Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

2

Franklin

Equity

Income

Fund

6

Franklin

Floating

Rate

Daily

Access

Fund

11

Franklin

Long

Duration

Credit

Fund

26

Franklin

Low

Duration

Total

Return

Fund

37

Franklin

Low

Duration

U.S.

Government

Securities

Fund

114

Franklin

Managed

Income

Fund

117

Franklin

Total

Return

Fund

127

Notes

to

Schedules

of

Investments

204

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Convertible

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

10.3%

Capital

Markets

2.2%

Ares

Management

Corp.

,

6.75

%

,

B

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

United

States

1,066,000

$

64,695,540

Chemicals

1.5%

Albemarle

Corp.

,

7.25

%

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

United

States

1,063,200

43,080,864

Electric

Utilities

1.7%

NextEra

Energy,

Inc.

,

7.299

%

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

United

States

1,040,000

50,710,400

Financial

Services

2.8%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

910,000

81,062,800

Technology

Hardware,

Storage

&

Peripherals

2.1%

Hewlett

Packard

Enterprise

Co.

,

7.625

%

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

United

States

1,020,000

62,352,600

Total

Convertible

Preferred

Stocks

(Cost

$

254,326,825

)

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

301,902,204

Principal

Amount

*

Convertible

Bonds

86.3%

Aerospace

&

Defense

2.5%

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5%,

12/15/27

..........

United

States

25,800,000

73,802,613

Biotechnology

6.4%

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25%,

4/01/28

.........

Denmark

32,500,000

35,009,709

a

Immunocore

Holdings

plc

,

Senior

Note

,

144A,

2.5%,

2/01/30

...

United

Kingdom

20,000,000

17,136,199

Insmed,

Inc.

,

Senior

Note

,

0.75%,

6/01/28

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

United

States

22,000,000

52,765,247

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

4%,

5/01/29

.......

United

States

16,500,000

28,376,573

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5%,

9/15/26

..........

United

States

48,000,000

54,180,000

187,467,728

Broadline

Retail

3.9%

a

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

144A,

0.5%,

6/01/31

.

China

54,000,000

63,166,500

Etsy,

Inc.

,

Senior

Note

,

0.125%,

9/01/27

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

United

States

59,500,000

51,868,586

115,035,086

Communications

Equipment

0.8%

Viavi

Solutions,

Inc.

,

1.625%,

3/15/26

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

United

States

20,709,000

22,831,673

Construction

&

Engineering

1.7%

Fluor

Corp.

,

Senior

Note

,

1.125%,

8/15/29

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

United

States

39,000,000

48,668,100

Consumer

Staples

Distribution

&

Retail

1.0%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375%,

12/15/28

..

United

States

21,000,000

28,637,421

Electric

Utilities

3.1%

PG&E

Corp.

,

Senior

Secured

Note

,

4.25%,

12/01/27

.........

United

States

52,000,000

53,169,024

a

TXNM

Energy,

Inc.

,

Junior

Sub.

Bond

,

144A,

5.75%,

6/01/54

...

United

States

31,500,000

36,136,875

89,305,899

Energy

Equipment

&

Services

0.9%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75%,

4/01/26

.....

United

States

28,000,000

27,398,000

Entertainment

0.5%

a

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

144A,

2.875%,

1/15/30

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

United

States

13,600,000

14,191,600

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Financial

Services

4.1%

a

Global

Payments,

Inc.

,

Senior

Note

,

144A,

1.5%,

3/01/31

.....

United

States

50,000,000

$

49,200,000

Shift4

Payments,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

19,000,000

28,965,500

Senior

Note

,

0.5%,

8/01/27

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

United

States

35,000,000

41,160,000

119,325,500

Food

Products

3.2%

Freshpet,

Inc.

,

Senior

Note

,

3%,

4/01/28

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

United

States

22,500,000

53,437,500

Post

Holdings,

Inc.

,

Senior

Note

,

2.5%,

8/15/27

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

United

States

36,000,000

40,320,000

93,757,500

Ground

Transportation

3.7%

a

Lyft,

Inc.

,

Senior

Note

,

144A,

0.625%,

3/01/29

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

United

States

54,300,000

54,055,650

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

30,000,000

31,285,046

2028

,

Senior

Note

,

0.875%,

12/01/28

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

United

States

20,500,000

23,882,500

109,223,196

Health

Care

Equipment

&

Supplies

7.8%

Dexcom,

Inc.

,

Senior

Note

,

0.25%,

11/15/25

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

United

States

26,000,000

25,290,178

Senior

Note

,

0.375%,

5/15/28

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

United

States

32,250,000

29,885,757

Haemonetics

Corp.

,

Senior

Note

,

Zero

Cpn.,

3/01/26

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

United

States

25,500,000

24,258,150

a

Senior

Note

,

144A,

2.5%,

6/01/29

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

United

States

31,000,000

29,884,000

Insulet

Corp.

,

Senior

Note

,

0.375%,

9/01/26

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

United

States

50,000,000

66,412,045

Integer

Holdings

Corp.

,

Senior

Note

,

2.125%,

2/15/28

........

United

States

30,000,000

51,180,000

226,910,130

Health

Care

REITs

2.1%

a

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125%,

7/15/29

......

United

States

52,000,000

62,322,000

Hotel

&

Resort

REITs

0.8%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75%,

12/15/26

.......

United

States

26,000,000

24,377,589

Hotels,

Restaurants

&

Leisure

3.2%

Booking

Holdings,

Inc.

,

Senior

Note

,

0.75%,

5/01/25

.........

United

States

19,000,000

47,937,214

Vail

Resorts,

Inc.

,

Senior

Note

,

Zero

Cpn.,

1/01/26

..........

United

States

48,000,000

45,840,000

93,777,214

Industrial

REITs

2.0%

a

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.375%,

3/15/27

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

United

States

20,000,000

19,950,000

Senior

Note

,

144A,

4.125%,

3/15/29

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

United

States

40,000,000

39,440,000

59,390,000

Interactive

Media

&

Services

0.9%

a

Snap,

Inc.

,

Senior

Note

,

144A,

0.5%,

5/01/30

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

United

States

28,000,000

24,710,000

IT

Services

5.7%

Cloudflare,

Inc.

,

Senior

Note

,

Zero

Cpn.,

8/15/26

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

United

States

58,200,000

60,024,570

Okta,

Inc.

,

Senior

Note

,

0.125%,

9/01/25

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

United

States

53,000,000

51,622,000

a

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/29

......

United

States

40,000,000

53,135,000

164,781,570

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Leisure

Products

2.0%

a

Peloton

Interactive,

Inc.

,

Senior

Note

,

144A,

5.5%,

12/01/29

...

United

States

29,000,000

$

57,148,125

Life

Sciences

Tools

&

Services

1.3%

Repligen

Corp.

,

Senior

Note

,

1%,

12/15/28

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

United

States

36,000,000

39,101,799

Media

2.7%

a

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125%,

3/31/53

.

United

States

55,500,000

55,194,750

Sirius

XM

Holdings,

Inc.

,

Senior

Note

,

3.75%,

3/15/28

........

United

States

23,000,000

24,477,750

79,672,500

Metals

&

Mining

1.1%

a

B2Gold

Corp.

,

Senior

Note

,

144A,

2.75%,

2/01/30

...........

Canada

30,300,000

32,053,613

Multi-Utilities

2.1%

CenterPoint

Energy,

Inc.

,

Senior

Note

,

4.25%,

8/15/26

........

United

States

59,000,000

61,094,500

Pharmaceuticals

2.0%

Jazz

Investments

I

Ltd.

,

Senior

Note

,

2%,

6/15/26

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

United

States

35,000,000

35,918,750

a

Senior

Note

,

144A,

3.125%,

9/15/30

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

United

States

20,000,000

21,750,000

57,668,750

Real

Estate

Management

&

Development

1.4%

Zillow

Group,

Inc.

,

Senior

Note

,

2.75%,

5/15/25

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

United

States

31,500,000

39,469,500

Semiconductors

&

Semiconductor

Equipment

5.6%

a

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/15/29

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

United

States

45,366,000

46,091,856

a

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

0.75%,

6/01/30

.

United

States

52,500,000

48,911,114

a

MKS

Instruments,

Inc.

,

Senior

Note

,

144A,

1.25%,

6/01/30

....

United

States

40,000,000

40,690,155

Wolfspeed,

Inc.

,

Senior

Note

,

0.25%,

2/15/28

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

United

States

29,900,000

13,928,287

Senior

Note

,

1.875%,

12/01/29

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

United

States

35,000,000

13,825,000

163,446,412

Software

9.0%

BILL

Holdings,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/25

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

United

States

4,676,000

4,531,044

a

Senior

Note

,

144A,

Zero

Cpn.,

4/01/30

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

United

States

32,800,000

35,178,000

a

Datadog,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/01/29

.......

United

States

23,400,000

23,025,214

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25%,

3/15/25

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

United

States

33,000,000

60,456,000

a

Senior

Note

,

144A,

1.25%,

11/01/29

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

United

States

8,000,000

8,700,000

HubSpot,

Inc.

,

Senior

Note

,

0.375%,

6/01/25

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

United

States

19,500,000

53,664,000

a

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5%,

12/15/29

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

United

States

17,500,000

18,226,250

Workiva,

Inc.

,

Senior

Note

,

1.125%,

8/15/26

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

United

States

7,000,000

9,156,000

Senior

Note

,

1.25%,

8/15/28

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

United

States

49,000,000

49,379,750

262,316,258

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Convertible

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

A

bbreviations

on

page

215

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

4.8%

Burlington

Stores,

Inc.

,

1.25%,

12/15/27

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

United

States

42,287,000

$

63,303,639

RealReal,

Inc.

(The)

,

Senior

Note

,

1%,

3/01/28

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

United

States

30,000,000

22,907,062

Wayfair,

Inc.

,

Senior

Note

,

3.25%,

9/15/27

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

United

States

47,250,000

52,707,375

138,918,076

Total

Convertible

Bonds

(Cost

$

2,186,072,332

)

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

2,516,802,352

Total

Long

Term

Investments

(Cost

$

2,440,399,157

)

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

2,818,704,556

a

Short

Term

Investments

3.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.1%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

91,358,029

91,358,029

Total

Money

Market

Funds

(Cost

$

91,358,029

)

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

91,358,029

Total

Short

Term

Investments

(Cost

$

91,358,029

)

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

91,358,029

a

Total

Investments

(Cost

$

2,531,757,186

)

99.7

%

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

$2,910,062,585

Other

Assets,

less

Liabilities

0.3

%

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

6,669,400

Net

Assets

100.0%

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

$2,916,731,985

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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,

2025,

the

aggregate

value

of

these

securities

was

$850,296,901,

representing

29.2%

of

net

assets.

b

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Equity

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

83.3%

Aerospace

&

Defense

2.3%

L3Harris

Technologies,

Inc.

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

United

States

80,000

$

16,960,800

RTX

Corp.

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

United

States

625,000

80,593,750

97,554,550

Air

Freight

&

Logistics

1.3%

United

Parcel

Service,

Inc.

,

B

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

United

States

475,000

54,259,250

Banks

7.9%

Bank

of

America

Corp.

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

United

States

3,050,000

141,215,000

JPMorgan

Chase

&

Co.

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

United

States

745,000

199,138,500

340,353,500

Beverages

2.7%

Coca-Cola

Co.

(The)

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

United

States

910,000

57,766,800

PepsiCo,

Inc.

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

United

States

382,000

57,563,580

115,330,380

Capital

Markets

9.7%

Ares

Management

Corp.

,

A

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

United

States

200,000

39,644,000

BlackRock,

Inc.

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

United

States

70,000

75,285,000

Blackstone,

Inc.

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

United

States

370,000

65,530,700

Charles

Schwab

Corp.

(The)

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

United

States

1,002,500

82,926,800

Morgan

Stanley

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

United

States

1,100,000

152,273,000

415,659,500

Chemicals

1.8%

Corteva,

Inc.

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

United

States

500,000

32,635,000

Linde

plc

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

United

States

100,000

44,612,000

77,247,000

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

A

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

United

States

50,000

10,843,500

Communications

Equipment

1.8%

Cisco

Systems,

Inc.

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

United

States

1,265,000

76,659,000

Consumer

Finance

1.4%

American

Express

Co.

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

United

States

192,500

61,109,125

Consumer

Staples

Distribution

&

Retail

3.3%

Casey's

General

Stores,

Inc.

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

United

States

75,000

31,632,750

Target

Corp.

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

United

States

108,600

14,977,026

Walmart,

Inc.

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

United

States

990,000

97,178,400

143,788,176

Electric

Utilities

4.8%

Duke

Energy

Corp.

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

United

States

845,000

94,631,550

Evergy,

Inc.

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

United

States

520,000

33,368,400

NextEra

Energy,

Inc.

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

United

States

440,000

31,486,400

PPL

Corp.

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

United

States

1,450,000

48,720,000

208,206,350

Electrical

Equipment

3.6%

Eaton

Corp.

plc

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

United

States

278,400

90,880,896

Emerson

Electric

Co.

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

United

States

157,000

20,402,150

Hubbell,

Inc.

,

B

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

United

States

100,000

42,301,000

153,584,046

Electronic

Equipment,

Instruments

&

Components

1.4%

TE

Connectivity

plc

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

Switzerland

395,000

58,448,150

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Energy

Equipment

&

Services

0.4%

Schlumberger

NV

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

United

States

420,000

$

16,917,600

Financial

Services

0.2%

Apollo

Global

Management,

Inc.

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

United

States

62,500

10,686,250

Ground

Transportation

0.6%

Norfolk

Southern

Corp.

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

United

States

95,500

24,381,150

Health

Care

Equipment

&

Supplies

2.2%

a

Boston

Scientific

Corp.

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

United

States

212,500

21,751,500

GE

HealthCare

Technologies,

Inc.

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

United

States

175,000

15,452,500

Medtronic

plc

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

United

States

625,000

56,762,500

93,966,500

Health

Care

Providers

&

Services

3.9%

HCA

Healthcare,

Inc.

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

United

States

205,000

67,631,550

UnitedHealth

Group,

Inc.

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

United

States

180,750

98,055,067

165,686,617

Health

Care

REITs

1.5%

Ventas,

Inc.

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

United

States

1,085,000

65,555,700

Hotels,

Restaurants

&

Leisure

1.1%

McDonald's

Corp.

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

United

States

158,500

45,758,950

Household

Products

2.7%

Procter

&

Gamble

Co.

(The)

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

United

States

695,000

115,363,050

Industrial

REITs

1.2%

Prologis,

Inc.

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

United

States

445,000

53,066,250

Insurance

0.2%

Arthur

J

Gallagher

&

Co.

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

United

States

35,000

10,563,700

Interactive

Media

&

Services

0.7%

Alphabet,

Inc.

,

A

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

United

States

150,000

30,603,000

Life

Sciences

Tools

&

Services

2.1%

Danaher

Corp.

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

United

States

112,250

25,002,565

Thermo

Fisher

Scientific,

Inc.

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

United

States

108,500

64,855,875

89,858,440

Machinery

2.7%

Caterpillar,

Inc.

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

United

States

107,000

39,744,080

Illinois

Tool

Works,

Inc.

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

United

States

85,000

22,028,600

Parker-Hannifin

Corp.

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

United

States

76,000

53,735,800

115,508,480

Oil,

Gas

&

Consumable

Fuels

7.0%

Canadian

Natural

Resources

Ltd.

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

Canada

1,070,000

32,474,500

Chevron

Corp.

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

United

States

942,500

140,611,576

Shell

plc

,

ADR

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

United

States

985,000

64,862,250

Suncor

Energy,

Inc.

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

Canada

1,635,000

61,410,600

299,358,926

Pharmaceuticals

4.6%

AstraZeneca

plc

,

ADR

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

United

Kingdom

710,000

50,239,600

Johnson

&

Johnson

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

United

States

715,000

108,787,250

Merck

&

Co.,

Inc.

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

United

States

382,500

37,798,650

196,825,500

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Residential

REITs

1.5%

Mid-America

Apartment

Communities,

Inc.

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

United

States

410,000

$

62,557,800

Semiconductors

&

Semiconductor

Equipment

3.3%

Broadcom,

Inc.

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

United

States

285,000

63,061,950

KLA

Corp.

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

United

States

23,000

16,979,520

Texas

Instruments,

Inc.

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

United

States

340,000

62,767,400

142,808,870

Software

1.7%

Oracle

Corp.

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

United

States

441,500

75,081,490

Specialty

Retail

2.4%

Lowe's

Cos.,

Inc.

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

United

States

270,000

70,210,800

Tractor

Supply

Co.

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

United

States

585,000

31,800,600

102,011,400

Trading

Companies

&

Distributors

1.1%

United

Rentals,

Inc.

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

United

States

65,250

49,463,415

Total

Common

Stocks

(Cost

$

2,276,944,419

)

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

3,579,065,615

Equity-Linked

Securities

9.4%

Capital

Markets

0.6%

b

Mizuho

Markets

Cayman

LP

into

Charles

Schwab

Corp.

(The)

,

144A,

7

%

,

12/23/25

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

United

States

320,000

26,499,104

Chemicals

0.3%

b

Wells

Fargo

Bank

NA

into

Huntsman

Corp.

,

144A,

8.5

%

,

6/03/25

United

States

785,000

13,596,284

Consumer

Finance

0.8%

b

Wells

Fargo

Bank

NA

into

American

Express

Co.

,

144A,

4

%

,

3/03/25

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

United

States

132,000

35,589,792

Consumer

Staples

Distribution

&

Retail

1.0%

b

Royal

Bank

of

Canada

into

Tesco

plc

,

144A,

7.5

%

,

1/08/26

....

United

Kingdom

420,000

22,648,289

b

UBS

AG

into

Casey's

General

Stores,

Inc.

,

144A,

5

%

,

4/23/25

..

United

States

50,500

18,231,123

40,879,412

Diversified

Telecommunication

Services

0.6%

b

Barclays

Bank

plc

into

Telenor

ASA

,

144A,

6

%

,

8/07/25

.......

Norway

170,000

25,481,568

Electrical

Equipment

0.7%

b

Merrill

Lynch

BV

into

Hubbell,

Inc.

,

144A,

6.5

%

,

7/10/25

......

United

States

72,000

29,289,342

Energy

Equipment

&

Services

0.6%

b

Jefferies

Financial

Group,

Inc.

into

Schlumberger

NV

,

144A,

8

%

,

10/17/25

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

United

States

580,000

23,948,097

Ground

Transportation

0.6%

b

Royal

Bank

of

Canada

into

Norfolk

Southern

Corp.

,

144A,

6

%

,

9/17/25

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

United

States

96,000

24,569,171

Health

Care

Providers

&

Services

1.0%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

HCA

Healthcare,

Inc.

,

144A,

6

%

,

6/13/25

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

United

States

62,000

20,487,997

b

National

Bank

of

Canada

into

UnitedHealth

Group,

Inc.

,

144A,

6.5

%

,

2/05/26

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

United

States

41,500

22,279,156

42,767,153

Interactive

Media

&

Services

0.5%

b

Jefferies

Financial

Group,

Inc.

into

Alphabet,

Inc.

,

144A,

7.5

%

,

4/16/25

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

United

States

127,000

23,136,667

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

See

Abbreviations

on

page

215

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Life

Sciences

Tools

&

Services

1.1%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

5

%

,

10/22/25

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

United

States

35,000

$

21,107,293

b

Mizuho

Markets

Cayman

LP

into

Danaher

Corp.

,

144A,

5

%

,

5/15/25

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

United

States

116,500

26,343,003

47,450,296

Machinery

0.5%

b

Toronto-Dominion

Bank

(The)

into

Parker-Hannifin

Corp.

,

144A,

6.25

%

,

11/18/25

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

United

States

32,000

22,072,482

Oil,

Gas

&

Consumable

Fuels

0.5%

b

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

9

%

,

2/03/25

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

Canada

396,000

23,398,106

Semiconductors

&

Semiconductor

Equipment

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

KLA

Corp.

,

144A,

8.5

%

,

12/04/25

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

United

States

35,500

24,518,391

Total

Equity-Linked

Securities

(Cost

$

394,933,433

)

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

403,195,865

Convertible

Preferred

Stocks

4.8%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

6

%

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

United

States

550,000

32,994,500

Capital

Markets

0.8%

Ares

Management

Corp.

,

6.75

%

,

B

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

United

States

565,000

34,289,850

Electric

Utilities

1.3%

NextEra

Energy,

Inc.

,

6.926

%

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

United

States

1,315,000

54,546,200

Financial

Services

1.9%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

935,000

83,289,800

Total

Convertible

Preferred

Stocks

(Cost

$

165,199,795

)

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

205,120,350

Total

Long

Term

Investments

(Cost

$

2,837,077,647

)

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

4,187,381,830

a

Short

Term

Investments

2.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.4%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

105,248,668

105,248,668

Total

Money

Market

Funds

(Cost

$

105,248,668

)

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

105,248,668

Total

Short

Term

Investments

(Cost

$

105,248,668

)

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

105,248,668

a

Total

Investments

(Cost

$

2,942,326,315

)

99.9

%

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

$4,292,630,498

Other

Assets,

less

Liabilities

0.1

%

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

3,316,542

Net

Assets

100.0%

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

$4,295,947,040

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

Non-income

producing.

b

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,

2025,

the

aggregate

value

of

these

securities

was

$403,195,865,

representing

9.4%

of

net

assets.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Floating

Rate

Daily

Access

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.3%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

287,830

$

12,233

Machinery

0.7%

b

UTEX

Industries,

Inc.

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

United

States

261,340

9,713,093

Oil,

Gas

&

Consumable

Fuels

0.6%

a

Talos

Energy,

Inc.

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

United

States

961,663

9,539,697

Total

Common

Stocks

(Cost

$

39,996,715

)

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

19,265,023

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

Invesco

Senior

Loan

ETF

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

United

States

613,270

12,909,333

Total

Management

Investment

Companies

(Cost

$

13,115,665

)

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

12,909,333

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

681,685

69,873

a

Total

Preferred

Stocks

(Cost

$

919,936

)

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

69,873

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b,c

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

634

3

Total

Warrants

(Cost

$

–

)

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

3

Principal

Amount

*

Corporate

Bonds

7.0%

Aerospace

&

Defense

0.3%

d

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.375%,

3/01/29

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

United

States

2,000,000

2,022,542

Senior

Secured

Note

,

144A,

6%,

1/15/33

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

United

States

3,000,000

2,962,190

4,984,732

Air

Freight

&

Logistics

0.3%

d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5%,

2/15/30

..

United

States

5,050,000

5,241,602

Automobile

Components

0.3%

d

Tenneco,

Inc.

,

Senior

Secured

Note

,

144A,

8%,

11/17/28

......

United

States

5,000,000

4,777,782

Capital

Markets

0.5%

d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5%,

11/15/29

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

United

States

4,100,000

3,874,764

Senior

Secured

Note

,

144A,

6.125%,

11/01/32

...........

United

States

4,027,000

4,010,091

7,884,855

Chemicals

0.3%

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875%,

5/01/28

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

United

States

3,900,000

3,787,002

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Commercial

Services

&

Supplies

0.6%

d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875%,

2/15/31

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

United

States

1,500,000

$

1,539,470

d

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

9.75%,

7/15/27

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

United

States

3,700,000

3,725,663

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29%,

4/15/29

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

United

States

3,600,000

3,071,729

8,336,862

Construction

Materials

0.2%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2%,

9/17/30

.......

Mexico

3,875,000

3,722,634

Containers

&

Packaging

0.0%

†

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875%,

4/15/27

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

United

States

694,000

708,026

Diversified

Telecommunication

Services

0.3%

d

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.125%,

7/15/29

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

France

2,000,000

1,593,638

Senior

Secured

Note

,

144A,

5.5%,

10/15/29

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

France

3,730,000

2,971,010

4,564,648

Entertainment

0.2%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125%,

5/01/29

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

France

2,300,000

2,393,787

Ground

Transportation

0.0%

†

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4%,

7/31/29

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

United

States

500,000

465,983

Health

Care

Equipment

&

Supplies

0.1%

d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375%,

10/01/28

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

United

States

1,320,000

1,383,637

Health

Care

Providers

&

Services

0.7%

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

8%,

12/15/27

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

United

States

5,000,000

4,971,904

d

,e

Radiology

Partners,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

7.775%,

1/31/29

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

United

States

4,933,357

4,871,805

9,843,709

Hotels,

Restaurants

&

Leisure

0.5%

d

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5%,

2/15/32

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

United

States

3,600,000

3,647,081

d

Great

Canadian

Gaming

Corp.

,

Senior

Secured

Note

,

144A,

8.75%,

11/15/29

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

Canada

1,000,000

1,038,668

d

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25%,

1/15/29

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

United

States

2,300,000

2,264,683

6,950,432

Independent

Power

and

Renewable

Electricity

Producers

0.3%

d

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5%,

2/15/28

.....

United

States

4,400,000

4,272,792

Insurance

0.6%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25%,

2/15/29

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

United

States

1,470,600

1,392,707

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75%,

10/15/27

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

United

States

3,200,000

3,188,192

Senior

Secured

Note

,

144A,

6.5%,

10/01/31

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

United

States

4,000,000

4,005,852

8,586,751

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

IT

Services

0.1%

d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5%,

6/01/31

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

United

States

1,800,000

$

1,858,151

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625%,

10/15/28

........

United

States

2,400,000

2,353,806

Passenger

Airlines

1.0%

d

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25%,

8/15/27

United

States

4,300,000

4,343,279

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

5/15/29

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

United

States

4,300,000

4,532,970

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5%,

4/20/26

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

United

States

3,083,333

3,083,682

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5%,

10/20/25

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

United

States

569,094

566,623

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375%,

4/15/26

United

States

2,485,000

2,450,806

14,977,360

Personal

Care

Products

0.1%

d

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5%,

4/15/26

..........

United

States

1,254,000

1,253,160

Software

0.3%

d

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

9%,

9/30/29

.

United

States

3,900,000

3,997,196

Wireless

Telecommunication

Services

0.1%

d

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25%,

1/31/31

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

United

Kingdom

1,430,000

1,240,299

Total

Corporate

Bonds

(Cost

$

103,590,150

)

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

103,585,206

Senior

Floating

Rate

Interests

81.2%

f

Aerospace

&

Defense

1.0%

Bleriot

US

Bidco,

Inc.,

First

Lien,

2023

CME

Term

Loan

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/30

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

United

States

546,716

549,742

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

10/31/31

..........

United

States

1,892,206

1,901,988

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

10/31/31

..........

United

States

719,735

723,456

Signia

Aerospace

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.396

%

,

(

3-month

SOFR

+

3

%

),

11/21/31

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

United

States

2,530,120

2,541,987

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

2/28/31

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

United

States

7,462,500

7,498,880

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

L

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

1/19/32

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

United

States

1,469,045

1,477,301

14,693,354

a

a

a

a

a

a

f

Air

Freight

&

Logistics

1.2%

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.791

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

9,480,366

9,504,541

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.079

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

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

United

States

8,257,374

8,294,532

17,799,073

a

a

a

a

a

a

f

Automobile

Components

2.7%

Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

1/31/31

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

United

States

3,617,932

3,635,896

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/06/30

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

United

States

2,030,718

2,031,479

g

Clarios

Global

LP,

First

Lien,

Amendment

No.6

Dollar

CME

Term

Loan

,

7.065

%

,

(

1-month

SOFR

+

2.75

%

),

1/14/32

.........

United

States

4,829,172

4,845,278

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Automobile

Components

(continued)

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.579

%

,

(

3-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

1,563,158

$

1,513,332

g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.34

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

.........

United

States

5,442,971

5,222,367

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.847

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

7,523,862

7,401,599

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

9.552

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

.......

United

States

7,696,500

7,579,129

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.052

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

5,920,469

5,631,846

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

11/09/27

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

United

States

612,526

616,354

TI

Group

Automotive

Systems

LLC,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

1,355,380

1,360,462

39,837,742

a

a

a

a

a

a

Banks

0.1%

f,g

Chrysaor

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

7.789

%

,

(

3-month

SOFR

+

3.5

%

),

7/17/31

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

Luxembourg

1,386,361

1,403,940

f

Beverages

0.4%

Triton

Water

Holdings,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

3/31/28

.......

United

States

825,000

829,558

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.84

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

5,092,332

5,122,835

5,952,393

a

a

a

a

a

a

Broadline

Retail

0.3%

f

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

7/01/31

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

Netherlands

4,483,348

4,512,489

Building

Products

1.6%

f

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

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

United

States

1,625,781

1,638,413

f

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.806

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

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

United

States

2,664,555

2,588,788

f

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.656

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

.......

United

States

4,454,258

4,254,530

f

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.933

%

,

(

6-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

1,306,931

1,312,276

f

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

3/28/31

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

United

States

3,677,925

3,712,994

h

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

1/31/32

United

States

4,000,000

3,990,000

f

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

4/14/31

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

United

States

1,711,338

1,715,728

f

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

2,767,222

2,777,599

f

Summit

Materials

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.055

%

,

(

1-month

SOFR

+

1.75

%

),

1/12/29

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

United

States

1,554,518

1,557,923

23,548,251

a

a

a

a

a

a

f

Capital

Markets

4.1%

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

Term

Loan,

B

,

8.053

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

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

United

States

7,943,799

7,973,430

Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

8/09/30

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

United

States

4,645,977

4,673,575

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Capital

Markets

(continued)

Ascensus

Group

Holdings,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

8/02/28

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

United

States

4,565,178

$

4,578,486

Citadel

Securities

LP,

First

Lien,

2024

CME

Term

Loan

,

6.329

%

,

(

3-month

SOFR

+

2

%

),

10/31/31

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

United

States

7,089,860

7,137,397

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.079

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

.........

United

States

5,265,279

5,193,487

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

4/07/28

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

United

States

5,343,685

5,390,950

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

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

United

States

4,466,250

4,486,236

GTCR

Everest

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

9/05/31

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

United

States

1,990,050

1,996,826

Guggenheim

Partners

Investment

Management

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

11/26/31

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

United

States

1,700,787

1,711,596

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.395

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

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

United

States

5,291,335

5,289,906

e

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

9.291

%

,

(

3-month

SOFR

+

5

%

),

5/28/27

United

States

8,161,511

7,908,164

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.587

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

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

United

States

4,093,714

4,110,089

60,450,142

a

a

a

a

a

a

f

Chemicals

3.7%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

9/09/31

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

United

States

1,002,560

1,011,332

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.302

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

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

United

States

10,098,828

10,128,266

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.849

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

5,889,193

5,690,433

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

1,461,537

1,463,371

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

3,561,550

3,574,905

LSF11

A5

HoldCo

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

5,672,978

5,705,399

Lummus

Technology

Holdings

V

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

.......

United

States

3,076,160

3,098,755

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.657

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

..

Netherlands

3,892,096

3,930,414

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.575

%

,

(

1-month

SOFR

+

3%;

3-month

SOFR

+

3%

),

1/31/29

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

United

States

7,068,718

7,108,091

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.689

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,007,310

12,852,848

54,563,814

a

a

a

a

a

a

Commercial

Services

&

Supplies

4.9%

f,g

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

13,091,430

13,151,324

f

APi

Group

DE,

Inc.,

First

Lien,

Repriced

2021

Incremental

CME

Term

Loan

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

1/03/29

.......

United

States

284,435

285,491

f

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

5,356,764

5,386,896

f

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.762

%

,

(

6-month

SOFR

+

2.5

%

),

6/21/28

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

United

States

3,245,490

3,255,632

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Commercial

Services

&

Supplies

(continued)

f

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.389

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

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

United

States

8,862,035

$

7,488,420

f

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/26/31

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

Luxembourg

4,271,521

4,306,227

h

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

TBD,

1/01/32

United

States

8,100,000

8,019,000

f

Pitney

Bowes,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

8.426

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

10,940,860

10,886,156

f

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

6.326

%

,

(

1-month

SOFR

+

2

%

),

10/15/30

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

United

States

5,125,532

5,143,138

f

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.826

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

.......

United

States

3,753,621

3,773,158

f

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

C

,

6.826

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

.......

United

States

206,145

207,218

f

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.706

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

12,808,639

10,753,364

72,656,024

a

a

a

a

a

a

Communications

Equipment

0.4%

f

Delta

Topco,

Inc.,

First

Lien,

Second

Amendment

CME

Term

Loan

,

8.198

%

,

(

6-month

SOFR

+

3.5

%

),

11/30/29

.........

United

States

6,341,414

6,356,285

f

Construction

&

Engineering

0.7%

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.829

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

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

United

States

2,706,818

2,692,283

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

9.071

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

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

United

States

3,131,675

3,091,370

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.06

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

3,832,187

3,842,074

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.551

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

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

United

States

1,351,764

1,350,919

10,976,646

a

a

a

a

a

a

Consumer

Finance

0.3%

f

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.444

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

........

United

States

4,535,637

4,553,258

f

Containers

&

Packaging

1.8%

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.326

%

,

(

1-month

SOFR

+

3

%

),

11/29/30

.......

United

States

5,700,207

5,744,583

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.723

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

7,551,626

6,733,068

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.337

%

,

(

1-month

SOFR

+

3

%

),

4/15/27

.......

United

States

3,731,778

3,757,434

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.389

%

,

(

3-month

SOFR

+

4

%

),

9/15/28

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

United

States

4,770,452

4,787,339

SupplyOne,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/31

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

United

States

4,948,321

4,998,572

26,020,996

a

a

a

a

a

a

f

Distributors

1.2%

BCPE

Empire

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

12/11/28

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

United

States

5,212,269

5,257,877

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

6.311

%

,

(

1-month

SOFR

+

2

%

),

2/10/31

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

United

States

1,736,875

1,747,730

g

Verde

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

3-month

SOFR

+

4.5

%

),

11/30/30

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

United

States

10,016,131

10,043,875

17,049,482

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Diversified

Consumer

Services

1.3%

g

Ascend

Learning

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.207

%

,

(

12-month

SOFR

+

3

%

),

12/11/28

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

United

States

2,523,298

$

2,523,096

g

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan

,

10.162

%

,

(

1-month

SOFR

+

5.75

%

),

12/10/29

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

United

States

4,500,000

4,495,500

KUEHG

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.537

%

,

(

3-month

SOFR

+

3.25

%

),

6/12/30

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

United

States

4,477,725

4,530,203

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.339

%

,

(

3-month

SOFR

+

4

%

),

8/11/28

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

United

States

1,688,996

1,703,251

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2024-2

Incremental

CME

Term

Loan

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

5/04/28

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

United

States

1,029,310

1,034,946

g

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

CME

Term

Loan

,

7.207

%

,

(

12-month

SOFR

+

3

%

),

5/04/28

...........

United

States

803,563

807,962

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

12/07/28

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

United

States

1,405,561

1,416,595

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

9/30/30

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

United

States

1,519,104

1,529,229

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.107

%

,

(

1-month

SOFR

+

2.75

%

),

1/30/31

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

United

States

1,761,599

1,763,801

19,804,583

a

a

a

a

a

a

f

Diversified

Telecommunication

Services

0.9%

Global

Tel*Link

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

11.812

%

,

(

1-month

SOFR

+

7.5

%

),

7/31/29

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

United

States

4,369,050

4,356,292

Zayo

Group

Holdings,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.607

%

,

(

1-month

SOFR

+

4.25

%

),

3/09/27

.....

United

States

3,486,434

3,390,819

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.471

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

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

United

States

5,355,569

5,166,678

12,913,789

a

a

a

a

a

a

Electric

Utilities

0.1%

f

Hamilton

Projects

Acquiror

LLC,

First

Lien,

CME

Term

Loan

,

8.107

%

,

(

1-month

SOFR

+

3.75

%

),

5/30/31

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

United

States

885,835

894,321

Electrical

Equipment

0.2%

f

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

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

United

States

2,913,469

2,925,006

Electronic

Equipment,

Instruments

&

Components

0.1%

f

Coherent

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.857

%

,

(

1-month

SOFR

+

2.5

%

),

7/02/29

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

United

States

1,227,514

1,234,996

f

Entertainment

0.8%

Banijay

Group

US

Holding,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.582

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

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

France

1,904,235

1,916,851

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.176

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

4,117,512

4,139,005

UFC

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.77

%

,

(

3-month

SOFR

+

2.25

%

),

11/21/31

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

United

States

5,401,929

5,441,039

11,496,895

a

a

a

a

a

a

f

Financial

Services

1.7%

Belfor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

8.107

%

,

(

1-month

SOFR

+

3.75

%

),

11/01/30

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

United

States

468,538

474,981

Boost

Newco

Borrower

LLC,

First

Lien,

USD

CME

Term

Loan,

B1

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

1/31/31

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

United

States

14,775,082

14,856,344

Priority

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.062

%

,

(

1-month

SOFR

+

4.75

%

),

5/16/31

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

United

States

3,845,721

3,864,142

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Financial

Services

(continued)

Red

Planet

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.912

%

,

(

1-month

SOFR

+

3.5

%

),

10/02/28

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

United

States

6,130,939

$

6,063,898

25,259,365

a

a

a

a

a

a

f

Food

Products

0.2%

Primary

Products

Finance

LLC,

First

Lien,

Term

Loan,

B

,

8.248

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

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

United

States

2,981,887

2,988,104

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.957

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

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

United

States

335,443

338,116

3,326,220

a

a

a

a

a

a

f

Ground

Transportation

1.7%

Albion

Financing

3

SARL,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

8.8

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.......

Luxembourg

1,414,692

1,427,735

First

Student

Bidco,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan,

B

,

7.704

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

..........

United

States

2,951,818

2,962,429

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

4,329,674

4,345,087

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

1,324,065

1,328,779

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

......

United

States

7,461,968

7,470,363

Savage

Enterprises

LLC,

First

Lien,

Refinancing

CME

Term

Loan

,

7.087

%

,

(

1-month

SOFR

+

2.75

%

),

9/15/28

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

United

States

1,232,387

1,244,421

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

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

United

States

5,667,461

5,711,553

24,490,367

a

a

a

a

a

a

f

Health

Care

Equipment

&

Supplies

1.1%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.661

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

2,954,545

2,972,864

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

........

United

States

8,034,473

8,081,514

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.079

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

5,139,349

5,151,144

16,205,522

a

a

a

a

a

a

Health

Care

Providers

&

Services

7.6%

f

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.801

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

4,982,729

4,939,130

f

ADMI

Corp.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

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

United

States

3,882,506

3,855,814

f

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

10.062

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

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

United

States

1,157,143

1,171,607

f,g

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.364

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

.........

United

States

10,954,263

10,859,838

h

Charlotte

Buyer,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

1/31/32

.

United

States

777,871

777,871

f

Charlotte

Buyer,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

9.052

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

.........

United

States

8,839,817

8,884,591

f

CNT

Holdings

I

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

4,980,526

5,001,967

f

Concentra

Health

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

7/26/31

.........

United

States

460,385

461,823

f

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.835

%

,

(

3-month

SOFR

+

4.25

%

),

3/26/29

.....

United

States

4,458,093

4,326,445

f

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.965

%

,

(

3-month

SOFR

+

3.5

%

),

5/19/31

..........

United

States

3,265,198

3,253,982

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Health

Care

Providers

&

Services

(continued)

f

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.052

%

,

(

3-month

SOFR

+

3.75

%

),

5/19/31

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

United

States

7,705,333

$

7,690,885

f

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.891

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

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

United

States

4,764,975

3,397,046

f

MPH

Acquisition

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.026

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

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

United

States

7,557,915

6,091,377

f

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.165

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

3/02/28

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

United

States

10,368,693

10,276,827

f

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.179

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

334,866

331,899

f

PAREXEL

International,

Inc.,

First

Lien,

Fifth

Amendment

CME

Term

Loan

,

7.357

%

,

(

1-month

SOFR

+

3

%

),

11/15/28

.......

United

States

4,451,196

4,475,745

f

Pathway

Vet

Alliance

LLC,

First

Lien,

2021

Replacement

CME

Term

Loan

,

8.34

%

,

(

3-month

SOFR

+

3.75

%

),

3/31/27

......

United

States

9,147,726

7,509,322

f

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

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

United

States

7,218,767

7,255,799

e,f

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.275

%

,

(

3-month

SOFR

+

3.5

%

),

1/31/29

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

United

States

6,745,420

6,668,533

f

Star

Parent,

Inc.,

First

Lien,

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

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

United

States

5,640,708

5,576,856

f

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.061

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

918,981

923,976

f

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.702

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

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

United

States

5,281,378

5,264,319

f

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.237

%

,

(

12-month

SOFR

+

3

%

),

10/22/29

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

United

States

3,130,520

3,150,086

112,145,738

a

a

a

a

a

a

f

Health

Care

Technology

1.4%

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

2/15/29

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

United

States

13,936,811

13,970,887

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.087

%

,

(

1-month

SOFR

+

2.75

%

),

5/01/31

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

United

States

6,380,438

6,432,278

20,403,165

a

a

a

a

a

a

f

Hotels,

Restaurants

&

Leisure

5.7%

e

24

Hour

Fitness

Worldwide,

Inc.,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

9.59

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

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

United

States

24,642,546

9,733,806

g

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

6/24/30

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

United

States

1,028,037

1,034,591

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.802

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

5,781,435

5,478,719

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

4,113,327

4,132,187

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

3,319,098

3,339,544

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

1/29/29

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

United

States

7,482,156

7,529,331

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.079

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

4,455,451

4,465,008

Flynn

Restaurant

Group

LP,

First

Lien,

CME

Term

Loan,

8.721

%

,

(

1-month

SOFR

+

4.25

%

),

12/01/28

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

United

States

8,069,597

8,092,273

g

8.305

%

,

(

12-month

SOFR

+

4

%

),

1/20/32

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

United

States

3,691,446

3,692,203

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.576

%

,

(

1-month

SOFR

+

4.25

%

),

10/07/31

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

United

States

2,824,859

2,861,229

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.087

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

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

Canada

4,029,589

4,045,969

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

2,935,281

$

2,945,569

IRB

Holding

Corp.,

First

Lien,

Term

Loan,

B

,

7.423

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

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

United

States

1,407,097

1,413,196

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.551

%

,

(

1-month

SOFR

+

2.25

%

),

4/16/29

...........

United

States

4,310,078

4,333,891

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.579

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

6,561,114

6,595,691

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/03/29

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

United

States

3,496,822

3,523,275

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

5,025,870

5,048,888

Whatabrands

LLC,

First

Lien,

2024

Term

Loan,

B

,

7.323

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

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

United

States

5,209,381

5,235,246

83,500,616

a

a

a

a

a

a

Household

Durables

0.3%

f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.021

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

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

Netherlands

5,196,261

5,215,747

Household

Products

0.1%

f

Energizer

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.3

%

,

(

1-month

SOFR

+

2

%

),

12/22/27

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

United

States

1,171,833

1,174,030

f

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

3,184,000

3,191,069

Calpine

Corp.,

First

Lien,

Term

Loan

,

6.573

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

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

United

States

3,283,500

3,288,278

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

7.023

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

1,076,233

1,082,066

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.023

%

,

(

3-month

SOFR

+

2.5

%

),

5/17/30

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

United

States

2,323,061

2,334,676

9,896,089

a

a

a

a

a

a

f

Insurance

6.3%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.313

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

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

United

States

10,859,212

10,899,500

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.052

%

,

(

1-month

SOFR

+

2.75

%

),

9/19/31

.........

United

States

8,584,108

8,621,148

g

AmWINS

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.457

%

,

(

12-month

SOFR

+

2.25

%

),

1/23/32

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

United

States

1,027,404

1,030,743

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

14,312,443

14,340,352

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

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

United

States

4,008,765

4,019,408

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B8

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

12/23/26

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

United

States

3,415,204

3,416,758

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B9

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

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

United

States

8,146

8,148

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

9.676

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

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

United

States

7,696,342

7,545,301

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.676

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

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

United

States

10,622,294

10,359,233

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

6/16/31

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

United

States

2,456,116

2,471,185

HUB

International

Ltd.,

First

Lien,

2024-1

Incremental

CME

Term

Loan

,

7.043

%

,

(

3-month

SOFR

+

2.75

%

),

6/20/30

.........

United

States

10,746,952

10,799,182

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Insurance

(continued)

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

12,828,049

$

12,915,408

Truist

Insurance

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

5/06/31

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

United

States

6,146,024

6,172,912

92,599,278

a

a

a

a

a

a

f

IT

Services

1.5%

Amentum

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

9/29/31

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

United

States

2,592,593

2,587,407

e

Aventiv

Technologies

LLC,

Second

Lien,

CME

Term

Loan

,

PIK,

13.64

%

,

(

3-month

SOFR

+

9

%

),

11/03/25

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

United

States

8,365

439

Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.791

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

4,555,920

4,025,588

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

6/27/31

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

United

States

6,497,067

6,517,403

Foundever

Worldwide

Corp.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

.........

France

6,251,733

4,364,491

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.429

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

5,354,202

5,111,924

22,607,252

a

a

a

a

a

a

Leisure

Products

0.0%

†

f

Recess

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.047

%

,

(

1-month

SOFR

+

3.75

%

),

2/20/30

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

United

States

294,217

297,712

f

Machinery

1.7%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.837

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

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

United

States

5,954,887

5,689,388

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

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

United

States

3,892,230

3,935,415

g

Filtration

Group

Corp.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

7.971

%

,

(

1-month

SOFR

+

3.5

%

),

10/23/28

.........

United

States

7,876,923

7,948,839

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

8/31/28

..........

United

States

2,572,277

2,596,122

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

C

,

7.737

%

,

(

6-month

SOFR

+

3.5

%

),

4/30/30

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

Germany

5,554,942

5,602,687

25,772,451

a

a

a

a

a

a

f

Media

3.4%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.936

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

3/24/31

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

United

States

10,331,711

10,397,265

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.802

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

.......

United

States

700,000

696,402

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.452

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

6,840,523

6,306,791

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.391

%

,

(

3-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

7,379,502

6,570,082

McGraw-Hill

Education,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

8/01/31

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

United

States

5,478,305

5,542,100

MH

Sub

I

LLC,

First

Lien,

CME

Term

Loan

,

8.607

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

7,001,717

6,938,281

g

MH

Sub

I

LLC,

Second

Lien,

2021

Replacement

CME

Term

Loan

,

10.562

%

,

(

1-month

SOFR

+

6.25

%

),

2/23/29

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

United

States

6,100,000

6,036,469

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.926

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

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

United

States

821,567

825,161

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Media

(continued)

Virgin

Media

Bristol

LLC,

First

Lien,

Advance

CME

Term

Loan,

Q

,

7.671

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

6,355,393

$

6,274,139

49,586,690

a

a

a

a

a

a

Oil,

Gas

&

Consumable

Fuels

0.2%

f

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.857

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

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

United

States

2,795,507

2,820,555

Paper

&

Forest

Products

0.2%

f

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.764

%

,

(

3-month

SOFR

+

4.25

%

),

11/04/31

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

United

States

3,500,000

3,522,978

f

Passenger

Airlines

1.4%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.305

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

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

United

States

2,635,337

2,702,736

Air

Canada,

First

Lien,

CME

Term

Loan

,

6.337

%

,

(

3-month

SOFR

+

2

%

),

3/21/31

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

Canada

2,605,603

2,625,549

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.959

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

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

United

States

3,729,000

3,739,255

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.297

%

,

(

3-month

SOFR

+

2

%

),

2/24/31

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

United

States

2,915,157

2,928,946

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

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

Canada

8,846,899

8,891,133

20,887,619

a

a

a

a

a

a

f

Pharmaceuticals

0.9%

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

4/23/31

.......

United

States

1,228,448

1,239,529

Grifols

Worldwide

Operations

USA,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.462

%

,

(

1-month

SOFR

+

2

%

),

11/15/27

.........

Spain

893,222

889,372

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

5/05/28

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

United

States

3,083,787

3,095,999

Organon

&

Co.,

First

Lien,

Dollar

CME

Term

Loan

,

7.737

%

,

(

12-month

SOFR

+

2.5

%

),

5/19/31

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

United

States

2,842,657

2,856,870

Perrigo

Investments

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

4/20/29

..........

United

States

3,538,605

3,549,663

Southern

Veterinary

Partners

LLC,

First

Lien,

2024-3

New

CME

Term

Loan

,

7.715

%

,

(

3-month

SOFR

+

3.25

%

),

12/04/31

....

United

States

2,068,966

2,087,504

13,718,937

a

a

a

a

a

a

f

Professional

Services

1.5%

CHG

Healthcare

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.276

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

917,561

925,736

CHG

Healthcare

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.276

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

2,814,231

2,837,463

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

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

United

States

8,136,923

8,122,928

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2

,

6.561

%

,

(

1-month

SOFR

+

2.25

%

),

1/18/29

......

United

States

3,778,150

3,789,673

Grant

Thornton

Advisors

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.607

%

,

(

1-month

SOFR

+

3.25

%

),

5/31/31

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

United

States

2,216,667

2,226,021

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.026

%

,

(

3-month

SOFR

+

4.25

%

),

3/06/28

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

United

States

1,060,264

544,711

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

3,706,973

3,709,289

22,155,821

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Real

Estate

Management

&

Development

0.0%

†

f

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

625,285

$

629,974

Semiconductors

&

Semiconductor

Equipment

0.3%

f

MKS

Instruments,

Inc.,

First

Lien,

2024-1

Dollar

CME

Term

Loan,

B

,

6.589

%

,

(

1-month

SOFR

+

2.25

%

),

8/17/29

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

United

States

4,556,296

4,584,796

f

Software

10.1%

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

New

Dollar

CME

Term

Loan

,

8.335

%

,

(

3-month

SOFR

+

3.75

%

),

7/30/31

.........

United

States

7,100,000

7,138,908

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

7,356,817

7,042,755

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

8.079

%

,

(

3-month

SOFR

+

3.75

%

),

3/21/31

.......

United

States

4,447,403

4,483,716

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.829

%

,

(

3-month

SOFR

+

3.5

%

),

3/30/29

........

United

States

11,173,406

11,260,726

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

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

United

States

4,507,460

4,506,896

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.428

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

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

United

States

3,167,063

3,200,713

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.09

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

3,151,269

3,180,418

Cornerstone

OnDemand,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

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

United

States

2,196,931

1,977,589

ECI

Macola/Max

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

5/09/30

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

United

States

6,358,560

6,434,100

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

7.062

%

,

(

1-month

SOFR

+

2.75

%

),

5/30/31

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

United

States

11,550,651

11,657,321

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B2

,

8.099

%

,

(

1-month

SOFR

+

3.5

%

),

3/03/28

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

United

States

1,077,448

1,086,941

g

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.707

%

,

(

12-month

SOFR

+

2.5

%

),

1/23/32

.......

United

States

14,767,611

14,823,063

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B2

,

7.953

%

,

(

1-

day

SOFR

+

3.4

%

),

3/31/28

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

Sweden

3,432,824

3,456,442

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.337

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

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

United

States

13,053,953

13,117,591

PointClickCare

Technologies,

Inc.,

First

Lien,

2024-1

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

11/03/31

........

Canada

2,333,333

2,353,027

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.552

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

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

United

States

3,110,687

3,118,013

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

10/28/30

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

United

States

5,908,258

5,972,570

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.307

%

,

(

1-month

SOFR

+

3

%

),

7/16/31

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

United

States

6,920,251

6,981,529

Project

Ruby

Ultimate

Parent

Corp.,

First

Lien,

Incremental

CME

Term

Loan,

B4

,

7.426

%

,

(

1-month

SOFR

+

3

%

),

3/10/28

....

United

States

1,544,478

1,553,327

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.562

%

,

(

1-month

SOFR

+

4.25

%

),

11/28/28

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

United

States

5,143,583

5,215,001

Sovos

Compliance

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.926

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

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

United

States

7,019,651

7,072,299

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.3

%

,

(

3-month

SOFR

+

3

%

),

2/10/31

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

United

States

10,399,008

10,472,581

Wave

Distribution

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.925

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

..........

United

States

4,935,441

4,981,020

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

11/26/31

....

United

States

7,516,779

7,556,956

148,643,502

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Specialty

Retail

3.4%

e

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.457

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

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

United

States

16,493,156

$

11,586,442

g

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.552

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

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

United

States

955,882

963,448

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B1

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

4,671,766

4,708,743

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.84

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

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

United

States

1,213,216

988,771

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.84

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

..........

United

States

11,720,028

11,287,266

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

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

United

States

5,971,541

5,786,453

g

RelaDyne,

Inc.,

First

Lien,

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

12/23/30

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

United

States

6,972,578

6,992,903

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.207

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

2,671,703

2,665,451

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

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

United

States

5,516,293

5,535,352

50,514,829

a

a

a

a

a

a

f

Textiles,

Apparel

&

Luxury

Goods

0.7%

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.987

%

,

(

12-month

SOFR

+

2.75

%

),

12/21/28

United

States

308,099

309,901

g

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.56

%

,

(

1-month

SOFR

+

2.25

%

),

12/21/28

...........

United

States

2,574,609

2,589,671

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.071

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

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

United

States

4,895,872

4,680,159

Hanesbrands,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

2,274,040

2,299,623

9,879,354

a

a

a

a

a

a

Trading

Companies

&

Distributors

0.6%

f,g

Foundation

Building

Materials,

Inc.,

First

Lien,

Term

Loan

,

8.573

%

,

(

3-month

SOFR

+

4

%

),

1/29/31

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

United

States

9,060,220

8,920,104

f

Transportation

Infrastructure

0.4%

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

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

United

States

7,248,479

4,995,434

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

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

United

States

5,248,899

1,399,724

6,395,158

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.3%

f

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

9.228

%

,

(

12-month

SOFR

+

4

%

),

1/30/31

..

United

States

3,851,613

3,894,347

Total

Senior

Floating

Rate

Interests

(Cost

$

1,218,025,069

)

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

1,198,691,695

Asset-Backed

Securities

0.5%

Financial

Services

0.5%

d

,f

Alinea

CLO

Ltd.

,

2018-1A

,

C

,

144A,

FRN

,

6.455%,

(

3-month

SOFR

+

2.162

%

),

7/20/31

.

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

United

States

7,000,000

7,017,594

Total

Asset-Backed

Securities

(Cost

$

7,000,000

)

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

7,017,594

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,c

Millennium

Corporate

Claim

Trust,

Escrow

Account

..........

United

States

13,585,837

—

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

See

Abbreviations

on

page

215

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

(continued)

a,c

Millennium

Lender

Claim

Trust,

Escrow

Account

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

United

States

13,585,837

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

1,382,647,535

)

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

1,341,538,727

a

Short

Term

Investments

11.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.0%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

73,743,575

73,743,575

Total

Money

Market

Funds

(Cost

$

73,743,575

)

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

73,743,575

Principal

Amount

*

Repurchase

Agreements

6.2%

k

Joint

Repurchase

Agreement

,

4.32

%

,

2/03/25

(Maturity

Value

$

90,839,208

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$51,017,116)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$27,577,875)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$12,244,217)

Collateralized

by

U.S.

Government

Agency

Securities,

3%

-

6.5%,

8/15/39

-

12/20/54;

U.S.

Treasury

Bills,

2/11/25

-

12/26/25;

and

U.S.

Treasury

Notes,

4.88%,

10/31/28

(valued

at

$

92,658,804

)

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

90,806,516

90,806,516

Total

Repurchase

Agreements

(Cost

$

90,806,516

)

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

90,806,516

Total

Short

Term

Investments

(Cost

$

164,550,091

)

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

164,550,091

a

Total

Investments

(Cost

$

1,547,197,626

)

102.1

%

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

$1,506,088,818

Other

Assets,

less

Liabilities

(

2.1

)

%

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

(30,669,530)

Net

Assets

100.0%

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

$1,475,419,288

a

a

a

*

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

5

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

d

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,

2025,

the

aggregate

value

of

these

securities

was

$108,248,994,

representing

7.3%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

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.

i

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

k

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,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Long

Duration

Credit

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

93.5%

Aerospace

&

Defense

3.5%

a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5%,

3/26/54

.........

United

Kingdom

200,000

$

193,691

Boeing

Co.

(The)

,

Senior

Bond

,

3.6%,

5/01/34

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

United

States

350,000

297,207

Senior

Bond

,

3.25%,

2/01/35

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

United

States

100,000

80,611

Senior

Bond

,

3.75%,

2/01/50

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

United

States

415,000

286,851

Senior

Bond

,

6.858%,

5/01/54

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

United

States

125,000

134,266

Senior

Bond

,

7.008%,

5/01/64

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

United

States

150,000

162,357

General

Dynamics

Corp.

,

Senior

Bond

,

2.85%,

6/01/41

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

United

States

125,000

89,688

Senior

Bond

,

3.6%,

11/15/42

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

United

States

180,000

142,741

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95%,

2/01/37

.......

United

States

305,000

316,546

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07%,

12/15/42

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

United

States

390,000

325,119

Senior

Bond

,

2.8%,

6/15/50

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

United

States

50,000

31,308

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03%,

10/15/47

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

United

States

400,000

315,729

Senior

Bond

,

4.95%,

3/15/53

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

United

States

220,000

196,354

RTX

Corp.

,

Senior

Bond

,

4.05%,

5/04/47

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

United

States

190,000

149,616

Senior

Bond

,

2.82%,

9/01/51

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

United

States

190,000

115,455

Senior

Bond

,

3.03%,

3/15/52

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

United

States

190,000

119,735

2,957,274

Banks

5.7%

Bank

of

America

Corp.

,

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

75,000

75,206

Senior

Bond

,

2.676%

to

6/18/40,

FRN

thereafter

,

6/19/41

...

United

States

1,615,000

1,131,110

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

365,000

355,885

Barclays

plc

,

Senior

Bond

,

5.335%

to

9/09/34,

FRN

thereafter

,

9/10/35

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

United

Kingdom

400,000

388,021

HSBC

Holdings

plc

,

Senior

Bond

,

6.332%

to

3/08/43,

FRN

thereafter

,

3/09/44

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

United

Kingdom

200,000

211,847

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

5.294%

to

7/21/34,

FRN

thereafter

,

7/22/35

...

United

States

200,000

198,421

Senior

Bond

,

4.946%

to

10/21/34,

FRN

thereafter

,

10/22/35

.

United

States

200,000

193,040

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

160,000

161,011

Senior

Bond

,

3.109%

to

4/21/40,

FRN

thereafter

,

4/22/41

...

United

States

480,000

359,907

Senior

Bond

,

2.525%

to

11/18/40,

FRN

thereafter

,

11/19/41

..

United

States

425,000

290,137

Senior

Bond

,

5.534%

to

11/28/44,

FRN

thereafter

,

11/29/45

..

United

States

195,000

191,616

Mizuho

Financial

Group,

Inc.

,

Senior

Bond

,

5.594%

to

7/09/34,

FRN

thereafter

,

7/10/35

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

Japan

350,000

353,319

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

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

United

States

310,000

315,014

US

Bancorp

,

Senior

Bond

,

5.678%

to

1/22/34,

FRN

thereafter

,

1/23/35

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

United

States

225,000

227,286

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.068%

to

4/29/40,

FRN

thereafter

,

4/30/41

...

United

States

120,000

88,388

Senior

Bond

,

3.9%,

5/01/45

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

United

States

365,000

285,949

4,826,157

Beverages

2.0%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9%,

2/01/46

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

Belgium

1,056,000

955,179

Coca-Cola

Co.

(The)

,

Senior

Bond

,

5.4%,

5/13/64

...........

United

States

380,000

365,472

Keurig

Dr

Pepper,

Inc.

,

Senior

Bond

,

3.35%,

3/15/51

.........

United

States

295,000

197,920

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Beverages

(continued)

PepsiCo,

Inc.

,

Senior

Bond

,

4.2%,

7/18/52

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

United

States

160,000

$

130,250

1,648,821

Biotechnology

3.4%

AbbVie,

Inc.

,

Senior

Bond

,

4.05%,

11/21/39

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

United

States

130,000

111,682

Senior

Bond

,

4.45%,

5/14/46

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

United

States

775,000

665,991

Senior

Bond

,

4.25%,

11/21/49

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

United

States

205,000

167,796

Senior

Bond

,

5.4%,

3/15/54

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

United

States

140,000

135,160

Amgen,

Inc.

,

Senior

Bond

,

3.15%,

2/21/40

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

United

States

335,000

250,741

Senior

Bond

,

5.6%,

3/02/43

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

United

States

455,000

446,362

Senior

Bond

,

5.65%,

3/02/53

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

United

States

480,000

464,200

a

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75%,

4/27/52

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

Australia

200,000

172,848

Senior

Bond

,

144A,

5.417%,

4/03/54

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

Australia

115,000

109,002

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8%,

9/15/50

.

United

States

560,000

328,968

2,852,750

Broadline

Retail

1.1%

Amazon.com,

Inc.

,

Senior

Bond

,

2.875%,

5/12/41

...........

United

States

1,200,000

884,793

Building

Products

0.7%

Carrier

Global

Corp.

,

Senior

Bond

,

3.377%,

4/05/40

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

United

States

180,000

139,730

Senior

Bond

,

3.577%,

4/05/50

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

United

States

72,000

51,855

Owens

Corning

,

Senior

Bond

,

4.3%,

7/15/47

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

United

States

85,000

68,401

Senior

Bond

,

5.95%,

6/15/54

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

United

States

290,000

291,060

551,046

Capital

Markets

4.2%

BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25%,

3/14/54

.......

United

States

235,000

222,738

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.908%

to

7/20/41,

FRN

thereafter

,

7/21/42

...

United

States

310,000

217,305

Senior

Bond

,

3.436%

to

2/23/42,

FRN

thereafter

,

2/24/43

...

United

States

385,000

289,669

Senior

Bond

,

5.734%

to

1/27/55,

FRN

thereafter

,

1/28/56

...

United

States

150,000

149,410

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

6.2%,

4/14/34

....

United

States

200,000

206,111

Moody's

Corp.

,

Senior

Bond

,

2.75%,

8/19/41

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

United

States

110,000

75,804

Morgan

Stanley

,

Senior

Bond

,

5.587%

to

1/17/35,

FRN

thereafter

,

1/18/36

...

United

States

200,000

201,817

b

Senior

Bond

,

FRN

,

3.971%,

7/22/38

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

United

States

925,000

794,609

Senior

Bond

,

5.516%

to

11/18/54,

FRN

thereafter

,

11/19/55

..

United

States

150,000

145,314

Nasdaq,

Inc.

,

Senior

Bond

,

3.95%,

3/07/52

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

United

States

200,000

148,573

S&P

Global,

Inc.

,

Senior

Bond

,

3.9%,

3/01/62

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

United

States

165,000

122,545

a

UBS

Group

AG

,

Senior

Bond

,

144A,

2.746%

to

2/10/32,

FRN

thereafter

,

2/11/33

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

Switzerland

1,150,000

970,087

3,543,982

Chemicals

0.7%

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.319%,

11/15/38

.....

United

States

180,000

181,822

Huntsman

International

LLC

,

Senior

Bond

,

5.7%,

10/15/34

....

United

States

200,000

189,477

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

Westlake

Corp.

,

Senior

Bond

,

2.875%,

8/15/41

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

United

States

205,000

$

137,898

Senior

Bond

,

3.125%,

8/15/51

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

United

States

110,000

68,400

577,597

Communications

Equipment

1.0%

Cisco

Systems,

Inc.

,

Senior

Bond

,

5.3%,

2/26/54

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

United

States

405,000

392,475

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5%,

9/01/44

.........

United

States

485,000

466,180

858,655

Construction

Materials

0.3%

Martin

Marietta

Materials,

Inc.

,

Senior

Bond

,

5.5%,

12/01/54

...

United

States

85,000

80,721

Vulcan

Materials

Co.

,

Senior

Bond

,

5.7%,

12/01/54

..........

United

States

160,000

156,412

237,133

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3%,

1/30/32

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

Ireland

150,000

131,634

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45%,

9/06/34

United

States

220,000

212,836

344,470

Consumer

Staples

Distribution

&

Retail

1.0%

Kroger

Co.

(The)

,

Senior

Bond

,

5.5%,

9/15/54

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

United

States

375,000

351,623

Sysco

Corp.

,

Senior

Bond

,

3.3%,

2/15/50

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

United

States

225,000

150,660

Walmart,

Inc.

,

Senior

Bond

,

2.65%,

9/22/51

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

United

States

340,000

210,459

Senior

Bond

,

4.5%,

4/15/53

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

United

States

180,000

157,117

869,859

Containers

&

Packaging

0.3%

a

Smurfit

Kappa

Treasury

ULC

,

Senior

Bond

,

144A,

5.777%,

4/03/54

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

Ireland

220,000

217,035

Diversified

Consumer

Services

1.9%

Leland

Stanford

Junior

University

(The)

,

3.647%,

5/01/48

.....

United

States

895,000

693,004

Massachusetts

Institute

of

Technology

,

G

,

2.294%,

7/01/51

....

United

States

445,000

254,088

President

and

Fellows

of

Harvard

College

,

3.745%,

11/15/52

...

United

States

450,000

345,451

University

of

Miami

,

2022

,

Senior

Bond

,

4.063%,

4/01/52

.....

United

States

240,000

192,512

University

of

Southern

California

,

3.028%,

10/01/39

..........

United

States

150,000

119,091

1,604,146

Diversified

REITs

0.8%

Simon

Property

Group

LP

,

Senior

Bond

,

4.75%,

3/15/42

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

United

States

225,000

201,688

Senior

Bond

,

4.25%,

11/30/46

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

United

States

310,000

254,776

VICI

Properties

LP

,

Senior

Bond

,

5.75%,

4/01/34

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

United

States

210,000

211,032

667,496

Diversified

Telecommunication

Services

3.3%

AT&T,

Inc.

,

Senior

Bond

,

3.5%,

6/01/41

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

United

States

370,000

284,036

Senior

Bond

,

4.35%,

6/15/45

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

United

States

320,000

263,772

Senior

Bond

,

4.75%,

5/15/46

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

United

States

855,000

743,732

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

AT&T,

Inc.,

(continued)

Senior

Bond

,

3.5%,

9/15/53

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

United

States

650,000

$

439,355

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.65%,

11/20/40

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

United

States

1,190,000

818,098

Senior

Bond

,

3.85%,

11/01/42

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

United

States

100,000

79,146

Senior

Bond

,

4.125%,

8/15/46

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

United

States

230,000

183,189

2,811,328

Electric

Utilities

9.6%

Alabama

Power

Co.

,

Senior

Bond

,

4.15%,

8/15/44

..........

United

States

375,000

307,735

Appalachian

Power

Co.

,

Senior

Bond

,

7%,

4/01/38

..........

United

States

175,000

192,631

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55%,

6/01/52

..

United

States

225,000

186,757

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85%,

3/15/52

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

United

States

265,000

196,094

130

,

Senior

Bond

,

3.125%,

3/15/51

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

United

States

60,000

38,877

DTE

Electric

Co.

,

B

,

Senior

Bond

,

3.65%,

3/01/52

...........

United

States

395,000

288,207

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95%,

3/15/48

....

United

States

715,000

552,095

Duke

Energy

Corp.

,

Senior

Bond

,

3.5%,

6/15/51

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

United

States

480,000

323,868

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4%,

10/01/46

......

United

States

380,000

270,938

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15%,

12/01/44

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

United

States

240,000

195,082

Senior

Bond

,

3.6%,

9/15/47

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

United

States

70,000

50,820

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1%,

6/15/41

.........

United

States

250,000

179,785

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05%,

6/01/42

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

United

States

825,000

681,070

Senior

Bond

,

3.95%,

3/01/48

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

United

States

70,000

54,748

Georgia

Power

Co.

,

Senior

Bond

,

5.125%,

5/15/52

..........

United

States

365,000

336,914

MidAmerican

Energy

Co.

,

Senior

Bond

,

3.95%,

8/01/47

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

United

States

180,000

140,487

Senior

Bond

,

3.15%,

4/15/50

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

United

States

925,000

619,157

Northern

States

Power

Co.

,

Senior

Bond

,

3.6%,

5/15/46

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

United

States

30,000

22,382

Senior

Bond

,

2.6%,

6/01/51

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

United

States

321,000

190,674

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

3.3%,

8/01/40

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

United

States

75,000

53,469

Senior

Bond

,

4.75%,

2/15/44

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

United

States

220,000

181,312

Senior

Bond

,

4%,

12/01/46

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

United

States

75,000

54,433

PacifiCorp

,

Senior

Bond

,

5.8%,

1/15/55

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

United

States

320,000

306,792

PECO

Energy

Co.

,

Senior

Bond

,

4.8%,

10/15/43

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

United

States

215,000

191,802

PG&E

Wildfire

Recovery

Funding

LLC

,

A-5

,

Senior

Secured

Bond

,

5.099%,

6/01/52

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

United

States

640,000

594,765

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95%,

6/01/47

......

United

States

345,000

271,618

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8%,

6/15/47

...

United

States

310,000

231,378

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.45%,

8/01/53

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

United

States

185,000

180,274

Senior

Secured

Bond

,

3%,

3/01/51

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

United

States

390,000

251,360

Southern

California

Edison

Co.

,

Senior

Bond

,

4%,

4/01/47

.....

United

States

250,000

183,165

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45%,

2/15/44

..

United

States

565,000

481,576

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

5.7%,

12/30/34

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

United

States

240,000

237,129

8,047,394

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.

,

Senior

Bond

,

5.375%,

11/15/54

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

United

States

120,000

$

114,049

Corning,

Inc.

,

Senior

Bond

,

4.75%,

3/15/42

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

United

States

130,000

115,590

Senior

Bond

,

3.9%,

11/15/49

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

United

States

100,000

74,997

Senior

Bond

,

4.375%,

11/15/57

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

United

States

100,000

77,953

382,589

Entertainment

1.2%

Netflix,

Inc.

,

Senior

Bond

,

5.4%,

8/15/54

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

United

States

310,000

303,015

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8%,

5/13/60

..........

United

States

215,000

156,511

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05%,

3/15/42

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

United

States

480,000

386,602

Senior

Note

,

4.279%,

3/15/32

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

United

States

200,000

176,655

1,022,783

Financial

Services

2.2%

Fiserv,

Inc.

,

Senior

Bond

,

4.4%,

7/01/49

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

United

States

520,000

423,519

Global

Payments,

Inc.

,

Senior

Bond

,

5.95%,

8/15/52

.........

United

States

355,000

343,966

Mastercard,

Inc.

,

Senior

Bond

,

3.65%,

6/01/49

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

United

States

300,000

226,743

Shell

International

Finance

BV

,

Senior

Bond

,

3%,

11/26/51

....

United

States

340,000

215,371

a

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875%,

3/11/41

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

Germany

465,000

338,130

Visa,

Inc.

,

Senior

Bond

,

4.3%,

12/14/45

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

United

States

350,000

300,113

1,847,842

Food

Products

1.3%

a

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375%,

4/22/52

...........

United

States

230,000

189,499

Conagra

Brands,

Inc.

,

Senior

Bond

,

5.3%,

11/01/38

..........

United

States

160,000

150,754

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Bond

,

4.375%,

2/02/52

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

United

States

425,000

319,444

Senior

Bond

,

6.5%,

12/01/52

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

United

States

70,000

71,411

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.375%,

6/01/46

........

United

States

225,000

183,310

a

Mars,

Inc.

,

Senior

Bond

,

144A,

2.375%,

7/16/40

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

United

States

300,000

200,960

1,115,378

Gas

Utilities

0.5%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35%,

11/15/52

...

United

States

370,000

391,854

Ground

Transportation

2.8%

a

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.55%,

5/30/33

.....

United

Kingdom

200,000

197,685

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75%,

5/01/40

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

United

States

1,205,000

1,244,645

Senior

Bond

,

4.15%,

4/01/45

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

United

States

175,000

144,695

CSX

Corp.

,

Senior

Bond

,

4.5%,

11/15/52

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

United

States

175,000

148,330

Union

Pacific

Corp.

,

Senior

Bond

,

3.55%,

8/15/39

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

United

States

310,000

253,191

Senior

Bond

,

4.05%,

3/01/46

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

United

States

480,000

387,419

2,375,965

Health

Care

Equipment

&

Supplies

0.8%

Baxter

International,

Inc.

,

Senior

Bond

,

3.132%,

12/01/51

.....

United

States

365,000

228,916

Medtronic,

Inc.

,

Senior

Bond

,

4.625%,

3/15/45

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

United

States

200,000

179,094

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Solventum

Corp.

,

Senior

Note

,

5.6%,

3/23/34

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

United

States

230,000

$

230,234

638,244

Health

Care

Providers

&

Services

6.9%

Ascension

Health

,

Senior

Bond

,

3.945%,

11/15/46

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

United

States

215,000

171,989

B

,

Senior

Bond

,

3.106%,

11/15/39

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

United

States

360,000

276,157

Cigna

Group

(The)

,

Senior

Bond

,

4.9%,

12/15/48

...........

United

States

225,000

192,939

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187%,

10/01/49

.

United

States

415,000

323,286

CVS

Health

Corp.

,

Senior

Bond

,

4.78%,

3/25/38

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

United

States

570,000

500,984

Senior

Bond

,

5.125%,

7/20/45

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

United

States

640,000

549,039

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65%,

1/15/43

.........

United

States

720,000

626,841

HCA,

Inc.

,

Senior

Bond

,

5.45%,

9/15/34

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

United

States

60,000

58,800

Senior

Bond

,

4.625%,

3/15/52

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

United

States

705,000

558,198

a

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

Senior

Bond

,

144A,

5.875%,

6/15/54

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

United

States

355,000

347,056

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6%,

5/08/34

.

United

States

250,000

253,237

Kaiser

Foundation

Hospitals

,

2021

,

3.002%,

6/01/51

.........

United

States

435,000

281,981

Mayo

Clinic

,

2021

,

3.196%,

11/15/61

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

United

States

260,000

166,485

Sutter

Health

,

5.547%,

8/15/53

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

United

States

125,000

125,934

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.5%,

8/15/39

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

United

States

110,000

87,611

Senior

Bond

,

3.95%,

10/15/42

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

United

States

200,000

161,391

Senior

Bond

,

6.05%,

2/15/63

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

United

States

420,000

428,196

Senior

Bond

,

5.75%,

7/15/64

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

United

States

380,000

369,968

UPMC

,

Secured

Bond

,

5.377%,

5/15/43

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

United

States

320,000

313,417

5,793,509

Health

Care

REITs

0.6%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55%,

3/15/52

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

United

States

755,000

515,851

Hotels,

Restaurants

&

Leisure

0.5%

McDonald's

Corp.

,

Senior

Bond

,

4.875%,

12/09/45

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

United

States

190,000

171,060

Senior

Bond

,

4.45%,

3/01/47

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

United

States

325,000

273,846

444,906

Household

Durables

0.1%

DR

Horton,

Inc.

,

Senior

Bond

,

5%,

10/15/34

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

United

States

130,000

125,923

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5%,

10/01/53

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

United

States

335,000

351,696

Industrial

Conglomerates

0.3%

Honeywell

International,

Inc.

,

Senior

Bond

,

5.25%,

3/01/54

....

United

States

280,000

262,845

Insurance

3.9%

American

International

Group,

Inc.

,

Senior

Bond

,

4.5%,

7/16/44

.

United

States

210,000

180,826

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635%,

6/30/50

.......

United

States

215,000

153,086

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144%,

11/01/43

...

United

States

245,000

224,874

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.5%,

5/20/51

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

United

States

100,000

$

69,075

Senior

Bond

,

3.05%,

3/09/52

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

United

States

475,000

295,009

Athene

Holding

Ltd.

,

Senior

Bond

,

3.45%,

5/15/52

...........

United

States

120,000

77,300

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

2.85%,

10/15/50

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

United

States

80,000

50,041

Senior

Bond

,

3.85%,

3/15/52

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

United

States

515,000

388,480

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95%,

3/17/52

..........

United

States

175,000

148,381

Chubb

INA

Holdings

LLC

,

Senior

Bond

,

3.05%,

12/15/61

......

United

States

185,000

111,383

a

Great-West

Lifeco

Finance

Delaware

LP

,

Senior

Bond

,

144A,

4.15%,

6/03/47

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

Canada

160,000

127,743

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9%,

3/15/49

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

United

States

85,000

76,110

Senior

Bond

,

5.45%,

3/15/53

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

United

States

60,000

57,504

Senior

Bond

,

5.4%,

3/15/55

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

United

States

350,000

333,138

a

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45%,

3/30/51

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

United

States

475,000

325,035

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125%,

4/15/47

......

United

States

430,000

347,743

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

4%,

5/30/47

.........

United

States

410,000

325,891

3,291,619

Interactive

Media

&

Services

0.7%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75%,

5/15/63

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

United

States

410,000

412,037

Senior

Bond

,

5.55%,

8/15/64

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

United

States

150,000

145,811

557,848

IT

Services

0.1%

IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3%,

2/05/54

.

United

States

100,000

92,053

Life

Sciences

Tools

&

Services

0.4%

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404%,

8/10/43

...

United

States

335,000

330,574

Machinery

0.1%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7%,

6/15/54

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

United

States

95,000

93,370

Media

4.5%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.375%,

4/01/38

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

United

States

870,000

776,871

Senior

Secured

Bond

,

3.5%,

6/01/41

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

United

States

300,000

208,048

Senior

Secured

Bond

,

3.5%,

3/01/42

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

United

States

630,000

430,782

Senior

Secured

Bond

,

5.375%,

5/01/47

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

United

States

50,000

41,117

Comcast

Corp.

,

Senior

Bond

,

3.4%,

7/15/46

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

United

States

355,000

250,057

Senior

Bond

,

3.969%,

11/01/47

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

United

States

515,000

390,641

Senior

Bond

,

2.887%,

11/01/51

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

United

States

895,000

539,223

Fox

Corp.

,

Senior

Bond

,

5.476%,

1/25/39

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

United

States

685,000

652,915

Paramount

Global

,

Senior

Bond

,

4.2%,

5/19/32

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

United

States

140,000

124,826

Senior

Bond

,

6.875%,

4/30/36

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

United

States

130,000

133,558

Senior

Bond

,

4.375%,

3/15/43

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

United

States

120,000

89,332

Senior

Bond

,

4.9%,

8/15/44

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

United

States

165,000

127,845

3,765,215

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Metals

&

Mining

1.0%

a

Anglo

American

Capital

plc

,

Senior

Bond

,

144A,

4.75%,

3/16/52

South

Africa

200,000

$

166,890

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.45%,

3/15/43

.......

United

States

165,000

153,591

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Bond

,

4.2%,

5/13/50

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

United

States

280,000

226,115

Vale

Overseas

Ltd.

,

Senior

Bond

,

6.125%,

6/12/33

..........

Brazil

320,000

327,367

873,963

Multi-Utilities

1.4%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45%,

3/15/44

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

United

States

510,000

434,085

Consumers

Energy

Co.

,

Senior

Bond

,

4.05%,

5/15/48

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

United

States

150,000

119,641

Senior

Bond

,

4.35%,

4/15/49

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

United

States

330,000

275,089

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85%,

8/15/52

.......

United

States

425,000

361,356

1,190,171

Oil,

Gas

&

Consumable

Fuels

7.0%

a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8%,

10/01/54

...........

Norway

250,000

226,634

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06%,

6/17/41

.

United

States

400,000

289,917

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

5.85%,

2/01/35

Canada

340,000

339,093

ConocoPhillips

Co.

,

Senior

Bond

,

3.8%,

3/15/52

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

United

States

350,000

254,699

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4%,

3/24/51

.......

United

States

330,000

256,811

a

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8%,

12/15/34

United

States

195,000

194,813

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.65%,

10/15/54

United

States

315,000

298,923

Energy

Transfer

LP

,

Senior

Bond

,

5.15%,

3/15/45

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

United

States

660,000

581,604

Senior

Bond

,

6.125%,

12/15/45

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

United

States

100,000

98,556

Senior

Bond

,

6%,

6/15/48

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

United

States

460,000

446,105

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

4.9%,

5/15/46

United

States

195,000

173,725

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452%,

4/15/51

...........

United

States

555,000

389,858

Hess

Corp.

,

Senior

Bond

,

5.6%,

2/15/41

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

United

States

140,000

137,807

Senior

Bond

,

5.8%,

4/01/47

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

United

States

20,000

20,022

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25%,

2/15/30

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

United

States

390,000

365,073

Occidental

Petroleum

Corp.

,

Senior

Bond

,

5.55%,

10/01/34

....

United

States

125,000

121,666

ONEOK,

Inc.

,

Senior

Bond

,

5.05%,

11/01/34

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

United

States

300,000

286,780

Senior

Bond

,

5.7%,

11/01/54

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

United

States

200,000

185,958

a

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Bond

,

144A,

5.584%,

10/01/34

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

Canada

170,000

165,411

Targa

Resources

Corp.

,

Senior

Bond

,

4.95%,

4/15/52

........

United

States

200,000

168,926

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4%,

1/15/32

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

United

States

240,000

218,782

TotalEnergies

Capital

SA

,

Senior

Bond

,

5.638%,

4/05/64

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

France

265,000

252,261

Senior

Bond

,

5.425%,

9/10/64

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

France

35,000

32,260

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1%,

9/15/45

........

United

States

430,000

385,376

5,891,060

Personal

Care

Products

0.8%

Haleon

US

Capital

LLC

,

Senior

Bond

,

4%,

3/24/52

..........

United

States

500,000

383,219

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Care

Products

(continued)

Kenvue,

Inc.

,

Senior

Bond

,

5.05%,

3/22/53

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

United

States

305,000

$

282,459

665,678

Pharmaceuticals

4.0%

a

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.4%,

7/15/44

...

Germany

300,000

225,715

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.35%,

11/15/47

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

United

States

130,000

108,137

Senior

Bond

,

4.55%,

2/20/48

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

United

States

100,000

85,345

Senior

Bond

,

2.55%,

11/13/50

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

United

States

185,000

107,420

Senior

Bond

,

3.7%,

3/15/52

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

United

States

145,000

105,749

Senior

Bond

,

5.55%,

2/22/54

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

United

States

380,000

369,144

Eli

Lilly

&

Co.

,

Senior

Bond

,

5%,

2/09/54

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

United

States

130,000

119,563

Senior

Bond

,

4.95%,

2/27/63

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

United

States

380,000

339,989

Senior

Bond

,

5.2%,

8/14/64

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

United

States

110,000

102,170

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75%,

12/10/51

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

United

States

310,000

188,302

Novartis

Capital

Corp.

,

Senior

Bond

,

2.75%,

8/14/50

.........

United

States

240,000

153,212

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3%,

5/19/53

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

United

States

725,000

679,323

a

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607%,

12/13/51

...

United

States

695,000

414,540

Royalty

Pharma

plc

,

Senior

Bond

,

3.35%,

9/02/51

...........

United

States

640,000

406,813

3,405,422

Semiconductors

&

Semiconductor

Equipment

0.6%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.95%,

10/01/51

.........

United

States

390,000

248,746

Intel

Corp.

,

Senior

Bond

,

4.1%,

5/19/46

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

United

States

100,000

71,876

Senior

Bond

,

4.1%,

5/11/47

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

United

States

120,000

85,559

Senior

Bond

,

3.734%,

12/08/47

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

United

States

120,000

80,380

486,561

Software

3.5%

AppLovin

Corp.

,

Senior

Bond

,

5.95%,

12/01/54

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

United

States

195,000

191,585

Intuit,

Inc.

,

Senior

Bond

,

5.5%,

9/15/53

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

United

States

230,000

225,595

Microsoft

Corp.

,

Senior

Bond

,

2.525%,

6/01/50

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

United

States

75,000

46,039

Senior

Bond

,

2.921%,

3/17/52

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

United

States

1,005,000

662,474

Oracle

Corp.

,

Senior

Bond

,

3.8%,

11/15/37

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

United

States

285,000

237,819

Senior

Bond

,

3.6%,

4/01/40

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

United

States

945,000

737,537

Senior

Bond

,

4%,

7/15/46

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

United

States

450,000

345,525

Senior

Bond

,

5.5%,

9/27/64

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

United

States

75,000

67,897

Salesforce,

Inc.

,

Senior

Bond

,

2.9%,

7/15/51

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

United

States

625,000

399,944

2,914,415

Specialized

REITs

0.1%

Crown

Castle,

Inc.

,

Senior

Bond

,

2.9%,

4/01/41

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

United

States

160,000

112,543

Specialty

Retail

1.5%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

4.1%,

1/15/52

......

United

States

320,000

232,964

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

4.4%,

3/15/45

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

United

States

80,000

68,553

Senior

Bond

,

4.25%,

4/01/46

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

United

States

160,000

133,923

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

Home

Depot,

Inc.

(The),

(continued)

Senior

Bond

,

3.9%,

6/15/47

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

United

States

70,000

$

54,927

Senior

Bond

,

3.125%,

12/15/49

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

United

States

180,000

121,082

Senior

Bond

,

3.35%,

4/15/50

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

United

States

30,000

21,001

Senior

Bond

,

3.625%,

4/15/52

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

United

States

400,000

290,484

Senior

Bond

,

5.3%,

6/25/54

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

United

States

90,000

85,681

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

3.7%,

4/15/46

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

United

States

125,000

93,035

Senior

Bond

,

4.05%,

5/03/47

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

United

States

165,000

129,228

Senior

Bond

,

3%,

10/15/50

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

United

States

80,000

49,868

1,280,746

Technology

Hardware,

Storage

&

Peripherals

2.4%

Apple,

Inc.

,

Senior

Bond

,

3.85%,

5/04/43

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

United

States

1,745,000

1,448,311

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

3.375%,

12/15/41

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

United

States

430,000

314,792

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5%,

10/15/34

...

United

States

275,000

268,388

2,031,491

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

Senior

Bond

,

5.5%,

3/11/35

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

United

States

170,000

167,614

Tobacco

1.1%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4%,

2/04/41

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

United

States

140,000

101,644

BAT

Capital

Corp.

,

Senior

Bond

,

4.39%,

8/15/37

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

United

Kingdom

550,000

477,097

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875%,

8/21/42

..

United

States

450,000

357,317

936,058

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

Senior

Bond

,

3.45%,

5/01/50

...

United

States

455,000

316,424

Wireless

Telecommunication

Services

1.8%

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3%,

2/15/41

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

United

States

420,000

300,242

Senior

Bond

,

3.4%,

10/15/52

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

United

States

780,000

519,420

Vodafone

Group

plc

,

Senior

Bond

,

6.15%,

2/27/37

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

United

Kingdom

257,000

270,169

Senior

Bond

,

4.25%,

9/17/50

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

United

Kingdom

240,000

185,819

Senior

Bond

,

5.875%,

6/28/64

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

United

Kingdom

235,000

226,044

1,501,694

Total

Corporate

Bonds

(Cost

$

78,024,138

)

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

78,673,840

Foreign

Government

and

Agency

Securities

3.6%

a

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375%,

8/20/50

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

United

States

200,000

133,200

Chile

Government

Bond

,

Senior

Bond

,

3.86%,

6/21/47

.......

Chile

400,000

300,568

a

Electricite

de

France

SA

,

Senior

Bond

,

144A,

6%,

4/22/64

.....

France

200,000

184,845

Mexico

Government

Bond

,

Senior

Bond

,

4.75%,

3/08/44

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

Mexico

550,000

419,724

Senior

Bond

,

6.338%,

5/04/53

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

Mexico

330,000

295,544

Senior

Bond

,

7.375%,

5/13/55

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

Mexico

350,000

353,129

Peru

Government

Bond

,

Senior

Bond

,

5.875%,

8/08/54

.......

Peru

230,000

220,712

Philippines

Government

Bond

,

Senior

Bond

,

4.2%,

3/29/47

....

Philippines

410,000

327,686

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

See

Abbreviations

on

page

215

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

a

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

5%,

1/18/53

Saudi

Arabia

565,000

$

482,272

Uruguay

Government

Bond

,

Senior

Bond

,

5.1%,

6/18/50

......

Uruguay

300,000

273,809

Total

Foreign

Government

and

Agency

Securities

(Cost

$

3,055,683

)

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

2,991,489

U.S.

Government

and

Agency

Securities

0.5%

U.S.

Treasury

Bonds

,

Strip,

11/15/44

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

United

States

770,000

295,189

4.25

%,

8/15/54

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

United

States

120,000

109,444

Total

U.S.

Government

and

Agency

Securities

(Cost

$

408,906

)

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

404,633

Municipal

Bonds

0.8%

California

0.1%

Los

Angeles

Community

College

District

,

GO

,

2010

E

,

6.6

%

,

8/01/42

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

United

States

125,000

133,850

Texas

0.7%

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507

%

,

11/01/51

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

United

States

245,000

211,834

State

of

Texas

,

GO

,

2009

A

,

5.517

%

,

4/01/39

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

United

States

355,000

358,498

570,332

Total

Municipal

Bonds

(Cost

$

712,647

)

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

704,182

Total

Long

Term

Investments

(Cost

$

82,201,374

)

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

82,774,144

a

Short

Term

Investments

0.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.4%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

309,212

309,212

Total

Money

Market

Funds

(Cost

$

309,212

)

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

309,212

Total

Short

Term

Investments

(Cost

$

309,212

)

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

309,212

a

Total

Investments

(Cost

$

82,510,586

)

98.8

%

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

$83,083,356

Other

Assets,

less

Liabilities

1.2

%

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

1,060,381

Net

Assets

100.0%

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

$84,143,737

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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,

2025,

the

aggregate

value

of

these

securities

was

$6,185,293,

representing

7.4%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

,

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Broadline

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

—

—

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

24,921

1,059

Machinery

0.0%

†

UTEX

Industries,

Inc.

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

United

States

9,228

342,973

Specialty

Retail

0.0%

a,b

Party

City

Holdco,

Inc.

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

United

States

23

—

Total

Common

Stocks

(Cost

$

788,801

)

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

344,032

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

59,023

6,050

b

Total

Preferred

Stocks

(Cost

$

885

)

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

6,050

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

791

3

Total

Warrants

(Cost

$

699

)

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

3

Principal

Amount

*

Corporate

Bonds

36.8%

Aerospace

&

Defense

0.9%

d

BAE

Systems

plc

,

Senior

Note

,

144A,

5%,

3/26/27

..........

United

Kingdom

3,300,000

3,316,429

Boeing

Co.

(The)

,

Senior

Note

,

2.196%,

2/04/26

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

United

States

10,400,000

10,133,898

General

Dynamics

Corp.

,

Senior

Note

,

3.25%,

4/01/25

.......

United

States

4,000,000

3,992,192

L3Harris

Technologies,

Inc.

,

Senior

Note

,

5.05%,

6/01/29

.....

United

States

850,000

855,027

18,297,546

Automobile

Components

0.1%

d

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75%,

10/01/27

United

States

2,200,000

2,162,287

Automobiles

0.9%

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.25%,

1/08/27

..

United

States

4,000,000

4,028,987

d

Mercedes-Benz

Finance

North

America

LLC

,

Senior

Note

,

144A,

4.95%,

3/30/25

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

Germany

7,100,000

7,103,944

d

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

5.4%,

3/20/26

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

Germany

6,700,000

6,730,678

17,863,609

Banks

9.0%

d

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

1,800,000

1,841,697

Bank

of

America

Corp.

,

Senior

Note

,

2.015%

to

2/12/25,

FRN

thereafter

,

2/13/26

....

United

States

3,500,000

3,497,222

Senior

Note

,

3.384%

to

4/01/25,

FRN

thereafter

,

4/02/26

....

United

States

8,300,000

8,281,739

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

8,000,000

7,923,795

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Bank

of

Montreal

,

Senior

Note

,

4.567%

to

9/09/26,

FRN

thereafter

,

9/10/27

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

Canada

2,700,000

$

2,694,978

Bank

of

Nova

Scotia

(The)

,

Senior

Note

,

2.951%,

3/11/27

.....

Canada

7,000,000

6,764,830

Citigroup,

Inc.

,

Senior

Note

,

3.29%

to

3/16/25,

FRN

thereafter

,

3/17/26

.....

United

States

8,200,000

8,184,024

Senior

Note

,

3.106%

to

4/07/25,

FRN

thereafter

,

4/08/26

....

United

States

6,500,000

6,480,526

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

4,100,000

4,112,298

Sub.

Bond

,

4.6%,

3/09/26

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

United

States

2,600,000

2,599,062

d

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.23%

to

1/08/28,

FRN

thereafter

,

1/09/29

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

France

4,455,000

4,470,811

d

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

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

Denmark

5,300,000

5,405,513

Fifth

Third

Bank

NA

,

Senior

Note

,

4.967%

to

1/27/27,

FRN

thereafter

,

1/28/28

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

United

States

2,430,000

2,443,674

HSBC

Holdings

plc

,

Senior

Note

,

2.013%

to

9/21/27,

FRN

thereafter

,

9/22/28

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

United

Kingdom

7,600,000

7,037,670

d

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

4%,

9/23/29

Italy

5,700,000

5,400,656

JPMorgan

Chase

&

Co.

,

Senior

Note

,

2.083%

to

4/21/25,

FRN

thereafter

,

4/22/26

....

United

States

18,200,000

18,094,505

Senior

Note

,

5.012%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

3,600,000

3,608,151

KeyBank

NA

,

Senior

Note

,

4.15%,

8/08/25

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

United

States

5,400,000

5,381,427

Lloyds

Banking

Group

plc

,

Senior

Note

,

5.087%

to

11/25/27,

FRN

thereafter

,

11/26/28

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

United

Kingdom

2,730,000

2,737,493

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4%,

11/21/25

United

States

7,900,000

7,938,515

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.719%

to

2/19/25,

FRN

thereafter

,

2/20/26

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

Japan

1,000,000

1,000,428

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

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

Japan

4,500,000

4,615,409

d

Nordea

Bank

Abp

,

Senior

Preferred

Note

,

144A,

4.75%,

9/22/25

Finland

3,800,000

3,805,777

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

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

United

States

2,000,000

2,022,258

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

5,900,000

5,635,933

d

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375%,

10/21/26

..

South

Korea

6,500,000

6,148,913

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

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

France

3,900,000

3,725,400

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

....

United

States

6,800,000

6,850,106

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

3,400,000

3,439,176

Wells

Fargo

&

Co.

,

Senior

Note

,

2.188%

to

4/29/25,

FRN

thereafter

,

4/30/26

....

United

States

13,400,000

13,315,531

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

4,000,000

4,176,915

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

2,550,000

2,565,655

Sub.

Bond

,

4.1%,

6/03/26

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

United

States

3,000,000

2,975,932

175,176,019

Beverages

0.2%

d

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5%,

1/15/27

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

United

Kingdom

4,400,000

4,129,798

Biotechnology

0.6%

AbbVie,

Inc.

,

Senior

Bond

,

3.6%,

5/14/25

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

United

States

810,000

808,062

Senior

Note

,

3.8%,

3/15/25

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

United

States

600,000

599,483

Senior

Note

,

2.95%,

11/21/26

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

United

States

500,000

487,083

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Biotechnology

(continued)

Amgen,

Inc.

,

Senior

Note

,

5.15%,

3/02/28

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

United

States

10,200,000

$

10,316,666

12,211,294

Broadline

Retail

0.0%

a

,d

,e

,f

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3%,

12/31/22

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

South

Africa

1,068,278

—

a

,d

,e

,f

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25%,

12/31/22

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

South

Africa

470,581

—

—

Building

Products

0.4%

Carrier

Global

Corp.

,

Senior

Note

,

2.493%,

2/15/27

..........

United

States

5,000,000

4,789,063

Owens

Corning

,

Senior

Note

,

5.5%,

6/15/27

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

United

States

3,500,000

3,564,290

8,353,353

Capital

Markets

3.0%

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

4.162%,

5/13/25

...

Germany

6,600,000

6,589,323

Goldman

Sachs

Bank

USA

,

Senior

Note

,

5.283%

to

3/17/26,

FRN

thereafter

,

3/18/27

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

United

States

6,800,000

6,844,003

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.75%,

2/25/26

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

United

States

6,500,000

6,452,029

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

2,700,000

2,689,368

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

5,500,000

5,262,858

Morgan

Stanley

,

Senior

Note

,

2.188%

to

4/27/25,

FRN

thereafter

,

4/28/26

....

United

States

3,800,000

3,776,735

Senior

Note

,

5.173%

to

1/15/29,

FRN

thereafter

,

1/16/30

....

United

States

5,500,000

5,525,432

Sub.

Bond

,

4.35%,

9/08/26

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

United

States

7,800,000

7,750,718

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25%,

4/01/29

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

United

States

1,800,000

1,819,161

UBS

Group

AG

,

Senior

Note

,

4.55%,

4/17/26

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

Switzerland

5,100,000

5,090,722

d

Senior

Note

,

144A,

6.373%

to

7/14/25,

FRN

thereafter

,

7/15/26

Switzerland

500,000

503,450

d

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

6,500,000

6,552,033

58,855,832

Chemicals

0.3%

d

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5%,

12/01/26

.......

United

States

2,070,000

2,056,695

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25%,

9/01/29

United

States

3,200,000

3,396,946

5,453,641

Commercial

Services

&

Supplies

0.1%

d

Waste

Management,

Inc.

,

Senior

Note

,

144A,

3.875%,

1/15/29

.

United

States

1,000,000

967,419

Consumer

Finance

1.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

6.1%,

1/15/27

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

Ireland

2,200,000

2,248,251

Senior

Note

,

3%,

10/29/28

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

Ireland

3,000,000

2,795,414

American

Express

Co.

,

Senior

Note

,

5.645%

to

4/22/26,

FRN

thereafter

,

4/23/27

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

United

States

6,700,000

6,774,406

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8%,

1/31/28

......

United

States

7,000,000

6,791,400

Caterpillar

Financial

Services

Corp.

,

Senior

Note

,

1.45%,

5/15/25

United

States

1,100,000

1,090,956

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.125%,

11/05/26

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

United

States

3,200,000

3,197,120

Senior

Note

,

5.85%,

5/17/27

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

United

States

3,400,000

3,438,109

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

OneMain

Finance

Corp.

,

Senior

Note

,

6.625%,

5/15/29

.......

United

States

2,000,000

$

2,034,449

SLM

Corp.

,

Senior

Note

,

6.5%,

1/31/30

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

United

States

1,000,000

1,010,000

Toyota

Motor

Credit

Corp.

,

B

,

Senior

Note

,

5%,

3/19/27

.......

United

States

5,100,000

5,149,311

34,529,416

Consumer

Staples

Distribution

&

Retail

0.1%

d

Cencosud

SA

,

Senior

Bond

,

144A,

4.375%,

7/17/27

.........

Chile

2,900,000

2,847,607

Containers

&

Packaging

0.1%

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25%,

8/15/27

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

United

States

3,200,000

1,771,825

Diversified

REITs

0.2%

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75%,

2/15/27

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

United

States

4,200,000

4,083,654

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

,

Senior

Note

,

1.65%,

2/01/28

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

United

States

7,000,000

6,402,078

Electric

Utilities

2.0%

Exelon

Corp.

,

Senior

Bond

,

3.4%,

4/15/26

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

United

States

7,000,000

6,896,562

d

Korea

East-West

Power

Co.

Ltd.

,

Senior

Note

,

144A,

1.75%,

5/06/25

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

South

Korea

8,500,000

8,430,221

Senior

Note

,

144A,

3.6%,

5/06/25

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

South

Korea

4,700,000

4,686,360

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051%,

3/01/25

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

United

States

2,700,000

2,702,635

Senior

Note

,

5.749%,

9/01/25

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

United

States

5,800,000

5,831,560

g

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

FRN

,

5.331%,

(

SOFR

Index

+

0.95

%

),

9/04/25

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

United

States

6,800,000

6,808,396

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375%,

5/01/29

United

States

3,400,000

3,230,073

38,585,807

Energy

Equipment

&

Services

0.1%

d

Schlumberger

Holdings

Corp.

,

Senior

Note

,

144A,

5%,

5/29/27

.

United

States

1,660,000

1,672,765

Entertainment

0.7%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125%,

5/01/29

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

France

2,569,773

2,674,560

Netflix,

Inc.

,

Senior

Bond

,

4.375%,

11/15/26

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

United

States

3,100,000

3,095,890

d

Senior

Note

,

144A,

3.625%,

6/15/25

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

United

States

3,100,000

3,087,023

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755%,

3/15/27

....

United

States

5,000,000

4,843,374

13,700,847

Financial

Services

0.7%

a

,f

,g

Cia

Securitizadora

de

Creditos

Financeiros

Vert-Fintech

,

12

,

Senior

Secured

Note

,

FRN

,

14.9%,

(

BZDIOVRA

+

5.75

%

),

2/14/24

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

Brazil

7,676,000

BRL

—

d

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71%,

1/24/28

........

