................

—

14,653,134

—

14,653,134

Commercial

Services

&

Supplies

...........

—

1,334,091

—

1,334,091

Communications

Equipment

..............

—

1,463,552

—

1,463,552

Consumer

Finance

.....................

—

17,839,635

—

17,839,635

Containers

&

Packaging

.................

—

1,032,465

—

1,032,465

Diversified

Consumer

Services

............

—

1,927,262

—

1,927,262

Diversified

Financial

Services

.............

—

8,145,787

—

8,145,787

Diversified

Telecommunication

Services

.....

—

25,364,156

—

25,364,156

Electric

Utilities

........................

—

27,923,845

—

27,923,845

Entertainment

.........................

—

18,602,208

—

18,602,208

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

10,086,849

—

10,086,849

Food

&

Staples

Retailing

.................

—

3,058,413

—

3,058,413

Food

Products

........................

—

3,593,662

—

3,593,662

Health

Care

Equipment

&

Supplies

.........

—

329,784

—

329,784

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

648

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Health

Care

Providers

&

Services

..........

$

—

$

15,136,219

$

—

$

15,136,219

Hotels,

Restaurants

&

Leisure

.............

—

27,635,280

—

27,635,280

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

2,078,529

—

2,078,529

Interactive

Media

&

Services

..............

—

19,094,358

—

19,094,358

Internet

&

Direct

Marketing

Retail

..........

—

15,166,543

—

15,166,543

IT

Services

...........................

—

5,151,357

—

5,151,357

Machinery

............................

—

1,252,830

—

1,252,830

Media

...............................

—

20,838,599

—

20,838,599

Metals

&

Mining

.......................

—

970,815

—

970,815

Multiline

Retail

........................

—

—

—

c

—

Multi-Utilities

..........................

—

1,336,730

—

1,336,730

Oil,

Gas

&

Consumable

Fuels

.............

—

59,314,934

—

59,314,934

Personal

Products

.....................

—

6,531,204

—

6,531,204

Pharmaceuticals

.......................

—

22,326,848

—

22,326,848

Real

Estate

Management

&

Development

....

—

4,363,070

—

4,363,070

Semiconductors

&

Semiconductor

Equipment

.

—

10,397,593

—

10,397,593

Specialty

Retail

........................

—

524,699

—

524,699

Thrifts

&

Mortgage

Finance

...............

—

10,252,057

—

10,252,057

Tobacco

.............................

—

8,847,493

—

8,847,493

Wireless

Telecommunication

Services

.......

—

3,478,805

—

3,478,805

Senior

Floating

Rate

Interests

...............

—

29,647,598

—

29,647,598

Marketplace

Loans

......................

—

—

56,624,245

56,624,245

Foreign

Government

and

Agency

Securities

....

—

146,207,254

—

146,207,254

U.S.

Government

and

Agency

Securities

.......

—

1,024,745,878

—

1,024,745,878

Asset-Backed

Securities

..................

—

401,201,511

—

401,201,511

Commercial

Mortgage-Backed

Securities

......

—

58,534,905

—

58,534,905

Mortgage-Backed

Securities

................

—

69,086,147

—

69,086,147

Municipal

Bonds

.........................

—

59,958,542

—

59,958,542

Residential

Mortgage-Backed

Securities

......

—

163,136,054

—

163,136,054

Escrows

and

Litigation

Trusts

...............

—

42,750

—

c

42,750

Options

purchased

.......................

—

110,362

—

110,362

Short

Term

Investments

...................

57,430,958

78,842,544

—

136,273,502

Total

Investments

in

Securities

...........

$210,527,428

$2,583,312,690

$56,624,539

$2,850,464,657

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

975,882

—

975,882

Futures

contracts

........................

2,193,614

—

—

2,193,614

Swap

contracts

.........................

—

2,172,95

0

—

2,172,95

0

Total

Other

Financial

Instruments

.........

$2,193,614

$3,148,832

$—

$5,342,446

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

850,640

—

850,640

Futures

contracts

........................

7,608,040

—

—

7,608,040

Swap

contracts

..........................

—

1,978,5

39

—

1,978,5

39

Total

Other

Financial

Instruments

.........

$7,608,040

$2,829,179

$—

$10,437,219

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

99,167,460

—

—

99,167,460

Air

Freight

&

Logistics

...................

35,386,750

—

—

35,386,750

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

649

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Managed

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Banks

...............................

$

240,157,282

$

—

$

—

$

240,157,282

Beverages

...........................