Portugal

6,500,000

5,931,914

Fiserv,

Inc.

,

Senior

Note

,

2.25%,

6/01/27

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

United

States

5,200,000

4,924,820

d

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8%,

6/15/28

........

Ireland

1,500,000

1,583,286

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5%,

2/15/29

United

States

1,600,000

1,711,418

14,151,438

Food

Products

0.6%

Campbell's

Co.

(The)

,

Senior

Note

,

5.2%,

3/19/27

...........

United

States

3,300,000

3,334,785

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

2.5%,

1/15/27

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

United

States

2,800,000

$

2,670,427

Senior

Note

,

5.125%,

2/01/28

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

United

States

4,300,000

4,299,734

Senior

Note

,

3%,

2/02/29

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

United

States

900,000

829,590

11,134,536

Ground

Transportation

0.2%

d

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

,

Senior

Note

,

144A,

8.25%,

1/15/30

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

United

States

700,000

723,608

d

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

5.35%,

3/30/29

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

United

States

4,000,000

4,034,167

4,757,775

Health

Care

Equipment

&

Supplies

0.3%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3%,

6/15/28

.....

United

States

300,000

294,678

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65%,

11/15/27

United

States

5,000,000

5,117,473

5,412,151

Health

Care

Providers

&

Services

1.4%

Centene

Corp.

,

Senior

Note

,

3.375%,

2/15/30

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

United

States

2,700,000

2,421,032

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

6%,

1/15/29

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

United

States

3,200,000

2,920,139

Cigna

Group

(The)

,

Senior

Note

,

1.25%,

3/15/26

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

United

States

3,451,000

3,324,685

CVS

Health

Corp.

,

Senior

Note

,

5%,

1/30/29

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

United

States

4,700,000

4,674,299

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101%,

3/01/28

.........

United

States

4,000,000

3,925,424

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809%,

5/08/27

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

United

States

4,700,000

4,784,034

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5%,

9/01/29

......

Italy

700,000

668,056

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746%,

10/01/26

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

United

States

15,000

14,539

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45%,

6/01/26

........

United

States

4,150,000

4,088,358

26,820,566

Health

Care

REITs

0.1%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5%,

10/15/27

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

United

States

3,000,000

2,688,581

Health

Care

Technology

0.2%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25%,

2/01/29

...........

United

States

3,300,000

3,417,955

Hotel

&

Resort

REITs

0.1%

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5%,

2/15/29

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

United

States

1,200,000

1,145,284

Hotels,

Restaurants

&

Leisure

0.4%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625%,

10/15/29

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

United

States

3,400,000

3,212,028

Sands

China

Ltd.

,

Senior

Note

,

2.3%,

3/08/27

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

Macau

3,400,000

3,203,475

d

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

6%,

7/15/25

.....

Macau

1,392,000

1,391,213

7,806,716

Household

Durables

0.2%

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35%,

2/15/28

.....

United

States

4,200,000

4,127,488

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

5.2%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5%,

6/15/29

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

United

States

900,000

$

944,146

d

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5%,

4/16/27

..

Netherlands

7,000,000

7,060,056

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875%,

11/01/29

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

United

States

1,200,000

1,155,467

Senior

Secured

Note

,

144A,

6.75%,

4/15/28

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

United

States

2,000,000

2,022,456

d

Athene

Global

Funding

,

Senior

Secured

Note

,

144A,

5.516%,

3/25/27

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

United

States

7,000,000

7,082,900

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9%,

9/19/28

United

States

4,700,000

4,854,132

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5%,

6/04/29

.......

United

States

850,000

868,496

d

F&G

Global

Funding

,

Secured

Note

,

144A,

5.875%,

6/10/27

...

United

States

5,800,000

5,889,006

d

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

3.85%,

4/11/25

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

United

States

11,300,000

11,282,032

Secured

Note

,

144A,

4.4%,

9/23/27

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

United

States

7,200,000

7,098,777

d

MassMutual

Global

Funding

II

,

Secured

Note

,

144A,

5.1%,

4/09/27

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

United

States

4,550,000

4,604,262

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

4.05%,

8/25/25

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

United

States

7,000,000

6,983,535

Secured

Note

,

144A,

5.05%,

1/06/28

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

United

States

4,100,000

4,139,320

d

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.35%,

4/09/27

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

United

States

6,700,000

6,770,119

d

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6%,

8/05/25

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

United

States

10,700,000

10,652,790

Senior

Secured

Note

,

144A,

4.9%,

4/02/27

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

United

States

6,700,000

6,745,763

d

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9%,

6/12/28

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

United

States

5,000,000

5,025,970

d

Principal

Life

Global

Funding

II

,

Secured

Note

,

144A,

4.6%,

8/19/27

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

United

States

2,000,000

1,995,958

d

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

3.218%,

3/28/25

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

United

States

4,000,000

3,992,493

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.448%,

5/24/29

...

United

States

2,100,000

2,133,611

101,301,289

Interactive

Media

&

Services

0.2%

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81%,

1/26/26

.....

China

3,000,000

2,916,413

Life

Sciences

Tools

&

Services

0.3%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3%,

3/15/27

.......

United

States

900,000

873,162

Illumina,

Inc.

,

Senior

Note

,

5.8%,

12/12/25

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

United

States

4,000,000

4,031,835

Senior

Note

,

4.65%,

9/09/26

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

United

States

1,600,000

1,595,827

6,500,824

Machinery

0.1%

d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25%,

4/15/29

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

United

States

500,000

507,355

Hillenbrand,

Inc.

,

Senior

Note

,

6.25%,

2/15/29

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

United

States

1,100,000

1,111,116

1,618,471

Media

0.2%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Note

,

4.908%,

7/23/25

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

United

States

1,844,000

1,843,099

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875%,

8/15/27

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

United

States

1,000,000

990,917

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

Fox

Corp.

,

Senior

Note

,

3.05%,

4/07/25

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

United

States

2,000,000

$

1,994,564

4,828,580

Metals

&

Mining

0.1%

d

Novelis

Corp.

,

Senior

Note

,

144A,

3.25%,

11/15/26

..........

United

States

1,000,000

967,226

Multi-Utilities

0.4%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85%,

8/15/26

.......

United

States

1,300,000

1,264,365

DTE

Energy

Co.

,

Senior

Note

,

4.95%,

7/01/27

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

United

States

2,200,000

2,209,202

d

Engie

SA

,

Senior

Note

,

144A,

5.25%,

4/10/29

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

France

4,000,000

4,024,201

7,497,768

Oil,

Gas

&

Consumable

Fuels

1.6%

Chevron

Corp.

,

Senior

Note

,

1.554%,

5/11/25

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

United

States

4,500,000

4,465,867

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375%,

6/15/26

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

United

States

3,400,000

3,412,328

d

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25%,

10/01/29

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

Australia

1,100,000

1,126,772

Energy

Transfer

LP

,

Senior

Bond

,

4.75%,

1/15/26

...........

United

States

5,200,000

5,202,874

EnLink

Midstream

Partners

LP

,

Senior

Bond

,

4.85%,

7/15/26

...

United

States

3,900,000

3,888,112

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.625%,

2/15/26

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

United

States

1,000,000

1,000,966

Senior

Note

,

144A,

6.5%,

6/01/29

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

United

States

400,000

408,389

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note

,

5.625%,

3/01/25

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

United

States

298,000

298,126

d

Sunoco

LP

,

Senior

Note

,

144A,

7%,

5/01/29

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

United

States

2,000,000

2,068,790

d

Var

Energi

ASA

,

Senior

Note

,

144A,

7.5%,

1/15/28

..........

Norway

4,000,000

4,233,401

d

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125%,

6/01/28

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

United

States

2,000,000

2,091,348

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4%,

9/15/25

.........

United

States

2,300,000

2,290,522

30,487,495

Passenger

Airlines

0.1%

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5%,

4/20/26

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

United

States

541,667

541,728

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5%,

10/20/25

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

United

States

1,151,250

1,146,252

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375%,

4/15/26

United

States

526,364

519,121

2,207,101

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375%,

3/24/27

.......

United

States

7,700,000

7,494,300

Pharmaceuticals

0.6%

d

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25%,

12/15/25

.

Germany

4,600,000

4,569,081

Royalty

Pharma

plc

,

Senior

Note

,

1.75%,

9/02/27

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

United

States

700,000

647,321

Senior

Note

,

5.15%,

9/02/29

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

United

States

3,750,000

3,749,032

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75%,

5/09/27

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

Israel

2,800,000

2,758,651

11,724,085

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.

,

Senior

Note

,

3.45%,

6/15/27

..........

United

States

800,000

781,554

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

d

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5%,

1/19/26

...........

South

Korea

9,900,000

$

9,585,775

10,367,329

Specialized

REITs

0.1%

d

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

4.875%,

9/15/27

......

United

States

2,000,000

1,964,267

Specialty

Retail

0.3%

O'Reilly

Automotive,

Inc.

,

Senior

Note

,

5.75%,

11/20/26

.......

United

States

5,000,000

5,089,125

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.4%,

9/25/27

...

United

States

6,600,000

6,547,779

Textiles,

Apparel

&

Luxury

Goods

0.1%

d

Hanesbrands,

Inc.

,

Senior

Bond

,

144A,

4.875%,

5/15/26

......

United

States

1,000,000

992,907

Tobacco

0.6%

Altria

Group,

Inc.

,

Senior

Note

,

2.35%,

5/06/25

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

United

States

4,200,000

4,174,788

d

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25%,

7/21/25

United

Kingdom

566,000

563,712

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875%,

2/15/28

..

United

States

7,700,000

7,742,590

12,481,090

Trading

Companies

&

Distributors

0.3%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9%,

5/15/28

..

United

States

3,200,000

3,376,339

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375%,

3/15/29

.

United

States

3,000,000

3,059,940

6,436,279

Wireless

Telecommunication

Services

0.4%

d

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9%,

9/15/29

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

United

Kingdom

1,000,000

897,578

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25%,

2/15/26

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

United

States

2,900,000

2,830,770

Senior

Note

,

4.95%,

3/15/28

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

United

States

4,200,000

4,216,161

7,944,509

Total

Corporate

Bonds

(Cost

$

723,484,992

)

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

717,894,124

Senior

Floating

Rate

Interests

3.2%

h

Aerospace

&

Defense

0.1%

i

Cobham

Ultra

SeniorCo

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

9.245

%

,

(

6-month

SOFR

+

3.75

%

),

8/03/29

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

Luxembourg

750,000

748,125

i

GOAT

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.174

%

,

(

12-month

SOFR

+

3

%

),

12/10/31

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

United

States

740,000

742,497

1,490,622

a

a

a

a

a

a

h

Air

Freight

&

Logistics

0.1%

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.791

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

520,000

521,326

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.079

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

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

United

States

689,285

692,386

1,213,712

a

a

a

a

a

a

h

Automobile

Components

0.1%

i

Clarios

Global

LP,

First

Lien,

Amendment

No.6

Dollar

CME

Term

Loan

,

7.065

%

,

(

1-month

SOFR

+

2.75

%

),

1/14/32

.........

United

States

344,941

346,091

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.34

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

.........

United

States

539,206

517,353

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Automobile

Components

(continued)

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.847

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

513,382

$

505,040

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.052

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

565,911

538,323

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

11/09/27

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

United

States

239,525

241,022

TI

Group

Automotive

Systems

LLC,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

161,912

162,519

2,310,348

a

a

a

a

a

a

Automobiles

0.0%

†

h

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

413,521

370,021

Beverages

0.0%

†

h

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.84

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

530,897

534,077

Broadline

Retail

0.0%

†

h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

7/01/31

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

Netherlands

222,032

223,476

Building

Products

0.1%

h

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

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

United

States

331,783

334,362

h

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.933

%

,

(

6-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

169,901

170,596

h

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

103,291

103,780

j

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

1/31/32

United

States

275,862

275,172

h,i

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

722,777

725,487

h

Summit

Materials

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.055

%

,

(

1-month

SOFR

+

1.75

%

),

1/12/29

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

United

States

101,506

101,728

1,711,125

a

a

a

a

a

a

h

Capital

Markets

0.1%

AAL

Delaware

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

7/30/31

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

United

States

112,273

113,168

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

Term

Loan,

B

,

8.053

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

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

United

States

315,535

316,712

Citadel

Securities

LP,

First

Lien,

2024

CME

Term

Loan

,

6.329

%

,

(

3-month

SOFR

+

2

%

),

10/31/31

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

United

States

522,614

526,118

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

4/07/28

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

United

States

593,502

598,752

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

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

United

States

347,375

348,929

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.395

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

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

United

States

519,081

518,941

2,422,620

a

a

a

a

a

a

h

Chemicals

0.2%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

9/09/31

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

United

States

210,922

212,767

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Chemicals

(continued)

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

4/06/29

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

United

States

258,670

$

254,725

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.302

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

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

United

States

397,877

399,037

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.849

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

264,762

255,827

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

441,875

442,430

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

220,475

221,302

LSF11

A5

HoldCo

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

327,899

329,773

Lummus

Technology

Holdings

V

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

.......

United

States

129,178

130,127

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.657

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

..

Netherlands

273,566

276,045

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.575

%

,

(

1-month

SOFR

+

3%;

3-month

SOFR

+

3%

),

1/31/29

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

United

States

222,178

223,415

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.689

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

575,395

568,562

3,314,010

a

a

a

a

a

a

h

Commercial

Services

&

Supplies

0.1%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

349,611

351,211

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

515,663

518,564

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/17/28

.......

Ireland

115,096

115,600

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/26/31

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

Luxembourg

175,954

177,384

Pitney

Bowes,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

8.426

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

791,806

787,847

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.706

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

572,623

480,740

2,431,346

a

a

a

a

a

a

h

Construction

&

Engineering

0.1%

i

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

9.071

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

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

United

States

750,000

740,348

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.06

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

258,700

259,367

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

6.81

%

,

(

1-month

SOFR

+

2.5

%

),

11/03/31

..........

United

States

44,369

44,526

i

Kodiak

Building

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.046

%

,

(

3-month

SOFR

+

3.75

%

),

12/04/31

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

United

States

750,000

751,354

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B2

,

8.044

%

,

(

3-month

SOFR

+

3.75

%

),

4/04/31

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

Luxembourg

209,375

211,730

2,007,325

a

a

a

a

a

a

Consumer

Finance

0.0%

†

h

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.444

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

........

United

States

526,933

528,980

h

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024

Replacement

CME

Term

Loan

,

8.762

%

,

(

12-month

SOFR

+

3.75

%

),

6/09/31

........

United

States

518,700

522,339

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Containers

&

Packaging

(continued)

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.326

%

,

(

1-month

SOFR

+

3

%

),

11/29/30

.......

United

States

220,591

$

222,308

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.723

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

768,706

685,383

Pactiv

Evergreen

Group

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

9/25/28

.......

United

States

147,220

147,914

1,577,944

a

a

a

a

a

a

h

Distributors

0.1%

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

6.311

%

,

(

1-month

SOFR

+

2

%

),

7/27/28

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

United

States

318,108

319,699

i

Verde

Purchaser

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.207

%

,

(

12-month

SOFR

+

4

%

),

11/29/30

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

United

States

726,855

728,672

1,048,371

a

a

a

a

a

a

Diversified

Consumer

Services

0.1%

h,i

Ascend

Learning

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.207

%

,

(

12-month

SOFR

+

3

%

),

12/11/28

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

United

States

295,699

295,675

i,j

Garda

World

Security

Corp.,

First

Lien,

CME

Term

Loan

,

TBD,

12/01/31

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

Canada

750,000

750,000

1,045,675

a

a

a

a

a

a

Diversified

Telecommunication

Services

0.0%

†

h

Altice

France

SA,

First

Lien,

CME

Term

Loan,

B14

,

9.802

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

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

France

138,090

117,031

Electrical

Equipment

0.0%

†

h

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

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

United

States

340,936

342,286

Energy

Equipment

&

Services

0.0%

†

h,i

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.812

%

,

(

1-month

SOFR

+

4.5

%

),

7/18/31

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

United

States

750,000

750,202

h

Entertainment

0.0%

†

Banijay

Group

US

Holding,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.582

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

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

France

152,766

153,778

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.176

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

229,482

230,680

384,458

a

a

a

a

a

a

h

Food

Products

0.1%

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.562

%

,

(

1-month

SOFR

+

4.25

%

),

12/22/30

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

United

States

190,696

194,033

i

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.237

%

,

(

6-month

SOFR

+

2

%

),

9/30/31

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

United

Kingdom

506,083

507,644

i

Primary

Products

Finance

LLC,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

4/02/29

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

United

States

250,000

250,521

Primary

Products

Finance

LLC,

First

Lien,

Term

Loan,

B

,

8.248

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

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

United

States

512,165

513,233

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.957

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

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

United

States

29,072

29,304

1,494,735

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Ground

Transportation

0.0%

†

Albion

Financing

3

SARL,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

8.8

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.......

Luxembourg

61,303

$

61,869

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

396,432

397,843

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

121,232

121,664

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

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

United

States

259,332

261,349

842,725

a

a

a

a

a

a

h

Health

Care

Equipment

&

Supplies

0.1%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.661

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

514,721

517,912

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

........

United

States

410,968

413,374

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.079

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

208,515

208,994

1,140,280

a

a

a

a

a

a

Health

Care

Providers

&

Services

0.2%

h

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.801

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

750,649

744,081

j

Charlotte

Buyer,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

1/31/32

.

United

States

126,394

126,394

h

Charlotte

Buyer,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

9.052

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

.........

United

States

343,781

345,522

h

CNT

Holdings

I

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

146,370

147,000

h

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.891

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

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

United

States

354,639

252,829

h

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

7.049

%

,

(

1-month

SOFR

+

2.75

%

),

3/17/31

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

United

States

286,280

289,041

h

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

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

United

States

248,750

250,026

e,h

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.275

%

,

(

3-month

SOFR

+

3.5

%

),

1/31/29

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

United

States

523,982

518,010

h

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.061

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

32,003

32,177

h

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.702

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

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

United

States

540,092

538,347

h

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.237

%

,

(

12-month

SOFR

+

3

%

),

10/22/29

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

United

States

104,290

104,942

3,348,369

a

a

a

a

a

a

h

Hotels,

Restaurants

&

Leisure

0.3%

i

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

6.062

%

,

(

1-month

SOFR

+

1.75

%

),

9/20/30

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

Canada

750,000

748,594

e

24

Hour

Fitness

Worldwide,

Inc.,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

9.59

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

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

United

States

1,314,853

519,367

i

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

6/24/30

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

United

States

70,093

70,540

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.802

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

258,821

245,270

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

217,018

218,013

i

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

701,719

683,565

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Hotels,

Restaurants

&

Leisure

(continued)

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

199,000

$

200,226

i

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.079

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

750,000

751,609

i

Flynn

Restaurant

Group

LP,

First

Lien,

CME

Term

Loan

,

8.305

%

,

(

12-month

SOFR

+

4

%

),

1/20/32

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

United

States

643,857

643,989

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.576

%

,

(

1-month

SOFR

+

4.25

%

),

10/07/31

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

United

States

146,893

148,784

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.087

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

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

Canada

218,803

219,692

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

135,987

136,464

IRB

Holding

Corp.,

First

Lien,

Term

Loan,

B

,

7.423

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

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

United

States

199,499

200,364

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.579

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

110,420

111,002

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

503,751

506,058

Whatabrands

LLC,

First

Lien,

2024

Term

Loan,

B

,

7.323

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

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

United

States

122,607

123,215

5,526,752

a

a

a

a

a

a

Household

Durables

0.0%

†

h

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.021

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

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

Netherlands

470,808

472,574

h

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

250,000

250,555

Calpine

Corp.,

First

Lien,

Term

Loan

,

6.573

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

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

United

States

299,248

299,684

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

7.023

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

134,529

135,258

685,497

a

a

a

a

a

a

h

Insurance

0.2%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.313

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

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

United

States

155,652

156,229

i

AmWINS

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.457

%

,

(

12-month

SOFR

+

2.25

%

),

1/23/32

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

United

States

737,134

739,530

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

431,323

432,164

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.412

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

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

United

States

131,379

131,315

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

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

United

States

513,196

514,558

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.676

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

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

United

States

464,852

453,340

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

6/16/31

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

United

States

515,034

518,194

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

300,478

302,524

3,247,854

a

a

a

a

a

a

h

IT

Services

0.0%

†

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

6/27/31

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

United

States

94,939

95,236

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

IT

Services

(continued)

i

Nielsen

Consumer

LLC,

First

Lien,

Eleventh

Amendment

Dollar

Refinancing

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

3/06/28

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

United

States

750,000

$

752,344

847,580

a

a

a

a

a

a

h

Leisure

Products

0.1%

19th

Holdings

Golf

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

2/07/29

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

United

States

494,924

486,263

GBT

US

III

LLC,

First

Lien,

Restatement

Date

CME

Term

Loan

,

7.3

%

,

(

3-month

SOFR

+

3

%

),

7/28/31

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

United

States

344,044

345,586

i

Horizon

US

Finco

LP,

First

Lien,

CME

Term

Loan,

B

,

9.177

%

,

(

6-month

SOFR

+

4.75

%

),

12/18/31

....................

United

States

750,000

749,531

1,581,380

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.0%

†

h,i

Lonza

Group

AG,

First

Lien,

(USD)

CME

Term

Loan,

B

,

8.354

%

,

(

3-month

SOFR

+

3.925

%

),

7/03/28

....................

Switzerland

750,000

733,207

h

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.837

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

516,090

493,080

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

....................................

United

States

215,223

217,611

SunSource

Borrower

LLC,

First

Lien,

First

Refinancing

CME

Term

Loan

,

8.412

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

............

United

States

271,360

273,158

983,849

a

a

a

a

a

a

h

Media

0.1%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.936

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

3/24/31

....................................

United

States

275,435

277,182

i

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

6.56

%

,

(

3-month

SOFR

+

2.25

%

),

12/15/31

.......

United

States

750,000

750,143

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.452

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

426,371

393,104

MH

Sub

I

LLC,

First

Lien,

CME

Term

Loan

,

8.607

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

............................

United

States

517,195

512,509

1,932,938

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

h

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

1/02/30

...........

United

States

250,000

250,312

h

Oil,

Gas

&

Consumable

Fuels

0.1%

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.302

%

,

(

3-month

SOFR

+

3

%

),

10/15/31

......................

United

States

323,988

327,228

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.42

%

,

(

1-month

SOFR

+

3

%

),

10/05/28

...

United

States

495,000

497,668

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.857

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

363,416

366,672

1,191,568

a

a

a

a

a

a

h

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.305

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

..............

United

States

161,636

165,769

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.959

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

336,151

337,075

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Passenger

Airlines

(continued)

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

6.293

%

,

(

3-month

SOFR

+

2

%

),

10/01/31

................

United

States

295,977

$

298,160

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.297

%

,

(

3-month

SOFR

+

2

%

),

2/24/31

.......................

United

States

226,063

227,132

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

.....................

Canada

516,100

518,681

1,546,817

a

a

a

a

a

a

Personal

Care

Products

0.0%

†

h,i

KDC/ONE

Development

Corp.,

Inc.,

First

Lien,

2024-2

Refinancing

Dollar

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

8/15/28

.....................................

Canada

93,750

94,508

h

Pharmaceuticals

0.0%

†

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

5/05/28

..............

United

States

247,157

248,136

Organon

&

Co.,

First

Lien,

Dollar

CME

Term

Loan

,

7.737

%

,

(

12-month

SOFR

+

2.5

%

),

5/19/31

.....................

United

States

163,484

164,302

412,438

a

a

a

a

a

a

h

Professional

Services

0.1%

i

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

750,000

748,710

i

Creative

Artists

Agency

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.062

%

,

(

1-month

SOFR

+

2.75

%

),

10/01/31

.............

United

States

750,000

753,334

EAB

Global,

Inc.,

First

Lien,

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

8/16/28

............................

United

States

516,100

516,908

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

195,393

197,021

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

123,566

123,643

2,339,616

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

h

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

518,700

522,590

h

Software

0.2%

Adeia,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.299

%

,

(

1-month

SOFR

+

3

%

),

6/08/28

...............................

United

States

451,384

452,795

i

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

784,350

750,866

i

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

....................

United

States

638,355

638,275

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.428

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

......................

United

States

102,930

104,023

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.09

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

......................

United

States

195,960

197,772

i

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.707

%

,

(

12-month

SOFR

+

2.5

%

),

1/23/32

.......

United

States

317,256

318,448

Imprivata,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

12/01/27

..............

United

States

124,472

125,576

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.337

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

...............................

United

States

500,666

503,107

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.552

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

.......................

United

States

105,369

105,617

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Software

(continued)

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.562

%

,

(

1-month

SOFR

+

4.25

%

),

11/28/28

....................

United

States

224,802

$

227,924

3,424,403

a

a

a

a

a

a

h

Specialty

Retail

0.2%

Evergreen

Acqco

1

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.077

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

230,688

232,793

e

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.457

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

...............

United

States

1,663,149

1,168,362

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B1

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............

United

States

244,654

246,591

Johnstone

Supply

LLC,

First

Lien,

CME

Term

Loan

,

6.799

%

,

(

1-month

SOFR

+

2.5

%

),

6/09/31

......................

United

States

429,862

431,663

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

......................

United

States

341,764

331,171

i

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

7.662

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

768,111

768,192

i

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.207

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

750,000

748,245

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

348,393

349,597

4,276,614

a

a

a

a

a

a

h

Textiles,

Apparel

&

Luxury

Goods

0.1%

i

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.071

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

764,553

730,866

Hanesbrands,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

.....................

United

States

208,808

211,157

942,023

a

a

a

a

a

a

h

Transportation

Infrastructure

0.0%

†

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

......................

United

States

182,669

125,890

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

.............................

United

States

132,278

35,274

161,164

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

62,599,432

)

........................

61,823,422

k

Marketplace

Loans

0.9%

a

Financial

Services

0.9%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

24,770,936

)

..................................

18,293,070

Foreign

Government

and

Agency

Securities

1.5%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5%,

7/27/27

......................................

Supranational

l

3,900,000

3,814,566

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7%,

5/23/28

....

France

1,000,000

1,020,301

Equinor

ASA

,

Senior

Note

,

2.875%,

4/06/25

.........................

Norway

15,300,000

15,254,412

Senior

Note

,

1.75%,

1/22/26

.........................

Norway

5,400,000

5,269,805

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375%,

4/06/26

South

Korea

2,800,000

2,821,852

Peru

Government

Bond

,

Senior

Bond

,

2.783%,

1/23/31

.......

Peru

800,000

690,543

Petroleos

Mexicanos

,

Senior

Note

,

6.875%,

10/16/25

........

Mexico

990,000

988,099

Total

Foreign

Government

and

Agency

Securities

(Cost

$

30,324,665

)

............

29,859,578

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

20.2%

U.S.

Treasury

Bonds

,

Zero

Cpn.,

11/15/27

.................

United

States

42,300,000

$

37,514,005

U.S.

Treasury

Notes

,

m

Index

Linked,

0.125

%,

4/15/26

........................

United

States

23,400,000

27,672,705

0.75

%,

8/31/26

...................................

United

States

16,000,000

15,165,937

2

%,

11/15/26

.....................................

United

States

27,000,000

25,986,445

0.625

%,

3/31/27

...................................

United

States

105,000,000

97,342,383

0.5

%,

8/31/27

....................................

United

States

45,000,000

40,960,547

4.125

%,

11/15/27

..................................

United

States

2,900,000

2,891,957

2.75

%,

2/15/28

...................................

United

States

54,000,000

51,715,547

1.25

%,

3/31/28

...................................

United

States

86,300,000

78,735,266

3.75

%,

12/31/28

...................................

United

States

16,200,000

15,880,113

Total

U.S.

Government

and

Agency

Securities

(Cost

$

394,448,024

)

..............

393,864,905

Asset-Backed

Securities

19.9%

Banks

1.2%

Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49%,

5/15/27

.

.........................................

United

States

17,330,000

17,279,222

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97%,

9/15/27

.

..........

United

States

6,794,000

6,773,725

24,052,947

a

a

a

a

a

a

Consumer

Finance

6.8%

American

Express

Credit

Account

Master

Trust

,

2022-2

,

A

,

3.39%,

5/15/27

...........................

United

States

11,100,000

11,064,579

2022-3

,

A

,

3.75%,

8/15/27

...........................

United

States

18,235,000

18,163,291

2023-1

,

A

,

4.87%,

5/15/28

...........................

United

States

10,380,000

10,438,088

BA

Credit

Card

Trust

,

2022-A1

,

A1

,

3.53%,

11/15/27

........................

United

States

3,870,000

3,856,038

2022-A2

,

A2

,

5%,

4/15/28

...........................

United

States

11,562,000

11,612,888

2023-A2

,

A2

,

4.98%,

11/15/28

........................

United

States

6,140,000

6,200,132

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56%,

7/15/27

.........................

United

States

18,930,000

18,847,616

2023-A2

,

A

,

4.93%,

6/15/28

..........................

United

States

10,380,000

10,447,492

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-4

,

A3

,

5.78%,

8/16/28

..........................

United

States

7,410,000

7,526,366

2024-1

,

A3

,

4.85%,

12/18/28

.........................

United

States

11,000,000

11,053,757

2024-2

,

A2A

,

5.33%,

3/16/27

.........................

United

States

1,650,078

1,654,967

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48%,

4/17/28

..........................

United

States

3,550,000

3,585,394

2024-A

,

A3

,

4.99%,

2/15/29

..........................

United

States

3,520,000

3,548,255

Toyota

Auto

Receivables

Owner

Trust

,

2024-A

,

A3

,

4.83%,

10/16/28

.........................

United

States

6,670,000

6,698,824

2024-B

,

A3

,

5.33%,

1/16/29

..........................

United

States

7,770,000

7,873,718

132,571,405

a

a

a

a

a

a

Financial

Services

11.9%

d

American

Homes

4

Rent

Trust

,

2015-SFR1

,

A

,

144A,

3.467%,

4/17/52

.

.........................................

United

States

4,975,511

4,958,386

d

,h

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

5.605%,

(

3-month

SOFR

+

1.312

%

),

4/20/34

.

...........................

United

States

19,306,000

19,333,555

d

,h

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

5.452%,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

4,102,307

4,110,467

d

,h

BlueMountain

CLO

Ltd.

,

2016-3A

,

A1R2

,

144A,

FRN

,

5.723%,

(

3-month

SOFR

+

1.2

%

),

11/15/30

.

....................

United

States

8,152,801

8,171,229

d

,h

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

5.705%,

(

3-month

SOFR

+

1.412

%

),

4/19/34

.

.............

United

States

3,130,000

3,134,904

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,h

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.363%,

(

3-month

SOFR

+

1.07

%

),

7/18/34

.

....................

United

States

2,480,000

$

2,483,446

d

,h

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2015-4A

,

A1RR

,

144A,

FRN

,

5.513%,

(

3-month

SOFR

+

1.22

%

),

7/20/32

...................................

United

States

7,516,085

7,535,491

2016-1A

,

A1R2

,

144A,

FRN

,

5.695%,

(

3-month

SOFR

+

1.402

%

),

4/20/34

..................................

United

States

2,000,000

2,003,040

d

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69%,

7/15/60

.

...

United

States

3,291,994

3,229,935

d

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26

,

PT

,

144A,

FRN

,

18.781%,

8/15/44

..............

United

States

4,166

2,849

2019-31

,

PT

,

144A,

FRN

,

5.287%,

9/15/44

...............

United

States

2,692

2,059

2019-37

,

PT

,

144A,

FRN

,

14.443%,

10/17/44

.............

United

States

4,872

4,832

2019-42

,

PT

,

144A,

FRN

,

18.836%,

11/15/44

.............

United

States

2,793

2,111

2019-51

,

PT

,

144A,

FRN

,

6.065%,

1/15/45

...............

United

States

16,381

15,830

2019-52

,

PT

,

144A,

FRN

,

11.656%,

1/15/45

..............

United

States

23,792

19,152

2019-S6

,

PT

,

144A,

FRN

,

11.814%,

10/17/44

.............

United

States

2,977

1,933

2019-S8

,

PT

,

144A,

FRN

,

10.075%,

1/15/45

..............

United

States

5,164

5,032

2020-2

,

PT

,

144A,

FRN

,

7.821%,

3/15/45

................

United

States

26,516

24,963

2020-7

,

PT

,

144A,

FRN

,

9.76%,

4/17/45

.................

United

States

21,411

18,976

d

,h

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.684%,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

1,000,000

1,004,278

h

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

5.175%,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.................................

United

States

23,043

23,340

d

,h

Dryden

68

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.402%,

(

3-month

SOFR

+

1.1

%

),

7/15/35

.

.....................

United

States

6,450,000

6,456,196

d

,h

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

6.205%,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.

...................

United

States

510,925

511,579

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266%,

10/19/37

.

.

United

States

3,874,419

3,788,021

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09%,

12/15/28

.

...

United

States

6,670,000

6,732,360

d

,h

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

5.767%,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

...................

United

States

514,141

515,367

d

,h

GoldenTree

Loan

Management

US

CLO

11

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

5.373%,

(

3-month

SOFR

+

1.08

%

),

10/20/34

.

...

United

States

4,960,000

4,971,847

d

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649%,

1/17/41

.

.........................................

United

States

1,359,523

1,239,194

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41%,

2/18/28

..........................

United

States

8,070,000

8,144,788

2023-4

,

A3

,

5.67%,

6/21/28

..........................

United

States

7,010,000

7,116,138

2024-1

,

A2

,

5.36%,

9/15/26

..........................

United

States

4,111,353

4,122,007

d

,h

J.P.

Morgan

Mortgage

Trust

,

2024-HE3

,

A1

,

144A,

FRN

,

5.573%,

(

30-day

SOFR

Average

+

1.2

%

),

2/25/55

.

................

United

States

2,002,988

2,008,295

d

,h

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

5.382%,

(

3-month

SOFR

+

1.08

%

),

7/15/34

.

..............

United

States

7,000,000

7,011,178

d

,h

Madison

Park

Funding

XXIX

Ltd.

,

2018-29A

,

AR

,

144A,

FRN

,

5.473%,

(

3-month

SOFR

+

1.18

%

),

10/18/30

.

.............

United

States

6,902,404

6,918,970

d

,h

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

5.33%,

(

3-month

SOFR

+

1.04

%

),

7/23/32

.

....................

United

States

2,155,516

2,161,074

d

,h

Neuberger

Berman

CLO

XVI-S

Ltd.

,

2017-16SA

,

AR

,

144A,

FRN

,

5.604%,

(

3-month

SOFR

+

1.302

%

),

4/15/34

.

.............

United

States

15,000,000

15,020,156

d

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91%,

10/20/61

.

..................................

United

States

13,870,000

12,839,483

Nissan

Auto

Receivables

Owner

Trust

,

2023-A

,

A3

,

4.91%,

11/15/27

.

........................................

United

States

14,386,000

14,422,552

d

,h

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.724%,

(

3-month

SOFR

+

1.422

%

),

10/15/34

.

..........................

United

States

15,000,000

15,022,842

d

,h

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

5.529%,

(

3-month

SOFR

+

1.222

%

),

4/16/31

.

........

United

States

357,023

358,357

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,h

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.655%,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

2,000,000

$

2,008,744

d

,h

OHA

Credit

Partners

VII

Ltd.

,

2012-7A

,

AR3

,

144A,

FRN

,

5.853%,

(

3-month

SOFR

+

1.332

%

),

2/20/34

.

...................

United

States

17,876,000

17,895,322

d

,n

Prosper

Pass-Thru

Trust

III

,

2020-PT1

,

A

,

144A,

FRN

,

8.796%,

3/15/26

...............

United

States

18,852

14,288

2020-PT2

,

A

,

144A,

FRN

,

9.444%,

4/15/26

...............

United

States

20,212

15,070

2020-PT3

,

A

,

144A,

FRN

,

7.183%,

5/15/26

...............

United

States

6,517

5,487

h

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

5.125%,

(

1-month

SOFR

+

0.814

%

),

3/25/34

.

.................................

United

States

57,939

57,296

d

,h

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.684%,

(

3-month

SOFR

+

1.382

%

),

4/15/36

.

................................

United

States

23,418,000

23,466,007

d

,h

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.323%,

(

3-month

SOFR

+

1.03

%

),

1/20/32

.

....................

United

States

3,609,091

3,617,925

d

,h

,i

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

0%,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

4,300,000

4,303,225

d

,h

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

5.362%,

(

3-month

SOFR

+

1.06

%

),

4/15/31

.

..............

United

States

2,371,728

2,377,817

d

,h

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.814%,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...........................

United

States

2,500,000

2,511,024

231,718,417

a

a

a

a

a

a

Passenger

Airlines

0.0%

†

American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2%,

6/15/28

.

.........................................

United

States

31,475

29,850

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875%,

7/15/27

.

United

States

172,800

171,982

201,832

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

387,608,963

)

............................

388,544,601

Commercial

Mortgage-Backed

Securities

2.0%

Financial

Services

2.0%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705%,

9/15/48

...................................

United

States

100,000

99,107

d

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

5.121%,

(

1-month

SOFR

+

0.814

%

),

9/15/36

.............

United

States

5,430,000

5,405,210

d

,h

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

5.11%,

(

1-month

SOFR

+

0.804

%

),

10/15/36

..........................

United

States

7,517,000

7,485,060

d

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.797%,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

6,095,858

6,107,952

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45%,

7/10/49

.........................................

United

States

1,250,750

1,219,171

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718%,

8/15/48

.........................................

United

States

1,530,000

1,519,062

d

,n

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555%,

9/10/35

...................................

United

States

2,005,000

1,970,250

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05%,

5/10/49

........................

United

States

890,000

871,778

2016-GS3

,

A4

,

2.85%,

10/10/49

.......................

United

States

600,000

580,159

2017-GS6

,

A3

,

3.433%,

5/10/50

.......................

United

States

2,000,000

1,923,997

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30

,

A5

,

3.822%,

7/15/48

.......................

United

States

1,500,000

1,480,793

2015-C31

,

A3

,

3.801%,

8/15/48

.......................

United

States

2,203,407

2,185,554

2016-C1

,

A5

,

3.576%,

3/17/49

........................

United

States

4,417,000

4,357,340

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414%,

3/15/50

...................................

United

States

2,113,089

2,052,423

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695%,

11/15/48

........................................

United

States

1,050,000

$

1,039,699

38,297,555

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

38,219,108

)

..............

38,297,555

Mortgage-Backed

Securities

2.7%

o

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

6.572

%

-

7.029

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.......

United

States

436,942

448,964

448,964

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.5%

FHLMC

Gold

Pool,

30

Year

,

5

%,

1/01/39

..................

United

States

37,484

37,341

FHLMC

Pool,

15

Year

,

3

%,

10/01/37

.....................

United

States

9,834,988

9,182,248

FHLMC

Pool,

15

Year

,

3.5

%,

10/01/37

....................

United

States

10,098,226

9,570,919

FHLMC

Pool,

30

Year

,

6

%,

2/01/55

......................

United

States

29,060,000

29,283,216

48,073,724

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.2%

FNMA

,

4.463

%

-

5.352

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

..................................

United

States

14,041

13,969

FNMA

,

4.288

%

-

5.764

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

................................

United

States

24,397

24,142

FNMA

,

5.725

%

-

5.83

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

........

United

States

18,396

18,387

FNMA

,

6.031

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

.

United

States

10,770

10,758

FNMA

,

5.946

%

-

7.298

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.....................

United

States

90,257

91,484

FNMA

,

5.66

%

-

7.3

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

8/01/37

........

United

States

294,456

294,471

FNMA

,

4.895

%

-

7.595

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/26

-

4/01/40

..................................

United

States

531,912

543,407

FNMA

,

5.689

%

-

8

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

........

United

States

2,631,179

2,696,552

3,693,170

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year

,

3.5

%,

10/01/25

.........................

United

States

23,065

22,915

FNMA,

15

Year

,

4

%,

12/01/25

..........................

United

States

34,748

34,577

FNMA,

15

Year

,

4.5

%,

6/01/25

.........................

United

States

4,412

4,399

FNMA,

30

Year

,

5

%,

3/01/38

...........................

United

States

5,591

5,562

67,453

o

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

4.625

%

-

4.875

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

..................................

United

States

1,738

1,739

1,739

Total

Mortgage-Backed

Securities

(Cost

$

52,309,541

)

..........................

52,285,050

Municipal

Bonds

0.9%

California

0.2%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

4,705,000

4,329,866

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.4%

Empire

State

Development

Corp.

,

Revenue

,

2019

B

,

ETM,

2.25

%

,

3/15/26

.................

United

States

1,920,000

$

1,875,532

Revenue

,

2019

B

,

ETM,

2.25

%

,

3/15/26

.................

United

States

6,830,000

6,668,196

8,543,728

Texas

0.3%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

...................................

United

States

4,825,000

4,729,438

Total

Municipal

Bonds

(Cost

$

18,064,023

)

....................................

17,603,032

Residential

Mortgage-Backed

Securities

5.8%

Capital

Markets

0.0%

†

h

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

5.165%,

(

1-month

SOFR

+

0.854

%

),

3/25/28

United

States

31,303

29,594

2003-E

,

A1

,

FRN

,

5.045%,

(

1-month

SOFR

+

0.734

%

),

10/25/28

........................................

United

States

98,912

93,862

123,456

a

a

a

a

a

a

Financial

Services

5.8%

h

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

6.7%,

(

6-month

SOFR

+

2.428

%

),

6/25/45

...............

United

States

66,878

66,553

d

BRAVO

Residential

Funding

Trust

,

n

2019-2

,

A3

,

144A,

FRN

,

3.5%,

10/25/44

.................

United

States

2,182,981

2,067,318

2023-NQM4

,

A1

,

144A,

6.435%,

5/25/63

................

United

States

5,410,538

5,451,690

2023-NQM5

,

A1

,

144A,

6.505%,

6/25/63

................

United

States

548,554

553,046

2023-NQM8

,

A1

,

144A,

6.394%,

10/25/63

...............

United

States

2,779,323

2,803,029

2024-NQM2

,

A1

,

144A,

6.285%,

2/25/64

................

United

States

1,110,333

1,120,062

2024-NQM3

,

A1

,

144A,

6.191%,

3/25/64

................

United

States

3,694,441

3,721,071

n

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

5.454%,

7/25/34

.........................................

United

States

476,801

450,944

d

,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4%,

2/25/49

.........

United

States

57,972

54,816

d

COLT

Mortgage

Loan

Trust

,

n

2022-4

,

A1

,

144A,

FRN

,

4.301%,

3/25/67

................

United

States

2,410,781

2,378,505

2024-1

,

A1

,

144A,

5.835%,

2/25/69

....................

United

States

1,814,064

1,819,925

2024-INV1

,

A1

,

144A,

5.903%,

12/25/68

.................

United

States

1,223,626

1,228,718

d

,h

Connecticut

Avenue

Securities

Trust

,

2023-R08

,

1M1

,

144A,

FRN

,

5.851%,

(

30-day

SOFR

Average

+

1.5

%

),

10/25/43

...................................

United

States

7,413,015

7,454,674

2024-R02

,

1M1

,

144A,

FRN

,

5.451%,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/44

....................................

United

States

2,568,600

2,571,367

2024-R03

,

2M1

,

144A,

FRN

,

5.499%,

(

30-day

SOFR

Average

+

2.3

%

),

3/25/44

....................................

United

States

2,797,818

2,800,710

2024-R05

,

2M1

,

144A,

FRN

,

5.351%,

(

30-day

SOFR

Average

+

1

%

),

7/25/44

.....................................

United

States

1,710,362

1,710,968

2024-R06

,

1M1

,

144A,

FRN

,

5.401%,

(

30-day

SOFR

Average

+

1.05

%

),

9/25/44

...................................

United

States

1,347,067

1,351,067

2025-R01

,

1A1

,

144A,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

1,703,000

1,709,785

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5%,

1/25/38

..................................

Switzerland

101,017

57,884

d

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085%,

12/25/68

..

United

States

2,486,878

2,495,471

d

,n

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5%,

7/25/44

......

United

States

260,912

238,766

d

,h

FHLMC

STACR

REMIC

Trust

,

2024-DNA3

,

M1

,

144A,

FRN

,

5.351%,

(

30-day

SOFR

Average

+

1

%

),

10/25/44

...................................

United

States

1,051,341

1,051,978

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d,h

FHLMC

STACR

REMIC

Trust,

(continued)

2024-HQA2

,

M1

,

144A,

FRN

,

5.551%,

(

30-day

SOFR

Average

+

1.2

%

),

8/25/44

..................................

United

States

7,650,984

$

7,687,954

2025-DNA1

,

A1

,

144A,

FRN

,

5.335%,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

2,843,000

2,846,254

h

FNMA

Connecticut

Avenue

Securities

,

2015-C01

,

1M2

,

FRN

,

8.765%,

(

30-day

SOFR

Average

+

4.414

%

),

2/25/25

..................................

United

States

993,348

995,764

2015-C02

,

1M2

,

FRN

,

8.465%,

(

30-day

SOFR

Average

+

4.114

%

),

5/25/25

..................................

United

States

1,741,955

1,756,164

2015-C03

,

1M2

,

FRN

,

9.465%,

(

30-day

SOFR

Average

+

5.114

%

),

7/25/25

..................................

United

States

1,860,645

1,898,147

2016-C01

,

1M2

,

FRN

,

11.215%,

(

30-day

SOFR

Average

+

6.864

%

),

8/25/28

..................................

United

States

300,538

312,589

2016-C01

,

2M2

,

FRN

,

11.415%,

(

30-day

SOFR

Average

+

7.064

%

),

8/25/28

..................................

United

States

973,172

1,014,660

n

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.922%,

1/25/35

.........................................

United

States

53,901

50,612

n

J.P.

Morgan

Mortgage

Trust

,

2004-A1

,

5A1

,

FRN

,

6.827%,

2/25/34

...................

United

States

14,979

15,066

d

2021-15

,

A4

,

144A,

FRN

,

2.5%,

6/25/52

.................

United

States

1,846,355

1,612,807

d

,n

Mill

City

Mortgage

Loan

Trust

,

2018-1

,

A1

,

144A,

FRN

,

3.25%,

5/25/62

.................

United

States

1,606,707

1,586,525

2018-4

,

A1B

,

144A,

FRN

,

3.5%,

4/25/66

.................

United

States

3,135,696

3,067,157

d

,h

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.701%,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

United

States

3,039,514

3,052,583

h

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

5.1%,

(

1-month

SOFR

+

0.789

%

),

2/25/36

...........................

United

States

31,154

30,397

d

OBX

Trust

,

h

2018-1

,

A2

,

144A,

FRN

,

5.075%,

(

1-month

SOFR

+

0.764

%

),

6/25/57

.........................................

United

States

555,085

544,591

n

2021-J3

,

A4

,

144A,

FRN

,

2.5%,

10/25/51

................

United

States

699,772

614,385

2023-NQM10

,

A1

,

144A,

6.465%,

10/25/63

..............

United

States

4,560,307

4,603,871

2024-NQM1

,

A1

,

144A,

5.928%,

11/25/63

...............

United

States

1,584,404

1,590,494

d

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5%,

2/20/49

....................................

United

States

1,342,612

1,168,154

d

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5%,

8/25/51

.........

United

States

6,684,704

5,914,866

d

,h

Station

Place

Securitization

Trust

,

2024-10

,

A

,

144A,

FRN

,

5.205%,

(

1-month

SOFR

+

0.9

%

),

10/27/25

........................................

United

States

5,000,000

5,027,842

2024-2

,

A

,

144A,

FRN

,

5.205%,

(

1-month

SOFR

+

0.9

%

),

6/22/25

.........................................

United

States

5,000,000

5,003,963

h

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

5.165%,

(

1-month

SOFR

+

0.854

%

),

9/25/34

....................

United

States

204,119

188,199

d

,n

Towd

Point

Mortgage

Trust

,

2018-4

,

A1

,

144A,

FRN

,

3%,

6/25/58

...................

United

States

7,205,816

6,723,728

2019-1

,

A1

,

144A,

FRN

,

3.75%,

3/25/58

.................

United

States

5,118,316

4,920,097

d

Verus

Securitization

Trust

,

2023-INV2

,

A1

,

144A,

6.443%,

8/25/68

.................

United

States

797,921

804,994

n

2023-INV3

,

A1

,

144A,

FRN

,

6.876%,

11/25/68

............

United

States

1,602,939

1,630,799

2024-2

,

A1

,

144A,

6.095%,

2/25/69

....................

United

States

701,615

705,964

2024-3

,

A1

,

144A,

6.338%,

4/25/69

....................

United

States

3,084,431

3,112,808

2024-INV1

,

A1

,

144A,

6.116%,

3/25/69

..................

United

States

682,930

687,915

112,327,696

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

115,264,997

)

..............

112,451,152

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

4.3%

Financial

Services

4.3%

h

FHLMC

,

413

,

F23

,

FRN

,

5.401%,

(

30-day

SOFR

Average

+

1.05

%

),

5/25/54

.........................................

United

States

4,634,828

$

4,636,557

5438

,

FB

,

FRN

,

5.251%,

(

30-day

SOFR

Average

+

0.9

%

),

8/25/54

.........................................

United

States

7,401,861

7,358,623

5438

,

FC

,

FRN

,

5.451%,

(

30-day

SOFR

Average

+

1.1

%

),

8/25/54

.........................................

United

States

8,955,146

8,939,894

5478

,

FK

,

FRN

,

5.451%,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/54

.........................................

United

States

9,281,636

9,290,912

h

FNMA

,

2024-33

,

KF

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/54

.........................................

United

States

2,278,781

2,283,136

2024-54

,

FC

,

FRN

,

5.321%,

(

30-day

SOFR

Average

+

0.97

%

),

8/25/54

.........................................

United

States

8,116,618

8,136,088

2024-77

,

FM

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

8,309,666

8,281,572

2024-8

,

FA

,

FRN

,

5.401%,

(

30-day

SOFR

Average

+

1.05

%

),

3/25/54

.........................................

United

States

7,800,126

7,833,133

2024-82

,

FE

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

9,262,365

9,206,723

2024-93

,

FD

,

FRN

,

5.401%,

(

30-day

SOFR

Average

+

1.05

%

),

12/25/54

........................................

United

States

9,427,232

9,413,084

2024-98

,

FA

,

FRN

,

5.501%,

(

30-day

SOFR

Average

+

1.15

%

),

12/25/53

........................................

United

States

9,593,160

9,625,475

85,005,197

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

85,058,943

)

.......

85,005,197

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

60,686

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

1,900,000

28,500

Total

Escrows

and

Litigation

Trusts

(Cost

$

1,838,967

)

.........................

28,500

Total

Long

Term

Investments

(Cost

$

1,934,782,976

)

...........................

1,916,300,271

a

Short

Term

Investments

2.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.0%

p,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

39,118,026

39,118,026

Total

Money

Market

Funds

(Cost

$

39,118,026

)

................................

39,118,026

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.4%

r

Joint

Repurchase

Agreement

,

4.32

%

,

2/03/25

(Maturity

Value

$

7,534,311

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$4,231,420)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$2,287,341)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$1,015,550)

Collateralized

by

U.S.

Government

Agency

Securities,

3%

-

6.5%,

8/15/39

-

12/20/54;

U.S.

Treasury

Bills,

2/11/25

-

12/26/25;

and

U.S.

Treasury

Notes,

4.88%,

10/31/28

(valued

at

$

7,685,231

)

......................................

7,531,600

$

7,531,600

Total

Repurchase

Agreements

(Cost

$

7,531,600

)

..............................

7,531,600

Total

Short

Term

Investments

(Cost

$

46,649,626

)

..............................

46,649,626

a

Total

Investments

(Cost

$

1,981,432,602

)

100.6

%

..............................

$1,962,949,897

Other

Assets,

less

Liabilities

(

0.6

)

%

.........................................

(12,014,716)

Net

Assets

100.0%

.........................................................

$1,950,935,181

a

a

a

*

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

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

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,

2025,

the

aggregate

value

of

these

securities

was

$605,985,238,

representing

31.1%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

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.

k

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

n

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.

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;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

p

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

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,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

,

At

January

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

0.9%

Block,

Inc.

a

6985204.SQ.FTS.B

,

5

.199

%

,

3/02/25

....

$

232

$

185

a

6985220.SQ.FTS.B

,

5

.398

%

,

3/02/25

....

458

13

a

6985229.SQ.FTS.B

,

5

.577

%

,

3/02/25

....

253

180

a

6985273.SQ.FTS.B

,

6

.415

%

,

3/02/25

....

2,749

1,273

a

6985777.SQ.FTS.B

,

5

.451

%

,

3/03/25

....

755

16

a

6986211.SQ.FTS.B

,

6

.259

%

,

3/03/25

....

2,111

50

a

6986260.SQ.FTS.B

,

5

.372

%

,

3/04/25

....

1,061

747

a

6986732.SQ.FTS.B

,

5

.75

%

,

3/04/25

.....

4

3

a

6990348.SQ.FTS.B

,

5

.193

%

,

3/05/25

....

595

467

a

6987677.SQ.FTS.B

,

5

.409

%

,

3/05/25

....

322

91

a

6989032.SQ.FTS.B

,

5

.754

%

,

3/05/25

....

475

143

a

6990296.SQ.FTS.B

,

6

.005

%

,

3/05/25

....

4,702

2,994

a

6988972.SQ.FTS.B

,

6

.258

%

,

3/05/25

....

1,016

735

a

6992507.SQ.FTS.B

,

4

.661

%

,

3/06/25

....

1,516

1,138

a

6993196.SQ.FTS.B

,

5

.381

%

,

3/06/25

....

2,107

1,408

a

6991196.SQ.FTS.B

,

5

.437

%

,

3/06/25

....

8,279

229

a

6991595.SQ.FTS.B

,

5

.76

%

,

3/06/25

.....

5,054

96

a

6996992.SQ.FTS.B

,

5

.377

%

,

3/07/25

....

26,963

707

a

7001929.SQ.FTS.B

,

5

.189

%

,

3/08/25

....

13,810

6,493

a

7000476.SQ.FTS.B

,

5

.364

%

,

3/08/25

....

31

27

a

7002443.SQ.FTS.B

,

5

.762

%

,

3/09/25

....

955

703

a

7002610.SQ.FTS.B

,

6

.007

%

,

3/09/25

....

17,254

566

a

7002426.SQ.FTS.B

,

6

.179

%

,

3/09/25

....

624

375

a

7004443.SQ.FTS.B

,

4

.762

%

,

3/11/25

....

412

297

a

7005506.SQ.FTS.B

,

5

.378

%

,

3/11/25

....

18,115

1,921

a

7007402.SQ.FTS.B

,

5

.385

%

,

3/11/25

....

1,339

933

a

7005245.SQ.FTS.B

,

5

.563

%

,

3/11/25

....

1,929

1,428

a

7010131.SQ.FTS.B

,

5

.189

%

,

3/12/25

....

20,764

13,197

a

7008617.SQ.FTS.B

,

6

.161

%

,

3/12/25

....

3,028

858

a

7009259.SQ.FTS.B

,

6

.255

%

,

3/12/25

....

3,012

100

a

7010951.SQ.FTS.B

,

4

.654

%

,

3/13/25

....

6,899

5,779

a

7012805.SQ.FTS.B

,

5

.988

%

,

3/13/25

....

567

364

a

7016317.SQ.FTS.B

,

4

.937

%

,

3/14/25

....

2,750

2,156

a

7019673.SQ.FTS.B

,

5

.581

%

,

3/14/25

....

1,295

39

a

7024365.SQ.FTS.B

,

4

.651

%

,

3/15/25

....

733

641

a

7023175.SQ.FTS.B

,

5

.431

%

,

3/15/25

....

823

486

a

7024235.SQ.FTS.B

,

5

.439

%

,

3/15/25

....

2,834

2,021

a

7025124.SQ.FTS.B

,

4

.744

%

,

3/16/25

....

3,040

1,694

a

7025072.SQ.FTS.B

,

5

.418

%

,

3/16/25

....

446

299

a

7025111.SQ.FTS.B

,

5

.439

%

,

3/16/25

....

513

89

a

7025888.SQ.FTS.B

,

6

.038

%

,

3/17/25

....

529

349

a

7025788.SQ.FTS.B

,

6

.255

%

,

3/17/25

....

11,440

256

a

7026048.SQ.FTS.B

,

6

.268

%

,

3/17/25

....

614

165

a

7028614.SQ.FTS.B

,

4

.717

%

,

3/18/25

....

78

4

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7027254.SQ.FTS.B

,

4

.752

%

,

3/18/25

....

$

1,929

$

1,206

a

7028557.SQ.FTS.B

,

5

.199

%

,

3/18/25

....

769

600

a

7028576.SQ.FTS.B

,

5

.457

%

,

3/18/25

....

32

12

a

7027686.SQ.FTS.B

,

5

.768

%

,

3/18/25

....

1,251

383

a

7027442.SQ.FTS.B

,

6

.006

%

,

3/18/25

....

942

662

a

7032162.SQ.FTS.B

,

4

.742

%

,

3/19/25

....

565

20

a

7035045.SQ.FTS.B

,

4

.936

%

,

3/20/25

....

3,441

3,021

a

7039863.SQ.FTS.B

,

4

.66

%

,

3/21/25

.....

629

563

a

7043668.SQ.FTS.B

,

5

.379

%

,

3/21/25

....

6,093

4,628

a

7040021.SQ.FTS.B

,

5

.382

%

,

3/21/25

....

237

215

a

7039967.SQ.FTS.B

,

5

.752

%

,

3/21/25

....

994

693

a

7039769.SQ.FTS.B

,

6

.005

%

,

3/21/25

....

3,956

1,107

a

7040905.SQ.FTS.B

,

6

.007

%

,

3/21/25

....

22,019

812

a

7047140.SQ.FTS.B

,

4

.75

%

,

3/23/25

.....

2,597

60

a

7047161.SQ.FTS.B

,

5

.189

%

,

3/23/25

....

6,379

5,288

a

7047886.SQ.FTS.B

,

5

.732

%

,

3/23/25

....

589

411

a

7048733.SQ.FTS.B

,

4

.929

%

,

3/24/25

....

988

632

a

7050019.SQ.FTS.B

,

4

.65

%

,

3/25/25

.....

2,310

1,712

a

7050581.SQ.FTS.B

,

5

.375

%

,

3/25/25

....

8,131

2,329

a

7050168.SQ.FTS.B

,

5

.567

%

,

3/25/25

....

5,552

4,026

a

7051978.SQ.FTS.B

,

5

.76

%

,

3/25/25

.....

838

554

a

7050136.SQ.FTS.B

,

6

.253

%

,

3/25/25

....

3,652

105

a

7053706.SQ.FTS.B

,

5

.193

%

,

3/26/25

....

1,705

1,154

a

7054573.SQ.FTS.B

,

5

.377

%

,

3/26/25

....

14,554

443

a

7058391.SQ.FTS.B

,

4

.656

%

,

3/27/25

....

1,485

1,258

a

7056063.SQ.FTS.B

,

4

.935

%

,

3/27/25

....

560

535

a

7057637.SQ.FTS.B

,

5

.19

%

,

3/27/25

.....

13,130

8,964

a

7055970.SQ.FTS.B

,

6

.01

%

,

3/27/25

.....

786

382

a

7062676.SQ.FTS.B

,

4

.653

%

,

3/28/25

....

3,932

2,868

a

7062654.SQ.FTS.B

,

5

.431

%

,

3/28/25

....

886

509

a

7066194.SQ.FTS.B

,

5

.377

%

,

3/29/25

....

28,131

997

a

7064997.SQ.FTS.B

,

5

.761

%

,

3/29/25

....

2,134

73

a

7065185.SQ.FTS.B

,

5

.763

%

,

3/29/25

....

1,410

104

a

7068868.SQ.FTS.B

,

5

.445

%

,

3/30/25

....

1,970

54

a

7069196.SQ.FTS.B

,

5

.446

%

,

4/01/25

....

461

109

a

7073547.SQ.FTS.B

,

4

.935

%

,

4/02/25

....

100

97

a

7071928.SQ.FTS.B

,

4

.936

%

,

4/02/25

....

5,121

2,420

a

7073679.SQ.FTS.B

,

5

.748

%

,

4/02/25

....

207

176

a

7071249.SQ.FTS.B

,

6

.416

%

,

4/02/25

....

7,885

643

a

7077380.SQ.FTS.B

,

4

.941

%

,

4/03/25

....

1,908

1,586

a

7075884.SQ.FTS.B

,

5

.438

%

,

4/03/25

....

4,223

111

a

7076994.SQ.FTS.B

,

5

.754

%

,

4/03/25

....

711

588

a

7077757.SQ.FTS.B

,

5

.756

%

,

4/03/25

....

1,044

538

a

7078893.SQ.FTS.B

,

5

.568

%

,

4/04/25

....

13,551

5,407

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7085122.SQ.FTS.B

,

6

.164

%

,

4/05/25

....

$

2,518

$

59

a

7088413.SQ.FTS.B

,

6

.289

%

,

4/05/25

....

185

60

a

7092138.SQ.FTS.B

,

5

.188

%

,

4/06/25

....

5,761

101

a

7093323.SQ.FTS.B

,

5

.438

%

,

4/08/25

....

1,093

16

a

7094575.SQ.FTS.B

,

5

.755

%

,

4/09/25

....

13,105

9,865

a

7097479.SQ.FTS.B

,

5

.565

%

,

4/10/25

....

9,363

172

a

7101561.SQ.FTS.B

,

4

.937

%

,

4/11/25

....

27,006

4,409

a

7099846.SQ.FTS.B

,

6

.007

%

,

4/11/25

....

13,623

8,620

a

7107564.SQ.FTS.B

,

4

.743

%

,

4/12/25

....

1,397

874

a

7106931.SQ.FTS.B

,

6

.261

%

,

4/12/25

....

2,406

1,572

a

7105417.SQ.FTS.B

,

6

.262

%

,

4/12/25

....

4,459

2,229

a

7112020.SQ.FTS.B

,

5

.188

%

,

4/14/25

....

21,909

15,433

a

7112700.SQ.FTS.B

,

5

.996

%

,

4/14/25

....

23

17

a

7113376.SQ.FTS.B

,

5

.368

%

,

4/15/25

....

844

98

a

7113346.SQ.FTS.B

,

6

.406

%

,

4/15/25

....

210

120

a

7120915.SQ.FTS.B

,

5

.566

%

,

4/17/25

....

1,497

898

a

7118185.SQ.FTS.B

,

5

.751

%

,

4/17/25

....

5,462

120

a

7121348.SQ.FTS.B

,

6

.003

%

,

4/17/25

....

1,474

772

a

7126036.SQ.FTS.B

,

4

.655

%

,

4/18/25

....

892

760

a

7124599.SQ.FTS.B

,

4

.937

%

,

4/18/25

....

39,341

4,267

a

7124204.SQ.FTS.B

,

5

.74

%

,

4/18/25

.....

545

40

a

7135706.SQ.FTS.B

,

4

.707

%

,

4/19/25

....

608

8

a

7133597.SQ.FTS.B

,

4

.746

%

,

4/19/25

....

7,487

3,112

a

7134867.SQ.FTS.B

,

4

.752

%

,

4/19/25

....

165

103

a

7128660.SQ.FTS.B

,

5

.37

%

,

4/19/25

.....

1,340

625

a

7135686.SQ.FTS.B

,

5

.439

%

,

4/19/25

....

376

9

a

7135696.SQ.FTS.B

,

5

.468

%

,

4/19/25

....

190

95

a

7132843.SQ.FTS.B

,

5

.567

%

,

4/19/25

....

14,017

8,699

a

7135103.SQ.FTS.B

,

5

.76

%

,

4/19/25

.....

1,004

720

a

7136322.SQ.FTS.B

,

5

.563

%

,

4/20/25

....

2,031

1,332

a

7140246.SQ.FTS.B

,

6

.412

%

,

4/20/25

....

168

130

a

7141603.SQ.FTS.B

,

5

.191

%

,

4/21/25

....

3,231

2,085

a

7141569.SQ.FTS.B

,

5

.458

%

,

4/21/25

....

625

309

a

7147299.SQ.FTS.B

,

5

.377

%

,

4/23/25

....

12,972

141

a

7146101.SQ.FTS.B

,

6

.418

%

,

4/23/25

....

1,308

1,029

a

7150208.SQ.FTS.B

,

4

.939

%

,

4/24/25

....

594

586

a

7154213.SQ.FTS.B

,

5

.189

%

,

4/25/25

....

811

630

a

7154002.SQ.FTS.B

,

5

.455

%

,

4/25/25

....

646

276

a

7153341.SQ.FTS.B

,

5

.756

%

,

4/25/25

....

6,870

174

a

7160912.SQ.FTS.B

,

4

.743

%

,

4/27/25

....

977

645

a

7161885.SQ.FTS.B

,

5

.562

%

,

4/27/25

....

6,709

178

a

7163945.SQ.FTS.B

,

5

.754

%

,

4/27/25

....

3,045

188

a

7162414.SQ.FTS.B

,

5

.758

%

,

4/27/25

....

535

391

a

7164232.SQ.FTS.B

,

6

.158

%

,

4/28/25

....

301

214

a

7164732.SQ.FTS.B

,

6

.175

%

,

4/28/25

....

2,637

737

a

7165960.SQ.FTS.B

,

6

.259

%

,

4/29/25

....

631

387

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7169411.SQ.FTS.B

,

5

.385

%

,

4/30/25

....

$

435

$

328

a

7172354.SQ.FTS.B

,

5

.439

%

,

4/30/25

....

103

78

a

7173037.SQ.FTS.B

,

5

.572

%

,

4/30/25

....

3,983

1,304

a

7172761.SQ.FTS.B

,

6

.258

%

,

4/30/25

....

9,856

3,498

a

7170354.SQ.FTS.B

,

6

.414

%

,

4/30/25

....

4,494

3,146

a

7174387.SQ.FTS.B

,

5

.188

%

,

5/01/25

....

2,758

2,647

a

7175646.SQ.FTS.B

,

5

.46

%

,

5/01/25

.....

369

254

a

7180248.SQ.FTS.B

,

5

.379

%

,

5/02/25

....

12,879

1,061

a

7185609.SQ.FTS.B

,

4

.94

%

,

5/03/25

.....

3,198

774

a

7187139.SQ.FTS.B

,

5

.374

%

,

5/03/25

....

2,571

840

a

7186338.SQ.FTS.B

,

5

.383

%

,

5/03/25

....

843

446

a

7186050.SQ.FTS.B

,

6

.261

%

,

5/03/25

....

2,340

639

a

7188348.SQ.FTS.B

,

4

.748

%

,

5/04/25

....

7,074

3,831

a

7188015.SQ.FTS.B

,

5

.197

%

,

5/04/25

....

2,620

33

a

7191074.SQ.FTS.B

,

5

.189

%

,

5/06/25

....

2,324

1,102

a

7190282.SQ.FTS.B

,

6

.164

%

,

5/06/25

....

157

115

a

7192505.SQ.FTS.B

,

6

.414

%

,

5/06/25

....

704

277

a

7196193.SQ.FTS.B

,

5

.185

%

,

5/07/25

....

3,184

2,221

a

7200512.SQ.FTS.B

,

4

.654

%

,

5/08/25

....

1,639

1,573

a

7198707.SQ.FTS.B

,

4

.656

%

,

5/08/25

....

3,378

2,711

a

7199286.SQ.FTS.B

,

5

.754

%

,

5/08/25

....

19,004

1,014

a

7200014.SQ.FTS.B

,

6

.006

%

,

5/08/25

....

572

434

a

7201182.SQ.FTS.B

,

6

.289

%

,

5/08/25

....

703

428

a

7197712.SQ.FTS.B

,

6

.411

%

,

5/08/25

....

4,332

33

a

7205732.SQ.FTS.B

,

4

.75

%

,

5/09/25

.....

10,579

6,108

a

7204759.SQ.FTS.B

,

4

.942

%

,

5/09/25

....

681

479

a

7203363.SQ.FTS.B

,

5

.189

%

,

5/09/25

....

8,775

1,758

a

7205585.SQ.FTS.B

,

5

.565

%

,

5/09/25

....

3,217

2,277

a

7205388.SQ.FTS.B

,

5

.759

%

,

5/09/25

....

4,440

2,839

a

7210899.SQ.FTS.B

,

6

.006

%

,

5/11/25

....

25,899

4,593

a

7212155.SQ.FTS.B

,

4

.935

%

,

5/12/25

....

1,779

1,688

a

7212719.SQ.FTS.B

,

5

.19

%

,

5/13/25

.....

5,679

4,035

a

7219666.SQ.FTS.B

,

4

.744

%

,

5/14/25

....

3,640

84

a

7219057.SQ.FTS.B

,

5

.192

%

,

5/14/25

....

3,589

3,232

a

7220564.SQ.FTS.B

,

5

.432

%

,

5/14/25

....

1,109

21

a

7217938.SQ.FTS.B

,

5

.564

%

,

5/14/25

....

2,954

2,168

a

7220676.SQ.FTS.B

,

5

.987

%

,

5/14/25

....

1,149

28

a

7219184.SQ.FTS.B

,

6

.005

%

,

5/14/25

....

3,997

2,825

a

7222126.SQ.FTS.B

,

4

.654

%

,

5/15/25

....

10,174

755

a

7222571.SQ.FTS.B

,

5

.195

%

,

5/15/25

....

1,606

553

a

7224733.SQ.FTS.B

,

5

.44

%

,

5/15/25

.....

230

140

a

7224292.SQ.FTS.B

,

6

.168

%

,

5/15/25

....

429

303

a

7227056.SQ.FTS.B

,

5

.379

%

,

5/16/25

....

1,258

1,005

a

7229617.SQ.FTS.B

,

5

.44

%

,

5/16/25

.....

4,248

290

a

7231172.SQ.FTS.B

,

4

.656

%

,

5/17/25

....

3,719

3,005

a

7232579.SQ.FTS.B

,

5

.378

%

,

5/17/25

....

217

208

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7232291.SQ.FTS.B

,

5

.751

%

,

5/17/25

....

$

1,296

$

958

a

7237644.SQ.FTS.B

,

4

.934

%

,

5/20/25

....

2,147

1,952

a

7240370.SQ.FTS.B

,

4

.935

%

,

5/20/25

....

834

798

a

7239295.SQ.FTS.B

,

5

.562

%

,

5/20/25

....

201

196

a

7238134.SQ.FTS.B

,

5

.762

%

,

5/20/25

....

2,158

30

a

7240071.SQ.FTS.B

,

5

.996

%

,

5/20/25

....

744

178

a

7239842.SQ.FTS.B

,

6

.005

%

,

5/20/25

....

6,472

4,941

a

7242591.SQ.FTS.B

,

5

.193

%

,

5/21/25

....

1,059

728

a

7243291.SQ.FTS.B

,

5

.376

%

,

5/21/25

....

1,348

1,002

a

7243596.SQ.FTS.B

,

5

.759

%

,

5/21/25

....

2,367

1,530

a

7251262.SQ.FTS.B

,

5

.365

%

,

5/22/25

....

471

414

a

7248381.SQ.FTS.B

,

5

.76

%

,

5/22/25

.....

1,411

1,012

a

7249019.SQ.FTS.B

,

6

.005

%

,

5/22/25

....

11,562

857

a

7251914.SQ.FTS.B

,

4

.941

%

,

5/23/25

....

4,096

271

a

7251821.SQ.FTS.B

,

6

.264

%

,

5/23/25

....

803

586

a

7254728.SQ.FTS.B

,

5

.189

%

,

5/25/25

....

12,736

10,560

a

7254997.SQ.FTS.B

,

5

.75

%

,

5/25/25

.....

119

111

a

7256638.SQ.FTS.B

,

4

.942

%

,

5/26/25

....

1,735

1,510

a

7256609.SQ.FTS.B

,

5

.572

%

,

5/26/25

....

562

393

a

7256365.SQ.FTS.B

,

6

.015

%

,

5/26/25

....

1,367

961

a

7257411.SQ.FTS.B

,

5

.768

%

,

5/27/25

....

601

518

a

7257484.SQ.FTS.B

,

6

.412

%

,

5/27/25

....

121

80

a

7262080.SQ.FTS.B

,

6

.006

%

,

5/28/25

....

56,215

536

a

7264843.SQ.FTS.B

,

5

.384

%

,

5/29/25

....

2,256

1,627

a

7267389.SQ.FTS.B

,

6

.019

%

,

5/29/25

....

678

343

a

7269980.SQ.FTS.B

,

5

.441

%

,

5/30/25

....

13,957

180

a

7269871.SQ.FTS.B

,

5

.76

%

,

5/30/25

.....

1,262

870

a

7276109.SQ.FTS.B

,

5

.755

%

,

6/01/25

....

1,062

719

a

7275797.SQ.FTS.B

,

5

.756

%

,

6/01/25

....

2,017

1,833

a

7275203.SQ.FTS.B

,

6

.259

%

,

6/01/25

....

4,292

1,683

a

7278241.SQ.FTS.B

,

5

.572

%

,

6/02/25

....

546

421

a

7278214.SQ.FTS.B

,

5

.99

%

,

6/02/25

.....

856

385

a

7277957.SQ.FTS.B

,

6

.006

%

,

6/02/25

....

1,696

912

a

7278943.SQ.FTS.B

,

5

.755

%

,

6/03/25

....

6,730

5,487

a

7278667.SQ.FTS.B

,

5

.786

%

,

6/03/25

....

432

304

a

7286404.SQ.FTS.B

,

5

.567

%

,

6/05/25

....

10,014

3,288

a

7285781.SQ.FTS.B

,

5

.743

%

,

6/05/25

....

992

731

a

7284416.SQ.FTS.B

,

5

.756

%

,

6/05/25

....

1,492

1,251

a

7284558.SQ.FTS.B

,

5

.757

%

,

6/05/25

....

3,006

2,313

a

7287857.SQ.FTS.B

,

5

.377

%

,

6/06/25

....

975

946

a

7288280.SQ.FTS.B

,

5

.378

%

,

6/06/25

....

8,114

6,072

a

7289262.SQ.FTS.B

,

5

.56

%

,

6/06/25

.....

4,382

51

a

7296480.SQ.FTS.B

,

5

.187

%

,

6/07/25

....

304

297

a

7296418.SQ.FTS.B

,

5

.193

%

,

6/07/25

....

419

391

a

7295038.SQ.FTS.B

,

5

.377

%

,

6/07/25

....

1,498

1,430

a

7296575.SQ.FTS.B

,

5

.569

%

,

6/07/25

....

5,163

92

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7297029.SQ.FTS.B

,

5

.571

%

,

6/07/25

....

$

788

$

605

a

7301207.SQ.FTS.B

,

5

.38

%

,

6/08/25

.....

5,194

3,554

a

7301957.SQ.FTS.B

,

6

.027

%

,

6/09/25

....

168

129

a

7303557.SQ.FTS.B

,

5

.384

%

,

6/10/25

....

702

438

a

7306657.SQ.FTS.B

,

5

.566

%

,

6/11/25

....

12,522

165

a

7305713.SQ.FTS.B

,

6

.006

%

,

6/11/25

....

1,687

35

a

7308334.SQ.FTS.B

,

4

.948

%

,

6/12/25

....

314

304

a

7313394.SQ.FTS.B

,

5

.189

%

,

6/12/25

....

6,942

3,358

a

7308932.SQ.FTS.B

,

5

.412

%

,

6/12/25

....

201

82

a

7314028.SQ.FTS.B

,

5

.565

%

,

6/12/25

....

12,817

3,151

a

7309149.SQ.FTS.B

,

6

.257

%

,

6/12/25

....

17,102

321

a

7316316.SQ.FTS.B

,

5

.439

%

,

6/13/25

....

7,722

111

a

7317533.SQ.FTS.B

,

5

.568

%

,

6/13/25

....

1,098

1,077

a

7326891.SQ.FTS.B

,

5

.189

%

,

6/15/25

....

1,296

1,122

a

7327011.SQ.FTS.B

,

5

.755

%

,

6/15/25

....

4,808

67

a

7332055.SQ.FTS.B

,

4

.652

%

,

6/18/25

....

6,711

5,201

a

7334268.SQ.FTS.B

,

4

.936

%

,

6/18/25

....

4,453

3,627

a

7333444.SQ.FTS.B

,

5

.758

%

,

6/18/25

....

3,731

1,662

a

7334250.SQ.FTS.B

,

6

.289

%

,

6/18/25

....

782

260

a

7335898.SQ.FTS.B

,

4

.647

%

,

6/19/25

....

663

621

a

7334864.SQ.FTS.B

,

4

.937

%

,

6/19/25

....

416

413

a

7335968.SQ.FTS.B

,

5

.379

%

,

6/19/25

....

7,165

1,331

a

7336505.SQ.FTS.B

,

6

.247

%

,

6/19/25

....

1,549

596

a

7336967.SQ.FTS.B

,

6

.41

%

,

6/19/25

.....

4,561

105

a

7340626.SQ.FTS.B

,

5

.438

%

,

6/20/25

....

1,441

813

a

7340600.SQ.FTS.B

,

5

.587

%

,

6/20/25

....

258

238

a

7340672.SQ.FTS.B

,

5

.755

%

,

6/20/25

....

21,574

2,084

a

7344965.SQ.FTS.B

,

4

.934

%

,

6/21/25

....

3,976

2,829

a

7347685.SQ.FTS.B

,

5

.449

%

,

6/21/25

....

817

577

a

7347201.SQ.FTS.B

,

5

.742

%

,

6/21/25

....

1,035

574

a

7348507.SQ.FTS.B

,

4

.938

%

,

6/22/25

....

3,554

1,651

a

7351945.SQ.FTS.B

,

4

.933

%

,

6/23/25

....

446

441

a

7352007.SQ.FTS.B

,

5

.572

%

,

6/23/25

....

264

226

a

7351847.SQ.FTS.B

,

6

.006

%

,

6/23/25

....

7,267

3,497

a

7351639.SQ.FTS.B

,

6

.164

%

,

6/23/25

....

3,152

129

a

7353226.SQ.FTS.B

,

5

.19

%

,

6/24/25

.....

2,068

1,953

a

7353529.SQ.FTS.B

,

6

.25

%

,

6/25/25

.....

1,275

21

a

7353683.SQ.FTS.B

,

6

.256

%

,

6/25/25

....

1,229

518

a

7353412.SQ.FTS.B

,

6

.402

%

,

6/25/25

....

140

112

a

7360226.SQ.FTS.B

,

4

.654

%

,

6/27/25

....

13,891

7,277

a

7359329.SQ.FTS.B

,

4

.655

%

,

6/27/25

....

472

470

a

7358768.SQ.FTS.B

,

4

.747

%

,

6/27/25

....

412

234

a

7361057.SQ.FTS.B

,

5

.558

%

,

6/27/25

....

863

681

a

7366336.SQ.FTS.B

,

4

.655

%

,

6/28/25

....

5,254

5,038

a

7365025.SQ.FTS.B

,

4

.657

%

,

6/28/25

....

2,992

2,417

a

7367489.SQ.FTS.B

,

5

.569

%

,

6/29/25

....

1,709

536

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7371639.SQ.FTS.B

,

4

.941

%

,

6/30/25

....

$

3,153

$

333

a

7370441.SQ.FTS.B

,

5

.379

%

,

6/30/25

....

9,362

1,371

a

7370806.SQ.FTS.B

,

5

.468

%

,

6/30/25

....

595

40

a

7371738.SQ.FTS.B

,

5

.753

%

,

6/30/25

....

2,946

2,663

a

7371611.SQ.FTS.B

,

6

.238

%

,

6/30/25

....

324

287

a

7370816.SQ.FTS.B

,

6

.41

%

,

6/30/25

.....

2,007

1,490

a

7372112.SQ.FTS.B

,

5

.754

%

,

7/01/25

....

4,946

78

a

7372242.SQ.FTS.B

,

6

.006

%

,

7/01/25

....

8,626

6,095

a

7371929.SQ.FTS.B

,

6

.415

%

,

7/01/25

....

1,895

1,794

a

7372906.SQ.FTS.B

,

5

.754

%

,

7/02/25

....

11,702

8,106

a

7373979.SQ.FTS.B

,

5

.997

%

,

7/02/25

....

594

357

a

7377362.SQ.FTS.B

,

4

.936

%

,

7/03/25

....

11,234

8,580

a

7378849.SQ.FTS.B

,

5

.376

%

,

7/03/25

....

1,741

1,622

a

7378207.SQ.FTS.B

,

6

.009

%

,

7/03/25

....

9,549

122

a

7378050.SQ.FTS.B

,

6

.164

%

,

7/03/25

....

279

198

a

7378054.SQ.FTS.B

,

6

.259

%

,

7/03/25

....

1,546

868

a

7380824.SQ.FTS.B

,

4

.753

%

,

7/04/25

....

1,279

26

a

7383092.SQ.FTS.B

,

5

.375

%

,

7/04/25

....

3,078

2,492

a

7382858.SQ.FTS.B

,

5

.382

%

,

7/04/25

....

4,780

3,076

a

7383018.SQ.FTS.B

,

5

.57

%

,

7/04/25

.....

1,160

972

a

7385292.SQ.FTS.B

,

4

.645

%

,

7/05/25

....

136

136

a

7386407.SQ.FTS.B

,

4

.653

%

,

7/05/25

....

5,466

5,278

a

7384366.SQ.FTS.B

,

5

.444

%

,

7/05/25

....

2,246

48

a

7384447.SQ.FTS.B

,

5

.754

%

,

7/05/25

....

530

521

a

7385423.SQ.FTS.B

,

6

.006

%

,

7/05/25

....

1,828

38

a

7387308.SQ.FTS.B

,

5

.19

%

,

7/06/25

.....

169

166

a

7387507.SQ.FTS.B

,

5

.765

%

,

7/06/25

....

318

295

a

7387880.SQ.FTS.B

,

6

.02

%

,

7/07/25

.....

404

348

a

7390664.SQ.FTS.B

,

5

.19

%

,

7/08/25

.....

10,504

172

a

7389557.SQ.FTS.B

,

5

.38

%

,

7/08/25

.....

1,207

1,000

a

7390815.SQ.FTS.B

,

6

.262

%

,

7/08/25

....

352

314

a

7394965.SQ.FTS.B

,

5

.566

%

,

7/10/25

....

1,531

884

a

7396701.SQ.FTS.B

,

5

.567

%

,

7/10/25

....

3,637

3,472

a

7395927.SQ.FTS.B

,

5

.759

%

,

7/10/25

....

841

830

a

7395779.SQ.FTS.B

,

6

.005

%

,

7/10/25

....

12,121

222

a

7403168.SQ.FTS.B

,

5

.38

%

,

7/11/25

.....

7,909

127

a

7403313.SQ.FTS.B

,

5

.566

%

,

7/11/25

....

4,571

4,022

a

7403278.SQ.FTS.B

,

6

.168

%

,

7/11/25

....

554

418

a

7404329.SQ.FTS.B

,

6

.02

%

,

7/12/25

.....

202

162

a

7406047.SQ.FTS.B

,

6

.027

%

,

7/12/25

....

1,175

171

a

7408049.SQ.FTS.B

,

4

.924

%

,

7/15/25

....

1,733

143

a

7408322.SQ.FTS.B

,

5

.565

%

,

7/15/25

....

8,489

167

a

7410978.SQ.FTS.B

,

4

.747

%

,

7/16/25

....

1,609

38

a

7410973.SQ.FTS.B

,

6

.404

%

,

7/16/25

....

177

148

a

7412311.SQ.FTS.B

,

4

.938

%

,

7/17/25

....

975

970

a

7416169.SQ.FTS.B

,

5

.436

%

,

7/18/25

....

95

62

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7420849.SQ.FTS.B

,

4

.75

%

,

7/19/25

.....

$

2,094

$

1,280

a

7421564.SQ.FTS.B

,

4

.939

%

,

7/19/25

....

238

235

a

7419424.SQ.FTS.B

,

6

.003

%

,

7/19/25

....

450

94

a

7423619.SQ.FTS.B

,

5

.189

%

,

7/21/25

....

3,822

2,624

a

7423709.SQ.FTS.B

,

6

.415

%

,

7/21/25

....

15,416

9,885

a

7425251.SQ.FTS.B

,

5

.378

%

,

7/22/25

....

5,573

5,031

a

7429325.SQ.FTS.B

,

4

.654

%

,

7/23/25

....

4,602

4,581

a

7428131.SQ.FTS.B

,

4

.938

%

,

7/23/25

....

1,092

1,080

a

7433191.SQ.FTS.B

,

4

.657

%

,

7/24/25

....

1,101

1,089

a

7432156.SQ.FTS.B

,

4

.939

%

,

7/24/25

....

288

285

a

7430607.SQ.FTS.B

,

6

.023

%

,

7/24/25

....

52

43

a

7435620.SQ.FTS.B

,

4

.938

%

,

7/25/25

....

641

638

a

7436008.SQ.FTS.B

,

5

.563

%

,

7/25/25

....

1,971

1,670

a

7436351.SQ.FTS.B

,

5

.754

%

,

7/25/25

....

9,358

1,494

a

7441240.SQ.FTS.B

,

4

.745

%

,

7/26/25

....

3,314

556

a

7439758.SQ.FTS.B

,

5

.379

%

,

7/26/25

....

5,557

4,736

a

7442111.SQ.FTS.B

,

4

.947

%

,

7/27/25

....

629

617

a

7442460.SQ.FTS.B

,

5

.193

%

,

7/27/25

....

1,319

1,197

a

7442207.SQ.FTS.B

,

5

.579

%

,

7/27/25

....

239

232

a

7442087.SQ.FTS.B

,

6

.191

%

,

7/27/25

....

681

12

a

7442292.SQ.FTS.B

,

6

.268

%

,

7/27/25

....

635

347

a

7443306.SQ.FTS.B

,

4

.733

%

,

7/28/25

....

583

127

a

7445933.SQ.FTS.B

,

5

.19

%

,

7/29/25

.....

2,592

2,561

a

7447150.SQ.FTS.B

,

5

.568

%

,

7/29/25

....

3,933

919

a

7450900.SQ.FTS.B

,

5

.442

%

,

7/30/25

....

3,612

1,052

a

7460161.SQ.FTS.B

,

4

.938

%

,

8/02/25

....

4,912

4,806

a

7461507.SQ.FTS.B

,

5

.378

%

,

8/02/25

....

21,883

586

a

7462684.SQ.FTS.B

,

6

.003

%

,

8/02/25

....

1,215

1,068

a

7461437.SQ.FTS.B

,

6

.412

%

,

8/02/25

....

1,125

1,069

a

7462964.SQ.FTS.B

,

4

.757

%

,

8/03/25

....

575

430

a

7463345.SQ.FTS.B

,

5

.191

%

,

8/03/25

....

2,428

2,347

a

7463744.SQ.FTS.B

,

5

.378

%

,

8/04/25

....

2,528

1,243

a

7467621.SQ.FTS.B

,

5

.438

%

,

8/05/25

....

622

584

a

7466589.SQ.FTS.B

,

5

.567

%

,

8/05/25

....

7,091

149

a

7466901.SQ.FTS.B

,

6

.003

%

,

8/05/25

....

6,603

3,676

a

7468449.SQ.FTS.B

,

6

.038

%

,

8/05/25

....

791

461

a

7466750.SQ.FTS.B

,

6

.257

%

,

8/05/25

....

4,423

2,387

a

7469860.SQ.FTS.B

,

6

.258

%

,

8/06/25

....

5,369

1,061

a

7472249.SQ.FTS.B

,

4

.657

%

,

8/07/25

....

652

645

a

7472376.SQ.FTS.B

,

4

.66

%

,

8/07/25

.....

2,467

2,195

a

7472610.SQ.FTS.B

,

4

.937

%

,

8/07/25

....

13,231

12,292

a

7474077.SQ.FTS.B

,

5

.749

%

,

8/07/25

....

795

743

a

7478694.SQ.FTS.B

,

5

.192

%

,

8/08/25

....

7,321

3,718

a

7478989.SQ.FTS.B

,

5

.57

%

,

8/08/25

.....

1,181

857

a

7479216.SQ.FTS.B

,

6

.001

%

,

8/08/25

....

1,386

1,184

a

7478441.SQ.FTS.B

,

6

.008

%

,

8/08/25

....

1,444

984

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7481211.SQ.FTS.B

,

4

.937

%

,

8/09/25

....

$

796

$

793

a

7480372.SQ.FTS.B

,

5

.381

%

,

8/09/25

....

247

243

a

7481878.SQ.FTS.B

,

5

.561

%

,

8/09/25

....

2,953

1,511

a

7481933.SQ.FTS.B

,

5

.562

%

,

8/09/25

....

1,429

1,336

a

7482085.SQ.FTS.B

,

5

.566

%

,

8/09/25

....

6,516

6,270

a

7483153.SQ.FTS.B

,

5

.747

%

,

8/09/25

....

1,034

391

a

7480144.SQ.FTS.B

,

6

.261

%

,

8/09/25

....

2,473

1,989

a

7484605.SQ.FTS.B

,

4

.75

%

,

8/11/25

.....

3,161

346

a

7484541.SQ.FTS.B

,

5

.472

%

,

8/11/25

....

646

206

a

7484169.SQ.FTS.B

,

6

.416

%

,

8/11/25

....

9,733

172

a

7485016.SQ.FTS.B

,

5

.378

%

,

8/12/25

....

1,831

1,779

a

7487544.SQ.FTS.B

,

5

.563

%

,

8/12/25

....

1,094

1,009

a

7487387.SQ.FTS.B

,

5

.75

%

,

8/12/25

.....

4,013

2,374

a

7487324.SQ.FTS.B

,

5

.76

%

,

8/12/25

.....

747

652

a

7486242.SQ.FTS.B

,

6

.001

%

,

8/12/25

....

2,301

1,553

a

7490950.SQ.FTS.B

,

5

.566

%

,

8/13/25

....

5,061

4,805

a

7489754.SQ.FTS.B

,

5

.755

%

,

8/13/25

....

10,834

6,749

a

7491300.SQ.FTS.B

,

6

.006

%

,

8/13/25

....

1,677

1,526

a

7493697.SQ.FTS.B

,

4

.94

%

,

8/14/25

.....

2,070

2,017

a

7493584.SQ.FTS.B

,

6

.004

%

,

8/14/25

....

1

1

a

7503865.SQ.FTS.B

,

5

.466

%

,

8/15/25

....

763

190

a

7501008.SQ.FTS.B

,

5

.752

%

,

8/15/25

....

2,104

1,785

a

7501281.SQ.FTS.B

,

6

.258

%

,

8/15/25

....

270

257

a

7500308.SQ.FTS.B

,

6

.272

%

,

8/15/25

....

406

310

a

7508579.SQ.FTS.B

,

4

.653

%

,

8/16/25

....

19,567

14,046

a

7505700.SQ.FTS.B

,

4

.655

%

,

8/16/25

....

3,450

3,405

a

7506796.SQ.FTS.B

,

4

.941

%

,

8/16/25

....

2,543

2,478

a

7507904.SQ.FTS.B

,

5

.185

%

,

8/16/25

....

1,971

1,762

a

7506333.SQ.FTS.B

,

5

.438

%

,

8/16/25

....

591

54

a

7509291.SQ.FTS.B

,

4

.944

%

,

8/17/25

....

558

408

a

7509314.SQ.FTS.B

,

5

.196

%

,

8/17/25

....

670

592

a

7509762.SQ.FTS.B

,

6

.008

%

,

8/17/25

....

152

151

a

7509746.SQ.FTS.B

,

6

.196

%

,

8/17/25

....

1,029

12

a

7510776.SQ.FTS.B

,

5

.19

%

,

8/18/25

.....

2,950

2,567

a

7511163.SQ.FTS.B

,

4

.662

%

,

8/19/25

....

722

712

a

7511957.SQ.FTS.B

,

4

.937

%

,

8/19/25

....

23,973

18,495

a

7515523.SQ.FTS.B

,

4

.934

%

,

8/20/25

....

1,897

1,863

a

7515364.SQ.FTS.B

,

4

.942

%

,

8/20/25

....

1,621

1,361

a

7516400.SQ.FTS.B

,

5

.191

%

,

8/20/25

....

3,760

3,616

a

7516201.SQ.FTS.B

,

5

.195

%

,

8/20/25

....

993

971

a

7517496.SQ.FTS.B

,

4

.938

%

,

8/21/25

....

5,153

4,492

a

7518814.SQ.FTS.B

,

5

.374

%

,

8/21/25

....

4,327

3,065

a

7517851.SQ.FTS.B

,

5

.582

%

,

8/21/25

....

704

492

a

7516624.SQ.FTS.B

,

6

%

,

8/21/25

.......

1,678

412

a

7529363.SQ.FTS.B

,

4

.655

%

,

8/23/25

....

1,124

1,116

a

7529550.SQ.FTS.B

,

6

.009

%

,

8/23/25

....

508

482

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7529889.SQ.FTS.B

,

5

.38

%

,

8/24/25

.....

$

3,105

$

2,928

a

7530073.SQ.FTS.B

,

5

.75

%

,

8/24/25

.....

3,686

963

a

7530538.SQ.FTS.B

,

4

.652

%

,

8/25/25

....

1,370

1,356

a

7530748.SQ.FTS.B

,

4

.654

%

,

8/25/25

....

8,325

6,319

a

7531240.SQ.FTS.B

,

6

.017

%

,

8/25/25

....

1,553

810

a

7530940.SQ.FTS.B

,

6

.172

%

,

8/25/25

....

1,322

91

a

7535706.SQ.FTS.B

,

4

.939

%

,

8/26/25

....

2,203

2,106

a

7531544.SQ.FTS.B

,

5

.362

%

,

8/26/25

....

93

92

a

7531841.SQ.FTS.B

,

5

.376

%

,

8/26/25

....

5,777

3,994

a

7539106.SQ.FTS.B

,

4

.652

%

,

8/27/25

....

965

961

a

7538960.SQ.FTS.B

,

4

.654

%

,

8/27/25

....

463

461

a

7536198.SQ.FTS.B

,

4

.658

%

,

8/27/25

....

1,254

1,238

a

7537945.SQ.FTS.B

,

4

.942

%

,

8/27/25

....

2,055

2,001

a

7535771.SQ.FTS.B

,

5

.377

%

,

8/27/25

....

12,186

5,094

a

7538075.SQ.FTS.B

,

5

.566

%

,

8/27/25

....

773

725

a

7539381.SQ.FTS.B

,

5

.754

%

,

8/27/25

....

458

429

a

7538139.SQ.FTS.B

,

5

.755

%

,

8/27/25

....

247

236

a

7539707.SQ.FTS.B

,

6

.42

%

,

8/27/25

.....

1,078

1,022

a

7540822.SQ.FTS.B

,

5

.38

%

,

8/28/25

.....

3,641

3,223

a

7541816.SQ.FTS.B

,

6

.264

%

,

8/28/25

....

832

646

a

7548184.SQ.FTS.B

,

4

.654

%

,

8/29/25

....

1,323

1,314

a

7549604.SQ.FTS.B

,

4

.655

%

,

8/29/25

....

6,816

6,746

a

7548813.SQ.FTS.B

,

5

.757

%

,

8/29/25

....

6,364

321

a

7551427.SQ.FTS.B

,

5

.182

%

,

9/01/25

....

574

563

a

7552634.SQ.FTS.B

,

5

.191

%

,

9/01/25

....

5,296

4,490

a

7551820.SQ.FTS.B

,

5

.375

%

,

9/01/25

....

2,175

2,128

a

7554280.SQ.FTS.B

,

5

.378

%

,

9/01/25

....

4,768

4,233

a

7554908.SQ.FTS.B

,

5

.562

%

,

9/02/25

....

1,478

936

a

7555354.SQ.FTS.B

,

5

.739

%

,

9/02/25

....

466

439

a

7555230.SQ.FTS.B

,

6

.175

%

,

9/02/25

....

199

101

a

7556089.SQ.FTS.B

,

4

.939

%

,

9/03/25

....

2,739

2,713

a

7556670.SQ.FTS.B

,

6

.261

%

,

9/03/25

....

829

793

a

7557204.SQ.FTS.B

,

5

.19

%

,

9/04/25

.....

7,125

6,748

a

7560714.SQ.FTS.B

,

5

.381

%

,

9/04/25

....

1,314

1,244

a

7560827.SQ.FTS.B

,

5

.74

%

,

9/04/25

.....

282

269

a

7564071.SQ.FTS.B

,

4

.937

%

,

9/05/25

....

7,349

5,822

a

7564905.SQ.FTS.B

,

5

.757

%

,

9/05/25

....

1,505

707

a

7565129.SQ.FTS.B

,

4

.654

%

,

9/06/25

....

502

498

a

7566244.SQ.FTS.B

,

4

.776

%

,

9/06/25

....

308

42

a

7568123.SQ.FTS.B

,

4

.939

%

,

9/06/25

....

4,058

3,739

a

7568291.SQ.FTS.B

,

5

.379

%

,

9/06/25

....

1,008

929

a

7568497.SQ.FTS.B

,

5

.384

%

,

9/06/25

....

655

641

a

7565344.SQ.FTS.B

,

5

.561

%

,

9/06/25

....

105

104

a

7566782.SQ.FTS.B

,

5

.565

%

,

9/06/25

....

6,697

1,712

a

7566952.SQ.FTS.B

,

5

.566

%

,

9/06/25

....

2,486

2,394

a

7566716.SQ.FTS.B

,

5

.753

%

,

9/06/25

....

2,427

1,866

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7568365.SQ.FTS.B

,

6

.005

%

,

9/06/25

....

$

2,338

$

2,104

a

7573382.SQ.FTS.B

,

4

.646

%

,

9/07/25

....

1,072

1,042

a

7572492.SQ.FTS.B

,

4

.653

%

,

9/07/25

....

5,503

1,065

a

7573919.SQ.FTS.B

,

4

.654

%

,

9/07/25

....

10,794

10,666

a

7571608.SQ.FTS.B

,

5

.197

%

,

9/07/25

....

734

717

a

7573674.SQ.FTS.B

,

5

.376

%

,

9/07/25

....

5,268

4,754

a

7571635.SQ.FTS.B

,

5

.379

%

,

9/07/25

....

7,183

113

a

7575552.SQ.FTS.B

,

4

.936

%

,

9/08/25

....

1,766

1,665

a

7576125.SQ.FTS.B

,

4

.937

%

,

9/08/25

....

14,332

13,052

a

7576839.SQ.FTS.B

,

5

.188

%

,

9/08/25

....

23,391

20,888

a

7575454.SQ.FTS.B

,

5

.189

%

,

9/08/25

....

71

70

a

7577672.SQ.FTS.B

,

5

.378

%

,

9/08/25

....

5,656

5,381

a

7574849.SQ.FTS.B

,

5

.457

%

,

9/08/25

....

563

77

a

7574854.SQ.FTS.B

,

5

.555

%

,

9/08/25

....

174

171

a

7574871.SQ.FTS.B

,

5

.748

%

,

9/08/25

....

416

413

a

7575416.SQ.FTS.B

,

6

.004

%

,

9/08/25

....

1,622

29

a

7578838.SQ.FTS.B

,

5

.758

%

,

9/09/25

....

8,268

4,229

a

7579091.SQ.FTS.B

,

6

.007

%

,

9/09/25

....

732

717

a

7583811.SQ.FTS.B

,

4

.654

%

,

9/11/25

....

2,655

1,963

a

7581601.SQ.FTS.B

,

5

.191

%

,

9/11/25

....

3,019

2,987

a

7580692.SQ.FTS.B

,

5

.567

%

,

9/11/25

....

9,339

6,190

a

7583034.SQ.FTS.B

,

5

.749

%

,

9/11/25

....

912

796

a

7583634.SQ.FTS.B

,

6

.26

%

,

9/11/25

.....

3,949

3,555

a

7585960.SQ.FTS.B

,

4

.654

%

,

9/12/25

....

4,307

4,190

a

7585808.SQ.FTS.B

,

4

.946

%

,

9/12/25

....

707

695

a

7585646.SQ.FTS.B

,

5

.577

%

,

9/12/25

....

2,998

23

a

7586174.SQ.FTS.B

,

6

.166

%

,

9/12/25

....

2,624

1,637

a

7585778.SQ.FTS.B

,

6

.176

%

,

9/12/25

....

1,413

698

a

7590307.SQ.FTS.B

,

4

.937

%

,

9/13/25

....

22,207

20,517

a

7590709.SQ.FTS.B

,

5

.376

%

,

9/13/25

....

3,610

3,436

a

7589106.SQ.FTS.B

,

5

.378

%

,

9/13/25

....

5,336

5,027

a

7590818.SQ.FTS.B

,

5

.751

%

,

9/13/25

....

2,042

1,484

a

7588993.SQ.FTS.B

,

6

.268

%

,

9/13/25

....

270

258

a

7595156.SQ.FTS.B

,

4

.654

%

,

9/14/25

....

14,973

14,163

a

7596310.SQ.FTS.B

,

4

.654

%

,

9/14/25

....

2,424

2,398

a

7596125.SQ.FTS.B

,

4

.767

%

,

9/14/25

....

360

279

a

7596607.SQ.FTS.B

,

4

.937

%

,

9/14/25

....

3,469

3,361

a

7594217.SQ.FTS.B

,

5

.191

%

,

9/14/25

....

1,950

1,609

a

7596132.SQ.FTS.B

,

5

.565

%

,

9/14/25

....

15,381

106

a

7593976.SQ.FTS.B

,

5

.571

%

,

9/14/25

....

78

77

a

7593321.SQ.FTS.B

,

5

.749

%

,

9/14/25

....

3,989

68

a

7593404.SQ.FTS.B

,

6

.01

%

,

9/14/25

.....

1,385

346

a

7597755.SQ.FTS.B

,

4

.651

%

,

9/15/25

....

960

940

a

7597390.SQ.FTS.B

,

4

.654

%

,

9/15/25

....

1,146

1,134

a

7599943.SQ.FTS.B

,

4

.654

%

,

9/16/25

....

499

494

a

7600620.SQ.FTS.B

,

5

.187

%

,

9/16/25

....

1,423

1,399

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7600408.SQ.FTS.B

,

5

.382

%

,

9/16/25

....

$

922

$

904

a

7600963.SQ.FTS.B

,

5

.759

%

,

9/16/25

....

4,304

30

a

7604490.SQ.FTS.B

,

4

.654

%

,

9/18/25

....

89

89

a

7603633.SQ.FTS.B

,

5

.376

%

,

9/18/25

....

3,674

3,498

a

7602169.SQ.FTS.B

,

5

.382

%

,

9/18/25

....

844

724

a

7604274.SQ.FTS.B

,

5

.585

%

,

9/18/25

....

276

254

a

7604748.SQ.FTS.B

,

5

.767

%

,

9/18/25

....

327

312

a

7604303.SQ.FTS.B

,

5

.989

%

,

9/18/25

....

196

190

a

7602291.SQ.FTS.B

,

6

.007

%

,

9/18/25

....

26,123

413

a

7604677.SQ.FTS.B

,

6

.251

%

,

9/18/25

....

362

335

a

7606346.SQ.FTS.B

,

4

.78

%

,

9/19/25

.....

44

39

a

7605951.SQ.FTS.B

,

6

.003

%

,

9/19/25

....

2,094

1,720

a

7607281.SQ.FTS.B

,

6

.256

%

,

9/19/25

....

2,928

1,877

a

7608878.SQ.FTS.B

,

6

.414

%

,

9/19/25

....

3,057

2,496

a

7612178.SQ.FTS.B

,

4

.756

%

,

9/20/25

....

2,689

58

a

7610241.SQ.FTS.B

,

5

.753

%

,

9/20/25

....

9,609

6,759

a

7611808.SQ.FTS.B

,

5

.759

%

,

9/20/25

....

4,020

2,791

a

7610672.SQ.FTS.B

,

6

.155

%

,

9/20/25

....

1,171

620

a

7615928.SQ.FTS.B

,

4

.654

%

,

9/21/25

....

468

465

a

7615986.SQ.FTS.B

,

4

.717

%

,

9/21/25

....

54

43

a

7615284.SQ.FTS.B

,

5

.373

%

,

9/21/25

....

804

774

a

7615424.SQ.FTS.B

,

5

.382

%

,

9/21/25

....

2,559

2,441

a

7615639.SQ.FTS.B

,

6

.162

%

,

9/21/25

....

41

39

a

7616218.SQ.FTS.B

,

6

.166

%

,

9/21/25

....

385

328

a

7615774.SQ.FTS.B

,

6

.255

%

,

9/21/25

....

1,790

1,518

a

7615676.SQ.FTS.B

,

6

.26

%

,

9/21/25

.....

167

164

a

7620286.SQ.FTS.B

,

4

.648

%

,

9/22/25

....

1,223

1,158

a

7618103.SQ.FTS.B

,

4

.657

%

,

9/22/25

....

3,603

1,397

a

7620513.SQ.FTS.B

,

4

.939

%

,

9/22/25

....

3,478

3,433

a

7618925.SQ.FTS.B

,

5

.358

%

,

9/22/25

....

497

440

a

7618821.SQ.FTS.B

,

5

.549

%

,

9/22/25

....

513

391

a

7618716.SQ.FTS.B

,

5

.762

%

,

9/22/25

....

1,805

1,047

a

7620736.SQ.FTS.B

,

5

.999

%

,

9/22/25

....

2,920

488

a

7618459.SQ.FTS.B

,

6

.261

%

,

9/22/25

....

6,472

3,144

a

7620455.SQ.FTS.B

,

6

.407

%

,

9/22/25

....

1,487

1,149

a

7621662.SQ.FTS.B

,

4

.654

%

,

9/23/25

....

1,075

1,063

a

7621744.SQ.FTS.B

,

4

.654

%

,

9/23/25

....

1,099

1,049

a

7621511.SQ.FTS.B

,

5

.187

%

,

9/23/25

....

994

975

a

7622010.SQ.FTS.B

,

5

.194

%

,

9/23/25

....

2,001

1,923

a

7621567.SQ.FTS.B

,

5

.367

%

,

9/23/25

....

550

515

a

7621636.SQ.FTS.B

,

5

.556

%

,

9/23/25

....

211

205

a

7621824.SQ.FTS.B

,

5

.589

%

,

9/23/25

....

575

493

a

7621607.SQ.FTS.B

,

6

.16

%

,

9/23/25

.....

73

54

a

7622606.SQ.FTS.B

,

4

.659

%

,

9/24/25

....

1,548

1,524

a

7622855.SQ.FTS.B

,

5

.372

%

,

9/24/25

....

857

811

a

7622967.SQ.FTS.B

,

5

.382

%

,

9/24/25

....

856

775

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

67

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7622540.SQ.FTS.B

,

5

.756

%

,

9/24/25

....

$

1,092

$

907

a

7626246.SQ.FTS.B

,

4

.939

%

,

9/25/25

....

3,811

3,627

a

7623486.SQ.FTS.B

,

5

.995

%

,

9/25/25

....

933

197

a

7628124.SQ.FTS.B

,

4

.655

%

,

9/26/25

....

597

594

a

7629364.SQ.FTS.B

,

5

.564

%

,

9/26/25

....

1,659

1,582

a

7628360.SQ.FTS.B

,

5

.566

%

,

9/26/25

....

71

71

a

7632309.SQ.FTS.B

,

4

.653

%

,

9/27/25

....

3,981

3,873

a

7631309.SQ.FTS.B

,

4

.654

%

,

9/27/25

....

1,175

1,090

a

7630413.SQ.FTS.B

,

4

.937

%

,

9/27/25

....

454

441

a

7633336.SQ.FTS.B

,

5

.189

%

,

9/27/25

....

27,598

24,200

a

7631476.SQ.FTS.B

,

5

.562

%

,

9/27/25

....

1,825

1,718

a

7631341.SQ.FTS.B

,

6

.009

%

,

9/27/25

....

4,005

56

a

7630437.SQ.FTS.B

,

6

.26

%

,

9/27/25

.....

3,990

3,115

a

7637109.SQ.FTS.B

,

4

.653

%

,

9/28/25

....

848

837

a

7636598.SQ.FTS.B

,

4

.654

%

,

9/28/25

....

2,404

2,350

a

7636576.SQ.FTS.B

,

4

.783

%

,

9/28/25

....

530

135

a

7635987.SQ.FTS.B

,

4

.934

%

,

9/28/25

....

1,180

1,173

a

7638088.SQ.FTS.B

,

5

.189

%

,

9/28/25

....

28,271

24,670

a

7639546.SQ.FTS.B

,

5

.381

%

,

9/28/25

....

1,859

1,808

a

7640803.SQ.FTS.B

,

4

.781

%

,

9/29/25

....

2,815

2,779

a

7641160.SQ.FTS.B

,

4

.934

%

,

9/29/25

....

974

969

a

7640033.SQ.FTS.B

,

5

.183

%

,

9/29/25

....

1,231

1,131

a

7641334.SQ.FTS.B

,

5

.185

%

,

9/29/25

....

1,450

1,408

a

7643773.SQ.FTS.B

,

5

.188

%

,

9/30/25

....

5,918

2,133

a

7644282.SQ.FTS.B

,

5

.381

%

,

9/30/25

....

3,851

3,093

a

7643728.SQ.FTS.B

,

5

.546

%

,

9/30/25

....

304

286

a

7644529.SQ.FTS.B

,

5

.579

%

,

9/30/25

....

906

548

a

7643746.SQ.FTS.B

,

5

.748

%

,

9/30/25

....

738

620

a

7643661.SQ.FTS.B

,

5

.762

%

,

9/30/25

....

355

352

a

7643463.SQ.FTS.B

,

6

.474

%

,

9/30/25

....

884

748

a

7648382.SQ.FTS.B

,

4

.653

%

,

10/01/25

...

1,468

1,451

a

7647771.SQ.FTS.B

,

4

.654

%

,

10/01/25

...

3,322

3,269

a

7649087.SQ.FTS.B

,

5

.378

%

,

10/01/25

...

9,271

6,384

a

7648074.SQ.FTS.B

,

5

.379

%

,

10/01/25

...

1,647

1,619

a

7646577.SQ.FTS.B

,

5

.755

%

,

10/01/25

...

9,293

8,104

a

7645742.SQ.FTS.B

,

6

.166

%

,

10/01/25

...

331

295

a

7647640.SQ.FTS.B

,

6

.412

%

,

10/01/25

...

5,142

162

a

7647604.SQ.FTS.B

,

6

.419

%

,

10/01/25

...

480

280

a

7649954.SQ.FTS.B

,

4

.939

%

,

10/02/25

...

2,432

2,401

a

7652433.SQ.FTS.B

,

5

.189

%

,

10/02/25

...

33,294

14,609

a

7650571.SQ.FTS.B

,

5

.489

%

,

10/02/25

...

373

5

a

7653745.SQ.FTS.B

,

5

.913

%

,

10/02/25

...

5,354

5,168

a

7650544.SQ.FTS.B

,

6

.02

%

,

10/02/25

....

275

214

a

7649633.SQ.FTS.B

,

6

.14

%

,

10/02/25

....

597

412

a

7649660.SQ.FTS.B

,

6

.258

%

,

10/02/25

...

486

471

a

7656279.SQ.FTS.B

,

5

.189

%

,

10/03/25

...

24,162

14,333

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7656835.SQ.FTS.B

,

5

.189

%

,

10/03/25

...

$

10,295

$

5,896

a

7656031.SQ.FTS.B

,

5

.38

%

,

10/03/25

....

2,178

2,000

a

7657031.SQ.FTS.B

,

5

.597

%

,

10/03/25

...

412

219

a

7663730.SQ.FTS.B

,

4

.655

%

,

10/04/25

...

2,605

2,562

a

7661033.SQ.FTS.B

,

4

.785

%

,

10/04/25

...

1,521

1,453

a

7663910.SQ.FTS.B

,

5

.566

%

,

10/04/25

...

2,105

2,073

a

7667755.SQ.FTS.B

,

4

.735

%

,

10/05/25

...

46

42

a

7666093.SQ.FTS.B

,

4

.778

%

,

10/05/25

...

1,286

1,228

a

7664385.SQ.FTS.B

,

4

.934

%

,

10/05/25

...

4,543

3,226

a

7666023.SQ.FTS.B

,

5

.342

%

,

10/05/25

...

1,067

1,049

a

7667844.SQ.FTS.B

,

5

.384

%

,

10/05/25

...

625

570

a

7665229.SQ.FTS.B

,

5

.723

%

,

10/05/25

...

376

343

a

7667780.SQ.FTS.B

,

6

.171

%

,

10/05/25

...

1,838

1,244

a

7668756.SQ.FTS.B

,

5

.089

%

,

10/06/25

...

701

691

a

7668700.SQ.FTS.B

,

5

.572

%

,

10/06/25

...

1,857

67

a

7668197.SQ.FTS.B

,

6

.17

%

,

10/06/25

....

184

181

a

7669335.SQ.FTS.B

,

4

.655

%

,

10/07/25

...

2,511

2,476

a

7669479.SQ.FTS.B

,

5

.378

%

,

10/07/25

...

2,932

2,692

a

7669149.SQ.FTS.B

,

5

.913

%

,

10/07/25

...

148

146

a

7669032.SQ.FTS.B

,

6

.167

%

,

10/07/25

...

707

654

a

7669006.SQ.FTS.B

,

6

.296

%

,

10/07/25

...

709

609

a

7670835.SQ.FTS.B

,

4

.653

%

,

10/08/25

...

1,830

1,809

a

7671146.SQ.FTS.B

,

4

.78

%

,

10/08/25

....

12,357

9,819

a

7670565.SQ.FTS.B

,

5

.345

%

,

10/08/25

...

870

859

a

7672063.SQ.FTS.B

,

5

.93

%

,

10/08/25

....

797

605

a

7673560.SQ.FTS.B

,

6

%

,

10/08/25

.......

1,739

424

a

7676761.SQ.FTS.B

,

4

.934

%

,

10/09/25

...

1,517

1,479

a

7675227.SQ.FTS.B

,

5

.346

%

,

10/09/25

...

9,988

9,718

a

7674435.SQ.FTS.B

,

5

.559

%

,

10/09/25

...

252

243

a

7673962.SQ.FTS.B

,

5

.722

%

,

10/09/25

...

5,478

3,926

a

7678551.SQ.FTS.B

,

4

.937

%

,

10/10/25

...

2,511

2,501

a

7680242.SQ.FTS.B

,

4

.937

%

,

10/10/25

...

16,681

285

a

7679932.SQ.FTS.B

,

4

.938

%

,

10/10/25

...

19,659

5,673

a

7678020.SQ.FTS.B

,

6

.26

%

,

10/10/25

....

3,016

2,403

a

7683968.SQ.FTS.B

,

4

.655

%

,

10/11/25

...

1,342

1,334

a

7684114.SQ.FTS.B

,

4

.655

%

,

10/11/25

...

1,755

1,723

a

7685832.SQ.FTS.B

,

4

.78

%

,

10/11/25

....

525

522

a

7683420.SQ.FTS.B

,

4

.781

%

,

10/11/25

...

2,391

2,376

a

7684768.SQ.FTS.B

,

5

.189

%

,

10/11/25

...

20,090

19,677

a

7684244.SQ.FTS.B

,

5

.377

%

,

10/11/25

...

4,535

4,448

a

7686046.SQ.FTS.B

,

4

.654

%

,

10/12/25

...

984

970

a

7686225.SQ.FTS.B

,

5

.201

%

,

10/12/25

...

51

51

a

7689881.SQ.FTS.B

,

4

.937

%

,

10/13/25

...

6,715

6,537

a

7689360.SQ.FTS.B

,

6

.253

%

,

10/13/25

...

374

358

a

7689723.SQ.FTS.B

,

6

.259

%

,

10/13/25

...

4,931

86

a

7690173.SQ.FTS.B

,

4

.654

%

,

10/14/25

...

2,285

1,806

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7690576.SQ.FTS.B

,

4

.932

%

,

10/14/25

...

$

1,280

$

1,263

a

7690365.SQ.FTS.B

,

5

.188

%

,

10/14/25

...

12,637

5,407

a

7691188.SQ.FTS.B

,

4

.78

%

,

10/15/25

....

12,990

10,387

a

7692644.SQ.FTS.B

,

4

.78

%

,

10/15/25

....

1,349

1,341

a

7692901.SQ.FTS.B

,

4

.78

%

,

10/15/25

....

23,868

19,194

a

7692257.SQ.FTS.B

,

5

.1

%

,

10/15/25

.....

805

792

a

7692497.SQ.FTS.B

,

5

.18

%

,

10/15/25

....

853

823

a

7692514.SQ.FTS.B

,

5

.187

%

,

10/15/25

...

3,262

3,143

a

7691820.SQ.FTS.B

,

5

.188

%

,

10/15/25

...

1,321

1,314

a

7693629.SQ.FTS.B

,

5

.377

%

,

10/15/25

...

16,799

16,203

a

7692413.SQ.FTS.B

,

5

.722

%

,

10/15/25

...

1,081

1,039

a

7697053.SQ.FTS.B

,

5

.348

%

,

10/16/25

...

2,586

1,754

a

7694877.SQ.FTS.B

,

5

.538

%

,

10/16/25

...

2,240

2,139

a

7697586.SQ.FTS.B

,

4

.78

%

,

10/17/25

....

1,876

1,764

a

7697760.SQ.FTS.B

,

4

.78

%

,

10/17/25

....

9,980

7,442

a

7703931.SQ.FTS.B

,

4

.753

%

,

10/18/25

...

3,315

1,153

a

7703447.SQ.FTS.B

,

5

.099

%

,

10/18/25

...

3,882

3,036

a

7704025.SQ.FTS.B

,

5

.189

%

,

10/18/25

...

1,458

1,429

a

7703768.SQ.FTS.B

,

6

.418

%

,

10/18/25

...

4,610

3,557

a

7705658.SQ.FTS.B

,

4

.65

%

,

10/19/25

....

2,748

2,676

a

7706046.SQ.FTS.B

,

5

.094

%

,

10/19/25

...

855

851

a

7705636.SQ.FTS.B

,

6

.162

%

,

10/19/25

...

817

208

a

7706800.SQ.FTS.B

,

5

.566

%

,

10/20/25

...

15,738

14,407

a

7707236.SQ.FTS.B

,

4

.765

%

,

10/21/25

...

163

154

a

7707263.SQ.FTS.B

,

5

.346

%

,

10/21/25

...

11,690

223

a

7707523.SQ.FTS.B

,

6

.289

%

,

10/21/25

...

3,271

2,849

a

7708698.SQ.FTS.B

,

4

.78

%

,

10/22/25

....

7,498

7,265

a

7708968.SQ.FTS.B

,

4

.78

%

,

10/22/25

....

784

778

a

7709659.SQ.FTS.B

,

5

.095

%

,

10/22/25

...

7,578

7,476

a

7709358.SQ.FTS.B

,

5

.097

%

,

10/22/25

...

4,133

3,947

a

7708954.SQ.FTS.B

,

5

.908

%

,

10/22/25

...

226

222

a

7709871.SQ.FTS.B

,

4

.779

%

,

10/23/25

...

154

154

a

7710864.SQ.FTS.B

,

4

.78

%

,

10/23/25

....

8,209

7,999

a

7713605.SQ.FTS.B

,

5

.723

%

,

10/24/25

...

2,634

1,937

a

7716286.SQ.FTS.B

,

6

.163

%

,

10/24/25

...

3,590

3,006

a

7722327.SQ.FTS.B

,

4

.776

%

,

10/25/25

...

1,473

1,436

a

7722451.SQ.FTS.B

,

5

.094

%

,

10/25/25

...

28,151

17,739

a

7723018.SQ.FTS.B

,

5

.099

%

,

10/25/25

...

1,251

1,223

a

7723554.SQ.FTS.B

,

5

.344

%

,

10/25/25

...

3,817

3,452

a

7721658.SQ.FTS.B

,

5

.377

%

,

10/25/25

...

7,766

7,098

a

7721341.SQ.FTS.B

,

5

.91

%

,

10/25/25

....

1,788

1,672

a

7723060.SQ.FTS.B

,

5

.915

%

,

10/25/25

...

2,102

1,972

a

7723818.SQ.FTS.B

,

6

.172

%

,

10/25/25

...

205

203

a

7723857.SQ.FTS.B

,

6

.511

%

,

10/25/25

...

736

276

a

7725971.SQ.FTS.B

,

4

.754

%

,

10/26/25

...

3,081

563

a

7729745.SQ.FTS.B

,

4

.754

%

,

10/26/25

...

2,529

1,788

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7730235.SQ.FTS.B

,

4

.777

%

,

10/26/25

...

$

1,423

$

1,412

a

7729313.SQ.FTS.B

,

4

.779

%

,

10/26/25

...

768

753

a

7729995.SQ.FTS.B

,

4

.779

%

,

10/26/25

...

3,510

3,465

a

7724859.SQ.FTS.B

,

4

.78

%

,

10/26/25

....

3,051

2,894

a

7728035.SQ.FTS.B

,

4

.78

%

,

10/26/25

....

9,828

9,631

a

7729363.SQ.FTS.B

,

4

.78

%

,

10/26/25

....

6,950

6,577

a

7730170.SQ.FTS.B

,

4

.783

%

,

10/26/25

...

1,207

1,193

a

7726919.SQ.FTS.B

,

4

.788

%

,

10/26/25

...

1,750

1,691

a

7728653.SQ.FTS.B

,

4

.792

%

,

10/26/25

...

697

686

a

7726791.SQ.FTS.B

,

5

.09

%

,

10/26/25

....

2,054

1,759

a

7728508.SQ.FTS.B

,

5

.095

%

,

10/26/25

...

5,046

3,421

a

7725405.SQ.FTS.B

,

5

.099

%

,

10/26/25

...

1,457

1,437

a

7726860.SQ.FTS.B

,

5

.103

%

,

10/26/25

...

1,471

1,376

a

7725551.SQ.FTS.B

,

5

.346

%

,

10/26/25

...

9,560

8,178

a

7727004.SQ.FTS.B

,

5

.346

%

,

10/26/25

...

3,707

3,303

a

7729611.SQ.FTS.B

,

5

.347

%

,

10/26/25

...

3,645

3,450

a

7729339.SQ.FTS.B

,

5

.352

%

,

10/26/25

...

739

721

a

7729101.SQ.FTS.B

,

5

.356

%

,

10/26/25

...

342

338

a

7728688.SQ.FTS.B

,

5

.723

%

,

10/26/25

...

17,934

14,772

a

7729708.SQ.FTS.B

,

5

.904

%

,

10/26/25

...

1,051

803

a

7730144.SQ.FTS.B

,

5

.908

%

,

10/26/25

...

361

351

a

7729214.SQ.FTS.B

,

5

.917

%

,

10/26/25

...

982

870

a

7725121.SQ.FTS.B

,

6

.151

%

,

10/26/25

...

413

358

a

7725788.SQ.FTS.B

,

6

.166

%

,

10/26/25

...

4,132

3,414

a

7729519.SQ.FTS.B

,

6

.48

%

,

10/26/25

....

923

639

a

7730662.SQ.FTS.B

,

4

.788

%

,

10/27/25

...

1,056

1,042

a

7730736.SQ.FTS.B

,

5

.102

%

,

10/27/25

...

1,200

1,026

a

7730750.SQ.FTS.B

,

5

.346

%

,

10/27/25

...

32,705

26,841

a

7730548.SQ.FTS.B

,

5

.354

%

,

10/27/25

...

681

669

a

7730584.SQ.FTS.B

,

6

.16

%

,

10/27/25

....

1,991

1,932

a

7733199.SQ.FTS.B

,

5

.348

%

,

10/28/25

...

5,096

4,204

a

7736449.SQ.FTS.B

,

4

.727

%

,

10/29/25

...

697

434

a

7736276.SQ.FTS.B

,

4

.787

%

,

10/29/25

...

1,709

1,650

a

7737594.SQ.FTS.B

,

5

.099

%

,

10/29/25

...

1,223

1,171

a

7737788.SQ.FTS.B

,

5

.346

%

,

10/29/25

...

922

895

a

7736833.SQ.FTS.B

,

5

.534

%

,

10/29/25

...

7,842

6,332

a

7742610.SQ.FTS.B

,

4

.769

%

,

10/30/25

...

267

206

a

7740420.SQ.FTS.B

,

4

.78

%

,

10/30/25

....

985

978

a

7741105.SQ.FTS.B

,

5

.338

%

,

10/30/25

...

633

623

a

7741295.SQ.FTS.B

,

5

.339

%

,

10/30/25

...

1,832

1,157

a

7741956.SQ.FTS.B

,

5

.347

%

,

10/30/25

...

8,948

8,776

a

7740354.SQ.FTS.B

,

5

.535

%

,

10/30/25

...

837

810

a

7741158.SQ.FTS.B

,

6

.15

%

,

10/30/25

....

827

676

a

7746681.SQ.FTS.B

,

4

.772

%

,

11/01/25

...

1,041

1,024

a

7745388.SQ.FTS.B

,

4

.774

%

,

11/01/25

...

1,166

1,153

a

7746271.SQ.FTS.B

,

4

.78

%

,

11/01/25

....

734

727

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7746620.SQ.FTS.B

,

5

.73

%

,

11/01/25

....

$

356

$

350

a

7745293.SQ.FTS.B

,

5

.896

%

,

11/01/25

...

579

539

a

7745347.SQ.FTS.B

,

5

.9

%

,

11/01/25

.....

891

843

a

7743177.SQ.FTS.B

,

5

.912

%

,

11/01/25

...

10,923

3,448

a

7745686.SQ.FTS.B

,

5

.913

%

,

11/01/25

...

6,080

5,640

a

7749545.SQ.FTS.B

,

4

.772

%

,

11/02/25

...

1,263

1,195

a

7750529.SQ.FTS.B

,

4

.778

%

,

11/02/25

...

2,951

2,080

a

7750657.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

3,073

3,028

a

7752431.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

12,276

11,861

a

7749213.SQ.FTS.B

,

4

.782

%

,

11/02/25

...

385

381

a

7751202.SQ.FTS.B

,

4

.782

%

,

11/02/25

...

1,870

1,847

a

7749662.SQ.FTS.B

,

5

.09

%

,

11/02/25

....

1,149

1,132

a

7752857.SQ.FTS.B

,

5

.095

%

,

11/02/25

...

3,136

2,959

a

7750975.SQ.FTS.B

,

5

.537

%

,

11/02/25

...

138

137

a

7749370.SQ.FTS.B

,

5

.539

%

,

11/02/25

...

2,261

2,190

a

7751628.SQ.FTS.B

,

5

.723

%

,

11/02/25

...

34,504

26,960

a

7751348.SQ.FTS.B

,

5

.728

%

,

11/02/25

...

1,866

1,769

a

7751057.SQ.FTS.B

,

5

.922

%

,

11/02/25

...

1,221

1,062

a

7752414.SQ.FTS.B

,

6

.16

%

,

11/02/25

....

323

301

a

7753500.SQ.FTS.B

,

4

.78

%

,

11/03/25

....

2,901

2,724

a

7755376.SQ.FTS.B

,

5

.094

%

,

11/03/25

...

38,869

30,761

a

7753723.SQ.FTS.B

,

5

.346

%

,

11/03/25

...

3,608

3,174

a

7753708.SQ.FTS.B

,

5

.94

%

,

11/03/25

....

556

456

a

7758588.SQ.FTS.B

,

4

.767

%

,

11/04/25

...

306

243

a

7758233.SQ.FTS.B

,

5

.097

%

,

11/04/25

...

2,664

1,976

a

7757597.SQ.FTS.B

,

5

.539

%

,

11/04/25

...

2,657

2,525

a

7757548.SQ.FTS.B

,

5

.743

%

,

11/04/25

...

226

223

a

7759285.SQ.FTS.B

,

4

.786

%

,

11/05/25

...

2,892

2,736

a

7759395.SQ.FTS.B

,

5

.438

%

,

11/05/25

...

1,671

728

a

7761883.SQ.FTS.B

,

4

.774

%

,

11/06/25

...

623

615

a

7763832.SQ.FTS.B

,

4

.778

%

,

11/06/25

...

1,480

1,461

a

7762809.SQ.FTS.B

,

5

.095

%

,

11/06/25

...

9,351

9,158

a

7762412.SQ.FTS.B

,

5

.348

%

,

11/06/25

...

4,641

4,578

a

7761917.SQ.FTS.B

,

5

.531

%

,

11/06/25

...

1,168

1,148

a

7767426.SQ.FTS.B

,

4

.754

%

,

11/07/25

...

1,600

663

a

7766859.SQ.FTS.B

,

4

.778

%

,

11/07/25

...

1,988

1,967

a

7767768.SQ.FTS.B

,

4

.778

%

,

11/07/25

...

5,826

5,502

a

7766132.SQ.FTS.B

,

4

.78

%

,

11/07/25

....

3,528

3,487

a

7764994.SQ.FTS.B

,

4

.782

%

,

11/07/25

...

2,270

2,232

a

7764731.SQ.FTS.B

,

5

.092

%

,

11/07/25

...

5,683

5,241

a

7765288.SQ.FTS.B

,

5

.095

%

,

11/07/25

...

18,196

12,703

a

7765928.SQ.FTS.B

,

5

.096

%

,

11/07/25

...

1,505

1,493

a

7767303.SQ.FTS.B

,

5

.351

%

,

11/07/25

...

2,519

2,424

a

7764704.SQ.FTS.B

,

6

.189

%

,

11/07/25

...

46

45

a

7770795.SQ.FTS.B

,

4

.777

%

,

11/08/25

...

856

845

a

7768772.SQ.FTS.B

,

4

.78

%

,

11/08/25

....

7,221

7,143

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7768119.SQ.FTS.B

,

5

.344

%

,

11/08/25

...

$

1,195

$

1,186

a

7770616.SQ.FTS.B

,

5

.537

%

,

11/08/25

...

4,725

4,394

a

7769585.SQ.FTS.B

,

5

.723

%

,

11/08/25

...

2,704

2,682

a

7771470.SQ.FTS.B

,

5

.91

%

,

11/08/25

....

3,543

2,939

a

7771118.SQ.FTS.B

,

6

.162

%

,

11/08/25

....

11,112

2,836

a

7775920.SQ.FTS.B

,

4

.775

%

,

11/09/25

...

2,461

2,018

a

7773938.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

3,171

3,153

a

7775162.SQ.FTS.B

,

4

.782

%

,

11/09/25

...

2,783

2,726

a

7777802.SQ.FTS.B

,

5

.098

%

,

11/09/25

...

3,622

3,487

a

7774857.SQ.FTS.B

,

5

.346

%

,

11/09/25

...

2,272

2,217

a

7777130.SQ.FTS.B

,

5

.722

%

,

11/09/25

...

6,909

122

a

7776286.SQ.FTS.B

,

5

.912

%

,

11/09/25

...

11,442

11,207

a

7775864.SQ.FTS.B

,

6

.164

%

,

11/09/25

...

287

275

a

7775082.SQ.FTS.B

,

6

.174

%

,

11/09/25

...

122

117

a

7780294.SQ.FTS.B

,

4

.752

%

,

11/10/25

...

339

322

a

7781489.SQ.FTS.B

,

4

.754

%

,

11/10/25

...

2,425

1,426

a

7780689.SQ.FTS.B

,

4

.78

%

,

11/10/25

....

1,460

1,443

a

7781152.SQ.FTS.B

,

4

.781

%

,

11/10/25

...

5,260

5,086

a

7779023.SQ.FTS.B

,

4

.782

%

,

11/10/25

...

5,970

5,617

a

7780015.SQ.FTS.B

,

4

.782

%

,

11/10/25

...

3,685

3,638

a

7781532.SQ.FTS.B

,

5

.091

%

,

11/10/25

...

1,152

1,131

a

7779305.SQ.FTS.B

,

5

.094

%

,

11/10/25

...

26,463

17,216

a

7779799.SQ.FTS.B

,

5

.537

%

,

11/10/25

...

2,912

2,846

a

7778609.SQ.FTS.B

,

5

.913

%

,

11/10/25

...

6,885

5,236

a

7782281.SQ.FTS.B

,

4

.741

%

,

11/11/25

...

1,608

990

a

7782090.SQ.FTS.B

,

5

.093

%

,

11/11/25

...

3,753

3,444

a

7782030.SQ.FTS.B

,

5

.094

%

,

11/11/25

...

1,201

1,165

a

7782369.SQ.FTS.B

,

5

.535

%

,

11/11/25

...

3,835

3,777

a

7781827.SQ.FTS.B

,

6

.159

%

,

11/11/25

...

498

475

a

7783413.SQ.FTS.B

,

5

.094

%

,

11/12/25

...

6,130

6,055

a

7783055.SQ.FTS.B

,

5

.096

%

,

11/12/25

...

2,296

642

a

7783136.SQ.FTS.B

,

5

.344

%

,

11/12/25

...

2,337

2,292

a

7782728.SQ.FTS.B

,

6

.163

%

,

11/12/25

...

15,790

7,990

a

7787720.SQ.FTS.B

,

4

.734

%

,

11/13/25

...

446

409

a

7786961.SQ.FTS.B

,

4

.78

%

,

11/13/25

....

8,642

8,416

a

7784233.SQ.FTS.B

,

5

.094

%

,

11/13/25

...

8,879

8,717

a

7786749.SQ.FTS.B

,

5

.096

%

,

11/13/25

...

2,238

2,200

a

7784162.SQ.FTS.B

,

5

.331

%

,

11/13/25

...

303

298

a

7787680.SQ.FTS.B

,

5

.911

%

,

11/13/25

...

81

81

a

7785541.SQ.FTS.B

,

5

.914

%

,

11/13/25

...

3,339

1,759

a

7786619.SQ.FTS.B

,

5

.915

%

,

11/13/25

...

4,392

81

a

7787628.SQ.FTS.B

,

6

.289

%

,

11/13/25

...

554

335

a

7790074.SQ.FTS.B

,

4

.777

%

,

11/14/25

...

3,446

3,357

a

7790482.SQ.FTS.B

,

4

.78

%

,

11/14/25

....

392

390

a

7791283.SQ.FTS.B

,

4

.78

%

,

11/14/25

....

1,586

1,561

a

7790606.SQ.FTS.B

,

5

.076

%

,

11/14/25

...

618

587

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

70

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7790899.SQ.FTS.B

,

5

.095

%

,

11/14/25

...

$

8,511

$

8,404

a

7788698.SQ.FTS.B

,

5

.343

%

,

11/14/25

...

1,654

1,589

a

7791218.SQ.FTS.B

,

5

.345

%

,

11/14/25

...

1,300

1,282

a

7789078.SQ.FTS.B

,

5

.346

%

,

11/14/25

...

2,347

1,519

a

7789785.SQ.FTS.B

,

5

.346

%

,

11/14/25

...

4,863

4,744

a

7790216.SQ.FTS.B

,

5

.348

%

,

11/14/25

...

9,665

6,206

a

7790572.SQ.FTS.B

,

5

.355

%

,

11/14/25

...

1,268

1,200

a

7790447.SQ.FTS.B

,

5

.544

%

,

11/14/25

...

2,026

1,203

a

7789413.SQ.FTS.B

,

5

.912

%

,

11/14/25

...

4,737

4,580

a

7788283.SQ.FTS.B

,

6

.164

%

,

11/14/25

...

466

446

a

7788398.SQ.FTS.B

,

6

.474

%

,

11/14/25

...

1,628

1,414

a

7793222.SQ.FTS.B

,

4

.778

%

,

11/15/25

...

2,857

2,822

a

7791367.SQ.FTS.B

,

5

.537

%

,

11/15/25

...

360

358

a

7793776.SQ.FTS.B

,

5

.912

%

,

11/15/25

...

26

26

a

7799705.SQ.FTS.B

,

4

.747

%

,

11/16/25

...

1,244

1,147

a

7799914.SQ.FTS.B

,

4

.748

%

,

11/16/25

...

13,481

697

a

7799266.SQ.FTS.B

,

5

.093

%

,

11/16/25

...

4,438

4,363

a

7797027.SQ.FTS.B

,

5

.094

%

,

11/16/25

...

8,602

5,550

a

7798391.SQ.FTS.B

,

5

.91

%

,

11/16/25

....

1,562

1,435

a

7798442.SQ.FTS.B

,

5

.919

%

,

11/16/25

...

927

905

a

7803396.SQ.FTS.B

,

4

.778

%

,

11/17/25

...

1,807

1,777

a

7801676.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

10,598

10,385

a

7802938.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

3,381

3,079

a

7803043.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

7,249

7,009

a

7802297.SQ.FTS.B

,

4

.781

%

,

11/17/25

...

13,068

10,529

a

7801003.SQ.FTS.B

,

5

.094

%

,

11/17/25

...

2,321

2,255

a

7800202.SQ.FTS.B

,

5

.344

%

,

11/17/25

...

10,005

155

a

7801213.SQ.FTS.B

,

6

.154

%

,

11/17/25

...

1,802

392

a

7803963.SQ.FTS.B

,

4

.78

%

,

11/18/25

....

2,891

2,840

a

7804801.SQ.FTS.B

,

6

.163

%

,

11/18/25

...

17,812

157

a

7805062.SQ.FTS.B

,

4

.772

%

,

11/19/25

...

351

349

a

7805193.SQ.FTS.B

,

5

.095

%

,

11/19/25

...

12,337

11,722

a

7805105.SQ.FTS.B

,

5

.348

%

,

11/19/25

...

5,427

3,802

a

7809224.SQ.FTS.B

,

4

.777

%

,

11/20/25

...

5,088

4,184

a

7807859.SQ.FTS.B

,

4

.779

%

,

11/20/25

...

1,204

1,100

a

7805819.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

2,057

2,028

a

7806254.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

4,893

3,807

a

7807399.SQ.FTS.B

,

5

.089

%

,

11/20/25

...

2,456

2,032

a

7806681.SQ.FTS.B

,

5

.091

%

,

11/20/25

...

1,744

1,562

a

7806813.SQ.FTS.B

,

5

.092

%

,

11/20/25

...

2,186

2,158

a

7807568.SQ.FTS.B

,

5

.914

%

,

11/20/25

...

10,413

5,617

a

7805778.SQ.FTS.B

,

5

.927

%

,

11/20/25

...

857

788

a

7806145.SQ.FTS.B

,

6

.178

%

,

11/20/25

...

458

428

a

7811989.SQ.FTS.B

,

4

.717

%

,

11/21/25

...

467

250

a

7812005.SQ.FTS.B

,

4

.743

%

,

11/21/25

...

436

243

a

7811180.SQ.FTS.B

,

4

.774

%

,

11/21/25

....

1,880

1,829

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7812863.SQ.FTS.B

,

4

.778

%

,

11/21/25

...

$

5,616

$

5,444

a

7812133.SQ.FTS.B

,

4

.783

%

,

11/21/25

...

1,479

1,412

a

7813084.SQ.FTS.B

,

5

.093

%

,

11/21/25

...

7,533

7,444

a

7811669.SQ.FTS.B

,

5

.346

%

,

11/21/25

...

1,850

1,830

a

7812032.SQ.FTS.B

,

5

.538

%

,

11/21/25

...

934

919

a

7811381.SQ.FTS.B

,

5

.721

%

,

11/21/25

...

5,301

3,697

a

7811613.SQ.FTS.B

,

5

.9

%

,

11/21/25

.....

1,016

928

a

7810559.SQ.FTS.B

,

5

.912

%

,

11/21/25

...

504

500

a

7812847.SQ.FTS.B

,

6

.144

%

,

11/21/25

...

526

456

a

7811277.SQ.FTS.B

,

6

.164

%

,

11/21/25

...

3,501

3,014

a

7816313.SQ.FTS.B

,

4

.78

%

,

11/22/25

....

1,345

1,309

a

7815881.SQ.FTS.B

,

5

.092

%

,

11/22/25

...

1,008

1,001

a

7815779.SQ.FTS.B

,

5

.348

%

,

11/22/25

...

1,491

1,473

a

7813267.SQ.FTS.B

,

5

.447

%

,

11/22/25

...

541

397

a

7815211.SQ.FTS.B

,

5

.535

%

,

11/22/25

...

4,936

4,898

a

7816500.SQ.FTS.B

,

5

.911

%

,

11/22/25

...

1,383

1,327

a

7816657.SQ.FTS.B

,

6

.164

%

,

11/22/25

...

8,891

8,710

a

7814928.SQ.FTS.B

,

6

.165

%

,

11/22/25

...

2,665

2,613

a

7822550.SQ.FTS.B

,

4

.769

%

,

11/23/25

...

714

225

a

7824300.SQ.FTS.B

,

4

.777

%

,

11/23/25

...

5,126

4,851

a

7821733.SQ.FTS.B

,

4

.78

%

,

11/23/25

....

9,008

8,851

a

7824557.SQ.FTS.B

,

4

.78

%

,

11/23/25

....

20,055

19,845

a

7821229.SQ.FTS.B

,

4

.781

%

,

11/23/25

...

4,326

4,272

a

7822986.SQ.FTS.B

,

5

.094

%

,

11/23/25

...

2,361

2,352

a

7822620.SQ.FTS.B

,

6

.264

%

,

11/23/25

...

136

133

a

7821094.SQ.FTS.B

,

6

.474

%

,

11/23/25

...

1,870

1,746

a

7826405.SQ.FTS.B

,

4

.778

%

,

11/24/25

...

1,489

1,460

a

7827451.SQ.FTS.B

,

4

.78

%

,

11/24/25

....

6,946

6,807

a

7828256.SQ.FTS.B

,

4

.78

%

,

11/24/25

....

1,900

1,873

a

7828403.SQ.FTS.B

,

4

.78

%

,

11/24/25

....

5,313

5,132

a

7827287.SQ.FTS.B

,

4

.783

%

,

11/24/25

...

1,640

1,600

a

7825434.SQ.FTS.B

,

5

.096

%

,

11/24/25

...

2,698

2,579

a

7825957.SQ.FTS.B

,

5

.096

%

,

11/24/25

...

2,215

2,187

a

7828872.SQ.FTS.B

,

5

.096

%

,

11/24/25

...

4,861

4,741

a

7828584.SQ.FTS.B

,

5

.102

%

,

11/24/25

...

766

758

a

7826090.SQ.FTS.B

,

5

.344

%

,

11/24/25

...

5,882

3,845

a

7827375.SQ.FTS.B

,

5

.35

%

,

11/24/25

....

1,949

1,290

a

7825664.SQ.FTS.B

,

5

.351

%

,

11/24/25

...

649

641

a

7825753.SQ.FTS.B

,

5

.354

%

,

11/24/25

...

1,083

1,027

a

7826584.SQ.FTS.B

,

5

.444

%

,

11/24/25

...

4,735

66

a

7826231.SQ.FTS.B

,

5

.549

%

,

11/24/25

...

877

837

a

7827147.SQ.FTS.B

,

5

.908

%

,

11/24/25

...

1,489

1,446

a

7825732.SQ.FTS.B

,

5

.916

%

,

11/24/25

...

170

169

a

7825597.SQ.FTS.B

,

6

.156

%

,

11/24/25

...

2,444

417

a

7829456.SQ.FTS.B

,

4

.755

%

,

11/25/25

...

1,229

1,109

a

7829786.SQ.FTS.B

,

4

.778

%

,

11/25/25

...

3,844

3,791

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

71

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7830149.SQ.FTS.B

,

5

.09

%

,

11/25/25

....

$

1,822

$

1,799

a

7830288.SQ.FTS.B

,

5

.094

%

,

11/25/25

...

11,615

11,035

a

7829547.SQ.FTS.B

,

5

.536

%

,

11/25/25

...

5,131

4,979

a

7832097.SQ.FTS.B

,

4

.777

%

,

11/27/25

...

2,054

1,999

a

7832019.SQ.FTS.B

,

5

.736

%

,

11/27/25

...

619

572

a

7835805.SQ.FTS.B

,

4

.769

%

,

11/28/25

...

772

761

a

7834882.SQ.FTS.B

,

4

.779

%

,

11/28/25

...

8,849

8,719

a

7834321.SQ.FTS.B

,

4

.782

%

,

11/28/25

...

5,265

5,146

a

7835872.SQ.FTS.B

,

5

.094

%

,

11/28/25

...

15,233

10,362

a

7840042.SQ.FTS.B

,

4

.735

%

,

11/29/25

...

797

658

a

7836809.SQ.FTS.B

,

4

.776

%

,

11/29/25

...

1,715

1,668

a

7839423.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

6,198

6,099

a

7840060.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

5,971

4,867

a

7839773.SQ.FTS.B

,

4

.781

%

,

11/29/25

...

7,820

7,629

a

7836710.SQ.FTS.B

,

5

.094

%

,

11/29/25

...

1,091

1,074

a

7837221.SQ.FTS.B

,

5

.094

%

,

11/29/25

...

14,869

14,587

a

7838403.SQ.FTS.B

,

5

.339

%

,

11/29/25

...

1,745

1,288

a

7836917.SQ.FTS.B

,

5

.457

%

,

11/29/25

...

764

347

a

7836366.SQ.FTS.B

,

5

.535

%

,

11/29/25

...

13,518

8,890

a

7838369.SQ.FTS.B

,

5

.714

%

,

11/29/25

...

863

838

a

7838689.SQ.FTS.B

,

5

.912

%

,

11/29/25

...

34,791

27,362

a

7838178.SQ.FTS.B

,

6

.141

%

,

11/29/25

...

163

151

a

7839709.SQ.FTS.B

,

6

.463

%

,

11/29/25

...

1,596

408

a

7848851.SQ.FTS.B

,

4

.72

%

,

11/30/25

....

276

237

a

7846326.SQ.FTS.B

,

4

.778

%

,

11/30/25

...

4,618

4,545

a

7848375.SQ.FTS.B

,

4

.778

%

,

11/30/25

...

5,319

5,235

a

7848970.SQ.FTS.B

,

4

.778

%

,

11/30/25

...

2,631

2,505

a

7842933.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

3,640

3,577

a

7844665.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

2,763

2,713

a

7848339.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

929

913

a

7842830.SQ.FTS.B

,

4

.785

%

,

11/30/25

...

1,599

1,573

a

7843231.SQ.FTS.B

,

5

.094

%

,

11/30/25

...

6,759

6,673

a

7846983.SQ.FTS.B

,

5

.342

%

,

11/30/25

...

1,022

978

a

7842544.SQ.FTS.B

,

5

.527

%

,

11/30/25

...

984

971

a

7847473.SQ.FTS.B

,

5

.534

%

,

11/30/25

...

3,306

3,281

a

7849083.SQ.FTS.B

,

5

.535

%

,

11/30/25

...

62,750

40,906

a

7848873.SQ.FTS.B

,

6

.137

%

,

11/30/25

...

693

467

a

7844828.SQ.FTS.B

,

6

.289

%

,

11/30/25

...

2,155

2,070

a

7850990.SQ.FTS.B

,

4

.78

%

,

12/01/25

....

4,549

4,463

a

7851273.SQ.FTS.B

,

5

.094

%

,

12/01/25

...

3,295

3,273

a

7850543.SQ.FTS.B

,

5

.107

%

,

12/01/25

...

1,001

974

a

7851179.SQ.FTS.B

,

5

.535

%

,

12/01/25

...

2,307

2,129

a

7850583.SQ.FTS.B

,

5

.913

%

,

12/01/25

...

8,260

8,065

a

7850456.SQ.FTS.B

,

6

.471

%

,

12/01/25

...

742

623

a

7851807.SQ.FTS.B

,

5

.912

%

,

12/02/25

...

1,773

1,755

a

7851686.SQ.FTS.B

,

5

.915

%

,

12/02/25

...

413

412

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7852271.SQ.FTS.B

,

6

.16

%

,

12/02/25

....

$

447

$

419

a

7852294.SQ.FTS.B

,

6

.165

%

,

12/02/25

...

4,951

4,802

a

7851973.SQ.FTS.B

,

6

.501

%

,

12/02/25

...

71

70

a

7853534.SQ.FTS.B

,

4

.774

%

,

12/03/25

...

724

718

a

7854548.SQ.FTS.B

,

4

.777

%

,

12/03/25

...

1,218

1,203

a

7853646.SQ.FTS.B

,

4

.78

%

,

12/03/25

....

37,985

29,820

a

7856445.SQ.FTS.B

,

4

.781

%

,

12/03/25

...

9,053

8,627

a

7854917.SQ.FTS.B

,

5

.094

%

,

12/03/25

...

20,364

20,025

a

7854629.SQ.FTS.B

,

5

.095

%

,

12/03/25

...

6,900

6,713

a

7853359.SQ.FTS.B

,

5

.098

%

,

12/03/25

...

1,146

1,130

a

7858474.SQ.FTS.B

,

4

.778

%

,

12/04/25

...

4,438

4,247

a

7857244.SQ.FTS.B

,

5

.094

%

,

12/04/25

...

9,307

9,174

a

7860273.SQ.FTS.B

,

5

.094

%

,

12/04/25

...

2,149

2,072

a

7856844.SQ.FTS.B

,

5

.102

%

,

12/04/25

...

1,500

1,427

a

7860342.SQ.FTS.B

,

5

.535

%

,

12/04/25

...

3,192

3,078

a

7860566.SQ.FTS.B

,

5

.9

%

,

12/04/25

.....

665

653

a

7856667.SQ.FTS.B

,

6

.16

%

,

12/04/25

....

1,543

1,510

a

7856900.SQ.FTS.B

,

6

.162

%

,

12/04/25

...

3,251

3,173

a

7860603.SQ.FTS.B

,

6

.171

%

,

12/04/25

...

1,594

1,427

a

7863894.SQ.FTS.B

,

4

.751

%

,

12/05/25

...

3,546

2,883

a

7864127.SQ.FTS.B

,

4

.779

%

,

12/05/25

...

7,618

7,494

a

7861293.SQ.FTS.B

,

4

.78

%

,

12/05/25

....

3,437

3,404

a

7863392.SQ.FTS.B

,

4

.78

%

,

12/05/25

....

17,119

14,632

a

7861729.SQ.FTS.B

,

4

.784

%

,

12/05/25

...

1,939

1,877

a

7861082.SQ.FTS.B

,

4

.796

%

,

12/05/25

...

363

354

a

7860764.SQ.FTS.B

,

5

.095

%

,

12/05/25

...

6,389

6,085

a

7863191.SQ.FTS.B

,

5

.095

%

,

12/05/25

...

1,602

1,573

a

7863771.SQ.FTS.B

,

5

.098

%

,

12/05/25

...

2,436

660

a

7861101.SQ.FTS.B

,

5

.346

%

,

12/05/25

...

5,684

5,344

a

7863751.SQ.FTS.B

,

5

.443

%

,

12/05/25

...

1,008

398

a

7863709.SQ.FTS.B

,

5

.525

%

,

12/05/25

...

1,255

1,182

a

7863344.SQ.FTS.B

,

6

.155

%

,

12/05/25

...

708

678

a

7866803.SQ.FTS.B

,

4

.779

%

,

12/06/25

...

13,220

12,640

a

7867439.SQ.FTS.B

,

4

.779

%

,

12/06/25

...

10,662

10,504

a

7868727.SQ.FTS.B

,

4

.78

%

,

12/06/25

....

2,446

2,397

a

7869449.SQ.FTS.B

,

4

.78

%

,

12/06/25

....

1,813

1,785

a

7869347.SQ.FTS.B

,

4

.786

%

,

12/06/25

...

1,383

1,361

a

7868430.SQ.FTS.B

,

5

.092

%

,

12/06/25

...

2,574

2,420

a

7868157.SQ.FTS.B

,

5

.093

%

,

12/06/25

...

2,779

2,733

a

7868524.SQ.FTS.B

,

5

.095

%

,

12/06/25

...

5,314

5,167

a

7869066.SQ.FTS.B

,

5

.342

%

,

12/06/25

...

963

856

a

7868920.SQ.FTS.B

,

5

.346

%

,

12/06/25

...

751

732

a

7868506.SQ.FTS.B

,

5

.71

%

,

12/06/25

....

878

826

a

7869279.SQ.FTS.B

,

6

.134

%

,

12/06/25

...

281

254

a

7869425.SQ.FTS.B

,

6

.154

%

,

12/06/25

...

1,202

946

a

7868834.SQ.FTS.B

,

6

.284

%

,

12/06/25

...

2,780

2,047

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7873308.SQ.FTS.B

,

4

.744

%

,

12/07/25

...

$

1,345

$

604

a

7870377.SQ.FTS.B

,

4

.778

%

,

12/07/25

...

4,279

4,202

a

7871556.SQ.FTS.B

,

4

.778

%

,

12/07/25

...

6,704

6,571

a

7871915.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

1,216

1,207

a

7872068.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

25,012

24,715

a

7873523.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

16,119

15,892

a

7870583.SQ.FTS.B

,

5

.096

%

,

12/07/25

...

3,198

3,149

a

7873357.SQ.FTS.B

,

5

.344

%

,

12/07/25

...

4,772

4,560

a

7870287.SQ.FTS.B

,

6

.154

%

,

12/07/25

...

951

600

a

7874225.SQ.FTS.B

,

4

.777

%

,

12/08/25

...

4,200

4,087

a

7874157.SQ.FTS.B

,

4

.78

%

,

12/08/25

....

2,797

2,670

a

7874211.SQ.FTS.B

,

4

.78

%

,

12/08/25

....

513

395

a

7874482.SQ.FTS.B

,

4

.781

%

,

12/08/25

...

8,494

8,378

a

7874044.SQ.FTS.B

,

5

.723

%

,

12/08/25

...

7,342

4,470

a

7874823.SQ.FTS.B

,

6

.172

%

,

12/08/25

...

2,188

47

a

7873942.SQ.FTS.B

,

6

.507

%

,

12/08/25

...

715

337

a

7875192.SQ.FTS.B

,

4

.78

%

,

12/09/25

....

5,815

5,681

a

7874931.SQ.FTS.B

,

5

.348

%

,

12/09/25

...

2,232

2,194

a

7875826.SQ.FTS.B

,

5

.535

%

,

12/09/25

...

3,172

3,149

a

7875074.SQ.FTS.B

,

5

.91

%

,

12/09/25

....

3,782

3,536

a

7875615.SQ.FTS.B

,

5

.912

%

,

12/09/25

...

2,343

2,317

a

7879492.SQ.FTS.B

,

4

.777

%

,

12/10/25

...

2,954

2,908

a

7876887.SQ.FTS.B

,

4

.78

%

,

12/10/25

....

10,204

10,092

a

7878318.SQ.FTS.B

,

4

.78

%

,

12/10/25

....

11,870

11,361

a

7878736.SQ.FTS.B

,

4

.78

%

,

12/10/25

....

5,006

4,929

a

7877874.SQ.FTS.B

,

5

.094

%

,

12/10/25

...

8,907

8,706

a

7876689.SQ.FTS.B

,

5

.098

%

,

12/10/25

...

5,718

4,302

a

7877689.SQ.FTS.B

,

5

.346

%

,

12/10/25

...

2,069

2,028

a

7880555.SQ.FTS.B

,

4

.776

%

,

12/11/25

...

903

892

a

7881091.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

1,112

1,073

a

7883010.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

4,617

4,468

a

7881786.SQ.FTS.B

,

4

.784

%

,

12/11/25

...

1,947

1,922

a

7881129.SQ.FTS.B

,

5

.088

%

,

12/11/25

...

1,930

1,880

a

7881673.SQ.FTS.B

,

5

.089

%

,

12/11/25

...

1,597

1,563

a

7882010.SQ.FTS.B

,

5

.094

%

,

12/11/25

...

1,056

1,038

a

7882143.SQ.FTS.B

,

5

.094

%

,

12/11/25

...

3,550

3,528

a

7882679.SQ.FTS.B

,

5

.097

%

,

12/11/25

...

3,963

3,863

a

7881933.SQ.FTS.B

,

5

.352

%

,

12/11/25

...

1,171

1,153

a

7881395.SQ.FTS.B

,

5

.534

%

,

12/11/25

...

12,108

11,193

a

7882586.SQ.FTS.B

,

5

.716

%

,

12/11/25

...

393

389

a

7883172.SQ.FTS.B

,

5

.724

%

,

12/11/25

...

4,692

4,621

a

7882477.SQ.FTS.B

,

6

.166

%

,

12/11/25

...

3,462

2,663

a

7881745.SQ.FTS.B

,

6

.169

%

,

12/11/25

...

1,404

1,208

a

7884810.SQ.FTS.B

,

4

.728

%

,

12/12/25

...

1,095

355

a

7885251.SQ.FTS.B

,

4

.747

%

,

12/12/25

...

12,623

6,969

a

7884561.SQ.FTS.B

,

4

.769

%

,

12/12/25

...

317

224

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7884895.SQ.FTS.B

,

4

.778

%

,

12/12/25

...

$

3,056

$

2,992

a

7884000.SQ.FTS.B

,

4

.78

%

,

12/12/25

....

6,415

6,324

a

7885002.SQ.FTS.B

,

4

.78

%

,

12/12/25

....

2,202

2,157

a

7885691.SQ.FTS.B

,

4

.78

%

,

12/12/25

....

1,292

1,123

a

7885748.SQ.FTS.B

,

4

.78

%

,

12/12/25

....

36,760

36,013

a

7884579.SQ.FTS.B

,

5

.094

%

,

12/12/25

...

975

942

a

7883436.SQ.FTS.B

,

5

.097

%

,

12/12/25

...

941

920

a

7884719.SQ.FTS.B

,

5

.1

%

,

12/12/25

.....

1,856

1,824

a

7884842.SQ.FTS.B

,

5

.103

%

,

12/12/25

...

986

974

a

7885722.SQ.FTS.B

,

5

.902

%

,

12/12/25

...

370

362

a

7891927.SQ.FTS.B

,

4

.729

%

,

12/13/25

...

450

376

a

7890869.SQ.FTS.B

,

5

.094

%

,

12/13/25

...

6,376

6,242

a

7889618.SQ.FTS.B

,

5

.099

%

,

12/13/25

...

5,384

4,145

a

7889231.SQ.FTS.B

,

5

.535

%

,

12/13/25

...

4,128

4,053

a

7891937.SQ.FTS.B

,

5

.723

%

,

12/13/25

...

37,136

35,636

a

7891273.SQ.FTS.B

,

5

.911

%

,

12/13/25

...

3,592

3,566

a

7891840.SQ.FTS.B

,

5

.918

%

,

12/13/25

...

893

877

a

7890802.SQ.FTS.B

,

6

.16

%

,

12/13/25

....

1,713

1,089

a

7889784.SQ.FTS.B

,

6

.168

%

,

12/13/25

...

2,663

1,700

a

7896021.SQ.FTS.B

,

4

.779

%

,

12/14/25

...

4,937

4,865

a

7893510.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

7,623

7,464

a

7894105.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

20,441

19,431

a

7896256.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

2,866

2,821

a

7896532.SQ.FTS.B

,

4

.781

%

,

12/14/25

...

8,040

6,987

a

7893069.SQ.FTS.B

,

5

.095

%

,

12/14/25

...

2,918

2,867

a

7893383.SQ.FTS.B

,

5

.355

%

,

12/14/25

...

572

568

a

7898837.SQ.FTS.B

,

4

.78

%

,

12/15/25

....

1,805

1,772

a

7898972.SQ.FTS.B

,

4

.78

%

,

12/15/25

....

11,173

10,678

a

7898887.SQ.FTS.B

,

5

.091

%

,

12/15/25

...

1,352

1,340

a

7899837.SQ.FTS.B

,

4

.752

%

,

12/16/25

...

4,671

1,122

a

7899783.SQ.FTS.B

,

4

.779

%

,

12/16/25

...

3,323

3,176

a

7900097.SQ.FTS.B

,

4

.78

%

,

12/16/25

....

1,714

1,696

a

7900188.SQ.FTS.B

,

5

.093

%

,

12/16/25

...

2,845

2,815

a

7900527.SQ.FTS.B

,

5

.096

%

,

12/16/25

...

9,650

9,433

a

7899916.SQ.FTS.B

,

5

.346

%

,

12/16/25

...

9,751

6,961

a

7899760.SQ.FTS.B

,

5

.911

%

,

12/16/25

...

731

705

a

7901004.SQ.FTS.B

,

4

.775

%

,

12/17/25

...

1,833

1,798

a

7902100.SQ.FTS.B

,

4

.779

%

,

12/17/25

...

4,065

4,034

a

7903379.SQ.FTS.B

,

4

.779

%

,

12/17/25

...

9,695

5,423

a

7901658.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

4,029

3,855

a

7902004.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

3,803

3,716

a

7903036.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

3,602

3,515

a

7903101.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

2,103

2,077

a

7904013.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

666

656

a

7901201.SQ.FTS.B

,

4

.788

%

,

12/17/25

...

867

858

a

7901423.SQ.FTS.B

,

5

.091

%

,

12/17/25

...

4,821

4,591

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

73

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7902446.SQ.FTS.B

,

5

.094

%

,

12/17/25

...

$

8,630

$

8,561

a

7903181.SQ.FTS.B

,

5

.095

%

,

12/17/25

...

4,027

3,971

a

7902988.SQ.FTS.B

,

5

.36

%

,

12/17/25

....

518

512

a

7901578.SQ.FTS.B

,

5

.535

%

,

12/17/25

...

1,958

1,448

a

7904885.SQ.FTS.B

,

4

.78

%

,

12/18/25

....

1,297

1,271

a

7906477.SQ.FTS.B

,

5

.091

%

,

12/18/25

...

2,357

2,242

a

7905223.SQ.FTS.B

,

5

.094

%

,

12/18/25

...

9,575

9,319

a

7904350.SQ.FTS.B

,

5

.108

%

,

12/18/25

...

885

846

a

7906791.SQ.FTS.B

,

5

.344

%

,

12/18/25

...

3,845

3,744

a

7904970.SQ.FTS.B

,

5

.35

%

,

12/18/25

....

2,651

2,611

a

7906550.SQ.FTS.B

,

5

.535

%

,

12/18/25

...

5,057

4,962

a

7906934.SQ.FTS.B

,

5

.536

%

,

12/18/25

...

7,578

7,325

a

7904436.SQ.FTS.B

,

5

.924

%

,

12/18/25

...

819

734

a

7904369.SQ.FTS.B

,

6

.171

%

,

12/18/25

...

1,568

1,358

a

7910625.SQ.FTS.B

,

4

.78

%

,

12/19/25

....

46,572

44,364

a

7910334.SQ.FTS.B

,

4

.782

%

,

12/19/25

...

1,493

1,424

a

7910362.SQ.FTS.B

,

5

.094

%

,

12/19/25

...

7,272

7,175

a

7910287.SQ.FTS.B

,

5

.355

%

,

12/19/25

...

2,129

1,555

a

7911767.SQ.FTS.B

,

4

.749

%

,

12/20/25

...

1,736

1,457

a

7911568.SQ.FTS.B

,

4

.78

%

,

12/20/25

....

2,304

2,258

a

7911707.SQ.FTS.B

,

4

.78

%

,

12/20/25

....

265

262

a

7912333.SQ.FTS.B

,

5

.094

%

,

12/20/25

...

751

738

a

7912230.SQ.FTS.B

,

5

.338

%

,

12/20/25

...

1,961

1,882

a

7911348.SQ.FTS.B

,

5

.348

%

,

12/20/25

...

1,790

1,729

a

7912416.SQ.FTS.B

,

5

.535

%

,

12/20/25

...

1,356

1,291

a

7913993.SQ.FTS.B

,

5

.535

%

,

12/20/25

...

5,583

5,537

a

7914832.SQ.FTS.B

,

5

.535

%

,

12/20/25

...

1,121

1,105

a

7911932.SQ.FTS.B

,

5

.902

%

,

12/20/25

...

1,046

996

a

7914492.SQ.FTS.B

,

5

.907

%

,

12/20/25

...

2,044

1,912

a

7914664.SQ.FTS.B

,

5

.928

%

,

12/20/25

...

731

705

a

7912392.SQ.FTS.B

,

6

.164

%

,

12/20/25

...

422

406

a

7918484.SQ.FTS.B

,

4

.745

%

,

12/21/25

...

4,063

69

a

7915836.SQ.FTS.B

,

4

.781

%

,

12/21/25

...

4,176

3,599

a

7915632.SQ.FTS.B

,

4

.784

%

,

12/21/25

...

2,783

2,657

a

7916594.SQ.FTS.B

,

5

.083

%

,

12/21/25

...

1,012

977

a

7916231.SQ.FTS.B

,

5

.346

%

,

12/21/25

...

6,941

6,859

a

7918548.SQ.FTS.B

,

5

.536

%

,

12/21/25

...

2,603

2,556

a

7919848.SQ.FTS.B

,

4

.779

%

,

12/22/25

...

9,963

9,786

a

7919800.SQ.FTS.B

,

5

.092

%

,

12/22/25

...

1,787

1,703

a

7919297.SQ.FTS.B

,

5

.915

%

,

12/22/25

...

2,409

2,165

a

7919425.SQ.FTS.B

,

5

.917

%

,

12/22/25

...

2,749

2,255

a

7919391.SQ.FTS.B

,

5

.921

%

,

12/22/25

...

1,597

1,285

a

7919249.SQ.FTS.B

,

6

.171

%

,

12/22/25

...

2,609

471

a

7919475.SQ.FTS.B

,

6

.279

%

,

12/22/25

...

1,063

972

a

7920382.SQ.FTS.B

,

4

.776

%

,

12/23/25

...

1,408

1,386

a

7920284.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

2,416

2,050

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7920315.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

$

1,041

$

1,022

a

7920439.SQ.FTS.B

,

4

.784

%

,

12/23/25

...

1,115

1,102

a

7920505.SQ.FTS.B

,

5

.725

%

,

12/23/25

...

5,718

5,646

a

7923345.SQ.FTS.B

,

4

.777

%

,

12/24/25

...

4,704

4,574

a

7921882.SQ.FTS.B

,

4

.78

%

,

12/24/25

....

3,312

3,251

a

7922868.SQ.FTS.B

,

4

.78

%

,

12/24/25

....

3,053

3,016

a

7923259.SQ.FTS.B

,

4

.78

%

,

12/24/25

....

2,552

2,481

a

7921137.SQ.FTS.B

,

4

.784

%

,

12/24/25

...

640

632

a

7921805.SQ.FTS.B

,

4

.786

%

,

12/24/25

...

1,191

1,166

a

7923570.SQ.FTS.B

,

5

.095

%

,

12/24/25

...

4,734

4,679

a

7921388.SQ.FTS.B

,

5

.338

%

,

12/24/25

...

1,994

1,880

a

7922081.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

14,898

10,732

a

7922648.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

1,860

1,812

a

7924093.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

23,172

20,866

a

7923176.SQ.FTS.B

,

5

.358

%

,

12/24/25

...

638

630

a

7927903.SQ.FTS.B

,

4

.774

%

,

12/25/25

...

1,601

1,568

a

7925005.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

2,235

2,189

a

7926785.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

14,385

14,165

a

7927767.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

4,670

4,569

a

7926487.SQ.FTS.B

,

5

.092

%

,

12/25/25

...

931

918

a

7928071.SQ.FTS.B

,

5

.347

%

,

12/25/25

...

3,647

3,586

a

7926539.SQ.FTS.B

,

5

.348

%

,

12/25/25

...

7,333

7,191

a

7927377.SQ.FTS.B

,

5

.533

%

,

12/25/25

...

8,014

7,125

a

7924598.SQ.FTS.B

,

5

.536

%

,

12/25/25

...

7,318

6,982

a

7926507.SQ.FTS.B

,

6

.168

%

,

12/25/25

...

1,194

1,160

a

7931938.SQ.FTS.B

,

4

.757

%

,

12/26/25

...

1,145

722

a

7928391.SQ.FTS.B

,

4

.778

%

,

12/26/25

...

1,434

1,408

a

7930670.SQ.FTS.B

,

4

.778

%

,

12/26/25

...

6,383

5,380

a

7929049.SQ.FTS.B

,

4

.779

%

,

12/26/25

...

14,399

14,095

a

7928426.SQ.FTS.B

,

4

.78

%

,

12/26/25

....

2,228

2,183

a

7928897.SQ.FTS.B

,

4

.78

%

,

12/26/25

....

1,695

1,674

a

7930304.SQ.FTS.B

,

4

.78

%

,

12/26/25

....

6,724

6,415

a

7928487.SQ.FTS.B

,

4

.781

%

,

12/26/25

...

2,683

2,653

a

7928475.SQ.FTS.B

,

4

.784

%

,

12/26/25

...

22

22

a

7931440.SQ.FTS.B

,

5

.095

%

,

12/26/25

...

11,615

11,428

a

7930444.SQ.FTS.B

,

5

.336

%

,

12/26/25

...

686

674

a

7930430.SQ.FTS.B

,

5

.544

%

,

12/26/25

...

1,009

963

a

7930752.SQ.FTS.B

,

5

.723

%

,

12/26/25

...

13,939

13,388

a

7928701.SQ.FTS.B

,

5

.735

%

,

12/26/25

...

2,055

1,345

a

7928332.SQ.FTS.B

,

6

.144

%

,

12/26/25

...

670

576

a

7929817.SQ.FTS.B

,

6

.164

%

,

12/26/25

...

994

34

a

7931303.SQ.FTS.B

,

6

.474

%

,

12/26/25

...

3,861

1,555

a

7936911.SQ.FTS.B

,

4

.755

%

,

12/27/25

...

896

851

a

7936956.SQ.FTS.B

,

4

.778

%

,

12/27/25

...

5,448

5,309

a

7934742.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

743

739

a

7935404.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

2,177

1,882

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7937127.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

$

4,313

$

4,217

a

7935542.SQ.FTS.B

,

4

.781

%

,

12/27/25

...

9,789

9,599

a

7934183.SQ.FTS.B

,

5

.344

%

,

12/27/25

...

2,438

2,399

a

7936873.SQ.FTS.B

,

5

.353

%

,

12/27/25

...

1,324

1,244

a

7937401.SQ.FTS.B

,

5

.438

%

,

12/27/25

...

884

797

a

7936898.SQ.FTS.B

,

5

.446

%

,

12/27/25

...

788

384

a

7934417.SQ.FTS.B

,

5

.535

%

,

12/27/25

...

1,957

1,928

a

7936515.SQ.FTS.B

,

5

.722

%

,

12/27/25

...

7,704

7,568

a

7936395.SQ.FTS.B

,

5

.723

%

,

12/27/25

...

1,216

1,206

a

7934586.SQ.FTS.B

,

5

.727

%

,

12/27/25

...

2,617

2,402

a

7936014.SQ.FTS.B

,

5

.913

%

,

12/27/25

...

17,655

11,397

a

7935181.SQ.FTS.B

,

6

.286

%

,

12/27/25

...

2,899

2,021

a

7938224.SQ.FTS.B

,

4

.778

%

,

12/28/25

...

96

96

a

7941308.SQ.FTS.B

,

4

.779

%

,

12/28/25

...

12,695

11,038

a

7939780.SQ.FTS.B

,

4

.78

%

,

12/28/25

....

1,442

1,414

a

7938895.SQ.FTS.B

,

4

.781

%

,

12/28/25

...

3,831

3,750

a

7938737.SQ.FTS.B

,

4

.784

%

,

12/28/25

...

1,822

1,794

a

7941756.SQ.FTS.B

,

5

.347

%

,

12/28/25

...

13,850

13,558

a

7939609.SQ.FTS.B

,

5

.534

%

,

12/28/25

...

1,586

1,480

a

7941667.SQ.FTS.B

,

5

.727

%

,

12/28/25

...

1,531

1,490

a

7939678.SQ.FTS.B

,

6

.289

%

,

12/28/25

...

2,124

2,065

a

7938565.SQ.FTS.B

,

6

.294

%

,

12/28/25

...

3,433

2,396

a

7942328.SQ.FTS.B

,

4

.759

%

,

12/29/25

...

2,917

37

a

7942549.SQ.FTS.B

,

4

.781

%

,

12/29/25

...

7,649

7,517

a

7942380.SQ.FTS.B

,

5

.726

%

,

12/29/25

...

5,165

4,415

a

7943343.SQ.FTS.B

,

4

.781

%

,

12/30/25

...

9,325

9,156

a

7943009.SQ.FTS.B

,

5

.541

%

,

12/30/25

...

1,542

1,502

a

7943096.SQ.FTS.B

,

6

.162

%

,

12/30/25

...

6,989

5,881

a

7942994.SQ.FTS.B

,

6

.178

%

,

12/30/25

...

531

260

a

7946958.SQ.FTS.B

,

4

.75

%

,

1/01/26

.....

4,192

1,986

a

7946336.SQ.FTS.B

,

4

.752

%

,

1/01/26

....

1,270

1,044

a

7944951.SQ.FTS.B

,

4

.762

%

,

1/01/26

....

688

434

a

7946512.SQ.FTS.B

,

4

.776

%

,

1/01/26

....

1,465

1,440

a

7944099.SQ.FTS.B

,

4

.778

%

,

1/01/26

....

6,203

5,988

a

7944826.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

1,043

1,015

a

7945338.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

11,241

10,844

a

7946424.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

2,085

2,008

a

7946818.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

972

959

a

7944011.SQ.FTS.B

,

4

.784

%

,

1/01/26

....

4,056

3,328

a

7947078.SQ.FTS.B

,

5

.092

%

,

1/01/26

....

5,167

5,082

a

7945780.SQ.FTS.B

,

5

.094

%

,

1/01/26

....

2,465

2,394

a

7947396.SQ.FTS.B

,

5

.099

%

,

1/01/26

....

4,091

3,942

a

7946604.SQ.FTS.B

,

5

.535

%

,

1/01/26

....

5,930

5,279

a

7947566.SQ.FTS.B

,

5

.922

%

,

1/01/26

....

2,770

1,717

a

7947625.SQ.FTS.B

,

6

.163

%

,

1/01/26

....

2,555

2,421

a

7951311.SQ.FTS.B

,

4

.777

%

,

1/02/26

....

537

255

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7950429.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

$

1,811

$

1,742

a

7950622.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

1,677

1,640

a

7950965.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

690

684

a

7952921.SQ.FTS.B

,

5

.092

%

,

1/02/26

....

2,942

2,888

a

7951847.SQ.FTS.B

,

5

.094

%

,

1/02/26

....

39,650

31,493

a

7952600.SQ.FTS.B

,

5

.35

%

,

1/02/26

.....

6,294

4,406

a

7951787.SQ.FTS.B

,

5

.407

%

,

1/02/26

....

997

4

a

7951448.SQ.FTS.B

,

5

.444

%

,

1/02/26

....

2,679

1,625

a

7951324.SQ.FTS.B

,

5

.535

%

,

1/02/26

....

1,412

1,391

a

7951022.SQ.FTS.B

,

5

.537

%

,

1/02/26

....

1,710

1,647

a

7951667.SQ.FTS.B

,

5

.915

%

,

1/02/26

....

4,438

4,287

a

7949989.SQ.FTS.B

,

5

.918

%

,

1/02/26

....

839

818

a

7949460.SQ.FTS.B

,

5

.937

%

,

1/02/26

....

728

581

a

7949484.SQ.FTS.B

,

6

.163

%

,

1/02/26

....

15,296

13,386

a

7951544.SQ.FTS.B

,

6

.289

%

,

1/02/26

....

1,349

1,322

a

7950492.SQ.FTS.B

,

6

.475

%

,

1/02/26

....

4,103

1,998

a

7955280.SQ.FTS.B

,

4

.776

%

,

1/03/26

....

2,261

2,195

a

7955042.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

4,930

4,297

a

7955770.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

21,798

21,028

a

7957207.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

1,661

1,632

a

7957359.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

5,262

5,160

a

7955555.SQ.FTS.B

,

4

.781

%

,

1/03/26

....

2,609

2,541

a

7955411.SQ.FTS.B

,

4

.785

%

,

1/03/26

....

1,303

1,277

a

7957118.SQ.FTS.B

,

5

.091

%

,

1/03/26

....

5,860

4,395

a

7957062.SQ.FTS.B

,

5

.099

%

,

1/03/26

....

2,717

2,530

a

7957948.SQ.FTS.B

,

5

.346

%

,

1/03/26

....

12,987

11,642

a

7958584.SQ.FTS.B

,

5

.346

%

,

1/03/26

....

8,301

7,979

a

7955497.SQ.FTS.B

,

5

.534

%

,

1/03/26

....

1,288

1,233

a

7958189.SQ.FTS.B

,

5

.535

%

,

1/03/26

....

13,942

13,319

a

7957773.SQ.FTS.B

,

5

.911

%

,

1/03/26

....

9,065

5,874

a

7957265.SQ.FTS.B

,

5

.915

%

,

1/03/26

....

3,541

2,986

a

7959577.SQ.FTS.B

,

4

.779

%

,

1/04/26

....

3,219

3,136

a

7958842.SQ.FTS.B

,

4

.78

%

,

1/04/26

.....

42,558

37,003

a

7959768.SQ.FTS.B

,

4

.78

%

,

1/04/26

.....

9,779

9,407

a

7960740.SQ.FTS.B

,

4

.78

%

,

1/05/26

.....

62,372

53,335

a

7962473.SQ.FTS.B

,

4

.78

%

,

1/05/26

.....

6,501

6,367

a

7963125.SQ.FTS.B

,

4

.78

%

,

1/05/26

.....

4,274

4,074

a

7960320.SQ.FTS.B

,

5

.333

%

,

1/05/26

....

931

900

a

7962945.SQ.FTS.B

,

5

.346

%

,

1/05/26

....

3,578

3,499

a

7962097.SQ.FTS.B

,

5

.349

%

,

1/05/26

....

2,992

2,954

a

7962334.SQ.FTS.B

,

5

.911

%

,

1/05/26

....

1,483

1,469

a

7960458.SQ.FTS.B

,

6

.164

%

,

1/05/26

....

1,540

1,520

a

7960195.SQ.FTS.B

,

6

.17

%

,

1/05/26

.....

1,618

1,571

a

7963702.SQ.FTS.B

,

4

.781

%

,

1/06/26

....

5,495

5,289

a

7963289.SQ.FTS.B

,

5

.527

%

,

1/06/26

....

2,039

1,950

a

7963378.SQ.FTS.B

,

6

.172

%

,

1/06/26

....

1,190

1,126

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

75

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7963332.SQ.FTS.B

,

6

.491

%

,

1/06/26

....

$

1,186

$

1,094

a

7964480.SQ.FTS.B

,

4

.78

%

,

1/07/26

.....

793

772

a

7964315.SQ.FTS.B

,

4

.782

%

,

1/07/26

....

3,395

3,328

a

7964513.SQ.FTS.B

,

5

.096

%

,

1/07/26

....

8,942

8,679

a

7964158.SQ.FTS.B

,

5

.098

%

,

1/07/26

....

3,286

3,233

a

7964940.SQ.FTS.B

,

5

.342

%

,

1/07/26

....

2,810

2,718

a

7964871.SQ.FTS.B

,

6

.168

%

,

1/07/26

....

2,394

1,209

a

7967481.SQ.FTS.B

,

4

.734

%

,

1/08/26

....

592

559

a

7966867.SQ.FTS.B

,

4

.762

%

,

1/08/26

....

679

38

a

7965315.SQ.FTS.B

,

4

.774

%

,

1/08/26

....

1,113

1,086

a

7966544.SQ.FTS.B

,

4

.78

%

,

1/08/26

.....

2,038

2,003

a

7967288.SQ.FTS.B

,

4

.78

%

,

1/08/26

.....

1,387

1,358

a

7967005.SQ.FTS.B

,

4

.783

%

,

1/08/26

....

4,573

4,439

a

7966076.SQ.FTS.B

,

5

.094

%

,

1/08/26

....

14,259

11,436

a

7966727.SQ.FTS.B

,

5

.348

%

,

1/08/26

....

3,189

3,013

a

7966654.SQ.FTS.B

,

5

.528

%

,

1/08/26

....

1,540

1,365

a

7967637.SQ.FTS.B

,

5

.535

%

,

1/08/26

....

5,084

4,732

a

7967525.SQ.FTS.B

,

5

.909

%

,

1/08/26

....

990

977

a

7967990.SQ.FTS.B

,

5

.911

%

,

1/08/26

....

6,591

4,013

a

7968197.SQ.FTS.B

,

5

.912

%

,

1/08/26

....

2,258

2,183

a

7965554.SQ.FTS.B

,

5

.914

%

,

1/08/26

....

3,304

3,239

a

7967979.SQ.FTS.B

,

6

.142

%

,

1/08/26

....

329

324

a

7967401.SQ.FTS.B

,

6

.155

%

,

1/08/26

....

336

332

a

7967183.SQ.FTS.B

,

6

.163

%

,

1/08/26

....

3,061

1,810

a

7966492.SQ.FTS.B

,

6

.164

%

,

1/08/26

....

965

852

a

7968480.SQ.FTS.B

,

6

.164

%

,

1/08/26

....

3,061

3,000

a

7966896.SQ.FTS.B

,

6

.478

%

,

1/08/26

....

950

929

a

7971409.SQ.FTS.B

,

4

.746

%

,

1/09/26

....

1,112

1,066

a

7970793.SQ.FTS.B

,

4

.78

%

,

1/09/26

.....

3,068

3,003

a

7969797.SQ.FTS.B

,

4

.783

%

,

1/09/26

....

1,614

1,576

a

7969098.SQ.FTS.B

,

5

.346

%

,

1/09/26

....

9,524

9,351

a

7970899.SQ.FTS.B

,

5

.349

%

,

1/09/26

....

8,001

1,215

a

7971514.SQ.FTS.B

,

5

.436

%

,

1/09/26

....

3,454

781

a

7968772.SQ.FTS.B

,

5

.716

%

,

1/09/26

....

1,807

1,663

a

7971048.SQ.FTS.B

,

5

.739

%

,

1/09/26

....

1,261

843

a

7971074.SQ.FTS.B

,

6

.164

%

,

1/09/26

....

9,507

7,538

a

7974286.SQ.FTS.B

,

4

.778

%

,

1/10/26

....

9,009

8,800

a

7974597.SQ.FTS.B

,

4

.778

%

,

1/10/26

....

6,752

6,551

a

7972053.SQ.FTS.B

,

4

.78

%

,

1/10/26

.....

4,174

4,117

a

7972368.SQ.FTS.B

,

4

.78

%

,

1/10/26

.....

4,039

3,891

a

7974543.SQ.FTS.B

,

4

.78

%

,

1/10/26

.....

1,293

1,269

a

7974030.SQ.FTS.B

,

5

.094

%

,

1/10/26

....

11,709

11,438

a

7972819.SQ.FTS.B

,

5

.346

%

,

1/10/26

....

1,429

1,391

a

7972739.SQ.FTS.B

,

6

.155

%

,

1/10/26

....

932

882

a

7972684.SQ.FTS.B

,

6

.169

%

,

1/10/26

....

1,236

954

a

7972988.SQ.FTS.B

,

6

.289

%

,

1/10/26

....

1,560

1,424

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7979279.SQ.FTS.B

,

4

.779

%

,

1/11/26

....

$

26,579

$

25,954

a

7977253.SQ.FTS.B

,

5

.095

%

,

1/11/26

....

3,586

3,512

a

7980290.SQ.FTS.B

,

5

.346

%

,

1/11/26

....

31,350

27,441

a

7979009.SQ.FTS.B

,

5

.537

%

,

1/11/26

....

7,233

6,451

a

7979256.SQ.FTS.B

,

6

.176

%

,

1/11/26

....

235

233

a

7978787.SQ.FTS.B

,

6

.289

%

,

1/11/26

....

333

325

a

7981280.SQ.FTS.B

,

4

.78

%

,

1/12/26

.....

2,991

2,924

a

7983450.SQ.FTS.B

,

5

.095

%

,

1/12/26

....

15,208

15,005

a

7981724.SQ.FTS.B

,

5

.098

%

,

1/12/26

....

4,633

4,467

a

7982077.SQ.FTS.B

,

5

.351

%

,

1/12/26

....

1,957

1,843

a

7981977.SQ.FTS.B

,

5

.917

%

,

1/12/26

....

2,757

1,843

a

7983412.SQ.FTS.B

,

5

.92

%

,

1/12/26

.....

1,990

154

a

7981527.SQ.FTS.B

,

6

.164

%

,

1/12/26

....

3,321

2,466

a

7982517.SQ.FTS.B

,

6

.164

%

,

1/12/26

....

9,178

8,932

a

7984094.SQ.FTS.B

,

4

.776

%

,

1/13/26

....

3,611

3,428

a

7984257.SQ.FTS.B

,

4

.78

%

,

1/13/26

.....

3,013

2,932

a

7984867.SQ.FTS.B

,

4

.78

%

,

1/13/26

.....

3,029

2,973

a

7984415.SQ.FTS.B

,

5

.346

%

,

1/13/26

....

14,443

14,106

a

7984315.SQ.FTS.B

,

5

.445

%

,

1/13/26

....

2,137

1,952

a

7984186.SQ.FTS.B

,

6

.162

%

,

1/13/26

....

1,257

1,119

a

7984217.SQ.FTS.B

,

6

.491

%

,

1/13/26

....

1,793

1,273

a

7985580.SQ.FTS.B

,

4

.722

%

,

1/14/26

....

212

194

a

7985251.SQ.FTS.B

,

4

.783

%

,

1/14/26

....

4,678

4,546

a

7985441.SQ.FTS.B

,

5

.094

%

,

1/14/26

....

4,231

4,134

a

7985005.SQ.FTS.B

,

5

.346

%

,

1/14/26

....

12,821

11,648

a

7985368.SQ.FTS.B

,

5

.436

%

,

1/14/26

....

2,342

2,021

a

7985552.SQ.FTS.B

,

5

.912

%

,

1/14/26

....

830

808

a

7985586.SQ.FTS.B

,

5

.912

%

,

1/14/26

....

5,944

5,818

a

7987855.SQ.FTS.B

,

4

.735

%

,

1/15/26

....

1,362

408

a

7989581.SQ.FTS.B

,

4

.747

%

,

1/15/26

....

341

323

a

7987790.SQ.FTS.B

,

4

.78

%

,

1/15/26

.....

3,391

2,878

a

7987955.SQ.FTS.B

,

4

.781

%

,

1/15/26

....

12,041

11,658

a

7989345.SQ.FTS.B

,

4

.781

%

,

1/15/26

....

6,218

6,108

a

7987641.SQ.FTS.B

,

5

.094

%

,

1/15/26

....

1,439

1,405

a

7988496.SQ.FTS.B

,

5

.094

%

,

1/15/26

....

3,307

3,077

a

7988242.SQ.FTS.B

,

5

.095

%

,

1/15/26

....

8,767

8,510

a

7988883.SQ.FTS.B

,

5

.095

%

,

1/15/26

....

10,439

10,177

a

7987075.SQ.FTS.B

,

5

.346

%

,

1/15/26

....

3,549

3,438

a

7988632.SQ.FTS.B

,

5

.346

%

,

1/15/26

....

11,179

9,729

a

7987273.SQ.FTS.B

,

5

.357

%

,

1/15/26

....

1,494

1,447

a

7986155.SQ.FTS.B

,

5

.535

%

,

1/15/26

....

2,959

2,892

a

7986917.SQ.FTS.B

,

5

.535

%

,

1/15/26

....

243

236

a

7988602.SQ.FTS.B

,

6

.142

%

,

1/15/26

....

77

76

a

7986398.SQ.FTS.B

,

6

.478

%

,

1/15/26

....

3,472

3,404

a

7992738.SQ.FTS.B

,

4

.717

%

,

1/16/26

....

206

190

a

7992697.SQ.FTS.B

,

4

.746

%

,

1/16/26

....

706

650

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7991684.SQ.FTS.B

,

4

.775

%

,

1/16/26

....

$

3,067

$

463

a

7991946.SQ.FTS.B

,

4

.777

%

,

1/16/26

....

3,529

3,462

a

7989830.SQ.FTS.B

,

4

.78

%

,

1/16/26

.....

27,713

27,265

a

7992594.SQ.FTS.B

,

4

.78

%

,

1/16/26

.....

3,944

3,800

a

7992809.SQ.FTS.B

,

5

.095

%

,

1/16/26

....

20,000

19,572

a

7992685.SQ.FTS.B

,

5

.358

%

,

1/16/26

....

1,231

1,178

a

7992794.SQ.FTS.B

,

5

.517

%

,

1/16/26

....

770

741

a

7989697.SQ.FTS.B

,

6

.164

%

,

1/16/26

....

739

710

a

7992062.SQ.FTS.B

,

6

.164

%

,

1/16/26

....

11,583

11,355

a

7992743.SQ.FTS.B

,

6

.178

%

,

1/16/26

....

346

338

a

7998328.SQ.FTS.B

,

4

.771

%

,

1/17/26

....

2,071

1,814

a

7994306.SQ.FTS.B

,

4

.779

%

,

1/17/26

....

8,048

7,721

a

7993687.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

789

769

a

8000369.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

21,678

18,966

a

7994098.SQ.FTS.B

,

4

.784

%

,

1/17/26

....

3,183

3,115

a

7994568.SQ.FTS.B

,

5

.092

%

,

1/17/26

....

3,788

3,615

a

7999509.SQ.FTS.B

,

5

.109

%

,

1/17/26

....

1,151

1,116

a

7994263.SQ.FTS.B

,

5

.543

%

,

1/17/26

....

345

342

a

8000882.SQ.FTS.B

,

5

.913

%

,

1/17/26

....

19,055

17,941

a

7993734.SQ.FTS.B

,

6

.147

%

,

1/17/26

....

998

67

a

7999493.SQ.FTS.B

,

6

.184

%

,

1/17/26

....

604

561

a

7993393.SQ.FTS.B

,

6

.279

%

,

1/17/26

....

452

437

a

7993784.SQ.FTS.B

,

6

.289

%

,

1/17/26

....

6,144

4,553

a

7999287.SQ.FTS.B

,

6

.289

%

,

1/17/26

....

4,017

3,880

a

8004630.SQ.FTS.B

,

4

.731

%

,

1/18/26

....

16

16

a

8005176.SQ.FTS.B

,

4

.747

%

,

1/18/26

....

8,366

7,950

a

8004749.SQ.FTS.B

,

4

.767

%

,

1/18/26

....

110

108

a

8004401.SQ.FTS.B

,

5

.084

%

,

1/18/26

....

1,145

1,064

a

8005076.SQ.FTS.B

,

5

.092

%

,

1/18/26

....

4,061

3,981

a

8003598.SQ.FTS.B

,

5

.094

%

,

1/18/26

....

12,130

11,847

a

8003268.SQ.FTS.B

,

5

.346

%

,

1/18/26

....

4,626

4,227

a

8004901.SQ.FTS.B

,

5

.355

%

,

1/18/26

....

2,040

1,955

a

8004787.SQ.FTS.B

,

5

.439

%

,

1/18/26

....

1,211

566

a

8006077.SQ.FTS.B

,

5

.535

%

,

1/18/26

....

18,850

18,500

a

8002810.SQ.FTS.B

,

5

.91

%

,

1/18/26

.....

2,100

2,031

a

8004961.SQ.FTS.B

,

6

.166

%

,

1/18/26

....

12,851

566

a

8009468.SQ.FTS.B

,

4

.776

%

,

1/19/26

....

3,815

3,707

a

8006660.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

544

536

a

8007128.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

7,512

7,347

a

8008015.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

1,301

1,270

a

8007766.SQ.FTS.B

,

5

.093

%

,

1/19/26

....

4,571

4,460

a

8008273.SQ.FTS.B

,

5

.094

%

,

1/19/26

....

25,389

24,949

a

8009647.SQ.FTS.B

,

5

.723

%

,

1/19/26

....

11,235

10,983

a

8006973.SQ.FTS.B

,

5

.727

%

,

1/19/26

....

1,909

1,867

a

8006609.SQ.FTS.B

,

6

.164

%

,

1/19/26

....

930

442

a

8007977.SQ.FTS.B

,

6

.172

%

,

1/19/26

....

1,660

971

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8008058.SQ.FTS.B

,

6

.48

%

,

1/19/26

.....

$

5,826

$

4,810

a

8009940.SQ.FTS.B

,

4

.745

%

,

1/20/26

....

3,206

2,471

a

8009822.SQ.FTS.B

,

4

.78

%

,

1/20/26

.....

2,760

2,687

a

8010097.SQ.FTS.B

,

4

.78

%

,

1/20/26

.....

6,512

6,355

a

8010357.SQ.FTS.B

,

4

.78

%

,

1/20/26

.....

2,216

2,175

a

8010430.SQ.FTS.B

,

5

.347

%

,

1/20/26

....

14,695

14,268

a

8010303.SQ.FTS.B

,

5

.445

%

,

1/20/26

....

1,123

725

a

8010051.SQ.FTS.B

,

5

.528

%

,

1/20/26

....

1,007

989

a

8010319.SQ.FTS.B

,

5

.538

%

,

1/20/26

....

2,075

1,875

a

8009922.SQ.FTS.B

,

6

.189

%

,

1/20/26

....

536

521

a

8011300.SQ.FTS.B

,

4

.78

%

,

1/21/26

.....

3,327

3,256

a

8011419.SQ.FTS.B

,

5

.348

%

,

1/21/26

....

3,169

3,079

a

8010801.SQ.FTS.B

,

5

.536

%

,

1/21/26

....

1,905

1,864

a

8011152.SQ.FTS.B

,

6

.162

%

,

1/21/26

....

2,040

1,358

a

8010965.SQ.FTS.B

,

6

.178

%

,

1/21/26

....

342

334

a

8012223.SQ.FTS.B

,

4

.779

%

,

1/22/26

....

3,762

3,703

a

8014770.SQ.FTS.B

,

4

.779

%

,

1/22/26

....

18,550

17,565

a

8013233.SQ.FTS.B

,

4

.78

%

,

1/22/26

.....

1,680

1,653

a

8011769.SQ.FTS.B

,

5

.094

%

,

1/22/26

....

6,372

6,181

a

8013210.SQ.FTS.B

,

5

.105

%

,

1/22/26

....

469

464

a

8012127.SQ.FTS.B

,

5

.542

%

,

1/22/26

....

1,503

1,458

a

8014750.SQ.FTS.B

,

5

.716

%

,

1/22/26

....

3,086

336

a

8013310.SQ.FTS.B

,

5

.723

%

,

1/22/26

....

38,986

37,014

a

8012570.SQ.FTS.B

,

6

.162

%

,

1/22/26

....

4,571

4,464

a

8015959.SQ.FTS.B

,

4

.776

%

,

1/23/26

....

3,983

3,464

a

8016797.SQ.FTS.B

,

4

.776

%

,

1/23/26

....

2,260

2,189

a

8017353.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

8,071

7,919

a

8018040.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

19,306

18,336

a

8018498.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

1,338

1,316

a

8017116.SQ.FTS.B

,

5

.094

%

,

1/23/26

....

6,266

6,131

a

8017635.SQ.FTS.B

,

5

.099

%

,

1/23/26

....

1,414

1,384

a

8015248.SQ.FTS.B

,

5

.346

%

,

1/23/26

....

7,286

7,117

a

8017327.SQ.FTS.B

,

5

.346

%

,

1/23/26

....

815

800

a

8016211.SQ.FTS.B

,

5

.451

%

,

1/23/26

....

2,578

130

a

8016338.SQ.FTS.B

,

5

.525

%

,

1/23/26

....

1,767

1,278

a

8017696.SQ.FTS.B

,

6

.164

%

,

1/23/26

....

6,561

6,393

a

8016304.SQ.FTS.B

,

6

.303

%

,

1/23/26

....

399

381

a

8021721.SQ.FTS.B

,

4

.778

%

,

1/24/26

....

9,479

8,303

a

8020971.SQ.FTS.B

,

4

.779

%

,

1/24/26

....

26,748

26,079

a

8018927.SQ.FTS.B

,

4

.78

%

,

1/24/26

.....

3,390

3,338

a

8021682.SQ.FTS.B

,

4

.786

%

,

1/24/26

....

1,311

1,283

a

8020801.SQ.FTS.B

,

5

.096

%

,

1/24/26

....

6,054

5,856

a

8019817.SQ.FTS.B

,

5

.533

%

,

1/24/26

....

874

868

a

8018750.SQ.FTS.B

,

5

.535

%

,

1/24/26

....

2,406

2,372

a

8020108.SQ.FTS.B

,

5

.535

%

,

1/24/26

....

14,147

13,890

a

8019749.SQ.FTS.B

,

5

.915

%

,

1/24/26

....

1,701

1,666

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

77

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8025260.SQ.FTS.B

,

4

.721

%

,

1/25/26

....

$

249

$

237

a

8027811.SQ.FTS.B

,

4

.77

%

,

1/25/26

.....

1,327

1,289

a

8025582.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

8,357

8,031

a

8026166.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

44,851

42,601

a

8024400.SQ.FTS.B

,

4

.784

%

,

1/25/26

....

2,897

2,819

a

8026980.SQ.FTS.B

,

5

.093

%

,

1/25/26

....

7,362

7,003

a

8027184.SQ.FTS.B

,

5

.094

%

,

1/25/26

....

24,702

22,976

a

8023972.SQ.FTS.B

,

5

.097

%

,

1/25/26

....

1,455

1,430

a

8025465.SQ.FTS.B

,

5

.346

%

,

1/25/26

....

1,610

1,571

a

8027682.SQ.FTS.B

,

5

.349

%

,

1/25/26

....

4,598

4,475

a

8024257.SQ.FTS.B

,

5

.913

%

,

1/25/26

....

1,270

1,244

a

8025864.SQ.FTS.B

,

5

.919

%

,

1/25/26

....

455

451

a

8025945.SQ.FTS.B

,

6

.163

%

,

1/25/26

....

5,253

5,025

a

8029246.SQ.FTS.B

,

4

.78

%

,

1/26/26

.....

29,749

26,109

a

8028072.SQ.FTS.B

,

4

.781

%

,

1/26/26

....

9,358

9,209

a

8030000.SQ.FTS.B

,

5

.094

%

,

1/26/26

....

34,496

33,600

a

8029056.SQ.FTS.B

,

5

.097

%

,

1/26/26

....

5,934

4,724

a

8027887.SQ.FTS.B

,

5

.344

%

,

1/26/26

....

2,259

2,219

a

8029887.SQ.FTS.B

,

5

.348

%

,

1/26/26

....

4,536

4,127

a

8031770.SQ.FTS.B

,

4

.751

%

,

1/27/26

....

3,356

1,340

a

8032068.SQ.FTS.B

,

4

.781

%

,

1/27/26

....

6,715

6,602

a

8031945.SQ.FTS.B

,

4

.783

%

,

1/27/26

....

3,794

3,713

a

8031886.SQ.FTS.B

,

5

.092

%

,

1/27/26

....

2,081

2,031

a

8031186.SQ.FTS.B

,

6

.164

%

,

1/27/26

....

4,421

4,228

a

8032268.SQ.FTS.B

,

4

.778

%

,

1/28/26

....

5,277

5,073

a

8032720.SQ.FTS.B

,

4

.78

%

,

1/28/26

.....

1,815

1,757

a

8032755.SQ.FTS.B

,

5

.433

%

,

1/28/26

....

127

124

a

8032777.SQ.FTS.B

,

5

.909

%

,

1/28/26

....

4,125

4,015

a

8032404.SQ.FTS.B

,

5

.911

%

,

1/28/26

....

10,286

10,007

a

8032651.SQ.FTS.B

,

5

.912

%

,

1/28/26

....

2,418

2,343

a

8034084.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

14,825

13,077

a

8034750.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

2,977

2,826

a

8035102.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

8,044

7,854

a

8035327.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

2,398

2,350

a

8035546.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

39,730

38,807

a

8036815.SQ.FTS.B

,

5

.094

%

,

1/29/26

....

10,910

10,575

a

8035047.SQ.FTS.B

,

5

.098

%

,

1/29/26

....

3,008

2,899

a

8033427.SQ.FTS.B

,

5

.353

%

,

1/29/26

....

899

876

a

8034845.SQ.FTS.B

,

5

.443

%

,

1/29/26

....

347

339

a

8033326.SQ.FTS.B

,

5

.728

%

,

1/29/26

....

2,008

1,976

a

8034571.SQ.FTS.B

,

5

.915

%

,

1/29/26

....

1,426

1,417

a

8033467.SQ.FTS.B

,

6

.167

%

,

1/29/26

....

4,775

4,463

a

8034729.SQ.FTS.B

,

6

.169

%

,

1/29/26

....

928

806

a

8033451.SQ.FTS.B

,

6

.263

%

,

1/29/26

....

874

471

a

8033875.SQ.FTS.B

,

6

.479

%

,

1/29/26

....

1,531

1,482

a

8035306.SQ.FTS.B

,

6

.486

%

,

1/29/26

....

1,487

785

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8037048.SQ.FTS.B

,

4

.774

%

,

1/30/26

....