108,624,850

—

—

108,624,850

Biotechnology

.........................

9,527,544

—

—

9,527,544

Capital

Markets

........................

51,270,000

—

—

51,270,000

Chemicals

...........................

60,233,000

—

—

60,233,000

Communications

Equipment

..............

57,860,002

—

—

57,860,002

Diversified

Telecommunication

Services

.....

103,352,198

22,656,798

—

126,008,996

Electric

Utilities

........................

102,132,750

—

—

102,132,750

Entertainment

.........................

28,594,000

—

—

28,594,000

Health

Care

Equipment

&

Supplies

.........

10,349,000

—

—

10,349,000

Health

Care

Providers

&

Services

..........

40,506,000

—

—

40,506,000

Household

Products

....................

48,135,000

—

—

48,135,000

Industrial

Conglomerates

................

61,344,000

—

—

61,344,000

Insurance

............................

16,618,000

—

—

16,618,000

IT

Services

...........................

40,318,519

—

—

40,318,519

Media

...............................

39,992,000

—

—

39,992,000

Metals

&

Mining

.......................

28,560,000

—

—

28,560,000

Multiline

Retail

........................

22,043,000

—

—

22,043,000

Multi-Utilities

..........................

105,864,000

—

—

105,864,000

Oil,

Gas

&

Consumable

Fuels

.............

119,798,500

—

—

119,798,500

Pharmaceuticals

.......................

253,566,609

—

—

253,566,609

Road

&

Rail

..........................

50,132,750

—

—

50,132,750

Semiconductors

&

Semiconductor

Equipment

.

92,861,126

—

—

92,861,126

Specialty

Retail

........................

55,047,000

—

—

55,047,000

Management

Investment

Companies

.........

119,066,522

—

—

119,066,522

Equity-Linked

Securities

...................

—

398,831,928

—

398,831,928

Convertible

Preferred

Stocks

...............

364,776,650

—

—

364,776,650

Corporate

Bonds

........................

—

1,102,428,450

—

1,102,428,450

U.S.

Government

and

Agency

Securities

.......

—

212,459,570

—

212,459,570

Asset-Backed

Securities

..................

—

20,167,203

—

20,167,203

Mortgage-Backed

Securities

................

—

1,478,432

—

1,478,432

Short

Term

Investments

...................

85,362,762

3,593,096

—

88,955,858

Total

Investments

in

Securities

...........

$2,450,647,274

$1,761,615,477

d

$—

$4,212,262,751

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Energy

Equipment

&

Services

.............

1,124,268

—

—

1,124,268

Multiline

Retail

........................

—

—

—

c

—

Oil,

Gas

&

Consumable

Fuels

.............

—

—

—

c

—

Management

Investment

Companies

.........

897,127,546

—

—

897,127,546

Preferred

Stocks

........................

2,503,560

—

—

2,503,560

Warrants

:

Oil,

Gas

&

Consumable

Fuels

.............

—

—

686

686

Paper

&

Forest

Products

.................

—

—

—

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

19,822,342

—

19,822,342

Air

Freight

&

Logistics

...................

—

5,334,099

—

5,334,099

Airlines

..............................

—

44,629,966

—

44,629,966

Banks

...............................

—

75,265,949

—

75,265,949

Beverages

...........................

—

6,101,458

—

6,101,458

Biotechnology

.........................

—

3,705,669

—

3,705,669

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

650

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Capital

Markets

........................

$

—

$

40,368,714

$

—

$

40,368,714

Chemicals

...........................

—

55,191,577

—

55,191,577

Commercial

Services

&

Supplies

...........

—

2,557,008

—

2,557,008

Communications

Equipment

..............

—

2,678,175

—

2,678,175

Consumer

Finance

.....................

—

14,184,172

—

14,184,172

Containers

&

Packaging

.................

—

10,478,665

—

10,478,665

Diversified

Financial

Services

.............

—

7,099,823

—

7,099,823

Diversified

Telecommunication

Services

.....

—

10,682,562

—

10,682,562

Electric

Utilities

........................

—

59,786,221

—

59,786,221

Electronic

Equipment,

Instruments

&

Components

........................

—

19,362,783

—

19,362,783

Energy

Equipment

&

Services

.............

—

3,313,262

—

3,313,262

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

4,897,392

—

4,897,392

Food

&

Staples

Retailing

.................

—

10,229,863

—

10,229,863

Food

Products

........................