$

1,439

$

1,403

a

8038469.SQ.FTS.B

,

4

.779

%

,

1/30/26

....

2,673

2,582

a

8039576.SQ.FTS.B

,

4

.779

%

,

1/30/26

....

13,926

13,726

a

8038749.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

195

58

a

8040747.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

1,749

1,712

a

8040773.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

1,172

1,139

a

8040298.SQ.FTS.B

,

4

.781

%

,

1/30/26

....

19,551

17,029

a

8038165.SQ.FTS.B

,

5

.085

%

,

1/30/26

....

1,338

1,315

a

8038787.SQ.FTS.B

,

5

.097

%

,

1/30/26

....

3,145

3,041

a

8038752.SQ.FTS.B

,

5

.099

%

,

1/30/26

....

1,661

1,601

a

8038914.SQ.FTS.B

,

5

.346

%

,

1/30/26

....

15,383

15,131

a

8037259.SQ.FTS.B

,

5

.35

%

,

1/30/26

.....

4,236

4,120

a

8038552.SQ.FTS.B

,

5

.535

%

,

1/30/26

....

2,591

2,558

a

8037556.SQ.FTS.B

,

6

.167

%

,

1/30/26

....

4,658

4,361

a

8040839.SQ.FTS.B

,

4

.742

%

,

1/31/26

....

819

767

a

8041283.SQ.FTS.B

,

4

.774

%

,

1/31/26

....

2,078

2,044

a

8044027.SQ.FTS.B

,

4

.779

%

,

1/31/26

....

33,350

31,736

a

8041038.SQ.FTS.B

,

4

.78

%

,

1/31/26

.....

1,948

1,918

a

8041924.SQ.FTS.B

,

4

.78

%

,

1/31/26

.....

2,209

2,195

a

8043584.SQ.FTS.B

,

4

.78

%

,

1/31/26

.....

3,317

3,240

a

8043001.SQ.FTS.B

,

4

.781

%

,

1/31/26

....

14,508

14,189

a

8041464.SQ.FTS.B

,

4

.79

%

,

1/31/26

.....

659

645

a

8042395.SQ.FTS.B

,

5

.094

%

,

1/31/26

....

16,139

15,887

a

8043746.SQ.FTS.B

,

5

.096

%

,

1/31/26

....

10,363

10,148

a

8042258.SQ.FTS.B

,

5

.097

%

,

1/31/26

....

6,906

6,426

a

8040978.SQ.FTS.B

,

5

.338

%

,

1/31/26

....

993

969

a

8041672.SQ.FTS.B

,

6

.486

%

,

1/31/26

....

1,250

1,060

a

8049787.SQ.FTS.B

,

4

.758

%

,

2/01/26

....

1,180

961

a

8047020.SQ.FTS.B

,

4

.778

%

,

2/01/26

....

7,515

7,250

a

8050091.SQ.FTS.B

,

4

.779

%

,

2/01/26

....

8,194

7,172

a

8050517.SQ.FTS.B

,

4

.779

%

,

2/01/26

....

8,455

7,492

a

8048204.SQ.FTS.B

,

4

.78

%

,

2/01/26

.....

387

334

a

8049567.SQ.FTS.B

,

4

.78

%

,

2/01/26

.....

4,702

4,619

a

8049833.SQ.FTS.B

,

4

.78

%

,

2/01/26

.....

3,507

3,430

a

8048215.SQ.FTS.B

,

5

.104

%

,

2/01/26

....

1,194

1,156

a

8049457.SQ.FTS.B

,

5

.348

%

,

2/01/26

....

3,325

3,263

a

8046718.SQ.FTS.B

,

5

.354

%

,

2/01/26

....

3,144

992

a

8046874.SQ.FTS.B

,

5

.522

%

,

2/01/26

....

2,004

1,473

a

8048248.SQ.FTS.B

,

5

.535

%

,

2/01/26

....

18,785

13,755

a

8048748.SQ.FTS.B

,

5

.535

%

,

2/01/26

....

10,208

10,028

a

8049183.SQ.FTS.B

,

6

.165

%

,

2/01/26

....

7,539

6,880

a

8050242.SQ.FTS.B

,

6

.289

%

,

2/01/26

....

818

809

a

8053068.SQ.FTS.B

,

4

.749

%

,

2/02/26

....

829

270

a

8053264.SQ.FTS.B

,

4

.782

%

,

2/02/26

....

3,399

3,329

a

8051400.SQ.FTS.B

,

5

.094

%

,

2/02/26

....

3,357

3,195

a

8051738.SQ.FTS.B

,

5

.367

%

,

2/02/26

....

1,076

986

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8053051.SQ.FTS.B

,

5

.535

%

,

2/02/26

....

$

1,205

$

907

a

8051780.SQ.FTS.B

,

5

.724

%

,

2/02/26

....

12,239

11,876

a

8052392.SQ.FTS.B

,

6

.164

%

,

2/02/26

....

11,871

11,660

a

8054282.SQ.FTS.B

,

4

.778

%

,

2/03/26

....

2,928

2,786

a

8054360.SQ.FTS.B

,

4

.778

%

,

2/03/26

....

11,567

11,159

a

8055225.SQ.FTS.B

,

4

.779

%

,

2/03/26

....

11,119

10,835

a

8054636.SQ.FTS.B

,

4

.78

%

,

2/03/26

.....

6,175

6,088

a

8054883.SQ.FTS.B

,

4

.78

%

,

2/03/26

.....

5,663

5,557

a

8055098.SQ.FTS.B

,

5

.355

%

,

2/03/26

....

1,301

1,245

a

8055131.SQ.FTS.B

,

5

.905

%

,

2/03/26

....

690

672

a

8054227.SQ.FTS.B

,

6

.161

%

,

2/03/26

....

948

904

a

8055160.SQ.FTS.B

,

6

.471

%

,

2/03/26

....

2,865

2,185

a

8055609.SQ.FTS.B

,

4

.781

%

,

2/04/26

....

6,107

5,996

a

8055544.SQ.FTS.B

,

5

.099

%

,

2/04/26

....

2,968

2,750

a

8055953.SQ.FTS.B

,

5

.346

%

,

2/04/26

....

22,670

21,417

a

8055815.SQ.FTS.B

,

5

.358

%

,

2/04/26

....

786

775

a

8055848.SQ.FTS.B

,

5

.909

%

,

2/04/26

....

1,438

968

a

8058200.SQ.FTS.B

,

4

.739

%

,

2/05/26

....

731

585

a

8058225.SQ.FTS.B

,

4

.758

%

,

2/05/26

....

1,038

932

a

8058281.SQ.FTS.B

,

4

.78

%

,

2/05/26

.....

18,960

18,173

a

8058738.SQ.FTS.B

,

4

.78

%

,

2/05/26

.....

10,789

10,317

a

8058927.SQ.FTS.B

,

4

.78

%

,

2/05/26

.....

41,448

40,020

a

8057474.SQ.FTS.B

,

5

.094

%

,

2/05/26

....

12,744

12,281

a

8058016.SQ.FTS.B

,

5

.097

%

,

2/05/26

....

4,263

4,098

a

8057973.SQ.FTS.B

,

5

.335

%

,

2/05/26

....

701

691

a

8056978.SQ.FTS.B

,

5

.718

%

,

2/05/26

....

3,626

2,638

a

8056890.SQ.FTS.B

,

5

.911

%

,

2/05/26

....

2,406

2,093

a

8058725.SQ.FTS.B

,

6

.146

%

,

2/05/26

....

819

781

a

8058696.SQ.FTS.B

,

6

.164

%

,

2/05/26

....

604

595

a

8060490.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

2,092

2,000

a

8060630.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

266

260

a

8060653.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

24,071

12,159

a

8062258.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

10,014

9,584

a

8062843.SQ.FTS.B

,

5

.092

%

,

2/06/26

....

7,374

7,176

a

8062182.SQ.FTS.B

,

5

.346

%

,

2/06/26

....

3,360

3,277

a

8062672.SQ.FTS.B

,

5

.349

%

,

2/06/26

....

6,990

6,593

a

8062802.SQ.FTS.B

,

5

.526

%

,

2/06/26

....

1,271

1,229

a

8063829.SQ.FTS.B

,

5

.535

%

,

2/06/26

....

1,370

1,344

a

8060190.SQ.FTS.B

,

5

.722

%

,

2/06/26

....

7,561

6,662

a

8063719.SQ.FTS.B

,

5

.726

%

,

2/06/26

....

4,145

3,870

a

8063150.SQ.FTS.B

,

5

.911

%

,

2/06/26

....

32,349

10,977

a

8062412.SQ.FTS.B

,

5

.913

%

,

2/06/26

....

7,136

6,984

a

8061735.SQ.FTS.B

,

6

.165

%

,

2/06/26

....

6,529

5,971

a

8060564.SQ.FTS.B

,

6

.166

%

,

2/06/26

....

748

714

a

8063859.SQ.FTS.B

,

4

.78

%

,

2/07/26

.....

15,985

15,632

a

8066423.SQ.FTS.B

,

4

.78

%

,

2/07/26

.....

2,815

2,745

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8064969.SQ.FTS.B

,

4

.781

%

,

2/07/26

....

$

7,645

$

7,520

a

8065273.SQ.FTS.B

,

5

.094

%

,

2/07/26

....

8,410

8,250

a

8064811.SQ.FTS.B

,

5

.096

%

,

2/07/26

....

4,165

4,012

a

8065684.SQ.FTS.B

,

5

.535

%

,

2/07/26

....

4,422

4,071

a

8065751.SQ.FTS.B

,

5

.535

%

,

2/07/26

....

33,999

32,826

a

8065490.SQ.FTS.B

,

5

.723

%

,

2/07/26

....

4,754

4,654

a

8072352.SQ.FTS.B

,

4

.774

%

,

2/08/26

....

2,582

2,514

a

8069182.SQ.FTS.B

,

4

.78

%

,

2/08/26

.....

1,798

1,749

a

8069789.SQ.FTS.B

,

4

.781

%

,

2/08/26

....

7,086

6,907

a

8070304.SQ.FTS.B

,

4

.782

%

,

2/08/26

....

8,904

8,588

a

8072132.SQ.FTS.B

,

5

.094

%

,

2/08/26

....

9,494

9,183

a

8072792.SQ.FTS.B

,

5

.096

%

,

2/08/26

....

10,813

10,413

a

8069555.SQ.FTS.B

,

5

.436

%

,

2/08/26

....

3,031

1,901

a

8069261.SQ.FTS.B

,

5

.724

%

,

2/08/26

....

3,561

3,506

a

8072386.SQ.FTS.B

,

5

.913

%

,

2/08/26

....

8,187

8,021

a

8072743.SQ.FTS.B

,

6

.152

%

,

2/08/26

....

727

701

a

8075700.SQ.FTS.B

,

4

.777

%

,

2/09/26

....

4,974

4,855

a

8075301.SQ.FTS.B

,

4

.779

%

,

2/09/26

....

3,958

3,793

a

8072901.SQ.FTS.B

,

4

.782

%

,

2/09/26

....

5,918

5,778

a

8073414.SQ.FTS.B

,

5

.095

%

,

2/09/26

....

8,411

6,643

a

8074285.SQ.FTS.B

,

5

.107

%

,

2/09/26

....

1,121

1,102

a

8075937.SQ.FTS.B

,

5

.346

%

,

2/09/26

....

18,693

18,413

a

8075041.SQ.FTS.B

,

5

.348

%

,

2/09/26

....

2,810

2,746

a

8074973.SQ.FTS.B

,

5

.445

%

,

2/09/26

....

3,156

2,163

a

8073246.SQ.FTS.B

,

5

.535

%

,

2/09/26

....

3,303

3,189

a

8075544.SQ.FTS.B

,

5

.535

%

,

2/09/26

....

3,127

2,875

a

8075263.SQ.FTS.B

,

5

.723

%

,

2/09/26

....

1,902

1,805

a

8074346.SQ.FTS.B

,

5

.728

%

,

2/09/26

....

3,399

3,234

a

8074589.SQ.FTS.B

,

5

.912

%

,

2/09/26

....

746

721

a

8074616.SQ.FTS.B

,

5

.913

%

,

2/09/26

....

9,121

8,886

a

8075019.SQ.FTS.B

,

6

.152

%

,

2/09/26

....

597

564

a

8073755.SQ.FTS.B

,

6

.164

%

,

2/09/26

....

20,170

16,828

a

8074433.SQ.FTS.B

,

6

.165

%

,

2/09/26

....

5,001

4,827

a

8076097.SQ.FTS.B

,

4

.78

%

,

2/10/26

.....

5,872

5,737

a

8076684.SQ.FTS.B

,

5

.094

%

,

2/10/26

....

23,449

22,309

a

8076658.SQ.FTS.B

,

5

.428

%

,

2/10/26

....

870

664

a

8076290.SQ.FTS.B

,

5

.433

%

,

2/10/26

....

2,712

1,431

a

8076371.SQ.FTS.B

,

5

.535

%

,

2/10/26

....

4,801

4,634

a

8076518.SQ.FTS.B

,

5

.915

%

,

2/10/26

....

5,180

4,800

a

8076356.SQ.FTS.B

,

6

.499

%

,

2/10/26

....

511

480

a

8077294.SQ.FTS.B

,

4

.778

%

,

2/11/26

....

7,031

6,826

a

8077730.SQ.FTS.B

,

4

.78

%

,

2/11/26

.....

1,889

1,831

a

8077232.SQ.FTS.B

,

4

.785

%

,

2/11/26

....

1,425

1,383

a

8077535.SQ.FTS.B

,

5

.344

%

,

2/11/26

....

4,519

4,414

a

8078281.SQ.FTS.B

,

4

.74

%

,

2/12/26

.....

755

89

a

8077977.SQ.FTS.B

,

4

.775

%

,

2/12/26

....

2,262

1,995

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8079402.SQ.FTS.B

,

4

.78

%

,

2/12/26

.....

$

2,749

$

2,694

a

8079461.SQ.FTS.B

,

5

.094

%

,

2/12/26

....

24,308

23,772

a

8081217.SQ.FTS.B

,

5

.346

%

,

2/12/26

....

59,621

56,024

a

8078853.SQ.FTS.B

,

5

.347

%

,

2/12/26

....

1,820

1,792

a

8078065.SQ.FTS.B

,

5

.35

%

,

2/12/26

.....

999

959

a

8079163.SQ.FTS.B

,

5

.461

%

,

2/12/26

....

611

284

a

8079116.SQ.FTS.B

,

5

.725

%

,

2/12/26

....

1,675

1,633

a

8079176.SQ.FTS.B

,

5

.913

%

,

2/12/26

....

1,473

1,279

a

8079002.SQ.FTS.B

,

6

.159

%

,

2/12/26

....

3,315

2,650

a

8080416.SQ.FTS.B

,

6

.161

%

,

2/12/26

....

3,007

2,931

a

8078731.SQ.FTS.B

,

6

.171

%

,

2/12/26

....

1,122

1,098

a

8078024.SQ.FTS.B

,

6

.174

%

,

2/12/26

....

1,357

1,321

a

8080597.SQ.FTS.B

,

6

.47

%

,

2/12/26

.....

1,531

1,440

a

8080681.SQ.FTS.B

,

6

.477

%

,

2/12/26

....

6,060

1,046

a

8081626.SQ.FTS.B

,

4

.78

%

,

2/13/26

.....

3,187

3,046

a

8083267.SQ.FTS.B

,

4

.782

%

,

2/13/26

....

3,826

3,734

a

8084129.SQ.FTS.B

,

5

.348

%

,

2/13/26

....

8,298

8,095

a

8082919.SQ.FTS.B

,

5

.535

%

,

2/13/26

....

7,128

6,983

a

8081859.SQ.FTS.B

,

5

.549

%

,

2/13/26

....

873

834

a

8086486.SQ.FTS.B

,

4

.748

%

,

2/14/26

....

2,436

2,353

a

8087504.SQ.FTS.B

,

4

.749

%

,

2/14/26

....

869

849

a

8086874.SQ.FTS.B

,

4

.779

%

,

2/14/26

....

20,276

19,813

a

8085092.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

5,636

5,496

a

8085996.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

3,898

3,801

a

8084910.SQ.FTS.B

,

4

.786

%

,

2/14/26

....

1,081

1,063

a

8087691.SQ.FTS.B

,

5

.094

%

,

2/14/26

....

26,948

26,418

a

8085951.SQ.FTS.B

,

5

.11

%

,

2/14/26

.....

776

761

a

8084982.SQ.FTS.B

,

5

.35

%

,

2/14/26

.....

2,777

2,147

a

8085461.SQ.FTS.B

,

5

.912

%

,

2/14/26

....

5,530

5,448

a

8086137.SQ.FTS.B

,

5

.912

%

,

2/14/26

....

9,022

8,728

a

8086648.SQ.FTS.B

,

5

.912

%

,

2/14/26

....

2,670

2,645

a

8087610.SQ.FTS.B

,

6

.161

%

,

2/14/26

....

3,781

3,605

a

8084848.SQ.FTS.B

,

6

.17

%

,

2/14/26

.....

588

559

a

8086839.SQ.FTS.B

,

6

.17

%

,

2/14/26

.....

1,766

1,189

a

8091397.SQ.FTS.B

,

4

.777

%

,

2/15/26

....

6,625

6,384

a

8091618.SQ.FTS.B

,

4

.778

%

,

2/15/26

....

12,042

11,509

a

8092116.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

1,671

1,655

a

8093270.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

9,137

8,049

a

8092076.SQ.FTS.B

,

4

.788

%

,

2/15/26

....

1,247

1,221

a

8092821.SQ.FTS.B

,

5

.723

%

,

2/15/26

....

11,104

10,753

a

8092693.SQ.FTS.B

,

6

.168

%

,

2/15/26

....

4,609

3,142

a

8094204.SQ.FTS.B

,

4

.778

%

,

2/16/26

....

3,967

3,881

a

8094666.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

7,989

7,809

a

8095273.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

51,429

49,902

a

8095076.SQ.FTS.B

,

5

.344

%

,

2/16/26

....

3,927

3,846

a

8093668.SQ.FTS.B

,

6

.478

%

,

2/16/26

....

1,558

1,539

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8096993.SQ.FTS.B

,

4

.776

%

,

2/17/26

....

$

4,078

$

3,966

a

8097628.SQ.FTS.B

,

4

.778

%

,

2/17/26

....

8,372

8,065

a

8097578.SQ.FTS.B

,

4

.78

%

,

2/17/26

.....

1,329

1,282

a

8097446.SQ.FTS.B

,

4

.783

%

,

2/17/26

....

3,063

2,961

a

8097837.SQ.FTS.B

,

5

.346

%

,

2/17/26

....

3,285

3,191

a

8097209.SQ.FTS.B

,

5

.532

%

,

2/17/26

....

5,482

5,314

a

8097150.SQ.FTS.B

,

5

.9

%

,

2/17/26

......

1,031

1,002

a

8097922.SQ.FTS.B

,

5

.347

%

,

2/18/26

....

5,638

5,517

a

8098085.SQ.FTS.B

,

5

.925

%

,

2/18/26

....

855

839

a

8098194.SQ.FTS.B

,

6

.16

%

,

2/18/26

.....

1,116

1,063

a

8099047.SQ.FTS.B

,

4

.747

%

,

2/19/26

....

4,041

2,201

a

8101006.SQ.FTS.B

,

4

.78

%

,

2/19/26

.....

7,592

7,206

a

8101118.SQ.FTS.B

,

4

.78

%

,

2/19/26

.....

11,430

11,157

a

8100902.SQ.FTS.B

,

4

.782

%

,

2/19/26

....

3,159

3,093

a

8099786.SQ.FTS.B

,

5

.345

%

,

2/19/26

....

8,482

7,786

a

8100318.SQ.FTS.B

,

5

.346

%

,

2/19/26

....

5,417

5,255

a

8101530.SQ.FTS.B

,

5

.451

%

,

2/19/26

....

678

642

a

8100152.SQ.FTS.B

,

5

.721

%

,

2/19/26

....

4,861

4,680

a

8099144.SQ.FTS.B

,

5

.91

%

,

2/19/26

.....

9,644

9,234

a

8100881.SQ.FTS.B

,

6

.144

%

,

2/19/26

....

484

428

a

8100583.SQ.FTS.B

,

6

.162

%

,

2/19/26

....

9,182

8,434

a

8101816.SQ.FTS.B

,

6

.167

%

,

2/19/26

....

1,271

1,257

a

8100556.SQ.FTS.B

,

6

.289

%

,

2/19/26

....

1,941

469

a

8103950.SQ.FTS.B

,

4

.749

%

,

2/20/26

....

1,935

1,768

a

8104401.SQ.FTS.B

,

5

.094

%

,

2/20/26

....

51,323

48,809

a

8105756.SQ.FTS.B

,

5

.094

%

,

2/20/26

....

36,387

34,496

a

8102850.SQ.FTS.B

,

5

.44

%

,

2/20/26

.....

6,401

6,106

a

8102671.SQ.FTS.B

,

5

.535

%

,

2/20/26

....

2,870

2,775

a

8104068.SQ.FTS.B

,

5

.912

%

,

2/20/26

....

5,459

5,373

a

8102591.SQ.FTS.B

,

5

.922

%

,

2/20/26

....

693

675

a

8105417.SQ.FTS.B

,

6

.163

%

,

2/20/26

....

6,898

6,814

a

8103556.SQ.FTS.B

,

6

.289

%

,

2/20/26

....

660

652

a

8107303.SQ.FTS.B

,

4

.743

%

,

2/21/26

....

840

815

a

8107707.SQ.FTS.B

,

4

.762

%

,

2/21/26

....

762

617

a

8107413.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

3,980

3,850

a

8107578.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

6,169

5,892

a

8108678.SQ.FTS.B

,

5

.094

%

,

2/21/26

....

1,912

1,874

a

8107733.SQ.FTS.B

,

5

.346

%

,

2/21/26

....

48,444

37,660

a

8108759.SQ.FTS.B

,

6

.478

%

,

2/21/26

....

15,936

15,550

a

8111735.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

3,008

2,923

a

8112993.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

6,013

5,760

a

8113746.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

43,235

42,311

a

8111997.SQ.FTS.B

,

5

.105

%

,

2/22/26

....

1,380

1,360

a

8112565.SQ.FTS.B

,

5

.112

%

,

2/22/26

....

6,434

6,344

a

8113169.SQ.FTS.B

,

5

.113

%

,

2/22/26

....

5,013

4,913

a

8115224.SQ.FTS.B

,

5

.66

%

,

2/22/26

.....

8,721

8,449

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8112188.SQ.FTS.B

,

5

.916

%

,

2/22/26

....

$

4,514

$

4,276

a

8113362.SQ.FTS.B

,

6

.162

%

,

2/22/26

....

2,770

2,725

a

8111698.SQ.FTS.B

,

6

.495

%

,

2/22/26

....

334

325

a

8111574.SQ.FTS.B

,

6

.545

%

,

2/22/26

....

3,640

2,936

a

8116537.SQ.FTS.B

,

4

.779

%

,

2/23/26

....

8,952

8,699

a

8116260.SQ.FTS.B

,

4

.787

%

,

2/23/26

....

2,809

2,725

a

8116380.SQ.FTS.B

,

5

.091

%

,

2/23/26

....

3,057

2,996

a

8117661.SQ.FTS.B

,

5

.094

%

,

2/23/26

....

22,887

22,104

a

8117043.SQ.FTS.B

,

5

.115

%

,

2/23/26

....

6,042

5,945

a

8116985.SQ.FTS.B

,

5

.346

%

,

2/23/26

....

1,639

1,273

a

8117025.SQ.FTS.B

,

5

.43

%

,

2/23/26

.....

1,814

870

a

8118628.SQ.FTS.B

,

5

.723

%

,

2/23/26

....

38,495

37,471

a

8117644.SQ.FTS.B

,

6

.132

%

,

2/23/26

....

617

526

a

8115417.SQ.FTS.B

,

6

.671

%

,

2/23/26

....

8,997

8,686

a

8119126.SQ.FTS.B

,

4

.778

%

,

2/24/26

....

7,549

6,574

a

8118665.SQ.FTS.B

,

4

.78

%

,

2/24/26

.....

22,675

21,498

a

8119550.SQ.FTS.B

,

5

.66

%

,

2/24/26

.....

2,941

2,842

a

8119268.SQ.FTS.B

,

5

.921

%

,

2/24/26

....

1,697

1,630

a

8119327.SQ.FTS.B

,

6

.152

%

,

2/24/26

....

9,413

6,718

a

8119875.SQ.FTS.B

,

4

.77

%

,

2/25/26

.....

1,411

1,384

a

8119812.SQ.FTS.B

,

4

.778

%

,

2/25/26

....

2,344

2,277

a

8119926.SQ.FTS.B

,

4

.78

%

,

2/25/26

.....

1,471

1,440

a

8120003.SQ.FTS.B

,

4

.78

%

,

2/25/26

.....

6,305

6,101

a

8120195.SQ.FTS.B

,

5

.663

%

,

2/25/26

....

7,190

6,786

a

8119966.SQ.FTS.B

,

5

.676

%

,

2/25/26

....

1,132

1,097

a

8119661.SQ.FTS.B

,

6

.545

%

,

2/25/26

....

3,721

3,600

a

8120655.SQ.FTS.B

,

4

.777

%

,

2/26/26

....

4,707

4,596

a

8122881.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

5,273

5,067

a

8123064.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

11,105

10,771

a

8122048.SQ.FTS.B

,

4

.783

%

,

2/26/26

....

3,239

3,150

a

8121851.SQ.FTS.B

,

5

.086

%

,

2/26/26

....

1,889

1,811

a

8122603.SQ.FTS.B

,

5

.099

%

,

2/26/26

....

3,954

3,838

a

8120940.SQ.FTS.B

,

5

.115

%

,

2/26/26

....

2,885

2,831

a

8121187.SQ.FTS.B

,

5

.115

%

,

2/26/26

....

2,295

2,227

a

8123487.SQ.FTS.B

,

5

.66

%

,

2/26/26

.....

19,479

19,073

a

8122232.SQ.FTS.B

,

5

.68

%

,

2/26/26

.....

995

958

a

8121926.SQ.FTS.B

,

6

.146

%

,

2/26/26

....

2,272

2,149

a

8122114.SQ.FTS.B

,

6

.334

%

,

2/26/26

....

2,656

2,465

a

8121437.SQ.FTS.B

,

6

.424

%

,

2/26/26

....

7,799

7,318

a

8124323.SQ.FTS.B

,

6

.425

%

,

2/26/26

....

4,023

3,835

a

8122746.SQ.FTS.B

,

6

.55

%

,

2/26/26

.....

5,746

5,082

a

8122024.SQ.FTS.B

,

6

.675

%

,

2/26/26

....

956

762

a

8124611.SQ.FTS.B

,

4

.781

%

,

2/27/26

....

9,986

9,719

a

8125941.SQ.FTS.B

,

5

.094

%

,

2/27/26

....

8,635

8,421

a

8126365.SQ.FTS.B

,

5

.095

%

,

2/27/26

....

33,943

32,948

a

8126240.SQ.FTS.B

,

5

.11

%

,

2/27/26

.....

2,599

2,520

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8125873.SQ.FTS.B

,

5

.126

%

,

2/27/26

....

$

1,389

$

1,329

a

8125536.SQ.FTS.B

,

5

.35

%

,

2/27/26

.....

2,044

1,999

a

8124443.SQ.FTS.B

,

5

.392

%

,

2/27/26

....

1,029

993

a

8125649.SQ.FTS.B

,

5

.676

%

,

2/27/26

....

1,097

1,067

a

8127649.SQ.FTS.B

,

6

.15

%

,

2/27/26

.....

21,022

20,265

a

8127529.SQ.FTS.B

,

6

.424

%

,

2/27/26

....

2,830

2,699

a

8125738.SQ.FTS.B

,

6

.541

%

,

2/27/26

....

3,084

1,669

a

8125819.SQ.FTS.B

,

6

.545

%

,

2/27/26

....

1,155

1,091

a

8127401.SQ.FTS.B

,

6

.69

%

,

2/27/26

.....

281

276

a

8135336.SQ.FTS.B

,

4

.774

%

,

2/28/26

....

3,606

3,480

a

8136604.SQ.FTS.B

,

4

.776

%

,

2/28/26

....

4,985

4,784

a

8136719.SQ.FTS.B

,

4

.779

%

,

2/28/26

....

12,187

11,840

a

8130671.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

67,056

25,170

a

8136536.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

1,132

1,107

a

8143379.SQ.FTS.B

,

4

.782

%

,

2/28/26

....

5,098

4,920

a

8140131.SQ.FTS.B

,

4

.785

%

,

2/28/26

....

2,419

2,352

a

8128102.SQ.FTS.B

,

4

.79

%

,

2/28/26

.....

2,149

2,067

a

8137939.SQ.FTS.B

,

4

.793

%

,

2/28/26

....

1,604

1,548

a

8137657.SQ.FTS.B

,

4

.94

%

,

2/28/26

.....

49

48

a

8129732.SQ.FTS.B

,

4

.948

%

,

2/28/26

....

1,346

1,273

a

8134964.SQ.FTS.B

,

4

.964

%

,

2/28/26

....

591

560

a

8129805.SQ.FTS.B

,

5

.095

%

,

2/28/26

....

17,701

17,397

a

8140201.SQ.FTS.B

,

5

.104

%

,

2/28/26

....

1,257

1,212

a

8128205.SQ.FTS.B

,

5

.112

%

,

2/28/26

....

17,804

16,892

a

8129377.SQ.FTS.B

,

5

.113

%

,

2/28/26

....

10,294

8,588

a

8140298.SQ.FTS.B

,

5

.115

%

,

2/28/26

....

8,617

8,352

a

8137184.SQ.FTS.B

,

5

.405

%

,

2/28/26

....

2,893

2,789

a

8142528.SQ.FTS.B

,

5

.408

%

,

2/28/26

....

18,960

18,481

a

8140040.SQ.FTS.B

,

5

.41

%

,

2/28/26

.....

2,064

1,968

a

8130289.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

1,191

1,168

a

8138137.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

20,396

19,739

a

8143126.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

13,797

10,664

a

8139621.SQ.FTS.B

,

5

.915

%

,

2/28/26

....

4,776

3,298

a

8136487.SQ.FTS.B

,

6

.145

%

,

2/28/26

....

2,070

616

a

8129117.SQ.FTS.B

,

6

.148

%

,

2/28/26

....

5,759

5,552

a

8139160.SQ.FTS.B

,

6

.151

%

,

2/28/26

....

3,256

3,166

a

8129780.SQ.FTS.B

,

6

.154

%

,

2/28/26

....

2,198

2,162

a

8130333.SQ.FTS.B

,

6

.164

%

,

2/28/26

....

7,340

7,123

a

8138030.SQ.FTS.B

,

6

.325

%

,

2/28/26

....

4,046

3,425

a

8142504.SQ.FTS.B

,

6

.421

%

,

2/28/26

....

9,097

8,531

a

8134991.SQ.FTS.B

,

6

.422

%

,

2/28/26

....

12,049

7,736

a

8135734.SQ.FTS.B

,

6

.422

%

,

2/28/26

....

14,199

12,993

a

8139109.SQ.FTS.B

,

6

.432

%

,

2/28/26

....

2,273

1,390

a

8137669.SQ.FTS.B

,

6

.547

%

,

2/28/26

....

2,322

2,291

a

8135499.SQ.FTS.B

,

6

.551

%

,

2/28/26

....

4,806

3,864

a

8139829.SQ.FTS.B

,

6

.551

%

,

2/28/26

....

3,044

2,938

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8141931.SQ.FTS.B

,

6

.674

%

,

2/28/26

....

$

5,676

$

5,538

a

8139490.SQ.FTS.B

,

6

.681

%

,

2/28/26

....

2,449

1,952

a

8139439.SQ.FTS.B

,

6

.685

%

,

2/28/26

....

1,550

858

a

8142451.SQ.FTS.B

,

6

.709

%

,

2/28/26

....

282

275

a

8143555.SQ.FTS.B

,

4

.774

%

,

3/01/26

....

3,648

3,446

a

8144201.SQ.FTS.B

,

4

.774

%

,

3/01/26

....

2,927

2,857

a

8143788.SQ.FTS.B

,

4

.78

%

,

3/01/26

.....

3,365

3,303

a

8143502.SQ.FTS.B

,

4

.785

%

,

3/01/26

....

2,191

1,917

a

8143908.SQ.FTS.B

,

5

.094

%

,

3/01/26

....

3,678

3,493

a

8143661.SQ.FTS.B

,

5

.109

%

,

3/01/26

....

3,064

3,013

a

8143614.SQ.FTS.B

,

5

.672

%

,

3/01/26

....

1,160

1,142

a

8144259.SQ.FTS.B

,

5

.915

%

,

3/01/26

....

3,894

3,739

a

8143539.SQ.FTS.B

,

6

.162

%

,

3/01/26

....

1,181

863

a

8145261.SQ.FTS.B

,

4

.779

%

,

3/02/26

....

6,282

6,134

a

8145432.SQ.FTS.B

,

4

.78

%

,

3/02/26

.....

18,910

18,242

a

8144539.SQ.FTS.B

,

5

.663

%

,

3/02/26

....

7,472

7,222

a

8144659.SQ.FTS.B

,

5

.917

%

,

3/02/26

....

4,072

3,871

a

8144756.SQ.FTS.B

,

6

.151

%

,

3/02/26

....

10,830

10,005

a

8144457.SQ.FTS.B

,

6

.423

%

,

3/02/26

....

3,991

958

a

8147356.SQ.FTS.B

,

4

.776

%

,

3/03/26

....

4,290

4,169

a

8146805.SQ.FTS.B

,

4

.78

%

,

3/03/26

.....

8,913

8,568

a

8147615.SQ.FTS.B

,

4

.782

%

,

3/03/26

....

10,370

9,941

a

8147176.SQ.FTS.B

,

5

.101

%

,

3/03/26

....

1,866

1,772

a

8147525.SQ.FTS.B

,

5

.112

%

,

3/03/26

....

4,491

4,349

a

8146384.SQ.FTS.B

,

5

.91

%

,

3/03/26

.....

10,073

9,259

a

8147231.SQ.FTS.B

,

6

.146

%

,

3/03/26

....

2,896

2,817

a

8147933.SQ.FTS.B

,

6

.152

%

,

3/03/26

....

19,322

18,782

a

8148626.SQ.FTS.B

,

6

.152

%

,

3/03/26

....

5,629

5,468

a

8149306.SQ.FTS.B

,

6

.42

%

,

3/03/26

.....

8,923

8,706

a

8149846.SQ.FTS.B

,

4

.776

%

,

3/04/26

....

2,675

2,569

a

8149454.SQ.FTS.B

,

4

.78

%

,

3/04/26

.....

7,683

7,414

a

8151554.SQ.FTS.B

,

4

.78

%

,

3/04/26

.....

3,492

1,581

a

8151445.SQ.FTS.B

,

5

.112

%

,

3/04/26

....

3,894

3,754

a

8150657.SQ.FTS.B

,

5

.113

%

,

3/04/26

....

10,687

10,431

a

8151940.SQ.FTS.B

,

5

.113

%

,

3/04/26

....

34,809

33,556

a

8151036.SQ.FTS.B

,

5

.114

%

,

3/04/26

....

7,472

7,294

a

8150196.SQ.FTS.B

,

5

.115

%

,

3/04/26

....

10,119

9,803

a

8151728.SQ.FTS.B

,

5

.411

%

,

3/04/26

....

7,976

7,746

a

8149979.SQ.FTS.B

,

6

.15

%

,

3/04/26

.....

4,520

4,274

a

8151259.SQ.FTS.B

,

6

.152

%

,

3/04/26

....

5,032

4,886

a

8152792.SQ.FTS.B

,

6

.673

%

,

3/04/26

....

14,729

14,070

a

8157642.SQ.FTS.B

,

4

.78

%

,

3/05/26

.....

2,742

2,667

a

8157914.SQ.FTS.B

,

4

.78

%

,

3/05/26

.....

2,366

2,320

a

8156908.SQ.FTS.B

,

4

.781

%

,

3/05/26

....

6,509

6,390

a

8155013.SQ.FTS.B

,

4

.783

%

,

3/05/26

....

5,765

5,580

a

8157291.SQ.FTS.B

,

4

.957

%

,

3/05/26

....

808

777

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8157388.SQ.FTS.B

,

4

.958

%

,

3/05/26

....

$

12,086

$

5,314

a

8155278.SQ.FTS.B

,

5

.113

%

,

3/05/26

....

6,703

6,526

a

8155811.SQ.FTS.B

,

5

.535

%

,

3/05/26

....

4,491

4,060

a

8156076.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

22,577

21,453

a

8157188.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

1,958

1,925

a

8158684.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

35,434

33,330

a

8157976.SQ.FTS.B

,

6

.415

%

,

3/05/26

....

1,313

1,235

a

8157766.SQ.FTS.B

,

6

.42

%

,

3/05/26

.....

11,414

7,102

a

8157271.SQ.FTS.B

,

6

.429

%

,

3/05/26

....

611

597

a

8159278.SQ.FTS.B

,

4

.78

%

,

3/06/26

.....

4,697

4,555

a

8161846.SQ.FTS.B

,

4

.78

%

,

3/06/26

.....

7,304

6,960

a

8159049.SQ.FTS.B

,

4

.781

%

,

3/06/26

....

9,733

8,435

a

8159486.SQ.FTS.B

,

4

.781

%

,

3/06/26

....

2,567

2,227

a

8158900.SQ.FTS.B

,

4

.953

%

,

3/06/26

....

3,974

241

a

8162106.SQ.FTS.B

,

5

.113

%

,

3/06/26

....

6,926

6,709

a

8160689.SQ.FTS.B

,

5

.409

%

,

3/06/26

....

30,430

29,264

a

8161519.SQ.FTS.B

,

5

.41

%

,

3/06/26

.....

11,807

11,260

a

8160175.SQ.FTS.B

,

6

.15

%

,

3/06/26

.....

8,674

8,554

a

8159583.SQ.FTS.B

,

6

.672

%

,

3/06/26

....

5,270

2,928

a

8162270.SQ.FTS.B

,

5

.409

%

,

3/07/26

....

14,746

13,898

a

8162991.SQ.FTS.B

,

5

.411

%

,

3/07/26

....

6,482

6,169

a

8162740.SQ.FTS.B

,

5

.666

%

,

3/07/26

....

5,040

1,469

a

8162715.SQ.FTS.B

,

5

.682

%

,

3/07/26

....

703

688

a

8162827.SQ.FTS.B

,

5

.913

%

,

3/07/26

....

533

527

a

8162814.SQ.FTS.B

,

5

.93

%

,

3/07/26

.....

504

472

a

8162933.SQ.FTS.B

,

6

.148

%

,

3/07/26

....

2,564

2,452

a

8162671.SQ.FTS.B

,

6

.159

%

,

3/07/26

....

2,089

1,998

a

8162583.SQ.FTS.B

,

6

.327

%

,

3/07/26

....

3,508

3,161

a

8162878.SQ.FTS.B

,

6

.421

%

,

3/07/26

....

1,314

1,289

a

8163422.SQ.FTS.B

,

4

.78

%

,

3/08/26

.....

672

659

a

8163451.SQ.FTS.B

,

4

.78

%

,

3/08/26

.....

15,455

15,069

a

8163841.SQ.FTS.B

,

5

.104

%

,

3/08/26

....

1,780

1,714

a

8163339.SQ.FTS.B

,

5

.117

%

,

3/08/26

....

3,922

3,825

a

8163836.SQ.FTS.B

,

6

.038

%

,

3/08/26

....

190

169

a

8165136.SQ.FTS.B

,

4

.789

%

,

3/09/26

....

2,114

2,039

a

8166260.SQ.FTS.B

,

4

.953

%

,

3/09/26

....

1,224

1,199

a

8165388.SQ.FTS.B

,

5

.112

%

,

3/09/26

....

13,481

11,263

a

8165688.SQ.FTS.B

,

5

.113

%

,

3/09/26

....

14,819

14,118

a

8165216.SQ.FTS.B

,

5

.408

%

,

3/09/26

....

2,378

2,342

a

8166594.SQ.FTS.B

,

5

.409

%

,

3/09/26

....

31,117

30,220

a

8166380.SQ.FTS.B

,

5

.66

%

,

3/09/26

.....

7,825

7,598

a

8167742.SQ.FTS.B

,

5

.665

%

,

3/09/26

....

5,218

4,887

a

8164341.SQ.FTS.B

,

6

.153

%

,

3/09/26

....

4,257

4,106

a

8166181.SQ.FTS.B

,

6

.341

%

,

3/09/26

....

1,860

1,008

a

8165076.SQ.FTS.B

,

6

.659

%

,

3/09/26

....

658

643

a

8168390.SQ.FTS.B

,

4

.776

%

,

3/10/26

....

4,469

4,336

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8168767.SQ.FTS.B

,

4

.778

%

,

3/10/26

....

$

6,110

$

5,739

a

8168039.SQ.FTS.B

,

4

.78

%

,

3/10/26

.....

4,347

4,219

a

8169173.SQ.FTS.B

,

4

.78

%

,

3/10/26

.....

5,259

4,950

a

8169571.SQ.FTS.B

,

4

.78

%

,

3/10/26

.....

16,050

15,308

a

8167813.SQ.FTS.B

,

5

.119

%

,

3/10/26

....

2,946

2,877

a

8169060.SQ.FTS.B

,

5

.126

%

,

3/10/26

....

1,294

1,252

a

8170238.SQ.FTS.B

,

5

.66

%

,

3/10/26

.....

1,178

1,120

a

8170308.SQ.FTS.B

,

6

.151

%

,

3/10/26

....

52,830

46,883

a

8170251.SQ.FTS.B

,

6

.157

%

,

3/10/26

....

1,125

1,113

a

8169308.SQ.FTS.B

,

6

.42

%

,

3/10/26

.....

12,467

2,343

a

8173073.SQ.FTS.B

,

5

.113

%

,

3/11/26

....

6,826

6,575

a

8173788.SQ.FTS.B

,

5

.115

%

,

3/11/26

....

2,023

1,954

a

8174292.SQ.FTS.B

,

5

.119

%

,

3/11/26

....

1,896

1,867

a

8171818.SQ.FTS.B

,

5

.409

%

,

3/11/26

....

15,901

14,934

a

8172584.SQ.FTS.B

,

5

.66

%

,

3/11/26

.....

12,386

12,119

a

8173833.SQ.FTS.B

,

5

.66

%

,

3/11/26

.....

18,369

16,709

a

8174447.SQ.FTS.B

,

5

.674

%

,

3/11/26

....

1,693

1,589

a

8171784.SQ.FTS.B

,

6

.141

%

,

3/11/26

....

1,308

954

a

8171502.SQ.FTS.B

,

6

.331

%

,

3/11/26

....

2,840

2,732

a

8173168.SQ.FTS.B

,

6

.413

%

,

3/11/26

....

944

889

a

8173196.SQ.FTS.B

,

6

.548

%

,

3/11/26

....

16,174

15,549

a

8174350.SQ.FTS.B

,

6

.669

%

,

3/11/26

....

3,498

3,299

a

8176994.SQ.FTS.B

,

4

.78

%

,

3/12/26

.....

5,547

5,372

a

8178348.SQ.FTS.B

,

4

.78

%

,

3/12/26

.....

4,822

4,695

a

8180361.SQ.FTS.B

,

4

.959

%

,

3/12/26

....

2,869

2,662

a

8177540.SQ.FTS.B

,

5

.11

%

,

3/12/26

.....

2,944

2,809

a

8180034.SQ.FTS.B

,

5

.112

%

,

3/12/26

....

10,861

10,080

a

8179707.SQ.FTS.B

,

5

.634

%

,

3/12/26

....

7,652

7,341

a

8179643.SQ.FTS.B

,

5

.635

%

,

3/12/26

....

1,064

800

a

8179055.SQ.FTS.B

,

5

.66

%

,

3/12/26

.....

18,569

17,808

a

8179911.SQ.FTS.B

,

5

.66

%

,

3/12/26

.....

1,685

1,626

a

8177700.SQ.FTS.B

,

5

.916

%

,

3/12/26

....

2,405

2,304

a

8178732.SQ.FTS.B

,

6

.15

%

,

3/12/26

.....

17,410

15,471

a

8180467.SQ.FTS.B

,

6

.15

%

,

3/12/26

.....

14,365

13,817

a

8177469.SQ.FTS.B

,

6

.164

%

,

3/12/26

....

1,778

1,678

a

8179935.SQ.FTS.B

,

6

.316

%

,

3/12/26

....

961

912

a

8179958.SQ.FTS.B

,

6

.336

%

,

3/12/26

....

870

853

a

8180002.SQ.FTS.B

,

6

.433

%

,

3/12/26

....

1,436

1,244

a

8177238.SQ.FTS.B

,

6

.548

%

,

3/12/26

....

3,910

3,780

a

8176783.SQ.FTS.B

,

6

.676

%

,

3/12/26

....

3,610

3,485

a

8182662.SQ.FTS.B

,

4

.777

%

,

3/13/26

....

5,233

5,076

a

8180839.SQ.FTS.B

,

5

.111

%

,

3/13/26

....

4,926

4,821

a

8181147.SQ.FTS.B

,

5

.111

%

,

3/13/26

.....

2,447

2,403

a

8183136.SQ.FTS.B

,

5

.113

%

,

3/13/26

....

47,724

44,438

a

8182008.SQ.FTS.B

,

5

.132

%

,

3/13/26

....

684

670

a

8181638.SQ.FTS.B

,

5

.663

%

,

3/13/26

....

6,375

6,191

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8181092.SQ.FTS.B

,

6

.304

%

,

3/13/26

....

$

507

$

474

a

8182043.SQ.FTS.B

,

6

.42

%

,

3/13/26

.....

17,559

16,660

a

8184891.SQ.FTS.B

,

4

.779

%

,

3/14/26

....

4,874

4,809

a

8184432.SQ.FTS.B

,

4

.782

%

,

3/14/26

....

8,044

7,759

a

8184658.SQ.FTS.B

,

5

.112

%

,

3/14/26

....

5,374

5,098

a

8184590.SQ.FTS.B

,

5

.414

%

,

3/14/26

....

2,778

2,699

a

8184844.SQ.FTS.B

,

5

.626

%

,

3/14/26

....

1,195

1,154

a

8185099.SQ.FTS.B

,

6

.158

%

,

3/14/26

....

2,407

1,756

a

8184803.SQ.FTS.B

,

6

.319

%

,

3/14/26

....

2,147

1,140

a

8184762.SQ.FTS.B

,

6

.545

%

,

3/14/26

....

949

930

a

8185368.SQ.FTS.B

,

4

.791

%

,

3/15/26

....

1,187

1,157

a

8185869.SQ.FTS.B

,

5

.113

%

,

3/15/26

....

24,372

23,457

a

8185709.SQ.FTS.B

,

5

.115

%

,

3/15/26

....

5,729

5,575

a

8185266.SQ.FTS.B

,

5

.666

%

,

3/15/26

....

2,720

2,672

a

8185208.SQ.FTS.B

,

6

.144

%

,

3/15/26

....

2,056

1,965

a

8185418.SQ.FTS.B

,

6

.15

%

,

3/15/26

.....

6,975

6,864

a

8185673.SQ.FTS.B

,

6

.413

%

,

3/15/26

....

1,573

1,517

a

8185844.SQ.FTS.B

,

6

.551

%

,

3/15/26

....

800

739

a

8185136.SQ.FTS.B

,

6

.677

%

,

3/15/26

....

481

474

a

8189382.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

7,178

6,863

a

8189691.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

56,053

54,358

a

8188941.SQ.FTS.B

,

5

.106

%

,

3/16/26

....

2,368

2,289

a

8188084.SQ.FTS.B

,

5

.109

%

,

3/16/26

....

4,369

4,267

a

8187224.SQ.FTS.B

,

5

.113

%

,

3/16/26

....

29,163

28,509

a

8188224.SQ.FTS.B

,

5

.113

%

,

3/16/26

....

24,311

23,392

a

8188864.SQ.FTS.B

,

5

.119

%

,

3/16/26

....

1,169

1,152

a

8189034.SQ.FTS.B

,

5

.403

%

,

3/16/26

....

2,488

2,403

a

8189086.SQ.FTS.B

,

5

.611

%

,

3/16/26

....

528

510

a

8188897.SQ.FTS.B

,

5

.66

%

,

3/16/26

.....

2,667

2,561

a

8189095.SQ.FTS.B

,

5

.912

%

,

3/16/26

....

10,395

9,959

a

8188800.SQ.FTS.B

,

6

.147

%

,

3/16/26

....

2,917

2,853

a

8189550.SQ.FTS.B

,

6

.422

%

,

3/16/26

....

6,093

5,887

a

8186943.SQ.FTS.B

,

6

.428

%

,

3/16/26

....

3,070

2,137

a

8186865.SQ.FTS.B

,

6

.547

%

,

3/16/26

....

1,862

1,142

a

8187088.SQ.FTS.B

,

6

.674

%

,

3/16/26

....

9,290

7,581

a

8189328.SQ.FTS.B

,

6

.676

%

,

3/16/26

....

3,672

2,124

a

8190480.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

6,061

5,907

a

8193347.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

2,136

2,096

a

8191000.SQ.FTS.B

,

5

.109

%

,

3/17/26

....

2,842

2,775

a

8191487.SQ.FTS.B

,

5

.408

%

,

3/17/26

....

2,114

2,013

a

8191413.SQ.FTS.B

,

5

.636

%

,

3/17/26

....

1,713

1,542

a

8191129.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

4,484

4,299

a

8193192.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

2,514

2,442

a

8191343.SQ.FTS.B

,

5

.674

%

,

3/17/26

....

1,299

1,267

a

8191384.SQ.FTS.B

,

5

.682

%

,

3/17/26

....

633

613

a

8191969.SQ.FTS.B

,

6

.15

%

,

3/17/26

.....

4,015

3,832

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8192850.SQ.FTS.B

,

6

.326

%

,

3/17/26

....

$

4,797

$

4,707

a

8193280.SQ.FTS.B

,

6

.416

%

,

3/17/26

....

1,434

1,406

a

8192124.SQ.FTS.B

,

6

.421

%

,

3/17/26

....

23,544

23,027

a

8193444.SQ.FTS.B

,

6

.425

%

,

3/17/26

....

3,624

3,312

a

8191281.SQ.FTS.B

,

6

.426

%

,

3/17/26

....

4,251

2,919

a

8192845.SQ.FTS.B

,

6

.569

%

,

3/17/26

....

751

726

a

8193841.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

8,590

8,211

a

8194971.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

68,331

59,641

a

8193543.SQ.FTS.B

,

4

.946

%

,

3/18/26

....

638

509

a

8193638.SQ.FTS.B

,

5

.407

%

,

3/18/26

....

4,161

4,057

a

8196371.SQ.FTS.B

,

5

.626

%

,

3/18/26

....

1,192

1,150

a

8194919.SQ.FTS.B

,

5

.627

%

,

3/18/26

....

1,972

1,671

a

8196540.SQ.FTS.B

,

5

.66

%

,

3/18/26

.....

4,425

4,307

a

8193787.SQ.FTS.B

,

6

.146

%

,

3/18/26

....

1,066

1,026

a

8196648.SQ.FTS.B

,

6

.149

%

,

3/18/26

....

10,374

9,913

a

8196428.SQ.FTS.B

,

6

.153

%

,

3/18/26

....

3,785

3,576

a

8196327.SQ.FTS.B

,

6

.426

%

,

3/18/26

....

3,151

2,199

a

8198878.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

3,626

3,444

a

8199241.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

8,297

7,811

a

8200494.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

9,083

8,851

a

8202154.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

9,295

8,824

a

8200485.SQ.FTS.B

,

4

.948

%

,

3/19/26

....

345

328

a

8199065.SQ.FTS.B

,

5

.115

%

,

3/19/26

....

4,833

4,566

a

8200809.SQ.FTS.B

,

5

.115

%

,

3/19/26

....

6,450

6,331

a

8200376.SQ.FTS.B

,

5

.402

%

,

3/19/26

....

2,602

2,390

a

8199561.SQ.FTS.B

,

5

.66

%

,

3/19/26

.....

5,670

5,380

a

8202603.SQ.FTS.B

,

5

.66

%

,

3/19/26

.....

13,616

10,597

a

8202121.SQ.FTS.B

,

5

.676

%

,

3/19/26

....

1,734

1,361

a

8202407.SQ.FTS.B

,

5

.908

%

,

3/19/26

....

4,250

4,124

a

8201064.SQ.FTS.B

,

6

.151

%

,

3/19/26

....

24,015

22,350

a

8205034.SQ.FTS.B

,

4

.776

%

,

3/20/26

....

5,260

5,057

a

8203095.SQ.FTS.B

,

4

.78

%

,

3/20/26

.....

8,215

7,880

a

8206012.SQ.FTS.B

,

4

.78

%

,

3/20/26

.....

5,028

4,845

a

8205214.SQ.FTS.B

,

4

.783

%

,

3/20/26

....

5,128

4,959

a

8204568.SQ.FTS.B

,

5

.112

%

,

3/20/26

....

12,228

11,684

a

8203611.SQ.FTS.B

,

5

.113

%

,

3/20/26

....

16,785

16,028

a

8204442.SQ.FTS.B

,

5

.115

%

,

3/20/26

....

2,807

2,754

a

8205332.SQ.FTS.B

,

5

.121

%

,

3/20/26

....

2,573

2,470

a

8202884.SQ.FTS.B

,

5

.912

%

,

3/20/26

....

4,166

4,044

a

8203457.SQ.FTS.B

,

6

.419

%

,

3/20/26

....

2,258

1,982

a

8205472.SQ.FTS.B

,

6

.549

%

,

3/20/26

....

10,620

9,775

a

8205366.SQ.FTS.B

,

6

.55

%

,

3/20/26

.....

5,114

4,615

a

8205867.SQ.FTS.B

,

6

.675

%

,

3/20/26

....

3,956

3,816

a

8204076.SQ.FTS.B

,

6

.676

%

,

3/20/26

....

6,741

5,594

a

8205130.SQ.FTS.B

,

6

.676

%

,

3/20/26

....

2,906

2,594

a

8206124.SQ.FTS.B

,

4

.778

%

,

3/21/26

....

8,262

8,016

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8206288.SQ.FTS.B

,

4

.782

%

,

3/21/26

....

$

5,212

$

5,047

a

8207034.SQ.FTS.B

,

5

.108

%

,

3/21/26

....

3,517

3,383

a

8206615.SQ.FTS.B

,

5

.115

%

,

3/21/26

....

4,020

3,906

a

8206377.SQ.FTS.B

,

6

.145

%

,

3/21/26

....

3,579

3,338

a

8206697.SQ.FTS.B

,

6

.151

%

,

3/21/26

....

11,181

10,749

a

8206440.SQ.FTS.B

,

6

.417

%

,

3/21/26

....

3,258

3,144

a

8207593.SQ.FTS.B

,

4

.776

%

,

3/22/26

....

4,624

4,381

a

8207669.SQ.FTS.B

,

4

.779

%

,

3/22/26

....

2,093

2,024

a

8207190.SQ.FTS.B

,

5

.914

%

,

3/22/26

....

2,502

2,410

a

8207117.SQ.FTS.B

,

6

.148

%

,

3/22/26

....

3,505

2,634

a

8207712.SQ.FTS.B

,

6

.331

%

,

3/22/26

....

1,163

1,009

a

8207243.SQ.FTS.B

,

6

.421

%

,

3/22/26

....

20,950

18,299

a

8207729.SQ.FTS.B

,

6

.423

%

,

3/22/26

....

11,102

10,863

a

8210184.SQ.FTS.B

,

4

.78

%

,

3/23/26

.....

5,516

5,358

a

8210420.SQ.FTS.B

,

4

.781

%

,

3/23/26

....

10,107

9,823

a

8209515.SQ.FTS.B

,

4

.782

%

,

3/23/26

....

10,041

9,589

a

8209821.SQ.FTS.B

,

4

.782

%

,

3/23/26

....

3,396

3,291

a

8210715.SQ.FTS.B

,

4

.786

%

,

3/23/26

....

1,607

1,565

a

8209456.SQ.FTS.B

,

4

.93

%

,

3/23/26

.....

273

267

a

8210674.SQ.FTS.B

,

5

.104

%

,

3/23/26

....

1,569

1,546

a

8210331.SQ.FTS.B

,

5

.111

%

,

3/23/26

....

3,141

3,037

a

8209500.SQ.FTS.B

,

5

.113

%

,

3/23/26

....

932

911

a

8211506.SQ.FTS.B

,

5

.113

%

,

3/23/26

....

32,646

31,679

a

8209317.SQ.FTS.B

,

5

.115

%

,

3/23/26

....

4,413

4,237

a

8209272.SQ.FTS.B

,

5

.119

%

,

3/23/26

....

3,160

2,639

a

8210912.SQ.FTS.B

,

5

.409

%

,

3/23/26

....

22,971

22,026

a

8209138.SQ.FTS.B

,

5

.412

%

,

3/23/26

....

4,188

4,022

a

8210761.SQ.FTS.B

,

5

.664

%

,

3/23/26

....

5,635

5,421

a

8210622.SQ.FTS.B

,

5

.907

%

,

3/23/26

....

2,318

2,219

a

8209936.SQ.FTS.B

,

6

.326

%

,

3/23/26

....

7,494

6,543

a

8208298.SQ.FTS.B

,

6

.328

%

,

3/23/26

....

14,962

14,018

a

8209889.SQ.FTS.B

,

6

.665

%

,

3/23/26

....

2,179

1,314

a

8211428.SQ.FTS.B

,

6

.681

%

,

3/23/26

....

1,981

1,866

a

8213537.SQ.FTS.B

,

4

.777

%

,

3/24/26

....

3,883

3,756

a

8212910.SQ.FTS.B

,

4

.779

%

,

3/24/26

....

13,002

12,291

a

8213301.SQ.FTS.B

,

4

.779

%

,

3/24/26

....

3,599

3,439

a

8211739.SQ.FTS.B

,

4

.78

%

,

3/24/26

.....

3,062

2,993

a

8212042.SQ.FTS.B

,

4

.781

%

,

3/24/26

....

2,934

2,887

a

8213679.SQ.FTS.B

,

4

.781

%

,

3/24/26

....

11,531

10,856

a

8212774.SQ.FTS.B

,

4

.962

%

,

3/24/26

....

2,337

2,189

a

8212308.SQ.FTS.B

,

5

.412

%

,

3/24/26

....

5,522

5,292

a

8212645.SQ.FTS.B

,

5

.919

%

,

3/24/26

....

2,077

1,936

a

8214077.SQ.FTS.B

,

6

.151

%

,

3/24/26

....

28,012

27,440

a

8213887.SQ.FTS.B

,

6

.154

%

,

3/24/26

....

5,812

5,205

a

8212007.SQ.FTS.B

,

6

.321

%

,

3/24/26

....

649

622

a

8217161.SQ.FTS.B

,

4

.774

%

,

3/25/26

....

1,598

1,546

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8217192.SQ.FTS.B

,

4

.779

%

,

3/25/26

....

$

21,461

$

18,524

a

8215161.SQ.FTS.B

,

4

.78

%

,

3/25/26

.....

5,065

4,902

a

8216126.SQ.FTS.B

,

4

.781

%

,

3/25/26

....

16,276

15,569

a

8217871.SQ.FTS.B

,

5

.114

%

,

3/25/26

....

21,454

20,844

a

8216619.SQ.FTS.B

,

5

.41

%

,

3/25/26

.....

16,603

15,924

a

8215751.SQ.FTS.B

,

5

.411

%

,

3/25/26

....

6,424

6,257

a

8215435.SQ.FTS.B

,

5

.66

%

,

3/25/26

.....

7,625

7,297

a

8214992.SQ.FTS.B

,

6

.326

%

,

3/25/26

....

8,351

6,755

a

8216974.SQ.FTS.B

,

6

.331

%

,

3/25/26

....

3,779

3,633

a

8217138.SQ.FTS.B

,

6

.348

%

,

3/25/26

....

102

100

a

8223489.SQ.FTS.B

,

4

.78

%

,

3/26/26

.....

1,124

1,116

a

8220573.SQ.FTS.B

,

4

.782

%

,

3/26/26

....

6,936

6,718

a

8223787.SQ.FTS.B

,

5

.109

%

,

3/26/26

....

5,931

5,611

a

8221817.SQ.FTS.B

,

5

.409

%

,

3/26/26

....

19,240

18,845

a

8222785.SQ.FTS.B

,

5

.41

%

,

3/26/26

.....

6,113

5,929

a

8220884.SQ.FTS.B

,

6

.671

%

,

3/26/26

....

4,719

4,445

a

8221157.SQ.FTS.B

,

6

.673

%

,

3/26/26

....

5,915

5,781

a

3212181.SQ.FTS.B

,

7

.601

%

,

3/18/32

....

380

–

a

3210332.SQ.FTS.B

,

7

.921

%

,

3/18/32

....

4,369

–

a

3232249.SQ.FTS.B

,

3

.398

%

,

3/25/32

....

828

–

a

3233993.SQ.FTS.B

,

4

.689

%

,

3/26/32

....

355

–

a

3234758.SQ.FTS.B

,

5

.438

%

,

3/28/32

....

637

–

a

3238373.SQ.FTS.B

,

4

.759

%

,

3/29/32

....

870

–

a

3255010.SQ.FTS.B

,

7

.921

%

,

4/07/32

....

1,659

–

a

3260194.SQ.FTS.B

,

3

.38

%

,

4/09/32

.....

204

–

a

3297660.SQ.FTS.B

,

5

.348

%

,

4/24/32

....

556

–

a

3311752.SQ.FTS.B

,

2

.821

%

,

4/30/32

....

252

–

a

3320535.SQ.FTS.B

,

7

.19

%

,

5/05/32

.....

13,177

–

a

3336690.SQ.FTS.B

,

5

.389

%

,

5/12/32

....

486

–

a

3336181.SQ.FTS.B

,

5

.769

%

,

5/12/32

....

7,935

–

a

3344944.SQ.FTS.B

,

5

.449

%

,

5/17/32

....

877

–

a

3361155.SQ.FTS.B

,

2

.72

%

,

5/19/32

.....

1,466

–

a

3366564.SQ.FTS.B

,

2

.747

%

,

5/20/32

....

120

–

a

3365511.SQ.FTS.B

,

4

.762

%

,

5/20/32

....

243

–

a

3371556.SQ.FTS.B

,

2

.72

%

,

5/23/32

.....

698

–

a

3401486.SQ.FTS.B

,

4

.108

%

,

6/02/32

....

263

–

a

3407926.SQ.FTS.B

,

2

.742

%

,

6/03/32

....

1,511

–

a

3411766.SQ.FTS.B

,

4

.65

%

,

6/04/32

.....

5,695

1

a

3414237.SQ.FTS.B

,

6

.046

%

,

6/05/32

....

2,276

–

a

3415734.SQ.FTS.B

,

5

.449

%

,

6/07/32

....

4,366

–

a

3419699.SQ.FTS.B

,

3

.363

%

,

6/08/32

....

10,480

–

a

3425756.SQ.FTS.B

,

2

.712

%

,

6/10/32

....

821

–

a

3428606.SQ.FTS.B

,

7

.19

%

,

6/11/32

.....

2,028

–

a

3433089.SQ.FTS.B

,

4

.075

%

,

6/14/32

....

396

–

a

3432767.SQ.FTS.B

,

5

.396

%

,

6/14/32

....

1,841

–

a

3434383.SQ.FTS.B

,

7

.19

%

,

6/14/32

.....

11,741

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

3436460.SQ.FTS.B

,

2

.718

%

,

6/15/32

....

$

585

$

–

a

3437194.SQ.FTS.B

,

2

.73

%

,

6/15/32

.....

1,490

–

a

3435958.SQ.FTS.B

,

2

.734

%

,

6/15/32

....

2,155

–

a

3436486.SQ.FTS.B

,

2

.761

%

,

6/15/32

....

376

–

a

3437850.SQ.FTS.B

,

4

.739

%

,

6/16/32

....

4,084

–

a

3452149.SQ.FTS.B

,

4

.717

%

,

6/21/32

....

969

–

a

3463095.SQ.FTS.B

,

4

.008

%

,

6/23/32

....

11,405

–

a

3472489.SQ.FTS.B

,

4

.098

%

,

6/26/32

....

2,604

–

a

3487584.SQ.FTS.B

,

2

.731

%

,

6/30/32

....

2,184

–

a

3510070.SQ.FTS.B

,

7

.19

%

,

7/06/32

.....

25,800

–

a

3513483.SQ.FTS.B

,

7

.194

%

,

7/07/32

....

4,792

–

a

3521469.SQ.FTS.B

,

4

.648

%

,

7/08/32

....

3,422

–

a

3516078.SQ.FTS.B

,

6

.046

%

,

7/08/32

....

8,033

–

a

3559884.SQ.FTS.B

,

5

.409

%

,

7/19/32

....

616

–

a

3566831.SQ.FTS.B

,

4

.006

%

,

7/20/32

....

2,799

–

a

3573904.SQ.FTS.B

,

7

.19

%

,

7/21/32

.....

2,469

–

a

3572652.SQ.FTS.B

,

7

.205

%

,

7/21/32

....

758

–

a

3612013.SQ.FTS.B

,

3

.339

%

,

7/29/32

....

3,513

–

a

3612313.SQ.FTS.B

,

3

.338

%

,

7/30/32

....

3,994

–

a

3616837.SQ.FTS.B

,

3

.338

%

,

8/01/32

....

1,256

–

a

3622745.SQ.FTS.B

,

6

.472

%

,

8/03/32

....

5,722

–

a

3629212.SQ.FTS.B

,

4

.021

%

,

8/05/32

....

316

–

a

3631012.SQ.FTS.B

,

3

.34

%

,

8/07/32

.....

702

–

a

3693768.SQ.FTS.B

,

6

.472

%

,

8/20/32

....

1,735

–

a

3700150.SQ.FTS.B

,

4

.77

%

,

8/22/32

.....

3,008

–

a

3760407.SQ.FTS.B

,

3

.331

%

,

9/01/32

....

3,543

–

a

3842781.SQ.FTS.B

,

5

.079

%

,

9/11/32

....

10,067

1

a

3849313.SQ.FTS.B

,

3

.333

%

,

9/12/32

....

204

–

a

3849333.SQ.FTS.B

,

3

.336

%

,

9/12/32

....

8,085

–

a

3849054.SQ.FTS.B

,

4

.762

%

,

9/12/32

....

679

–

a

3869455.SQ.FTS.B

,

6

.476

%

,

9/17/32

....

7,514

–

a

3877914.SQ.FTS.B

,

6

.472

%

,

9/18/32

....

1,608

–

a

3908447.SQ.FTS.B

,

6

.149

%

,

9/24/32

....

608

–

a

3948363.SQ.FTS.B

,

3

.327

%

,

9/30/32

....

386

–

a

3953788.SQ.FTS.B

,

5

.339

%

,

9/30/32

....

6,116

–

a

3953673.SQ.FTS.B

,

6

.149

%

,

9/30/32

....

673

–

a

3944713.SQ.FTS.B

,

6

.472

%

,

9/30/32

....

16,717

–

a

3988483.SQ.FTS.B

,

3

.332

%

,

10/06/32

...

6,804

–

a

3995187.SQ.FTS.B

,

5

.079

%

,

10/07/32

...

966

–

a

4012864.SQ.FTS.B

,

3

.365

%

,

10/08/32

...

418

–

a

4006108.SQ.FTS.B

,

6

.472

%

,

10/08/32

...

3,609

–

a

4030312.SQ.FTS.B

,

4

.693

%

,

10/13/32

...

596

–

a

4027848.SQ.FTS.B

,

5

.079

%

,

10/13/32

...

13,882

–

a

4042564.SQ.FTS.B

,

3

.329

%

,

10/15/32

...

379

–

a

4039216.SQ.FTS.B

,

4

.675

%

,

10/15/32

...

645

–

a

4044447.SQ.FTS.B

,

4

.764

%

,

10/16/32

...

14,344

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

4077814.SQ.FTS.B

,

3

.972

%

,

10/23/32

...

$

2,357

$

–

a

4079086.SQ.FTS.B

,

5

.079

%

,

10/23/32

...

3,779

–

a

4079838.SQ.FTS.B

,

5

.079

%

,

10/23/32

...

6,825

–

a

4080547.SQ.FTS.B

,

4

.688

%

,

10/24/32

...

1,952

–

a

4095538.SQ.FTS.B

,

6

.472

%

,

10/28/32

...

3,487

–

a

4125734.SQ.FTS.B

,

5

.079

%

,

11/05/32

...

4,285

–

a

4138127.SQ.FTS.B

,

5

.079

%

,

11/09/32

...

2,987

–

a

4142060.SQ.FTS.B

,

4

.771

%

,

11/10/32

...

1,222

–

a

4147030.SQ.FTS.B

,

3

.342

%

,

11/11/32

...

346

–

a

4163065.SQ.FTS.B

,

4

.762

%

,

11/14/32

...

1,168

–

a

4171907.SQ.FTS.B

,

3

.973

%

,

11/17/32

...

4,783

–

a

4171680.SQ.FTS.B

,

5

.083

%

,

11/17/32

...

3,222

–

a

4186988.SQ.FTS.B

,

3

.34

%

,

11/20/32

....

375

–

a

4189414.SQ.FTS.B

,

3

.351

%

,

11/20/32

...

259

–

a

4197129.SQ.FTS.B

,

3

.302

%

,

11/21/32

...

38

–

a

4200379.SQ.FTS.B

,

3

.351

%

,

11/23/32

...

1,060

–

a

4207561.SQ.FTS.B

,

3

.968

%

,

11/25/32

...

1,742

–

a

4229796.SQ.FTS.B

,

5

.093

%

,

11/27/32

...

2,213

–

a

4271659.SQ.FTS.B

,

3

.327

%

,

12/04/32

...

970

–

a

4267608.SQ.FTS.B

,

5

.079

%

,

12/04/32

...

4,641

–

a

4280865.SQ.FTS.B

,

4

.762

%

,

12/07/32

...

7,930

–

a

4309215.SQ.FTS.B

,

4

.77

%

,

12/10/32

....

2,829

–

a

4315085.SQ.FTS.B

,

3

.322

%

,

12/11/32

...

753

–

a

4315019.SQ.FTS.B

,

4

.779

%

,

12/11/32

...

1,296

–

a

4314394.SQ.FTS.B

,

5

.079

%

,

12/11/32

...

4,763

–

a

4333949.SQ.FTS.B

,

5

.097

%

,

12/17/32

...

1,348

–

a

4342268.SQ.FTS.B

,

5

.079

%

,

12/20/32

...

3,769

–

a

4345972.SQ.FTS.B

,

4

.762

%

,

12/21/32

...

457

–

a

4352084.SQ.FTS.B

,

3

.963

%

,

12/22/32

...

1,688

–

a

4352239.SQ.FTS.B

,

4

.762

%

,

12/22/32

...

620

1

a

4383604.SQ.FTS.B

,

4

.739

%

,

12/30/32

...

2,916

–

a

4390373.SQ.FTS.B

,

2

.977

%

,

1/02/33

....

527

–

a

4390406.SQ.FTS.B

,

3

.628

%

,

1/02/33

....

834

–

a

4394687.SQ.FTS.B

,

3

.012

%

,

1/06/33

....

832

–

a

4413064.SQ.FTS.B

,

4

.739

%

,

1/15/33

....

661

–

a

4413957.SQ.FTS.B

,

2

.97

%

,

1/16/33

.....

356

–

a

4430691.SQ.FTS.B

,

3

.002

%

,

1/22/33

....

968

–

a

4431496.SQ.FTS.B

,

3

.002

%

,

1/22/33

....

432

–

a

4438299.SQ.FTS.B

,

4

.423

%

,

1/27/33

....

2,530

–

a

4438563.SQ.FTS.B

,

4

.739

%

,

1/27/33

....

14,155

–

a

4452962.SQ.FTS.B

,

4

.739

%

,

2/03/33

....

8,915

–

a

4455128.SQ.FTS.B

,

3

.003

%

,

2/04/33

....

2,253

–

a

4457642.SQ.FTS.B

,

3

.633

%

,

2/05/33

....

3,469

–

a

4463189.SQ.FTS.B

,

2

.996

%

,

2/09/33

....

2,140

–

a

4465207.SQ.FTS.B

,

3

.007

%

,

2/10/33

....

3,432

–

a

4481874.SQ.FTS.B

,

3

.005

%

,

2/19/33

....

1,551

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

4481855.SQ.FTS.B

,

3

.016

%

,

2/19/33

....

$

1,079

$

–

a

4484475.SQ.FTS.B

,

2

.998

%

,

2/20/33

....

3,439

–

a

4484542.SQ.FTS.B

,

4

.744

%

,

2/20/33

....

6,016

–

a

4488928.SQ.FTS.B

,

2

.992

%

,

2/23/33

....

703

–

a

4489974.SQ.FTS.B

,

4

.423

%

,

2/24/33

....

4,041

–

a

4499783.SQ.FTS.B

,

4

.403

%

,

2/28/33

....

921

–

a

4508723.SQ.FTS.B

,

3

.299

%

,

3/02/33

....

6,372

–

a

4510936.SQ.FTS.B

,

4

.403

%

,

3/03/33

....

3,094

–

a

4513287.SQ.FTS.B

,

4

.562

%

,

3/04/33

....

12,361

–

a

4514072.SQ.FTS.B

,

3

.309

%

,

3/05/33

....

1,866

–

a

4516974.SQ.FTS.B

,

4

.093

%

,

3/07/33

....

88

–

a

4519611.SQ.FTS.B

,

2

.673

%

,

3/08/33

....

12,933

–

a

4532929.SQ.FTS.B

,

4

.403

%

,

3/14/33

....

2,327

–

a

4534513.SQ.FTS.B

,

2

.683

%

,

3/15/33

....

304

–

a

4535094.SQ.FTS.B

,

4

.403

%

,

3/15/33

....

3,360

–

a

4540937.SQ.FTS.B

,

2

.677

%

,

3/17/33

....

6,282

–

a

4546342.SQ.FTS.B

,

3

.302

%

,

3/20/33

....

3,208

–

a

4549873.SQ.FTS.B

,

3

.774

%

,

3/21/33

....

201

–

a

4550163.SQ.FTS.B

,

4

.403

%

,

3/21/33

....

1,397

–

a

4549880.SQ.FTS.B

,

4

.557

%

,

3/21/33

....

3,819

–

a

4549725.SQ.FTS.B

,

4

.56

%

,

3/21/33

.....

3,736

1

a

4548999.SQ.FTS.B

,

4

.562

%

,

3/21/33

....

4,823

–

a

4550265.SQ.FTS.B

,

4

.886

%

,

3/21/33

....

545

–

a

4555245.SQ.FTS.B

,

3

.302

%

,

3/23/33

....

4,885

–

a

4557410.SQ.FTS.B

,

3

.304

%

,

3/23/33

....

5,012

–

a

4556429.SQ.FTS.B

,

3

.927

%

,

3/23/33

....

3,512

–

a

4558347.SQ.FTS.B

,

4

.55

%

,

3/23/33

.....

1,070

–

a

4556489.SQ.FTS.B

,

4

.56

%

,

3/23/33

.....

2,476

–

a

4556569.SQ.FTS.B

,

4

.561

%

,

3/23/33

....

18,356

–

a

4561168.SQ.FTS.B

,

4

.56

%

,

3/24/33

.....

715

–

a

4561751.SQ.FTS.B

,

4

.728

%

,

3/25/33

....

3,074

–

a

4562273.SQ.FTS.B

,

4

.403

%

,

3/26/33

....

3,405

–

a

4565857.SQ.FTS.B

,

4

.561

%

,

3/27/33

....

14,859

1

a

4563389.SQ.FTS.B

,

5

.031

%

,

3/27/33

....

3,392

–

a

4579623.SQ.FTS.B

,

4

.561

%

,

4/01/33

....

30,289

1

a

4581555.SQ.FTS.B

,

3

.774

%

,

4/02/33

....

12,639

1

a

4581333.SQ.FTS.B

,

5

.031

%

,

4/02/33

....

3,759

1

a

4582331.SQ.FTS.B

,

4

.406

%

,

4/03/33

....

5,425

–

a

4585539.SQ.FTS.B

,

2

.695

%

,

4/04/33

....

643

–

a

4586510.SQ.FTS.B

,

5

.031

%

,

4/04/33

....

6,337

–

a

4589242.SQ.FTS.B

,

4

.582

%

,

4/05/33

....

488

–

a

4600950.SQ.FTS.B

,

4

.56

%

,

4/07/33

.....

936

–

a

4601908.SQ.FTS.B

,

4

.566

%

,

4/08/33

....

835

–

a

4603785.SQ.FTS.B

,

4

.726

%

,

4/08/33

....

2,545

–

a

4601418.SQ.FTS.B

,

4

.873

%

,

4/08/33

....

4,582

–

a

4604781.SQ.FTS.B

,

3

.774

%

,

4/09/33

....

302

1

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

4606526.SQ.FTS.B

,

3

.31

%

,

4/11/33

.....

$

462

$

–

a

4606149.SQ.FTS.B

,

4

.556

%

,

4/11/33

....

2,129

–

a

4607817.SQ.FTS.B

,

3

.296

%

,

4/12/33

....

768

–

a

4609191.SQ.FTS.B

,

3

.303

%

,

4/12/33

....

3,661

–

a

4612864.SQ.FTS.B

,

3

.302

%

,

4/13/33

....

831

–

a

4612909.SQ.FTS.B

,

4

.56

%

,

4/13/33

.....

2,565

1

a

4618572.SQ.FTS.B

,

4

.403

%

,

4/14/33

....

927

–

a

4620208.SQ.FTS.B

,

4

.873

%

,

4/14/33

....

2,314

–

a

4618545.SQ.FTS.B

,

5

.031

%

,

4/14/33

....

2,720

–

a

4623698.SQ.FTS.B

,

4

.557

%

,

4/15/33

....

4,549

–

a

4622912.SQ.FTS.B

,

4

.56

%

,

4/15/33

.....

12,026

–

a

4626052.SQ.FTS.B

,

3

.306

%

,

4/18/33

....

3,539

–

a

4627946.SQ.FTS.B

,

4

.406

%

,

4/18/33

....

189

–

a

4625409.SQ.FTS.B

,

4

.565

%

,

4/18/33

....

1,903

–

a

4626904.SQ.FTS.B

,

5

.031

%

,

4/18/33

....

4,667

–

a

4630473.SQ.FTS.B

,

4

.571

%

,

4/19/33

....

336

–

a

4631665.SQ.FTS.B

,

4

.72

%

,

4/20/33

.....

4,254

–

a

4637259.SQ.FTS.B

,

3

.922

%

,

4/22/33

....

146

–

a

4639123.SQ.FTS.B

,

3

.945

%

,

4/22/33

....

1,166

–

a

4639291.SQ.FTS.B

,

4

.715

%

,

4/22/33

....

2,606

–

a

4641955.SQ.FTS.B

,

4

.559

%

,

4/25/33

....

13,703

–

a

4645672.SQ.FTS.B

,

4

.405

%

,

4/26/33

....

10,185

–

a

4646691.SQ.FTS.B

,

4

.553

%

,

4/26/33

....

582

–

a

4646107.SQ.FTS.B

,

4

.561

%

,

4/26/33

....

2,393

–

a

4650952.SQ.FTS.B

,

4

.56

%

,

4/28/33

.....

2,708

1

a

4652170.SQ.FTS.B

,

4

.568

%

,

4/28/33

....

3,326

–

a

4655105.SQ.FTS.B

,

4

.557

%

,

4/29/33

....

1,842

–

a

4654724.SQ.FTS.B

,

4

.56

%

,

4/29/33

.....

439

–

a

4656767.SQ.FTS.B

,

5

.031

%

,

4/30/33

....

2,269

–

a

4660611.SQ.FTS.B

,

3

.774

%

,

5/01/33

....

1,867

–

a

4660577.SQ.FTS.B

,

4

.557

%

,

5/01/33

....

5,607

–

a

4662056.SQ.FTS.B

,

4

.56

%

,

5/02/33

.....

40,082

–

a

4665723.SQ.FTS.B

,

4

.569

%

,

5/03/33

....

813

–

a

4669203.SQ.FTS.B

,

3

.27

%

,

5/04/33

.....

309

–

a

4669930.SQ.FTS.B

,

3

.935

%

,

5/04/33

....

1,076

–

a

4668525.SQ.FTS.B

,

3

.983

%

,

5/04/33

....

412

–

a

4679063.SQ.FTS.B

,

3

.302

%

,

5/08/33

....

2,470

–

a

4682306.SQ.FTS.B

,

4

.403

%

,

5/08/33

....

19,587

–

a

4684220.SQ.FTS.B

,

4

.566

%

,

5/08/33

....

332

–

a

4684103.SQ.FTS.B

,

4

.574

%

,

5/08/33

....

761

–

a

4681090.SQ.FTS.B

,

4

.886

%

,

5/08/33

....

1,211

–

a

4706260.SQ.FTS.B

,

4

.559

%

,

5/10/33

....

3,411

–

a

4704761.SQ.FTS.B

,

5

.031

%

,

5/10/33

....

1,417

–

a

4710517.SQ.FTS.B

,

4

.717

%

,

5/12/33

....

3,151

–

a

4719485.SQ.FTS.B

,

4

.555

%

,

5/15/33

....

1,259

–

a

4717011.SQ.FTS.B

,

4

.874

%

,

5/15/33

....

8,731

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

4746441.SQ.FTS.B

,

4

.557

%

,

5/19/33

....

$

1,214

$

–

a

4763575.SQ.FTS.B

,

4

.403

%

,

5/23/33

....

1,338

–

a

4761481.SQ.FTS.B

,

5

.031

%

,

5/23/33

....

4,254

–

a

4773719.SQ.FTS.B

,

4

.72

%

,

5/24/33

.....

1,216

–

a

4790074.SQ.FTS.B

,

4

.568

%

,

5/29/33

....

1,864

–

a

4789346.SQ.FTS.B

,

5

.031

%

,

5/29/33

....

6,004

–

a

4794467.SQ.FTS.B

,

4

.539

%

,

5/30/33

....

116

–

a

4796271.SQ.FTS.B

,

4

.874

%

,

5/30/33

....

1,575

–

a

4799750.SQ.FTS.B

,

4

.403

%

,

6/01/33

....

3,222

–

a

4812628.SQ.FTS.B

,

4

.403

%

,

6/03/33

....

7,404

–

a

4810478.SQ.FTS.B

,

4

.717

%

,

6/03/33

....

13,210

–

a

4814186.SQ.FTS.B

,

4

.874

%

,

6/03/33

....

3,604

–

a

4819764.SQ.FTS.B

,

5

.031

%

,

6/07/33

....

1,187

–

a

4829812.SQ.FTS.B

,

4

.088

%

,

6/10/33

....

291

–

a

4831455.SQ.FTS.B

,

4

.57

%

,

6/10/33

.....

1,012

–

a

4832246.SQ.FTS.B

,

4

.734

%

,

6/10/33

....

58

–

a

4829826.SQ.FTS.B

,

4

.877

%

,

6/10/33

....

2,529

–

a

4839177.SQ.FTS.B

,

3

.593

%

,

6/14/33

....

1,366

–

a

4839467.SQ.FTS.B

,

4

.403

%

,

6/14/33

....

1,586

–

a

4840100.SQ.FTS.B

,

4

.729

%

,

6/14/33

....

1,543

–

a

4860368.SQ.FTS.B

,

4

.874

%

,

6/17/33

....

989

–

a

4862500.SQ.FTS.B

,

4

.225

%

,

6/18/33

....

1,169

–

a

4862382.SQ.FTS.B

,

4

.251

%

,

6/18/33

....

5,131

–

a

4864955.SQ.FTS.B

,

2

.975

%

,

6/20/33

....

4,689

–

a

4866679.SQ.FTS.B

,

4

.695

%

,

6/20/33

....

1,660

–

a

4863679.SQ.FTS.B

,

4

.938

%

,

6/20/33

....

16,205

–

a

4867627.SQ.FTS.B

,

4

.72

%

,

6/21/33

.....

2,052

–

a

4867691.SQ.FTS.B

,

4

.892

%

,

6/21/33

....

43

–

a

4868930.SQ.FTS.B

,

5

.371

%

,

6/21/33

....

1,648

–

a

4868123.SQ.FTS.B

,

5

.391

%

,

6/21/33

....

533

–

a

4872677.SQ.FTS.B

,

2

.973

%

,

6/22/33

....

3,275

–

a

4873945.SQ.FTS.B

,

3

.603

%

,

6/22/33

....

3,094

–

a

4872471.SQ.FTS.B

,

4

.22

%

,

6/22/33

.....

1,391

–

a

4873268.SQ.FTS.B

,

4

.403

%

,

6/22/33

....

6,701

–

a

4874117.SQ.FTS.B

,

4

.406

%

,

6/22/33

....

3,924

–

a

4873083.SQ.FTS.B

,

4

.538

%

,

6/22/33

....

9,479

–

a

4871945.SQ.FTS.B

,

4

.557

%

,

6/22/33

....

5,985

–

a

4877319.SQ.FTS.B

,

3

.555

%

,

6/25/33

....

1,558

–

a

4877302.SQ.FTS.B

,

4

.741

%

,

6/25/33

....

624

–

a

4877812.SQ.FTS.B

,

4

.225

%

,

6/26/33

....

2,156

–

a

4880109.SQ.FTS.B

,

3

.428

%

,

6/27/33

....

10,497

–

a

4878164.SQ.FTS.B

,

4

.56

%

,

6/27/33

.....

1,101

–

a

4880047.SQ.FTS.B

,

4

.945

%

,

6/27/33

....

132

–

a

4881617.SQ.FTS.B

,

2

.961

%

,

6/28/33

....

1,646

–

a

4882604.SQ.FTS.B

,

3

.791

%

,

6/28/33

....

4,323

–

a

4880571.SQ.FTS.B

,

4

.403

%

,

6/28/33

....

14,651

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

4881988.SQ.FTS.B

,

4

.56

%

,

6/28/33

.....

$

41,908

$

3

a

4886936.SQ.FTS.B

,

4

.56

%

,

6/30/33

.....

29,822

–

a

4889578.SQ.FTS.B

,

4

.874

%

,

7/01/33

....

6,235

–

a

4891549.SQ.FTS.B

,

4

.717

%

,

7/03/33

....

3,445

–

a

4893163.SQ.FTS.B

,

4

.716

%

,

7/04/33

....

12,426

–

a

4901122.SQ.FTS.B

,

3

.919

%

,

7/07/33

....

611

–

a

4905832.SQ.FTS.B

,

3

.893

%

,

7/10/33

....

6,058

–

a

4907500.SQ.FTS.B

,

4

.789

%

,

7/11/33

....

4,190

–

a

4908035.SQ.FTS.B

,

4

.87

%

,

7/11/33

.....

5,837

–

a

4923842.SQ.FTS.B

,

4

.565

%

,

7/16/33

....

1,929

–

a

4924187.SQ.FTS.B

,

3

.294

%

,

7/17/33

....

357

–

a

4925184.SQ.FTS.B

,

3

.774

%

,

7/18/33

....

2,723

–

a

4925548.SQ.FTS.B

,

4

.071

%

,

7/18/33

....

16,715

–

a

4925972.SQ.FTS.B

,

4

.287

%

,

7/18/33

....

7,444

1

a

4926169.SQ.FTS.B

,

5

.233

%

,

7/18/33

....

261

–

a

4927104.SQ.FTS.B

,

5

.031

%

,

7/19/33

....

7,625

1

a

4937358.SQ.FTS.B

,

4

.44

%

,

7/24/33

.....

640

–

a

4938983.SQ.FTS.B

,

2

.516

%

,

7/25/33

....

1,318

–

a

4942412.SQ.FTS.B

,

3

.587

%

,

7/26/33

....

13,011

1

a

4955556.SQ.FTS.B

,

3

.321

%

,

7/29/33

....

1,340

–

a

4960204.SQ.FTS.B

,

3

.293

%

,

7/31/33

....

361

–

a

4968011.SQ.FTS.B

,

4

.403

%

,

8/02/33

....

732

–

a

4968065.SQ.FTS.B

,

4

.403

%

,

8/02/33

....

9,113

–

a

4975394.SQ.FTS.B

,

3

.941

%

,

8/05/33

....

1,503

–

a

4981810.SQ.FTS.B

,

3

.587

%

,

8/09/33

....

904

–

a

4981564.SQ.FTS.B

,

4

.735

%

,

8/09/33

....

474

–

a

4989575.SQ.FTS.B

,

4

.874

%

,

8/11/33

....

1,283

–

a

4990812.SQ.FTS.B

,

3

.57

%

,

8/12/33

.....

3,319

–

a

4990427.SQ.FTS.B

,

4

.183

%

,

8/12/33

....

646

–

a

4991412.SQ.FTS.B

,

5

.031

%

,

8/13/33

....

1,244

–

a

4992493.SQ.FTS.B

,

4

.403

%

,

8/14/33

....

1,237

–

a

4993580.SQ.FTS.B

,

4

.92

%

,

8/14/33

.....

600

–

a

5006802.SQ.FTS.B

,

5

.031

%

,

8/16/33

....

7,127

–

a

5019192.SQ.FTS.B

,

3

.57

%

,

8/17/33

.....

10,195

1

a

5026306.SQ.FTS.B

,

2

.39

%

,

8/19/33

.....

5,011

–

a

5027172.SQ.FTS.B

,

4

.88

%

,

8/21/33

.....

156

–

a

5042184.SQ.FTS.B

,

3

.774

%

,

8/25/33

....

127

–

a

5044278.SQ.FTS.B

,

4

.559

%

,

8/27/33

....

4,435

–

a

5047301.SQ.FTS.B

,

4

.403

%

,

8/28/33

....

4,140

–

a

5053049.SQ.FTS.B

,

4

.873

%

,

9/02/33

....

110

–

a

5058089.SQ.FTS.B

,

4

.56

%

,

9/03/33

.....

14,655

–

a

5062108.SQ.FTS.B

,

3

.866

%

,

9/05/33

....

2,002

–

a

5065553.SQ.FTS.B

,

4

.72

%

,

9/07/33

.....

11,144

–

a

5075271.SQ.FTS.B

,

5

.031

%

,

9/10/33

....

1,219

–

a

5075922.SQ.FTS.B

,

3

.308

%

,

9/11/33

....

309

–

a

5075710.SQ.FTS.B

,

3

.358

%

,

9/11/33

....

2,580

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5090985.SQ.FTS.B

,

4

.55

%

,

9/17/33

.....

$

383

$

–

a

5096024.SQ.FTS.B

,

4

.292

%

,

9/21/33

....

9,361

–

a

5096286.SQ.FTS.B

,

4

.561

%

,

9/21/33

....

250

–

a

5099070.SQ.FTS.B

,

4

.881

%

,

9/22/33

....

659

–

a

5102362.SQ.FTS.B

,

4

.874

%

,

9/23/33

....

26,662

–

a

5109707.SQ.FTS.B

,

4

.553

%

,

9/25/33

....

478

–

a

5110450.SQ.FTS.B

,

4

.717

%

,

9/26/33

....

4,298

–

a

5110232.SQ.FTS.B

,

5

.212

%

,

9/26/33

....

4,917

–

a

5114631.SQ.FTS.B

,

4

.867

%

,

9/29/33

....

2,038

–

a

5123870.SQ.FTS.B

,

4

.277

%

,

9/30/33

....

461

–

a

5123250.SQ.FTS.B

,

4

.56

%

,

9/30/33

.....

2,209

–

a

5118658.SQ.FTS.B

,

4

.717

%

,

9/30/33

....

716

–

a

5122398.SQ.FTS.B

,

4

.719

%

,

9/30/33

....

5,431

–

a

5130538.SQ.FTS.B

,

4

.159

%

,

10/04/33

...

2,193

–

a

5132890.SQ.FTS.B

,

3

.78

%

,

10/05/33

....

30,012

–

a

5135982.SQ.FTS.B

,

4

.403

%

,

10/05/33

...

11,822

1

a

5134488.SQ.FTS.B

,

5

.87

%

,

10/05/33

....

1,144

–

a

5138301.SQ.FTS.B

,

4

.56

%

,

10/06/33

....

2,419

–

a

5144732.SQ.FTS.B

,

3

.953

%

,

10/07/33

...

2,684

–

a

5142732.SQ.FTS.B

,

4

.579

%

,

10/07/33

...

163

–

a

5146188.SQ.FTS.B

,

5

.34

%

,

10/08/33

....

6,760

–

a

5155680.SQ.FTS.B

,

4

.337

%

,

10/12/33

...

521

–

a

5154060.SQ.FTS.B

,

4

.403

%

,

10/12/33

...

494

–

a

5156338.SQ.FTS.B

,

4

.557

%

,

10/12/33

...

2,755

–

a

5156676.SQ.FTS.B

,

4

.56

%

,

10/12/33

....

1,284

–

a

5160593.SQ.FTS.B

,

4

.56

%

,

10/13/33

....

14,723

–

a

5162594.SQ.FTS.B

,

3

.459

%

,

10/14/33

...

508

–

a

5163731.SQ.FTS.B

,

4

.56

%

,

10/14/33

....

7,221

–

a

5172784.SQ.FTS.B

,

4

.558

%

,

10/17/33

...

6,176

–

a

5179416.SQ.FTS.B

,

4

.717

%

,

10/18/33

...

2,654

–

a

5181201.SQ.FTS.B

,

3

.655

%

,

10/19/33

...

6,478

–

a

5183474.SQ.FTS.B

,

4

.56

%

,

10/19/33

....

575

–

a

5210392.SQ.FTS.B

,

4

.454

%

,

10/23/33

...

2,397

–

a

5220660.SQ.FTS.B

,

4

.564

%

,

10/26/33

...

1,536

–

a

5241436.SQ.FTS.B

,

4

.563

%

,

11/01/33

...

3,502

–

a

5243505.SQ.FTS.B

,

4

.13

%

,

11/02/33

....

20,719

1

a

5244949.SQ.FTS.B

,

4

.556

%

,

11/02/33

...

2,287

–

a

5245623.SQ.FTS.B

,

4

.562

%

,

11/02/33

...

4,046

–

a

5250769.SQ.FTS.B

,

3

.293

%

,

11/03/33

...

1,742

–

a

5250706.SQ.FTS.B

,

3

.704

%

,

11/03/33

...

1,023

–

a

5255302.SQ.FTS.B

,

2

.584

%

,

11/04/33

...

19,141

–

a

5254769.SQ.FTS.B

,

3

.306

%

,

11/04/33

...

1,097

–

a

5254554.SQ.FTS.B

,

4

.558

%

,

11/04/33

...

5,092

–

a

5266837.SQ.FTS.B

,

3

.031

%

,

11/05/33

...

3,783

–

a

5266476.SQ.FTS.B

,

4

.563

%

,

11/05/33

...

4,839

–

a

5262459.SQ.FTS.B

,

4

.568

%

,

11/05/33

...

220

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5281103.SQ.FTS.B

,

5

.979

%

,

11/10/33

...

$

8,490

$

–

a

5293954.SQ.FTS.B

,

3

.21

%

,

11/14/33

....

344

–

a

5296287.SQ.FTS.B

,

3

.774

%

,

11/16/33

...

207

–

a

5305068.SQ.FTS.B

,

4

.56

%

,

11/17/33

....

77,744

–

a

5313405.SQ.FTS.B

,

3

.938

%

,

11/18/33

...

546

–

a

5316290.SQ.FTS.B

,

4

.577

%

,

11/19/33

...

884

–

a

5322693.SQ.FTS.B

,

5

.031

%

,

11/20/33

...

874

–

a

5325004.SQ.FTS.B

,

5

.207

%

,

11/22/33

...

1,379

–

a

5330101.SQ.FTS.B

,

3

.774

%

,

11/23/33

...

1,778

–

a

5328895.SQ.FTS.B

,

4

.563

%

,

11/23/33

...

2,371

–

a

5329785.SQ.FTS.B

,

4

.717

%

,

11/23/33

...

1,629

–

a

5363132.SQ.FTS.B

,

5

.031

%

,

11/26/33

...

7,301

–

a

5374200.SQ.FTS.B

,

3

.996

%

,

11/27/33

...

7,532

–

a

5372948.SQ.FTS.B

,

4

.559

%

,

11/27/33

...

7,104

–

a

5380422.SQ.FTS.B

,

4

.56

%

,

11/27/33

....

12,758

–

a

5381740.SQ.FTS.B

,

3

.913

%

,

11/29/33

...

733

–

a

5394107.SQ.FTS.B

,

4

.552

%

,

11/30/33

...

101

–

a

5411337.SQ.FTS.B

,

3

.132

%

,

12/01/33

...

839

–

a

5400388.SQ.FTS.B

,

3

.308

%

,

12/01/33

...

2,133

–

a

5414769.SQ.FTS.B

,

3

.883

%

,

12/01/33

...

2,336

–

a

5414116.SQ.FTS.B

,

4

.215

%

,

12/01/33

...

15,698

–

a

5462926.SQ.FTS.B

,

4

.214

%

,

12/03/33

...

3,148

–

a

5473313.SQ.FTS.B

,

4

.528

%

,

12/04/33

...

665

–

a

5474055.SQ.FTS.B

,

4

.563

%

,

12/05/33

...

1,008

–

a

5518301.SQ.FTS.B

,

3

.302

%

,

12/08/33

...

22,861

1

a

5507161.SQ.FTS.B

,

4

.561

%

,

12/08/33

...

8,476

–

a

5528209.SQ.FTS.B

,

3

.774

%

,

12/09/33

...

9,462

–

a

5534237.SQ.FTS.B

,

3

.985

%

,

12/09/33

...

6,220

–

a

5532399.SQ.FTS.B

,

5

.225

%

,

12/09/33

...

1,906

–

a

5537587.SQ.FTS.B

,

4

.207

%

,

12/10/33

...

2,687

–

a

5540468.SQ.FTS.B

,

5

.594

%

,

12/11/33

...

1,805

–

a

5550397.SQ.FTS.B

,

4

.403

%

,

12/14/33

...

15,348

–

a

5557572.SQ.FTS.B

,

3

.296

%

,

12/15/33

...

1,381

–

a

5554806.SQ.FTS.B

,

4

.057

%

,

12/15/33

...

1,418

–

a

5565348.SQ.FTS.B

,

4

.56

%

,

12/17/33

....

8,568

–

a

5565100.SQ.FTS.B

,

4

.874

%

,

12/17/33

...

1,552

–

a

5568680.SQ.FTS.B

,

4

.56

%

,

12/18/33

....

5

–

a

5568047.SQ.FTS.B

,

4

.875

%

,

12/18/33

...

25,893

–

a

5571589.SQ.FTS.B

,

4

.555

%

,

12/20/33

...

1,376

–

a

5575033.SQ.FTS.B

,

4

.551

%

,

12/21/33

...

1,017

–

a

5584916.SQ.FTS.B

,

3

.774

%

,

12/24/33

...

3,248

–

a

5588007.SQ.FTS.B

,

3

.301

%

,

12/25/33

...

16,177

–

a

5588652.SQ.FTS.B

,

4

.275

%

,

12/25/33

...

40

–

a

5588372.SQ.FTS.B

,

5

.031

%

,

12/25/33

...

8,728

–

a

5588819.SQ.FTS.B

,

4

.891

%

,

12/26/33

...

1,320

–

a

5595419.SQ.FTS.B

,

3

.858

%

,

12/28/33

...

1,222

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5594146.SQ.FTS.B

,

4

.047

%

,

12/28/33

...

$

3,596

$

–

a

5598446.SQ.FTS.B

,

3

.281

%

,

12/29/33

...

607

–

a

5597324.SQ.FTS.B

,

3

.296

%

,

12/29/33

...

341

–

a

5600512.SQ.FTS.B

,

4

.406

%

,

12/29/33

...

8,322

–

a

5600497.SQ.FTS.B

,

4

.41

%

,

12/29/33

....

130

–

a

5610840.SQ.FTS.B

,

3

.305

%

,

12/30/33

...

7,751

–

a

5615484.SQ.FTS.B

,

5

.031

%

,

1/01/34

....

9,295

–

a

5618906.SQ.FTS.B

,

4

.56

%

,

1/03/34

.....

2,590

–

a

5624747.SQ.FTS.B

,

3

.297

%

,

1/05/34

....

1,208

–

a

5622466.SQ.FTS.B

,

5

.37

%

,

1/05/34

.....

1,396

–

a

5628952.SQ.FTS.B

,

4

.715

%

,

1/06/34

....

4,403

–

a

5627076.SQ.FTS.B

,

4

.717

%

,

1/06/34

....

7,284

–

a

5627773.SQ.FTS.B

,

4

.724

%

,

1/06/34

....

1,198

–

a

5641349.SQ.FTS.B

,

4

.379

%

,

1/07/34

....

1,084

–

a

5662108.SQ.FTS.B

,

5

.031

%

,

1/11/34

....

6,816

–

a

5662396.SQ.FTS.B

,

5

.66

%

,

1/11/34

.....

879

–

a

5667327.SQ.FTS.B

,

4

.921

%

,

1/12/34

....

22,164

1

a

5694516.SQ.FTS.B

,

3

.774

%

,

1/14/34

....

4,930

2

a

5718687.SQ.FTS.B

,

4

.559

%

,

1/20/34

....

209

–

a

5719839.SQ.FTS.B

,

4

.717

%

,

1/20/34

....

7,877

–

a

5729235.SQ.FTS.B

,

3

.774

%

,

1/21/34

....

3,033

1

a

5734498.SQ.FTS.B

,

3

.302

%

,

1/22/34

....

1,621

–

a

5732468.SQ.FTS.B

,

3

.883

%

,

1/22/34

....

186

–

a

5739159.SQ.FTS.B

,

4

.561

%

,

1/25/34

....

13,484

1

a

5738195.SQ.FTS.B

,

4

.874

%

,

1/25/34

....

854

–

a

5742284.SQ.FTS.B

,

4

.56

%

,

1/26/34

.....

5,681

–

a

5741356.SQ.FTS.B

,

4

.738

%

,

1/26/34

....

1,619

–

a

5744108.SQ.FTS.B

,

3

.774

%

,

1/27/34

....

995

–

a

5754674.SQ.FTS.B

,

3

.492

%

,

1/29/34

....

2,696

–

a

5754537.SQ.FTS.B

,

5

.136

%

,

1/29/34

....

930

–

a

5762467.SQ.FTS.B

,

4

.375

%

,

2/01/34

....

2,052

–

a

5768898.SQ.FTS.B

,

4

.723

%

,

2/03/34

....

1,889

–

a

5774005.SQ.FTS.B

,

3

.923

%

,

2/04/34

....

1,473

–

a

5774288.SQ.FTS.B

,

4

.313

%

,

2/04/34

....

779

–

a

5779587.SQ.FTS.B

,

4

.557

%

,

2/06/34

....

969

–

a

5779612.SQ.FTS.B

,

5

.251

%

,

2/06/34

....

3,348

–

a

5784284.SQ.FTS.B

,

5

.031

%

,

2/08/34

....

5,640

–

a

5787095.SQ.FTS.B

,

5

.031

%

,

2/09/34

....

491

–

a

5790156.SQ.FTS.B

,

4

.69

%

,

2/10/34

.....

1,282

–

a

5790251.SQ.FTS.B

,

5

.258

%

,

2/10/34

....

2,713

–

a

5801823.SQ.FTS.B

,

4

.555

%

,

2/11/34

....

903

–

a

5806812.SQ.FTS.B

,

4

.867

%

,

2/11/34

....

369

–

a

5803772.SQ.FTS.B

,

4

.885

%

,

2/11/34

....

752

–

a

5802372.SQ.FTS.B

,

5

.156

%

,

2/11/34

....

5,979

–

a

5807339.SQ.FTS.B

,

4

.56

%

,

2/12/34

.....

7,842

–

a

5807048.SQ.FTS.B

,

5

.022

%

,

2/12/34

....

412

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5813279.SQ.FTS.B

,

5

.037

%

,

2/12/34

....

$

2,311

$

–

a

5813539.SQ.FTS.B

,

5

.161

%

,

2/13/34

....

2,195

–

a

5821573.SQ.FTS.B

,

3

.29

%

,

2/16/34

.....

1,346

–

a

5820502.SQ.FTS.B

,

4

.559

%

,

2/16/34

....

2,422

–

a

5820697.SQ.FTS.B

,

5

.042

%

,

2/16/34

....

1,220

–

a

5830235.SQ.FTS.B

,

4

.561

%

,

2/18/34

....

10,562

–

a

5833923.SQ.FTS.B

,

3

.305

%

,

2/19/34

....

3,357

–

a

5833277.SQ.FTS.B

,

3

.77

%

,

2/19/34

.....

1,687

–

a

5833649.SQ.FTS.B

,

4

.561

%

,

2/19/34

....

7,646

–

a

5834289.SQ.FTS.B

,

4

.571

%

,

2/20/34

....

378

–

a

5836241.SQ.FTS.B

,

3

.964

%

,

2/22/34

....

4,473

–

a

5837692.SQ.FTS.B

,

4

.558

%

,

2/22/34

....

1,007

12

a

5837836.SQ.FTS.B

,

4

.939

%

,

2/22/34

....

4,096

–

a

5842217.SQ.FTS.B

,

5

.058

%

,

2/23/34

....

755

–

a

5843755.SQ.FTS.B

,

4

.56

%

,

2/24/34

.....

5,701

–

a

5845038.SQ.FTS.B

,

4

.565

%

,

2/24/34

....

533

1

a

5845026.SQ.FTS.B

,

4

.612

%

,

2/24/34

....

716

–

a

5848518.SQ.FTS.B

,

5

.073

%

,

2/25/34

....

389

1

a

5851164.SQ.FTS.B

,

5

.252

%

,

2/25/34

....

26,208

2

a

5852732.SQ.FTS.B

,

3

.963

%

,

2/26/34

....

6,024

1

a

5854302.SQ.FTS.B

,

5

.443

%

,

2/26/34

....

3,611

–

a

5855717.SQ.FTS.B

,

5

.201

%

,

2/27/34

....

1,319

–

a

5856105.SQ.FTS.B

,

3

.975

%

,

2/28/34

....

78

–

a

5862719.SQ.FTS.B

,

5

.093

%

,

2/28/34

....

4,110

–

a

5861074.SQ.FTS.B

,

5

.155

%

,

2/28/34

....

2,179

–

a

5867284.SQ.FTS.B

,

5

.162

%

,

2/28/34

....

4,758

1

a

5861387.SQ.FTS.B

,

5

.433

%

,

2/28/34

....

154

3

a

5871974.SQ.FTS.B

,

5

.451

%

,

3/01/34

....

354

–

a

5876337.SQ.FTS.B

,

4

.753

%

,

3/02/34

....

2,139

–

a

5877622.SQ.FTS.B

,

5

.369

%

,

3/03/34

....

1,737

–

a

5881097.SQ.FTS.B

,

4

.688

%

,

3/06/34

....

1,672

–

a

5890652.SQ.FTS.B

,

4

.753

%

,

3/08/34

....

2,944

1

a

5889950.SQ.FTS.B

,

5

.031

%

,

3/08/34

....

2,001

–

a

5894262.SQ.FTS.B

,

5

.285

%

,

3/09/34

....

6,335

2

a

5894989.SQ.FTS.B

,

4

.743

%

,

3/10/34

....

1,832

1

a

5901715.SQ.FTS.B

,

4

.835

%

,

3/13/34

....

491

–

a

5901096.SQ.FTS.B

,

5

.031

%

,

3/13/34

....

8,515

1

a

5912773.SQ.FTS.B

,

5

.439

%

,

3/16/34

....

13,179

6

a

5914110.SQ.FTS.B

,

4

.209

%

,

3/18/34

....

235

11

a

5918667.SQ.FTS.B

,

4

.531

%

,

3/20/34

....

495

1

a

5924210.SQ.FTS.B

,

4

.748

%

,

3/21/34

....

11,933

2

a

5925246.SQ.FTS.B

,

5

.031

%

,

3/21/34

....

3,145

4

a

5922874.SQ.FTS.B

,

5

.44

%

,

3/21/34

.....

9,877

20

a

5929107.SQ.FTS.B

,

4

.021

%

,

3/22/34

....

4,507

1

a

5930081.SQ.FTS.B

,

5

.526

%

,

3/22/34

....

1,383

–

a

5934510.SQ.FTS.B

,

5

.52

%

,

3/24/34

.....

877

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5938544.SQ.FTS.B

,

5

.156

%

,

3/26/34

....

$

8,920

$

4

a

5937710.SQ.FTS.B

,

5

.377

%

,

3/26/34

....

9,403

3

a

5941408.SQ.FTS.B

,

5

.034

%

,

3/27/34

....

4,263

2

a

5951713.SQ.FTS.B

,

4

.741

%

,

3/29/34

....

1,772

46

a

5950325.SQ.FTS.B

,

4

.754

%

,

3/29/34

....

1,266

1

a

5951743.SQ.FTS.B

,

5

.094

%

,

3/29/34

....

6,697

69

a

5949246.SQ.FTS.B

,

5

.103

%

,

3/29/34

....

2,143

1

a

5954057.SQ.FTS.B

,

5

.283

%

,

3/30/34

....

10,357

6

a

5956156.SQ.FTS.B

,

5

.536

%

,

4/01/34

....

4,565

1

a

5956226.SQ.FTS.B

,

4

.307

%

,

4/02/34

....

5,662

4

a

5966970.SQ.FTS.B

,

4

.53

%

,

4/05/34

.....

6,042

5

a

5966004.SQ.FTS.B

,

5

.031

%

,

4/05/34

....

25,979

32

a

5972346.SQ.FTS.B

,

4

.588

%

,

4/06/34

....

594

–

a

5974110.SQ.FTS.B

,

5

.031

%

,

4/06/34

....

760

–

a

5972193.SQ.FTS.B

,

5

.097

%

,

4/06/34

....

2,834

3

a

5977756.SQ.FTS.B

,

5

.376

%

,

4/07/34

....

10,251

11

a

5978395.SQ.FTS.B

,

4

.748

%

,

4/08/34

....

5,654

3

a

5980004.SQ.FTS.B

,

4

.433

%

,

4/10/34

....

14,671

11

a

5980834.SQ.FTS.B

,

5

.536

%

,

4/10/34

....

2,059

1

a

5983711.SQ.FTS.B

,

5

.433

%

,

4/11/34

....

170

–

a

5984682.SQ.FTS.B

,

5

.198

%

,

4/12/34

....

390

–

a

5986413.SQ.FTS.B

,

5

.546

%

,

4/12/34

....

2,347

1

a

5989761.SQ.FTS.B

,

4

.034

%

,

4/13/34

....

125

–

a

5991501.SQ.FTS.B

,

4

.764

%

,

4/13/34

....

1,416

1

a

5991559.SQ.FTS.B

,

4

.843

%

,

4/13/34

....

2,551

3

a

5996138.SQ.FTS.B

,

4

.907

%

,

4/14/34

....

2,468

3

a

5997621.SQ.FTS.B

,

5

.542

%

,

4/16/34

....

2,321

2

a

6000204.SQ.FTS.B

,

4

.02

%

,

4/17/34

.....

175

–

a

6003035.SQ.FTS.B

,

4

.748

%

,

4/18/34

....

40,734

38

a

6003010.SQ.FTS.B

,

5

.031

%

,

4/18/34

....

1,626

2

a

6007679.SQ.FTS.B

,

5

.039

%

,

4/19/34

....

2,522

3

a

6006837.SQ.FTS.B

,

5

.189

%

,

4/19/34

....

11,360

11

a

6007073.SQ.FTS.B

,

5

.552

%

,

4/19/34

....

72

–

a

6013787.SQ.FTS.B

,

4

.852

%

,

4/21/34

....

291

–

a

6014176.SQ.FTS.B

,

5

.191

%

,

4/21/34

....

76

–

a

6015922.SQ.FTS.B

,

4

.75

%

,

4/22/34

.....

2,381

3

a

6020766.SQ.FTS.B

,

4

.032

%

,

4/24/34

....

1,785

2

a

6017671.SQ.FTS.B

,

4

.92

%

,

4/24/34

.....

1,081

1

a

6022726.SQ.FTS.B

,

4

.747

%

,

4/25/34

....

440

1

a

6021277.SQ.FTS.B

,

5

.031

%

,

4/25/34

....

4,902

6

a

6026398.SQ.FTS.B

,

4

.913

%

,

4/26/34

....

2,245

4

a

6025558.SQ.FTS.B

,

5

.46

%

,

4/26/34

.....

833

1

a

6032149.SQ.FTS.B

,

5

.157

%

,

4/27/34

....

1,557

–

a

6033308.SQ.FTS.B

,

5

.157

%

,

4/28/34

....

2,943

2

a

6035132.SQ.FTS.B

,

5

.366

%

,

4/28/34

....

17

–

a

6038307.SQ.FTS.B

,

4

.906

%

,

4/30/34

....

11,023

8

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6041701.SQ.FTS.B

,

5

.535

%

,

4/30/34

....

$

6,983

$

5

a

6041983.SQ.FTS.B

,

4

.748

%

,

5/01/34

....

40,970

61

a

6046321.SQ.FTS.B

,

4

.753

%

,

5/02/34

....

4,007

4

a

6047820.SQ.FTS.B

,

5

.027

%

,

5/02/34

....

649

1

a

6046375.SQ.FTS.B

,

5

.383

%

,

5/02/34

....

3,159

2

a

6057856.SQ.FTS.B

,

5

.437

%

,

5/04/34

....

4,257

5

a

6059813.SQ.FTS.B

,

4

.525

%

,

5/06/34

....

6,787

9

a

6063093.SQ.FTS.B

,

5

.28

%

,

5/07/34

.....

3,406

6

a

6120938.SQ.FTS.B

,

5

.158

%

,

5/09/34

....

18,006

17

a

6120756.SQ.FTS.B

,

5

.393

%

,

5/09/34

....

192

–

a

6122715.SQ.FTS.B

,

4

.528

%

,

5/10/34

....

45,745

123

a

6126608.SQ.FTS.B

,

5

.537

%

,

5/12/34

....

4,440

10

a

6127374.SQ.FTS.B

,

4

.748

%

,

5/13/34

....

2,574

1

a

6127192.SQ.FTS.B

,

4

.906

%

,

5/13/34

....

2,501

4

a

6134623.SQ.FTS.B

,

4

.528

%

,

5/15/34

....

17,381

62

a

6133707.SQ.FTS.B

,

4

.938

%

,

5/15/34

....

11,499

14

a

6135248.SQ.FTS.B

,

4

.751

%

,

5/16/34

....

8,060

8

a

6135022.SQ.FTS.B

,

5

.156

%

,

5/16/34

....

3,251

6

a

6136481.SQ.FTS.B

,

5

.442

%

,

5/16/34

....

4,428

3

a

6139899.SQ.FTS.B

,

4

.526

%

,

5/17/34

....

5,390

14

a

6141598.SQ.FTS.B

,

5

.031

%

,

5/17/34

....

3,417

6

a

6141840.SQ.FTS.B

,

5

.164

%

,

5/17/34

....

3,171

3

a

6144839.SQ.FTS.B

,

4

.746

%

,

5/18/34

....

2,196

320

a

6145876.SQ.FTS.B

,

5

.538

%

,

5/18/34

....

2,747

8

a

6147492.SQ.FTS.B

,

5

.429

%

,

5/19/34

....

224

–

a

6147217.SQ.FTS.B

,

5

.456

%

,

5/19/34

....

462

1

a

6151254.SQ.FTS.B

,

5

.031

%

,

5/21/34

....

33,491

155

a

6149785.SQ.FTS.B

,

5

.377

%

,

5/21/34

....

1,256

3

a

6153219.SQ.FTS.B

,

5

.372

%

,

5/22/34

....

2,899

14

a

6155930.SQ.FTS.B

,

5

.438

%

,

5/22/34

....

9,003

27

a

6157670.SQ.FTS.B

,

4

.54

%

,

5/23/34

.....

895

5

a

6158976.SQ.FTS.B

,

5

.153

%

,

5/23/34

....

478

1

a

6157661.SQ.FTS.B

,

5

.546

%

,

5/23/34

....

955

6

a

6161004.SQ.FTS.B

,

5

.16

%

,

5/24/34

.....

1,742

4

a

6163115.SQ.FTS.B

,

4

.748

%

,

5/25/34

....

9,867

35

a

6161916.SQ.FTS.B

,

5

.433

%

,

5/25/34

....

3,028

5

a

6163558.SQ.FTS.B

,

5

.559

%

,

5/25/34

....

676

78

a

6165678.SQ.FTS.B

,

5

.542

%

,

5/27/34

....

4,327

14

a

6169587.SQ.FTS.B

,

5

.534

%

,

5/28/34

....

3,516

13

a

6174665.SQ.FTS.B

,

4

.525

%

,

5/30/34

....

517

1

a

6181401.SQ.FTS.B

,

5

.296

%

,

6/01/34

....

341

–

a

6182359.SQ.FTS.B

,

4

.749

%

,

6/02/34

....

1,349

213

a

6190783.SQ.FTS.B

,

4

.732

%

,

6/05/34

....

1,090

1

a

6194735.SQ.FTS.B

,

4

.522

%

,

6/06/34

....

908

4

a

6192067.SQ.FTS.B

,

4

.777

%

,

6/06/34

....

497

3

a

6200609.SQ.FTS.B

,

5

.427

%

,

6/07/34

....

1,061

2

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6196734.SQ.FTS.B

,

5

.451

%

,

6/07/34

....

$

1,042

$

6

a

6196936.SQ.FTS.B

,

5

.533

%

,

6/07/34

....

1,154

2

a

6204820.SQ.FTS.B

,

5

.387

%

,

6/08/34

....

1,654

6

a

6207861.SQ.FTS.B

,

4

.748

%

,

6/09/34

....

37,929

39

a

6207369.SQ.FTS.B

,

5

.154

%

,

6/09/34

....

618

1

a

6213794.SQ.FTS.B

,

5

.44

%

,

6/12/34

.....

3,389

6

a

6216601.SQ.FTS.B

,

4

.743

%

,

6/13/34

....

2,272

9

a

6215032.SQ.FTS.B

,

5

.286

%

,

6/13/34

....

3,341

6

a

6216579.SQ.FTS.B

,

5

.513

%

,

6/13/34

....

580

1

a

6220076.SQ.FTS.B

,

4

.749

%

,

6/14/34

....

3,725

5

a

6220695.SQ.FTS.B

,

4

.749

%

,

6/14/34

....

23,011

100

a

6226503.SQ.FTS.B

,

4

.75

%

,

6/15/34

.....

3,035

20

a

6234555.SQ.FTS.B

,

4

.322

%

,

6/16/34

....

1,536

6

a

6229129.SQ.FTS.B

,

4

.749

%

,

6/16/34

....

44,876

165

a

6228415.SQ.FTS.B

,

5

.157

%

,

6/16/34

....

125

–

a

6235160.SQ.FTS.B

,

5

.436

%

,

6/17/34

....

6,431

10

a

6235824.SQ.FTS.B

,

5

.588

%

,

6/17/34

....

1,663

8

a

6235797.SQ.FTS.B

,

5

.66

%

,

6/17/34

.....

5,020

5

a

6236427.SQ.FTS.B

,

5

.252

%

,

6/18/34

....

10,363

15

a

6240143.SQ.FTS.B

,

5

.374

%

,

6/19/34

....

3,654

7

a

6240208.SQ.FTS.B

,

5

.279

%

,

6/20/34

....

5,830

27

a

6244041.SQ.FTS.B

,

4

.54

%

,

6/21/34

.....

154

1

a

6245007.SQ.FTS.B

,

5

.283

%

,

6/21/34

....

832

2

a

6255542.SQ.FTS.B

,

4

.73

%

,

6/24/34

.....

396

1

a

6255997.SQ.FTS.B

,

4

.749

%

,

6/25/34

....

1,357

2

a

6255909.SQ.FTS.B

,

5

.627

%

,

6/25/34

....

975

2

a

6256740.SQ.FTS.B

,

5

.445

%

,

6/26/34

....

688

3

a

6262497.SQ.FTS.B

,

4

.747

%

,

6/28/34

....

8,184

32

a

6265155.SQ.FTS.B

,

5

.595

%

,

6/29/34

....

6,047

37

a

6270473.SQ.FTS.B

,

5

.751

%

,

6/30/34

....

3,312

5

a

6276763.SQ.FTS.B

,

5

.129

%

,

7/04/34

....

2,289

5

a

6276874.SQ.FTS.B

,

5

.603

%

,

7/04/34

....

1,212

194

a

6277246.SQ.FTS.B

,

5

.66

%

,

7/04/34

.....

349

1

a

6279862.SQ.FTS.B

,

5

.472

%

,

7/05/34

....

16,989

27

a

6280869.SQ.FTS.B

,

5

.476

%

,

7/05/34

....

4,517

13

a

6284870.SQ.FTS.B

,

4

.748

%

,

7/06/34

....

4,590

31

a

6286798.SQ.FTS.B

,

5

.127

%

,

7/09/34

....

3,737

23

a

6290969.SQ.FTS.B

,

4

.743

%

,

7/10/34

....

1,070

3

a

6304870.SQ.FTS.B

,

4

.529

%

,

7/15/34

....

15,082

99

a

6304502.SQ.FTS.B

,

5

.378

%

,

7/15/34

....

11,736

42

a

6306494.SQ.FTS.B

,

4

.969

%

,

7/17/34

....

12,186

78

a

6308429.SQ.FTS.B

,

5

.595

%

,

7/17/34

....

715

3

a

6308976.SQ.FTS.B

,

5

.752

%

,

7/18/34

....

3,197

6

a

6314524.SQ.FTS.B

,

5

.124

%

,

7/19/34

....

4,097

1,149

a

6315256.SQ.FTS.B

,

5

.447

%

,

7/19/34

....

3,856

10

a

6314730.SQ.FTS.B

,

5

.66

%

,

7/19/34

.....

3,074

15

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6319933.SQ.FTS.B

,

5

.378

%

,

7/21/34

....

$

14,196

$

62

a

6320178.SQ.FTS.B

,

5

.441

%

,

7/22/34

....

3,234

8

a

6321758.SQ.FTS.B

,

4

.967

%

,

7/23/34

....

4,486

38

a

6353710.SQ.FTS.B

,

5

.441

%

,

7/24/34

....

4,027

16

a

6352903.SQ.FTS.B

,

5

.593

%

,

7/24/34

....

2,446

9

a

6355005.SQ.FTS.B

,

4

.969

%

,

7/25/34

....

11,762

43

a

6359467.SQ.FTS.B

,

4

.748

%

,

7/26/34

....

1,656

524

a

6364953.SQ.FTS.B

,

4

.531

%

,

7/27/34

....

4,175

37

a

6362699.SQ.FTS.B

,

4

.969

%

,

7/27/34

....

42,087

141

a

6369186.SQ.FTS.B

,

5

.246

%

,

7/30/34

....

158

1

a

6373846.SQ.FTS.B

,

4

.747

%

,

7/31/34

....

4,529

39

a

6378691.SQ.FTS.B

,

5

.126

%

,

8/02/34

....

5,925

467

a

6383269.SQ.FTS.B

,

4

.976

%

,

8/03/34

....

14

4

a

6385845.SQ.FTS.B

,

4

.767

%

,

8/04/34

....

326

1

a

6385666.SQ.FTS.B

,

5

.66

%

,

8/04/34

.....

1,880

12

a

6390840.SQ.FTS.B

,

5

.66

%

,

8/07/34

.....

3,830

22

a

6394386.SQ.FTS.B

,

5

.362

%

,

8/08/34

....

816

5

a

6403479.SQ.FTS.B

,

5

.126

%

,

8/10/34

....

3,187

475

a

6401953.SQ.FTS.B

,

5

.427

%

,

8/10/34

....

876

4

a

6401970.SQ.FTS.B

,

5

.442

%

,

8/10/34

....

1,665

7

a

6404445.SQ.FTS.B

,

5

.139

%

,

8/11/34

....

1,220

10

a

6405166.SQ.FTS.B

,

5

.252

%

,

8/12/34

....

19,913

173

a

6407824.SQ.FTS.B

,

4

.73

%

,

8/13/34

.....

460

2

a

6408523.SQ.FTS.B

,

5

.252

%

,

8/13/34

....

5,951

32

a

6409863.SQ.FTS.B

,

4

.525

%

,

8/14/34

....

1,085

11

a

6411150.SQ.FTS.B

,

5

.377

%

,

8/14/34

....

2,180

22

a

6412243.SQ.FTS.B

,

4

.748

%

,

8/15/34

....

226

58

a

6414405.SQ.FTS.B

,

4

.765

%

,

8/15/34

....

1,715

5

a

6414098.SQ.FTS.B

,

5

.76

%

,

8/15/34

.....

3,987

16

a

6420149.SQ.FTS.B

,

4

.971

%

,

8/16/34

....

12,660

100

a

6423702.SQ.FTS.B

,

5

.253

%

,

8/17/34

....

19,955

100

a

6425796.SQ.FTS.B

,

4

.745

%

,

8/20/34

....

994

287

a

6426793.SQ.FTS.B

,

4

.749

%

,

8/20/34

....

568

3

a

6428407.SQ.FTS.B

,

5

.439

%

,

8/21/34

....

7,388

29

a

6429640.SQ.FTS.B

,

5

.441

%

,

8/21/34

....

5,813

35

a

6427509.SQ.FTS.B

,

5

.664

%

,

8/21/34

....

4,726

38

a

6430566.SQ.FTS.B

,

4

.749

%

,

8/22/34

....

3,747

1,271

a

6436495.SQ.FTS.B

,

5

.251

%

,

8/23/34

....

2,245

684

a

6439475.SQ.FTS.B

,

5

.256

%

,

8/23/34

....

709

7

a

6439293.SQ.FTS.B

,

5

.472

%

,

8/23/34

....

7,365

49

a

6441111.SQ.FTS.B

,

4

.964

%

,

8/24/34

.....

680

8

a

6441614.SQ.FTS.B

,

4

.969

%

,

8/24/34

....

3,924

1,501

a

6443707.SQ.FTS.B

,

5

.598

%

,

8/24/34

....

35,282

344

a

6445162.SQ.FTS.B

,

4

.527

%

,

8/26/34

....

3,021

1,139

a

6448554.SQ.FTS.B

,

4

.743

%

,

8/27/34

....

1,900

14

a

6447640.SQ.FTS.B

,

4

.974

%

,

8/27/34

....

2,396

31

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6448205.SQ.FTS.B

,

5

.252

%

,

8/27/34

....

$

7,623

$

53

a

6448059.SQ.FTS.B

,

5

.471

%

,

8/27/34

....

5,140

49

a

6447919.SQ.FTS.B

,

5

.597

%

,

8/27/34

....

267

2

a

6448382.SQ.FTS.B

,

5

.756

%

,

8/27/34

....

4,105

1,219

a

6452451.SQ.FTS.B

,

4

.748

%

,

8/28/34

....

3,082

37

a

6462554.SQ.FTS.B

,

5

.251

%

,

9/03/34

....

7,562

1,301

a

6463889.SQ.FTS.B

,

5

.253

%

,

9/04/34

....

16,330

100

a

6464362.SQ.FTS.B

,

5

.66

%

,

9/04/34

.....

4,169

40

a

6463733.SQ.FTS.B

,

5

.767

%

,

9/04/34

....

1,255

10

a

6468636.SQ.FTS.B

,

5

.663

%

,

9/06/34

....

10,598

71

a

6477840.SQ.FTS.B

,

5

.247

%

,

9/09/34

....

3,007

32

a

6478752.SQ.FTS.B

,

5

.436

%

,

9/09/34

....

2,553

14

a

6479093.SQ.FTS.B

,

5

.468

%

,

9/09/34

....

93

35

a

6479843.SQ.FTS.B

,

5

.596

%

,

9/09/34

....

2,419

22

a

6484618.SQ.FTS.B

,

4

.751

%

,

9/10/34

....

4,554

32

a

6482925.SQ.FTS.B

,

5

.473

%

,

9/10/34

....

4,228

1,343

a

6483587.SQ.FTS.B

,

5

.597

%

,

9/10/34

....

7,304

732

a

6485200.SQ.FTS.B

,

5

.126

%

,

9/11/34

....

6,526

40

a

6485862.SQ.FTS.B

,

4

.529

%

,

9/12/34

....

13,536

130

a

6486219.SQ.FTS.B

,

4

.742

%

,

9/12/34

....

389

3

a

6487145.SQ.FTS.B

,

4

.528

%

,

9/13/34

....

103

42

a

6487587.SQ.FTS.B

,

4

.735

%

,

9/13/34

....

1,298

6

a

6487981.SQ.FTS.B

,

4

.741

%

,

9/13/34

....

1,310

9

a

6492780.SQ.FTS.B

,

5

.377

%

,

9/14/34

....

14,698

4,654

a

6492212.SQ.FTS.B

,

5

.597

%

,

9/14/34

....

11,554

78

a

6494237.SQ.FTS.B

,

4

.969

%

,

9/15/34

....

1,303

23

a

6496902.SQ.FTS.B

,

5

.473

%

,

9/15/34

....

6,581

47

a

6494041.SQ.FTS.B

,

6

.072

%

,

9/15/34

....

2,210

19

a

6499048.SQ.FTS.B

,

4

.968

%

,

9/16/34

....

6,199

2,476

a

6500866.SQ.FTS.B

,

5

.031

%

,

9/16/34

....

4,974

40

a

6499996.SQ.FTS.B

,

5

.472

%

,

9/16/34

....

487

8

a

6504715.SQ.FTS.B

,

5

.125

%

,

9/17/34

....

2,724

22

a

6505793.SQ.FTS.B

,

5

.124

%

,

9/18/34

....

2,242

21

a

6506509.SQ.FTS.B

,

4

.766

%

,

9/19/34

....

21

–

a

6510179.SQ.FTS.B

,

4

.749

%

,

9/20/34

....

24,604

203

a

6508171.SQ.FTS.B

,

4

.969

%

,

9/20/34

....

1,064

459

a

6509738.SQ.FTS.B

,

5

.756

%

,

9/20/34

....

944

15

a

6511415.SQ.FTS.B

,

5

.129

%

,

9/21/34

....

2,844

34

a

6514021.SQ.FTS.B

,

5

.218

%

,

9/21/34

....

1,657

627

a

6512222.SQ.FTS.B

,

6

.161

%

,

9/21/34

....

2,610

23

a

6516725.SQ.FTS.B

,

4

.747

%

,

9/22/34

....

3,769

34

a

6514949.SQ.FTS.B

,

5

.129

%

,

9/22/34

....

6,188

52

a

6520131.SQ.FTS.B

,

4

.971

%

,

9/23/34

....

3,077

1,063

a

6521243.SQ.FTS.B

,

5

.442

%

,

9/23/34

....

2,252

22

a

6519286.SQ.FTS.B

,

5

.618

%

,

9/23/34

....

873

8

a

6525421.SQ.FTS.B

,

5

.412

%

,

9/24/34

....

181

1

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6525021.SQ.FTS.B

,

5

.601

%

,

9/24/34

....

$

4,906

$

1,571

a

6526070.SQ.FTS.B

,

5

.251

%

,

9/25/34

....

839

121

a

6526542.SQ.FTS.B

,

4

.748

%

,

9/26/34

....

8,433

3,148

a

6526856.SQ.FTS.B

,

5

.445

%

,

9/26/34

....

965

394

a

6526493.SQ.FTS.B

,

5

.58

%

,

9/26/34

.....

1,269

15

a

6527010.SQ.FTS.B

,

5

.765

%

,

9/26/34

....

515

4

a

6529506.SQ.FTS.B

,

5

.237

%

,

9/27/34

....

313

57

a

6537839.SQ.FTS.B

,

4

.969

%

,

9/29/34

....

7,900

75

a

6536665.SQ.FTS.B

,

5

.409

%

,

9/29/34

....

93

32

a

6535332.SQ.FTS.B

,

5

.61

%

,

9/29/34

.....

2,055

13

a

6540169.SQ.FTS.B

,

4

.717

%

,

9/30/34

....

349

5

a

6546312.SQ.FTS.B

,

4

.843

%

,

9/30/34

....

7,082

68

a

6546599.SQ.FTS.B

,

5

.046

%

,

9/30/34

....

729

9

a

6545807.SQ.FTS.B

,

5

.66

%

,

9/30/34

.....

2,423

35

a

6547450.SQ.FTS.B

,

5

.66

%

,

10/01/34

....

140

50

a

6548112.SQ.FTS.B

,

4

.31

%

,

10/02/34

....

3,856

40

a

6550814.SQ.FTS.B

,

4

.755

%

,

10/03/34

...

4,948

34

a

6552779.SQ.FTS.B

,

5

.26

%

,

10/04/34

....

507

180

a

6554172.SQ.FTS.B

,

5

.758

%

,

10/04/34

...

370

5

a

6556061.SQ.FTS.B

,

5

.366

%

,

10/05/34

...

74

10

a

6564281.SQ.FTS.B

,

4

.75

%

,

10/07/34

....

584

234

a

6566878.SQ.FTS.B

,

6

.155

%

,

10/08/34

...

445

64

a

6567237.SQ.FTS.B

,

4

.655

%

,

10/09/34

...

18,447

140

a

6567114.SQ.FTS.B

,

4

.754

%

,

10/09/34

...

1,756

21

a

6567779.SQ.FTS.B

,

4

.935

%

,

10/10/34

...

5,256

65

a

6570553.SQ.FTS.B

,

5

.031

%

,

10/10/34

...

852

342

a

6574116.SQ.FTS.B

,

5

.679

%

,

10/11/34

...

1,449

15

a

6571593.SQ.FTS.B

,

5

.755

%

,

10/11/34

...

12,853

131

a

6577574.SQ.FTS.B

,

5

.186

%

,

10/12/34

...

548

68

a

6581222.SQ.FTS.B

,

5

.66

%

,

10/13/34

....

596

8

a

6582526.SQ.FTS.B

,

6

.412

%

,

10/13/34

...

2,123

187

a

6584354.SQ.FTS.B

,

4

.591

%

,

10/14/34

...

5,166

891

a

6585824.SQ.FTS.B

,

5

.188

%

,

10/14/34

...

632

125

a

6584142.SQ.FTS.B

,

6

.157

%

,

10/14/34

...

414

180

a

6587169.SQ.FTS.B

,

5

.125

%

,

10/15/34

...

6,563

97

a

6586702.SQ.FTS.B

,

5

.377

%

,

10/15/34

...

587

293

a

6586640.SQ.FTS.B

,

5

.581

%

,

10/15/34

...

185

82

a

6587941.SQ.FTS.B

,

5

.764

%

,

10/16/34

...

1,041

93

a

6587383.SQ.FTS.B

,

6

.248

%

,

10/16/34

...

549

5

a

6590442.SQ.FTS.B

,

5

.756

%

,

10/17/34

...

10,462

129

a

6591293.SQ.FTS.B

,

5

.759

%

,

10/17/34

...

3,441

41

a

6594291.SQ.FTS.B

,

6

.163

%

,

10/18/34

...

6,540

107

a

6598899.SQ.FTS.B

,

5

.565

%

,

10/20/34

...

6,856

134

a

6602728.SQ.FTS.B

,

5

.418

%

,

10/21/34

...

117

21

a

6602960.SQ.FTS.B

,

6

.007

%

,

10/21/34

...

2,073

23

a

6604310.SQ.FTS.B

,

6

.417

%

,

10/21/34

...

799

11

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6604504.SQ.FTS.B

,

4

.717

%

,

10/22/34

...

$

453

$

4

a

6604448.SQ.FTS.B

,

4

.934

%

,

10/22/34

...

1,707

28

a

6607977.SQ.FTS.B

,

5

.426

%

,

10/24/34

...

1,603

15

a

6608828.SQ.FTS.B

,

4

.938

%

,

10/25/34

...

43,918

321

a

6609985.SQ.FTS.B

,

4

.948

%

,

10/25/34

...

1,113

18

a

6609650.SQ.FTS.B

,

5

.565

%

,

10/25/34

...

3,296

88

a

6614501.SQ.FTS.B

,

4

.748

%

,

10/26/34

...

3,498

62

a

6614956.SQ.FTS.B

,

4

.751

%

,

10/26/34

...

3,077

60

a

6611828.SQ.FTS.B

,

5

.559

%

,

10/26/34

...

3,208

76

a

6620227.SQ.FTS.B

,

5

.756

%

,

10/27/34

...

26,251

371

a

6619927.SQ.FTS.B

,

6

.16

%

,

10/27/34

....

320

64

a

6617184.SQ.FTS.B

,

6

.278

%

,

10/27/34

...

390

142

a

6621448.SQ.FTS.B

,

5

.378

%

,

10/28/34

...

17,238

221

a

6620476.SQ.FTS.B

,

5

.756

%

,

10/28/34

...

18,146

2,744

a

6624855.SQ.FTS.B

,

5

.451

%

,

10/29/34

...

780

7

a

6624765.SQ.FTS.B

,

6

.01

%

,

10/29/34

....

7,023

63

a

6624896.SQ.FTS.B

,

4

.653

%

,

10/30/34

...

9,039

167

a

6625228.SQ.FTS.B

,

5

.552

%

,

10/30/34

...

44

19

a

6628718.SQ.FTS.B

,

5

.187

%

,

11/01/34

...

5,279

78

a

6626390.SQ.FTS.B

,

6

.007

%

,

11/01/34

...

10,527

184

a

6630658.SQ.FTS.B

,

5

.199

%

,

11/02/34

...

635

124

a

6631472.SQ.FTS.B

,

5

.562

%

,

11/02/34

...

3,298

33

a

6632572.SQ.FTS.B

,

6

.005

%

,

11/02/34

...

4,959

82

a

6634481.SQ.FTS.B

,

4

.754

%

,

11/03/34

...

3,060

34

a

6639552.SQ.FTS.B

,

4

.753

%

,

11/04/34

...

188

77

a

6641178.SQ.FTS.B

,

5

.75

%

,

11/04/34

....

3,481

104

a

6643579.SQ.FTS.B

,

4

.655

%

,

11/05/34

...

7,884

247

a

6643893.SQ.FTS.B

,

5

.381

%

,

11/05/34

...

1,563

270

a

6644138.SQ.FTS.B

,

5

.458

%

,

11/05/34

...

1,010

16

a

6643825.SQ.FTS.B

,

5

.756

%

,

11/05/34

...

89

50

a

6645397.SQ.FTS.B

,

4

.943

%

,

11/07/34

...

3,532

93

a

6649272.SQ.FTS.B

,

4

.739

%

,

11/08/34

...

412

63

a

6647657.SQ.FTS.B

,

5

.192

%

,

11/08/34

...

6,569

1,139

a

6646778.SQ.FTS.B

,

5

.563

%

,

11/08/34

...

3,432

1,525

a

6649665.SQ.FTS.B

,

4

.935

%

,

11/09/34

...

2,943

712

a

6653616.SQ.FTS.B

,

6

.009

%

,

11/10/34

...

1,792

25

a

6666962.SQ.FTS.B

,

5

.754

%

,

11/15/34

...

426

207

a

6668833.SQ.FTS.B

,

6

.003

%

,

11/15/34

...

1,924

821

a

6669152.SQ.FTS.B

,

6

.415

%

,

11/15/34

...

25,018

447

a

6671137.SQ.FTS.B

,

4

.65

%

,

11/16/34

....

3,947

87

a

6672511.SQ.FTS.B

,

4

.748

%

,

11/16/34

...

927

182

a

6674450.SQ.FTS.B

,

4

.749

%

,

11/17/34

...

18,581

295

a

6676382.SQ.FTS.B

,

5

.748

%

,

11/17/34

...

3,159

52

a

6676531.SQ.FTS.B

,

6

.399

%

,

11/17/34

...

222

95

a

6682727.SQ.FTS.B

,

5

.377

%

,

11/19/34

...

3,438

1,624

a

6681781.SQ.FTS.B

,

6

.16

%

,

11/19/34

....

6,908

122

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6685517.SQ.FTS.B

,

5

.583

%

,

11/20/34

...

$

542

$

243

a

6686240.SQ.FTS.B

,

5

.374

%

,

11/21/34

...

873

146

a

6688197.SQ.FTS.B

,

5

.384

%

,

11/22/34

...

5,403

72

a

6690132.SQ.FTS.B

,

4

.793

%

,

11/23/34

...

148

3

a

6691756.SQ.FTS.B

,

5

.57

%

,

11/23/34

....

5,992

96

a

6696314.SQ.FTS.B

,

5

.188

%

,

11/24/34

...

4,176

74

a

6696188.SQ.FTS.B

,

5

.563

%

,

11/24/34

...

3,651

1,867

a

6694527.SQ.FTS.B

,

6

.416

%

,

11/24/34

...

4,789

2,432

a

6701550.SQ.FTS.B

,

5

.378

%

,

11/25/34

...

1,306

29

a

6706540.SQ.FTS.B

,

4

.653

%

,

11/26/34

...

5,175

931

a

6706359.SQ.FTS.B

,

4

.654

%

,

11/26/34

...

1,448

891

a

6705352.SQ.FTS.B

,

5

.182

%

,

11/26/34

...

998

238

a

6705288.SQ.FTS.B

,

5

.382

%

,

11/26/34

...

1,013

17

a

6706486.SQ.FTS.B

,

5

.77

%

,

11/26/34

....

1,318

43

a

6704732.SQ.FTS.B

,

6

.009

%

,

11/26/34

...

2,418

1,468

a

6707571.SQ.FTS.B

,

5

.563

%

,

11/27/34

...

3,725

723

a

6708420.SQ.FTS.B

,

4

.748

%

,

11/28/34

...

1,008

545

a

6708125.SQ.FTS.B

,

5

.454

%

,

11/28/34

...

1,147

14

a

6709200.SQ.FTS.B

,

6

.003

%

,

11/29/34

...

2,318

83

a

6719031.SQ.FTS.B

,

4

.762

%

,

12/01/34

...

39

1

a

6726169.SQ.FTS.B

,

5

.558

%

,

12/04/34

...

608

344

a

6728590.SQ.FTS.B

,

5

.557

%

,

12/05/34

...

2,208

48

a

6728467.SQ.FTS.B

,

5

.75

%

,

12/05/34

....

175

98

a

6729839.SQ.FTS.B

,

5

.755

%

,

12/05/34

...

18,147

333

a

6733026.SQ.FTS.B

,

4

.654

%

,

12/06/34

...

13,883

397

a

6731578.SQ.FTS.B

,

5

.753

%

,

12/06/34

...

11,760

173

a

6731737.SQ.FTS.B

,

6

.43

%

,

12/06/34

....

93

53

a

6733804.SQ.FTS.B

,

5

.197

%

,

12/07/34

...

355

201

a

6736022.SQ.FTS.B

,

6

.169

%

,

12/07/34

...

2,969

42

a

6742781.SQ.FTS.B

,

5

.414

%

,

12/08/34

...

322

6

a

6742798.SQ.FTS.B

,

5

.756

%

,

12/08/34

...

480

269

a

6740954.SQ.FTS.B

,

6

.008

%

,

12/08/34

...

1,850

1,046

a

6745196.SQ.FTS.B

,

4

.654

%

,

12/09/34

...

6,985

4,571

a

6747666.SQ.FTS.B

,

4

.772

%

,

12/11/34

...

129

73

a

6752687.SQ.FTS.B

,

4

.652

%

,

12/13/34

...

202

134

a

6753526.SQ.FTS.B

,

5

.192

%

,

12/13/34

...

5,887

122

a

6765340.SQ.FTS.B

,

4

.655

%

,

12/15/34

...

1,258

699

a

6764422.SQ.FTS.B

,

4

.765

%

,

12/15/34

...

618

312

a

6762066.SQ.FTS.B

,

4

.937

%

,

12/15/34

...

2,676

83

a

6764876.SQ.FTS.B

,

5

.189

%

,

12/15/34

...

3,727

1,973

a

6762927.SQ.FTS.B

,

5

.436

%

,

12/15/34

...

1,084

14

a

6766577.SQ.FTS.B

,

4

.784

%

,

12/16/34

...

80

43

a

6767980.SQ.FTS.B

,

5

.188

%

,

12/16/34

...

6,752

104

a

6768384.SQ.FTS.B

,

5

.193

%

,

12/16/34

...

504

276

a

6767536.SQ.FTS.B

,

5

.566

%

,

12/16/34

...

17,538

3,082

a

6767251.SQ.FTS.B

,

6

.155

%

,

12/16/34

...

433

10

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6769991.SQ.FTS.B

,

5

.379

%

,

12/18/34

...

$

9,490

$

2,097

a

6770557.SQ.FTS.B

,

5

.565

%

,

12/19/34

...

1,727

977

a

6771253.SQ.FTS.B

,

5

.566

%

,

12/19/34

...

4,761

63

a

6772401.SQ.FTS.B

,

5

.192

%

,

12/20/34

...

349

199

a

6773596.SQ.FTS.B

,

6

.259

%

,

12/20/34

...

3,106

1,843

a

6777288.SQ.FTS.B

,

5

.439

%

,

12/21/34

...

19,254

265

a

6777417.SQ.FTS.B

,

5

.558

%

,

12/21/34

...

1,117

291

a

6777625.SQ.FTS.B

,

5

.753

%

,

12/21/34

...

5,507

3,221

a

6777037.SQ.FTS.B

,

5

.997

%

,

12/21/34

...

1,896

43

a

6776064.SQ.FTS.B

,

6

.415

%

,

12/21/34

...

37,362

23,488

a

6781242.SQ.FTS.B

,

5

.433

%

,

12/22/34

...

1,457

33

a

6780703.SQ.FTS.B

,

5

.991

%

,

12/22/34

...

168

113

a

6785072.SQ.FTS.B

,

5

.374

%

,

12/23/34

...

1,478

34

a

6785551.SQ.FTS.B

,

5

.747

%

,

12/23/34

...

1,563

20

a

6786832.SQ.FTS.B

,

4

.749

%

,

12/25/34

...

3,165

555

a

6788053.SQ.FTS.B

,

4

.661

%

,

12/26/34

...

1,148

31

a

6793965.SQ.FTS.B

,

5

.752

%

,

12/27/34

...

2,358

447

a

6797317.SQ.FTS.B

,

4

.648

%

,

12/28/34

...

2,108

583

a

6795958.SQ.FTS.B

,

5

.186

%

,

12/28/34

...

1,269

878

a

6796725.SQ.FTS.B

,

5

.189

%

,

12/28/34

...

13,083

351

a

6805679.SQ.FTS.B

,

5

.372

%

,

12/30/34

...

920

648

a

6808881.SQ.FTS.B

,

5

.566

%

,

1/01/35

....

411

292

a

6809388.SQ.FTS.B

,

4

.654

%

,

1/02/35

....

637

449

a

6809576.SQ.FTS.B

,

5

.424

%

,

1/02/35

....

391

242

a

6809375.SQ.FTS.B

,

6

.005

%

,

1/02/35

....

368

213

a

6813428.SQ.FTS.B

,

4

.654

%

,

1/04/35

....

171

121

a

6813899.SQ.FTS.B

,

6

.004

%

,

1/04/35

....

3,784

817

a

6813242.SQ.FTS.B

,

6

.01

%

,

1/04/35

.....

4,341

127

a

6815496.SQ.FTS.B

,

4

.937

%

,

1/05/35

....

23,295

750

a

6816661.SQ.FTS.B

,

5

.189

%

,

1/05/35

....

8,210

347

a

6823299.SQ.FTS.B

,

5

.453

%

,

1/07/35

....

394

13

a

6827188.SQ.FTS.B

,

5

.464

%

,

1/09/35

....

290

149

a

6826936.SQ.FTS.B

,

5

.58

%

,

1/09/35

.....

1,253

271

a

6828951.SQ.FTS.B

,

4

.654

%

,

1/10/35

....

2,983

1,821

a

6829291.SQ.FTS.B

,

4

.938

%

,

1/10/35

....

13,368

384

a

6828179.SQ.FTS.B

,

5

.373

%

,

1/10/35

....

473

248

a

6839017.SQ.FTS.B

,

6

.254

%

,

1/13/35

....

512

14

a

6842467.SQ.FTS.B

,

4

.65

%

,

1/14/35

.....

833

583

a

6849472.SQ.FTS.B

,

5

.757

%

,

1/17/35

....

1,893

1,126

a

6850861.SQ.FTS.B

,

4

.935

%

,

1/18/35

....

642

424

a

6853678.SQ.FTS.B

,

4

.745

%

,

1/19/35

....

4,528

36

a

6854785.SQ.FTS.B

,

4

.937

%

,

1/19/35

....

1,908

1,125

a

6855299.SQ.FTS.B

,

5

.378

%

,

1/19/35

....

1,084

737

a

6856451.SQ.FTS.B

,

6

.009

%

,

1/19/35

....

1,058

739

a

6854061.SQ.FTS.B

,

6

.259

%

,

1/19/35

....

1,548

43

a

6860713.SQ.FTS.B

,

4

.931

%

,

1/20/35

....

4,164

55

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6858854.SQ.FTS.B

,

5

.566

%

,

1/20/35

....

$

8,486

$

230

a

6860765.SQ.FTS.B

,

5

.568

%

,

1/20/35

....

6,489

198

a

6864433.SQ.FTS.B

,

4

.654

%

,

1/21/35

....

2,330

1,385

a

6865330.SQ.FTS.B

,

6

.155

%

,

1/23/35

....

1,241

499

a

6868707.SQ.FTS.B

,

4

.772

%

,

1/24/35

....

918

330

a

6869416.SQ.FTS.B

,

5

.19

%

,

1/24/35

.....

1,562

1,089

a

6867756.SQ.FTS.B

,

5

.393

%

,

1/24/35

....

1,352

40

a

6868681.SQ.FTS.B

,

6

.418

%

,

1/24/35

....

975

17

a

6871309.SQ.FTS.B

,

4

.755

%

,

1/25/35

....

1,693

53

a

6872268.SQ.FTS.B

,

5

.566

%

,

1/25/35

....

809

574

a

6874785.SQ.FTS.B

,

6

.164

%

,

1/26/35

....

2,702

88

a

6878988.SQ.FTS.B

,

4

.749

%

,

1/27/35

....

31,652

441

a

6878099.SQ.FTS.B

,

4

.938

%

,

1/27/35

....

597

433

a

6879546.SQ.FTS.B

,

6

.232

%

,

1/27/35

....

216

90

a

6881428.SQ.FTS.B

,

6

.006

%

,

1/28/35

....

1,810

1,210

a

6885061.SQ.FTS.B

,

5

.188

%

,

1/30/35

....

13,984

566

a

6884806.SQ.FTS.B

,

6

.25

%

,

1/30/35

.....

382

12

a

6888509.SQ.FTS.B

,

4

.748

%

,

1/31/35

....

2,816

108

a

6888564.SQ.FTS.B

,

5

.378

%

,

1/31/35

....

3,048

127

a

6886999.SQ.FTS.B

,

6

.276

%

,

1/31/35

....

714

22

a

6892586.SQ.FTS.B

,

5

.763

%

,

2/01/35

....

175

110

a

6890590.SQ.FTS.B

,

6

.261

%

,

2/01/35

....

1,084

606

a

6890782.SQ.FTS.B

,

6

.414

%

,

2/01/35

....

7,946

4,064

a

6893064.SQ.FTS.B

,

4

.654

%

,

2/02/35

....

4,946

3,580

a

6894291.SQ.FTS.B

,

4

.78

%

,

2/02/35

.....

756

16

a

6892716.SQ.FTS.B

,

5

.442

%

,

2/02/35

....

15,393

220

a

6893482.SQ.FTS.B

,

5

.762

%

,

2/02/35

....

3,169

1,397

a

6895735.SQ.FTS.B

,

6

.167

%

,

2/02/35

....

1,201

688

a

6903390.SQ.FTS.B

,

5

.442

%

,

2/04/35

....

6,892

115

a

6901684.SQ.FTS.B

,

6

.257

%

,

2/04/35

....

2,747

96

a

6903487.SQ.FTS.B

,

6

.413

%

,

2/04/35

....

9,879

5,182

a

6905266.SQ.FTS.B

,

4

.657

%

,

2/06/35

....

1,754

1,302

a

6905534.SQ.FTS.B

,

6

.006

%

,

2/06/35

....

2,432

1,234

a

6906833.SQ.FTS.B

,

4

.65

%

,

2/07/35

.....

964

653

a

6906964.SQ.FTS.B

,

5

.371

%

,

2/07/35

....

1,579

1,038

a

6906391.SQ.FTS.B

,

5

.746

%

,

2/07/35

....

1,314

760

a

6907610.SQ.FTS.B

,

5

.754

%

,

2/07/35

....

519

369

a

6911238.SQ.FTS.B

,

5

.379

%

,

2/08/35

....

6,478

4,402

a

6909253.SQ.FTS.B

,

5

.433

%

,

2/08/35

....

908

591

a

6912511.SQ.FTS.B

,

5

.754

%

,

2/09/35

....

13,497

9,712

a

6918684.SQ.FTS.B

,

4

.937

%

,

2/10/35

....

41,388

1,352

a

6916843.SQ.FTS.B

,

6

.003

%

,

2/10/35

....

4,830

145

a

6917870.SQ.FTS.B

,

6

.257

%

,

2/10/35

....

4,409

2,777

a

6919873.SQ.FTS.B

,

5

.187

%

,

2/11/35

....

4,057

2,449

a

6919469.SQ.FTS.B

,

5

.566

%

,

2/11/35

....

6,584

3,971

a

6920256.SQ.FTS.B

,

6

.007

%

,

2/11/35

....

9,169

178

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6920356.SQ.FTS.B

,

6

.407

%

,

2/11/35

....

$

870

$

450

a

6923071.SQ.FTS.B

,

5

.189

%

,

2/14/35

....

2,700

2,235

a

6922314.SQ.FTS.B

,

5

.565

%

,

2/14/35

....

14,464

432

a

6935097.SQ.FTS.B

,

4

.65

%

,

2/17/35

.....

1,279

933

a

6936776.SQ.FTS.B

,

4

.653

%

,

2/17/35

....

1,081

772

a

6936577.SQ.FTS.B

,

5

.377

%

,

2/17/35

....

6,401

4,460

a

6936445.SQ.FTS.B

,

5

.566

%

,

2/17/35

....

5,482

3,881

a

6935560.SQ.FTS.B

,

5

.747

%

,

2/17/35

....

1,794

84

a

6938046.SQ.FTS.B

,

4

.652

%

,

2/18/35

....

2,723

1,731

a

6939265.SQ.FTS.B

,

4

.936

%

,

2/18/35

....

513

384

a

6939388.SQ.FTS.B

,

6

.257

%

,

2/18/35

....

370

269

a

6938129.SQ.FTS.B

,

6

.279

%

,

2/18/35

....

627

334

a

6941070.SQ.FTS.B

,

6

.435

%

,

2/18/35

....

478

235

a

6941294.SQ.FTS.B

,

4

.94

%

,

2/19/35

.....

4,003

152

a

6941545.SQ.FTS.B

,

5

.189

%

,

2/19/35

....

3,472

119

a

6941439.SQ.FTS.B

,

5

.568

%

,

2/19/35

....

2,397

1,575

a

6941280.SQ.FTS.B

,

5

.991

%

,

2/19/35

....

1,029

29

a

6942187.SQ.FTS.B

,

5

.189

%

,

2/20/35

....

2,732

122

a

6942465.SQ.FTS.B

,

6

.013

%

,

2/20/35

....

2,417

1,271

a

6944390.SQ.FTS.B

,

5

.187

%

,

2/21/35

....

2,510

81

a

6943108.SQ.FTS.B

,

6

.251

%

,

2/21/35

....

1,826

876

a

6948222.SQ.FTS.B

,

4

.654

%

,

2/22/35

....

6,395

5,228

a

6949328.SQ.FTS.B

,

5

.445

%

,

2/22/35

....

5,721

131

a

6946823.SQ.FTS.B

,

5

.567

%

,

2/22/35

....

719

398

a

6952811.SQ.FTS.B

,

6

.006

%

,

2/23/35

....

3,861

2,418

a

6957334.SQ.FTS.B

,

5

.414

%

,

2/24/35

....

480

218

a

6957156.SQ.FTS.B

,

5

.429

%

,

2/24/35

....

555

299

a

6955667.SQ.FTS.B

,

5

.436

%

,

2/24/35

....

888

643

a

6957595.SQ.FTS.B

,

5

.442

%

,

2/24/35

....

2,541

77

a

6955514.SQ.FTS.B

,

5

.746

%

,

2/24/35

....

2,666

59

a

6962075.SQ.FTS.B

,

4

.735

%

,

2/25/35

....

391

10

a

6960597.SQ.FTS.B

,

4

.742

%

,

2/25/35

....

499

270

a

6961761.SQ.FTS.B

,

5

.567

%

,

2/25/35

....

3,417

2,329

a

6961528.SQ.FTS.B

,

5

.993

%

,

2/25/35

....

425

300

a

6958559.SQ.FTS.B

,

6

.163

%

,

2/25/35

....

15,088

9,282

a

6963451.SQ.FTS.B

,

5

.998

%

,

2/27/35

....

1,876

63

a

6964955.SQ.FTS.B

,

4

.932

%

,

2/28/35

....

571

406

a

6969701.SQ.FTS.B

,

4

.937

%

,

2/28/35

....

11,360

425

a

6971200.SQ.FTS.B

,

4

.939

%

,

2/28/35

....

3,062

2,156

a

6965888.SQ.FTS.B

,

5

.189

%

,

2/28/35

....

6,334

4,236

a

6964622.SQ.FTS.B

,

5

.371

%

,

2/28/35

....

1,366

864

a

6973457.SQ.FTS.B

,

5

.425

%

,

2/28/35

....

58

39

a

6977932.SQ.FTS.B

,

5

.552

%

,

2/28/35

....

1,435

42

a

6970303.SQ.FTS.B

,

5

.561

%

,

2/28/35

....

381

280

a

6967265.SQ.FTS.B

,

5

.567

%

,

2/28/35

....

22,245

14,092

a

6980139.SQ.FTS.B

,

5

.569

%

,

2/28/35

....

3,211

1,950

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6965159.SQ.FTS.B

,

5

.753

%

,

2/28/35

....

$

7,508

$

182

a

6966807.SQ.FTS.B

,

5

.756

%

,

2/28/35

....

14,197

6,115

a

6973530.SQ.FTS.B

,

6

.271

%

,

2/28/35

....

1,364

43

a

6971273.SQ.FTS.B

,

6

.422

%

,

2/28/35

....

1,156

101

a

6983938.SQ.FTS.B

,

4

.939

%

,

3/01/35

....

3,792

3,002

a

6983671.SQ.FTS.B

,

5

.189

%

,

3/01/35

....

5,611

82

a

6982903.SQ.FTS.B

,

5

.564

%

,

3/01/35

....

3,016

2,138

9,006,300

Freedom

Financial

Asset

Management

LLC

APP-12050640.FP.FTS.B

,

12

.24

%

,

3/15/25

1,049

1,050

APP-12033288.FP.FTS.B

,

14

.49

%

,

3/15/25

764

765

APP-11872506.FP.FTS.B

,

19

.49

%

,

3/15/25

877

880

APP-12270565.FP.FTS.B

,

16

.49

%

,

3/17/25

2,365

2,384

APP-12420138.FP.FTS.B

,

17

.99

%

,

3/20/25

453

455

APP-12287521.FP.FTS.B

,

16

.49

%

,

3/22/25

568

570

APP-14058368.FP.FTS.B

,

12

.49

%

,

5/01/25

1,145

1,143

APP-14113024.FP.FTS.B

,

11

.59

%

,

5/03/25

1,428

1,431

APP-14094552.FP.FTS.B

,

17

.74

%

,

5/03/25

396

394

APP-13550190.FP.FTS.B

,

24

.99

%

,

5/16/25

2,658

2,702

APP-13512883.FP.FTS.B

,

9

.84

%

,

5/20/25

.

4,009

4,024

APP-13957398.FP.FTS.B

,

14

.49

%

,

6/01/25

4,256

1,300

APP-13821733.FP.FTS.B

,

22

.99

%

,

6/03/25

3,842

1,128

APP-13609952.FP.FTS.B

,

10

.09

%

,

6/04/25

5,516

5,531

APP-14179362.FP.FTS.B

,

17

.49

%

,

6/05/25

419

418

APP-13901500.FP.FTS.B

,

19

.49

%

,

6/07/25

2,263

2,279

APP-13913960.FP.FTS.B

,

25

.49

%

,

6/07/25

2,792

280

APP-14166988.FP.FTS.B

,

17

.49

%

,

6/09/25

1,418

1,422

APP-14165903.FP.FTS.B

,

19

.24

%

,

6/12/25

7,371

7,437

APP-14058139.FP.FTS.B

,

11

.84

%

,

6/15/25

1,754

1,762

APP-14058182.FP.FTS.B

,

18

.49

%

,

6/15/25

1,139

1,148

APP-13968504.FP.FTS.B

,

19

.49

%

,

6/15/25

2,331

2,358

APP-13822936.FP.FTS.B

,

9

.34

%

,

6/17/25

.

3,926

3,942

APP-14176007.FP.FTS.B

,

7

.84

%

,

6/18/25

.

3,170

3,184

APP-14182518.FP.FTS.B

,

7

.84

%

,

6/18/25

.

2,771

2,783

APP-14118175.FP.FTS.B

,

10

.09

%

,

6/19/25

4,032

1,160

APP-14058272.FP.FTS.B

,

12

.59

%

,

6/19/25

3,742

3,761

APP-14181617.FP.FTS.B

,

18

.49

%

,

6/19/25

2,411

2,435

APP-14057653.FP.FTS.B

,

10

.09

%

,

6/20/25

2,326

2,336

APP-14349793.FP.FTS.B

,

16

.24

%

,

6/26/25

4,162

4,230

APP-14107541.FP.FTS.B

,

10

.09

%

,

6/28/25

1,021

1,023

APP-14145063.FP.FTS.B

,

20

.49

%

,

6/28/25

1,044

1,060

APP-15705647.FP.FTS.B

,

18

.74

%

,

6/30/25

2,586

2,619

APP-15754423.FP.FTS.B

,

25

.49

%

,

7/04/25

2,629

2,683

APP-14867025.FP.FTS.B

,

8

.24

%

,

7/06/25

.

3,604

3,617

APP-15043725.FP.FTS.B

,

12

.74

%

,

7/15/25

2,309

2,319

APP-14887227.FP.FTS.B

,

17

.49

%

,

7/15/25

2,141

2,159

APP-14319615.FP.FTS.B

,

18

.49

%

,

7/16/25

3,990

4,032

APP-14866669.FP.FTS.B

,

17

.49

%

,

7/17/25

2,494

2,522

APP-16047052.FP.FTS.B

,

20

.74

%

,

7/17/25

8,568

8,683

APP-14854614.FP.FTS.B

,

14

.99

%

,

7/21/25

2,920

2,941

APP-14909153.FP.FTS.B

,

16

.74

%

,

7/21/25

5,783

5,851

APP-15015830.FP.FTS.B

,

25

.49

%

,

7/22/25

2,008

2,048

APP-15036503.FP.FTS.B

,

25

.49

%

,

7/22/25

2,851

2,908

APP-15038725.FP.FTS.B

,

23

.49

%

,

7/24/25

2,411

2,468

APP-17010427.FP.FTS.B

,

8

.74

%

,

7/25/25

.

2,867

2,887

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11741918.FP.FTS.B

,

16

.49

%

,

7/25/25

$

1,140

$

1,145

APP-14192654.FP.FTS.B

,

19

.49

%

,

7/25/25

1,284

1,293

APP-14867189.FP.FTS.B

,

17

.49

%

,

7/26/25

2,832

2,867

APP-15050243.FP.FTS.B

,

18

.99

%

,

7/26/25

1,891

1,915

APP-17491589.FP.FTS.B

,

11

.49

%

,

8/03/25

4,418

4,427

APP-15593139.FP.FTS.B

,

25

.49

%

,

8/04/25

3,430

3,458

APP-15739609.FP.FTS.B

,

8

.74

%

,

8/07/25

.

5,478

5,500

APP-17496469.FP.FTS.B

,

14

.99

%

,

8/10/25

3,550

3,566

APP-15537240.FP.FTS.B

,

25

.49

%

,

8/12/25

4,282

1,086

APP-13337231.FP.FTS.B

,

8

.99

%

,

8/17/25

.

3,247

3,264

APP-10173660.FP.FTS.B

,

14

.49

%

,

8/19/25

10,362

10,467

APP-14371156.FP.FTS.B

,

20

.49

%

,

8/22/25

1,783

1,817

APP-15524582.FP.FTS.B

,

10

.49

%

,

8/25/25

2,906

2,925

APP-14134773.FP.FTS.B

,

21

.99

%

,

8/27/25

2,867

2,923

APP-15032228.FP.FTS.B

,

23

.49

%

,

9/12/25

2,921

2,958

APP-15033224.FP.FTS.B

,

25

.49

%

,

9/12/25

2,496

2,534

APP-16638019.FP.FTS.B

,

15

.24

%

,

9/13/25

3,219

3,241

APP-16928712.FP.FTS.B

,

17

.99

%

,

9/17/25

2,694

2,716

APP-16931630.FP.FTS.B

,

17

.99

%

,

9/17/25

5,540

5,603

APP-17510658.FP.FTS.B

,

16

.24

%

,

9/18/25

2,597

2,608

APP-17058236.FP.FTS.B

,

9

.74

%

,

9/19/25

.

3,549

3,572

APP-13608599.FP.FTS.B

,

11

.49

%

,

9/23/25

7,533

7,588

APP-16554677.FP.FTS.B

,

13

.24

%

,

9/25/25

9,276

9,358

APP-16062858.FP.FTS.B

,

23

.99

%

,

10/14/25

812

815

APP-15010755.FP.FTS.B

,

25

.49

%

,

10/23/25

7,940

8,119

APP-16899367.FP.FTS.B

,

25

.49

%

,

10/31/25

3,418

3,492

APP-11672772.FP.FTS.B

,

13

.99

%

,

12/01/25

8,038

8,128

APP-16065337.FP.FTS.B

,

23

.49

%

,

12/14/25

1,534

1,544

APP-11461331.FP.FTS.B

,

8

.99

%

,

12/25/25

8,015

8,101

APP-14959860.FP.FTS.B

,

19

.74

%

,

1/03/26

6,392

6,402

APP-14147815.FP.FTS.B

,

19

.99

%

,

1/18/26

1,241

1,249

APP-11727451.FP.FTS.B

,

19

.49

%

,

2/01/26

2,677

2,750

APP-11740312.FP.FTS.B

,

20

.49

%

,

2/03/26

6,571

6,849

APP-12270370.FP.FTS.B

,

8

.99

%

,

2/04/26

.

15,298

15,460

APP-11750555.FP.FTS.B

,

19

.49

%

,

2/06/26

2,739

2,817

APP-11872702.FP.FTS.B

,

7

.99

%

,

2/20/26

.

6,297

6,368

APP-12410099.FP.FTS.B

,

10

.24

%

,

3/15/26

5,211

5,274

APP-13754165.FP.FTS.B

,

8

.34

%

,

5/16/26

.

11,610

11,747

APP-12032996.FP.FTS.B

,

12

.34

%

,

5/22/26

4,470

4,540

APP-13485505.FP.FTS.B

,

15

.74

%

,

5/22/26

12,058

12,431

APP-13826786.FP.FTS.B

,

16

.49

%

,

6/03/26

1,745

1,751

APP-13823472.FP.FTS.B

,

17

.24

%

,

6/03/26

16,053

16,537

APP-14174847.FP.FTS.B

,

16

.49

%

,

6/15/26

2,433

2,441

APP-14185776.FP.FTS.B

,

18

.49

%

,

6/16/26

6,467

1,348

APP-14181485.FP.FTS.B

,

11

.34

%

,

6/17/26

19,498

19,774

APP-14057334.FP.FTS.B

,

17

.49

%

,

6/18/26

9,696

10,033

APP-14192027.FP.FTS.B

,

9

.84

%

,

6/19/26

.

11,381

11,542

APP-07740556.FP.FTS.B

,

12

.59

%

,

6/19/26

9,065

9,205

APP-13963648.FP.FTS.B

,

17

.24

%

,

6/19/26

13,666

14,146

APP-14193365.FP.FTS.B

,

21

.49

%

,

6/20/26

8,046

8,476

APP-15602395.FP.FTS.B

,

17

.24

%

,

6/24/26

9,557

9,892

APP-14329001.FP.FTS.B

,

23

.49

%

,

6/24/26

3,422

3,598

APP-14280430.FP.FTS.B

,

20

.49

%

,

6/25/26

8,374

8,785

APP-14214629.FP.FTS.B

,

10

.34

%

,

6/26/26

9,876

10,007

APP-15479960.FP.FTS.B

,

24

.74

%

,

6/29/26

1,176

1,187

APP-15676938.FP.FTS.B

,

14

.49

%

,

7/06/26

4,440

4,495

APP-14689091.FP.FTS.B

,

17

.49

%

,

7/09/26

518

518

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16070360.FP.FTS.B

,

20

.74

%

,

7/10/26

$

19,888

$

20,518

APP-15869429.FP.FTS.B

,

21

.99

%

,

7/10/26

4,290

4,480

APP-15054747.FP.FTS.B

,

21

.49

%

,

7/12/26

11,963

12,497

APP-16085008.FP.FTS.B

,

18

.49

%

,

7/14/26

8,814

9,057

APP-14920803.FP.FTS.B

,

16

.99

%

,

7/15/26

6,858

6,986

APP-14865932.FP.FTS.B

,

17

.49

%

,

7/15/26

11,928

12,380

APP-14882473.FP.FTS.B

,

12

.99

%

,

7/17/26

17,212

17,469

APP-14688569.FP.FTS.B

,

17

.74

%

,

7/17/26

15,863

16,398

APP-14688717.FP.FTS.B

,

10

.99

%

,

7/18/26

5,213

5,288

APP-14870900.FP.FTS.B

,

17

.49

%

,

7/19/26

8,785

8,961

APP-14905708.FP.FTS.B

,

16

.99

%

,

7/20/26

5,540

5,652

APP-14820629.FP.FTS.B

,

17

.24

%

,

7/20/26

17,782

18,626

APP-14865904.FP.FTS.B

,

15

.74

%

,

7/23/26

17,621

17,998

APP-14980679.FP.FTS.B

,

17

.99

%

,

7/23/26

1,391

1,398

APP-14964964.FP.FTS.B

,

18

.99

%

,

7/23/26

11,711

12,337

APP-13767438.FP.FTS.B

,

10

.74

%

,

7/25/26

13,505

13,703

APP-15048537.FP.FTS.B

,

20

.99

%

,

7/25/26

11,614

12,237

APP-14153218.FP.FTS.B

,

17

.99

%

,

8/01/26

13,855

14,241

APP-16811535.FP.FTS.B

,

21

.74

%

,

8/03/26

20,014

20,831

APP-17117415.FP.FTS.B

,

11

.24

%

,

8/06/26

13,181

13,351

APP-10219598.FP.FTS.B

,

15

.49

%

,

8/11/26

6,459

6,648

APP-16036383.FP.FTS.B

,

20

.24

%

,

8/13/26

5,657

5,830

APP-15327014.FP.FTS.B

,

9

.24

%

,

8/14/26

.

14,477

14,698

APP-15585646.FP.FTS.B

,

9

.49

%

,

8/14/26

.

5,849

5,934

APP-15594751.FP.FTS.B

,

10

.74

%

,

8/14/26

13,632

13,832

APP-15585110.FP.FTS.B

,

11

.49

%

,

8/14/26

7,056

7,147

APP-15449600.FP.FTS.B

,

20

.74

%

,

8/15/26

11,911

12,367

APP-15763520.FP.FTS.B

,

20

.74

%

,

8/15/26

9,467

9,725

APP-11443413.FP.FTS.B

,

10

.59

%

,

8/17/26

16,254

16,511

APP-14176550.FP.FTS.B

,

10

.34

%

,

8/18/26

12,541

12,717

APP-13768424.FP.FTS.B

,

17

.49

%

,

8/19/26

12,431

12,858

APP-14338698.FP.FTS.B

,

14

.74

%

,

8/20/26

21,689

22,092

APP-10235724.FP.FTS.B

,

15

.49

%

,

8/20/26

4,569

4,582

APP-15493477.FP.FTS.B

,

16

.74

%

,

8/20/26

8,797

8,979

APP-15747887.FP.FTS.B

,

18

.74

%

,

8/20/26

1,130

1,134

APP-15743821.FP.FTS.B

,

26

.49

%

,

8/20/26

5,722

6,048

APP-15757972.FP.FTS.B

,

18

.24

%

,

8/21/26

7,307

7,462

APP-15750146.FP.FTS.B

,

19

.24

%

,

8/21/26

5,751

5,937

APP-15467456.FP.FTS.B

,

26

.49

%

,

8/21/26

5,511

5,808

APP-12414817.FP.FTS.B

,

15

.24

%

,

8/26/26

8,814

8,952

APP-12674952.FP.FTS.B

,

15

.24

%

,

8/26/26

7,396

7,481

APP-16078255.FP.FTS.B

,

19

.24

%

,

8/26/26

12,673

13,095

APP-16947974.FP.FTS.B

,

13

.24

%

,

9/06/26

8,255

8,479

APP-17143594.FP.FTS.B

,

9

.99

%

,

9/07/26

.

7,003

7,105

APP-16728029.FP.FTS.B

,

26

.49

%

,

9/09/26

4,246

4,446

APP-14522661.FP.FTS.B

,

15

.99

%

,

9/10/26

13,243

13,484

APP-17115080.FP.FTS.B

,

15

.24

%

,

9/13/26

5,233

5,301

APP-14921360.FP.FTS.B

,

16

.99

%

,

9/15/26

8,178

704

APP-16681815.FP.FTS.B

,

8

.24

%

,

9/16/26

.

11,524

11,687

APP-16640720.FP.FTS.B

,

9

.99

%

,

9/18/26

.

22,386

22,715

APP-16637870.FP.FTS.B

,

12

.49

%

,

9/18/26

7,415

7,534

APP-17100593.FP.FTS.B

,

9

.49

%

,

9/20/26

.

8,853

8,985

APP-17124398.FP.FTS.B

,

9

.74

%

,

9/20/26

.

22,337

22,703

APP-11934555.FP.FTS.B

,

19

.49

%

,

9/22/26

9,256

9,594

APP-17439783.FP.FTS.B

,

10

.74

%

,

9/25/26

2,706

2,747

APP-17331723.FP.FTS.B

,

16

.99

%

,

9/25/26

8,834

8,990

APP-15589148.FP.FTS.B

,

14

.49

%

,

10/08/26

5,325

5,404

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14329008.FP.FTS.B

,

19

.49

%

,

10/17/26

$

14,389

$

14,955

APP-15951898.FP.FTS.B

,

16

.49

%

,

10/28/26

16,588

16,893

APP-17156366.FP.FTS.B

,

11

.24

%

,

11/07/26

11,037

11,179

APP-11742538.FP.FTS.B

,

16

.49

%

,

12/15/26

12,396

12,635

APP-11741994.FP.FTS.B

,

18

.99

%

,

12/16/26

8,343

8,647

APP-11737893.FP.FTS.B

,

25

.49

%

,

12/18/26

5,744

6,034

APP-11743333.FP.FTS.B

,

16

.49

%

,

12/19/26

8,308

905

APP-11694428.FP.FTS.B

,

14

.49

%

,

12/22/26

1,768

1,778

APP-11739845.FP.FTS.B

,

19

.99

%

,

12/22/26

7,450

1,582

APP-11751120.FP.FTS.B

,

8

.99

%

,

12/23/26

17,336

17,618

APP-11694004.FP.FTS.B

,

11

.74

%

,

12/23/26

22,422

22,786

APP-11708423.FP.FTS.B

,

20

.99

%

,

12/23/26

18,333

19,120

APP-11743539.FP.FTS.B

,

21

.74

%

,

12/23/26

10,670

11,110

APP-11752109.FP.FTS.B

,

22

.49

%

,

12/23/26

6,871

1,035

APP-10229823.FP.FTS.B

,

25

.49

%

,

12/26/26

5,804

2,040

APP-14548332.FP.FTS.B

,

16

.49

%

,

1/05/27

5,539

5,590

APP-11890774.FP.FTS.B

,

8

.99

%

,

1/06/27

.

18,122

18,383

APP-11939491.FP.FTS.B

,

15

.49

%

,

1/08/27

7,630

7,867

APP-11795112.FP.FTS.B

,

19

.99

%

,

1/08/27

2,178

2,182

APP-11603796.FP.FTS.B

,

20

.99

%

,

1/15/27

8,016

8,456

APP-11749683.FP.FTS.B

,

16

.74

%

,

1/25/27

12,093

12,445

APP-12268807.FP.FTS.B

,

10

.99

%

,

2/01/27

12,854

13,030

APP-11022562.FP.FTS.B

,

11

.74

%

,

2/01/27

3,689

3,723

APP-12396734.FP.FTS.B

,

11

.74

%

,

2/03/27

24,312

24,655

APP-11712261.FP.FTS.B

,

18

.49

%

,

2/03/27

7,469

7,703

APP-11742593.FP.FTS.B

,

17

.99

%

,

2/05/27

2,064

2,076

APP-11703116.FP.FTS.B

,

19

.49

%

,

2/05/27

6,356

6,597

APP-12293217.FP.FTS.B

,

17

.49

%

,

2/15/27

13,105

13,524

APP-11922307.FP.FTS.B

,

20

.49

%

,

2/15/27

6,051

6,343

APP-11904406.FP.FTS.B

,

11

.24

%

,

2/19/27

9,349

9,508

APP-11942494.FP.FTS.B

,

18

.99

%

,

2/19/27

9,900

10,277

APP-11940530.FP.FTS.B

,

13

.49

%

,

2/20/27

9,039

9,212

APP-11939575.FP.FTS.B

,

22

.49

%

,

2/21/27

3,898

4,032

APP-11927887.FP.FTS.B

,

9

.24

%

,

2/22/27

.

5,184

5,263

APP-11861145.FP.FTS.B

,

13

.24

%

,

2/22/27

10,017

10,186

APP-11941579.FP.FTS.B

,

16

.49

%

,

2/22/27

10,020

10,216

APP-11612708.FP.FTS.B

,

22

.99

%

,

3/04/27

9,457

9,935

APP-12361627.FP.FTS.B

,

8

.99

%

,

3/07/27

.

11,766

11,944

APP-12389833.FP.FTS.B

,

16

.49

%

,

3/07/27

6,199

6,411

APP-12410874.FP.FTS.B

,

10

.99

%

,

3/08/27

12,098

12,278

APP-12032886.FP.FTS.B

,

16

.99

%

,

3/16/27

5,613

5,802

APP-12384050.FP.FTS.B

,

13

.74

%

,

3/17/27

16,076

1,641

APP-12408565.FP.FTS.B

,

17

.99

%

,

3/19/27

12,391

12,917

APP-12270281.FP.FTS.B

,

10

.99

%

,

3/20/27

9,931

10,105

APP-11940575.FP.FTS.B

,

25

.49

%

,

3/21/27

5,029

5,303

APP-12412441.FP.FTS.B

,

11

.24

%

,

3/22/27

19,654

20,049

APP-11877626.FP.FTS.B

,

13

.59

%

,

4/14/27

21,357

21,739

APP-13682302.FP.FTS.B

,

18

.49

%

,

4/15/27

5,770

5,984

APP-13744711.FP.FTS.B

,

26

.49

%

,

4/15/27

5,079

5,323

APP-12119826.FP.FTS.B

,

12

.09

%

,

4/16/27

26,032

26,433

APP-13767273.FP.FTS.B

,

11

.59

%

,

4/18/27

8,640

8,782

APP-13929153.FP.FTS.B

,

9

.59

%

,

4/20/27

.

6,935

7,051

APP-11872292.FP.FTS.B

,

19

.99

%

,

4/22/27

8,306

8,697

APP-14057284.FP.FTS.B

,

13

.59

%

,

4/23/27

20,796

21,166

APP-14099769.FP.FTS.B

,

20

.49

%

,

4/30/27

11,414

12,019

APP-14199304.FP.FTS.B

,

13

.59

%

,

5/01/27

19,211

19,525

APP-14187476.FP.FTS.B

,

17

.99

%

,

5/01/27

15,339

15,782

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14087177.FP.FTS.B

,

18

.99

%

,

5/02/27

$

9,749

$

10,126

APP-14289803.FP.FTS.B

,

22

.49

%

,

5/02/27

5,647

5,836

APP-14041540.FP.FTS.B

,

11

.59

%

,

5/03/27

11,333

11,527

APP-14263477.FP.FTS.B

,

21

.99

%

,

5/10/27

4,713

3,415

APP-13720484.FP.FTS.B

,

11

.34

%

,

5/15/27

20,824

21,164

APP-14330285.FP.FTS.B

,

11

.74

%

,

5/15/27

5,898

5,929

APP-13483981.FP.FTS.B

,

16

.99

%

,

5/15/27

7,086

7,349

APP-13485148.FP.FTS.B

,

18

.49

%

,

5/15/27

16,661

17,356

APP-13725984.FP.FTS.B

,

13

.59

%

,

5/17/27

16,347

16,655

APP-12287013.FP.FTS.B

,

18

.24

%

,

5/18/27

7,115

7,194

APP-13849753.FP.FTS.B

,

9

.34

%

,

5/20/27

.

16,281

16,557

APP-13800465.FP.FTS.B

,

18

.49

%

,

5/20/27

6,772

7,092

APP-13529032.FP.FTS.B

,

18

.74

%

,

5/20/27

20,261

21,076

APP-13705972.FP.FTS.B

,

26

.49

%

,

5/20/27

6,221

6,541

APP-13542298.FP.FTS.B

,

11

.34

%

,

5/21/27

13,493

13,755

APP-13811007.FP.FTS.B

,

11

.34

%

,

5/21/27

13,710

13,944

APP-13848454.FP.FTS.B

,

16

.09

%

,

5/21/27

6,294

6,414

APP-13767415.FP.FTS.B

,

19

.49

%

,

5/21/27

9,293

9,583

APP-13826410.FP.FTS.B

,

20

.49

%

,

5/21/27

12,230

12,795

APP-13838022.FP.FTS.B

,

22

.49

%

,

5/21/27

4,714

4,913

APP-13417402.FP.FTS.B

,

17

.99

%

,

5/26/27

8,477

8,922

APP-13628676.FP.FTS.B

,

16

.99

%

,

5/27/27

7,048

7,231

APP-13485109.FP.FTS.B

,

20

.49

%

,

5/27/27

7,078

7,455

APP-13724215.FP.FTS.B

,

10

.09

%

,

5/28/27

24,713

25,187

APP-13751462.FP.FTS.B

,

11

.59

%

,

5/28/27

19,977

20,408

APP-13899643.FP.FTS.B

,

12

.09

%

,

5/28/27

27,138

27,601

APP-13574037.FP.FTS.B

,

15

.24

%

,

5/28/27

26,096

26,759

APP-13628755.FP.FTS.B

,

19

.49

%

,

5/28/27

6,144

6,362

APP-13521024.FP.FTS.B

,

20

.99

%

,

5/28/27

9,512

10,026

APP-13696300.FP.FTS.B

,

13

.84

%

,

5/29/27

8,155

8,337

APP-13932583.FP.FTS.B

,

15

.49

%

,

5/30/27

331

211

APP-13836108.FP.FTS.B

,

13

.59

%

,

5/31/27

21,590

22,062

APP-13852222.FP.FTS.B

,

26

.49

%

,

5/31/27

4,752

4,915

APP-14965459.FP.FTS.B

,

17

.24

%

,

6/01/27

17,525

17,835

APP-13623936.FP.FTS.B

,

9

.34

%

,

6/03/27

.

21,176

21,523

APP-13628843.FP.FTS.B

,

16

.99

%

,

6/04/27

7,294

7,431

APP-14688354.FP.FTS.B

,

17

.49

%

,

6/04/27

15,175

15,465

APP-14191584.FP.FTS.B

,

11

.34

%

,

6/06/27

20,187

20,538

APP-14200239.FP.FTS.B

,

11

.34

%

,

6/06/27

21,136

21,472

APP-14177752.FP.FTS.B

,

11

.59

%

,

6/06/27

14,396

7,681

APP-14165096.FP.FTS.B

,

14

.74

%

,

6/06/27

16,929

17,290

APP-14192451.FP.FTS.B

,

17

.99

%

,

6/06/27

17,062

17,564

APP-14083608.FP.FTS.B

,

20

.49

%

,

6/06/27

5,297

5,376

APP-14225512.FP.FTS.B

,

20

.49

%

,

6/07/27

5,924

6,106

APP-14212766.FP.FTS.B

,

26

.49

%

,

6/07/27

960

954

APP-13914635.FP.FTS.B

,

20

.99

%

,

6/10/27

12,082

12,608

APP-14179267.FP.FTS.B

,

17

.24

%

,

6/11/27

27,848

28,406

APP-14324970.FP.FTS.B

,

24

.74

%

,

6/12/27

8,803

9,266

APP-14189919.FP.FTS.B

,

20

.49

%

,

6/13/27

8,416

8,737

APP-14176860.FP.FTS.B

,

20

.24

%

,

6/15/27

18,010

18,743

APP-14227617.FP.FTS.B

,

20

.99

%

,

6/15/27

5,994

6,260

APP-14219059.FP.FTS.B

,

11

.34

%

,

6/16/27

9,960

10,119

APP-15597460.FP.FTS.B

,

16

.49

%

,

6/16/27

18,206

18,551

APP-14301553.FP.FTS.B

,

22

.49

%

,

6/16/27

10,700

11,172

APP-14138938.FP.FTS.B

,

11

.59

%

,

6/17/27

9,094

9,258

APP-14188906.FP.FTS.B

,

16

.99

%

,

6/17/27

11,605

11,879

APP-14200894.FP.FTS.B

,

23

.49

%

,

6/17/27

8,426

8,861

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14243912.FP.FTS.B

,

26

.49

%

,

6/17/27

$

5,409

$

5,672

APP-14057201.FP.FTS.B

,

15

.99

%

,

6/18/27

6,912

7,156

APP-14108165.FP.FTS.B

,

20

.49

%

,

6/18/27

11,005

11,454

APP-14066107.FP.FTS.B

,

9

.34

%

,

6/19/27

.

21,177

21,562

APP-13484916.FP.FTS.B

,

14

.99

%

,

6/19/27

12,068

12,349

APP-14165192.FP.FTS.B

,

17

.99

%

,

6/19/27

10,407

10,744

APP-14025039.FP.FTS.B

,

20

.49

%

,

6/19/27

7,701

8,058

APP-14202174.FP.FTS.B

,

11

.59

%

,

6/20/27

7,087

7,221

APP-14202404.FP.FTS.B

,

12

.09

%

,

6/20/27

27,428

27,951

APP-14077334.FP.FTS.B

,

13

.59

%

,

6/20/27

14,083

14,321

APP-14188625.FP.FTS.B

,

13

.59

%

,

6/20/27

11,147

11,373

APP-14194952.FP.FTS.B

,

17

.99

%

,

6/20/27

11,777

12,209

APP-14221223.FP.FTS.B

,

19

.24

%

,

6/20/27

8,642

8,698

APP-14159440.FP.FTS.B

,

21

.99

%

,

6/20/27

4,061

4,121

APP-08640096.FP.FTS.B

,

11

.34

%

,

6/21/27

15,217

15,497

APP-11743712.FP.FTS.B

,

21

.49

%

,

6/22/27

9,374

9,846

APP-14292674.FP.FTS.B

,

21

.99

%

,

6/25/27

10,598

11,193

APP-14215379.FP.FTS.B

,

17

.49

%

,

6/26/27

10,470

10,739

APP-13787332.FP.FTS.B

,

11

.34

%

,

6/27/27

7,715

7,796

APP-14341730.FP.FTS.B

,

20

.99

%

,

6/27/27

8,848

9,313

APP-13695730.FP.FTS.B

,

26

.49

%

,

6/28/27

4,753

5,025

APP-14195378.FP.FTS.B

,

19

.49

%

,

6/30/27

15,898

16,479

APP-15753390.FP.FTS.B

,

26

.99

%

,

7/01/27

6,453

6,766

APP-15425472.FP.FTS.B

,

18

.99

%

,

7/02/27

20,828

6,522

APP-15653357.FP.FTS.B

,

21

.24

%

,

7/04/27

5,019

5,164

APP-14883847.FP.FTS.B

,

17

.24

%

,

7/06/27

4,419

4,493

APP-15556990.FP.FTS.B

,

21

.24

%

,

7/06/27

6,293

6,468

APP-14902078.FP.FTS.B

,

11

.74

%

,

7/07/27

13,863

14,085

APP-14904704.FP.FTS.B

,

13

.99

%

,

7/07/27

21,671

22,042

APP-14143499.FP.FTS.B

,

17

.24

%

,

7/07/27

20,087

20,704

APP-14923950.FP.FTS.B

,

13

.74

%

,

7/08/27

7,360

7,492

APP-14917832.FP.FTS.B

,

16

.49

%

,

7/08/27

736

733

APP-15007157.FP.FTS.B

,

20

.99

%

,

7/11/27

8,000

2,678

APP-14868239.FP.FTS.B

,

11

.99

%

,

7/12/27

6,785

6,900

APP-14709072.FP.FTS.B

,

17

.49

%

,

7/12/27

13,367

2,592

APP-15042638.FP.FTS.B

,

26

.99

%

,

7/12/27

6,456

6,729

APP-14930206.FP.FTS.B

,

14

.49

%

,

7/14/27

6,562

6,678

APP-14689546.FP.FTS.B

,

11

.74

%

,

7/15/27

16,868

1,927

APP-14818480.FP.FTS.B

,

11

.74

%

,

7/15/27

21,930

22,318

APP-14821859.FP.FTS.B

,

11

.74

%

,

7/15/27

10,797

10,969

APP-14914496.FP.FTS.B

,

11

.74

%

,

7/15/27

22,399

22,793

APP-13767685.FP.FTS.B

,

11

.99

%

,

7/15/27

1,854

1,856

APP-15137192.FP.FTS.B

,

11

.99

%

,

7/15/27

9,822

9,986

APP-15039028.FP.FTS.B

,

22

.99

%

,

7/16/27

5,018

5,207

APP-14843307.FP.FTS.B

,

11

.99

%

,

7/17/27

7,927

8,064

APP-14811744.FP.FTS.B

,

13

.99

%

,

7/19/27

20,190

20,610

APP-14688586.FP.FTS.B

,

17

.49

%

,

7/19/27

16,149

16,538

APP-14191093.FP.FTS.B

,

18

.99

%

,

7/19/27

5,525

5,597

APP-14160424.FP.FTS.B

,

23

.99

%

,

7/19/27

10,940

11,556

APP-14902830.FP.FTS.B

,

16

.24

%

,

7/20/27

23,704

24,534

APP-15056862.FP.FTS.B

,

22

.99

%

,

7/20/27

12,634

13,237

APP-14865961.FP.FTS.B

,

11

.74

%

,

7/21/27

20,140

20,525

APP-14937680.FP.FTS.B

,

11

.99

%

,

7/21/27

8,218

8,344

APP-14938376.FP.FTS.B

,

11

.99

%

,

7/21/27

8,466

8,629

APP-14881643.FP.FTS.B

,

17

.49

%

,

7/21/27

13,060

13,384

APP-14877061.FP.FTS.B

,

9

.99

%

,

7/22/27

.

9,104

9,276

APP-14728435.FP.FTS.B

,

11

.99

%

,

7/22/27

7,341

7,484

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15030718.FP.FTS.B

,

18

.24

%

,

7/22/27

$

24,362

$

25,209

APP-14529813.FP.FTS.B

,

18

.24

%

,

7/23/27

23,064

23,919

APP-14314279.FP.FTS.B

,

23

.49

%

,

7/25/27

4,825

5,060

APP-14335800.FP.FTS.B

,

19

.99

%

,

7/27/27

9,087

9,466

APP-13547748.FP.FTS.B

,

12

.09

%

,

7/28/27

29,338

29,939

APP-15053109.FP.FTS.B

,

11

.74

%

,

7/29/27

11,251

11,477

APP-15576948.FP.FTS.B

,

12

.24

%

,

8/01/27

20,183

20,490

APP-16690743.FP.FTS.B

,

18

.49

%

,

8/01/27

5,018

5,100

APP-15361603.FP.FTS.B

,

19

.74

%

,

8/01/27

11,395

11,714

APP-15584134.FP.FTS.B

,

12

.99

%

,

8/03/27

15,310

15,573

APP-16724945.FP.FTS.B

,

13

.99

%

,

8/03/27

13,304

13,355

APP-16827842.FP.FTS.B

,

16

.24

%

,

8/03/27

14,753

14,976

APP-16934495.FP.FTS.B

,

13

.99

%

,

8/05/27

9,500

9,773

APP-17031491.FP.FTS.B

,

13

.99

%

,

8/05/27

30,306

30,829

APP-17272402.FP.FTS.B

,

21

.24

%

,

8/05/27

20,353

20,988

APP-15713621.FP.FTS.B

,

12

.49

%

,

8/06/27

9,957

10,112

APP-15751991.FP.FTS.B

,

12

.49

%

,

8/07/27

8,918

9,059

APP-14911217.FP.FTS.B

,

13

.99

%

,

8/07/27

14,530

14,801

APP-15045243.FP.FTS.B

,

21

.49

%

,

8/10/27

12,583

13,040

APP-15437840.FP.FTS.B

,

20

.24

%

,

8/13/27

10,028

10,461

APP-16055829.FP.FTS.B

,

12

.99

%

,

8/14/27

6,970

7,115

APP-15595170.FP.FTS.B

,

15

.24

%

,

8/14/27

31,489

16,788

APP-15805332.FP.FTS.B

,

18

.74

%

,

8/14/27

18,495

2,251

APP-16079598.FP.FTS.B

,

20

.49

%

,

8/14/27

12,526

12,911

APP-15638158.FP.FTS.B

,

21

.24

%

,

8/14/27

6,102

6,293

APP-15526033.FP.FTS.B

,

21

.74

%

,

8/14/27

13,583

14,098

APP-14058523.FP.FTS.B

,

21

.99

%

,

8/14/27

21,301

22,150

APP-15802156.FP.FTS.B

,

22

.24

%

,

8/14/27

9,472

9,841

APP-15398960.FP.FTS.B

,

12

.99

%

,

8/15/27

25,179

25,660

APP-15709743.FP.FTS.B

,

14

.49

%

,

8/15/27

23,783

24,255

APP-15299307.FP.FTS.B

,

14

.99

%

,

8/15/27

17,798

18,174

APP-11750409.FP.FTS.B

,

17

.99

%

,

8/15/27

11,066

11,502

APP-15544956.FP.FTS.B

,

18

.74

%

,

8/15/27

9,715

9,952

APP-15702332.FP.FTS.B

,

20

.24

%

,

8/15/27

6,315

6,461

APP-15585228.FP.FTS.B

,

22

.24

%

,

8/15/27

8,057

1,004

APP-15600789.FP.FTS.B

,

22

.24

%

,

8/15/27

4,864

5,042

APP-16074588.FP.FTS.B

,

23

.49

%

,

8/15/27

9,641

10,041

APP-15763149.FP.FTS.B

,

26

.99

%

,

8/15/27

7,013

7,347

APP-13337190.FP.FTS.B

,

18

.99

%

,

8/16/27

9,040

9,234

APP-15602475.FP.FTS.B

,

12

.49

%

,

8/19/27

10,342

10,539

APP-15591313.FP.FTS.B

,

20

.74

%

,

8/19/27

9,070

9,390

APP-15601188.FP.FTS.B

,

21

.24

%

,

8/19/27

30,933

31,980

APP-15811836.FP.FTS.B

,

19

.74

%

,

8/20/27

15,679

16,215

APP-15741986.FP.FTS.B

,

12

.49

%

,

8/21/27

18,347

18,737

APP-15602128.FP.FTS.B

,

21

.74

%

,

8/21/27

8,672

9,044

APP-15663958.FP.FTS.B

,

22

.24

%

,

8/21/27

9,108

9,473

APP-15745269.FP.FTS.B

,

22

.24

%

,

8/21/27

10,082

10,529

APP-16024812.FP.FTS.B

,

12

.99

%

,

8/22/27

7,017

7,162

APP-14178173.FP.FTS.B

,

15

.24

%

,

8/26/27

12,937

13,225

APP-15871509.FP.FTS.B

,

20

.49

%

,

8/26/27

11,526

11,994

APP-16063371.FP.FTS.B

,

20

.99

%

,

8/26/27

15,888

16,449

APP-16071674.FP.FTS.B

,

22

.49

%

,

8/26/27

6,826

7,086

APP-15043328.FP.FTS.B

,

22

.74

%

,

8/26/27

8,597

9,046

APP-14920951.FP.FTS.B

,

23

.49

%

,

8/26/27

5,221

1,777

APP-16053754.FP.FTS.B

,

10

.99

%

,

8/27/27

18,840

19,212

APP-15234987.FP.FTS.B

,

16

.74

%

,

8/27/27

17,908

18,367

APP-14346063.FP.FTS.B

,

18

.49

%

,

8/27/27

16,399

16,993

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16061296.FP.FTS.B

,

23

.49

%

,

8/27/27

$

9,211

$

9,647

APP-16019364.FP.FTS.B

,

20

.99

%

,

8/28/27

18,526

19,246

APP-16318783.FP.FTS.B

,

18

.99

%

,

8/30/27

8,061

8,242

APP-15594246.FP.FTS.B

,

25

.49

%

,

8/30/27

17,935

18,897

APP-17103722.FP.FTS.B

,

9

.74

%

,

9/06/27

.

2,882

2,928

APP-17244225.FP.FTS.B

,

9

.49

%

,

9/09/27

.

12,117

12,311

APP-17250115.FP.FTS.B

,

9

.74

%

,

9/09/27

.

4,329

4,398

APP-15558741.FP.FTS.B

,

19

.49

%

,

9/12/27

26,309

15,045

APP-17433516.FP.FTS.B

,

20

.49

%

,

9/12/27

15,957

16,430

APP-17430483.FP.FTS.B

,

12

.99

%

,

9/13/27

15,697

15,951

APP-17450366.FP.FTS.B

,

21

.24

%

,

9/13/27

7,623

7,866

APP-16817244.FP.FTS.B

,

18

.24

%

,

9/14/27

31,787

32,514

APP-16652517.FP.FTS.B

,

14

.24

%

,

9/15/27

10,700

10,877

APP-16847088.FP.FTS.B

,

18

.24

%

,

9/15/27

6,364

6,586

APP-15593379.FP.FTS.B

,

24

.74

%

,

9/15/27

5,647

5,866

APP-15584156.FP.FTS.B

,

26

.99

%

,

9/15/27

2,115

2,119

APP-16896117.FP.FTS.B

,

23

.99

%

,

9/16/27

2,248

298

APP-16906029.FP.FTS.B

,

17

.74

%

,

9/17/27

6,675

6,821

APP-16901085.FP.FTS.B

,

22

.49

%

,

9/17/27

11,353

11,758

APP-16599721.FP.FTS.B

,

13

.49

%

,

9/19/27

4,720

4,751

APP-16335329.FP.FTS.B

,

11

.24

%

,

9/20/27

11,024

11,230

APP-14057681.FP.FTS.B

,

11

.99

%

,

9/20/27

8,197

1,011

APP-17455190.FP.FTS.B

,

12

.74

%

,

9/20/27

29,827

30,372

APP-15742698.FP.FTS.B

,

20

.74

%

,

9/20/27

13,269

13,861

APP-15738048.FP.FTS.B

,

24

.99

%

,

9/20/27

11,985

12,479

APP-15718443.FP.FTS.B

,

26

.99

%

,

9/20/27

17,440

18,244

APP-17104731.FP.FTS.B

,

13

.49

%

,

9/21/27

11,513

11,755

APP-15723564.FP.FTS.B

,

26

.99

%

,

9/21/27

5,800

1,285

APP-15758289.FP.FTS.B

,

26

.99

%

,

9/21/27

7,185

7,540

APP-17193229.FP.FTS.B

,

11

.99

%

,

9/22/27

8,948

9,135

APP-17221012.FP.FTS.B

,

15

.24

%

,

9/22/27

15,670

15,987

APP-13628761.FP.FTS.B

,

20

.99

%

,

9/23/27

4,112

4,140

APP-15037668.FP.FTS.B

,

26

.99

%

,

9/23/27

7,405

7,759

APP-17493809.FP.FTS.B

,

20

.49

%

,

9/25/27

11,541

11,817

APP-17329208.FP.FTS.B

,

20

.99

%

,

9/25/27

11,259

11,659

APP-17418426.FP.FTS.B

,

18

.99

%

,

9/26/27

7,149

7,232

APP-15069494.FP.FTS.B

,

11

.99

%

,

9/27/27

10,762

1,224

APP-15684113.FP.FTS.B

,

20

.74

%

,

10/18/27

6,750

6,831

APP-15589159.FP.FTS.B

,

26

.74

%

,

10/22/27

9,122

9,428

APP-16893024.FP.FTS.B

,

19

.99

%

,

11/11/27

11,898

3,482

APP-15307313.FP.FTS.B

,

22

.24

%

,

11/12/27

12,346

2,576

APP-15040717.FP.FTS.B

,

20

.99

%

,

11/15/27

6,662

6,817

APP-14122876.FP.FTS.B

,

23

.49

%

,

11/20/27

24,329

25,366

APP-15757316.FP.FTS.B

,

24

.99

%

,

11/24/27

15,687

16,284

APP-17422584.FP.FTS.B

,

18

.49

%

,

11/30/27

14,644

4,613

APP-14840263.FP.FTS.B

,

17

.49

%

,

12/08/27

17,354

10,852

APP-12331634.FP.FTS.B

,

7

.74

%

,

2/04/35

.