—

13,145,883

—

13,145,883

Health

Care

Equipment

&

Supplies

.........

—

4,204,950

—

4,204,950

Health

Care

Providers

&

Services

..........

—

47,018,389

—

47,018,389

Hotels,

Restaurants

&

Leisure

.............

—

67,686,744

—

67,686,744

Household

Durables

....................

—

10,866,277

—

10,866,277

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

10,191,546

—

10,191,546

Interactive

Media

&

Services

..............

—

14,322,080

—

14,322,080

Internet

&

Direct

Marketing

Retail

..........

—

23,421,113

—

23,421,113

IT

Services

...........................

—

11,601,048

—

11,601,048

Life

Sciences

Tools

&

Services

............

—

1,678,984

—

1,678,984

Media

...............................

—

48,239,603

—

48,239,603

Multiline

Retail

........................

—

15,579,036

—

c

15,579,036

Multi-Utilities

..........................

—

8,073,344

—

8,073,344

Oil,

Gas

&

Consumable

Fuels

.............

—

102,356,410

—

102,356,410

Paper

&

Forest

Products

.................

—

11,633,361

—

11,633,361

Personal

Products

.....................

—

11,366,678

—

11,366,678

Pharmaceuticals

.......................

—

12,741,871

—

12,741,871

Real

Estate

Management

&

Development

....

—

13,806,908

—

13,806,908

Road

&

Rail

..........................

—

16,896,056

—

16,896,056

Semiconductors

&

Semiconductor

Equipment

.

—

19,089,862

—

19,089,862

Specialty

Retail

........................

—

2,654,410

—

2,654,410

Thrifts

&

Mortgage

Finance

...............

—

17,420,004

—

17,420,004

Tobacco

.............................

—

22,032,013

—

22,032,013

Wireless

Telecommunication

Services

.......

—

52,287,652

—

52,287,652

Senior

Floating

Rate

Interests

...............

—

61,284,759

—

61,284,759

Marketplace

Loans

......................

—

—

118,584,180

118,584,180

Foreign

Government

and

Agency

Securities

....

—

251,671,566

—

251,671,566

U.S.

Government

and

Agency

Securities

.......

—

1,051,230,721

—

1,051,230,721

Asset-Backed

Securities

..................

—

613,077,485

—

613,077,485

Commercial

Mortgage-Backed

Securities

:

Diversified

Financial

Services

.............

—

33,392,956

—

33,392,956

Thrifts

&

Mortgage

Finance

...............

—

368,009

4,749

372,758

Mortgage-Backed

Securities

................

—

675,056,710

—

675,056,710

Municipal

Bonds

.........................

—

239,034,024

—

239,034,024

Residential

Mortgage-Backed

Securities

......

—

311,912,365

—

311,912,365

Escrows

and

Litigation

Trusts

...............

—

67,500

—

c

67,500

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

651

Quarterly

Statements

of

Investments

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

financial

instruments

at

the

beginning

and/or

end

of

the

period.

The

reconciliation

for

the

three

months

ended

January

31,

2022,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Options

purchased

.......................

$—

$

1,827,729

$—

$

1,827,729

Short

Term

Investments

...................

74,524,617

6,818,281

—

81,342,898

Total

Investments

in

Securities

...........

$975,279,991

$4,199,746,027

$118,589,615

$5,293,615,633

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

3,467,535

—

3,467,535

Futures

contracts

........................

1,948,639

—

—

1,948,639

Swap

contracts

.........................

—

1,210,526

—

1,210,526

Total

Other

Financial

Instruments

.........

$1,948,639

$4,678,061

$—

$6,626,700

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

3,920,051

—

3,920,051

Futures

contracts

........................

6,273,883

—

—

6,273,88

3

Swap

contracts

..........................

—

4,440,716

—

4,440,716

Total

Other

Financial

Instruments

.........

$6,273,883

$8,360,767

$—

$14,634,650

a

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

b

Includes

foreign

securities

valued

at

$27,191,481,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

securities

determined

to

have

no

value

at

January

31,

2022.

d

Includes

foreign

securities

valued

at

$22,656,798,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Paper

&

Forest

Products

$

31,283,822

$

—

$

(37,326,232)

$

—

$

—

$

—

$

24,534,466

$

(18,492,056)

$

—

$

—

Road

&

Rail

.......

1,380,592

—

—

—

—

—

—

(994,467)

386,125

(994,467)

Warrants

:

Machinery

.........