494

494

4,181,909

LendingClub

Corp.

167785877.LC.FTS.B

,

15

.24

%

,

3/04/25

...

1,410

1,405

168256441.LC.FTS.B

,

17

.74

%

,

3/13/25

...

1,482

1,485

167908793.LC.FTS.B

,

14

.3

%

,

3/16/25

...

499

499

168305153.LC.FTS.B

,

Zero

Cpn

,

3/20/25

.

6,881

–

162767581.LC.FTS.B

,

Zero

Cpn

,

4/04/33

.

337

–

149399946.LC.FTS.B

,

20

%

,

4/09/34

.....

11,983

–

148165215.LC.FTS.B

,

15

.57

%

,

5/15/34

...

4,082

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

158914371.LC.FTS.B

,

16

.12

%

,

1/30/35

...

$

985

$

990

165810247.LC.FTS.B

,

18

.62

%

,

2/03/35

...

735

734

165938778.LC.FTS.B

,

20

.55

%

,

2/03/35

...

315

315

155027113.LC.FTS.B

,

17

.97

%

,

2/10/35

...

65

65

166781902.LC.FTS.B

,

13

.08

%

,

2/18/35

...

337

338

158052058.LC.FTS.B

,

14

.3

%

,

2/18/35

...

29

29

166943124.LC.FTS.B

,

15

.24

%

,

2/20/35

...

408

340

166773880.LC.FTS.B

,

10

.33

%

,

2/28/35

...

519

519

6,719

LendingClub

Corp.

-

LCX

168273324.LC.FTS.B

,

18

.62

%

,

3/17/25

...

802

802

168585809.LC.FTS.B

,

15

.24

%

,

3/24/25

...

499

497

167808300.LC.FTS.B

,

13

.08

%

,

4/14/25

...

870

857

155128973.LC.FTS.B

,

15

.24

%

,

7/25/34

...

7,102

7,087

154670467.LC.FTS.B

,

16

.12

%

,

7/25/34

...

710

714

164935272.LC.FTS.B

,

20

.55

%

,

1/21/35

...

4,351

4,395

164300242.LC.FTS.B

,

16

.12

%

,

1/31/35

...

874

873

165905919.LC.FTS.B

,

16

.12

%

,

2/01/35

...

620

619

166100453.LC.FTS.B

,

14

.3

%

,

2/05/35

...

925

925

155983239.LC.FTS.B

,

14

.3

%

,

2/09/35

...

9,360

1,666

167192844.LC.FTS.B

,

23

.05

%

,

2/24/35

...

682

683

167466474.LC.FTS.B

,

11

.02

%

,

2/27/35

...

495

494

163582275.LC.FTS.B

,

16

.12

%

,

2/28/35

...

1,965

1,931

21,543

LendingClub

Corp.

-

LCX

PM

187760587.LC.FTS.B

,

15

.99

%

,

4/21/25

...

1,335

1,334

188588570.LC.FTS.B

,

16

.29

%

,

4/21/25

...

464

462

188593902.LC.FTS.B

,

21

.49

%

,

4/21/25

...

2,196

2,215

188631141.LC.FTS.B

,

18

.19

%

,

4/22/25

...

4,221

4,219

188664382.LC.FTS.B

,

21

.49

%

,

4/22/25

...

998

1,004

188534183.LC.FTS.B

,

22

.99

%

,

4/22/25

...

399

404

188635054.LC.FTS.B

,

16

.99

%

,

4/24/25

...

400

399

188123636.LC.FTS.B

,

5

%

,

4/01/26

......

4,715

4,711

188053341.LC.FTS.B

,

6

%

,

4/08/27

......

3,193

3,204

187991007.LC.FTS.B

,

17

.19

%

,

4/08/27

...

3,532

625

188072484.LC.FTS.B

,

22

.49

%

,

4/08/27

...

4,745

–

187514926.LC.FTS.B

,

23

.49

%

,

4/11/27

...

4,636

4,702

188110736.LC.FTS.B

,

23

.99

%

,

4/13/27

...

6,934

–

188308390.LC.FTS.B

,

25

.99

%

,

4/14/27

...

3,644

3,717

188316633.LC.FTS.B

,

25

.99

%

,

4/14/27

...

6,341

–

188225211.LC.FTS.B

,

20

.99

%

,

4/18/27

...

8,674

8,407

188575003.LC.FTS.B

,

22

.49

%

,

4/20/27

...

3,850

3,896

188450442.LC.FTS.B

,

15

.19

%

,

4/21/27

...

15,217

14,572

188615522.LC.FTS.B

,

16

.19

%

,

4/21/27

...

8,792

8,654

188593509.LC.FTS.B

,

19

.44

%

,

4/21/27

...

4,096

4,121

188582913.LC.FTS.B

,

20

.49

%

,

4/21/27

...

15,550

–

188594404.LC.FTS.B

,

20

.99

%

,

4/21/27

...

18,164

14,421

188494026.LC.FTS.B

,

21

.99

%

,

4/21/27

...

11,601

–

188633218.LC.FTS.B

,

28

.99

%

,

4/21/27

...

7,489

7,697

188630360.LC.FTS.B

,

20

.49

%

,

4/22/27

...

12,654

12,698

188277503.LC.FTS.B

,

23

.19

%

,

4/22/27

...

5,958

5,992

187548960.LC.FTS.B

,

20

.49

%

,

4/25/27

...

10,760

10,381

187548690.LC.FTS.B

,

23

.49

%

,

4/25/27

...

9,138

7,390

188528665.LC.FTS.B

,

23

.99

%

,

4/25/27

...

4,222

4,249

188048788.LC.FTS.B

,

25

.99

%

,

4/28/27

...

15,571

15,686

187899660.LC.FTS.B

,

23

.99

%

,

4/29/27

...

12,435

12,468

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

188557045.LC.FTS.B

,

18

.99

%

,

4/30/27

...

$

15,153

$

14,823

188352447.LC.FTS.B

,

21

.49

%

,

4/30/27

...

4,897

–

188575150.LC.FTS.B

,

22

.99

%

,

4/30/27

...

15,319

–

188303635.LC.FTS.B

,

20

.99

%

,

6/21/27

...

7,143

5,646

188535698.LC.FTS.B

,

21

.99

%

,

8/20/27

...

10,103

9,987

188256153.LC.FTS.B

,

5

%

,

11/12/27

.....

3,944

3,147

188186124.LC.FTS.B

,

21

.49

%

,

11/12/27

..

4,793

4,602

188574271.LC.FTS.B

,

22

.49

%

,

11/30/27

..

20,229

3,972

188223031.LC.FTS.B

,

Zero

Cpn

,

12/28/27

21,030

13,836

188415292.LC.FTS.B

,

22

.99

%

,

7/20/28

...

21,204

20,647

234,288

Prosper

Funding

LLC

1742756.PS.FTS.B

,

18

.6

%

,

4/05/25

.....

427

425

1749733.PS.FTS.B

,

13

.9

%

,

4/06/25

.....

1,372

66

1753725.PS.FTS.B

,

14

.6

%

,

4/07/25

.....

359

358

1743983.PS.FTS.B

,

15

.86

%

,

4/07/25

....

446

443

1744487.PS.FTS.B

,

18

.09

%

,

4/07/25

....

2,153

2,146

1744493.PS.FTS.B

,

19

.3

%

,

4/07/25

.....

2,154

2,147

1744373.PS.FTS.B

,

23

.13

%

,

4/07/25

....

475

473

1745288.PS.FTS.B

,

15

.9

%

,

4/08/25

.....

206

205

1757928.PS.FTS.B

,

22

.6

%

,

4/13/25

.....

104

104

1757065.PS.FTS.B

,

22

.06

%

,

4/15/25

....

1,337

1,341

1743971.PS.FTS.B

,

22

.9

%

,

4/16/25

.....

4,300

–

1745342.PS.FTS.B

,

13

.9

%

,

4/20/25

.....

1,499

1,491

1755967.PS.FTS.B

,

22

.6

%

,

4/26/25

.....

339

342

1744502.PS.FTS.B

,

20

.46

%

,

4/30/25

....

1,117

1,116

1721664.PS.FTS.B

,

11

.4

%

,

8/15/25

.....

1,519

1,508

1752838.PS.FTS.B

,

14

.6

%

,

10/14/25

....

1,374

1,362

1751899.PS.FTS.B

,

22

.6

%

,

1/20/26

.....

3,069

3,061

1700571.PS.FTS.B

,

18

.11

%

,

1/24/26

....

5,127

4,395

1655640.PS.FTS.B

,

16

.33

%

,

10/27/26

...

9,698

9,704

1655235.PS.FTS.B

,

24

.03

%

,

10/27/26

...

6,864

7,181

1649857.PS.FTS.B

,

10

.5

%

,

10/28/26

....

7,249

1,608

1656498.PS.FTS.B

,

10

.9

%

,

10/28/26

....

3,233

3,207

1649350.PS.FTS.B

,

18

.78

%

,

10/28/26

...

6,451

6,600

1657464.PS.FTS.B

,

10

.5

%

,

10/29/26

....

3,085

3,067

1646555.PS.FTS.B

,

10

.9

%

,

10/29/26

....

10,775

10,689

1646915.PS.FTS.B

,

16

.1

%

,

10/29/26

....

6,929

7,080

1656576.PS.FTS.B

,

16

.18

%

,

10/29/26

...

16,184

16,131

1648681.PS.FTS.B

,

12

.21

%

,

11/01/26

....

2,495

2,505

1658775.PS.FTS.B

,

12

.5

%

,

11/02/26

....

14,165

13,989

1651286.PS.FTS.B

,

24

.33

%

,

11/05/26

....

8,498

2,160

1658917.PS.FTS.B

,

10

.7

%

,

11/09/26

....

6,016

5,943

1666464.PS.FTS.B

,

15

.29

%

,

11/09/26

....

4,569

4,528

1654475.PS.FTS.B

,

10

.8

%

,

11/10/26

....

6,454

6,377

1660093.PS.FTS.B

,

10

.9

%

,

11/10/26

....

1,687

1,668

1654907.PS.FTS.B

,

16

%

,

11/12/26

......

4,838

4,910

1665225.PS.FTS.B

,

19

.53

%

,

11/14/26

....

3,403

3,447

1667685.PS.FTS.B

,

17

.1

%

,

11/15/26

....

11,738

11,915

1673249.PS.FTS.B

,

10

.7

%

,

12/15/26

....

7,037

6,299

1679392.PS.FTS.B

,

13

.8

%

,

12/15/26

....

3,263

3,236

1686612.PS.FTS.B

,

16

.8

%

,

12/16/26

....

11,938

11,863

1679746.PS.FTS.B

,

16

.93

%

,

12/16/26

...

7,274

7,213

1673612.PS.FTS.B

,

19

.3

%

,

12/16/26

....

2,994

3,042

1674065.PS.FTS.B

,

27

.18

%

,

12/16/26

...

8,179

8,494

1674635.PS.FTS.B

,

13

.77

%

,

12/17/26

...

7,921

7,860

1681423.PS.FTS.B

,

10

.08

%

,

12/20/26

...

6,676

6,601

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1688043.PS.FTS.B

,

10

.5

%

,

12/20/26

....

$

5,355

$

5,295

1681000.PS.FTS.B

,

11

.6

%

,

12/20/26

....

5,944

5,323

1681408.PS.FTS.B

,

14

.7

%

,

12/20/26

....

4,422

4,396

1676714.PS.FTS.B

,

12

.62

%

,

12/21/26

...

16,065

15,887

1673600.PS.FTS.B

,

11

.6

%

,

12/25/26

....

4,559

4,504

1681444.PS.FTS.B

,

9

.81

%

,

12/27/26

....

12,004

2,589

1675322.PS.FTS.B

,

21

.09

%

,

12/30/26

...

7,994

8,346

1687826.PS.FTS.B

,

12

.6

%

,

1/12/27

.....

5,714

5,640

1688201.PS.FTS.B

,

24

.03

%

,

1/12/27

....

5,441

5,652

1686624.PS.FTS.B

,

11

.2

%

,

1/13/27

.....

847

839

1694575.PS.FTS.B

,

11

.99

%

,

1/13/27

....

9,922

9,796

1688543.PS.FTS.B

,

16

.18

%

,

1/13/27

....

7,494

7,415

1695334.PS.FTS.B

,

15

.1

%

,

1/14/27

.....

5,403

5,360

1702050.PS.FTS.B

,

18

.78

%

,

1/14/27

....

5,132

5,218

1689323.PS.FTS.B

,

26

.88

%

,

1/14/27

....

1,682

1,748

1689608.PS.FTS.B

,

28

.23

%

,

1/14/27

....

8,523

8,858

1705371.PS.FTS.B

,

12

.62

%

,

1/20/27

....

14,288

14,129

1692635.PS.FTS.B

,

14

.7

%

,

1/20/27

.....

12,220

12,148

1700562.PS.FTS.B

,

15

.18

%

,

1/20/27

....

9,705

9,573

1705833.PS.FTS.B

,

18

.48

%

,

1/20/27

....

1,943

1,978

1689314.PS.FTS.B

,

10

.26

%

,

1/28/27

....

17,013

16,778

1693711.PS.FTS.B

,

21

.63

%

,

1/31/27

....

5,583

5,799

1688138.PS.FTS.B

,

13

.6

%

,

2/05/27

.....

17,728

17,520

1689626.PS.FTS.B

,

19

%

,

2/07/27

.......

5,144

5,230

1715428.PS.FTS.B

,

9

.99

%

,

2/15/27

.....

2,387

2,356

1714702.PS.FTS.B

,

11

.6

%

,

2/15/27

.....

1,705

1,683

1720965.PS.FTS.B

,

11

.7

%

,

2/15/27

.....

3,498

3,464

1708910.PS.FTS.B

,

12

.5

%

,

2/15/27

.....

1,073

1,063

1720962.PS.FTS.B

,

15

.1

%

,

2/15/27

.....

4,406

4,357

1715575.PS.FTS.B

,

18

.59

%

,

2/15/27

....

5,037

5,114

1702128.PS.FTS.B

,

13

.4

%

,

2/16/27

.....

7,880

7,747

1709420.PS.FTS.B

,

21

.18

%

,

2/16/27

....

5,933

6,036

1709807.PS.FTS.B

,

15

.1

%

,

2/17/27

.....

9,158

9,063

1696093.PS.FTS.B

,

16

%

,

2/17/27

.......

7,903

8,040

1711007.PS.FTS.B

,

18

.78

%

,

2/18/27

....

8,907

9,075

1710686.PS.FTS.B

,

19

%

,

2/18/27

.......

5,315

5,415

1708892.PS.FTS.B

,

11

.79

%

,

2/20/27

....

9,855

9,710

1716991.PS.FTS.B

,

13

.7

%

,

2/22/27

.....

14,625

729

1688975.PS.FTS.B

,

12

.4

%

,

2/26/27

.....

10,980

10,807

1725226.PS.FTS.B

,

11

.5

%

,

3/03/27

.....

5,048

4,952

1708439.PS.FTS.B

,

16

.7

%

,

3/09/27

.....

3,338

3,384

1710332.PS.FTS.B

,

16

.18

%

,

3/24/27

....

11,005

390

1749361.PS.FTS.B

,

10

.5

%

,

4/05/27

.....

7,216

7,073

1742753.PS.FTS.B

,

11

.7

%

,

4/05/27

.....

7,320

7,174

1742750.PS.FTS.B

,

16

.18

%

,

4/05/27

....

4,678

4,597

1752456.PS.FTS.B

,

16

.18

%

,

4/05/27

....

3,492

789

1752438.PS.FTS.B

,

18

.13

%

,

4/05/27

....

5,622

5,524

1749730.PS.FTS.B

,

11

.6

%

,

4/06/27

.....

7,836

7,683

1752882.PS.FTS.B

,

12

.4

%

,

4/06/27

.....

2,635

2,584

1752861.PS.FTS.B

,

12

.5

%

,

4/06/27

.....

5,277

5,174

1750048.PS.FTS.B

,

13

.13

%

,

4/06/27

....

7,974

7,843

1750153.PS.FTS.B

,

16

.9

%

,

4/06/27

.....

4,992

5,032

1744484.PS.FTS.B

,

11

.2

%

,

4/07/27

.....

18,190

17,838

1754274.PS.FTS.B

,

11

.6

%

,

4/07/27

.....

1,828

1,792

1751020.PS.FTS.B

,

14

.49

%

,

4/07/27

....

3,093

3,046

1753719.PS.FTS.B

,

14

.68

%

,

4/07/27

....

5,865

5,762

1745348.PS.FTS.B

,

10

.4

%

,

4/08/27

.....

15,443

15,148

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1755504.PS.FTS.B

,

10

.29

%

,

4/11/27

....

$

4,627

$

4,542

1745708.PS.FTS.B

,

11

.79

%

,

4/11/27

.....

1,228

1,206

1752913.PS.FTS.B

,

15

.5

%

,

4/11/27

.....

5,462

5,380

1754277.PS.FTS.B

,

25

.9

%

,

4/11/27

.....

2,019

–

1756335.PS.FTS.B

,

18

.33

%

,

4/12/27

....

13,239

13,383

1755102.PS.FTS.B

,

15

.29

%

,

4/13/27

....

16,418

16,156

1742747.PS.FTS.B

,

14

.38

%

,

4/15/27

....

5,718

5,604

1742765.PS.FTS.B

,

18

%

,

4/15/27

.......

3,410

3,436

1755513.PS.FTS.B

,

21

%

,

4/20/27

.......

3,510

3,634

1760241.PS.FTS.B

,

15

%

,

4/28/27

.......

9,421

–

1744412.PS.FTS.B

,

19

%

,

4/30/27

.......

4,677

4,671

1704399.PS.FTS.B

,

13

.8

%

,

11/03/27

....

20,601

10,473

1693289.PS.FTS.B

,

12

.9

%

,

12/21/27

....

5,703

5,594

1744499.PS.FTS.B

,

18

.48

%

,

1/31/28

....

6,766

–

1743968.PS.FTS.B

,

11

.2

%

,

3/15/28

.....

11,274

10,904

1657975.PS.FTS.B

,

13

.05

%

,

11/08/34

....

18

6

1679401.PS.FTS.B

,

18

.11

%

,

12/24/34

....

288

–

1683619.PS.FTS.B

,

12

.33

%

,

12/30/34

...

4,212

4,223

1701024.PS.FTS.B

,

15

.1

%

,

1/12/35

.....

1,518

333

1689317.PS.FTS.B

,

13

.4

%

,

1/14/35

.....

883

572

1689350.PS.FTS.B

,

14

.89

%

,

1/14/35

....

169

150

1695730.PS.FTS.B

,

16

.6

%

,

1/14/35

.....

340

342

1706154.PS.FTS.B

,

15

.29

%

,

1/20/35

....

20

18

1695325.PS.FTS.B

,

18

.09

%

,

1/20/35

....

29

26

1695349.PS.FTS.B

,

14

.39

%

,

1/25/35

....

550

562

1706943.PS.FTS.B

,

17

.7

%

,

2/01/35

.....

748

754

1693775.PS.FTS.B

,

22

.6

%

,

2/01/35

.....

261

264

1702146.PS.FTS.B

,

13

.2

%

,

2/09/35

.....

306

263

1708013.PS.FTS.B

,

11

.7

%

,

2/15/35

.....

226

226

1708001.PS.FTS.B

,

11

.89

%

,

2/15/35

....

323

324

1721856.PS.FTS.B

,

14

.6

%

,

2/15/35

.....

384

386

1720959.PS.FTS.B

,

16

.6

%

,

2/15/35

.....

341

343

1720995.PS.FTS.B

,

25

.4

%

,

2/15/35

.....

150

151

1721859.PS.FTS.B

,

15

.4

%

,

2/17/35

.....

537

539

1712990.PS.FTS.B

,

17

%

,

2/23/35

.......

189

191

1720297.PS.FTS.B

,

18

.6

%

,

2/23/35

.....

1,340

–

1721877.PS.FTS.B

,

14

.39

%

,

2/28/35

....

691

692

1720956.PS.FTS.B

,

15

.1

%

,

2/28/35

.....

987

990

665,103

Upgrade,

Inc.

-

Card

991803191.UG.FTS.B

,

29

.49

%

,

3/12/25

..

22

23

991806983.UG.FTS.B

,

19

.8

%

,

4/13/25

...

16

17

991833396.UG.FTS.B

,

29

.49

%

,

4/15/25

..

131

1

991941107.UG.FTS.B

,

17

.99

%

,

5/12/25

..

53

53

991818026.UG.FTS.B

,

28

.98

%

,

6/15/25

..

27

24

991816717.UG.FTS.B

,

29

.49

%

,

6/15/25

..

75

78

991785806.UG.FTS.B

,

20

.46

%

,

7/12/25

..

87

30

991803612.UG.FTS.B

,

29

.49

%

,

8/15/25

..

39

3

991763663.UG.FTS.B

,

16

.99

%

,

9/13/25

..

110

40

991774883.UG.FTS.B

,

16

.99

%

,

10/15/25

.

447

3

991808149.UG.FTS.B

,

29

.49

%

,

10/15/25

.

43

45

991854422.UG.FTS.B

,

29

.49

%

,

10/17/25

.

261

270

991820840.UG.FTS.B

,

29

.49

%

,

11/13/25

.

92

14

991835626.UG.FTS.B

,

28

.98

%

,

4/15/26

..

148

152

991811876.UG.FTS.B

,

28

.98

%

,

5/12/26

..

5

5

991819588.UG.FTS.B

,

29

.49

%

,

12/12/29

.

52

32

991740852.UG.FTS.B

,

15

.97

%

,

2/08/30

..

5

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991733275.UG.FTS.B

,

14

.98

%

,

2/10/30

..

$

14

$

14

991776139.UG.FTS.B

,

15

.97

%

,

2/10/30

..

10

10

991839233.UG.FTS.B

,

15

.97

%

,

2/10/30

..

4

4

991758232.UG.FTS.B

,

16

.99

%

,

2/10/30

..

14

14

991771576.UG.FTS.B

,

16

.99

%

,

2/10/30

..

16

16

991802234.UG.FTS.B

,

17

.99

%

,

2/10/30

..

179

179

991761364.UG.FTS.B

,

28

.98

%

,

2/10/30

..

4

4

991827179.UG.FTS.B

,

28

.98

%

,

2/10/30

..

24

12

991740362.UG.FTS.B

,

16

.99

%

,

2/11/30

..

53

53

991747996.UG.FTS.B

,

16

.99

%

,

2/11/30

..

17

17

991755840.UG.FTS.B

,

16

.99

%

,

2/11/30

..

9

9

991851331.UG.FTS.B

,

28

.98

%

,

2/11/30

..

53

54

991745632.UG.FTS.B

,

29

.49

%

,

2/11/30

..

5

5

991815191.UG.FTS.B

,

29

.49

%

,

2/11/30

..

1

1

991815738.UG.FTS.B

,

29

.49

%

,

2/11/30

..

1

1

991829840.UG.FTS.B

,

29

.49

%

,

2/11/30

..

9

9

991898060.UG.FTS.B

,

15

.97

%

,

2/12/30

..

6

7

991807436.UG.FTS.B

,

17

.99

%

,

2/12/30

..

14

14

991872148.UG.FTS.B

,

18

.97

%

,

2/12/30

..

766

66

991840163.UG.FTS.B

,

19

.8

%

,

2/12/30

...

7

7

991760875.UG.FTS.B

,

19

.99

%

,

2/12/30

..

8

5

991826760.UG.FTS.B

,

19

.99

%

,

2/12/30

..

4

4

991752839.UG.FTS.B

,

20

.46

%

,

2/12/30

..

1

1

991863804.UG.FTS.B

,

21

.98

%

,

2/12/30

..

52

52

991820674.UG.FTS.B

,

23

.95

%

,

2/12/30

..

6

6

991753187.UG.FTS.B

,

28

.98

%

,

2/12/30

..

28

17

991801416.UG.FTS.B

,

28

.98

%

,

2/12/30

..

29

29

991804110.UG.FTS.B

,

28

.98

%

,

2/12/30

..

7

7

991832753.UG.FTS.B

,

28

.98

%

,

2/12/30

..

83

5

991836990.UG.FTS.B

,

28

.98

%

,

2/12/30

..

4

4

991838703.UG.FTS.B

,

28

.98

%

,

2/12/30

..

3

3

991843868.UG.FTS.B

,

28

.98

%

,

2/12/30

..

7

7

991753952.UG.FTS.B

,

29

.49

%

,

2/12/30

..

19

19

991762228.UG.FTS.B

,

29

.49

%

,

2/12/30

..

31

–

991790482.UG.FTS.B

,

29

.49

%

,

2/12/30

..

10

10

991798251.UG.FTS.B

,

29

.49

%

,

2/12/30

..

13

13

991806948.UG.FTS.B

,

29

.49

%

,

2/12/30

..

5

5

991828550.UG.FTS.B

,

29

.49

%

,

2/12/30

..

11

11

991837472.UG.FTS.B

,

29

.49

%

,

2/12/30

..

13

6

991846043.UG.FTS.B

,

29

.49

%

,

2/12/30

..

33

2

991849938.UG.FTS.B

,

29

.49

%

,

2/12/30

..

6

6

991853347.UG.FTS.B

,

29

.49

%

,

2/12/30

..

80

81

991854668.UG.FTS.B

,

29

.49

%

,

2/12/30

..

479

–

991838768.UG.FTS.B

,

15

%

,

2/13/30

.....

11

11

991900934.UG.FTS.B

,

15

.97

%

,

2/13/30

..

9

9

991995168.UG.FTS.B

,

15

.97

%

,

2/13/30

..

5

5

991789526.UG.FTS.B

,

16

.99

%

,

2/13/30

..

27

27

991964092.UG.FTS.B

,

16

.99

%

,

2/13/30

..

54

55

991764232.UG.FTS.B

,

17

.99

%

,

2/13/30

..

6

6

991770734.UG.FTS.B

,

17

.99

%

,

2/13/30

..

7

7

991860430.UG.FTS.B

,

18

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%

,

2/13/30

..

1

1

991888359.UG.FTS.B

,

19

.21

%

,

2/13/30

..

5

2

991994001.UG.FTS.B

,

19

.21

%

,

2/13/30

..

25

25

991815843.UG.FTS.B

,

19

.99

%

,

2/13/30

..

51

21

991834564.UG.FTS.B

,

19

.99

%

,

2/13/30

..

286

45

991835719.UG.FTS.B

,

20

.46

%

,

2/13/30

..

122

122

991826312.UG.FTS.B

,

21

.46

%

,

2/13/30

..

33

33

991867322.UG.FTS.B

,

21

.46

%

,

2/13/30

..

67

5

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991838484.UG.FTS.B

,

21

.98

%

,

2/13/30

..

$

15

$

15

991884233.UG.FTS.B

,

21

.98

%

,

2/13/30

..

9

5

991817461.UG.FTS.B

,

27

.99

%

,

2/13/30

..

22

22

991773511.UG.FTS.B

,

28

.98

%

,

2/13/30

..

6

6

991777156.UG.FTS.B

,

28

.98

%

,

2/13/30

..

61

61

991795226.UG.FTS.B

,

28

.98

%

,

2/13/30

..

9

9

991804663.UG.FTS.B

,

28

.98

%

,

2/13/30

..

7

7

991805844.UG.FTS.B

,

28

.98

%

,

2/13/30

..

48

27

991808486.UG.FTS.B

,

28

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%

,

2/13/30

..

7

7

991809700.UG.FTS.B

,

28

.98

%

,

2/13/30

..

32

32

991817771.UG.FTS.B

,

28

.98

%

,

2/13/30

..

5

5

991822597.UG.FTS.B

,

28

.98

%

,

2/13/30

..

11

11

991832349.UG.FTS.B

,

28

.98

%

,

2/13/30

..

7

7

991845546.UG.FTS.B

,

28

.98

%

,

2/13/30

..

7

7

991762706.UG.FTS.B

,

29

.49

%

,

2/13/30

..

2

2

991794448.UG.FTS.B

,

29

.49

%

,

2/13/30

..

5

5

991803467.UG.FTS.B

,

29

.49

%

,

2/13/30

..

14

14

991816392.UG.FTS.B

,

29

.49

%

,

2/13/30

..

5

5

991820548.UG.FTS.B

,

29

.49

%

,

2/13/30

..

4

4

991767560.UG.FTS.B

,

17

.99

%

,

2/14/30

..

4

4

991775466.UG.FTS.B

,

17

.99

%

,

2/14/30

..

5

5

991813569.UG.FTS.B

,

17

.99

%

,

2/14/30

..

25

25

991830188.UG.FTS.B

,

18

.97

%

,

2/14/30

..

81

40

991842185.UG.FTS.B

,

19

.99

%

,

2/14/30

..

4

4

991825048.UG.FTS.B

,

20

.97

%

,

2/14/30

..

5

5

991889627.UG.FTS.B

,

21

.46

%

,

2/14/30

..

27

4

991814585.UG.FTS.B

,

28

.98

%

,

2/14/30

..

33

33

991818104.UG.FTS.B

,

28

.98

%

,

2/14/30

..

2

2

991820882.UG.FTS.B

,

28

.98

%

,

2/14/30

..

29

29

991824915.UG.FTS.B

,

28

.98

%

,

2/14/30

..

20

1

991835570.UG.FTS.B

,

28

.98

%

,

2/14/30

..

8

8

991835935.UG.FTS.B

,

28

.98

%

,

2/14/30

..

17

17

991841496.UG.FTS.B

,

28

.98

%

,

2/14/30

..

4

4

991803107.UG.FTS.B

,

29

.49

%

,

2/14/30

..

5

5

991808473.UG.FTS.B

,

29

.49

%

,

2/14/30

..

64

64

991811373.UG.FTS.B

,

29

.49

%

,

2/14/30

..

29

29

991815619.UG.FTS.B

,

29

.49

%

,

2/14/30

..

2

2

991832343.UG.FTS.B

,

29

.49

%

,

2/14/30

..

14

1

991834001.UG.FTS.B

,

29

.49

%

,

2/14/30

..

4

4

991842038.UG.FTS.B

,

29

.49

%

,

2/14/30

..

7

7

991843173.UG.FTS.B

,

29

.49

%

,

2/14/30

..

1

1

991843756.UG.FTS.B

,

29

.49

%

,

2/14/30

..

400

25

991847323.UG.FTS.B

,

29

.49

%

,

2/14/30

..

5

5

991789128.UG.FTS.B

,

15

%

,

2/15/30

.....

41

42

991851600.UG.FTS.B

,

15

.97

%

,

2/15/30

..

14

14

991781788.UG.FTS.B

,

15

.99

%

,

2/15/30

..

17

17

991885852.UG.FTS.B

,

16

.99

%

,

2/15/30

..

5

5

991967241.UG.FTS.B

,

16

.99

%

,

2/15/30

..

8

8

991784876.UG.FTS.B

,

17

.99

%

,

2/15/30

..

26

26

991838452.UG.FTS.B

,

18

.97

%

,

2/15/30

..

29

29

991860520.UG.FTS.B

,

19

.21

%

,

2/15/30

..

309

22

991784969.UG.FTS.B

,

19

.99

%

,

2/15/30

..

53

53

991802931.UG.FTS.B

,

19

.99

%

,

2/15/30

..

6

6

991829098.UG.FTS.B

,

19

.99

%

,

2/15/30

..

21

21

991946872.UG.FTS.B

,

23

.95

%

,

2/15/30

..

18

18

991807279.UG.FTS.B

,

27

.99

%

,

2/15/30

..

26

2

991779814.UG.FTS.B

,

28

.98

%

,

2/15/30

..

25

25

991808277.UG.FTS.B

,

28

.98

%

,

2/15/30

..

16

16

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991808466.UG.FTS.B

,

28

.98

%

,

2/15/30

..

$

7

$

7

991808666.UG.FTS.B

,

28

.98

%

,

2/15/30

..

7

7

991811774.UG.FTS.B

,

28

.98

%

,

2/15/30

..

6

6

991817978.UG.FTS.B

,

28

.98

%

,

2/15/30

..

41

42

991825566.UG.FTS.B

,

28

.98

%

,

2/15/30

..

11

5

991844759.UG.FTS.B

,

28

.98

%

,

2/15/30

..

14

14

991852017.UG.FTS.B

,

28

.98

%

,

2/15/30

..

10

10

991778437.UG.FTS.B

,

29

.49

%

,

2/15/30

..

10

10

991804151.UG.FTS.B

,

29

.49

%

,

2/15/30

..

7

4

991808493.UG.FTS.B

,

29

.49

%

,

2/15/30

..

4

4

991816017.UG.FTS.B

,

29

.49

%

,

2/15/30

..

5

6

991825651.UG.FTS.B

,

29

.49

%

,

2/15/30

..

27

27

991825953.UG.FTS.B

,

29

.49

%

,

2/15/30

..

4

4

991830568.UG.FTS.B

,

29

.49

%

,

2/15/30

..

11

11

991834132.UG.FTS.B

,

29

.49

%

,

2/15/30

..

7

7

991849202.UG.FTS.B

,

29

.49

%

,

2/15/30

..

80

3

991851480.UG.FTS.B

,

29

.49

%

,

2/15/30

..

125

–

991797926.UG.FTS.B

,

14

.98

%

,

2/16/30

..

6

6

991801116.UG.FTS.B

,

15

%

,

2/16/30

.....

54

54

991787407.UG.FTS.B

,

16

.99

%

,

2/16/30

..

123

125

991854632.UG.FTS.B

,

16

.99

%

,

2/16/30

..

103

7

991929151.UG.FTS.B

,

16

.99

%

,

2/16/30

..

1

1

991937144.UG.FTS.B

,

16

.99

%

,

2/16/30

..

100

101

991868894.UG.FTS.B

,

17

.99

%

,

2/16/30

..

13

13

991921494.UG.FTS.B

,

17

.99

%

,

2/16/30

..

212

212

991793801.UG.FTS.B

,

28

.98

%

,

2/17/30

..

10

1

991806681.UG.FTS.B

,

28

.98

%

,

2/17/30

..

39

39

991806949.UG.FTS.B

,

29

.49

%

,

2/17/30

..

3

3

991830438.UG.FTS.B

,

29

.49

%

,

2/17/30

..

10

10

992008864.UG.FTS.B

,

29

.49

%

,

2/17/30

..

8

8

3,584

Upstart

Network,

Inc.

L1888732.UP.FTS.B

,

18

.47

%

,

3/20/25

....

629

315

L2949006.UP.FTS.B

,

7

.34

%

,

4/14/25

....

681

674

L2949710.UP.FTS.B

,

9

.46

%

,

4/14/25

....

835

824

L2950058.UP.FTS.B

,

9

.46

%

,

4/14/25

....

202

199

FW2950661.UP.FTS.B

,

9

.55

%

,

4/14/25

...

328

324

L2949385.UP.FTS.B

,

11

.88

%

,

4/14/25

....

1,047

1,035

L2951900.UP.FTS.B

,

12

.02

%

,

4/14/25

....

683

673

L2950678.UP.FTS.B

,

12

.4

%

,

4/14/25

....

205

202

L2951520.UP.FTS.B

,

13

.5

%

,

4/14/25

....

399

393

L2949379.UP.FTS.B

,

14

.06

%

,

4/14/25

....

133

132

L2950382.UP.FTS.B

,

15

.7

%

,

4/14/25

....

100

99

L2951331.UP.FTS.B

,

16

.4

%

,

4/14/25

....

37

36

L2951781.UP.FTS.B

,

16

.49

%

,

4/14/25

....

417

412

L2950169.UP.FTS.B

,

16

.64

%

,

4/14/25

....

2,080

2,052

L2951079.UP.FTS.B

,

23

.91

%

,

4/14/25

....

436

430

FW2950219.UP.FTS.B

,

25

.83

%

,

4/14/25

..

263

260

L2047834.UP.FTS.B

,

9

.02

%

,

4/15/25

....

244

241

L2294127.UP.FTS.B

,

16

.18

%

,

5/21/25

....

854

743

FW2298854.UP.FTS.B

,

8

.03

%

,

5/22/25

...

115

114

L2298269.UP.FTS.B

,

8

.91

%

,

5/22/25

....

5,614

408

FW2296618.UP.FTS.B

,

19

.77

%

,

5/22/25

..

88

87

L2294977.UP.FTS.B

,

13

.32

%

,

5/27/25

....

1,266

276

L2299568.UP.FTS.B

,

21

.13

%

,

6/06/25

....

2,301

2,274

L2394315.UP.FTS.B

,

7

.03

%

,

6/13/25

....

542

535

L2406128.UP.FTS.B

,

11

.74

%

,

6/18/25

....

283

252

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2603194.UP.FTS.B

,

9

.76

%

,

7/10/25

...

$

750

$

736

L2602759.UP.FTS.B

,

17

.08

%

,

7/10/25

....

2,200

2,165

FW2607955.UP.FTS.B

,

23

.75

%

,

7/10/25

..

764

751

L2616546.UP.FTS.B

,

9

.84

%

,

7/14/25

....

2,301

1,825

L1716921.UP.FTS.B

,

23

.03

%

,

7/15/25

....

713

704

FW2951887.UP.FTS.B

,

13

.49

%

,

9/14/25

..

430

156

L2951348.UP.FTS.B

,

13

.94

%

,

9/14/25

....

553

543

FW2951735.UP.FTS.B

,

15

.61

%

,

9/14/25

..

1,926

395

L2048994.UP.FTS.B

,

24

.16

%

,

9/15/25

....

544

536

FW2951691.UP.FTS.B

,

20

.36

%

,

9/28/25

..

1,558

603

L2297395.UP.FTS.B

,

17

.85

%

,

10/22/25

...

1,044

1,031

L2437139.UP.FTS.B

,

5

.87

%

,

11/18/25

....

260

205

L2439081.UP.FTS.B

,

9

.27

%

,

11/27/25

....

1,765

1,738

FW2428997.UP.FTS.B

,

8

.05

%

,

11/28/25

..

1,007

198

L1714660.UP.FTS.B

,

8

.12

%

,

9/15/26

....

12,986

12,659

L1717453.UP.FTS.B

,

9

.3

%

,

9/15/26

.....

19,292

18,807

L1712309.UP.FTS.B

,

10

.63

%

,

9/15/26

....

1,574

1,540

L1716286.UP.FTS.B

,

13

.58

%

,

9/15/26

....

6,157

6,029

L1718329.UP.FTS.B

,

15

.98

%

,

9/15/26

....

2,064

150

L1714475.UP.FTS.B

,

16

.18

%

,

9/15/26

....

2,555

1,949

L1716175.UP.FTS.B

,

19

.72

%

,

9/15/26

....

4,457

4,378

L1714787.UP.FTS.B

,

19

.9

%

,

9/15/26

....

762

747

L1716305.UP.FTS.B

,

19

.95

%

,

9/15/26

....

2,172

2,133

L1713636.UP.FTS.B

,

22

.84

%

,

9/15/26

....

1,877

1,843

L1717659.UP.FTS.B

,

24

.51

%

,

9/15/26

....

1,426

1,401

L1716148.UP.FTS.B

,

25

%

,

9/15/26

......

681

48

L1714798.UP.FTS.B

,

25

.5

%

,

9/15/26

....

2,442

2,400

L1717974.UP.FTS.B

,

25

.5

%

,

9/15/26

....

1,341

1,318

L1715574.UP.FTS.B

,

25

.72

%

,

9/15/26

....

3,263

3,208

L1713640.UP.FTS.B

,

26

.25

%

,

9/15/26

....

2,038

2,004

L1705442.UP.FTS.B

,

26

.69

%

,

9/15/26

....

3,402

3,345

FW1718296.UP.FTS.B

,

26

.73

%

,

9/15/26

..

3,511

3,451

FW1714502.UP.FTS.B

,

28

.45

%

,

9/15/26

..

4,727

34

FW1718304.UP.FTS.B

,

30

.56

%

,

9/15/26

..

1,419

1,398

FW1708223.UP.FTS.B

,

31

.43

%

,

9/15/26

..

1,947

1,918

FW1712750.UP.FTS.B

,

31

.43

%

,

9/15/26

..

11,199

799

FW1718952.UP.FTS.B

,

31

.98

%

,

9/15/26

..

4,014

3,955

FW1718497.UP.FTS.B

,

32

.01

%

,

9/15/26

..

1,184

1,167

FW1886121.UP.FTS.B

,

7

.36

%

,

10/20/26

..

1,568

1,516

L1888552.UP.FTS.B

,

7

.94

%

,

10/20/26

....

11,878

11,576

L1888883.UP.FTS.B

,

8

.11

%

,

10/20/26

....

5,079

4,950

L1882812.UP.FTS.B

,

8

.28

%

,

10/20/26

....

11,937

11,636

FW1885766.UP.FTS.B

,

12

.47

%

,

10/20/26

.

13,467

13,183

L1885346.UP.FTS.B

,

12

.58

%

,

10/20/26

...

1,247

1,221

L1885846.UP.FTS.B

,

13

.96

%

,

10/20/26

...

10,777

10,551

L1883791.UP.FTS.B

,

16

%

,

10/20/26

.....

5,098

3,341

L1887062.UP.FTS.B

,

16

.6

%

,

10/20/26

....

2,218

2,180

FW1887343.UP.FTS.B

,

17

.02

%

,

10/20/26

.

867

857

L1882034.UP.FTS.B

,

17

.06

%

,

10/20/26

...

2,252

2,212

FW1886267.UP.FTS.B

,

17

.53

%

,

10/20/26

.

4,702

4,619

L1884411.UP.FTS.B

,

17

.65

%

,

10/20/26

...

3,465

252

FW1885177.UP.FTS.B

,

19

.83

%

,

10/20/26

.

2,793

2,743

L1888979.UP.FTS.B

,

20

.2

%

,

10/20/26

....

8,421

8,272

L1886466.UP.FTS.B

,

20

.85

%

,

10/20/26

...

6,536

6,424

L1889370.UP.FTS.B

,

21

.62

%

,

10/20/26

...

4,762

4,682

L1887570.UP.FTS.B

,

22

.24

%

,

10/20/26

...

1,535

1,509

L1887186.UP.FTS.B

,

23

.15

%

,

10/20/26

...

970

954

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1888999.UP.FTS.B

,

23

.52

%

,

10/20/26

.

$

2,226

$

2,191

L1886386.UP.FTS.B

,

23

.7

%

,

10/20/26

....

2,343

2,306

L1882558.UP.FTS.B

,

25

.08

%

,

10/20/26

...

796

784

FW1887450.UP.FTS.B

,

25

.16

%

,

10/20/26

.

7,432

7,319

FW1885417.UP.FTS.B

,

25

.25

%

,

10/20/26

.

2,485

2,447

L1888117.UP.FTS.B

,

25

.32

%

,

10/20/26

...

2,040

2,009

L1865153.UP.FTS.B

,

25

.42

%

,

10/20/26

...

3,634

3,578

L1888296.UP.FTS.B

,

25

.48

%

,

10/20/26

...

4,534

3,048

L1885428.UP.FTS.B

,

25

.94

%

,

10/20/26

...

7,161

7,053

L1862311.UP.FTS.B

,

26

.09

%

,

10/20/26

...

4,019

3,959

FW1886962.UP.FTS.B

,

27

.78

%

,

10/20/26

.

5,113

5,040

FW1885184.UP.FTS.B

,

29

.51

%

,

10/20/26

.

6,985

6,890

FW1884150.UP.FTS.B

,

30

.85

%

,

10/20/26

.

514

439

FW1886189.UP.FTS.B

,

30

.94

%

,

10/20/26

.

1,858

1,834

FW1888248.UP.FTS.B

,

31

.19

%

,

10/20/26

.

5,436

5,362

FW1888517.UP.FTS.B

,

31

.21

%

,

10/20/26

.

1,062

1,048

FW1886674.UP.FTS.B

,

31

.35

%

,

10/20/26

.

2,394

2,362

FW1888130.UP.FTS.B

,

31

.35

%

,

10/20/26

.

691

683

L2047884.UP.FTS.B

,

7

.92

%

,

11/15/26

....

6,076

5,923

L2049043.UP.FTS.B

,

8

.02

%

,

11/15/26

....

6,994

6,811

L2048411.UP.FTS.B

,

8

.56

%

,

11/15/26

....

1,653

1,610

L2047237.UP.FTS.B

,

9

.32

%

,

11/15/26

....

2,949

2,872

FW2046704.UP.FTS.B

,

9

.53

%

,

11/15/26

..

6,339

6,175

L2048415.UP.FTS.B

,

9

.54

%

,

11/15/26

....

6,758

6,583

L2039266.UP.FTS.B

,

10

.56

%

,

11/15/26

...

1,400

1,372

L2047893.UP.FTS.B

,

10

.71

%

,

11/15/26

...

2,146

2,096

L2047021.UP.FTS.B

,

10

.99

%

,

11/15/26

...

16,044

15,672

L2047288.UP.FTS.B

,

11

.81

%

,

11/15/26

...

567

553

FW2047068.UP.FTS.B

,

12

.14

%

,

11/15/26

.

452

442

L2048156.UP.FTS.B

,

13

.55

%

,

11/15/26

...

3,039

1,919

L2046597.UP.FTS.B

,

14

.02

%

,

11/15/26

...

8,981

8,781

L2047243.UP.FTS.B

,

14

.23

%

,

11/15/26

...

8,108

7,928

FW2047393.UP.FTS.B

,

14

.85

%

,

11/15/26

.

4,539

4,479

FW2049034.UP.FTS.B

,

15

.15

%

,

11/15/26

.

2,923

2,885

L2048596.UP.FTS.B

,

15

.55

%

,

11/15/26

...

2,734

2,674

L2048855.UP.FTS.B

,

15

.99

%

,

11/15/26

...

4,230

4,175

FW2047282.UP.FTS.B

,

16

.13

%

,

11/15/26

.

1,024

1,007

L2045526.UP.FTS.B

,

16

.56

%

,

11/15/26

...

11,359

833

L2048386.UP.FTS.B

,

16

.67

%

,

11/15/26

...

4,752

4,690

L2046948.UP.FTS.B

,

17

.39

%

,

11/15/26

...

7,325

4,742

L2046932.UP.FTS.B

,

17

.96

%

,

11/15/26

...

9,422

9,223

L2049268.UP.FTS.B

,

19

.7

%

,

11/15/26

....

3,378

3,313

L2047722.UP.FTS.B

,

19

.71

%

,

11/15/26

...

4,771

4,714

L2049153.UP.FTS.B

,

19

.94

%

,

11/15/26

...

4,840

4,742

FW2047226.UP.FTS.B

,

20

.73

%

,

11/15/26

.

2,444

2,397

L2047279.UP.FTS.B

,

20

.87

%

,

11/15/26

...

4,405

4,317

L2047474.UP.FTS.B

,

21

.16

%

,

11/15/26

...

6,105

4,041

L2048606.UP.FTS.B

,

21

.48

%

,

11/15/26

...

4,993

4,894

L2047175.UP.FTS.B

,

21

.59

%

,

11/15/26

...

601

589

L2047532.UP.FTS.B

,

21

.84

%

,

11/15/26

...

2,475

2,427

L2047358.UP.FTS.B

,

21

.89

%

,

11/15/26

...

2,476

2,428

L2047197.UP.FTS.B

,

21

.93

%

,

11/15/26

...

5,402

5,301

FW2047187.UP.FTS.B

,

22

.1

%

,

11/15/26

..

7,943

7,789

FW2049063.UP.FTS.B

,

22

.49

%

,

11/15/26

.

13,975

13,715

FW2047777.UP.FTS.B

,

22

.57

%

,

11/15/26

.

1,918

291

L2047210.UP.FTS.B

,

23

.31

%

,

11/15/26

...

4,694

3,113

L2048190.UP.FTS.B

,

23

.66

%

,

11/15/26

...

6,604

6,479

L2046912.UP.FTS.B

,

23

.87

%

,

11/15/26

...

1,885

280

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2048336.UP.FTS.B

,

24

.12

%

,

11/15/26

...

$

2,064

$

2,026

FW2034466.UP.FTS.B

,

24

.37

%

,

11/15/26

.

1,427

1,401

L2047240.UP.FTS.B

,

24

.44

%

,

11/15/26

...

3,041

2,985

L2047586.UP.FTS.B

,

24

.7

%

,

11/15/26

....

1,177

1,155

L2019591.UP.FTS.B

,

24

.92

%

,

11/15/26

...

4,670

4,584

L2047674.UP.FTS.B

,

25

.3

%

,

11/15/26

....

2,445

177

L2048978.UP.FTS.B

,

25

.37

%

,

11/15/26

...

5,153

5,060

L2049419.UP.FTS.B

,

25

.38

%

,

11/15/26

...

522

513

L2048909.UP.FTS.B

,

25

.5

%

,

11/15/26

....

1,342

1,318

L2043947.UP.FTS.B

,

25

.57

%

,

11/15/26

...

1,239

1,217

FW2027220.UP.FTS.B

,

25

.94

%

,

11/15/26

.

882

866

FW2047100.UP.FTS.B

,

26

.77

%

,

11/15/26

.

1,570

1,543

FW2045584.UP.FTS.B

,

27

.07

%

,

11/15/26

.

3,118

3,063

FW2047988.UP.FTS.B

,

29

.5

%

,

11/15/26

..

4,417

4,343

FW2047468.UP.FTS.B

,

30

.8

%

,

11/15/26

..

868

854

FW2049349.UP.FTS.B

,

30

.81

%

,

11/15/26

.

874

860

FW2049409.UP.FTS.B

,

31

.09

%

,

11/15/26

.

5,611

5,521

FW1979816.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,550

1,525

FW2048800.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,683

1,656

FW2048749.UP.FTS.B

,

31

.13

%

,

11/15/26

.

1,401

1,379

FW2047818.UP.FTS.B

,

31

.21

%

,

11/15/26

.

2,089

149

FW2047594.UP.FTS.B

,

31

.24

%

,

11/15/26

.

746

734

FW2048610.UP.FTS.B

,

31

.92

%

,

11/15/26

.

3,591

3,535

FW2096102.UP.FTS.B

,

7

.51

%

,

11/22/26

..

3,475

3,385

L2094764.UP.FTS.B

,

11

.93

%

,

11/22/26

...

1,252

1,226

FW2094906.UP.FTS.B

,

12

.24

%

,

11/22/26

.

1,183

1,157

FW2083090.UP.FTS.B

,

12

.64

%

,

11/22/26

.

410

401

L2094888.UP.FTS.B

,

12

.99

%

,

11/22/26

...

665

650

L2095193.UP.FTS.B

,

13

.04

%

,

11/22/26

...

3,625

224

L2094766.UP.FTS.B

,

16

.38

%

,

11/22/26

...

1,853

1,833

FW2095326.UP.FTS.B

,

16

.9

%

,

11/22/26

..

2,331

2,306

L2095105.UP.FTS.B

,

17

.31

%

,

11/22/26

...

10,472

6,754

FW2094890.UP.FTS.B

,

17

.34

%

,

11/22/26

.

7,030

6,956

FW2096292.UP.FTS.B

,

18

.39

%

,

11/22/26

.

4,083

4,013

L2094851.UP.FTS.B

,

18

.61

%

,

11/22/26

...

21,792

21,570

FW2096280.UP.FTS.B

,

19

.26

%

,

11/22/26

.

4,732

4,650

L2096899.UP.FTS.B

,

19

.33

%

,

11/22/26

...

7,534

7,405

L2096144.UP.FTS.B

,

19

.54

%

,

11/22/26

...

7,154

7,033

L2095820.UP.FTS.B

,

19

.69

%

,

11/22/26

...

5,218

5,130

FW2094159.UP.FTS.B

,

20

.44

%

,

11/22/26

.

4,576

4,500

L2095646.UP.FTS.B

,

21

.32

%

,

11/22/26

...

712

705

L2096760.UP.FTS.B

,

21

.84

%

,

11/22/26

...

5,445

5,357

L2094894.UP.FTS.B

,

22

.2

%

,

11/22/26

....

610

604

FW2095395.UP.FTS.B

,

22

.89

%

,

11/22/26

.

941

617

FW2096115.UP.FTS.B

,

23

.24

%

,

11/22/26

.

1,610

1,585

L2094789.UP.FTS.B

,

24

.85

%

,

11/22/26

...

10,150

9,999

L2094312.UP.FTS.B

,

25

.16

%

,

11/22/26

...

15,523

15,294

L2096356.UP.FTS.B

,

25

.27

%

,

11/22/26

...

515

507

L2093956.UP.FTS.B

,

25

.33

%

,

11/22/26

...

2,040

72

FW2095277.UP.FTS.B

,

25

.75

%

,

11/22/26

.

7,763

7,651

L2094270.UP.FTS.B

,

25

.87

%

,

11/22/26

...

1,658

1,635

FW2096631.UP.FTS.B

,

26

.76

%

,

11/22/26

.

2,074

2,045

FW2095637.UP.FTS.B

,

26

.8

%

,

11/22/26

..

1,987

1,959

FW2094585.UP.FTS.B

,

27

.16

%

,

11/22/26

.

2,825

1,876

L2096054.UP.FTS.B

,

27

.38

%

,

11/22/26

...

1,799

1,205

L2096384.UP.FTS.B

,

27

.83

%

,

11/22/26

...

4,870

4,804

FW2096342.UP.FTS.B

,

28

.48

%

,

11/22/26

.

2,782

1,866

FW2094402.UP.FTS.B

,

28

.65

%

,

11/22/26

.

2,204

158

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2096376.UP.FTS.B

,

29

.09

%

,

11/22/26

.

$

2,974

$

2,935

FW2096279.UP.FTS.B

,

30

.8

%

,

11/22/26

..

655

647

FW2094660.UP.FTS.B

,

31

.22

%

,

11/22/26

.

5,913

5,840

FW2096663.UP.FTS.B

,

31

.48

%

,

11/22/26

.

2,758

2,724

FW2089645.UP.FTS.B

,

31

.75

%

,

11/22/26

.

5,239

5,140

L2096773.UP.FTS.B

,

24

.83

%

,

12/03/26

...

1,439

1,418

L2096134.UP.FTS.B

,

22

.43

%

,

12/06/26

...

3,392

3,334

FW2024402.UP.FTS.B

,

24

.5

%

,

12/06/26

..

6,404

6,306

FW2295931.UP.FTS.B

,

5

.9

%

,

12/21/26

...

6,291

6,070

FW2293082.UP.FTS.B

,

6

.16

%

,

12/21/26

..

1,838

1,776

FW2293764.UP.FTS.B

,

6

.23

%

,

12/21/26

..

9,660

5,847

FW2293501.UP.FTS.B

,

7

.39

%

,

12/21/26

..

3,162

3,078

L2292686.UP.FTS.B

,

7

.74

%

,

12/21/26

....

1,290

1,256

L2295697.UP.FTS.B

,

8

.34

%

,

12/21/26

....

394

385

L2295880.UP.FTS.B

,

8

.72

%

,

12/21/26

....

1,306

1,272

L2295310.UP.FTS.B

,

9

.3

%

,

12/21/26

....

3,306

3,224

L2294640.UP.FTS.B

,

9

.73

%

,

12/21/26

....

1,233

1,206

L2294345.UP.FTS.B

,

12

.41

%

,

12/21/26

...

3,889

3,799

L2288385.UP.FTS.B

,

12

.86

%

,

12/21/26

...

2,302

2,250

L2294220.UP.FTS.B

,

13

.69

%

,

12/21/26

...

2,792

2,729

L2294373.UP.FTS.B

,

13

.7

%

,

12/21/26

....

2,465

2,411

L2294790.UP.FTS.B

,

13

.78

%

,

12/21/26

...

2,826

2,765

FW2293923.UP.FTS.B

,

16

.04

%

,

12/21/26

.

1,232

1,217

L2294540.UP.FTS.B

,

16

.91

%

,

12/21/26

...

772

56

FW2293821.UP.FTS.B

,

17

.3

%

,

12/21/26

..

322

317

L2296049.UP.FTS.B

,

17

.33

%

,

12/21/26

...

2,436

2,407

L2293602.UP.FTS.B

,

17

.68

%

,

12/21/26

...

5,112

5,054

L2295430.UP.FTS.B

,

18

.6

%

,

12/21/26

....

7,596

4,888

L2295608.UP.FTS.B

,

18

.98

%

,

12/21/26

...

4,964

4,875

FW2293617.UP.FTS.B

,

19

.06

%

,

12/21/26

.

3,480

3,442

FW2294886.UP.FTS.B

,

19

.07

%

,

12/21/26

.

974

963

FW2293806.UP.FTS.B

,

19

.41

%

,

12/21/26

.

3,941

3,898

L2296294.UP.FTS.B

,

19

.65

%

,

12/21/26

...

862

130

FW2289691.UP.FTS.B

,

20

.05

%

,

12/21/26

.

2,693

657

L2293347.UP.FTS.B

,

20

.07

%

,

12/21/26

...

15,095

14,829

L2293707.UP.FTS.B

,

21

.03

%

,

12/21/26

...

3,818

3,750

L2295159.UP.FTS.B

,

21

.2

%

,

12/21/26

....

1,683

1,653

L2294842.UP.FTS.B

,

21

.22

%

,

12/21/26

...

2,550

2,506

L2296434.UP.FTS.B

,

21

.52

%

,

12/21/26

...

1,280

1,257

L2296037.UP.FTS.B

,

22

.38

%

,

12/21/26

...

2,507

2,464

L2286942.UP.FTS.B

,

22

.51

%

,

12/21/26

...

1,151

1,132

L2293386.UP.FTS.B

,

22

.55

%

,

12/21/26

...

4,143

4,074

L2294767.UP.FTS.B

,

23

.15

%

,

12/21/26

...

1,366

1,343

FW2295460.UP.FTS.B

,

23

.88

%

,

12/21/26

.

14,691

9,567

L2295515.UP.FTS.B

,

24

.19

%

,

12/21/26

...

8,115

5,382

L2295990.UP.FTS.B

,

24

.34

%

,

12/21/26

...

2,246

2,210

L2293012.UP.FTS.B

,

24

.54

%

,

12/21/26

...

1,589

1,562

L2293989.UP.FTS.B

,

24

.69

%

,

12/21/26

...

1,590

1,565

L2294601.UP.FTS.B

,

24

.7

%

,

12/21/26

....

26,513

26,096

L2246443.UP.FTS.B

,

25

.23

%

,

12/21/26

...

489

482

L2295322.UP.FTS.B

,

25

.28

%

,

12/21/26

...

2,296

2,260

L2294392.UP.FTS.B

,

25

.44

%

,

12/21/26

...

10,340

10,180

L2287500.UP.FTS.B

,

25

.45

%

,

12/21/26

...

3,454

3,400

L2292073.UP.FTS.B

,

25

.46

%

,

12/21/26

...

1,605

1,580

FW2294924.UP.FTS.B

,

28

.38

%

,

12/21/26

.

3,199

3,153

FW2294300.UP.FTS.B

,

29

.67

%

,

12/21/26

.

2,864

1,910

FW2293261.UP.FTS.B

,

30

.26

%

,

12/21/26

.

618

610

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2295156.UP.FTS.B

,

30

.61

%

,

12/21/26

.

$

1,443

$

103

FW2296110.UP.FTS.B

,

30

.89

%

,

12/21/26

.

627

619

FW2294105.UP.FTS.B

,

30

.94

%

,

12/21/26

.

7,094

6,997

FW2295248.UP.FTS.B

,

30

.94

%

,

12/21/26

.

2,192

2,164

FW2293727.UP.FTS.B

,

31

.05

%

,

12/21/26

.

832

821

FW2293310.UP.FTS.B

,

31

.11

%

,

12/21/26

.

1,021

1,007

FW2295496.UP.FTS.B

,

31

.18

%

,

12/21/26

.

1,535

1,515

FW2293684.UP.FTS.B

,

31

.29

%

,

12/21/26

.

1,704

1,682

L2300162.UP.FTS.B

,

5

.78

%

,

12/22/26

....

627

605

L2298149.UP.FTS.B

,

5

.81

%

,

12/22/26

....

19,647

18,957

L2298867.UP.FTS.B

,

6

.47

%

,

12/22/26

....

6,374

3,862

L2298677.UP.FTS.B

,

6

.71

%

,

12/22/26

....

1,544

936

FW2298647.UP.FTS.B

,

6

.85

%

,

12/22/26

..

21,205

20,465

L2296512.UP.FTS.B

,

6

.86

%

,

12/22/26

....

12,728

12,287

FW2299026.UP.FTS.B

,

7

.03

%

,

12/22/26

..

2,127

2,071

L2299006.UP.FTS.B

,

7

.25

%

,

12/22/26

....

6,790

6,613

L2298624.UP.FTS.B

,

7

.52

%

,

12/22/26

....

17,050

1,227

L2300059.UP.FTS.B

,

7

.96

%

,

12/22/26

....

2,144

2,088

FW2297741.UP.FTS.B

,

8

.43

%

,

12/22/26

..

2,602

2,535

L2296751.UP.FTS.B

,

9

.09

%

,

12/22/26

....

2,626

2,559

FW2300319.UP.FTS.B

,

9

.33

%

,

12/22/26

..

1,844

1,798

L2275171.UP.FTS.B

,

9

.45

%

,

12/22/26

....

1,099

1,071

FW2275119.UP.FTS.B

,

10

.09

%

,

12/22/26

.

13,309

12,974

L2261699.UP.FTS.B

,

10

.41

%

,

12/22/26

...

1,782

1,737

L2299578.UP.FTS.B

,

10

.73

%

,

12/22/26

...

1,966

1,922

L2296896.UP.FTS.B

,

10

.8

%

,

12/22/26

....

1,344

1,313

L2296884.UP.FTS.B

,

10

.85

%

,

12/22/26

...

4,483

4,379

L2299162.UP.FTS.B

,

11

.99

%

,

12/22/26

...

6,218

330

L2288091.UP.FTS.B

,

12

.04

%

,

12/22/26

...

4,554

4,450

L2296913.UP.FTS.B

,

12

.48

%

,

12/22/26

...

4,495

4,398

FW2296819.UP.FTS.B

,

12

.8

%

,

12/22/26

..

460

450

L2297301.UP.FTS.B

,

13

.19

%

,

12/22/26

...

2,445

578

L2297394.UP.FTS.B

,

13

.43

%

,

12/22/26

...

1,854

1,814

FW2295002.UP.FTS.B

,

13

.45

%

,

12/22/26

.

789

771

L2297583.UP.FTS.B

,

14

.22

%

,

12/22/26

...

10,384

745

FW2296544.UP.FTS.B

,

14

.31

%

,

12/22/26

.

2,345

2,294

L2296608.UP.FTS.B

,

15

.19

%

,

12/22/26

...

8,012

7,842

L2298101.UP.FTS.B

,

15

.46

%

,

12/22/26

...

1,824

1,802

FW2298689.UP.FTS.B

,

15

.52

%

,

12/22/26

.

8,334

8,236

FW2298989.UP.FTS.B

,

15

.65

%

,

12/22/26

.

3,731

2,390

L2300266.UP.FTS.B

,

15

.81

%

,

12/22/26

...

10,369

10,150

L2297702.UP.FTS.B

,

16

.54

%

,

12/22/26

...

678

671

FW2296844.UP.FTS.B

,

16

.78

%

,

12/22/26

.

1,154

1,142

FW2242642.UP.FTS.B

,

17

.23

%

,

12/22/26

.

3,367

3,330

L2297622.UP.FTS.B

,

17

.73

%

,

12/22/26

...

2,372

2,327

FW2298313.UP.FTS.B

,

17

.76

%

,

12/22/26

.

7,442

7,359

L2297949.UP.FTS.B

,

18

.76

%

,

12/22/26

...

1,982

1,947

FW2298046.UP.FTS.B

,

19

.21

%

,

12/22/26

.

4,984

4,897

L2296627.UP.FTS.B

,

19

.74

%

,

12/22/26

...

191

189

L2298737.UP.FTS.B

,

20

.98

%

,

12/22/26

...

2,544

2,501

L2300374.UP.FTS.B

,

21

.31

%

,

12/22/26

...

1,509

1,484

L2296777.UP.FTS.B

,

21

.4

%

,

12/22/26

....

5,114

5,030

FW2298033.UP.FTS.B

,

21

.61

%

,

12/22/26

.

8,454

8,313

L2299056.UP.FTS.B

,

22

%

,

12/22/26

.....

2,985

2,937

L2298829.UP.FTS.B

,

22

.17

%

,

12/22/26

...

2,961

2,914

FW2297460.UP.FTS.B

,

22

.74

%

,

12/22/26

.

27,164

17,887

L2300367.UP.FTS.B

,

22

.94

%

,

12/22/26

...

1,244

90

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2296515.UP.FTS.B

,

22

.98

%

,

12/22/26

...

$

1,561

$

1,537

L2298974.UP.FTS.B

,

23

.47

%

,

12/22/26

...

942

927

FW2300425.UP.FTS.B

,

23

.57

%

,

12/22/26

.

5,174

5,095

L2296775.UP.FTS.B

,

23

.9

%

,

12/22/26

....

2,366

2,330

L2296638.UP.FTS.B

,

23

.96

%

,

12/22/26

...

514

507

L2297604.UP.FTS.B

,

24

.33

%

,

12/22/26

...

792

781

L2299447.UP.FTS.B

,

24

.64

%

,

12/22/26

...

1,061

1,045

L2282956.UP.FTS.B

,

25

.27

%

,

12/22/26

...

164

162

L2292373.UP.FTS.B

,

25

.33

%

,

12/22/26

...

908

894

L2297988.UP.FTS.B

,

25

.38

%

,

12/22/26

...

478

13

L2296962.UP.FTS.B

,

25

.46

%

,

12/22/26

...

1,823

1,797

L2298544.UP.FTS.B

,

25

.47

%

,

12/22/26

...

2,516

2,480

L2297795.UP.FTS.B

,

26

.01

%

,

12/22/26

...

7,982

572

L2296379.UP.FTS.B

,

26

.17

%

,

12/22/26

...

5,923

924

FW2299410.UP.FTS.B

,

26

.2

%

,

12/22/26

..

4,032

291

FW2298545.UP.FTS.B

,

26

.68

%

,

12/22/26

.

7,369

7,267

FW2299436.UP.FTS.B

,

27

.39

%

,

12/22/26

.

2,243

2,213

FW2296934.UP.FTS.B

,

28

.08

%

,

12/22/26

.

3,134

3,093

FW2298568.UP.FTS.B

,

28

.54

%

,

12/22/26

.

4,201

4,146

FW2297392.UP.FTS.B

,

29

.67

%

,

12/22/26

.

964

952

FW2298522.UP.FTS.B

,

29

.71

%

,

12/22/26

.

2,202

16

FW2296795.UP.FTS.B

,

30

.46

%

,

12/22/26

.

845

835

FW2299169.UP.FTS.B

,

30

.82

%

,

12/22/26

.

2,669

188

FW2299939.UP.FTS.B

,

30

.93

%

,

12/22/26

.

623

615

FW2297499.UP.FTS.B

,

30

.95

%

,

12/22/26

.

623

616

FW2300108.UP.FTS.B

,

31

.04

%

,

12/22/26

.

737

728

FW2298159.UP.FTS.B

,

31

.15

%

,

12/22/26

.

1,645

1,626

FW2296911.UP.FTS.B

,

31

.17

%

,

12/22/26

.

642

634

FW2294359.UP.FTS.B

,

31

.33

%

,

12/22/26

.

28,486

27,687

FW2300018.UP.FTS.B

,

31

.65

%

,

12/22/26

.

3,136

3,100

L2296095.UP.FTS.B

,

23

.73

%

,

12/26/26

...

5,186

5,101

L2293224.UP.FTS.B

,

25

.74

%

,

1/05/27

....

1,169

85

L2424153.UP.FTS.B

,

4

.86

%

,

1/13/27

....

20,979

20,233

L2426247.UP.FTS.B

,

4

.87

%

,

1/13/27

....

6,703

6,462

L2424670.UP.FTS.B

,

5

.86

%

,

1/13/27

....

4,134

3,987

L2425940.UP.FTS.B

,

5

.96

%

,

1/13/27

....

8,672

8,364

L2427954.UP.FTS.B

,

5

.98

%

,

1/13/27

....

13,081

12,615

FW2418004.UP.FTS.B

,

6

.27

%

,

1/13/27

...

16,007

1,166

FW2426682.UP.FTS.B

,

6

.38

%

,

1/13/27

...

7,155

1,535

L2424813.UP.FTS.B

,

6

.62

%

,

1/13/27

....

7,918

7,638

L2426387.UP.FTS.B

,

7

.28

%

,

1/13/27

....

1,997

1,927

FW2427607.UP.FTS.B

,

7

.35

%

,

1/13/27

...

7,066

6,879

L2425992.UP.FTS.B

,

7

.55

%

,

1/13/27

....

2,361

2,279

L2426489.UP.FTS.B

,

7

.81

%

,

1/13/27

....

5,365

5,221

L2427644.UP.FTS.B

,

7

.93

%

,

1/13/27

....

1,119

1,089

FW2427445.UP.FTS.B

,

7

.98

%

,

1/13/27

...

3,585

3,489

L2424761.UP.FTS.B

,

8

.01

%

,

1/13/27

....

2,439

2,377

L2426445.UP.FTS.B

,

8

.42

%

,

1/13/27

....

1,157

1,129

FW2426523.UP.FTS.B

,

8

.45

%

,

1/13/27

...

1,703

1,665

L2427091.UP.FTS.B

,

8

.49

%

,

1/13/27

....

3,158

3,074

L2400286.UP.FTS.B

,

8

.75

%

,

1/13/27

....

3,832

233

L2424441.UP.FTS.B

,

8

.96

%

,

1/13/27

....

389

383

FW2426991.UP.FTS.B

,

9

.24

%

,

1/13/27

...

2,735

2,662

L2427076.UP.FTS.B

,

9

.69

%

,

1/13/27

....

3,860

3,760

L2427657.UP.FTS.B

,

9

.7

%

,

1/13/27

.....

243

241

L2425208.UP.FTS.B

,

9

.97

%

,

1/13/27

....

3,080

3,002

L2428214.UP.FTS.B

,

10

.52

%

,

1/13/27

....

1,253

1,221

L2423014.UP.FTS.B

,

10

.64

%

,

1/13/27

....

12,529

12,204

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2425681.UP.FTS.B

,

11

.84

%

,

1/13/27

..

$

14,322

$

13,980

L2426346.UP.FTS.B

,

13

.31

%

,

1/13/27

....

2,159

393

L2428411.UP.FTS.B

,

15

.14

%

,

1/13/27

....

2,357

2,325

FW2398372.UP.FTS.B

,

15

.37

%

,

1/13/27

..

5,811

5,730

FW2412323.UP.FTS.B

,

15

.91

%

,

1/13/27

..

4,976

4,862

L2406518.UP.FTS.B

,

16

%

,

1/13/27

......

2,484

2,449

L2426798.UP.FTS.B

,

16

.24

%

,

1/13/27

....

7,965

7,785

L2428444.UP.FTS.B

,

16

.71

%

,

1/13/27

....

3,003

2,963

FW2428748.UP.FTS.B

,

17

.09

%

,

1/13/27

..

5,027

4,960

L2425118.UP.FTS.B

,

17

.11

%

,

1/13/27

....

3,520

3,447

FW2423151.UP.FTS.B

,

17

.2

%

,

1/13/27

...

2,216

2,170

FW2425055.UP.FTS.B

,

17

.43

%

,

1/13/27

..

8,281

8,110

L2428454.UP.FTS.B

,

18

.63

%

,

1/13/27

....

3,869

3,790

L2422983.UP.FTS.B

,

19

.45

%

,

1/13/27

....

17,879

1,293

L2424684.UP.FTS.B

,

20

.1

%

,

1/13/27

....

3,076

3,012

L2426770.UP.FTS.B

,

20

.84

%

,

1/13/27

....

7,874

7,714

L2427912.UP.FTS.B

,

21

.34

%

,

1/13/27

....

528

518

FW2427047.UP.FTS.B

,

22

.2

%

,

1/13/27

...

13,807

1,010

L2395761.UP.FTS.B

,

22

.53

%

,

1/13/27

....

16,050

15,737

L2422984.UP.FTS.B

,

23

.24

%

,

1/13/27

....

7,159

7,026

L2404751.UP.FTS.B

,

24

.81

%

,

1/13/27

....

9,868

9,686

L2422250.UP.FTS.B

,

25

.13

%

,

1/13/27

....

1,705

1,674

L2423497.UP.FTS.B

,

25

.16

%

,

1/13/27

....

880

864

L2399706.UP.FTS.B

,

25

.18

%

,

1/13/27

....

9,240

356

FW2428740.UP.FTS.B

,

25

.25

%

,

1/13/27

..

2,271

1,110

L2424771.UP.FTS.B

,

25

.96

%

,

1/13/27

....

1,220

1,198

FW2424834.UP.FTS.B

,

26

.08

%

,

1/13/27

..

3,000

2,946

FW2425245.UP.FTS.B

,

26

.25

%

,

1/13/27

..

890

874

FW2426259.UP.FTS.B

,

26

.65

%

,

1/13/27

..

2,796

2,747

FW2425948.UP.FTS.B

,

27

.28

%

,

1/13/27

..

3,937

3,869

FW2422977.UP.FTS.B

,

28

.17

%

,

1/13/27

..

11,070

10,881

FW2425791.UP.FTS.B

,

29

.41

%

,

1/13/27

..

1,873

891

FW2426907.UP.FTS.B

,

29

.43

%

,

1/13/27

..

21,824

21,456

FW2423451.UP.FTS.B

,

30

.19

%

,

1/13/27

..

579

569

FW2426985.UP.FTS.B

,

30

.26

%

,

1/13/27

..

18,917

18,610

FW2427875.UP.FTS.B

,

30

.3

%

,

1/13/27

...

530

522

FW2423548.UP.FTS.B

,

30

.41

%

,

1/13/27

..

1,507

1,483

FW2425371.UP.FTS.B

,

30

.51

%

,

1/13/27

..

1,161

1,142

FW2423407.UP.FTS.B

,

30

.57

%

,

1/13/27

..

1,245

1,225

FW2425795.UP.FTS.B

,

30

.94

%

,

1/13/27

..

2,394

2,358

FW2425961.UP.FTS.B

,

31

.09

%

,

1/13/27

..

543

535

FW2423715.UP.FTS.B

,

32

.57

%

,

1/13/27

..

592

583

FW2432124.UP.FTS.B

,

5

.02

%

,

1/14/27

...

21,512

20,736

L2429437.UP.FTS.B

,

5

.17

%

,

1/14/27

....

4,516

4,367

L2435082.UP.FTS.B

,

5

.24

%

,

1/14/27

....

11,696

11,279

L2435136.UP.FTS.B

,

5

.4

%

,

1/14/27

.....

4,541

4,378

L2435334.UP.FTS.B

,

5

.79

%

,

1/14/27

....

1,348

1,300

FW2431037.UP.FTS.B

,

6

.01

%

,

1/14/27

...

1,745

1,683

FW2434481.UP.FTS.B

,

6

.18

%

,

1/14/27

...

2,305

2,250

L2434868.UP.FTS.B

,

6

.25

%

,

1/14/27

....

4,814

4,643

L2434814.UP.FTS.B

,

6

.49

%

,

1/14/27

....

1,142

1,101

L2432301.UP.FTS.B

,

6

.51

%

,

1/14/27

....

2,196

2,118

L2431798.UP.FTS.B

,

6

.68

%

,

1/14/27

....

6,012

5,808

FW2429354.UP.FTS.B

,

6

.79

%

,

1/14/27

...

25,769

1,860

FW2430681.UP.FTS.B

,

7

.21

%

,

1/14/27

...

14,171

13,674

L2429292.UP.FTS.B

,

7

.41

%

,

1/14/27

....

5,336

5,192

L2430454.UP.FTS.B

,

7

.62

%

,

1/14/27

....

6,202

6,036

L2433097.UP.FTS.B

,

7

.62

%

,

1/14/27

....

18,574

4,094

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2434635.UP.FTS.B

,

7

.74

%

,

1/14/27

....

$

9,467

$

9,214

L2433991.UP.FTS.B

,

7

.94

%

,

1/14/27

....

2,963

2,887

L2429715.UP.FTS.B

,

8

.3

%

,

1/14/27

.....

1,801

1,753

L2434529.UP.FTS.B

,

8

.37

%

,

1/14/27

....

3,161

3,079

L2430462.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

11,268

10,974

L2429477.UP.FTS.B

,

8

.93

%

,

1/14/27

....

6,307

6,141

L2429964.UP.FTS.B

,

9

.01

%

,

1/14/27

....

2,278

2,218

L2429979.UP.FTS.B

,

9

.08

%

,

1/14/27

....

1,364

1,328

L2432514.UP.FTS.B

,

9

.62

%

,

1/14/27

....

16,065

15,651

L2434796.UP.FTS.B

,

9

.68

%

,

1/14/27

....

11,456

11,156

L2434345.UP.FTS.B

,

9

.69

%

,

1/14/27

....

3,933

3,839

L2435560.UP.FTS.B

,

10

.15

%

,

1/14/27

....

11,400

11,119

FW2433055.UP.FTS.B

,

10

.82

%

,

1/14/27

..

1,631

1,591

L2430601.UP.FTS.B

,

11

.3

%

,

1/14/27

.....

8,195

7,996

FW2433199.UP.FTS.B

,

12

.56

%

,

1/14/27

..

1,582

208

L2429992.UP.FTS.B

,

12

.6

%

,

1/14/27

....

2,851

141

L2434462.UP.FTS.B

,

12

.63

%

,

1/14/27

....

960

936

FW2432090.UP.FTS.B

,

12

.83

%

,

1/14/27

..

3,102

3,029

L2435380.UP.FTS.B

,

12

.98

%

,

1/14/27

....

2,593

2,532

FW2430692.UP.FTS.B

,

13

.13

%

,

1/14/27

..

4,312

4,210

L2434354.UP.FTS.B

,

13

.48

%

,

1/14/27

....

2,406

2,350

L2433923.UP.FTS.B

,

13

.81

%

,

1/14/27

....

4,775

4,664

FW2429622.UP.FTS.B

,

15

.13

%

,

1/14/27

..

2,437

2,381

L2434928.UP.FTS.B

,

15

.16

%

,

1/14/27

....

2,456

2,400

L2429267.UP.FTS.B

,

16

.52

%

,

1/14/27

....

5,033

4,964

FW2435527.UP.FTS.B

,

16

.65

%

,

1/14/27

..

9,558

4,360

L2429626.UP.FTS.B

,

16

.81

%

,

1/14/27

....

2,005

1,978

L2426379.UP.FTS.B

,

19

.1

%

,

1/14/27

....

2,832

2,797

L2429755.UP.FTS.B

,

19

.15

%

,

1/14/27

....

7,725

7,565

L2430606.UP.FTS.B

,

20

.16

%

,

1/14/27

....

2,437

2,396

L2430735.UP.FTS.B

,

20

.49

%

,

1/14/27

....

3,663

3,589

L2431627.UP.FTS.B

,

21

.05

%

,

1/14/27

....

5,262

5,200

L2432761.UP.FTS.B

,

21

.77

%

,

1/14/27

....

1,240

1,226

L2434330.UP.FTS.B

,

21

.77

%

,

1/14/27

....

4,774

4,719

L2433930.UP.FTS.B

,

22

.17

%

,

1/14/27

....

5,753

5,642

L2433884.UP.FTS.B

,

22

.52

%

,

1/14/27

....

3,105

222

FW2434152.UP.FTS.B

,

22

.94

%

,

1/14/27

..

8,650

8,487

L2435514.UP.FTS.B

,

24

.62

%

,

1/14/27

....

5,507

5,408

L2429892.UP.FTS.B

,

24

.74

%

,

1/14/27

....

1,041

1,022

L2430498.UP.FTS.B

,

25

.11

%

,

1/14/27

....

32

23

L2432911.UP.FTS.B

,

25

.19

%

,

1/14/27

....

2,872

2,820

L2432337.UP.FTS.B

,

25

.36

%

,

1/14/27

....

6,976

6,899

L2428819.UP.FTS.B

,

25

.51

%

,

1/14/27

....

5,136

5,045

L2430801.UP.FTS.B

,

25

.58

%

,

1/14/27

....

34

2

L2430189.UP.FTS.B

,

25

.96

%

,

1/14/27

....

3,368

3,309

FW2427919.UP.FTS.B

,

26

.2

%

,

1/14/27

...

5,560

5,463

FW2433321.UP.FTS.B

,

26

.46

%

,

1/14/27

..

1,115

1,096

FW2430722.UP.FTS.B

,

26

.47

%

,

1/14/27

..

6,584

6,471

FW2434298.UP.FTS.B

,

26

.5

%

,

1/14/27

...

1,852

1,821

FW2428882.UP.FTS.B

,

27

.27

%

,

1/14/27

..

3,361

3,304

FW2435389.UP.FTS.B

,

28

.43

%

,

1/14/27

..

569

560

FW2429972.UP.FTS.B

,

28

.92

%

,

1/14/27

..

1,143

1,125

FW2432969.UP.FTS.B

,

29

.06

%

,

1/14/27

..

5,723

5,632

FW2431137.UP.FTS.B

,

29

.79

%

,

1/14/27

..

3,289

493

FW2432136.UP.FTS.B

,

30

.97

%

,

1/14/27

..

734

110

FW2431224.UP.FTS.B

,

31

.01

%

,

1/14/27

..

437

178

FW2434725.UP.FTS.B

,

31

.06

%

,

1/14/27

..

1,874

1,846

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2434302.UP.FTS.B

,

31

.74

%

,

1/14/27

..

$

2,056

$

2,025

FW2430067.UP.FTS.B

,

32

.35

%

,

1/14/27

..

2,875

2,833

FW2433366.UP.FTS.B

,

32

.7

%

,

1/14/27

...

679

669

FW2429192.UP.FTS.B

,

34

.62

%

,

1/14/27

..

3,981

3,927

L2434046.UP.FTS.B

,

17

.57

%

,

1/15/27

....

4,809

4,701

L2426521.UP.FTS.B

,

25

.33

%

,

1/16/27

....

1,935

1,900

L2435572.UP.FTS.B

,

5

.11

%

,

1/18/27

.....

3,048

2,946

L2438850.UP.FTS.B

,

5

.32

%

,

1/18/27

....

383

379

L2435960.UP.FTS.B

,

5

.66

%

,

1/18/27

....

1,908

263

L2437744.UP.FTS.B

,

5

.82

%

,

1/18/27

....

1,813

131

L2436314.UP.FTS.B

,

6

.73

%

,

1/18/27

....

3,712

3,581

L2436166.UP.FTS.B

,

7

.3

%

,

1/18/27

.....

4,439

4,282

FW2435037.UP.FTS.B

,

7

.47

%

,

1/18/27

...

6,174

6,008

L2437526.UP.FTS.B

,

8

.11

%

,

1/18/27

.....

2,517

1,530

L2435968.UP.FTS.B

,

8

.28

%

,

1/18/27

....

22,495

21,895

L2437670.UP.FTS.B

,

8

.31

%

,

1/18/27

....

2,243

2,184

L2438360.UP.FTS.B

,

8

.62

%

,

1/18/27

....

7,898

4,827

FW2436679.UP.FTS.B

,

8

.8

%

,

1/18/27

....

2,265

2,205

L2436019.UP.FTS.B

,

8

.91

%

,

1/18/27

....

2,496

2,430

FW2436236.UP.FTS.B

,

9

.07

%

,

1/18/27

...

1,046

1,018

L2436597.UP.FTS.B

,

9

.15

%

,

1/18/27

....

2,532

327

L2439024.UP.FTS.B

,

9

.19

%

,

1/18/27

....

22,608

22,012

FW2437428.UP.FTS.B

,

9

.23

%

,

1/18/27

...

1,847

1,800

L2439293.UP.FTS.B

,

9

.38

%

,

1/18/27

....

2,282

2,222

L2435641.UP.FTS.B

,

9

.42

%

,

1/18/27

....

7,106

4,328

FW2437343.UP.FTS.B

,

9

.49

%

,

1/18/27

...

3,252

235

L2438805.UP.FTS.B

,

9

.71

%

,

1/18/27

....

5,157

5,024

L2438298.UP.FTS.B

,

9

.72

%

,

1/18/27

....

7,196

4,381

L2435766.UP.FTS.B

,

10

.44

%

,

1/18/27

....

5,323

5,184

L2435811.UP.FTS.B

,

10

.45

%

,

1/18/27

....

19,390

11,808

L2437916.UP.FTS.B

,

11

.63

%

,

1/18/27

....

2,351

2,295

L2436053.UP.FTS.B

,

13

.19

%

,

1/18/27

....

21,573

21,067

FW2438200.UP.FTS.B

,

13

.65

%

,

1/18/27

..

177

174

L2436944.UP.FTS.B

,

13

.68

%

,

1/18/27

....

15,001

9,275

FW2435953.UP.FTS.B

,

14

.04

%

,

1/18/27

..

1,696

1,656

L2435828.UP.FTS.B

,

15

.11

%

,

1/18/27

....

4,910

4,798

L2436120.UP.FTS.B

,

16

.49

%

,

1/18/27

....

1,498

1,478

FW2433283.UP.FTS.B

,

19

.48

%

,

1/18/27

..

2,565

2,533

L2437522.UP.FTS.B

,

20

.01

%

,

1/18/27

....

780

765

L2436835.UP.FTS.B

,

20

.74

%

,

1/18/27

....

7,866

7,717

L2438751.UP.FTS.B

,

22

.96

%

,

1/18/27

....

3,201

3,144

L2436458.UP.FTS.B

,

23

.16

%

,

1/18/27

....

1,060

1,041

FW2436112.UP.FTS.B

,

23

.4

%

,

1/18/27

...

1,892

1,859

L2435765.UP.FTS.B

,

24

.15

%

,

1/18/27

....

871

856

L2438451.UP.FTS.B

,

24

.73

%

,

1/18/27

....

3,798

3,730

L2436225.UP.FTS.B

,

25

.02

%

,

1/18/27

....

677

666

L2437383.UP.FTS.B

,

25

.04

%

,

1/18/27

....

6,592

6,480

L2438923.UP.FTS.B

,

25

.2

%

,

1/18/27

....

1,101

1,082

L2435644.UP.FTS.B

,

25

.47

%

,

1/18/27

....

7,255

4,737

L2435936.UP.FTS.B

,

25

.47

%

,

1/18/27

....

1,233

185

L2436279.UP.FTS.B

,

25

.97

%

,

1/18/27

....

2,484

53

L2436823.UP.FTS.B

,

26

.4

%

,

1/18/27

....

2,173

2,138

FW2438660.UP.FTS.B

,

27

.49

%

,

1/18/27

..

2,255

2,219

FW2436660.UP.FTS.B

,

28

.46

%

,

1/18/27

..

2,217

2,183

FW2435922.UP.FTS.B

,

28

.48

%

,

1/18/27

..

2,277

2,242

FW2438088.UP.FTS.B

,

28

.61

%

,

1/18/27

..

3,525

253

FW2438349.UP.FTS.B

,

30

.51

%

,

1/18/27

..

718

707

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2437637.UP.FTS.B

,

31

.11

%

,

1/18/27

..

$

993

$

978

FW2424349.UP.FTS.B

,

31

.49

%

,

1/18/27

..

2,261

162

FW2438118.UP.FTS.B

,

31

.57

%

,

1/18/27

..

4,808

4,740

FW2438330.UP.FTS.B

,

31

.74

%

,

1/18/27

..

2,114

2,084

L2432353.UP.FTS.B

,

7

.41

%

,

1/20/27

....

8,925

5,494

FW2426856.UP.FTS.B

,

16

.14

%

,

1/21/27

..

4,992

4,922

FW2423642.UP.FTS.B

,

28

.44

%

,

1/22/27

..

2,295

2,258

L2426699.UP.FTS.B

,

13

.25

%

,

1/25/27

....

5,782

5,646

L2403095.UP.FTS.B

,

10

.86

%

,

1/28/27

....

3,969

3,871

L2438087.UP.FTS.B

,

9

.91

%

,

2/01/27

....

22,504

21,919

L2431623.UP.FTS.B

,

19

.58

%

,

2/02/27

....

20,829

20,557

L2433080.UP.FTS.B

,

22

.02

%

,

2/08/27

....

8,815

8,651

L2604537.UP.FTS.B

,

4

.81

%

,

2/10/27

....

9,721

9,364

FW2607187.UP.FTS.B

,

7

.26

%

,

2/10/27

...

18,346

17,844

L2528315.UP.FTS.B

,

7

.51

%

,

2/10/27

....

5,320

5,177

L2604772.UP.FTS.B

,

7

.89

%

,

2/10/27

....

12,599

12,263

FW2594995.UP.FTS.B

,

9

.66

%

,

2/10/27

...

13,784

13,417

L2607571.UP.FTS.B

,

9

.71

%

,

2/10/27

....

10,196

2,151

L2604523.UP.FTS.B

,

10

.02

%

,

2/10/27

....

8,348

8,126

L2606699.UP.FTS.B

,

11

.87

%

,

2/10/27

....

11,739

11,440

L2608120.UP.FTS.B

,

12

.12

%

,

2/10/27

....

13,185

12,853

L2606144.UP.FTS.B

,

12

.19

%

,

2/10/27

....

1,683

1,649

L2602160.UP.FTS.B

,

13

.05

%

,

2/10/27

....

4,213

4,108

L2606798.UP.FTS.B

,

13

.38

%

,

2/10/27

....

4,977

4,854

L2605310.UP.FTS.B

,

13

.4

%

,

2/10/27

....

3,349

3,265

L2604725.UP.FTS.B

,

13

.41

%

,

2/10/27

....

1,646

1,605

L2608712.UP.FTS.B

,

13

.54

%

,

2/10/27

....

1,995

1,945

L2607120.UP.FTS.B

,

13

.67

%

,

2/10/27

....

8,817

8,601

L2607960.UP.FTS.B

,

13

.74

%

,

2/10/27

....

3,749

3,657

FW2604743.UP.FTS.B

,

13

.75

%

,

2/10/27

..

6,511

6,349

FW2606882.UP.FTS.B

,

13

.95

%

,

2/10/27

..

4,009

3,910

L2603034.UP.FTS.B

,

14

.68

%

,

2/10/27

....

5,257

5,175

FW2606203.UP.FTS.B

,

14

.78

%

,

2/10/27

..

1,619

1,580

FW2602616.UP.FTS.B

,

14

.79

%

,

2/10/27

..

25,343

24,722

FW2608870.UP.FTS.B

,

15

.02

%

,

2/10/27

..

7,559

7,376

FW2602511.UP.FTS.B

,

15

.19

%

,

2/10/27

..

14,341

13,995

L2605446.UP.FTS.B

,

15

.44

%

,

2/10/27

....

2,185

2,152

L2602901.UP.FTS.B

,

15

.85

%

,

2/10/27

....

3,142

3,093

FW2609494.UP.FTS.B

,

18

.3

%

,

2/10/27

...

2,635

2,597

FW2607843.UP.FTS.B

,

18

.35

%

,

2/10/27

..

3,935

3,877

L2608142.UP.FTS.B

,

19

.78

%

,

2/10/27

....

4,660

4,556

L2609196.UP.FTS.B

,

20

.26

%

,

2/10/27

....

3,232

3,164

L2607782.UP.FTS.B

,

20

.62

%

,

2/10/27

....

1,605

1,570

L2607501.UP.FTS.B

,

20

.9

%

,

2/10/27

....

3,254

3,183

FW2607597.UP.FTS.B

,

21

.25

%

,

2/10/27

..

1,197

1,172

FW2601053.UP.FTS.B

,

21

.37

%

,

2/10/27

..

954

69

L2609346.UP.FTS.B

,

21

.52

%

,

2/10/27

....

12,240

2,891

L2603922.UP.FTS.B

,

21

.73

%

,

2/10/27

....

3,009

2,945

L2608576.UP.FTS.B

,

21

.77

%

,

2/10/27

....

2,299

2,250

L2608126.UP.FTS.B

,

22

.06

%

,

2/10/27

....

2,526

2,473

FW2607078.UP.FTS.B

,

22

.55

%

,

2/10/27

..

1,710

1,674

FW2608208.UP.FTS.B

,

22

.58

%

,

2/10/27

..

6,075

5,948

L2602456.UP.FTS.B

,

22

.85

%

,

2/10/27

....

4,448

4,358

L2608552.UP.FTS.B

,

22

.9

%

,

2/10/27

....

1,676

1,642

L2608111.UP.FTS.B

,

23

.17

%

,

2/10/27

....

8,942

8,758

L2605681.UP.FTS.B

,

23

.22

%

,

2/10/27

....

2,714

2,659

L2606964.UP.FTS.B

,

23

.53

%

,

2/10/27

....

558

546

L2606747.UP.FTS.B

,

23

.7

%

,

2/10/27

....

5,469

5,357

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2604262.UP.FTS.B

,

24

.39

%

,

2/10/27

....

$

2,812

$

2,756

L2601898.UP.FTS.B

,

24

.69

%

,

2/10/27

....

790

774

L2608510.UP.FTS.B

,

25

%

,

2/10/27

......

926

907

L2605594.UP.FTS.B

,

25

.02

%

,

2/10/27

....

1,585

1,553

L2604053.UP.FTS.B

,

25

.25

%

,

2/10/27

....

1,079

1,057

L2606928.UP.FTS.B

,

25

.27

%

,

2/10/27

....

1,193

1,169

L2607974.UP.FTS.B

,

25

.3

%

,

2/10/27

....

5,279

5,175

L2609551.UP.FTS.B

,

25

.3

%

,

2/10/27

....

1,477

1,448

FW2609019.UP.FTS.B

,

25

.41

%

,

2/10/27

..

3,023

2,964

L2572476.UP.FTS.B

,

25

.45

%

,

2/10/27

....

7,994

7,837

L2608348.UP.FTS.B

,

25

.54

%

,

2/10/27

....

3,416

3,350

L2603713.UP.FTS.B

,

25

.81

%

,

2/10/27

....

2,085

504

FW2604813.UP.FTS.B

,

25

.83

%

,

2/10/27

..

3,994

3,917

FW2604860.UP.FTS.B

,

26

.47

%

,

2/10/27

..

3,157

3,097

FW2607306.UP.FTS.B

,

26

.66

%

,

2/10/27

..

1,702

1,669

L2604862.UP.FTS.B

,

27

.57

%

,

2/10/27

....

5,919

5,809

FW2603425.UP.FTS.B

,

27

.81

%

,

2/10/27

..

1,984

1,947

FW2608113.UP.FTS.B

,

28

.22

%

,

2/10/27

..

1,590

1,561

FW2605555.UP.FTS.B

,

29

.52

%

,

2/10/27

..

1,360

1,336

FW2607282.UP.FTS.B

,

30

.52

%

,

2/10/27

..

3,841

1,811

FW2606754.UP.FTS.B

,

31

.29

%

,

2/10/27

..

2,283

2,245

FW2607854.UP.FTS.B

,

31

.49

%

,

2/10/27

..

3,615

3,554

L2610465.UP.FTS.B

,

5

.18

%

,

2/11/27

.....

10,003

9,664

L2570795.UP.FTS.B

,

6

.48

%

,

2/11/27

.....

4,546

4,383

L2610259.UP.FTS.B

,

6

.78

%

,

2/11/27

.....

3,153

392

FW2614143.UP.FTS.B

,

6

.93

%

,

2/11/27

...

1,835

1,769

L2588879.UP.FTS.B

,

7

.55

%

,

2/11/27

.....

694

669

L2610842.UP.FTS.B

,

9

.27

%

,

2/11/27

.....

5,297

5,156

L2613434.UP.FTS.B

,

9

.37

%

,

2/11/27

.....

7,094

6,906

FW2610585.UP.FTS.B

,

9

.75

%

,

2/11/27

...

11,819

11,506

L2611172.UP.FTS.B

,

10

.14

%

,

2/11/27

....

1,434

1,397

FW2613043.UP.FTS.B

,

11

.2

%

,

2/11/27

...

6,149

5,993

L2615397.UP.FTS.B

,

11

.54

%

,

2/11/27

....

3,406

3,320

L2615183.UP.FTS.B

,

12

.14

%

,

2/11/27

....

5,886

5,739

L2615652.UP.FTS.B

,

12

.4

%

,

2/11/27

.....

2,066

2,014

FW2612477.UP.FTS.B

,

12

.41

%

,

2/11/27

..

7,380

7,195

FW2604554.UP.FTS.B

,

13

.07

%

,

2/11/27

..

9,971

9,723

FW2615345.UP.FTS.B

,

13

.1

%

,

2/11/27

...

4,692

4,582

L2615756.UP.FTS.B

,

13

.21

%

,

2/11/27

....

2,224

2,171

L2614367.UP.FTS.B

,

13

.3

%

,

2/11/27

.....

3,185

3,106

L2612579.UP.FTS.B

,

13

.46

%

,

2/11/27

....

2,217

2,165

L2612166.UP.FTS.B

,

13

.67

%

,

2/11/27

....

2,683

2,624

L2615304.UP.FTS.B

,

13

.86

%

,

2/11/27

....

19,023

18,552

L2614922.UP.FTS.B

,

13

.97

%

,

2/11/27

....

5,539

5,402

FW2612651.UP.FTS.B

,

14

.21

%

,

2/11/27

..

12,118

11,827

L2612964.UP.FTS.B

,

14

.24

%

,

2/11/27

....

6,034

5,887

L2614986.UP.FTS.B

,

14

.63

%

,

2/11/27

....

496

489

L2613480.UP.FTS.B

,

14

.65

%

,

2/11/27

....

5,602

5,471

L2615636.UP.FTS.B

,

14

.73

%

,

2/11/27

....

13,870

13,659

L2612790.UP.FTS.B

,

14

.98

%

,

2/11/27

....

7,444

7,270

L2612114.UP.FTS.B

,

14

.99

%

,

2/11/27

....

4,364

4,259

L2614045.UP.FTS.B

,

15

.28

%

,

2/11/27

....

3,055

2,981

L2615153.UP.FTS.B

,

15

.28

%

,

2/11/27

....

6,445

1,500

L2610220.UP.FTS.B

,

15

.29

%

,

2/11/27

....

4,073

4,012

L2610243.UP.FTS.B

,

15

.41

%

,

2/11/27

....

4,553

4,484

L2539854.UP.FTS.B

,

15

.78

%

,

2/11/27

....

2,305

2,270

L2614929.UP.FTS.B

,

16

.21

%

,

2/11/27

....

2,317

2,262

L2611366.UP.FTS.B

,

16

.4

%

,

2/11/27

.....

2,579

2,541

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2612163.UP.FTS.B

,

17

.53

%

,

2/11/27

....

$

1,753

$

1,727

FW2611103.UP.FTS.B

,

17

.75

%

,

2/11/27

..

2,493

2,457

L2615159.UP.FTS.B

,

17

.82

%

,

2/11/27

....

2,884

2,822

L2613884.UP.FTS.B

,

18

.39

%

,

2/11/27

....

2,120

2,075

FW2610980.UP.FTS.B

,

18

.94

%

,

2/11/27

..

5,308

5,233

L2614124.UP.FTS.B

,

18

.99

%

,

2/11/27

....

3,684

3,608

L2601501.UP.FTS.B

,

19

.21

%

,

2/11/27

....

2,608

2,553

L2609505.UP.FTS.B

,

19

.3

%

,

2/11/27

.....

1,013

990

L2611253.UP.FTS.B

,

19

.34

%

,

2/11/27

....

5,331

5,257

FW2611297.UP.FTS.B

,

19

.83

%

,

2/11/27

..

8,179

8,064

L2612449.UP.FTS.B

,

20

.03

%

,

2/11/27

....

5,373

5,260

FW2614605.UP.FTS.B

,

20

.34

%

,

2/11/27

..

2,390

2,338

L2609761.UP.FTS.B

,

20

.76

%

,

2/11/27

....

2,708

2,650

L2615540.UP.FTS.B

,

20

.79

%

,

2/11/27

....

3,251

3,184

L2610020.UP.FTS.B

,

20

.86

%

,

2/11/27

....

3,253

3,184

L2612113.UP.FTS.B

,

20

.93

%

,

2/11/27

....

4,568

4,473

FW2612937.UP.FTS.B

,

21

.48

%

,

2/11/27

..

13,658

13,371

L2611316.UP.FTS.B

,

21

.54

%

,

2/11/27

....

12,587

918

L2615221.UP.FTS.B

,

21

.7

%

,

2/11/27

.....

5,469

5,355

L2610047.UP.FTS.B

,

22

.57

%

,

2/11/27

....

1,766

1,730

L2612720.UP.FTS.B

,

23

.21

%

,

2/11/27

....

556

545

FW2613747.UP.FTS.B

,

23

.43

%

,

2/11/27

..

5,588

5,478

L2611969.UP.FTS.B

,

23

.47

%

,

2/11/27

....

2,244

2,201

L2610518.UP.FTS.B

,

23

.54

%

,

2/11/27

....

17,006

16,666

L2611149.UP.FTS.B

,

23

.94

%

,

2/11/27

....

11,195

10,974

L2615317.UP.FTS.B

,

24

.12

%

,

2/11/27

....

4,710

63

L2614419.UP.FTS.B

,

24

.18

%

,

2/11/27

....

1,572

1,541

L2613285.UP.FTS.B

,

24

.59

%

,

2/11/27

....

2,815

2,762

FW2613750.UP.FTS.B

,

25

.19

%

,

2/11/27

..

1,474

1,445

L2613208.UP.FTS.B

,

25

.22

%

,

2/11/27

....

840

823

L2612096.UP.FTS.B

,

25

.23

%

,

2/11/27

....

1,134

1,112

L2613943.UP.FTS.B

,

25

.28

%

,

2/11/27

....

1,941

1,904

FW2614897.UP.FTS.B

,

25

.36

%

,

2/11/27

..

1,931

1,894

L2611708.UP.FTS.B

,

25

.41

%

,

2/11/27

....

4,264

2,004

L2612279.UP.FTS.B

,

25

.43

%

,

2/11/27

....

7,079

6,946

L2613393.UP.FTS.B

,

25

.43

%

,

2/11/27

....

952

24

FW2612923.UP.FTS.B

,

26

.13

%

,

2/11/27

..

2,861

2,807

L2611604.UP.FTS.B

,

26

.15

%

,

2/11/27

....

2,862

2,808

FW2611559.UP.FTS.B

,

26

.48

%

,

2/11/27

..

2,023

1,987

FW2610030.UP.FTS.B

,

27

.01

%

,

2/11/27

..

2,074

2,037

FW2609816.UP.FTS.B

,

27

.78

%

,

2/11/27

..

8,630

8,473

FW2613189.UP.FTS.B

,

27

.88

%

,

2/11/27

..

19,950

1,425

FW2608240.UP.FTS.B

,

28

.43

%

,

2/11/27

..

6,438

6,323

FW2614134.UP.FTS.B

,

28

.75

%

,

2/11/27

..

5,870

5,766

FW2615423.UP.FTS.B

,

28

.85

%

,

2/11/27

..

8,824

8,669

FW2614677.UP.FTS.B

,

28

.98

%

,

2/11/27

..

3,243

3,188

FW2612243.UP.FTS.B

,

29

.25

%

,

2/11/27

..

1,048

1,030

FW2611548.UP.FTS.B

,

30

.39

%

,

2/11/27

..

892

425

FW2612001.UP.FTS.B

,

30

.9

%

,

2/11/27

...

1,481

1,456

FW2609619.UP.FTS.B

,

30

.92

%

,

2/11/27

..

1,696

1,669

FW2610795.UP.FTS.B

,

30

.98

%

,

2/11/27

..

632

621

FW2611533.UP.FTS.B

,

31

.12

%

,

2/11/27

..

2,496

2,454

FW2610773.UP.FTS.B

,

31

.41

%

,

2/11/27

..

8,660

8,517

FW2610510.UP.FTS.B

,

33

.6

%

,

2/11/27

...

1,043

1,027

FW2614310.UP.FTS.B

,

33

.97

%

,

2/11/27

..

1,467

694

FW2610903.UP.FTS.B

,

34

.14

%

,

2/11/27

..

13,279

13,082

L2611816.UP.FTS.B

,

21

.62

%

,

2/12/27

....

1,642

1,608

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2613609.UP.FTS.B

,

25

.31

%

,

2/12/27

..

$

5,705

$

5,594

L2617298.UP.FTS.B

,

5

.1

%

,

2/14/27

.....

4,923

4,742

L2617141.UP.FTS.B

,

5

.84

%

,

2/14/27

....

3,335

3,216

L2616590.UP.FTS.B

,

7

.87

%

,

2/14/27

....

12,267

11,934

L2616809.UP.FTS.B

,

11

.55

%

,

2/14/27

....

2,869

2,798

FW2616181.UP.FTS.B

,

13

.1

%

,

2/14/27

...

3,905

284

L2616333.UP.FTS.B

,

13

.75

%

,

2/14/27

....

17,487

17,060

L2617800.UP.FTS.B

,

13

.82

%

,

2/14/27

....

2,669

2,603

L2616432.UP.FTS.B

,

16

.81

%

,

2/14/27

....

4,146

4,087

FW2616193.UP.FTS.B

,

17

.47

%

,

2/14/27

..

783

772

L2617103.UP.FTS.B

,

18

.14

%

,

2/14/27

....

3,946

3,863

L2616245.UP.FTS.B

,

18

.36

%

,

2/14/27

....

10,923

4,932

L2612816.UP.FTS.B

,

19

.36

%

,

2/14/27

....

10,695

10,471

L2616072.UP.FTS.B

,

19

.58

%

,

2/14/27

....

2,190

2,145

L2616722.UP.FTS.B

,

19

.8

%

,

2/14/27

....

3,107

3,042

L2616174.UP.FTS.B

,

20

.55

%

,

2/14/27

....

752

737

FW2615937.UP.FTS.B

,

21

.82

%

,

2/14/27

..

5,368

5,261

FW2617069.UP.FTS.B

,

23

.16

%

,

2/14/27

..

16,713

16,394

L2616368.UP.FTS.B

,

24

.5

%

,

2/14/27

....

5,691

5,585

L2616717.UP.FTS.B

,

25

.42

%

,

2/14/27

....

1,421

1,395

L2617627.UP.FTS.B

,

25

.47

%

,

2/14/27

....

966

949

L2615878.UP.FTS.B

,

25

.5

%

,

2/14/27

....

4,855

4,767

L2617283.UP.FTS.B

,

25

.65

%

,

2/14/27

....

3,180

3,121

FW2617973.UP.FTS.B

,

26

.17

%

,

2/14/27

..

4,351

4,273

FW2616127.UP.FTS.B

,

27

.61

%

,

2/14/27

..

2,168

2,130

FW2616788.UP.FTS.B

,

28

.08

%

,

2/14/27

..

7,153

7,033

FW2617614.UP.FTS.B

,

28

.35

%

,

2/14/27

..

13,686

3,230

FW2616093.UP.FTS.B

,

29

.88

%

,

2/14/27

..

4,288

4,222

FW2617595.UP.FTS.B

,

30

.34

%

,

2/14/27

..

1,283

609

FW2618539.UP.FTS.B

,

30

.94

%

,

2/14/27

..

3,349

3,294

FW2616908.UP.FTS.B

,

31

.23

%

,

2/14/27

..

2,941

2,894

FW2618241.UP.FTS.B

,

31

.49

%

,

2/14/27

..

5,418

5,332

L1715513.UP.FTS.B

,

13

.27

%

,

2/15/27

....

17,424

17,013

L1694887.UP.FTS.B

,

15

.52

%

,

2/15/27

....

3,023

2,951

L1692458.UP.FTS.B

,

22

.21

%

,

2/15/27

....

2,300

2,257

L2605322.UP.FTS.B

,

26

.41

%

,

2/15/27

....

10,752

6,943

FW1717121.UP.FTS.B

,

26

.43

%

,

2/15/27

..

1,777

438

L1715518.UP.FTS.B

,

26

.49

%

,

2/15/27

....

5,481

3,577

FW2606426.UP.FTS.B

,

26

.19

%

,

2/16/27

..

1,955

1,916

FW2437431.UP.FTS.B

,

30

.95

%

,

2/16/27

..

1,105

1,090

FW2613392.UP.FTS.B

,

27

.98

%

,

2/18/27

..

7,045

6,922

L2608264.UP.FTS.B

,

15

.55

%

,

2/20/27

....

13,345

8,338

FW2607135.UP.FTS.B

,

30

.71

%

,

2/20/27

..

1,678

1,090

FW2615716.UP.FTS.B

,

30

.71

%

,

2/21/27

..

1,722

421

FW2612642.UP.FTS.B

,

27

.88

%

,

2/22/27

..

1,166

1,145

FW2612944.UP.FTS.B

,

29

.57

%

,

2/24/27

..

4,433

4,361

L2604751.UP.FTS.B

,

17

.73

%

,

2/25/27

....

330

325

FW2604033.UP.FTS.B

,

19

.37

%

,

2/25/27

..

5,266

5,154

L2618109.UP.FTS.B

,

12

.08

%

,

2/27/27

....

17,123

16,682

L2610061.UP.FTS.B

,

14

.43

%

,

2/28/27

....

13,107

12,779

L1886082.UP.FTS.B

,

11

.37

%

,

3/20/27

....

22,288

21,741

FW1887715.UP.FTS.B

,

13

.02

%

,

3/20/27

..

4,650

2,808

L1888251.UP.FTS.B

,

14

.9

%

,

3/20/27

....

1,702

1,072

L1884412.UP.FTS.B

,

17

.98

%

,

3/20/27

....

3,536

3,468

FW1886975.UP.FTS.B

,

25

.84

%

,

3/20/27

..

1,687

122

FW1884398.UP.FTS.B

,

30

.02

%

,

3/20/27

..

3,695

3,665

FW2949972.UP.FTS.B

,

5

.25

%

,

4/14/27

...

2,896

2,800

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2949814.UP.FTS.B

,

5

.88

%

,

4/14/27

....

$

3,103

$

3,022

L2949121.UP.FTS.B

,

6

.79

%

,

4/14/27

....

8,005

7,751

L2950010.UP.FTS.B

,

6

.8

%

,

4/14/27

.....

3,446

3,334

L2949215.UP.FTS.B

,

6

.84

%

,

4/14/27

....

9,505

9,196

L2951687.UP.FTS.B

,

7

.49

%

,

4/14/27

....

5,858

5,689

L2951012.UP.FTS.B

,

7

.81

%

,

4/14/27

....

5,727

5,547

L2951121.UP.FTS.B

,

7

.86

%

,

4/14/27

.....

8,044

7,861

L2949685.UP.FTS.B

,

9

.14

%

,

4/14/27

....

2,027

1,983

L2949220.UP.FTS.B

,

9

.21

%

,

4/14/27

....

4,089

4,001

L2949108.UP.FTS.B

,

9

.33

%

,

4/14/27

....

8,203

8,024

L2951245.UP.FTS.B

,

9

.94

%

,

4/14/27

....

5,118

5,007

L2949486.UP.FTS.B

,

10

.53

%

,

4/14/27

....

12,914

12,637

L2934626.UP.FTS.B

,

10

.81

%

,

4/14/27

....

3,601

3,523

L2950964.UP.FTS.B

,

11

.19

%

,

4/14/27

....

5,174

5,062

L2950306.UP.FTS.B

,

11

.59

%

,

4/14/27

....

12,365

12,104

FW2950525.UP.FTS.B

,

11

.91

%

,

4/14/27

..

26,214

25,650

L2944042.UP.FTS.B

,

12

.19

%

,

4/14/27

....

9,673

9,466

L2942764.UP.FTS.B

,

12

.22

%

,

4/14/27

....

7,097

6,945

L2950992.UP.FTS.B

,

12

.3

%

,

4/14/27

....

6,630

6,488

L2950333.UP.FTS.B

,

12

.69

%

,

4/14/27

....

2,115

2,070

FW2951712.UP.FTS.B

,

12

.87

%

,

4/14/27

..

2,446

1,279

L2948733.UP.FTS.B

,

13

.2

%

,

4/14/27

....

3,858

830

FW2949810.UP.FTS.B

,

13

.53

%

,

4/14/27

..

6,780

6,638

FW2949125.UP.FTS.B

,

13

.6

%

,

4/14/27

...

2,297

2,249

L2951842.UP.FTS.B

,

13

.62

%

,

4/14/27

....

23,883

23,384

L2950742.UP.FTS.B

,

13

.63

%

,

4/14/27

....

5,344

5,233

FW2951854.UP.FTS.B

,

14

.02

%

,

4/14/27

..

10,201

9,989

L2949763.UP.FTS.B

,

14

.31

%

,

4/14/27

....

3,485

3,413

FW2951175.UP.FTS.B

,

14

.6

%

,

4/14/27

...

1,189

1,164

FW2949070.UP.FTS.B

,

14

.69

%

,

4/14/27

..

14,362

14,068

L2949907.UP.FTS.B

,

14

.84

%

,

4/14/27

....

2,429

176

FW2949368.UP.FTS.B

,

15

%

,

4/14/27

....

1,520

1,503

L2948932.UP.FTS.B

,

15

.2

%

,

4/14/27

....

816

800

L2951339.UP.FTS.B

,

15

.29

%

,

4/14/27

....

9,761

4,056

FW2950466.UP.FTS.B

,

15

.31

%

,

4/14/27

..

726

713

L2951714.UP.FTS.B

,

15

.35

%

,

4/14/27

....

7,576

7,422

L2950927.UP.FTS.B

,

15

.36

%

,

4/14/27

....

2,071

2,029

L2949017.UP.FTS.B

,

15

.76

%

,

4/14/27

....

1,318

1,292

L2950042.UP.FTS.B

,

16

.06

%

,

4/14/27

....

933

923

FW2946278.UP.FTS.B

,

16

.33

%

,

4/14/27

..

7,596

7,516

L2949916.UP.FTS.B

,

16

.64

%

,

4/14/27

....

15,855

1,132

L2948755.UP.FTS.B

,

16

.72

%

,

4/14/27

....

4,814

4,762

FW2951535.UP.FTS.B

,

17

.04

%

,

4/14/27

..

11,217

11,097

L2951449.UP.FTS.B

,

17

.19

%

,

4/14/27

....

16,136

15,824

FW2948748.UP.FTS.B

,

17

.23

%

,

4/14/27

..

2,622

2,594

L2948803.UP.FTS.B

,

17

.33

%

,

4/14/27

....

2,412

2,387

L2951584.UP.FTS.B

,

17

.47

%

,

4/14/27

....

1,761

1,738

L2951624.UP.FTS.B

,

17

.77

%

,

4/14/27

....

11,947

869

FW2949561.UP.FTS.B

,

17

.84

%

,

4/14/27

..

11,761

11,576

L2951172.UP.FTS.B

,

17

.98

%

,

4/14/27

....

6,730

6,624

L2950280.UP.FTS.B

,

18

.73

%

,

4/14/27

....

2,451

2,427

FW2950372.UP.FTS.B

,

18

.88

%

,

4/14/27

..

5,153

5,101

L2949923.UP.FTS.B

,

19

.64

%

,

4/14/27

....

571

565

L2951216.UP.FTS.B

,

19

.73

%

,

4/14/27

....

1,322

1,302

L2947365.UP.FTS.B

,

20

.51

%

,

4/14/27

....

11,289

11,179

L2950858.UP.FTS.B

,

20

.56

%

,

4/14/27

....

2,862

2,809

L2951820.UP.FTS.B

,

20

.59

%

,

4/14/27

....

18,562

18,382

FW2949268.UP.FTS.B

,

20

.97

%

,

4/14/27

..

2,546

2,508

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2950781.UP.FTS.B

,

21

.26

%

,

4/14/27

..

$

6,368

$

6,309

FW2948170.UP.FTS.B

,

21

.44

%

,

4/14/27

..

4,352

4,286

FW2951375.UP.FTS.B

,

22

.32

%

,

4/14/27

..

1,937

1,911

FW2949464.UP.FTS.B

,

22

.55

%

,

4/14/27

..

1,941

1,915

FW2946360.UP.FTS.B

,

23

.4

%

,

4/14/27

...

4,448

4,391

L2951812.UP.FTS.B

,

23

.47

%

,

4/14/27

....

1,661

1,640

FW2950779.UP.FTS.B

,

23

.54

%

,

4/14/27

..

1,960

1,935

L2951427.UP.FTS.B

,

23

.72

%

,

4/14/27

....

3,926

3,877

L2948992.UP.FTS.B

,

24

.59

%

,

4/14/27

....

18,592

18,382

L2950134.UP.FTS.B

,

24

.82

%

,

4/14/27

....

860

404

L2949079.UP.FTS.B

,

24

.97

%

,

4/14/27

....

7,529

7,425

L2950895.UP.FTS.B

,

25

.02

%

,

4/14/27

....

603

595

L2950602.UP.FTS.B

,

25

.04

%

,

4/14/27

....

1,024

1,012

L2950811.UP.FTS.B

,

25

.09

%

,

4/14/27

....

666

658

L2951247.UP.FTS.B

,

25

.15

%

,

4/14/27

....

664

655

FW2951030.UP.FTS.B

,

25

.2

%

,

4/14/27

...

2,296

2,268

L2942965.UP.FTS.B

,

25

.22

%

,

4/14/27

....

6,039

5,966

L2949738.UP.FTS.B

,

25

.23

%

,

4/14/27

....

1,208

1,194

L2951261.UP.FTS.B

,

25

.24

%

,

4/14/27

....

1,087

1,072

L2950776.UP.FTS.B

,

25

.38

%

,

4/14/27

....

2,177

2,150

L2951160.UP.FTS.B

,

25

.41

%

,

4/14/27

....

1,718

238

L2951384.UP.FTS.B

,

25

.41

%

,

4/14/27

....

1,594

1,576

L2950090.UP.FTS.B

,

25

.42

%

,

4/14/27

....

1,025

73

L2949492.UP.FTS.B

,

25

.47

%

,

4/14/27

....

2,784

2,751

L2951548.UP.FTS.B

,

25

.47

%

,

4/14/27

....

1,513

1,492

L2950216.UP.FTS.B

,

25

.49

%

,

4/14/27

....

3,333

3,293

FW2950277.UP.FTS.B

,

25

.52

%

,

4/14/27

..

1,999

1,976

L2951153.UP.FTS.B

,

25

.85

%

,

4/14/27

....

1,400

1,381

FW2950220.UP.FTS.B

,

26

.02

%

,

4/14/27

..

1,217

1,203

L2951255.UP.FTS.B

,

26

.02

%

,

4/14/27

....

5,049

4,990

FW2951228.UP.FTS.B

,

26

.2

%

,

4/14/27

...

2,181

2,155

FW2944032.UP.FTS.B

,

26

.21

%

,

4/14/27

..

2,134

2,110

L2949711.UP.FTS.B

,

27

.49

%

,

4/14/27

....

1,538

1,520

FW2948773.UP.FTS.B

,

27

.56

%

,

4/14/27

..

2,852

2,821

FW2948716.UP.FTS.B

,

27

.71

%

,

4/14/27

..

5,563

5,503

FW2951423.UP.FTS.B

,

27

.85

%

,

4/14/27

..

2,652

2,621

FW2949765.UP.FTS.B

,

28

.19

%

,

4/14/27

..

6,213

6,147

FW2948843.UP.FTS.B

,

28

.64

%

,

4/14/27

..

6,234

6,170

FW2950464.UP.FTS.B

,

29

.27

%

,

4/14/27

..

2,442

2,415

FW2950412.UP.FTS.B

,

30

.37

%

,

4/14/27

..

504

318

FW2951435.UP.FTS.B

,

30

.37

%

,

4/14/27

..

1,237

1,224

FW2950357.UP.FTS.B

,

30

.48

%

,

4/14/27

..

7,416

1,761

FW2949044.UP.FTS.B

,

30

.94

%

,

4/14/27

..

2,822

2,792

FW2950648.UP.FTS.B

,

30

.95

%

,

4/14/27

..

769

762

FW2949727.UP.FTS.B

,

30

.99

%

,

4/14/27

..

1,273

1,261

FW2950633.UP.FTS.B

,

31

.02

%

,

4/14/27

..

10,587

758

FW2950575.UP.FTS.B

,

31

.06

%

,

4/14/27

..

1,720

1,704

FW2950561.UP.FTS.B

,

31

.2

%

,

4/14/27

...

957

948

FW2949894.UP.FTS.B

,

31

.82

%

,

4/14/27

..

2,376

2,355

FW2949051.UP.FTS.B

,

32

.15

%

,

4/14/27

..

3,151

3,127

FW2950185.UP.FTS.B

,

32

.24

%

,

4/14/27

..

3,332

3,297

L2048072.UP.FTS.B

,

11

.58

%

,

4/15/27

....

6,335

6,170

L2048360.UP.FTS.B

,

14

.07

%

,

4/15/27

....

3,390

2,054

L2046952.UP.FTS.B

,

18

.41

%

,

4/15/27

....

1,693

1,668

L2049386.UP.FTS.B

,

19

.96

%

,

4/15/27

....

3,423

2,116

FW2048990.UP.FTS.B

,

20

.89

%

,

4/15/27

..

1,935

1,899

FW2049296.UP.FTS.B

,

30

.21

%

,

4/15/27

..

5,772

409

L2951305.UP.FTS.B

,

20

.52

%

,

4/16/27

....

2,133

2,101

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2949973.UP.FTS.B

,

20

.99

%

,

4/16/27

....

$

3,476

$

3,424

L2950367.UP.FTS.B

,

22

.21

%

,

4/16/27

....

6,394

6,335

FW2932125.UP.FTS.B

,

30

.95

%

,

4/18/27

..

5,914

3,810

L2949050.UP.FTS.B

,

24

.74

%

,

4/20/27

....

9,044

8,936

L2047847.UP.FTS.B

,

25

.96

%

,

4/20/27

....

4,561

4,495

L2096414.UP.FTS.B

,

14

.36

%

,

4/22/27

....

3,059

2,220

L2950334.UP.FTS.B

,

20

.22

%

,

4/22/27

....

2,529

2,505

L2088829.UP.FTS.B

,

21

.32

%

,

4/22/27

....

6,472

6,369

L2096857.UP.FTS.B

,

21

.9

%

,

4/22/27

....

25,339

3,580

L2094965.UP.FTS.B

,

25

.66

%

,

4/22/27

....

2,148

154

FW2094908.UP.FTS.B

,

29

.15

%

,

4/22/27

..

32,543

20,880

FW2083347.UP.FTS.B

,

31

.08

%

,

4/22/27

..

9,483

6,090

L2928558.UP.FTS.B

,

11

.88

%

,

4/28/27

....

6,579

478

L2950021.UP.FTS.B

,

11

.97

%

,

4/28/27

....

5,266

5,153

FW2950896.UP.FTS.B

,

16

.97

%

,

4/28/27

..

5,901

5,784

L2948840.UP.FTS.B

,

19

.72

%

,

4/28/27

....

8,787

8,651

L2046907.UP.FTS.B

,

21

.17

%

,

4/28/27

....

1,893

1,855

L2951862.UP.FTS.B

,

25

.21

%

,

4/28/27

....

996

983

FW2951725.UP.FTS.B

,

27

.54

%

,

4/28/27

..

2,492

2,466

L2293969.UP.FTS.B

,

25

.41

%

,

5/21/27

....

8,125

8,019

FW2296510.UP.FTS.B

,

28

.63

%

,

5/21/27

..

4,533

2,878

FW2294827.UP.FTS.B

,

31

.11

%

,

5/21/27

..

1,679

1,668

L2298796.UP.FTS.B

,

7

.68

%

,

5/22/27

....

990

963

FW2297621.UP.FTS.B

,

13

.91

%

,

5/22/27

..

1,283

92

L2296567.UP.FTS.B

,

21

.87

%

,

5/22/27

....

1,326

97

FW2297374.UP.FTS.B

,

23

.21

%

,

5/22/27

..

1,344

1,327

L2300368.UP.FTS.B

,

25

.11

%

,

5/22/27

....

1,731

125

FW2297812.UP.FTS.B

,

27

.74

%

,

5/22/27

..

2,913

2,881

L2292250.UP.FTS.B

,

12

.42

%

,

5/26/27

....

6,161

6,004

L2300474.UP.FTS.B

,

25

.38

%

,

5/27/27

....

1,685

1,669

FW2296458.UP.FTS.B

,

30

.75

%

,

6/06/27

..

5,934

5,887

L2425627.UP.FTS.B

,

6

.24

%

,

6/13/27

....

13,867

5,192

FW2423719.UP.FTS.B

,

8

.04

%

,

6/13/27

...

8,034

7,816

L2427221.UP.FTS.B

,

9

.21

%

,

6/13/27

....

1,961

239

FW2427741.UP.FTS.B

,

9

.76

%

,

6/13/27

...

2,711

2,651

L2426279.UP.FTS.B

,

17

.73

%

,

6/13/27

....

2,402

2,363

L2423964.UP.FTS.B

,

18

.15

%

,

6/13/27

....

4,043

1,734

L2428658.UP.FTS.B

,

22

.41

%

,

6/13/27

....

6,472

1,484

FW2427001.UP.FTS.B

,

25

.82

%

,

6/13/27

..

6,406

6,310

FW2423361.UP.FTS.B

,

26

.6

%

,

6/13/27

...

2,212

2,179

FW2425746.UP.FTS.B

,

27

.06

%

,

6/13/27

..

7,667

1,101

FW2425689.UP.FTS.B

,

27

.43

%

,

6/13/27

..

8,830

1,253

FW2424974.UP.FTS.B

,

28

.61

%

,

6/13/27

..

11,667

11,502

FW2427523.UP.FTS.B

,

29

.85

%

,

6/13/27

..

2,473

575

FW2424580.UP.FTS.B

,

31

.2

%

,

6/13/27

...

13,681

13,539

L2432199.UP.FTS.B

,

7

.42

%

,

6/14/27

....

2,209

2,150

L2435208.UP.FTS.B

,

8

.4

%

,

6/14/27

.....

22,716

22,112

FW2429579.UP.FTS.B

,

8

.83

%

,

6/14/27

...

3,290

1,317

L2433061.UP.FTS.B

,

9

.38

%

,

6/14/27

....

4,685

919

L2435410.UP.FTS.B

,

17

.3

%

,

6/14/27

....

7,131

7,024

L2428990.UP.FTS.B

,

21

.05

%

,

6/14/27

....

14,229

1,044

L2429502.UP.FTS.B

,

23

.45

%

,

6/14/27

....

1,538

112

FW2429314.UP.FTS.B

,

30

.55

%

,

6/14/27

..

997

245

FW2429288.UP.FTS.B

,

33

.13

%

,

6/14/27

..

1,178

84

FW2435774.UP.FTS.B

,

7

.71

%

,

6/18/27

...

1,733

132

L2437164.UP.FTS.B

,

11

.6

%

,

6/18/27

.....

3,007

2,932

L2436235.UP.FTS.B

,

19

.1

%

,

6/18/27

....

2,628

2,576

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2435640.UP.FTS.B

,

28

.51

%

,

6/18/27

..

$

4,048

$

288

L2437642.UP.FTS.B

,

9

.64

%

,

6/20/27

....

435

427

FW2438645.UP.FTS.B

,

31

.19

%

,

6/26/27

..

2,415

2,394

L2431725.UP.FTS.B

,

12

.26

%

,

6/28/27

....

21,598

21,021

L2581968.UP.FTS.B

,

13

.8

%

,

7/10/27

....

6,048

5,880

L2607609.UP.FTS.B

,

15

.09

%

,

7/10/27

....

1,913

1,862

L2607076.UP.FTS.B

,

16

.42

%

,

7/10/27

....

15,083

14,689

FW2602895.UP.FTS.B

,

17

.44

%

,

7/10/27

..

6,986

2,841

L2608553.UP.FTS.B

,

23

.5

%

,

7/10/27

....

6,688

6,591

FW2603700.UP.FTS.B

,

31

.08

%

,

7/10/27

..

1,603

1,586

FW2602032.UP.FTS.B

,

31

.57

%

,

7/10/27

..

4,363

4,321

L2615143.UP.FTS.B

,

13

.89

%

,

7/11/27

....

2,620

2,550

L2611504.UP.FTS.B

,

16

.36

%

,

7/11/27

....

4,092

3,990

FW2609511.UP.FTS.B

,

18

.92

%

,

7/11/27

..

9,709

9,565

L2613825.UP.FTS.B

,

20

.6

%

,

7/11/27

.....

1,800

130

L2605257.UP.FTS.B

,

21

.7

%

,

7/11/27

.....

703

97

FW2610184.UP.FTS.B

,

23

.94

%

,

7/11/27

..

13,982

13,738

L2614217.UP.FTS.B

,

24

.23

%

,

7/11/27

....

1,779

14

L2608705.UP.FTS.B

,

25

.34

%

,

7/11/27

....

7,965

3,505

FW2613347.UP.FTS.B

,

26

.68

%

,

7/11/27

..

948

426

FW2613777.UP.FTS.B

,

27

.07

%

,

7/11/27

..

1,254

1,234

FW2614513.UP.FTS.B

,

28

.27

%

,

7/11/27

..

1,116

80

FW2610223.UP.FTS.B

,

30

.62

%

,

7/11/27

..

2,818

–

L2618980.UP.FTS.B

,

12

.97

%

,

7/14/27

....

10,723

10,435

L2616269.UP.FTS.B

,

19

.1

%

,

7/14/27

....

13,009

12,741

L2615913.UP.FTS.B

,

19

.56

%

,

7/14/27

....

4,337

4,257

L2616155.UP.FTS.B

,

19

.61

%

,

7/14/27

....

1,498

107

L2614826.UP.FTS.B

,

22

.6

%

,

7/14/27

....

4,328

4,262

L2618649.UP.FTS.B

,

24

.27

%

,

7/14/27

....

6,992

6,876

L1716174.UP.FTS.B

,

24

.2

%

,

7/15/27

....

10,637

10,450

FW1716481.UP.FTS.B

,

26

.69

%

,

7/15/27

..

15,520

15,261

FW1714570.UP.FTS.B

,

27

.72

%

,

7/15/27

..

4,191

4,122

FW2617490.UP.FTS.B

,

27

.91

%

,

7/21/27

..

22,943

22,496

FW2603295.UP.FTS.B

,

23

.18

%

,

7/24/27

..

6,230

6,114

FW2608779.UP.FTS.B

,

24

.99

%

,

7/25/27

..

8,979

649

FW1882891.UP.FTS.B

,

25

.65

%

,

8/20/27

..

1,268

1,249

FW2951315.UP.FTS.B

,

9

.91

%

,

9/14/27

...

3,572

3,492

L2951595.UP.FTS.B

,

10

.95

%

,

9/14/27

....

3,316

3,244

L2949275.UP.FTS.B

,

14

.68

%

,

9/14/27

....

2,483

481

L2949507.UP.FTS.B

,

15

.04

%

,

9/14/27

....

6,665

6,516

L2949405.UP.FTS.B

,

16

.41

%

,

9/14/27

....

13,479

13,187

L2949925.UP.FTS.B

,

17

.43

%

,

9/14/27

....

6,072

5,981

FW2951370.UP.FTS.B

,

20

.97

%

,

9/14/27

..

6,946

2,804

FW2951123.UP.FTS.B

,

24

.74

%

,

9/14/27

..

16,323

7,048

L2949682.UP.FTS.B

,

25

.05

%

,

9/14/27

....

967

949

L2949603.UP.FTS.B

,

25

.51

%

,

9/14/27

....

4,286

947

FW2950395.UP.FTS.B

,

28

.88

%

,

9/14/27

..

13,396

13,235

L2048500.UP.FTS.B

,

14

.96

%

,

9/15/27

....

13,351

13,016

L2047067.UP.FTS.B

,

21

.22

%

,

9/15/27

....

11,624

11,457

FW2049311.UP.FTS.B

,

21

.75

%

,

9/15/27

..

3,255

3,190

L2949815.UP.FTS.B

,

25

.48

%

,

9/15/27

....

8,852

5,618

FW2046950.UP.FTS.B

,

31

.12

%

,

9/15/27

..

4,216

4,149

L2949419.UP.FTS.B

,

23

.06

%

,

9/27/27

....

2,101

2,083

L2293030.UP.FTS.B

,

8

.8

%

,

10/21/27

....

1,500

897

FW2292945.UP.FTS.B

,

31

.23

%

,

10/21/27

.

1,776

1,128

L2300702.UP.FTS.B

,

15

.45

%

,

10/22/27

...

24,676

14,110

L2300131.UP.FTS.B

,

24

.08

%

,

10/22/27

...

9,224

9,069

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2421701.UP.FTS.B

,

5

.91

%

,

11/13/27

....

$

12,402

$

11,925

FW2424710.UP.FTS.B

,

21

.52

%

,

11/13/27

.

10,579

10,360

L2432901.UP.FTS.B

,

6

.93

%

,

11/14/27

....

8,381

8,086

FW2430164.UP.FTS.B

,

9

.11

%

,

11/14/27

..

3,291

3,199

FW2435458.UP.FTS.B

,

28

.74

%

,

11/14/27

.

3,171

3,127

L2435424.UP.FTS.B

,

10

.13

%

,

11/21/27

...

2,771

2,694

L2607851.UP.FTS.B

,

13

.68

%

,

12/10/27

...

28,053

2,038

FW2605935.UP.FTS.B

,

31

.23

%

,

12/10/27

.

4,487

4,378

L2611260.UP.FTS.B

,

17

.12

%

,

12/11/27

...

13,062

12,832

L2611326.UP.FTS.B

,

18

.28

%

,

12/11/27

...

5,488

5,372

L2611597.UP.FTS.B

,

25

.33

%

,

12/11/27

...

8,992

8,745

FW2616422.UP.FTS.B

,

14

.55

%

,

12/14/27

.

2,954

2,879

FW2617504.UP.FTS.B

,

30

.27

%

,

12/14/27

.

14,900

14,573

FW2609734.UP.FTS.B

,

31

%

,

12/16/27

...

911

889

FW2613645.UP.FTS.B

,

31

.4

%

,

12/23/27

..

1,552

111

L2616852.UP.FTS.B

,

19

.82

%

,

12/28/27

...

4,344

4,248

FW2950242.UP.FTS.B

,

24

.53

%

,

2/14/28

..

1,756

1,736

FW2951084.UP.FTS.B

,

30

.63

%

,

2/14/28

..

11,945

4,991

L1718966.UP.FTS.B

,

18

.89

%

,

9/15/28

....

6,801

6,640

L1718702.UP.FTS.B

,

26

.02

%

,

9/15/28

....

3,658

3,639

L1887293.UP.FTS.B

,

25

.85

%

,

10/20/28

...

8,000

7,850

L2608032.UP.FTS.B

,

17

.27

%

,

2/10/29

....

3,095

3,001

L2605139.UP.FTS.B

,

28

.33

%

,

2/10/29

....

1,881

1,863

L1718819.UP.FTS.B

,

23

.98

%

,

2/15/29

....

2,499

178

L1886617.UP.FTS.B

,

19

.5

%

,

3/20/29

....

7,660

1,438

L2607986.UP.FTS.B

,

25

.66

%

,

7/10/29

....

18,997

6,761

L1889126.UP.FTS.B

,

20

.94

%

,

10/20/34

...

1,090

79

FW2295751.UP.FTS.B

,

26

.57

%

,

12/21/34

.

1,128

80

FW2428576.UP.FTS.B

,

10

.33

%

,

1/13/35

..

1,185

83

L2427021.UP.FTS.B

,

11

.18

%

,

1/13/35

....

640

47

L2416454.UP.FTS.B

,

20

%

,

1/13/35

......

440

140

L2426497.UP.FTS.B

,

20

.53

%

,

1/13/35

....

4

3

FW2422846.UP.FTS.B

,

26

.62

%

,

1/13/35

..

531

385

FW2423280.UP.FTS.B

,

26

.88

%

,

1/13/35

..

1,408

124

L2430005.UP.FTS.B

,

6

.62

%

,

1/14/35

....

61

49

L2429588.UP.FTS.B

,

8

.57

%

,

1/14/35

....

709

667

FW2437692.UP.FTS.B

,

6

.91

%

,

1/18/35

...

909

66

FW2439200.UP.FTS.B

,

18

.01

%

,

1/18/35

..

277

15

L2605161.UP.FTS.B

,

8

.41

%

,

2/10/35

....

62

61

L2602588.UP.FTS.B

,

8

.74

%

,

2/10/35

....

290

287

FW2602705.UP.FTS.B

,

10

.63

%

,

2/10/35

..

1

1

FW2604002.UP.FTS.B

,

11

.31

%

,

2/10/35

..

7,192

524

L2607713.UP.FTS.B

,

11

.85

%

,

2/10/35

....

145

143

FW2604412.UP.FTS.B

,

12

.03

%

,

2/10/35

..

64

64

FW2607831.UP.FTS.B

,

19

.55

%

,

2/10/35

..

35

34

L2606380.UP.FTS.B

,

21

.09

%

,

2/10/35

....

180

178

FW2604398.UP.FTS.B

,

25

.04

%

,

2/10/35

..

37

37

FW2608083.UP.FTS.B

,

29

.04

%

,

2/10/35

..

224

220

FW2610553.UP.FTS.B

,

7

.05

%

,

2/11/35

...

182

181

FW2615331.UP.FTS.B

,

10

.38

%

,

2/11/35

..

47

47

FW2609609.UP.FTS.B

,

11

.5

%

,

2/11/35

...

97

96

L2612036.UP.FTS.B

,

13

.32

%

,

2/11/35

....

177

175

L2607238.UP.FTS.B

,

13

.47

%

,

2/11/35

....

99

97

L2614740.UP.FTS.B

,

14

.28

%

,

2/11/35

....

363

357

FW2610423.UP.FTS.B

,

17

.65

%

,

2/11/35

..

138

136

L2614223.UP.FTS.B

,

18

.74

%

,

2/11/35

....

157

155

L2610485.UP.FTS.B

,

21

.72

%

,

2/11/35

....

375

369

FW2613906.UP.FTS.B

,

22

.85

%

,

2/11/35

..

36

36

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2615495.UP.FTS.B

,

24

.65

%

,

2/11/35

....

$

220

$

217

FW2611527.UP.FTS.B

,

26

.67

%

,

2/11/35

..

752

740

FW2610708.UP.FTS.B

,

31

.36

%

,

2/11/35

..

163

161

L2608607.UP.FTS.B

,

7

.29

%

,

2/12/35

....

308

305

L2617531.UP.FTS.B

,

9

.41

%

,

2/14/35

....

369

365

L2617246.UP.FTS.B

,

16

.8

%

,

2/14/35

....

324

320

L2616222.UP.FTS.B

,

19

.49

%

,

2/14/35

....

63

63

L2617430.UP.FTS.B

,

20

.47

%

,

2/14/35

....

588

580

L2615004.UP.FTS.B

,

20

.75

%

,

2/14/35

....

71

70

FW2615790.UP.FTS.B

,

25

.6

%

,

2/14/35

...

94

92

FW2617005.UP.FTS.B

,

25

.65

%

,

2/14/35

..

75

74

FW2617024.UP.FTS.B

,

28

.53

%

,

2/14/35

..

192

189

L1715704.UP.FTS.B

,

11

.53

%

,

2/15/35

....

195

192

L1715893.UP.FTS.B

,

19

.55

%

,

2/15/35

....

523

37

4,173,624

Total

Marketplace

Loans

(Cost

$

24,770,937

)

......................

$18,293,070

a

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

At

January

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

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

245

$

26,666,719

3/20/25

$

378,636

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

11

1,225,125

3/20/25

25,251

U.S.

Treasury

2

Year

Notes

.....................

Long

3,564

732,847,500

3/31/25

(

408,630

)

U.S.

Treasury

5

Year

Notes

.....................

Short

910

96,815,469

3/31/25

632,810

U.S.

Treasury

Long

Bonds

.....................

Short

44

5,011,875

3/20/25

(

27,566

)

Total

Futures

Contracts

......................................................................

$600,501

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

At

January

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

A

bbreviations

on

page

215

.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.HY.41

.

5.00%

Quarterly

12/20/28

1,600,000

$

142,722

$

(

14,376

)

$

157,098

Non-

Investment

Grade

CDX.NA.HY.42

.

5.00%

Quarterly

6/20/29

4,100,000

365,695

179,972

185,723

Non-

Investment

Grade

CDX.NA.HY.43

.

5.00%

Quarterly

12/20/29

3,900,000

340,700

312,613

28,087

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$849,117

$478,209

$370,908

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

2,080,000

17,306

(

179,430

)

196,736

BB

Traded

Index

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

5,500,000

557,155

223,617

333,538

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

12,100,000

(

79,441

)

(

314,256

)

234,815

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$495,020

$(270,069)

$765,089

Total

Credit

Default

Swap

Contracts

....................................

$1,344,137

$

208,140

$1,135,997

(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.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

14.6%

U.S.

Treasury

Notes

,

2.625

%,

1/31/26

...................................................

$

10,000,000

$

9,843,039

2.5

%,

2/28/26

....................................................

2,162,000

2,123,056

4.875

%,

4/30/26

...................................................

18,238,000

18,379,060

4.25

%,

3/15/27

...................................................

11,000,000

11,008,164

4.5

%,

4/15/27

....................................................

15,000,000

15,089,941

Total

U.S.

Government

and

Agency

Securities

(Cost

$

56,108,593

)

.................

56,443,260

Mortgage-Backed

Securities

58.8%

a

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

17.9%

FHLMC

,

6.547

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

7,003,389

7,233,976

FHLMC

,

6.637

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

4,884,292

5,039,997

FHLMC

,

6.725

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

3,951,882

4,102,233

FHLMC

,

6.754

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

3,729,775

3,873,411

FHLMC

,

6.814

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

3,241,861

3,337,706

FHLMC

,

6.83

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

4,499,102

4,643,740

FHLMC

,

6.858

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

4,145,734

4,294,548

FHLMC

,

6.938

%

-

7.08

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

255,603

256,447

FHLMC

,

5.982

%

-

7.767

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

29,463,235

30,272,304

FHLMC

,

6.605

%

-

8.289

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

5,760,121

5,963,510

69,017,872

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.5%

FHLMC

Pool,

30

Year

,

5.5

%,

12/01/54

....................................

1,973,688

1,950,354

FHLMC

Pool,

30

Year

,

6

%,

5/01/53

......................................

1,944,277

1,962,490

FHLMC

Pool,

30

Year

,

6

%,

12/01/54

.....................................

1,965,652

1,981,114

5,893,958

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

33.7%

FNMA

,

4.444

%,

(

COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

4,139,524

4,097,084

FNMA

,

5.605

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

36,710

36,581

FNMA

,

4.543

%

-

5.652

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

...

28,356

28,255

FNMA

,

4.292

%

-

5.693

%,

(

COFI

11th

District

+/-

MBS

Margin),

8/01/25

-

12/01/37

...

1,910,832

1,890,509

FNMA

,

3.564

%

-

6.031

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

17,966

17,898

FNMA

,

6.56

%,

(

6-month

H15BDI

+/-

MBS

Margin),

11/01/34

...................

38,215

37,824

FNMA

,

6.748

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/35

...................................................

1,906,090

1,971,556

FNMA

,

6.783

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

6,168,517

6,379,110

FNMA

,

6.936

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

2,221,544

2,288,608

FNMA

,

6.94

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

3,771,447

3,890,115

FNMA

,

6.989

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

15,475,825

16,069,049

FNMA

,

7.004

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

2,326,284

2,402,079

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA

,

7.006

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

$

2,258,666

$

2,338,618

FNMA

,

7.044

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

8,998,483

9,315,413

FNMA

,

7.084

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

4,039,475

4,192,689

FNMA

,

5.845

%

-

7.75

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

-

12/01/37

......................................

9,917,716

10,010,382

FNMA

,

5.547

%

-

7.886

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/27

-

11/01/44

.......................................................

2,606,362

2,657,511

FNMA

,

5.689

%

-

8.308

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

47,769,400

48,822,537

FNMA

,

4.735

%

-

8.383

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/01/25

-

12/01/40

..

13,501,236

13,847,148

130,292,966

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

4.8%

FNMA,

30

Year

,

5.5

%,

4/01/53

.........................................

12,136,711

12,009,375

FNMA,

30

Year

,

5.5

%,

3/01/54

.........................................

2,001,409

1,978,060

FNMA,

30

Year

,

6

%,

7/01/53

...........................................

4,422,101

4,463,799

18,451,234

a

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.1%

GNMA

II

,

4.625

%

-

4.875

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

.

243,490

245,256

245,256

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.8%

GNMA

II,

Single-family,

30

Year

,

6

%,

12/20/54

..............................

2,994,606

3,024,078

Total

Mortgage-Backed

Securities

(Cost

$

230,994,137

)

...........................

226,925,364

Agency

Commercial

Mortgage-Backed

Securities

23.0%

Financial

Services

23.0%

b

FHLMC

,

4988

,

AF

,

FRN

,

5.147%,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

..........

3,530,758

3,477,476

4891

,

AF

,

FRN

,

5.197%,

(

30-day

SOFR

Average

+

0.514

%

),

7/15/42

...........

5,468,117

5,607,625

413

,

F23

,

FRN

,

5.401%,

(

30-day

SOFR

Average

+

1.05

%

),

5/25/54

............

1,891,424

1,892,130

343

,

F4

,

FRN

,

5.147%,

Strip

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

.......

3,324,441

3,273,962

4989

,

FA

,

FRN

,

5.147%,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/40

...........

4,495,246

4,437,882

4915

,

FE

,

FRN

,

5.197%,

(

30-day

SOFR

Average

+

0.514

%

),

2/15/38

...........

7,176,180

7,080,924

4895

,

GF

,

FRN

,

5.197%,

(

30-day

SOFR

Average

+

0.514

%

),

11/15/43

..........

5,172,126

5,099,200

4197

,

KF

,

FRN

,

5.097%,

(

30-day

SOFR

Average

+

0.414

%

),

9/15/37

...........

1,777,730

1,712,275

4107

,

KF

,

FRN

,

5.187%,

(

30-day

SOFR

Average

+

0.504

%

),

6/15/38

...........

1,580,360

1,561,210

4215

,

KF

,

FRN

,

5.097%,

(

30-day

SOFR

Average

+

0.414

%

),

2/15/40

...........

1,075,944

1,044,241

4730

,

WF

,

FRN

,

5.147%,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/38

...........

3,101,373

3,057,886

4794

,

WF

,

FRN

,

5.147%,

(

30-day

SOFR

Average

+

0.464

%

),

3/15/43

...........

3,258,513

3,204,385

b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

5.228%,

(

30-day

SOFR

Average

+

0.7

%

),

10/25/30

...........

3,365,073

3,382,069

KF163

,

AS

,

FRN

,

5.108%,

(

30-day

SOFR

Average

+

0.58

%

),

4/25/34

...........

2,933,335

2,938,202

b

FNMA

,

2019-38

,

AF

,

FRN

,

5.197%,

(

30-day

SOFR

Average

+

0.514

%

),

7/25/49

.........

3,679,960

3,637,256

2019-59

,

BF

,

FRN

,

5.197%,

(

30-day

SOFR

Average

+

0.514

%

),

10/25/49

........

5,424,719

5,364,926

2019-38

,

CF

,

FRN

,

4.915%,

(

30-day

SOFR

Average

+

0.564

%

),

7/25/49

.........

1,274,034

1,250,046

2021-44

,

FA

,

FRN

,

4.883%,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/45

...........

4,292,496

4,180,080

2024-103

,

FB

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/55

.........

2,961,351

2,958,716

2024-105

,

FC

,

FRN

,

5.351%,

(

30-day

SOFR

Average

+

1

%

),

1/25/55

...........

2,960,703

2,978,956

2020-54

,

WF

,

FRN

,

4.215%,

(

30-day

SOFR

Average

+

0.564

%

),

8/25/50

........

2,992,945

2,922,225

2021-8

,

YF

,

FRN

,

4.883%,

(

30-day

SOFR

Average

+

0.2

%

),

3/25/61

............

8,818,844

8,884,894

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Low

Duration

U.S.

Government

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

At

January

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

215

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b

FNMA,

(continued)

2021-36

,

YF

,

FRN

,

4.883%,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/61

...........

$

4,316,338

$

4,390,225

b

FREMF

Mortgage

Trust

,

KF164

,

AS

,

FRN

,

5.098%,

(

30-day

SOFR

Average

+

0.57

%

),

10/25/34

........................................................

3,999,923

4,001,727

b

GNMA

,

2010-12

,

FD

,

FRN

,

5.02%,

(

1-month

SOFR

+

0.714

%

),

1/16/40

...........

500,248

501,632

88,840,150

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

89,482,809

)

.........

88,840,150

Total

Long

Term

Investments

(Cost

$

376,585,539

)

...............................

372,208,774

a

a

a

a

a

Short

Term

Investments

2.6%

Shares

a

Money

Market

Funds

2.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..................

10,052,713

10,052,713

Total

Money

Market

Funds

(Cost

$

10,052,713

)

..................................

10,052,713

Total

Short

Term

Investments

(Cost

$

10,052,713

)

................................

10,052,713

a

Total

Investments

(Cost

$

386,638,252

)

99.0

%

...................................

$382,261,487

Other

Assets,

less

Liabilities

1.0

%

.............................................

4,025,687

Net

Assets

100.0%

...........................................................

$386,287,174

a

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;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

77

$

8,575,875

3/20/25

$

176,750

U.S.

Treasury

2

Year

Notes

.....................

Long

514

105,691,250

3/31/25

(

39,316

)

Total

Futures

Contracts

......................................................................

$137,434

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Managed

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

40.0%

Aerospace

&

Defense

1.8%

a,b

Boeing

Co.

(The)

...................................

United

States

40,000

$

7,060,800

Lockheed

Martin

Corp.

...............................

United

States

75,000

34,721,250

b

RTX

Corp.

........................................

United

States

155,000

19,987,250

61,769,300

Air

Freight

&

Logistics

0.6%

United

Parcel

Service,

Inc.

,

B

..........................

United

States

175,000

19,990,250

Banks

1.9%

Bank

of

America

Corp.

...............................

United

States

500,000

23,150,000

Fifth

Third

Bancorp

..................................

United

States

300,000

13,293,000

Truist

Financial

Corp.

................................

United

States

350,000

16,667,000

US

Bancorp

.......................................

United

States

250,000

11,945,000

65,055,000

Beverages

2.1%

Coca-Cola

Co.

(The)

.................................

United

States

450,000

28,566,000

PepsiCo,

Inc.

......................................

United

States

275,000

41,439,750

70,005,750

Biotechnology

1.9%

AbbVie,

Inc.

.......................................

United

States

200,000

36,780,000

Amgen,

Inc.

.......................................

United

States

100,000

28,542,000

65,322,000

Building

Products

0.5%

Johnson

Controls

International

plc

.......................

United

States

200,000

15,600,000

Capital

Markets

0.6%

b

Morgan

Stanley

.....................................

United

States

150,000

20,764,500

Chemicals

1.6%

b

Air

Products

and

Chemicals,

Inc.

........................

United

States

100,000

33,526,000

b

Albemarle

Corp.

....................................

United

States

125,000

10,523,750

LyondellBasell

Industries

NV

,

A

.........................

United

States

150,000

11,355,000

55,404,750

Communications

Equipment

1.3%

Cisco

Systems,

Inc.

.................................

United

States

700,000

42,420,000

Consumer

Staples

Distribution

&

Retail

0.6%

b

Target

Corp.

.......................................

United

States

150,000

20,686,500

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

..........................

United

States

100,000

3,939,000

Electric

Utilities

3.7%

Duke

Energy

Corp.

..................................

United

States

400,000

44,796,000

Edison

International

.................................

United

States

350,000

18,900,000

b

NextEra

Energy,

Inc.

.................................

United

States

275,000

19,679,000

Southern

Co.

(The)

..................................

United

States

500,000

41,975,000

125,350,000

Energy

Equipment

&

Services

0.5%

Halliburton

Co.

.....................................

United

States

600,000

15,612,000

Food

Products

0.6%

Nestle

SA

,

ADR

....................................

United

States

250,000

21,245,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Ground

Transportation

1.1%

b

Union

Pacific

Corp.

..................................

United

States

150,000

$

37,168,500

Health

Care

Equipment

&

Supplies

0.5%

Medtronic

plc

......................................

United

States

200,000

18,164,000

Health

Care

Providers

&

Services

1.1%

CVS

Health

Corp.

...................................

United

States

200,000

11,296,000

b

UnitedHealth

Group,

Inc.

..............................

United

States

50,000

27,124,500

38,420,500

Hotels,

Restaurants

&

Leisure

1.0%

McDonald's

Corp.

...................................

United

States

50,000

14,435,000

b

Starbucks

Corp.

....................................

United

States

175,000

18,844,000

33,279,000

Household

Products

1.0%

Procter

&

Gamble

Co.

(The)

...........................

United

States

200,000

33,198,000

IT

Services

0.6%

b

International

Business

Machines

Corp.

...................

United

States

85,000

21,734,500

Metals

&

Mining

0.5%

Rio

Tinto

plc

,

ADR

...................................

Australia

250,000

15,102,500

Multi-Utilities

1.1%

DTE

Energy

Co.

....................................

United

States

150,000

17,982,000

Sempra

...........................................

United

States

250,000

20,732,500

38,714,500

Oil,

Gas

&

Consumable

Fuels

5.4%

b

Chevron

Corp.

.....................................

United

States

575,000

85,784,250

ConocoPhillips

.....................................

United

States

200,000

19,766,000

Exxon

Mobil

Corp.

...................................

United

States

600,000

64,098,000

TotalEnergies

SE

,

ADR

...............................

France

200,000

11,606,000

181,254,250

Pharmaceuticals

3.7%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

250,000

17,690,000

Bristol-Myers

Squibb

Co.

..............................

United

States

250,000

14,737,500

Johnson

&

Johnson

.................................

United

States

350,000

53,252,500

Merck

&

Co.,

Inc.

...................................

United

States

300,000

29,646,000

Pfizer,

Inc.

.........................................

United

States

350,000

9,282,000

124,608,000

Semiconductors

&

Semiconductor

Equipment

3.2%

a,b

Advanced

Micro

Devices,

Inc.

..........................

United

States

100,000

11,595,000

b

Analog

Devices,

Inc.

.................................

United

States

200,000

42,378,000

b

Applied

Materials,

Inc.

................................

United

States

100,000

18,035,000

Microchip

Technology,

Inc.

............................

United

States

300,000

16,290,000

b

Texas

Instruments,

Inc.

...............................

United

States

100,000

18,461,000

106,759,000

Software

0.2%

Microsoft

Corp.

.....................................

United

States

12,500

5,188,250

Specialty

Retail

1.8%

b

Home

Depot,

Inc.

(The)

...............................

United

States

150,000

61,797,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

0.2%

NIKE,

Inc.

,

B

.......................................

United

States

100,000

$

7,690,000

Tobacco

0.8%

Philip

Morris

International,

Inc.

.........................

United

States

200,000

26,040,000

Total

Common

Stocks

(Cost

$

1,126,797,150

)

..................................

1,352,282,050

Equity-Linked

Securities

6.5%

Aerospace

&

Defense

0.4%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5

%

,

12/08/25

...............................

United

States

40,000

6,537,851

c

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

9

%

,

6/17/25

United

States

50,000

8,818,032

15,355,883

Banks

0.3%

c

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.

,

144A,

8.5

%

,

2/26/25

....................................

United

States

250,000

9,313,815

Communications

Equipment

0.2%

c

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/17/25

.........................................

United

States

100,000

5,372,974

Energy

Equipment

&

Services

0.4%

c

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

10

%

,

11/26/25

........................................

United

States

330,000

13,587,111

Hotels,

Restaurants

&

Leisure

0.3%

c

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

9

%

,

1/12/26

.........................................

United

States

115,000

11,990,545

Interactive

Media

&

Services

0.3%

c

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.

,

144A,

8

%

,

3/28/25

United

States

75,000

11,990,809

IT

Services

0.5%

c

Barclays

Bank

plc

into

International

Business

Machines

Corp.

,

144A,

8.5

%

,

6/09/25

...............................

United

States

80,000

15,579,520

Media

0.8%

c

JPMorgan

Chase

Bank

NA

into

Comcast

Corp.

,

144A,

8.5

%

,

9/02/25

.........................................

United

States

800,000

27,732,189

Metals

&

Mining

0.6%

c

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

8/12/25

.....................................

United

States

525,000

19,576,311

Oil,

Gas

&

Consumable

Fuels

0.4%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9

%

,

3/12/25

.................................

United

States

115,000

12,158,342

Semiconductors

&

Semiconductor

Equipment

1.0%

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8

%

,

6/11/25

.........................................

United

States

175,000

32,865,034

Software

1.3%

c

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5

%

,

10/06/25

....

United

States

45,000

18,853,040

c

UBS

AG

into

Oracle

Corp.

,

144A,

9

%

,

6/10/25

..............

United

States

185,000

25,392,349

44,245,389

Total

Equity-Linked

Securities

(Cost

$

221,538,115

)

............................

219,767,922

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

1.7%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

6

%

................................

United

States

450,000

$

26,995,500

Chemicals

0.3%

Albemarle

Corp.

,

7.25

%

..............................

United

States

260,000

10,535,200

Electric

Utilities

0.6%

NextEra

Energy,

Inc.

,

6.926

%

..........................

United

States

500,000

20,740,000

Total

Convertible

Preferred

Stocks

(Cost

$

55,020,664

)

.........................

58,270,700

Principal

Amount

*

Corporate

Bonds

38.4%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

Senior

Bond

,

3.2%,

3/01/29

..........................

United

States

15,000,000

13,895,429

Senior

Note

,

5.15%,

5/01/30

.........................

United

States

15,000,000

14,910,286

28,805,715

Automobiles

0.4%

General

Motors

Co.

,

Senior

Bond

,

5.6%,

10/15/32

...........

United

States

15,000,000

15,023,777

Banks

5.3%

Bank

of

America

Corp.

,

Senior

Bond

,

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

.................................

United

States

15,000,000

15,467,711

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

10,000,000

10,064,216

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

..

United

Kingdom

15,000,000

15,892,780

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

10,000,000

10,514,097

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

15,000,000

15,064,811

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

10,000,000

10,407,140

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

....

United

States

15,000,000

14,841,909

JPMorgan

Chase

&

Co.

,

d

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,463,680

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

10,000,000

10,599,580

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

10,000,000

10,399,680

e

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632%,

(

5-year

CMT

T-Note

+

1.15

%

),

9/17/29

...................................

United

States

10,000,000

9,767,059

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

.................................

United

States

10,000,000

9,740,644

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

........................................

United

States

10,000,000

10,284,085

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

.................................

United

States

25,000,000

24,811,092

178,318,484

Biotechnology

0.9%

AbbVie,

Inc.

,

Senior

Bond

,

4.55%,

3/15/35

................

United

States

15,000,000

14,184,667

Amgen,

Inc.

,

Senior

Bond

,

5.25%,

3/02/33

.................

United

States

15,000,000

14,953,547

29,138,214

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

0.6%

Carrier

Global

Corp.

,

Senior

Bond

,

5.9%,

3/15/34

...........

United

States

20,000,000

$

20,717,268

Capital

Markets

2.2%

Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

.............................

United

States

10,000,000

10,316,938

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

12,768,480

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

10,000,000

10,782,416

Morgan

Stanley

,

Senior

Bond

,

2.699%

to

1/21/30,

FRN

thereafter

,

1/22/31

...

United

States

10,000,000

8,941,051

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

15,000,000

15,939,762

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

...

United

States

15,000,000

15,006,325

73,754,972

Chemicals

1.5%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.58%,

7/15/29

.....

United

States

20,000,000

20,567,129

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3%,

3/15/33

........

United

States

10,000,000

10,605,948

Huntsman

International

LLC

,

Senior

Bond

,

4.5%,

5/01/29

.....

United

States

20,000,000

19,131,709

50,304,786

Consumer

Finance

3.2%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3%,

1/30/32

..........................

Ireland

20,000,000

17,551,255

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

10,000,000

9,787,106

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

10,000,000

10,365,118

Senior

Note

,

3.273%

to

2/28/29,

FRN

thereafter

,

3/01/30

....

United

States

15,000,000

13,935,628

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

7.35%,

11/04/27

........................

United

States

15,000,000

15,698,419

Senior

Note

,

3.625%,

6/17/31

........................

United

States

15,000,000

13,082,186

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6%,

6/21/30

..........................

United

States

20,000,000

18,393,257

Senior

Bond

,

6.4%,

1/09/33

..........................

United

States

10,000,000

10,372,696

109,185,665

Diversified

REITs

0.6%

c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625%,

12/01/29

..................................

United

States

20,000,000

19,225,418

Electric

Utilities

3.2%

f

Edison

International

,

Senior

Note

,

6.95%,

11/15/29

..........

United

States

20,000,000

19,978,855

c

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

7%,

3/15/33

...

United

States

10,000,000

10,759,170

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55%,

7/01/30

.........................

United

States

20,000,000

18,938,412

Senior

Bond

,

6.15%,

1/15/33

.........................

United

States

10,000,000

10,123,486

Southern

Co.

(The)

,

Senior

Bond

,

5.7%,

10/15/32

...........

United

States

15,000,000

15,400,052

c

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3%,

7/15/29

.........................................

United

States

36,000,000

34,518,534

109,718,509

Electrical

Equipment

0.6%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05%,

4/15/28

..........

United

States

20,000,000

20,401,959

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

0.9%

Flex

Ltd.

,

Senior

Bond

,

4.875%,

5/12/30

........................

United

States

20,000,000

$

19,643,628

Senior

Note

,

6%,

1/15/28

...........................

United

States

10,000,000

10,246,039

29,889,667

Food

Products

1.5%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.5%,

1/15/30

..........................

United

States

10,000,000

10,023,816

Senior

Note

,

3.75%,

12/01/31

........................

United

States

5,000,000

4,478,827

Senior

Note

,

6.75%,

3/15/34

.........................

United

States

15,000,000

15,978,270

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25%,

4/15/31

..........

United

States

21,000,000

19,510,238

49,991,151

Ground

Transportation

0.7%

c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5%,

8/11/32

.....................

United

Kingdom

15,000,000

14,883,832

Senior

Bond

,

144A,

5.95%,

10/15/33

...................

United

Kingdom

10,000,000

10,122,662

25,006,494

Health

Care

Equipment

&

Supplies

0.5%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905%,

11/22/32

United

States

15,000,000

15,644,888

Health

Care

Providers

&

Services

2.1%

Centene

Corp.

,

Senior

Note

,

4.625%,

12/15/29

.............

United

States

25,000,000

23,812,933

c

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3%,

12/01/31

.....................................

Germany

20,000,000

16,891,652

HCA,

Inc.

,

Senior

Bond

,

5.5%,

6/01/33

...................

United

States

15,000,000

14,917,343

Humana,

Inc.

,

Senior

Bond

,

5.875%,

3/01/33

...............

United

States

15,000,000

15,198,367

70,820,295

Health

Care

REITs

0.6%

Healthpeak

OP

LLC

,

Senior

Note

,

5.25%,

12/15/32

..........

United

States

20,000,000

19,913,506

Insurance

1.4%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375%,

3/15/31

.........

United

States

31,000,000

26,178,984

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791%,

2/15/33

.........................................

United

States

10,000,000

10,224,502

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4%,

12/15/36

.............

United

States

10,000,000

10,226,170

46,629,656

Machinery

0.6%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7%,

8/14/33

............

United

States

20,000,000

20,471,871

Metals

&

Mining

1.2%

ArcelorMittal

SA

,

Senior

Note

,

6.55%,

11/29/27

.............

Luxembourg

15,000,000

15,594,010

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625%,

8/01/30

......

United

States

26,000,000

25,244,999

40,839,009

Multi-Utilities

0.4%

Sempra

,

Senior

Bond

,

5.5%,

8/01/33

.....................

United

States

15,000,000

14,938,658

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

1.4%

Energy

Transfer

LP

,

Senior

Bond

,

5.75%,

2/15/33

...........

United

States

15,000,000

$

15,174,075

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375%,

9/01/28

....

United

States

10,000,000

10,361,870

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65%,

3/15/33

.......

United

States

20,000,000

20,198,855

45,734,800

Passenger

Airlines

1.0%

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75%,

10/20/28

..............................

United

States

25,000,000

24,848,498

c

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5%,

6/20/27

.....

United

States

7,500,000

7,570,845

32,419,343

Pharmaceuticals

1.0%

Royalty

Pharma

plc

,

Senior

Bond

,

2.15%,

9/02/31

...........

United

States

20,000,000

16,511,642

Viatris,

Inc.

,

Senior

Note

,

2.7%,

6/22/30

...................

United

States

20,000,000

17,427,757

33,939,399

Semiconductors

&

Semiconductor

Equipment

1.2%

Broadcom,

Inc.

,

Senior

Bond

,

4.3%,

11/15/32

.........................

United

States

20,000,000

18,826,430

c

Senior

Bond

,

144A,

3.469%,

4/15/34

...................

United

States

20,000,000

17,294,133

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875%,

2/09/33

.......

United

States

5,000,000

5,117,170

41,237,733

Software

0.8%

Oracle

Corp.

,

Senior

Bond

,

6.25%,

11/09/32

........................

United

States

10,000,000

10,573,121

Senior

Bond

,

3.9%,

5/15/35

..........................

United

States

20,000,000

17,484,168

28,057,289

Specialized

REITs

0.6%

American

Tower

Corp.

,

Senior

Bond

,

5.9%,

11/15/33

.........

United

States

10,000,000

10,325,328

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1%,

5/01/33

.............

United

States

10,000,000

9,772,413

20,097,741

Specialty

Retail

0.3%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5%,

4/15/33

...............

United

States

10,000,000

9,837,457

Technology

Hardware,

Storage

&

Peripherals

0.6%

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5%,

10/15/34

...

United

States

5,500,000

5,367,756

HP,

Inc.

,

Senior

Bond

,

5.5%,

1/15/33

.....................

United

States

15,000,000

15,127,264

20,495,020

Tobacco

1.6%

Altria

Group,

Inc.

,

Senior

Bond

,

2.45%,

2/04/32

.............

United

States

15,000,000

12,386,052

BAT

Capital

Corp.

,

Senior

Bond

,

4.742%,

3/16/32

........................

United

Kingdom

15,000,000

14,493,748

Senior

Bond

,

7.75%,

10/19/32

........................

United

Kingdom

25,000,000

28,378,788

55,258,588

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

0.7%

c

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6%,

12/15/29

.....................................

United

States

22,500,000

$

22,885,650

Total

Corporate

Bonds

(Cost

$

1,245,943,640

)

.................................

1,298,702,982

U.S.

Government

and

Agency

Securities

3.8%

U.S.

Treasury

Bonds

,

Zero

Cpn.,

2/15/54

.................

United

States

285,000,000

73,053,728

U.S.

Treasury

Notes

,

3.875

%,

8/15/33

....................

United

States

60,000,000

57,328,125

Total

U.S.

Government

and

Agency

Securities

(Cost

$

142,952,638

)

..............

130,381,853

Asset-Backed

Securities

0.3%

Passenger

Airlines

0.3%

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875%,

10/15/27

.........................

United

States

4,262,146

4,331,050

2020-1

,

B

,

4.875%,

7/15/27

..........................

United

States

4,608,000

4,586,203

8,917,253

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

8,870,146

)

..............................

8,917,253

Mortgage-Backed

Securities

7.7%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

4.3%

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

......................

United

States

16,209,838

15,677,537

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

.....................

United

States

24,204,095

23,387,353

FHLMC

Pool,

30

Year

,

5.5

%,

7/01/53

.....................

United

States

45,979,895

45,525,595

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/53

-

2/01/55

............

United

States

39,895,382

39,435,163

FHLMC

Pool,

30

Year

,

6

%,

1/01/55

-

2/01/55

...............

United

States

21,606,616

21,772,998

145,798,646

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

3.1%

FNMA,

30

Year

,

4

%,

8/01/49

...........................

United

States

915,044

848,901

FNMA,

30

Year

,

5

%,

5/01/53

...........................

United

States

16,191,369

15,666,090

FNMA,

30

Year

,

5

%,

11/01/53

..........................

United

States

39,287,975

38,024,072

FNMA,

30

Year

,

5.5

%,

11/01/54

.........................

United

States

10,799,350

10,671,674

FNMA,

30

Year

,

6

%,

5/01/53

...........................

United

States

40,114,385

40,542,554

105,753,291

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.3%

GNMA

II,

Single-family,

30

Year

,

6

%,

1/20/55

...............

United

States

9,950,000

10,046,744

Total

Mortgage-Backed

Securities

(Cost

$

261,742,518

)

.........................

261,598,681

Total

Long

Term

Investments

(Cost

$

3,062,864,871

)

...........................

3,329,921,441

a

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

41,221,565

41,221,565

Total

Money

Market

Funds

(Cost

$

41,221,565

)

................................

41,221,565

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Money

Market

Funds

0.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

5,840,000

$

5,840,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

5,840,000

)

..........................................................

5,840,000

Total

Short

Term

Investments

(Cost

$

47,061,565

)

..............................

47,061,565

a

Total

Investments

(Cost

$

3,109,926,436

)

99.8

%

................................

$3,376,983,006

Options

Written

(

0.2

)

%

.....................................................

(6,312,100)

Other

Assets,

less

Liabilities

0.4

%

...........................................

13,895,501

Net

Assets

100.0%

.........................................................

$3,384,566,407

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.2)%

Calls

-

Exchange-Traded

Equity

Options

Advanced

Micro

Devices,

Inc.

,

March

Strike

Price

$

140.00

,

Expires

3/21/25

...................................

1,000

11,595,000

(

212,000

)

Air

Products

and

Chemicals,

Inc.

,

March

Strike

Price

$

350.00

,

Expires

3/21/25

...................................

1,000

33,526,000

(

739,000

)

Albemarle

Corp.

,

March

Strike

Price

$

115.00

,

Expires

3/21/25

..

1,250

10,523,750

(

55,000

)

Analog

Devices,

Inc.

,

March

Strike

Price

$

240.00

,

Expires

3/21/25

2,000

42,378,000

(

374,000

)

Applied

Materials,

Inc.

,

March

Strike

Price

$

220.00

,

Expires

3/21/25

.........................................

1,000

18,035,000

(

131,000

)

Boeing

Co.

(The)

,

March

Strike

Price

$

195.00

,

Expires

3/21/25

.

400

7,060,800

(

90,800

)

Chevron

Corp.

,

March

Strike

Price

$

170.00

,

Expires

3/21/25

...

2,000

29,838,000

(

30,000

)

Home

Depot,

Inc.

(The)

,

March

Strike

Price

$

445.00

,

Expires

3/21/25

.........................................

1,500

61,797,000

(

495,000

)

International

Business

Machines

Corp.

,

March

Strike

Price

$

250.00

,

Expires

3/21/25

............................

850

21,734,500

(

996,200

)

Morgan

Stanley

,

March

Strike

Price

$

145.00

,

Expires

3/21/25

..

1,500

20,764,500

(

342,000

)

NextEra

Energy,

Inc.

,

March

Strike

Price

$

75.00

,

Expires

3/21/25

1,250

8,945,000

(

166,250

)

RTX

Corp.

,

March

Strike

Price

$

135.00

,

Expires

3/21/25

......

1,550

19,987,250

(

196,850

)

Starbucks

Corp.

,

March

Strike

Price

$

110.00

,

Expires

3/21/25

..

1,750

18,844,000

(

416,500

)

Target

Corp.

,

March

Strike

Price

$

155.00

,

Expires

3/21/25

.....

1,500

20,686,500

(

285,000

)

Texas

Instruments,

Inc.

,

March

Strike

Price

$

220.00

,

Expires

3/21/25

.........................................

1,000

18,461,000

(

30,000

)

Union

Pacific

Corp.

,

March

Strike

Price

$

250.00

,

Expires

3/21/25

1,500

37,168,500

(

1,035,000

)

UnitedHealth

Group,

Inc.

,

March

Strike

Price

$

580.00

,

Expires

3/21/25

.........................................

500

27,124,500

(

279,500

)

(

5,874,100

)

Puts

-

Exchange-Traded

Equity

Options

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

March

Strike

Price

$

170.00

,

Expires

3/21/25

............................

1,000

20,932,000

(

191,000

)

Target

Corp.

,

March

Strike

Price

$

120.00

,

Expires

3/21/25

.....

1,000

13,791,000

(

165,000

)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

See

Abbreviations

on

page

215

.

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Puts

-

Exchange-Traded

(continued)

Equity

Options

(continued)

Union

Pacific

Corp.

,

March

Strike

Price

$

220.00

,

Expires

3/21/25

1,000

24,779,000

$

(

82,000

)

(

438,000

)

Total

Options

Written

(Premiums

received

$

5,271,649

)

.........................

$

(

6,312,100

)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

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.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

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,

2025,

the

aggregate

value

of

these

securities

was

$408,992,818,

representing

12.1%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2025.

g

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

†

Broadline

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

—

—

Energy

Equipment

&

Services

0.0%

†

b

Valaris

Ltd.

........................................

United

States

2,435

116,734

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

13,078

556

Machinery

0.0%

†

UTEX

Industries,

Inc.

................................

United

States

4,843

179,997

Total

Common

Stocks

(Cost

$

1,220,202

)

.....................................

297,287

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII

,

10.919

%

.........................

United

States

93,000

2,868,120

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

30,975

3,175

b

Total

Preferred

Stocks

(Cost

$

2,325,465

)

.....................................

2,871,295

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

2/20/49

..........................

United

States

415

2

Total

Warrants

(Cost

$

367

)

.................................................

2

Principal

Amount

*

Corporate

Bonds

36.4%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Bond

,

3.625%,

2/01/31

........................

United

States

6,500,000

5,942,502

Senior

Note

,

5.15%,

5/01/30

.........................

United

States

13,500,000

13,419,257

Howmet

Aerospace,

Inc.

,

Senior

Note

,

4.85%,

10/15/31

.......

United

States

2,400,000

2,371,832

21,733,591

Automobiles

0.0%

†

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35%,

3/19/29

..

United

States

1,600,000

1,610,539

Banks

6.8%

d

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

2,500,000

2,557,912

Banco

Santander

SA

,

Sub.

Bond

,

2.749%,

12/03/30

.........

Spain

3,600,000

3,088,697

Bank

of

America

Corp.

,

Senior

Bond

,

2.592%

to

4/28/30,

FRN

thereafter

,

4/29/31

...

United

States

6,700,000

5,939,759

Senior

Bond

,

1.922%

to

10/23/30,

FRN

thereafter

,

10/24/31

.

United

States

5,300,000

4,457,550

Senior

Bond

,

2.972%

to

2/03/32,

FRN

thereafter

,

2/04/33

...

United

States

7,500,000

6,489,310

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

10,000,000

10,027,456

d

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

................................

France

9,500,000

9,024,190

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

d

BPCE

SA,

(continued)

Senior

Non-Preferred

Note

,

144A,

5.716%

to

1/17/29,

FRN

thereafter

,

1/18/30

.................................

France

7,000,000

$

7,068,050

Citigroup,

Inc.

,

Senior

Bond

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

...

United

States

8,000,000

7,030,533

Senior

Bond

,

3.057%

to

1/24/32,

FRN

thereafter

,

1/25/33

...

United

States

16,100,000

13,919,137

d

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

6,800,000

6,935,375

HSBC

Holdings

plc

,

Senior

Bond

,

3.973%

to

5/21/29,

FRN

thereafter

,

5/22/30

.................................

United

Kingdom

6,500,000

6,174,890

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.493%

to

3/23/30,

FRN

thereafter

,

3/24/31

...

United

States

17,100,000

16,718,736

Senior

Bond

,

2.58%

to

4/21/31,

FRN

thereafter

,

4/22/32

....

United

States

1,700,000

1,471,816

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

9,300,000

9,281,262

KeyBank

NA

,

Senior

Note

,

4.15%,

8/08/25

................

United

States

6,200,000

6,178,675

Lloyds

Banking

Group

plc

,

Senior

Note

,

5.871%

to

3/05/28,

FRN

thereafter

,

3/06/29

.................................

United

Kingdom

5,300,000

5,425,186

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

6,000,000

6,153,879

d

Nordea

Bank

Abp

,

Senior

Preferred

Note

,

144A,

4.75%,

9/22/25

Finland

5,200,000

5,207,906

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

3,800,000

3,842,290

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

6,500,000

6,209,079

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.................................

France

10,800,000

10,316,492

Senior

Non-Preferred

Note

,

144A,

6.446%

to

1/09/28,

FRN

thereafter

,

1/10/29

.................................

France

6,500,000

6,693,709

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693%,

9/15/27

...

Canada

12,000,000

12,006,561

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..

United

States

4,950,000

5,301,003

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

4,400,000

4,450,699

US

Bancorp

,

Senior

Note

,

5.727%

to

10/20/25,

FRN

thereafter

,

10/21/26

........................................

United

States

4,300,000

4,328,319

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

....

United

States

9,000,000

7,944,581

Senior

Bond

,

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

7,500,000

7,500,501

Senior

Note

,

4.54%

to

8/14/25,

FRN

thereafter

,

8/15/26

.....

United

States

4,000,000

3,995,847

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

5,200,000

5,231,924

210,971,324

Beverages

0.2%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.7%,

2/01/36

......................

Belgium

5,100,000

4,824,434

Biotechnology

1.1%

AbbVie,

Inc.

,

Senior

Note

,

3.2%,

11/21/29

.................

United

States

3,000,000

2,796,956

Amgen,

Inc.

,

Senior

Bond

,

5.25%,

3/02/33

.................

United

States

14,300,000

14,255,715

Biogen,

Inc.

,

Senior

Bond

,

2.25%,

5/01/30

.................

United

States

6,900,000

6,011,127

d

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25%,

4/27/32

........

Australia

6,500,000

6,133,470

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75%,

9/15/30

United

States

7,500,000

6,271,916

35,469,184

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Broadline

Retail

0.0%

a

,d

,e

,f

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3%,

12/31/22

.....................................

South

Africa

2,492,650

$

—

a

,d

,e

,f

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25%,

12/31/22

....................................

South

Africa

1,098,025

—

—

Building

Products

0.3%

d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75%,

4/01/32

..............

United

States

2,600,000

2,632,997

Owens

Corning

,

Senior

Bond

,

3.875%,

6/01/30

.............

United

States

6,500,000

6,129,362

d

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75%,

3/01/33

....................

United

States

150,000

150,562

Senior

Secured

Note

,

144A,

6.375%,

3/01/32

............

United

States

300,000

301,122

9,214,043

Capital

Markets

2.5%

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371%,

9/09/27

...

Germany

9,500,000

9,649,315

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

12,768,480

Senior

Bond

,

3.102%

to

2/23/32,

FRN

thereafter

,

2/24/33

...

United

States

6,500,000

5,644,694

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

9,700,000

9,238,960

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...

United

States

15,200,000

12,538,282

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

8,650,000

8,633,978

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25%,

4/01/29

...................................

United

States

2,500,000

2,526,612

d

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875%,

3/01/31

United

States

2,100,000

2,213,052

UBS

Group

AG

,

Senior

Note

,

4.55%,

4/17/26

.........................

Switzerland

3,400,000

3,393,815

d

Senior

Note

,

144A,

2.193%

to

6/04/25,

FRN

thereafter

,

6/05/26

Switzerland

1,000,000

990,921

d

Senior

Note

,

144A,

6.373%

to

7/14/25,

FRN

thereafter

,

7/15/26

Switzerland

2,300,000

2,315,871

d

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

Switzerland

6,500,000

6,576,733

76,490,713

Chemicals

0.2%

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25%,

9/01/29

United

States

6,500,000

6,900,047

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Bond

,

5%,

4/01/34

...........

United

States

6,500,000

6,371,710

Communications

Equipment

0.5%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75%,

5/24/31

........

United

States

16,800,000

14,627,578

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4%,

10/29/33

.........................

Ireland

11,300,000

9,650,235

d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875%,

3/01/32

.........

United

States

4,800,000

4,872,537

14,522,772

Consumer

Staples

Distribution

&

Retail

0.5%

Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2%,

5/15/28

..........................

United

States

8,000,000

7,806,230

Senior

Bond

,

2.65%,

12/01/31

........................

United

States

7,500,000

6,357,790

14,164,020

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

0.2%

d

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6%,

9/15/28

....

Canada

325,000

$

323,609

d

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4%,

10/15/27

......

United

States

2,300,000

2,305,410

WRKCo,

Inc.

,

Senior

Bond

,

3%,

6/15/33

..................

United

States

4,700,000

3,972,445

6,601,464

Diversified

REITs

0.1%

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.5%,

9/01/26

.........................................

United

States

2,000,000

1,981,583

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

Senior

Bond

,

2.55%,

12/01/33

.................

United

States

21,000,000

16,959,314

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.05%,

5/09/33

.........................

United

States

6,500,000

6,428,517

Senior

Note

,

2.355%,

3/15/32

........................

United

States

9,000,000

7,489,973

30,877,804

Electric

Utilities

2.7%

d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375%,

2/15/32

....................

United

Kingdom

3,600,000

3,550,114

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45%,

1/15/38

.....

United

States

700,000

757,816

Duke

Energy

Corp.

,

Senior

Bond

,

2.45%,

6/01/30

.........................

United

States

2,900,000

2,552,156

Senior

Bond

,

5.75%,

9/15/33

.........................

United

States

6,500,000

6,671,609

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4%,

6/15/38

.......

United

States

1,300,000

1,407,573

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25%,

4/01/33

........

United

States

1,300,000

1,301,413

d

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8%,

9/15/37

Italy

3,000,000

3,238,188

Exelon

Corp.

,

Senior

Bond

,

4.05%,

4/15/30

................

United

States

8,400,000

8,026,502

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

6.051%,

3/01/25

........................

United

States

3,700,000

3,703,610

Senior

Note

,

5.3%,

3/15/32

..........................

United

States

7,370,000

7,362,426

g

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

FRN

,

5.331%,

(

SOFR

Index

+

0.95

%

),

9/04/25

.............................

United

States

10,400,000

10,412,841

Southern

Co.

(The)

,

A

,

Senior

Bond

,

3.7%,

4/30/30

..........

United

States

10,500,000

9,872,069

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5%,

4/01/33

...........................

United

States

5,100,000

4,991,782

Senior

Bond

,

6.35%,

11/30/37

........................

United

States

520,000

555,566

d

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3%,

7/15/29

.........................................

United

States

10,000,000

9,588,482

Xcel

Energy,

Inc.

,

Senior

Bond

,

4.6%,

6/01/32

..........................

United

States

4,200,000

4,007,581

Senior

Bond

,

5.45%,

8/15/33

.........................

United

States

5,500,000

5,445,617

83,445,345

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15%,

3/15/33

.................

United

States

2,400,000

2,263,173

Electronic

Equipment,

Instruments

&

Components

0.3%

Flex

Ltd.

,

Senior

Bond

,

4.875%,

5/12/30

........................

United

States

7,500,000

7,366,360

Senior

Note

,

5.25%,

1/15/32

.........................

United

States

900,000

887,948

8,254,308

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

0.1%

Netflix,

Inc.

,

Senior

Bond

,

4.9%,

8/15/34

..................

United

States

3,400,000

$

3,348,870

Financial

Services

0.9%

Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05%,

9/15/33

.......

United

States

6,000,000

6,203,356

Fiserv,

Inc.

,

Senior

Bond

,

3.5%,

7/01/29

..........................

United

States

1,200,000

1,129,635

Senior

Bond

,

2.65%,

6/01/30

.........................

United

States

9,100,000

8,080,929

Senior

Bond

,

5.625%,

8/21/33

........................

United

States

6,500,000

6,614,901

d

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8%,

6/15/28

........

Ireland

2,500,000

2,638,810

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5%,

2/15/29

United

States

3,200,000

3,422,835

28,090,466

Food

Products

0.8%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

2.5%,

1/15/27

..........................

United

States

6,200,000

5,913,089

Senior

Note

,

3%,

2/02/29

...........................

United

States

2,000,000

1,843,534

Senior

Note

,

3.625%,

1/15/32

........................

United

States

2,500,000

2,213,551

Senior

Note

,

5.75%,

4/01/33

.........................

United

States

6,500,000

6,544,213

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

4.95%,

4/15/33

.........

United

States

7,000,000

6,854,230

Mondelez

International,

Inc.

,

Senior

Bond

,

4.75%,

8/28/34

.....

United

States

3,200,000

3,071,243

26,439,860

Ground

Transportation

0.2%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

6.15%,

5/01/37

United

States

6,000,000

6,460,219

Health

Care

Equipment

&

Supplies

0.8%

Baxter

International,

Inc.

,

Senior

Bond

,

2.539%,

2/01/32

......

United

States

7,500,000

6,314,942

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65%,

6/01/30

........

United

States

6,000,000

5,381,189

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.6%,

11/15/25

.........................

United

States

5,700,000

5,734,827

Senior

Note

,

5.905%,

11/22/32

.......................

United

States

6,500,000

6,779,452

24,210,410

Health

Care

Providers

&

Services

2.1%

Centene

Corp.

,

Senior

Bond

,

3%,

10/15/30

................

United

States

2,500,000

2,166,217

Cigna

Group

(The)

,

Senior

Bond

,

5.25%,

2/15/34

...........

United

States

6,500,000

6,393,499

CVS

Health

Corp.

,

Senior

Bond

,

5.3%,

6/01/33

..........................

United

States

5,000,000

4,864,788

Senior

Bond

,

4.78%,

3/25/38

.........................

United

States

3,200,000

2,812,541

Senior

Bond

,

2.7%,

8/21/40

..........................

United

States

2,000,000

1,330,502

d

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625%,

6/01/30

...................

United

States

4,900,000

4,562,236

Senior

Note

,

144A,

6.875%,

9/01/32

...................

United

States

1,500,000

1,522,366

Elevance

Health,

Inc.

,

Senior

Bond

,

4.75%,

2/15/33

.........

United

States

7,000,000

6,752,811

HCA,

Inc.

,

Senior

Note

,

3.625%,

3/15/32

..................

United

States

9,000,000

8,019,194

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6%,

5/08/34

.

United

States

500,000

506,474

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266%,

11/01/49

........................................

United

States

11,270,000

7,801,683

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5%,

9/01/29

......

Italy

4,600,000

4,390,079

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746%,

10/01/26

........................................

United

States

8,875,000

8,602,140

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.15%,

7/15/34

.......

United

States

6,000,000

$

5,932,428

65,656,958

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

4.75%,

4/15/35

.........................

United

States

6,500,000

6,098,602

Senior

Bond

,

5.25%,

5/15/36

.........................

United

States

2,600,000

2,527,057

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5%,

3/15/31

...............................

United

States

1,400,000

940,042

9,565,701

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25%,

2/01/29

...........

United

States

4,300,000

4,453,699

Hotel

&

Resort

REITs

0.3%

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5%,

4/01/32

...............................

United

States

5,900,000

5,948,763

d

XHR

LP

,

Senior

Note

,

144A,

6.625%,

5/15/30

..............

United

States

2,225,000

2,251,778

8,200,541

Hotels,

Restaurants

&

Leisure

0.3%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625%,

10/15/29

........................................

United

States

6,500,000

6,140,642

d

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75%,

2/01/32

..........

United

States

600,000

609,743

Starbucks

Corp.

,

Senior

Bond

,

2.55%,

11/15/30

.............

United

States

2,500,000

2,202,433

8,952,818

Household

Durables

0.3%

PulteGroup,

Inc.

,

Senior

Bond

,

6%,

2/15/35

................

United

States

6,500,000

6,664,271

d

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875%,

9/15/28

..............................

United

States

2,800,000

2,693,611

9,357,882

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125%,

1/15/34

.........................................

United

States

8,950,000

9,310,270

Insurance

1.9%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5%,

6/15/29

.........................................

United

States

1,600,000

1,678,482

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

7%,

1/15/31

................

United

States

6,500,000

6,619,402

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

5%,

2/15/32

..........

United

States

2,625,000

2,581,021

CNA

Financial

Corp.

,

Senior

Bond

,

5.125%,

2/15/34

.........

United

States

6,500,000

6,362,011

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9%,

9/19/28

United

States

3,400,000

3,511,499

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5%,

6/04/29

.......

United

States

2,600,000

2,656,575

d

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85%,

5/15/30

United

States

3,000,000

2,685,041

d

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791%,

2/15/33

.........................................

United

States

6,500,000

6,645,926

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05%,

1/06/28

...................

United

States

10,300,000

10,398,779

Secured

Note

,

144A,

4.3%,

8/25/29

....................

United

States

3,700,000

3,613,024

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5%,

1/11/31

.....

United

States

6,900,000

6,986,094

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

d

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875%,

4/15/34

.........................................

United

States

4,400,000

$

4,618,750

58,356,604

Interactive

Media

&

Services

0.3%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.95%,

5/15/33

..........

United

States

1,200,000

1,202,558

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

2.39%,

6/03/30

.....

China

10,000,000

8,813,486

10,016,044

Life

Sciences

Tools

&

Services

0.0%

†

Revvity,

Inc.

,

Senior

Bond

,

2.25%,

9/15/31

................

United

States

1,800,000

1,494,592

Machinery

0.0%

†

d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25%,

4/15/29

............

United

States

800,000

811,769

Media

1.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8%,

4/01/31

...............................

United

States

12,500,000

10,620,937

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875%,

4/01/30

..............................

United

States

3,600,000

3,729,528

Comcast

Corp.

,

Senior

Bond

,

1.5%,

2/15/31

..........................

United

States

4,000,000

3,275,070

Senior

Bond

,

4.8%,

5/15/33

..........................

United

States

14,700,000

14,254,493

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875%,

8/15/27

..................

United

States

5,000,000

4,954,585

Paramount

Global

,

Senior

Bond

,

4.2%,

5/19/32

.............

United

States

10,000,000

8,916,161

d

,h

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125%,

2/15/33

...................................

United

States

850,000

855,339

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55%,

5/01/37

United

States

5,700,000

5,610,589

52,216,702

Metals

&

Mining

0.2%

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.25%,

9/08/33

...

Australia

6,500,000

6,521,288

d

Constellium

SE

,

Senior

Note

,

144A,

6.375%,

8/15/32

........

United

States

800,000

789,275

d

Novelis,

Inc.

,

Senior

Note

,

144A,

6.875%,

1/30/30

...........

United

States

400,000

409,804

7,720,367

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125%,

4/01/36

United

States

2,700,000

2,836,982

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375%,

4/01/30

......

United

States

4,351,000

4,008,070

DTE

Energy

Co.

,

Senior

Note

,

4.875%,

6/01/28

.............

United

States

6,700,000

6,697,031

13,542,083

Oil,

Gas

&

Consumable

Fuels

3.5%

d

Aker

BP

ASA

,

Senior

Bond

,

144A,

4%,

1/15/31

.............

Norway

5,400,000

5,004,503

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4%,

2/15/31

.........

United

States

6,275,000

5,617,830

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.812%,

2/13/33

........................

United

States

6,000,000

5,818,082

Senior

Bond

,

4.989%,

4/10/34

........................

United

States

6,500,000

6,333,241

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95%,

7/15/30

Canada

5,900,000

5,272,585

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625%,

10/15/28

.......................

United

States

1,700,000

1,667,279

Senior

Note

,

5.65%,

4/15/34

.........................

United

States

1,700,000

1,700,509

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375%,

6/15/26

.........................................

United

States

3,000,000

$

3,010,878

ConocoPhillips

Co.

,

Senior

Bond

,

5.05%,

9/15/33

...........

United

States

2,500,000

2,471,406

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8%,

1/15/35

United

States

2,155,000

2,192,093

Energy

Transfer

LP

,

Senior

Bond

,

4.75%,

1/15/26

.........................

United

States

4,500,000

4,502,487

Senior

Bond

,

5.55%,

5/15/34

.........................

United

States

9,500,000

9,415,775

Senior

Note

,

6.4%,

12/01/30

.........................

United

States

4,000,000

4,224,812

d

Senior

Note

,

144A,

6%,

2/01/29

......................

United

States

2,000,000

2,030,792

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125%,

7/31/29

.........................................

United

States

2,000,000

1,865,586

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5%,

6/01/29

United

States

5,700,000

5,819,540

d

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625%,

12/15/28

.....

United

States

4,000,000

4,093,242

d

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5%,

4/15/32

....

United

States

3,000,000

3,009,408

MPLX

LP

,

Senior

Bond

,

5.5%,

6/01/34

..........................

United

States

4,600,000

4,546,110

Senior

Note

,

4.875%,

6/01/25

........................

United

States

4,500,000

4,499,636

TotalEnergies

Capital

SA

,

Senior

Bond

,

4.724%,

9/10/34

......

France

3,820,000

3,679,661

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25%,

5/15/28

....

Canada

3,400,000

3,335,786

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25%,

5/15/30

.........................................

United

States

4,500,000

4,112,888

d

Var

Energi

ASA

,

Senior

Bond

,

144A,

8%,

11/15/32

..........

Norway

6,500,000

7,276,249

d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125%,

8/15/31

............

United

States

2,000,000

1,809,359

Senior

Secured

Note

,

144A,

3.875%,

8/15/29

............

United

States

500,000

462,829

d

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875%,

4/15/32

.......

United

States

1,400,000

1,381,717

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5%,

11/15/30

.......

United

States

3,200,000

2,945,939

108,100,222

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

DM3N

,

Senior

Bond

,

3.125%,

1/15/32

..

Brazil

2,300,000

1,926,119

Passenger

Airlines

0.3%

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5%,

10/20/25

.............

United

States

3,099,750

3,086,292

Senior

Secured

Note

,

144A,

4.75%,

10/20/28

............

United

States

6,500,000

6,460,610

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375%,

4/15/26

United

States

118,793

117,158

9,664,060

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625%,

3/24/32

.......

United

States

2,500,000

2,273,168

Pharmaceuticals

0.8%

d

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375%,

11/21/30

..

Germany

10,000,000

10,335,638

d

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

4/15/31

.........................................

United

States

800,000

856,723

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75%,

5/19/33

.........................................

United

States

4,100,000

3,986,838

Royalty

Pharma

plc

,

Senior

Bond

,

2.15%,

9/02/31

...........

United

States

11,800,000

9,741,868

24,921,067

Software

0.3%

AppLovin

Corp.

,

Senior

Note

,

5.375%,

12/01/31

............

United

States

2,960,000

2,973,258

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

(continued)

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375%,

2/15/30

..........

United

States

6,500,000

$

6,409,961

9,383,219

Specialized

REITs

0.2%

d

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7%,

2/15/29

.........

United

States

6,000,000

6,176,304

Technology

Hardware,

Storage

&

Peripherals

0.2%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85%,

10/15/31

.

United

States

5,400,000

5,338,418

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

Senior

Bond

,

5.5%,

3/11/35

.................

United

States

2,245,000

2,213,490

Tobacco

0.5%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4%,

5/06/30

..............

United

States

8,500,000

7,828,439

d

Imperial

Brands

Finance

plc

,

Senior

Bond

,

144A,

4.25%,

7/21/25

United

Kingdom

412,000

410,335

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375%,

2/15/33

..

United

States

8,800,000

8,833,738

17,072,512

Trading

Companies

&

Distributors

0.6%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9%,

5/15/28

..

United

States

6,500,000

6,858,189

d

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125%,

3/15/34

.........................................

United

States

1,200,000

1,203,456

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375%,

3/15/29

...................

United

States

3,500,000

3,569,930

Senior

Note

,

144A,

6.625%,

3/15/32

...................

United

States

6,300,000

6,449,115

18,080,690

Wireless

Telecommunication

Services

0.8%

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.15%,

4/15/34

.........................

United

States

6,500,000

6,391,937

Senior

Note

,

3.875%,

4/15/30

........................

United

States

12,000,000

11,345,774

d

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625%,

7/15/29

.........................................

United

Kingdom

6,000,000

6,420,150

24,157,861

Total

Corporate

Bonds

(Cost

$

1,156,660,890

)

.................................

1,127,836,617

Senior

Floating

Rate

Interests

2.5%

i

Aerospace

&

Defense

0.1%

Cobham

Ultra

SeniorCo

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

9.245

%

,

(

6-month

SOFR

+

3.75

%

),

8/03/29

............

Luxembourg

785,335

783,372

h

GOAT

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.174

%

,

(

12-month

SOFR

+

3

%

),

12/10/31

.....................

United

States

240,000

240,810

Signia

Aerospace

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.396

%

,

(

3-month

SOFR

+

3

%

),

11/21/31

......................

United

States

291,937

293,306

1,317,488

a

a

a

a

a

a

i

Air

Freight

&

Logistics

0.0%

†

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.791

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

............................

United

States

540,000

541,377

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.079

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

.....................

United

States

559,727

562,246

1,103,623

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Automobile

Components

0.1%

h

Clarios

Global

LP,

First

Lien,

Amendment

No.6

Dollar

CME

Term

Loan

,

7.065

%

,

(

1-month

SOFR

+

2.75

%

),

1/14/32

.........

United

States

344,941

$

346,091

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.34

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

.........

United

States

795,942

763,682

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.847

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

................

United

States

751,914

739,695

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.052

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

..............

United

States

296,984

282,506

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

11/09/27

........................................

United

States

125,699

126,485

TI

Group

Automotive

Systems

LLC,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

........................................

United

States

84,969

85,288

2,343,747

a

a

a

a

a

a

i

Automobiles

0.0%

†

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

..............

United

States

467,011

417,884

Holley

Purchaser,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.75

%

),

11/17/28

....................

United

States

498,540

488,397

906,281

a

a

a

a

a

a

Beverages

0.0%

†

i

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.84

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

...............

United

States

549,849

553,142

Broadline

Retail

0.0%

†

i

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

7/01/31

.......................

Netherlands

230,572

232,071

Building

Products

0.1%

i

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

.............................

United

States

174,116

175,469

i

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.806

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

...............

United

States

748,125

726,852

i

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.933

%

,

(

6-month

SOFR

+

2.5

%

),

5/31/30

...............

United

States

176,436

177,158

i

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

103,291

103,780

i

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

3/28/31

............

United

States

80,434

81,201

j

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

1/31/32

United

States

275,862

275,172

i

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

.....................

United

States

116,911

117,350

i

Summit

Materials

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.055

%

,

(

1-month

SOFR

+

1.75

%

),

1/12/29

.....................

United

States

53,268

53,385

1,710,367

a

a

a

a

a

a

i

Capital

Markets

0.1%

AAL

Delaware

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

7/30/31

...............

United

States

116,591

117,520

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

Term

Loan,

B

,

8.053

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

......................

United

States

165,589

166,207

Citadel

Securities

LP,

First

Lien,

2024

CME

Term

Loan

,

6.329

%

,

(

3-month

SOFR

+

2

%

),

10/31/31

......................

United

States

516,216

519,677

Dragon

Buyer,

Inc.,

First

Lien,

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

9/30/31

............................

United

States

500,000

502,993

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Capital

Markets

(continued)

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.494

%

,

(

12-month

SOFR

+

3.25

%

),

4/07/28

...................................

United

States

608,550

$

613,933

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

................

United

States

535,950

538,348

Guggenheim

Partners

Investment

Management

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

11/26/31

...................................

United

States

177,165

178,291

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.395

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

................

United

States

532,265

532,121

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.587

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

..............

United

States

106,874

107,302

3,276,392

a

a

a

a

a

a

i

Chemicals

0.2%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

9/09/31

.....................

United

States

215,188

217,071

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

4/06/29

.....................

United

States

527,927

519,876

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.302

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

............

United

States

555,268

556,887

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.849

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

............