1,351

—

—

—

—

—

—

454

1,805

454

Corporate

Bonds

:

Road

&

Rail

.......

21,606,300

—

—

—

—

518,345

—

(670,323)

21,454,322

(670,323)

Senior

Floating

Rate

Interests

:

Household

Products

..

5,172,303

—

—

—

—

—

—

—

5,172,303

—

Escrows

and

Litigation

Trusts

...........

—

c

—

(11,398)

—

—

—

11,398

—

—

c

—

Total

Investments

in

Securities

............

$59,444,368

$—

$(37,337,630)

$—

$—

$518,345

$24,545,864

$(20,156,392)

$27,014,555

$(1,664,336)

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

652

Quarterly

Statements

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

January

31,

2022,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Multiline

Retail

......

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

—

c

$

—

Oil,

Gas

&

Consumable

Fuels

..........

733

—

—

—

—

—

—

(733)

—

c

(733)

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

—

c

—

—

—

—

—

—

294

294

294

Corporate

Bonds

:

Multiline

Retail

......

—

c

—

c

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Diversified

Financial

Services

........

37,897,592

40,005,639

(21,072,280)

—

—

—

89,451

(296,157)

$

56,624,245

(448,954)

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$37,898,325

$40,005,639

$(21,072,280)

$—

$—

$—

$89,451

$(296,596)

$56,624,539

$(449,393)

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Oil,

Gas

&

Consumable

Fuels

..........

3,256

—

—

—

—

—

—

(3,256)

—

c

(3,256)

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

1

c

—

—

—

—

—

—

685

686

685

Corporate

Bonds

:

Multiline

Retail

......

—

c

—

c

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Diversified

Financial

Services

........

57,211,330

90,718,518

(26,891,841)

—

—

—

(349,997)

(2,103,830)

118,584,180

(1,426,546)

Commercial

Mortgage-

Backed

Securities

:

Thrifts

&

Mortgage

Finance

........

5,379

—

(630)

—

—

—

29

(29)

4,749

—

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$57,219,966

$90,718,518

$(26,892,471)

$—

$—

$—

$(349,968)

$(2,106,430)

$118,589,615

$(1,429,117)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

securities

determined

to

have

no

value.

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

653

Quarterly

Statements

of

Investments

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Road

&

Rail

.............

$21,454,322

Discounted

cash

flow

Discount

rate

15.3%

Decrease

Free

cash

flow

$21.5

mil

Increase

Senior

Floating

Rate

Interests:

Household

Products

........

5,172,303

Recovery

value

Asset

value

estimate

$11.6

mil

Increase

c

All

other

Investments

..........

387,930

d,e

Total

.......................

$27,014,555

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services

$54,070,478

Discounted

cash

flow

Loss-Adjusted

Discount

rate

2.0%

-

10.4%

(8.8%)

Decrease

c

Projected

Loss

rate

6.0%

-

20%

(12.0%)

Decrease

c

All

other

investments

..........

2,554,061

d,e

Total

.......................

$56,624,539

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services

$115,879,729

Discounted

cash

flow

Loss-Adjusted

Discount

rate

2.8%

-

12.9%

(9.3%)

Decrease

c

Projected

Loss

rate

3.7%

-

19.2%

(13.3%)

Decrease

c

All

other

investments

..........

2,709,886

d,e

Total

.......................

$118,589,615

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

d

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

e

Includes

securities

determined

to

have

no

value

at

January

31,

2022.

10. Fair

Value

Measurements 

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

654

Quarterly

Statements

of

Investments

11.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America,

N.A.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

FBCO

Credit

Suisse

Group

AG

GSCO

Goldman

Sachs

Group,

Inc.

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

Currency

BRL

Brazilian

Real

DOP

Dominican

Peso

EUR

Euro

NOK

Norwegian

Krone

RUB

Russian

Ruble

USD

United

States

Dollar

Index

MCDX.

NA.Series

number

MCDX

North

America

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

AGMC

Assured

Guaranty

Municipal

Corp.

BZDIOVRA

Brazil

Inter-Bank

Deposit

Rate

CLO

Collateralized

Loan

Obligation

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

COFI

Cost

of

Funds

Index

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Inter-Bank

Offer

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GDP

Gross

Domestic

Product

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

H15BDI

U.S.

Treasury

Bill

Auction

High

Discount

Rate

LIBOR

London

Inter-Bank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBA

To-Be-Announced

TBD

To

Be

Determined

T-Note

Treasury

Note

VRI

Value

Recovery

Instrument

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.