United

States

138,944

134,255

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

..............

Luxembourg

231,891

232,182

INEOS

US

Petrochem

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

B

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

.......

United

States

416,826

418,131

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

..............

United

States

115,703

116,136

LSF11

A5

HoldCo

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.........

United

States

172,078

173,061

Lummus

Technology

Holdings

V

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

7.857

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

.......

United

States

134,147

135,132

h

M2S

Group

Intermediate

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

9.05

%

,

(

3-month

SOFR

+

4.75

%

),

8/25/31

........

United

States

500,000

486,875

Minerals

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.311

%

,

(

1-month

SOFR

+

2

%

),

11/21/31

................

United

States

416,667

418,229

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.657

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

..

Netherlands

143,564

144,865

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.575

%

,

(

1-month

SOFR

+

3%;

3-month

SOFR

+

3%

),

1/31/29

.........................................

United

States

653,209

656,847

h

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.689

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

..............

United

States

551,323

544,776

4,754,323

a

a

a

a

a

a

i

Commercial

Services

&

Supplies

0.1%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

183,473

184,312

APi

Group

DE,

Inc.,

First

Lien,

Repriced

2021

Incremental

CME

Term

Loan

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

1/03/29

.......

United

States

91,832

92,173

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

Dollar

CME

Term

Loan,

B

,

7.062

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

...

United

States

700,917

702,845

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

......................

United

States

536,366

539,383

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

5/17/28

.......

Ireland

115,096

115,600

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Commercial

Services

&

Supplies

(continued)

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/26/31

................

Luxembourg

185,552

$

187,059

Pitney

Bowes,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

8.426

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

................

United

States

624,362

621,240

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.552

%

,

(

1-month

SOFR

+

2.25

%

),

11/30/28

....................

United

States

499,096

500,923

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

C

,

6.552

%

,

(

1-month

SOFR

+

2.25

%

),

11/30/28

....................

United

States

38,344

38,485

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.706

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

.......................

United

States

300,506

252,287

3,234,307

a

a

a

a

a

a

Communications

Equipment

0.0%

†

i

Delta

Topco,

Inc.,

First

Lien,

Second

Amendment

CME

Term

Loan

,

8.198

%

,

(

6-month

SOFR

+

3.5

%

),

11/30/29

.........

United

States

302,875

303,585

i

Construction

&

Engineering

0.1%

h

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.829

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

......................

United

States

750,000

745,973

h

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

9.071

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

...............

United

States

500,000

493,565

h

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.06

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

............................

United

States

806,546

808,627

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

6.81

%

,

(

1-month

SOFR

+

2.5

%

),

11/03/31

..........

United

States

46,075

46,238

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B2

,

8.044

%

,

(

3-month

SOFR

+

3.75

%

),

4/04/31

.....................

Luxembourg

188,709

190,832

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.551

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

..............

United

States

535,950

535,615

2,820,850

a

a

a

a

a

a

Consumer

Finance

0.0%

†

i

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.444

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

........

United

States

549,892

552,028

i

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024

Replacement

CME

Term

Loan

,

8.762

%

,

(

12-month

SOFR

+

3.75

%

),

6/09/31

........

United

States

538,650

542,429

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.326

%

,

(

1-month

SOFR

+

3

%

),

11/29/30

.......

United

States

115,764

116,665

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.723

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

403,409

359,681

LC

Ahab

US

Bidco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

5/01/31

................

United

States

117,867

118,382

Pactiv

Evergreen

Group

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

9/25/28

.......

United

States

77,259

77,623

SupplyOne,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/31

............................

United

States

535,950

541,393

1,756,173

a

a

a

a

a

a

i

Distributors

0.0%

†

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

6.311

%

,

(

1-month

SOFR

+

2

%

),

7/27/28

...............................

United

States

330,343

331,995

h

Verde

Purchaser

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.207

%

,

(

12-month

SOFR

+

4

%

),

11/29/30

.....................

United

States

243,499

244,108

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Distributors

(continued)

Verde

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

3-month

SOFR

+

4.5

%

),

11/30/30

.....................

United

States

498,747

$

500,128

1,076,231

a

a

a

a

a

a

Diversified

Consumer

Services

0.0%

†

i

HomeServe

USA

Corp.,

First

Lien,

Amendment

No.

1

Refinancing

CME

Term

Loan

,

6.299

%

,

(

1-month

SOFR

+

2

%

),

10/21/30

..

United

Kingdom

498,744

499,108

Diversified

Telecommunication

Services

0.0%

†

i

Altice

France

SA,

First

Lien,

CME

Term

Loan,

B14

,

9.802

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

......................

France

72,467

61,416

Electric

Utilities

0.0%

†

i

NRG

Energy,

Inc.,

First

Lien,

2024

New

CME

Term

Loan

,

6.044

%

,

(

1-month

SOFR

+

1.75%;

3-month

SOFR

+

1.75%

),

4/16/31

..

United

States

535,950

537,459

Electrical

Equipment

0.0%

†

i

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

........................................

United

States

349,771

351,156

i

Energy

Equipment

&

Services

0.0%

†

h

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.812

%

,

(

1-month

SOFR

+

4.5

%

),

7/18/31

......................

United

States

750,000

750,203

WaterBridge

Midstream

Operating

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.077

%

,

(

3-month

SOFR

+

4.75

%

),

6/21/29

.....

United

States

498,750

499,927

1,250,130

a

a

a

a

a

a

i

Entertainment

0.0%

†

Banijay

Group

US

Holding,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.582

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

............

France

152,766

153,778

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.176

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................

United

States

120,430

121,058

UFC

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.77

%

,

(

3-month

SOFR

+

2.25

%

),

11/21/31

....................

United

States

578,778

582,969

857,805

a

a

a

a

a

a

Financial

Services

0.0%

†

i

Priority

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.062

%

,

(

1-month

SOFR

+

4.75

%

),

5/16/31

.....................

United

States

400,596

402,515

i

Food

Products

0.1%

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.562

%

,

(

1-month

SOFR

+

4.25

%

),

12/22/30

.............

United

States

198,031

201,496

h

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.237

%

,

(

6-month

SOFR

+

2

%

),

9/30/31

................

United

Kingdom

775,547

777,940

h

Primary

Products

Finance

LLC,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

4/02/29

...................................

United

States

250,000

250,521

Primary

Products

Finance

LLC,

First

Lien,

Term

Loan,

B

,

8.248

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

......................

United

States

520,355

521,440

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.957

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

...............

United

States

30,190

30,430

1,781,827

a

a

a

a

a

a

i

Ground

Transportation

0.0%

†

Albion

Financing

3

SARL,

First

Lien,

2024

Amended

USD

CME

Term

Loan

,

8.8

%

,

(

3-month

SOFR

+

4.25

%

),

8/17/29

.......

Luxembourg

63,661

64,248

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Ground

Transportation

(continued)

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

......................

United

States

410,324

$

411,785

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.892

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

...............

United

States

125,490

125,937

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

......

United

States

92,969

93,074

Savage

Enterprises

LLC,

First

Lien,

Refinancing

CME

Term

Loan

,

7.087

%

,

(

1-month

SOFR

+

2.75

%

),

9/15/28

..............

United

States

133,098

134,397

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

............

United

States

269,306

271,401

1,100,842

a

a

a

a

a

a

i

Health

Care

Equipment

&

Supplies

0.0%

†

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.661

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

.....................

United

States

534,518

537,832

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

........

United

States

472,296

475,061

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.079

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

..................................

United

States

109,426

109,677

1,122,570

a

a

a

a

a

a

i

Health

Care

Providers

&

Services

0.2%

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.801

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

835,242

827,934

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.364

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

.........

United

States

498,712

494,413

Charlotte

Buyer,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

9.052

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

.........

United

States

180,413

181,326

CNT

Holdings

I

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.....................

United

States

76,813

77,144

DaVita,

Inc.,

First

Lien,

Extended

CME

Term

Loan,

B1

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

4/25/31

.......................

United

States

538,650

540,603

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.891

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

..............

United

States

186,110

132,682

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.165

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

3/02/28

.........................................

United

States

727,047

720,605

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.179

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

............

United

States

21,065

20,878

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

7.049

%

,

(

1-month

SOFR

+

2.75

%

),

3/17/31

.....................

United

States

208,586

210,598

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

......................

United

States

248,750

250,026

e,h

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.275

%

,

(

3-month

SOFR

+

3.5

%

),

1/31/29

...............

United

States

524,988

519,742

Select

Medical

Corp.,

First

Lien,

CME

Term

Loan,

B2

,

6.332

%

,

(

1-month

SOFR

+

2

%

),

12/03/31

......................

United

States

283,019

284,376

Star

Parent,

Inc.,

First

Lien,

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

...............................

United

States

73,689

72,855

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.061

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

16,795

16,886

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.702

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

.............

United

States

809,926

807,310

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Health

Care

Providers

&

Services

(continued)

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.237

%

,

(

12-month

SOFR

+

3

%

),

10/22/29

...............

United

States

54,731

$

55,073

5,212,451

a

a

a

a

a

a

Health

Care

Technology

0.0%

†

i

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

2/15/29

................

United

States

535,878

537,188

i

Hotels,

Restaurants

&

Leisure

0.2%

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

6.062

%

,

(

1-month

SOFR

+

1.75

%

),

9/20/30

.....................

Canada

748,120

746,718

e

24

Hour

Fitness

Worldwide,

Inc.,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

9.59

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

.............

United

States

690,021

272,558

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B7

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

4/06/28

.......................

United

States

540,000

543,442

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.802

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

...........................

United

States

339,625

321,843

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

217,018

218,013

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

492,740

479,993

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.079

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/29

...........................

United

Kingdom

474,740

477,665

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.079

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

535,940

537,089

h

Flynn

Restaurant

Group

LP,

First

Lien,

CME

Term

Loan

,

8.305

%

,

(

12-month

SOFR

+

4

%

),

1/20/32

......................

United

States

643,857

643,989

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.576

%

,

(

1-month

SOFR

+

4.25

%

),

10/07/31

.............

United

States

152,542

154,506

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.087

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

.............

Canada

555,364

557,622

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.812

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

..........

United

States

71,365

71,615

IRB

Holding

Corp.,

First

Lien,

Term

Loan,

B

,

7.423

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

...........................

United

States

199,499

200,364

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.579

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

.....................

Canada

57,947

58,252

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

530,021

532,449

Whatabrands

LLC,

First

Lien,

2024

Term

Loan,

B

,

7.323

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

.....................

United

States

127,322

127,954

5,944,072

a

a

a

a

a

a

Household

Durables

0.0%

†

i

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.021

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

......................

Netherlands

485,985

487,807

i

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

790,000

791,754

Calpine

Corp.,

First

Lien,

Term

Loan

,

6.573

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

.....................................

United

States

537,300

538,082

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

7.023

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

134,529

135,258

1,465,094

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Insurance

0.1%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.313

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

..............................

United

States

481,684

$

483,471

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

......................

United

States

226,353

226,795

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.412

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

.......................

United

States

68,947

68,913

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.662

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

.....................

United

States

539,915

541,348

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.676

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

.....................

United

States

663,780

647,341

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

6/16/31

................

United

States

545,367

548,713

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.312

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

312,035

314,160

2,830,741

a

a

a

a

a

a

i

IT

Services

0.0%

†

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

6/27/31

...............

United

States

98,590

98,899

h

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.607

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

.............

United

States

100,648

97,905

196,804

a

a

a

a

a

a

i

Leisure

Products

0.0%

†

19th

Holdings

Golf

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.676

%

,

(

1-month

SOFR

+

3.25

%

),

2/07/29

..............

United

States

744,284

731,259

GBT

US

III

LLC,

First

Lien,

Restatement

Date

CME

Term

Loan

,

7.3

%

,

(

3-month

SOFR

+

3

%

),

7/28/31

..................

United

States

349,584

351,151

1,082,410

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.0%

†

h,i

Lonza

Group

AG,

First

Lien,

(USD)

CME

Term

Loan,

B

,

8.354

%

,

(

3-month

SOFR

+

3.925

%

),

7/03/28

....................

Switzerland

500,000

488,805

i

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.837

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

785,310

750,297

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.812

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

....................................

United

States

223,501

225,980

SunSource

Borrower

LLC,

First

Lien,

First

Refinancing

CME

Term

Loan

,

8.412

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

............

United

States

308,017

310,058

1,286,335

a

a

a

a

a

a

i

Media

0.1%

h

Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.805

%

,

(

3-month

SOFR

+

4.25

%

),

10/28/27

..........

United

States

500,000

500,117

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.936

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

3/24/31

....................................

United

States

148,049

148,989

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.452

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

223,754

206,296

h

MH

Sub

I

LLC,

First

Lien,

CME

Term

Loan

,

8.607

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

............................

United

States

686,712

680,491

1,535,893

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

i

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

1/02/30

...........

United

States

250,000

$

250,313

i

Oil,

Gas

&

Consumable

Fuels

0.0%

†

BCP

Renaissance

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan,

B6

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

10/31/28

............

United

States

55,417

55,994

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.302

%

,

(

3-month

SOFR

+

3

%

),

10/15/31

......................

United

States

336,449

339,813

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.42

%

,

(

1-month

SOFR

+

3

%

),

10/05/28

...

United

States

495,000

497,668

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.857

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

377,393

380,775

1,274,250

a

a

a

a

a

a

Paper

&

Forest

Products

0.0%

†

i

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.764

%

,

(

3-month

SOFR

+

4.25

%

),

11/04/31

...........................

United

States

500,000

503,283

i

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.305

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

..............

United

States

84,824

86,994

Air

Canada,

First

Lien,

CME

Term

Loan

,

6.337

%

,

(

3-month

SOFR

+

2

%

),

3/21/31

....................................

Canada

88,278

88,953

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.959

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

572,408

573,982

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

6.293

%

,

(

3-month

SOFR

+

2

%

),

10/01/31

................

United

States

556,736

560,842

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.297

%

,

(

3-month

SOFR

+

2

%

),

2/24/31

.......................

United

States

186,899

187,783

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

.....................

Canada

535,950

538,630

2,037,184

a

a

a

a

a

a

Personal

Care

Products

0.0%

†

h,i

KDC/ONE

Development

Corp.,

Inc.,

First

Lien,

2024-2

Refinancing

Dollar

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

8/15/28

.....................................

Canada

93,750

94,508

i

Pharmaceuticals

0.0%

†

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2

,

6.562

%

,

(

1-month

SOFR

+

2.25

%

),

5/05/28

..............

United

States

129,705

130,219

Organon

&

Co.,

First

Lien,

Dollar

CME

Term

Loan

,

7.737

%

,

(

12-month

SOFR

+

2.5

%

),

5/19/31

.....................

United

States

85,795

86,223

216,442

a

a

a

a

a

a

i

Professional

Services

0.1%

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

1,184,171

1,182,134

EAB

Global,

Inc.,

First

Lien,

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

8/16/28

............................

United

States

535,950

536,789

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.312

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

202,908

204,599

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

123,566

123,643

2,047,165

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Real

Estate

Management

&

Development

0.0%

†

i

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

538,650

$

542,690

Software

0.3%

i

Adeia,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.299

%

,

(

1-month

SOFR

+

3

%

),

6/08/28

...............................

United

States

468,745

470,210

i

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

768,075

735,286

i

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.162

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

....................

United

States

1,246,787

1,246,631

i

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.428

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

......................

United

States

506,888

512,274

i

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.09

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

......................

United

States

203,496

205,379

i

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B2

,

8.099

%

,

(

1-month

SOFR

+

3.5

%

),

3/03/28

......................

United

States

50,593

51,039

h,i

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.707

%

,

(

12-month

SOFR

+

2.5

%

),

1/23/32

.......

United

States

166,492

167,117

i

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B2

,

7.953

%

,

(

1-

day

SOFR

+

3.4

%

),

3/31/28

..........................

Sweden

535,825

539,511

i

Imprivata,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

12/01/27

..............

United

States

129,259

130,406

i

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.337

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

...............................

United

States

532,661

535,258

i

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.552

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

.......................

United

States

499,555

500,731

h,i

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.579

%

,

(

3-month

SOFR

+

3.25

%

),

10/28/30

...........................

United

States

281,867

284,936

i

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.562

%

,

(

1-month

SOFR

+

4.25

%

),

11/28/28

....................

United

States

268,603

272,332

i

Sovos

Compliance

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.926

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

...............

United

States

456,473

459,897

h,i

Vision

Solutions,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

8.552

%

,

(

3-month

SOFR

+

4

%

),

4/24/28

................

United

States

748,028

743,352

i

VS

Buyer

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan

,

7.049

%

,

(

1-month

SOFR

+

2.75

%

),

4/14/31

..............

United

States

643,915

648,345

h,j

Wave

Distribution

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

TBD,

9/01/31

.....................................

United

States

502,886

507,530

i

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

11/26/31

....

United

States

500,000

502,673

i

ZoomInfo

LLC,

First

Lien,

CME

Term

Loan

,

6.062

%

,

(

1-month

SOFR

+

1.75

%

),

2/28/30

............................

United

States

1,147,111

1,141,375

9,654,282

a

a

a

a

a

a

i

Specialty

Retail

0.1%

Evergreen

Acqco

1

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.077

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

121,063

122,167

e

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.457

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

...............

United

States

872,803

613,144

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B1

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............

United

States

128,392

129,408

Johnstone

Supply

LLC,

First

Lien,

CME

Term

Loan

,

6.799

%

,

(

1-month

SOFR

+

2.5

%

),

6/09/31

......................

United

States

446,395

448,266

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.926

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

......................

United

States

678,058

657,042

RelaDyne,

Inc.,

First

Lien,

CME

Term

Loan

,

8.312

%

,

(

1-month

SOFR

+

4

%

),

12/23/30

..............................

United

States

495,745

497,191

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Specialty

Retail

(continued)

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

7.662

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

495,022

$

495,074

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.207

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

748,077

746,326

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.562

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

338,925

340,096

4,048,714

a

a

a

a

a

a

i

Textiles,

Apparel

&

Luxury

Goods

0.1%

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.071

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

781,651

747,212

Hanesbrands,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.062

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

.....................

United

States

214,735

217,150

Varsity

Brands

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.271

%

,

(

3-month

SOFR

+

3.75

%

),

8/26/31

.....................

United

States

500,000

501,615

1,465,977

a

a

a

a

a

a

i

Transportation

Infrastructure

0.0%

†

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

......................

United

States

95,863

66,065

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

9.278

%

,

(

3-month

SOFR

+

4.5

%

),

8/10/29

.............................

United

States

69,418

18,512

84,577

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.0%

†

i

Gogo

Intermediate

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.176

%

,

(

1-month

SOFR

+

3.75

%

),

5/01/28

.........

United

States

500,000

472,633

Total

Senior

Floating

Rate

Interests

(Cost

$

77,834,555

)

........................

77,665,054

k

Marketplace

Loans

0.6%

a

Financial

Services

0.6%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

23,614,693

)

..................................

17,143,285

Foreign

Government

and

Agency

Securities

1.2%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5%,

7/27/27

......................................

Supranational

l

10,700,000

10,465,603

Colombia

Government

Bond

,

Senior

Bond

,

5%,

6/15/45

......

Colombia

4,400,000

2,991,767

d

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75%,

1/15/31

.........................................

Chile

6,500,000

5,866,907

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7%,

5/23/28

....

France

2,100,000

2,142,632

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375%,

4/06/26

South

Korea

3,900,000

3,930,437

d

Panama

Government

Bond

,

Senior

Note

,

144A,

3.75%,

4/17/26

Panama

5,700,000

5,484,540

Peru

Government

Bond

,

Senior

Bond

,

2.783%,

1/23/31

.......

Peru

8,000,000

6,905,432

Total

Foreign

Government

and

Agency

Securities

(Cost

$

42,819,250

)

............

37,787,318

U.S.

Government

and

Agency

Securities

23.3%

FFCB

,

2.1

%,

2/25/36

.................................

United

States

9,300,000

6,958,452

U.S.

Treasury

Bonds

,

1.125

%,

5/15/40

...................................

United

States

4,000,000

2,422,812

1.75

%,

8/15/41

...................................

United

States

65,800,000

42,880,524

3.875

%,

2/15/43

...................................

United

States

12,800,000

11,334,000

2.5

%,

5/15/46

....................................

United

States

16,000,000

10,944,688

2.25

%,

8/15/46

...................................

United

States

45,800,000

29,712,750

2.75

%,

8/15/47

...................................

United

States

10,600,000

7,485,836

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Bonds,

(continued)

2.75

%,

11/15/47

...................................

United

States

16,140,000

$

11,369,243

3.125

%,

5/15/48

...................................

United

States

16,500,000

12,404,971

2.875

%,

5/15/49

...................................

United

States

22,215,000

15,795,646

2.25

%,

8/15/49

...................................

United

States

77,980,000

48,442,029

1.25

%,

5/15/50

...................................

United

States

54,335,000

25,810,186

1.875

%,

11/15/51

..................................

United

States

88,390,000

48,826,843

3.625

%,

5/15/53

...................................

United

States

27,300,000

22,216,441

U.S.

Treasury

Notes

,

0.375

%,

11/30/25

..................................

United

States

5,350,000

5,182,936

0.375

%,

12/31/25

..................................

United

States

41,000,000

39,607,910

m

Index

Linked,

0.625

%,

1/15/26

........................

United

States

35,400,000

46,600,738

0.75

%,

5/31/26

...................................

United

States

2,000,000

1,911,680

1.875

%,

2/28/27

...................................

United

States

67,900,000

64,780,844

2.75

%,

4/30/27

...................................

United

States

138,300,000

134,042,953

3.25

%,

6/30/27

...................................

United

States

18,100,000

17,713,254

3.875

%,

11/30/27

..................................

United

States

77,600,000

76,867,953

2.875

%,

5/15/28

...................................

United

States

8,600,000

8,237,859

4.5

%,

5/31/29

....................................

United

States

28,300,000

28,501,748

Total

U.S.

Government

and

Agency

Securities

(Cost

$

793,851,903

)

..............

720,052,296

Asset-Backed

Securities

8.9%

Financial

Services

8.9%

d

,i

Antares

CLO

Ltd.

,

2018-1A

,

B

,

144A,

FRN

,

6.205%,

(

3-month

SOFR

+

1.912

%

),

4/20/31

.

...........................

United

States

12,900,000

12,940,647

d

,i

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

5.452%,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

13,225,839

13,252,147

d

,i

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.363%,

(

3-month

SOFR

+

1.07

%

),

7/18/34

.

....................

United

States

4,120,000

4,125,726

d

,i

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A

,

A1R2

,

144A,

FRN

,

5.534%,

(

3-month

SOFR

+

1.232

%

),

4/17/31

..................................

United

States

218,665

219,513

2014-1A

,

A2R2

,

144A,

FRN

,

5.694%,

(

3-month

SOFR

+

1.392

%

),

4/17/31

..................................

United

States

6,300,000

6,326,953

2015-4A

,

A1RR

,

144A,

FRN

,

5.513%,

(

3-month

SOFR

+

1.22

%

),

7/20/32

...................................

United

States

11,549,843

11,579,664

d

,i

CIFC

Funding

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

5.613%,

(

3-month

SOFR

+

1.32

%

),

4/19/35

.........................................

United

States

23,690,000

23,753,506

h

2022-2A

,

A1R

,

144A,

FRN

,

0%,

(

3-month

SOFR

+

0.97

%

),

4/19/35

.........................................

United

States

23,690,000

23,707,767

2024-2A

,

A1

,

144A,

FRN

,

5.81%,

(

3-month

SOFR

+

1.52

%

),

4/22/37

.........................................

United

States

7,200,000

7,257,979

d

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26

,

PT

,

144A,

FRN

,

18.781%,

8/15/44

..............

United

States

12,150

8,309

2019-31

,

PT

,

144A,

FRN

,

5.287%,

9/15/44

...............

United

States

7,851

6,005

2019-37

,

PT

,

144A,

FRN

,

14.443%,

10/17/44

.............

United

States

16,387

16,254

2019-42

,

PT

,

144A,

FRN

,

18.836%,

11/15/44

.............

United

States

10,892

8,233

2019-51

,

PT

,

144A,

FRN

,

6.065%,

1/15/45

...............

United

States

30,176

29,161

2019-52

,

PT

,

144A,

FRN

,

11.656%,

1/15/45

..............

United

States

35,373

28,473

2019-S6

,

PT

,

144A,

FRN

,

11.814%,

10/17/44

.............

United

States

9,741

6,325

2019-S8

,

PT

,

144A,

FRN

,

10.075%,

1/15/45

..............

United

States

9,513

9,270

2020-2

,

PT

,

144A,

FRN

,

7.821%,

3/15/45

................

United

States

42,278

39,802

2020-7

,

PT

,

144A,

FRN

,

9.76%,

4/17/45

.................

United

States

36,807

32,621

d

,i

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.684%,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

6,000,000

6,025,671

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

i

CWABS,

Inc.

,

2004-1

,

M1

,

FRN

,

5.175%,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.................................

United

States

124,373

$

125,977

d

,i

Dryden

68

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.402%,

(

3-month

SOFR

+

1.1

%

),

7/15/35

.

.....................

United

States

10,600,000

10,610,182

d

,i

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

5.593%,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

.............................

United

States

17,750,000

17,844,602

d

,i

Ellington

CLO

III

Ltd.

,

2018-3A

,

A1

,

144A,

FRN

,

6.205%,

(

3-month

SOFR

+

1.912

%

),

7/20/30

.........................................

United

States

707,435

708,340

2018-3A

,

A2R

,

144A,

FRN

,

6.305%,

(

3-month

SOFR

+

2.012

%

),

7/20/30

..................................

United

States

1,310,065

1,312,027

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266%,

10/19/37

.

.

United

States

10,634,043

10,396,909

d

,i

Galaxy

XXVII

CLO

Ltd.

,

2018-27A

,

A

,

144A,

FRN

,

5.767%,

(

3-month

SOFR

+

1.282

%

),

5/16/31

.

...................

United

States

342,761

343,578

d

,i

GoldenTree

Loan

Management

US

CLO

11

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

5.373%,

(

3-month

SOFR

+

1.08

%

),

10/20/34

.

...

United

States

7,990,000

8,009,085

d

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302%,

12/17/26

....................

United

States

15,239,718

14,395,847

2021-3

,

B

,

144A,

2.649%,

1/17/41

.....................

United

States

5,752,593

5,243,443

d

,i

KKR

CLO

54

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.641%,

(

3-month

SOFR

+

1.32

%

),

1/15/38

.

............................

United

States

7,024,000

7,064,205

d

,i

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

5.382%,

(

3-month

SOFR

+

1.08

%

),

7/15/34

.

..............

United

States

11,500,000

11,518,363

d

,i

Madison

Park

Funding

XXIX

Ltd.

,

2018-29A

,

AR

,

144A,

FRN

,

5.473%,

(

3-month

SOFR

+

1.18

%

),

10/18/30

.

.............

United

States

10,601,557

10,627,000

d

,i

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

5.33%,

(

3-month

SOFR

+

1.04

%

),

7/23/32

.

....................

United

States

3,086,091

3,094,049

d

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91%,

10/20/61

.

..................................

United

States

19,400,000

17,958,613

d

,i

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.652%,

(

3-month

SOFR

+

1.35

%

),

1/15/38

.

............................

United

States

3,145,000

3,173,934

d

,i

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.655%,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

3,325,000

3,339,536

d

,i

Octagon

Investment

Partners

36

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

5.534%,

(

3-month

SOFR

+

1.232

%

),

4/15/31

.........................................

United

States

8,652,913

8,686,096

2018-1A

,

A2

,

144A,

FRN

,

5.764%,

(

3-month

SOFR

+

1.462

%

),

4/15/31

.........................................

United

States

8,500,000

8,536,723

d

,i

Pikes

Peak

CLO

6

,

2020-6A

,

AR2

,

144A,

FRN

,

5.917%,

(

3-month

SOFR

+

1.432

%

),

5/18/34

.

...........................

United

States

4,500,000

4,505,931

d

,n

Prosper

Pass-Thru

Trust

III

,

2020-PT1

,

A

,

144A,

FRN

,

8.796%,

3/15/26

...............

United

States

29,798

22,584

2020-PT2

,

A

,

144A,

FRN

,

9.444%,

4/15/26

...............

United

States

33,624

25,071

2020-PT3

,

A

,

144A,

FRN

,

7.183%,

5/15/26

...............

United

States

11,448

9,638

d

,i

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.323%,

(

3-month

SOFR

+

1.03

%

),

1/20/32

.

....................

United

States

6,213,177

6,228,384

d

,h

,i

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

0%,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

6,805,000

6,810,104

d

,i

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

5.362%,

(

3-month

SOFR

+

1.06

%

),

4/15/31

.

..............

United

States

3,807,629

3,817,404

d

,i

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.814%,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.

...........................

United

States

1,500,000

1,506,615

275,288,266

a

a

a

a

a

a

Ground

Transportation

0.0%

†

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

2005-1

,

5.082%,

1/02/29

.

.........................................

United

States

6,886

6,885

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875%,

7/15/27

.

United

States

576,000

$

573,275

Total

Asset-Backed

Securities

(Cost

$

277,864,318

)

............................

275,868,426

Commercial

Mortgage-Backed

Securities

1.7%

Financial

Services

1.7%

n

,o

BBCMS

Mortgage

Trust

,

2024-5C31

,

XA

,

IO,

FRN

,

1.061%,

12/15/57

........................................

United

States

31,890,539

1,439,552

n

Benchmark

Mortgage

Trust

,

2023-V3

,

A3

,

FRN

,

6.363%,

7/15/56

United

States

1,200,000

1,248,768

d

,i

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

5.371%,

(

1-month

SOFR

+

1.064

%

),

9/15/36

.............

United

States

9,840,000

9,784,000

d

,i

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

5.319%,

(

1-month

SOFR

+

1.013

%

),

10/15/36

..........................

United

States

9,220,000

9,167,527

d

,i

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.797%,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

9,580,990

9,599,998

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839%,

12/10/54

........................................

United

States

3,055,000

2,980,598

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45%,

7/10/49

.........................................

United

States

1,954,820

1,905,464

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718%,

8/15/48

.........................................

United

States

2,400,000

2,382,842

d

,n

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555%,

9/10/35

...................................

United

States

3,255,000

3,198,585

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05%,

5/10/49

..

United

States

1,352,000

1,324,319

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C31

,

A3

,

3.801%,

8/15/48

.......................

United

States

3,451,048

3,423,087

2016-C1

,

A5

,

3.576%,

3/17/49

........................

United

States

4,544,765

4,483,379

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695%,

11/15/48

........................................

United

States

1,635,000

1,618,959

52,557,078

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

52,477,463

)

..............

52,557,078

Mortgage-Backed

Securities

35.0%

p

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

4.355

%,

(

COFI

11th

District

+/-

MBS

Margin),

11/01/27

United

States

199,031

196,710

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

14.5%

FHLMC

Gold

Pool,

30

Year

,

4.5

%,

3/01/39

................

United

States

422,228

410,629

FHLMC

Gold

Pool,

30

Year

,

5

%,

8/01/33

-

2/01/39

...........

United

States

2,759,422

2,748,884

FHLMC

Gold

Pool,

30

Year

,

5.5

%,

1/01/35

-

12/01/37

........

United

States

276,634

278,802

FHLMC

Gold

Pool,

30

Year

,

6

%,

5/01/33

-

4/01/38

...........

United

States

322,507

333,953

FHLMC

Gold

Pool,

30

Year

,

6.5

%,

4/01/26

-

3/01/39

.........

United

States

230,455

239,295

FHLMC

Gold

Pool,

30

Year

,

7

%,

1/01/28

-

7/01/32

...........

United

States

14,548

15,258

FHLMC

Gold

Pool,

30

Year

,

7.5

%,

3/01/32

................

United

States

5,947

6,232

FHLMC

Gold

Pool,

30

Year

,

8

%,

2/01/30

..................

United

States

3,286

3,393

FHLMC

Gold

Pool,

30

Year

,

8.5

%,

8/01/30

................

United

States

565

591

FHLMC

Pool,

15

Year

,

2

%,

4/01/37

-

8/01/37

...............

United

States

8,467,575

7,539,842

FHLMC

Pool,

15

Year

,

2.5

%,

4/01/37

-

5/01/37

.............

United

States

7,281,182

6,635,755

FHLMC

Pool,

15

Year

,

3

%,

4/01/37

-

9/01/37

...............

United

States

4,871,566

4,548,245

FHLMC

Pool,

30

Year

,

2

%,

3/01/51

......................

United

States

47,282,848

37,180,642

FHLMC

Pool,

30

Year

,

2

%,

3/01/52

......................

United

States

37,554,972

29,339,784

FHLMC

Pool,

30

Year

,

2

%,

4/01/52

......................

United

States

68,900,949

53,795,445

FHLMC

Pool,

30

Year

,

2

%,

1/01/52

-

3/01/52

...............

United

States

3,597,480

2,804,172

FHLMC

Pool,

30

Year

,

2.5

%,

10/01/51

....................

United

States

34,194,976

28,034,675

FHLMC

Pool,

30

Year

,

2.5

%,

5/01/52

.....................

United

States

26,481,915

21,640,952

FHLMC

Pool,

30

Year

,

2.5

%,

9/01/51

-

1/01/52

.............

United

States

2,545,536

2,078,203

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

30

Year

,

3

%,

2/01/52

......................

United

States

59,554,007

$

50,926,180

FHLMC

Pool,

30

Year

,

3

%,

3/01/52

-

7/01/52

...............

United

States

8,757,898

7,456,624

FHLMC

Pool,

30

Year

,

3.5

%,

6/01/52

.....................

United

States

44,039,153

39,059,428

FHLMC

Pool,

30

Year

,

3.5

%,

7/01/52

-

12/01/52

............

United

States

21,210,577

18,796,237

FHLMC

Pool,

30

Year

,

4

%,

8/01/52

......................

United

States

40,601,297

37,197,797

FHLMC

Pool,

30

Year

,

4

%,

1/01/55

......................

United

States

4,198,431

3,841,863

FHLMC

Pool,

30

Year

,

4.5

%,

8/01/52

.....................

United

States

94,472,300

88,998,131

FHLMC

Pool,

30

Year

,

5

%,

12/01/54

-

1/01/55

..............

United

States

4,572,208

4,417,923

448,328,935

p

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA

,

4.359

%

-

5.037

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

.................................

United

States

654,670

645,361

FNMA

,

6.373

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

...................

United

States

32,849

32,810

FNMA

,

5.845

%

-

6.688

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

........

United

States

215,475

218,370

FNMA

,

6.729

%

-

7.109

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

................................

United

States

35,264

36,181

932,722

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

16.4%

FNMA,

15

Year

,

2

%,

4/01/37

...........................

United

States

381,960

340,112

FNMA,

15

Year

,

3

%,

9/01/37

-

10/01/37

...................

United

States

4,304,530

4,018,842

FNMA,

30

Year

,

2

%,

2/01/52

...........................

United

States

2,856,973

2,227,646

FNMA,

30

Year

,

2.5

%,

4/01/52

.........................

United

States

13,744,641

11,251,461

FNMA,

30

Year

,

3

%,

1/01/52

...........................

United

States

31,790,061

27,157,260

FNMA,

30

Year

,

3

%,

3/01/52

-

6/01/52

....................

United

States

7,063,385

6,014,429

FNMA,

30

Year

,

3.5

%,

12/01/52

.........................

United

States

31,871,841

28,253,951

FNMA,

30

Year

,

4.5

%,

11/01/52

.........................

United

States

41,217,641

38,873,968

FNMA,

30

Year

,

5

%,

6/01/36

-

1/01/55

....................

United

States

4,495,390

4,358,225

FNMA,

30

Year

,

5.5

%,

6/01/33

-

8/01/37

..................

United

States

1,995,014

2,018,351

FNMA,

30

Year

,

6

%,

9/01/32

-

9/01/38

....................

United

States

2,173,793

2,250,975

FNMA,

30

Year

,

6.5

%,

8/01/28

-

5/01/37

..................

United

States

72,387

74,500

FNMA,

30

Year

,

7

%,

11/01/25

..........................

United

States

154

161

FNMA,

30

Year

,

7.5

%,

1/01/30

.........................

United

States

2,281

2,351

FNMA,

30

Year

,

8.5

%,

4/01/30

-

5/01/32

..................

United

States

12,419

12,850

q

Uniform

Mortgage-Backed

Securities

,

2

%,

TBA,

2/25/55

......

United

States

80,530,000

62,700,155

q

Uniform

Mortgage-Backed

Securities

,

2.5

%,

TBA,

2/25/55

.....

United

States

87,290,000

71,152,848

q

Uniform

Mortgage-Backed

Securities

,

3.5

%,

TBA,

2/25/55

.....

United

States

33,130,000

29,317,462

q

Uniform

Mortgage-Backed

Securities

,

4

%,

TBA,

2/25/55

......

United

States

47,690,000

43,613,995

q

Uniform

Mortgage-Backed

Securities

,

5.5

%,

TBA,

2/25/55

.....

United

States

88,880,000

87,787,604

q

Uniform

Mortgage-Backed

Securities

,

6

%,

TBA,

2/25/55

......

United

States

87,110,000

87,715,468

509,142,614

p

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

4.75

%

-

4.75

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

10/20/26

-

10/20/26

................................

United

States

2,671

2,664

2,664

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

4.1%

GNMA

I,

30

Year

,

7

%,

10/15/27

-

6/15/31

..................

United

States

5,126

5,335

GNMA

I,

Single-family,

30

Year

,

6

%,

1/15/39

...............

United

States

45,657

47,468

GNMA

I,

Single-family,

30

Year

,

6.5

%,

10/15/31

-

7/15/38

......

United

States

7,601

7,906

GNMA

I,

Single-family,

30

Year

,

7

%,

4/15/28

...............

United

States

1,659

1,661

GNMA

I,

Single-family,

30

Year

,

7.5

%,

9/15/25

-

2/15/26

......

United

States

396

396

GNMA

II,

Single-family,

30

Year

,

2

%,

2/20/52

-

7/20/52

.......

United

States

15,873,510

12,728,236

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year

,

2.5

%,

7/20/52

.............

United

States

15,031,106

$

12,583,537

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/49

..............

United

States

22,432

19,670

q

GNMA

II,

Single-family,

30

Year

,

5.5

%,

2/15/55

.............

United

States

47,130,000

46,798,617

GNMA

II,

Single-family,

30

Year

,

6

%,

5/20/31

-

8/20/54

.......

United

States

7,497,123

7,570,034

q

GNMA

II,

Single-family,

30

Year

,

6

%,

2/15/55

...............

United

States

46,310,000

46,707,977

GNMA

II,

Single-family,

30

Year

,

6.5

%,

3/20/28

-

7/20/38

......

United

States

119,994

125,299

GNMA

II,

Single-family,

30

Year

,

7.5

%,

8/20/30

-

1/20/33

......

United

States

11,588

11,882

126,608,018

Total

Mortgage-Backed

Securities

(Cost

$

1,104,124,939

)

.......................

1,085,211,663

Municipal

Bonds

1.8%

California

1.4%

California

Municipal

Finance

Authority

,

FBI

San

Diego

Project

,

Revenue

,

2020

,

2.519

%

,

10/01/35

.....................

United

States

9,470,000

6,877,039

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

15,240,000

14,024,899

San

Bernardino

Community

College

District

,

GO

,

2021

,

Refunding

,

2.686

%

,

8/01/41

.................

United

States

20,405,000

14,668,955

GO

,

2021

,

Refunding

,

2.856

%

,

8/01/49

.................

United

States

11,880,000

7,752,118

43,323,011

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

.........................................

United

States

16,585,000

12,580,776

Texas

0.0%

†

City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785

%

,

11/15/31

..................................

United

States

370,000

325,984

Total

Municipal

Bonds

(Cost

$

73,061,852

)

....................................

56,229,771

Residential

Mortgage-Backed

Securities

1.9%

Capital

Markets

0.0%

†

i

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

5.165%,

(

1-month

SOFR

+

0.854

%

),

3/25/28

.............

United

States

91,080

86,106

Financial

Services

1.9%

d

,n

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5%,

10/25/44

........................................

United

States

2,798,374

2,650,105

d

,n

CIM

Trust

,

2018-INV1

,

A4

,

144A,

FRN

,

4%,

8/25/48

................

United

States

942,747

867,882

2019-INV1

,

A1

,

144A,

FRN

,

4%,

2/25/49

................

United

States

476,928

450,957

2019-INV2

,

A3

,

144A,

FRN

,

4%,

5/25/49

................

United

States

1,505,216

1,395,517

d

,n

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3%,

5/25/42

.........................................

United

States

139,058

128,830

d

,n

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301%,

3/25/67

.........................................

United

States

2,681,903

2,645,997

d

,i

Connecticut

Avenue

Securities

Trust

,

2025-R01

,

1M1

,

144A,

FRN

,

5.451%,

(

30-day

SOFR

Average

+

1.1

%

),

1/25/45

.........

United

States

2,991,000

3,003,151

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5%,

1/25/38

..................................

Switzerland

73,389

42,053

d

,i

FHLMC

STACR

REMIC

Trust

,

2022-DNA3

,

M1A

,

144A,

FRN

,

6.351%,

(

30-day

SOFR

Average

+

2

%

),

4/25/42

....................................

United

States

3,524,665

3,566,274

2025-DNA1

,

A1

,

144A,

FRN

,

5.335%,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

4,453,000

4,458,096

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d

,n

J.P.

Morgan

Mortgage

Trust

,

2021-14

,

A4

,

144A,

FRN

,

2.5%,

5/25/52

.................

United

States

10,885,045

$

9,544,828

2021-15

,

A4

,

144A,

FRN

,

2.5%,

6/25/52

.................

United

States

6,415,179

5,603,713

d

,n

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5%,

4/25/66

.........................................

United

States

3,946,995

3,860,723

d

,n

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5%,

10/25/51

.........

United

States

1,289,707

1,132,336

d

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5%,

2/20/49

....................................

United

States

2,032,168

1,768,110

d

,n

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3%,

12/25/49

........................................

United

States

1,517,774

1,284,218

d

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5%,

8/25/51

.........

United

States

11,677,518

10,332,686

d

,n

Towd

Point

Mortgage

Trust

,

2017-1

,

A2

,

144A,

FRN

,

3.5%,

10/25/56

........................................

United

States

5,189,763

5,143,342

57,878,818

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

63,200,164

)

...............

57,964,924

Agency

Commercial

Mortgage-Backed

Securities

0.9%

Financial

Services

0.9%

i

FNMA

,

2005-122

,

FN

,

FRN

,

4.815%,

(

30-day

SOFR

Average

+

0.464

%

),

1/25/36

..................................

United

States

379,846

375,395

2024-77

,

FM

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

13,212,369

13,167,699

2024-82

,

FE

,

FRN

,

5.301%,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

14,875,920

14,786,556

28,329,650

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

28,375,024

)

.......

28,329,650

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

141,599

—

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

3,000,000

45,000

Total

Escrows

and

Litigation

Trusts

(Cost

$

2,814,454

)

.........................

45,000

Total

Long

Term

Investments

(Cost

$

3,700,245,539

)

...........................

3,539,859,666

a

Short

Term

Investments

1.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.3%

r,s

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.089

%

..

United

States

41,677,984

41,677,984

Total

Money

Market

Funds

(Cost

$

41,677,984

)

................................

41,677,984

Total

Short

Term

Investments

(Cost

$

41,677,984

)

..............................

41,677,984

a

Total

Investments

(Cost

$

3,741,923,523

)

115.6

%

...............................

$3,581,537,650

Other

Assets,

less

Liabilities

(

15.6

)

%

........................................

(485,422,169)

Net

Assets

100.0%

.........................................................

$3,096,115,481

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

*

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

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

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,

2025,

the

aggregate

value

of

these

securities

was

$692,208,790,

representing

22.4%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

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.

k

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

n

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.

o

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

p

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;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

q

Security

purchased

on

a

to-be-announced

(TBA)

basis.

r

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

s

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

At

January

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

0.6%

Block,

Inc.

a

6984837.SQ.FTS.B

,

4

.66

%

,

3/02/25

.....

$

630

$

547

a

6986554.SQ.FTS.B

,

4

.651

%

,

3/04/25

....

1,637

1,138

a

6986599.SQ.FTS.B

,

5

.574

%

,

3/04/25

....

1,392

582

a

6987258.SQ.FTS.B

,

5

.777

%

,

3/04/25

....

1,351

23

a

6986458.SQ.FTS.B

,

6

.171

%

,

3/04/25

....

108

66

a

6988244.SQ.FTS.B

,

5

.395

%

,

3/05/25

....

93

57

a

6988728.SQ.FTS.B

,

6

.245

%

,

3/05/25

....

579

377

a

6993229.SQ.FTS.B

,

5

.762

%

,

3/06/25

....

1,553

97

a

6990423.SQ.FTS.B

,

6

.422

%

,

3/06/25

....

2,051

60

a

6995688.SQ.FTS.B

,

6

.014

%

,

3/07/25

....

230

57

a

6995636.SQ.FTS.B

,

6

.168

%

,

3/07/25

....

300

199

a

6997762.SQ.FTS.B

,

6

.179

%

,

3/07/25

....

191

86

a

7003292.SQ.FTS.B

,

4

.75

%

,

3/10/25

.....

12,154

177

a

7003650.SQ.FTS.B

,

5

.193

%

,

3/10/25

....

2,995

78

a

7009641.SQ.FTS.B

,

6

.005

%

,

3/12/25

....

12,183

208

a

7013065.SQ.FTS.B

,

4

.753

%

,

3/13/25

....

96

57

a

7016321.SQ.FTS.B

,

5

.189

%

,

3/14/25

....

38,547

13,428

a

7020839.SQ.FTS.B

,

5

.186

%

,

3/15/25

....

741

589

a

7020990.SQ.FTS.B

,

5

.19

%

,

3/15/25

.....

9,252

203

a

7025720.SQ.FTS.B

,

5

.378

%

,

3/17/25

....

5,970

4,435

a

7027836.SQ.FTS.B

,

4

.658

%

,

3/18/25

....

1,714

1,293

a

7027501.SQ.FTS.B

,

5

.384

%

,

3/18/25

....

966

718

a

7032794.SQ.FTS.B

,

5

.566

%

,

3/19/25

....

3,493

2,620

a

7033343.SQ.FTS.B

,

6

.004

%

,

3/19/25

....

363

209

a

7035906.SQ.FTS.B

,

4

.746

%

,

3/20/25

....

751

524

a

7043570.SQ.FTS.B

,

6

.415

%

,

3/21/25

....

27,825

1,967

a

7044059.SQ.FTS.B

,

6

.422

%

,

3/22/25

....

1,921

39

a

7054471.SQ.FTS.B

,

5

.567

%

,

3/26/25

....

2,083

1,355

a

7063450.SQ.FTS.B

,

4

.654

%

,

3/28/25

....

29,517

22,578

a

7061463.SQ.FTS.B

,

5

.19

%

,

3/28/25

.....

14,436

389

a

7061389.SQ.FTS.B

,

5

.559

%

,

3/28/25

....

1,676

1,195

a

7062067.SQ.FTS.B

,

6

.02

%

,

3/28/25

.....

154

137

a

7067466.SQ.FTS.B

,

6

.248

%

,

3/29/25

....

1,256

45

a

7068948.SQ.FTS.B

,

6

.013

%

,

3/30/25

....

3,321

1,005

a

7069579.SQ.FTS.B

,

5

.192

%

,

4/01/25

....

3,654

2,774

a

7073426.SQ.FTS.B

,

6

.259

%

,

4/02/25

....

10,894

5,952

a

7074066.SQ.FTS.B

,

5

.189

%

,

4/03/25

....

6,296

3,493

a

7077567.SQ.FTS.B

,

5

.375

%

,

4/03/25

....

7,677

3,514

a

7077535.SQ.FTS.B

,

5

.414

%

,

4/03/25

....

566

339

a

7077718.SQ.FTS.B

,

5

.425

%

,

4/03/25

....

499

208

a

7077341.SQ.FTS.B

,

5

.749

%

,

4/03/25

....

91

80

a

7080219.SQ.FTS.B

,

5

.751

%

,

4/04/25

....

422

274

a

7085488.SQ.FTS.B

,

4

.934

%

,

4/05/25

....

2,672

2,059

a

7088740.SQ.FTS.B

,

5

.376

%

,

4/05/25

....

9,584

1,722

a

7088513.SQ.FTS.B

,

5

.382

%

,

4/05/25

....

1,116

1,005

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7085369.SQ.FTS.B

,

5

.753

%

,

4/05/25

....

$

438

$

374

a

7087923.SQ.FTS.B

,

6

.006

%

,

4/05/25

....

9,288

962

a

7086293.SQ.FTS.B

,

6

.01

%

,

4/05/25

.....

4,283

2,438

a

7091928.SQ.FTS.B

,

5

.441

%

,

4/06/25

....

307

140

a

7091848.SQ.FTS.B

,

5

.749

%

,

4/06/25

....

3,720

91

a

7094035.SQ.FTS.B

,

4

.943

%

,

4/09/25

....

2,873

1,401

a

7094917.SQ.FTS.B

,

5

.574

%

,

4/09/25

....

1,790

819

a

7094803.SQ.FTS.B

,

5

.758

%

,

4/09/25

....

377

335

a

7097395.SQ.FTS.B

,

5

.189

%

,

4/10/25

....

23,684

594

a

7096934.SQ.FTS.B

,

5

.373

%

,

4/10/25

....

2,450

1,187

a

7097160.SQ.FTS.B

,

5

.752

%

,

4/10/25

....

1,589

1,136

a

7099099.SQ.FTS.B

,

5

.366

%

,

4/11/25

....

91

85

a

7106563.SQ.FTS.B

,

4

.932

%

,

4/12/25

....

768

678

a

7105122.SQ.FTS.B

,

4

.937

%

,

4/12/25

....

5,247

3,883

a

7106887.SQ.FTS.B

,

5

.19

%

,

4/12/25

.....

14,205

621

a

7108113.SQ.FTS.B

,

5

.377

%

,

4/12/25

....

5,644

4,080

a

7105877.SQ.FTS.B

,

6

.178

%

,

4/12/25

....

644

76

a

7113491.SQ.FTS.B

,

5

.751

%

,

4/15/25

....

1,744

269

a

7113005.SQ.FTS.B

,

6

.255

%

,

4/15/25

....

6,711

52

a

7116821.SQ.FTS.B

,

5

.189

%

,

4/16/25

....

28,095

700

a

7115476.SQ.FTS.B

,

6

.257

%

,

4/16/25

....

6,351

88

a

7121176.SQ.FTS.B

,

5

.565

%

,

4/17/25

....

3,277

945

a

7118685.SQ.FTS.B

,

6

.011

%

,

4/17/25

....

1,922

1,050

a

7120797.SQ.FTS.B

,

6

.164

%

,

4/17/25

....

20,220

419

a

7123188.SQ.FTS.B

,

4

.756

%

,

4/18/25

....

423

11

a

7123254.SQ.FTS.B

,

4

.932

%

,

4/18/25

....

552

501

a

7121532.SQ.FTS.B

,

5

.567

%

,

4/18/25

....

1,182

506

a

7124145.SQ.FTS.B

,

6

%

,

4/18/25

.......

1,431

984

a

7124948.SQ.FTS.B

,

6

.256

%

,

4/18/25

....

2,295

1,458

a

7128415.SQ.FTS.B

,

4

.653

%

,

4/19/25

....

4,535

3,732

a

7134683.SQ.FTS.B

,

5

.995

%

,

4/19/25

....

1,675

21

a

7143037.SQ.FTS.B

,

5

.572

%

,

4/22/25

....

698

518

a

7146434.SQ.FTS.B

,

5

.191

%

,

4/23/25

....

1,248

1,155

a

7143733.SQ.FTS.B

,

5

.194

%

,

4/23/25

....

550

453

a

7146587.SQ.FTS.B

,

6

.257

%

,

4/23/25

....

4,753

2,746

a

7147738.SQ.FTS.B

,

5

.186

%

,

4/24/25

....

6,299

3,461

a

7154428.SQ.FTS.B

,

4

.756

%

,

4/25/25

....

2,177

34

a

7151519.SQ.FTS.B

,

5

.759

%

,

4/25/25

....

7,613

102

a

7156753.SQ.FTS.B

,

4

.654

%

,

4/26/25

....

4,816

140

a

7163775.SQ.FTS.B

,

6

.157

%

,

4/27/25

....

758

456

a

7164816.SQ.FTS.B

,

5

.382

%

,

4/28/25

....

3,346

1,835

a

7164194.SQ.FTS.B

,

6

.379

%

,

4/28/25

....

209

100

a

7173445.SQ.FTS.B

,

4

.933

%

,

4/30/25

....

963

894

a

7173156.SQ.FTS.B

,

5

.759

%

,

4/30/25

....

1,928

95

a

7176877.SQ.FTS.B

,

5

.578

%

,

5/01/25

....

1,805

926

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7182843.SQ.FTS.B

,

4

.654

%

,

5/02/25

....

$

557

$

406

a

7179248.SQ.FTS.B

,

4

.941

%

,

5/02/25

....

3,828

2,305

a

7180177.SQ.FTS.B

,

5

.378

%

,

5/02/25

....

3,560

3,396

a

7183135.SQ.FTS.B

,

5

.388

%

,

5/02/25

....

1,534

285

a

7179389.SQ.FTS.B

,

5

.566

%

,

5/02/25

....

3,065

61

a

7187135.SQ.FTS.B

,

4

.656

%

,

5/03/25

....

7,183

4,924

a

7185649.SQ.FTS.B

,

4

.937

%

,

5/03/25

....

6,102

5,320

a

7187326.SQ.FTS.B

,

5

.372

%

,

5/03/25

....

61

55

a

7187093.SQ.FTS.B

,

6

.002

%

,

5/03/25

....

1,566

27

a

7188188.SQ.FTS.B

,

4

.745

%

,

5/04/25

....

702

201

a

7187664.SQ.FTS.B

,

5

.369

%

,

5/04/25

....

100

92

a

7192991.SQ.FTS.B

,

5

.188

%

,

5/06/25

....

5,455

4,398

a

7193396.SQ.FTS.B

,

6

.419

%

,

5/06/25

....

1,121

14

a

7196348.SQ.FTS.B

,

5

.377

%

,

5/07/25

....

11,631

196

a

7194348.SQ.FTS.B

,

6

.251

%

,

5/07/25

....

3,248

64

a

7197655.SQ.FTS.B

,

4

.933

%

,

5/08/25

....

3,793

2,587

a

7199233.SQ.FTS.B

,

5

.75

%

,

5/08/25

.....

135

114

a

7200476.SQ.FTS.B

,

6

.01

%

,

5/08/25

.....

2,032

785

a

7209211.SQ.FTS.B

,

5

.19

%

,

5/10/25

.....

14,325

1,009

a

7208343.SQ.FTS.B

,

5

.574

%

,

5/10/25

....

242

211

a

7209663.SQ.FTS.B

,

5

.759

%

,

5/10/25

....

2,737

39

a

7210903.SQ.FTS.B

,

4

.653

%

,

5/11/25

....

5,395

2,091

a

7211511.SQ.FTS.B

,

5

.377

%

,

5/11/25

.....

9,115

3,196

a

7216608.SQ.FTS.B

,

4

.73

%

,

5/13/25

.....

540

291

a

7216644.SQ.FTS.B

,

5

.382

%

,

5/13/25

....

470

373

a

7217049.SQ.FTS.B

,

4

.937

%

,

5/14/25

....

6,532

135

a

7220570.SQ.FTS.B

,

4

.937

%

,

5/14/25

....

4,581

3,417

a

7217319.SQ.FTS.B

,

4

.939

%

,

5/14/25

....

18,370

198

a

7218858.SQ.FTS.B

,

5

.377

%

,

5/14/25

....

379

369

a

7220771.SQ.FTS.B

,

5

.573

%

,

5/14/25

....

693

611

a

7224388.SQ.FTS.B

,

5

.447

%

,

5/15/25

....

12

4

a

7223258.SQ.FTS.B

,

5

.563

%

,

5/15/25

....

569

490

a

7224046.SQ.FTS.B

,

5

.566

%

,

5/15/25

....

12,090

6,977

a

7224266.SQ.FTS.B

,

5

.759

%

,

5/15/25

....

4,521

112

a

7230286.SQ.FTS.B

,

5

.565

%

,

5/16/25

....

4,840

1,651

a

7229934.SQ.FTS.B

,

6

.259

%

,

5/16/25

....

367

203

a

7232693.SQ.FTS.B

,

5

.564

%

,

5/17/25

....

2,460

1,798

a

7234707.SQ.FTS.B

,

4

.938

%

,

5/18/25

....

19,157

17,040

a

7237384.SQ.FTS.B

,

5

.756

%

,

5/20/25

....

5,767

1,602

a

7244208.SQ.FTS.B

,

5

.745

%

,

5/21/25

....

781

497

a

7248009.SQ.FTS.B

,

5

.377

%

,

5/22/25

....

1,663

1,267

a

7251613.SQ.FTS.B

,

4

.655

%

,

5/23/25

....

8,480

7,990

a

7251279.SQ.FTS.B

,

5

.756

%

,

5/23/25

....

2,624

1,860

a

7252493.SQ.FTS.B

,

5

.195

%

,

5/24/25

....

5,028

57

a

7254093.SQ.FTS.B

,

5

.75

%

,

5/24/25

.....

2,380

271

a

7255250.SQ.FTS.B

,

5

.189

%

,

5/25/25

....

1,356

934

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7255271.SQ.FTS.B

,

6

.01

%

,

5/25/25

.....

$

1,336

$

856

a

7255214.SQ.FTS.B

,

6

.013

%

,

5/25/25

....

2,026

545

a

7254528.SQ.FTS.B

,

6

.413

%

,

5/25/25

....

2,827

39

a

7256502.SQ.FTS.B

,

5

.367

%

,

5/26/25

....

1,170

764

a

7256906.SQ.FTS.B

,

5

.38

%

,

5/26/25

.....

542

509

a

7256218.SQ.FTS.B

,

5

.759

%

,

5/26/25

....

6,270

146

a

7256895.SQ.FTS.B

,

6

.26

%

,

5/26/25

.....

616

153

a

7261087.SQ.FTS.B

,

5

.195

%

,

5/28/25

....

1,742

775

a

7263448.SQ.FTS.B

,

5

.462

%

,

5/28/25

....

496

330

a

7263020.SQ.FTS.B

,

5

.994

%

,

5/28/25

....

287

239

a

7264394.SQ.FTS.B

,

4

.631

%

,

5/29/25

....

41

41

a

7270346.SQ.FTS.B

,

4

.649

%

,

5/30/25

....

1,771

1,568

a

7270130.SQ.FTS.B

,

5

.568

%

,

5/30/25

....

5,537

2,021

a

7274149.SQ.FTS.B

,

5

.758

%

,

6/01/25

....

3,806

1,500

a

7279543.SQ.FTS.B

,

6

.166

%

,

6/03/25

....

1,656

40

a

7279337.SQ.FTS.B

,

6

.423

%

,

6/03/25

....

433

359

a

7280624.SQ.FTS.B

,

5

.173

%

,

6/04/25

....

1,236

797

a

7283057.SQ.FTS.B

,

5

.755

%

,

6/04/25

....

21,743

10,226

a

7284088.SQ.FTS.B

,

4

.654

%

,

6/05/25

....

2,691

2,579

a

7287630.SQ.FTS.B

,

6

.256

%

,

6/05/25

....

758

640

a

7291331.SQ.FTS.B

,

4

.735

%

,

6/06/25

....

1,300

46

a

7290035.SQ.FTS.B

,

4

.931

%

,

6/06/25

....

3,403

85

a

7288409.SQ.FTS.B

,

5

.471

%

,

6/06/25

....

327

233

a

7288120.SQ.FTS.B

,

6

.002

%

,

6/06/25

....

3,772

222

a

7291240.SQ.FTS.B

,

6

.26

%

,

6/06/25

.....

5,009

115

a

7287890.SQ.FTS.B

,

6

.266

%

,

6/06/25

....

1,280

560

a

7296106.SQ.FTS.B

,

4

.738

%

,

6/07/25

....

659

80

a

7294015.SQ.FTS.B

,

5

.378

%

,

6/07/25

....

522

472

a

7296773.SQ.FTS.B

,

5

.743

%

,

6/07/25

....

489

429

a

7298390.SQ.FTS.B

,

5

.188

%

,

6/08/25

....

832

288

a

7299947.SQ.FTS.B

,

5

.378

%

,

6/08/25

....

14,080

12,211

a

7300556.SQ.FTS.B

,

5

.573

%

,

6/08/25

....

369

217

a

7298474.SQ.FTS.B

,

5

.757

%

,

6/08/25

....

377

345

a

7303458.SQ.FTS.B

,

4

.652

%

,

6/10/25

....

4,627

3,672

a

7312996.SQ.FTS.B

,

5

.565

%

,

6/12/25

....

2,665

2,423

a

7315379.SQ.FTS.B

,

4

.936

%

,

6/13/25

....

14,836

311

a

7316629.SQ.FTS.B

,

4

.943

%

,

6/13/25

....

562

556

a

7316100.SQ.FTS.B

,

5

.562

%

,

6/13/25

....

575

544

a

7321814.SQ.FTS.B

,

4

.65

%

,

6/14/25

.....

2,358

2,008

a

7323263.SQ.FTS.B

,

4

.937

%

,

6/14/25

....

9,064

7,647

a

7320392.SQ.FTS.B

,

5

.376

%

,

6/14/25

....

5,609

433

a

7326147.SQ.FTS.B

,

4

.748

%

,

6/15/25

....

800

311

a

7327635.SQ.FTS.B

,

5

.193

%

,

6/15/25

....

2,987

2,187

a

7328195.SQ.FTS.B

,

4

.654

%

,

6/16/25

....

377

374

a

7328785.SQ.FTS.B

,

5

.566

%

,

6/16/25

....

6,965

1,367

a

7329032.SQ.FTS.B

,

6

.168

%

,

6/16/25

....

327

237

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7333733.SQ.FTS.B

,

4

.654

%

,

6/18/25

....

$

983

$

975

a

7333634.SQ.FTS.B

,

5

.771

%

,

6/18/25

....

891

580

a

7338059.SQ.FTS.B

,

5

.385

%

,

6/19/25

....

760

702

a

7340646.SQ.FTS.B

,

4

.938

%

,

6/20/25

....

1,730

1,647

a

7340745.SQ.FTS.B

,

4

.94

%

,

6/20/25

.....

1,072

898

a

7339440.SQ.FTS.B

,

5

.437

%

,

6/20/25

....

1,895

28

a

7338337.SQ.FTS.B

,

5

.752

%

,

6/20/25

....

1,810

655

a

7339268.SQ.FTS.B

,

6

.012

%

,

6/20/25

....

309

280

a

7340785.SQ.FTS.B

,

6

.237

%

,

6/20/25

....

488

237

a

7347758.SQ.FTS.B

,

4

.936

%

,

6/21/25

....

637

578

a

7347161.SQ.FTS.B

,

5

.179

%

,

6/21/25

....

1,612

190

a

7347634.SQ.FTS.B

,

6

.263

%

,

6/21/25

....

492

373

a

7350007.SQ.FTS.B

,

4

.935

%

,

6/22/25

....

1,841

1,492

a

7349387.SQ.FTS.B

,

5

.373

%

,

6/22/25

....

732

700

a

7349176.SQ.FTS.B

,

6

.01

%

,

6/22/25

.....

4,429

321

a

7351560.SQ.FTS.B

,

4

.751

%

,

6/23/25

....

900

475

a

7351853.SQ.FTS.B

,

5

.379

%

,

6/23/25

....

5,993

2,001

a

7352154.SQ.FTS.B

,

6

.405

%

,

6/23/25

....

417

375

a

7353332.SQ.FTS.B

,

5

.76

%

,

6/24/25

.....

748

646

a

7353896.SQ.FTS.B

,

4

.735

%

,

6/25/25

....

136

112

a

7353518.SQ.FTS.B

,

5

.429

%

,

6/25/25

....

1,765

572

a

7360805.SQ.FTS.B

,

6

.165

%

,

6/27/25

....

2,006

489

a

7363981.SQ.FTS.B

,

4

.938

%

,

6/28/25

....

5,406

5,197

a

7365827.SQ.FTS.B

,

6

.258

%

,

6/28/25

....

6,875

2,601

a

7367665.SQ.FTS.B

,

4

.653

%

,

6/29/25

....

1,300

1,294

a

7371598.SQ.FTS.B

,

5

.178

%

,

6/30/25

....

130

125

a

7371001.SQ.FTS.B

,

5

.562

%

,

6/30/25

....

1,240

1,021

a

7371632.SQ.FTS.B

,

6

.003

%

,

6/30/25

....

1,308

902

a

7372108.SQ.FTS.B

,

4

.653

%

,

7/01/25

....

1,280

1,264

a

7372024.SQ.FTS.B

,

6

.008

%

,

7/01/25

....

845

737

a

7371906.SQ.FTS.B

,

6

.013

%

,

7/01/25

....

840

643

a

7371839.SQ.FTS.B

,

6

.243

%

,

7/01/25

....

1,321

820

a

7372521.SQ.FTS.B

,

6

.411

%

,

7/01/25

....

1,949

177

a

7373216.SQ.FTS.B

,

5

.377

%

,

7/02/25

....

1,451

1,444

a

7374891.SQ.FTS.B

,

5

.43

%

,

7/02/25

.....

2,125

21

a

7375109.SQ.FTS.B

,

5

.566

%

,

7/02/25

....

58,181

670

a

7377495.SQ.FTS.B

,

4

.655

%

,

7/03/25

....

10,357

6,354

a

7377915.SQ.FTS.B

,

5

.191

%

,

7/03/25

....

2,442

1,927

a

7378930.SQ.FTS.B

,

5

.377

%

,

7/03/25

....

1,825

1,132

a

7382116.SQ.FTS.B

,

5

.57

%

,

7/04/25

.....

1,498

1,189

a

7383642.SQ.FTS.B

,

5

.995

%

,

7/04/25

....

799

629

a

7382819.SQ.FTS.B

,

6

.417

%

,

7/04/25

....

580

467

a

7380832.SQ.FTS.B

,

6

.418

%

,

7/04/25

....

3,802

34

a

7387351.SQ.FTS.B

,

6

.267

%

,

7/06/25

....

1,724

1,082

a

7387904.SQ.FTS.B

,

6

.413

%

,

7/07/25

....

667

540

a

7391026.SQ.FTS.B

,

5

.187

%

,

7/08/25

....

4,821

3,554

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7391369.SQ.FTS.B

,

5

.189

%

,

7/08/25

....

$

3,567

$

2,980

a

7391950.SQ.FTS.B

,

4

.654

%

,

7/09/25

....

2,503

2,476

a

7391592.SQ.FTS.B

,

4

.753

%

,

7/09/25

....

5,402

2,738

a

7394433.SQ.FTS.B

,

5

.189

%

,

7/09/25

....

4,432

3,671

a

7393791.SQ.FTS.B

,

5

.564

%

,

7/09/25

....

236

231

a

7394034.SQ.FTS.B

,

5

.567

%

,

7/09/25

....

15,218

1,182

a

7391709.SQ.FTS.B

,

5

.752

%

,

7/09/25

....

7,213

3,824

a

7395888.SQ.FTS.B

,

6

.006

%

,

7/10/25

....

7,729

7,227

a

7401159.SQ.FTS.B

,

5

.189

%

,

7/11/25

....

4,474

3,424

a

7400721.SQ.FTS.B

,

6

.003

%

,

7/11/25

....

3,142

1,891

a

7401469.SQ.FTS.B

,

6

.271

%

,

7/11/25

....

139

136

a

7401887.SQ.FTS.B

,

6

.417

%

,

7/11/25

....

2,369

2,103

a

7403758.SQ.FTS.B

,

6

.261

%

,

7/12/25

....

808

705

a

7406511.SQ.FTS.B

,

4

.936

%

,

7/13/25

....

11,684

8,216

a

7407628.SQ.FTS.B

,

5

.578

%

,

7/14/25

....

707

417

a

7419159.SQ.FTS.B

,

4

.651

%

,

7/18/25

....

1,028

1,021

a

7416118.SQ.FTS.B

,

4

.751

%

,

7/18/25

....

861

18

a

7420704.SQ.FTS.B

,

4

.654

%

,

7/19/25

....

1,129

1,128

a

7419240.SQ.FTS.B

,

5

.373

%

,

7/19/25

....

387

382

a

7422447.SQ.FTS.B

,

5

.377

%

,

7/20/25

....

2,419

2,376

a

7426255.SQ.FTS.B

,

5

.193

%

,

7/22/25

....

2,051

1,544

a

7425647.SQ.FTS.B

,

6

.006

%

,

7/22/25

....

1,279

1,203

a

7427050.SQ.FTS.B

,

6

.006

%

,

7/22/25

....

20,152

369

a

7427771.SQ.FTS.B

,

4

.937

%

,

7/23/25

....

1,070

1,049

a

7429768.SQ.FTS.B

,

5

.377

%

,

7/23/25

....

4,516

4,251

a

7428663.SQ.FTS.B

,

5

.38

%

,

7/23/25

.....

2,371

2,273

a

7431999.SQ.FTS.B

,

5

.755

%

,

7/24/25

....

8,708

8,502

a

7441185.SQ.FTS.B

,

4

.935

%

,

7/26/25

....

4,459

4,245

a

7438902.SQ.FTS.B

,

5

.753

%

,

7/26/25

....

6,250

4,184

a

7442798.SQ.FTS.B

,

6

.159

%

,

7/27/25

....

344

313

a

7443538.SQ.FTS.B

,

4

.936

%

,

7/28/25

....

2,626

2,436

a

7442897.SQ.FTS.B

,

5

.374

%

,

7/28/25

....

956

944

a

7443270.SQ.FTS.B

,

5

.565

%

,

7/28/25

....

958

873

a

7443523.SQ.FTS.B

,

6

.16

%

,

7/28/25

.....

82

57

a

7446704.SQ.FTS.B

,

4

.937

%

,

7/29/25

....

623

619

a

7450843.SQ.FTS.B

,

4

.747

%

,

7/30/25

....

219

143

a

7449674.SQ.FTS.B

,

4

.752

%

,

7/30/25

....

3,712

1,001

a

7450217.SQ.FTS.B

,

5

.192

%

,

7/30/25

....

2,407

2,300

a

7447727.SQ.FTS.B

,

6

.007

%

,

7/30/25

....

10,493

5,969

a

7454083.SQ.FTS.B

,

4

.76

%

,

7/31/25

.....

568

443

a

7453402.SQ.FTS.B

,

5

.564

%

,

7/31/25

....

3,989

1,534

a

7453953.SQ.FTS.B

,

5

.755

%

,

7/31/25

....

397

395

a

7456391.SQ.FTS.B

,

4

.654

%

,

8/01/25

....

41

41

a

7456558.SQ.FTS.B

,

4

.933

%

,

8/01/25

....

1,082

974

a

7458281.SQ.FTS.B

,

5

.442

%

,

8/01/25

....

6,210

1,570

a

7459192.SQ.FTS.B

,

5

.448

%

,

8/01/25

....

2,982

21

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7457066.SQ.FTS.B

,

5

.754

%

,

8/01/25

....

$

5,188

$

4,136

a

7456604.SQ.FTS.B

,

6

.413

%

,

8/01/25

....

4,154

1,555

a

7461384.SQ.FTS.B

,

4

.751

%

,

8/02/25

....

200

169

a

7461871.SQ.FTS.B

,

4

.937

%

,

8/02/25

....

11,449

8,349

a

7461512.SQ.FTS.B

,

5

.569

%

,

8/02/25

....

232

229

a

7461398.SQ.FTS.B

,

5

.571

%

,

8/02/25

....

2,306

792

a

7461465.SQ.FTS.B

,

5

.748

%

,

8/02/25

....

1,839

1,335

a

7461204.SQ.FTS.B

,

6

.184

%

,

8/02/25

....

583

95

a

7464515.SQ.FTS.B

,

4

.937

%

,

8/04/25

....

1,489

1,464

a

7467572.SQ.FTS.B

,

4

.652

%

,

8/05/25

....

2,535

2,502

a

7467012.SQ.FTS.B

,

4

.74

%

,

8/05/25

.....

908

311

a

7466854.SQ.FTS.B

,

4

.94

%

,

8/05/25

.....

10,541

3,775

a

7467058.SQ.FTS.B

,

5

.19

%

,

8/05/25

.....

3,074

2,598

a

7467174.SQ.FTS.B

,

5

.447

%

,

8/05/25

....

1,084

89

a

7465427.SQ.FTS.B

,

5

.997

%

,

8/05/25

....

1,320

1,033

a

7464926.SQ.FTS.B

,

6

.165

%

,

8/05/25

....

5,365

1,570

a

7472709.SQ.FTS.B

,

4

.653

%

,

8/07/25

....

3,094

3,044

a

7471655.SQ.FTS.B

,

4

.655

%

,

8/07/25

....

2,670

2,596

a

7473053.SQ.FTS.B

,

4

.937

%

,

8/07/25

....

29,419

19,906

a

7471939.SQ.FTS.B

,

5

.189

%

,

8/07/25

....

5,482

5,393

a

7478115.SQ.FTS.B

,

4

.759

%

,

8/08/25

....

2,371

584

a

7479092.SQ.FTS.B

,

4

.769

%

,

8/08/25

....

378

280

a

7478314.SQ.FTS.B

,

5

.19

%

,

8/08/25

.....

33,364

516

a

7478245.SQ.FTS.B

,

6

.011

%

,

8/08/25

....

3,291

2,143

a

7480273.SQ.FTS.B

,

4

.654

%

,

8/09/25

....

16,710

14,311

a

7482809.SQ.FTS.B

,

4

.937

%

,

8/09/25

....

1,598

1,591

a

7482244.SQ.FTS.B

,

5

.374

%

,

8/09/25

....

587

563

a

7484096.SQ.FTS.B

,

6

.01

%

,

8/11/25

.....

2,860

2,297

a

7486310.SQ.FTS.B

,

4

.653

%

,

8/12/25

....

2,190

2,176

a

7487915.SQ.FTS.B

,

4

.654

%

,

8/12/25

....

32,903

23,306

a

7485386.SQ.FTS.B

,

5

.376

%

,

8/12/25

....

6,846

104

a

7485659.SQ.FTS.B

,

5

.448

%

,

8/12/25

....

287

226

a

7486754.SQ.FTS.B

,

5

.564

%

,

8/12/25

....

104

94

a

7486727.SQ.FTS.B

,

5

.763

%

,

8/12/25

....

285

280

a

7490319.SQ.FTS.B

,

4

.654

%

,

8/13/25

....

4,792

4,720

a

7490860.SQ.FTS.B

,

4

.751

%

,

8/13/25

....

10,209

109

a

7491011.SQ.FTS.B

,

4

.769

%

,

8/13/25

....

434

275

a

7489972.SQ.FTS.B

,

5

.754

%

,

8/13/25

....

1,193

1,173

a

7495531.SQ.FTS.B

,

4

.937

%

,

8/14/25

....

2,249

2,240

a

7493868.SQ.FTS.B

,

5

.182

%

,

8/14/25

....

545

539

a

7493998.SQ.FTS.B

,

5

.189

%

,

8/14/25

....

5,053

4,791

a

7495215.SQ.FTS.B

,

5

.19

%

,

8/14/25

.....

5,174

4,171

a

7492564.SQ.FTS.B

,

5

.756

%

,

8/14/25

....

7,438

4,886

a

7493445.SQ.FTS.B

,

6

.413

%

,

8/14/25

....

3,719

2,333

a

7502046.SQ.FTS.B

,

4

.654

%

,

8/15/25

....

2,968

2,939

a

7503959.SQ.FTS.B

,

4

.657

%

,

8/15/25

....

24

24

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7502755.SQ.FTS.B

,

4

.658

%

,

8/15/25

....

$

2,666

$

2,599

a

7504041.SQ.FTS.B

,

5

.418

%

,

8/15/25

....

275

235

a

7503077.SQ.FTS.B

,

5

.566

%

,

8/15/25

....

5,648

75

a

7504528.SQ.FTS.B

,

5

.375

%

,

8/16/25

....

946

925

a

7506371.SQ.FTS.B

,

5

.761

%

,

8/16/25

....

2,356

44

a

7507182.SQ.FTS.B

,

6

.163

%

,

8/16/25

....

724

438

a

7508857.SQ.FTS.B

,

4

.755

%

,

8/17/25

....

374

245

a

7509164.SQ.FTS.B

,

4

.932

%

,

8/17/25

....

379

375

a

7509485.SQ.FTS.B

,

5

.379

%

,

8/17/25

....

1,135

1,127

a

7510920.SQ.FTS.B

,

4

.656

%

,

8/18/25

....

1,196

1,185

a

7510503.SQ.FTS.B

,

5

.189

%

,

8/18/25

....

935

893

a

7510461.SQ.FTS.B

,

5

.37

%

,

8/18/25

.....

2,597

930

a

7510656.SQ.FTS.B

,

5

.757

%

,

8/18/25

....

827

813

a

7512315.SQ.FTS.B

,

4

.649

%

,

8/19/25

....

1,321

1,302

a

7513664.SQ.FTS.B

,

5

.189

%

,

8/20/25

....

2,003

1,929

a

7512941.SQ.FTS.B

,

5

.191

%

,

8/20/25

....

6,314

5,161

a

7515365.SQ.FTS.B

,

5

.374

%

,

8/20/25

....

2,648

2,459

a

7515032.SQ.FTS.B

,

5

.38

%

,

8/20/25

.....

1,203

1,082

a

7519572.SQ.FTS.B

,

4

.941

%

,

8/21/25

....

668

655

a

7519624.SQ.FTS.B

,

5

.371

%

,

8/21/25

....

599

586

a

7518657.SQ.FTS.B

,

5

.377

%

,

8/21/25

....

18,362

17,459

a

7518279.SQ.FTS.B

,

6

.409

%

,

8/21/25

....

882

507

a

7516707.SQ.FTS.B

,

6

.423

%

,

8/21/25

....

2,908

1,438

a

7521805.SQ.FTS.B

,

4

.653

%

,

8/22/25

....

2,682

2,648

a

7524489.SQ.FTS.B

,

4

.935

%

,

8/22/25

....

2,747

2,671

a

7523965.SQ.FTS.B

,

4

.938

%

,

8/22/25

....

3,162

3,128

a

7523812.SQ.FTS.B

,

5

.371

%

,

8/22/25

....

377

373

a

7528460.SQ.FTS.B

,

4

.655

%

,

8/23/25

....

3,445

3,295

a

7526223.SQ.FTS.B

,

4

.66

%

,

8/23/25

.....

2,655

2,325

a

7528062.SQ.FTS.B

,

5

.398

%

,

8/23/25

....

412

364

a

7527745.SQ.FTS.B

,

5

.433

%

,

8/23/25

....

201

155

a

7528609.SQ.FTS.B

,

5

.572

%

,

8/23/25

....

2,488

145

a

7527338.SQ.FTS.B

,

5

.734

%

,

8/23/25

....

240

218

a

7528450.SQ.FTS.B

,

6

.181

%

,

8/23/25

....

316

229

a

7529757.SQ.FTS.B

,

4

.654

%

,

8/24/25

....

17,008

12,435

a

7529703.SQ.FTS.B

,

5

.373

%

,

8/24/25

....

3,770

540

a

7530224.SQ.FTS.B

,

6

.415

%

,

8/24/25

....

2,649

1,873

a

7530328.SQ.FTS.B

,

4

.654

%

,

8/25/25

....

2,134

2,026

a

7530460.SQ.FTS.B

,

5

.378

%

,

8/25/25

....

4,053

3,984

a

7530955.SQ.FTS.B

,

5

.57

%

,

8/25/25

.....

2,019

1,937

a

7534105.SQ.FTS.B

,

4

.654

%

,

8/26/25

....

6,364

4,799

a

7533668.SQ.FTS.B

,

4

.665

%

,

8/26/25

....

120

119

a

7534222.SQ.FTS.B

,

4

.746

%

,

8/26/25

....

3,893

1,332

a

7532803.SQ.FTS.B

,

5

.385

%

,

8/26/25

....

2,230

1,695

a

7532902.SQ.FTS.B

,

5

.984

%

,

8/26/25

....

366

226

a

7538544.SQ.FTS.B

,

4

.653

%

,

8/27/25

....

4,262

4,191

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7536218.SQ.FTS.B

,

5

.202

%

,

8/27/25

....

$

398

$

390

a

7539538.SQ.FTS.B

,

5

.753

%

,

8/27/25

....

2,862

2,763

a

7539480.SQ.FTS.B

,

5

.756

%

,

8/27/25

....

185

174

a

7536249.SQ.FTS.B

,

6

.408

%

,

8/27/25

....

4,101

64

a

7540141.SQ.FTS.B

,

4

.749

%

,

8/28/25

....

6,653

231

a

7539851.SQ.FTS.B

,

5

.381

%

,

8/28/25

....

1,787

1,743

a

7542122.SQ.FTS.B

,

5

.577

%

,

8/28/25

....

2,313

49

a

7549794.SQ.FTS.B

,

4

.936

%

,

8/29/25

....

1,815

1,753

a

7549195.SQ.FTS.B

,

5

.447

%

,

8/29/25

....

187

167

a

7548215.SQ.FTS.B

,

5

.755

%

,

8/29/25

....

17,087

6,395

a

7552618.SQ.FTS.B

,

4

.659

%

,

9/01/25

....

970

949

a

7550614.SQ.FTS.B

,

4

.927

%

,

9/01/25

....

985

762

a

7551827.SQ.FTS.B

,

5

.189

%

,

9/01/25

....

6,184

5,393

a

7556166.SQ.FTS.B

,

5

.188

%

,

9/03/25

....

2,249

2,224

a

7555997.SQ.FTS.B

,

5

.752

%

,

9/03/25

....

1,742

1,457

a

7558607.SQ.FTS.B

,

5

.568

%

,

9/04/25

....

4,387

4,149

a

7560813.SQ.FTS.B

,

5

.751

%

,

9/04/25

....

1,987

1,892

a

7560511.SQ.FTS.B

,

5

.761

%

,

9/04/25

....

2,103

1,817

a

7561266.SQ.FTS.B

,

4

.655

%

,

9/05/25

....

2,733

2,704

a

7564343.SQ.FTS.B

,

4

.924

%

,

9/05/25

....

628

606

a

7560996.SQ.FTS.B

,

4

.943

%

,

9/05/25

....

454

451

a

7563453.SQ.FTS.B

,

5

.189

%

,

9/05/25

....

42,378

22,459

a

7563048.SQ.FTS.B

,

5

.47

%

,

9/05/25

.....

278

175

a

7562885.SQ.FTS.B

,

6

.004

%

,

9/05/25

....

8,387

454

a

7565355.SQ.FTS.B

,

4

.653

%

,

9/06/25

....

861

846

a

7567247.SQ.FTS.B

,

4

.653

%

,

9/06/25

....

4,779

4,677

a

7565626.SQ.FTS.B

,

4

.655

%

,

9/06/25

....

1,647

1,631

a

7566892.SQ.FTS.B

,

4

.936

%

,

9/06/25

....

7,248

6,705

a

7568458.SQ.FTS.B

,

4

.936

%

,

9/06/25

....

2,298

2,277

a

7566454.SQ.FTS.B

,

5

.731

%

,

9/06/25

....

568

433

a

7566502.SQ.FTS.B

,

6

.002

%

,

9/06/25

....

3,832

895

a

7566473.SQ.FTS.B

,

6

.006

%

,

9/06/25

....

344

334

a

7565514.SQ.FTS.B

,

6

.261

%

,

9/06/25

....

932

714

a

7571798.SQ.FTS.B

,

4

.937

%

,

9/07/25

....

13,156

7,536

a

7571356.SQ.FTS.B

,

5

.188

%

,

9/07/25

....

20,750

13,545

a

7572383.SQ.FTS.B

,

5

.189

%

,

9/07/25

....

5,705

5,609

a

7572337.SQ.FTS.B

,

5

.56

%

,

9/07/25

.....

979

839

a

7571315.SQ.FTS.B

,

5

.577

%

,

9/07/25

....

1,150

1,018

a

7573833.SQ.FTS.B

,

5

.765

%

,

9/07/25

....

914

880

a

7576846.SQ.FTS.B

,

4

.937

%

,

9/08/25

....

7,026

6,960

a

7579215.SQ.FTS.B

,

4

.652

%

,

9/09/25

....

3,735

3,636

a

7578744.SQ.FTS.B

,

5

.196

%

,

9/09/25

....

478

463

a

7579126.SQ.FTS.B

,

5

.567

%

,

9/09/25

....

2,849

2,054

a

7580380.SQ.FTS.B

,

4

.923

%

,

9/10/25

....

1,158

914

a

7580308.SQ.FTS.B

,

5

.188

%

,

9/10/25

....

503

483

a

7580080.SQ.FTS.B

,

5

.189

%

,

9/10/25

....

4,540

3,491

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7585994.SQ.FTS.B

,

4

.654

%

,

9/12/25

....

$

18,365

$

12,071

a

7584863.SQ.FTS.B

,

4

.749

%

,

9/12/25

....

14,320

1,374

a

7584366.SQ.FTS.B

,

4

.935

%

,

9/12/25

....

553

550

a

7587494.SQ.FTS.B

,

4

.937

%

,

9/12/25

....

6,355

6,206

a

7585483.SQ.FTS.B

,

5

.377

%

,

9/12/25

....

3,305

3,197

a

7586626.SQ.FTS.B

,

5

.744

%

,

9/12/25

....

696

660

a

7587908.SQ.FTS.B

,

5

.752

%

,

9/12/25

....

5,536

4,495

a

7587250.SQ.FTS.B

,

5

.757

%

,

9/12/25

....

750

689

a

7587356.SQ.FTS.B

,

6

.164

%

,

9/12/25

....

2,162

901

a

7588655.SQ.FTS.B

,

4

.652

%

,

9/13/25

....

789

784

a

7589770.SQ.FTS.B

,

4

.654

%

,

9/13/25

....

6,926

6,865

a

7589657.SQ.FTS.B

,

4

.668

%

,

9/13/25

....

153

153

a

7588555.SQ.FTS.B

,

4

.767

%

,

9/13/25

....

804

11

a

7588211.SQ.FTS.B

,

4

.793

%

,

9/13/25

....

73

64

a

7588141.SQ.FTS.B

,

5

.186

%

,

9/13/25

....

173

172

a

7590335.SQ.FTS.B

,

5

.566

%

,

9/13/25

....

989

948

a

7589355.SQ.FTS.B

,

5

.772

%

,

9/13/25

....

1,086

99

a

7590816.SQ.FTS.B

,

6

.17

%

,

9/13/25

.....

358

242

a

7589431.SQ.FTS.B

,

6

.417

%

,

9/13/25

....

4,983

86

a

7595360.SQ.FTS.B

,

4

.654

%

,

9/14/25

....

556

551

a

7594305.SQ.FTS.B

,

5

.995

%

,

9/14/25

....

247

239

a

7598984.SQ.FTS.B

,

5

.189

%

,

9/15/25

....

8,640

7,323

a

7599124.SQ.FTS.B

,

5

.373

%

,

9/15/25

....

1,992

1,650

a

7601738.SQ.FTS.B

,

5

.754

%

,

9/17/25

....

1,208

933

a

7601396.SQ.FTS.B

,

6

.249

%

,

9/17/25

....

143

140

a

7602429.SQ.FTS.B

,

4

.937

%

,

9/18/25

....

4,901

4,865

a

7604491.SQ.FTS.B

,

6

.009

%

,

9/18/25

....

4,032

2,950

a

7603549.SQ.FTS.B

,

6

.258

%

,

9/18/25

....

1,804

181

a

7604419.SQ.FTS.B

,

6

.289

%

,

9/18/25

....

239

149

a

7607761.SQ.FTS.B

,

4

.682

%

,

9/19/25

....

366

349

a

7606974.SQ.FTS.B

,

5

.379

%

,

9/19/25

....

2,588

2,486

a

7607183.SQ.FTS.B

,

5

.379

%

,

9/19/25

....

1,230

1,161

a

7607357.SQ.FTS.B

,

5

.379

%

,

9/19/25

....

1,875

1,838

a

7606209.SQ.FTS.B

,

5

.38

%

,

9/19/25

.....

4,225

3,770

a

7606959.SQ.FTS.B

,

5

.429

%

,

9/19/25

....

438

180

a

7606507.SQ.FTS.B

,

6

.179

%

,

9/19/25

....

224

205

a

7611123.SQ.FTS.B

,

4

.654

%

,

9/20/25

....

1,480

1,455

a

7611276.SQ.FTS.B

,

4

.655

%

,

9/20/25

....

4,536

4,440

a

7610598.SQ.FTS.B

,

4

.938

%

,

9/20/25

....

6,356

6,238

a

7610524.SQ.FTS.B

,

5

.191

%

,

9/20/25

....

605

596

a

7612216.SQ.FTS.B

,

5

.378

%

,

9/20/25

....

4,613

4,043

a

7611418.SQ.FTS.B

,

5

.461

%

,

9/20/25

....

1,235

15

a

7611257.SQ.FTS.B

,

6

.257

%

,

9/20/25

....

382

325

a

7611675.SQ.FTS.B

,

6

.259

%

,

9/20/25

....

1,973

1,805

a

7615548.SQ.FTS.B

,

4

.654

%

,

9/21/25

....

1,303

1,285

a

7616765.SQ.FTS.B

,

4

.655

%

,

9/21/25

....

8,182

8,075

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7617327.SQ.FTS.B

,

5

.378

%

,

9/21/25

....

$

32,576

$

22,431

a

7614490.SQ.FTS.B

,

5

.993

%

,

9/21/25

....

252

239

a

7618915.SQ.FTS.B

,

4

.936

%

,

9/22/25

....

2,078

1,935

a

7620569.SQ.FTS.B

,

5

.38

%

,

9/22/25

.....

7,087

600

a

7619521.SQ.FTS.B

,

5

.386

%

,

9/22/25

....

1,323

1,167

a

7618615.SQ.FTS.B

,

5

.566

%

,

9/22/25

....

374

372

a

7619618.SQ.FTS.B

,

5

.566

%

,

9/22/25

....

4,078

1,825

a

7619999.SQ.FTS.B

,

6

.25

%

,

9/22/25

.....

277

246

a

7621281.SQ.FTS.B

,

4

.942

%

,

9/23/25

....

2,435

1,716

a

7621935.SQ.FTS.B

,

5

.19

%

,

9/23/25

.....

4,780

4,713

a

7622832.SQ.FTS.B

,

5

.378

%

,

9/24/25

....

3,670

2,888

a

7622285.SQ.FTS.B

,

6

.252

%

,

9/24/25

....

2,465

934

a

7624500.SQ.FTS.B

,

5

.752

%

,

9/25/25

....

1,921

1,823

a

7625481.SQ.FTS.B

,

6

.416

%

,

9/25/25

....

36,849

686

a

7627911.SQ.FTS.B

,

4

.654

%

,

9/26/25

....

2,672

2,597

a

7628364.SQ.FTS.B

,

4

.935

%

,

9/26/25

....

1,667

1,656

a

7628118.SQ.FTS.B

,

5

.036

%

,

9/26/25

....

1,312

1,168

a

7626562.SQ.FTS.B

,

5

.281

%

,

9/26/25

....

1,669

1,146

a

7630281.SQ.FTS.B

,

5

.38

%

,

9/26/25

.....

801

775

a

7628791.SQ.FTS.B

,

5

.566

%

,

9/26/25

....

16,427

14,290

a

7627820.SQ.FTS.B

,

6

.159

%

,

9/26/25

....

1,172

798

a

7632497.SQ.FTS.B

,

4

.654

%

,

9/27/25

....

4,178

4,115

a

7631377.SQ.FTS.B

,

4

.937

%

,

9/27/25

....

36

36

a

7633539.SQ.FTS.B

,

5

.344

%

,

9/27/25

....

5,783

4,667

a

7633493.SQ.FTS.B

,

5

.755

%

,

9/27/25

....

1,575

1,271

a

7638920.SQ.FTS.B

,

4

.74

%

,

9/28/25

.....

2,024

29

a

7636007.SQ.FTS.B

,

4

.754

%

,

9/28/25

....

1,441

129

a

7639410.SQ.FTS.B

,

4

.943

%

,

9/28/25

....

2,375

1,989

a

7637379.SQ.FTS.B

,

5

.375

%

,

9/28/25

....

3,588

2,742

a

7637460.SQ.FTS.B

,

5

.566

%

,

9/28/25

....

3,871

2,323

a

7636998.SQ.FTS.B

,

5

.571

%

,

9/28/25

....

432

416

a

7636866.SQ.FTS.B

,

5

.758

%

,

9/28/25

....

1,215

1,166

a

7642626.SQ.FTS.B

,

4

.652

%

,

9/29/25

....

1,022

1,011

a

7642787.SQ.FTS.B

,

5

.089

%

,

9/29/25

....

874

860

a

7642888.SQ.FTS.B

,

5

.187

%

,

9/29/25

....

10,378

2,043

a

7639750.SQ.FTS.B

,

5

.338

%

,

9/29/25

....

1,118

919

a

7641906.SQ.FTS.B

,

5

.377

%

,

9/29/25

....

24,701

17,568

a

7643182.SQ.FTS.B

,

5

.909

%

,

9/29/25

....

488

480

a

7643287.SQ.FTS.B

,

6

.476

%

,

9/29/25

....

1,817

1,345

a

7644312.SQ.FTS.B

,

4

.781

%

,

9/30/25

....

5,285

4,951

a

7649023.SQ.FTS.B

,

4

.94

%

,

10/01/25

....

1,678

1,663

a

7645813.SQ.FTS.B

,

6

.184

%

,

10/01/25

...

946

11

a

7651792.SQ.FTS.B

,

4

.937

%

,

10/02/25

...

2,615

2,597

a

7653005.SQ.FTS.B

,

5

.184

%

,

10/02/25

...

1,710

1,289

a

7651482.SQ.FTS.B

,

5

.187

%

,

10/02/25

...

1,468

1,419

a

7649988.SQ.FTS.B

,

5

.189

%

,

10/02/25

...

2,477

2,244

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7649639.SQ.FTS.B

,

6

.006

%

,

10/02/25

...

$

2,027

$

1,961

a

7656556.SQ.FTS.B

,

4

.657

%

,

10/03/25

...

2,992

2,945

a

7655257.SQ.FTS.B

,

4

.937

%

,

10/03/25

...

9,287

8,949

a

7657242.SQ.FTS.B

,

5

.768

%

,

10/03/25

...

242

240

a

7656711.SQ.FTS.B

,

6

.004

%

,

10/03/25

...

3,072

2,101

a

7657540.SQ.FTS.B

,

6

.261

%

,

10/03/25

...

3,573

698

a

7659887.SQ.FTS.B

,

4

.78

%

,

10/04/25

....

1,422

1,354

a

7660990.SQ.FTS.B

,

5

.095

%

,

10/04/25

...

9,458

9,201

a

7659774.SQ.FTS.B

,

5

.1

%

,

10/04/25

.....

1,092

1,056

a

7663716.SQ.FTS.B

,

5

.101

%

,

10/04/25

...

1,412

1,374

a

7662217.SQ.FTS.B

,

5

.563

%

,

10/04/25

...

4,430

2,376

a

7659875.SQ.FTS.B

,

6

.17

%

,

10/04/25

....

436

7

a

7667122.SQ.FTS.B

,

4

.654

%

,

10/05/25

...

4,505

4,348

a

7665718.SQ.FTS.B

,

5

.533

%

,

10/05/25

...

14,120

5,170

a

7667847.SQ.FTS.B

,

5

.987

%

,

10/05/25

...

220

204

a

7667343.SQ.FTS.B

,

6

.001

%

,

10/05/25

...

1,280

237

a

7668773.SQ.FTS.B

,

6

.146

%

,

10/06/25

...

1,217

274

a

7667933.SQ.FTS.B

,

6

.164

%

,

10/06/25

...

34,644

384

a

7669539.SQ.FTS.B

,

4

.657

%

,

10/07/25

...

3,194

3,130

a

7669086.SQ.FTS.B

,

5

.377

%

,

10/07/25

...

5,388

5,125

a

7673194.SQ.FTS.B

,

5

.09

%

,

10/08/25

....

1,618

1,590

a

7671011.SQ.FTS.B

,

5

.157

%

,

10/08/25

...

418

7

a

7671209.SQ.FTS.B

,

5

.19

%

,

10/08/25

....

1,067

1,057

a

7672574.SQ.FTS.B

,

5

.441

%

,

10/08/25

...

2,214

1,913

a

7671923.SQ.FTS.B

,

5

.567

%

,

10/08/25

...

4,283

1,238

a

7673573.SQ.FTS.B

,

5

.751

%

,

10/08/25

...

1,845

1,761

a

7675149.SQ.FTS.B

,

4

.654

%

,

10/09/25

...

2,772

2,570

a

7674807.SQ.FTS.B

,

4

.78

%

,

10/09/25

....

358

356

a

7676029.SQ.FTS.B

,

4

.78

%

,

10/09/25

....

472

468

a

7675272.SQ.FTS.B

,

4

.782

%

,

10/09/25

...

2,691

2,654

a

7676986.SQ.FTS.B

,

4

.934

%

,

10/09/25

...

52

52

a

7675427.SQ.FTS.B

,

5

.097

%

,

10/09/25

...

1,283

1,262

a

7676230.SQ.FTS.B

,

6

.164

%

,

10/09/25

...

13,282

12,163

a

7674163.SQ.FTS.B

,

6

.257

%

,

10/09/25

...

3,748

3,578

a

7674741.SQ.FTS.B

,

6

.425

%

,

10/09/25

...

769

376

a

7679832.SQ.FTS.B

,

4

.78

%

,

10/10/25

....

22,655

22,088

a

7683706.SQ.FTS.B

,

4

.778

%

,

10/11/25

...

4,351

1,870

a

7683899.SQ.FTS.B

,

5

.377

%

,

10/11/25

...

21,504

20,906

a

7683322.SQ.FTS.B

,

5

.571

%

,

10/11/25

...

2,317

2,137

a

7683127.SQ.FTS.B

,

6

.174

%

,

10/11/25

...

317

298

a

7686198.SQ.FTS.B

,

5

.195

%

,

10/12/25

...

2,335

2,122

a

7687178.SQ.FTS.B

,

5

.912

%

,

10/12/25

...

6,657

5,462

a

7689627.SQ.FTS.B

,

4

.656

%

,

10/13/25

...

2,737

2,713

a

7689293.SQ.FTS.B

,

4

.932

%

,

10/13/25

...

1,344

1,327

a

7690814.SQ.FTS.B

,

4

.654

%

,

10/14/25

...

625

618

a

7690870.SQ.FTS.B

,

4

.656

%

,

10/14/25

...

3,668

3,624

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7690594.SQ.FTS.B

,

5

.572

%

,

10/14/25

...

$

257

$

256

a

7690511.SQ.FTS.B

,

6

.267

%

,

10/14/25

...

936

221

a

7692666.SQ.FTS.B

,

4

.762

%

,

10/15/25

...

808

494

a

7694390.SQ.FTS.B

,

4

.779

%

,

10/15/25

...

15,080

12,216

a

7692302.SQ.FTS.B

,

5

.093

%

,

10/15/25

...

6,411

6,100

a

7693971.SQ.FTS.B

,

5

.348

%

,

10/15/25

...

11,077

7,275

a

7692227.SQ.FTS.B

,

5

.388

%

,

10/15/25

...

399

396

a

7692692.SQ.FTS.B

,

5

.74

%

,

10/15/25

....

231

226

a

7693460.SQ.FTS.B

,

6

.294

%

,

10/15/25

...

1,677

1,283

a

7696775.SQ.FTS.B

,

4

.776

%

,

10/16/25

...

512

507

a

7695846.SQ.FTS.B

,

4

.777

%

,

10/16/25

...

1,826

1,792

a

7695295.SQ.FTS.B

,

4

.784

%

,

10/16/25

...

1,336

1,322

a

7696304.SQ.FTS.B

,

5

.374

%

,

10/16/25

...

3,667

2,822

a

7700190.SQ.FTS.B

,

4

.776

%

,

10/17/25

...

2,872

2,779

a

7699550.SQ.FTS.B

,

4

.779

%

,

10/17/25

...

4,496

4,334

a

7698556.SQ.FTS.B

,

5

.097

%

,

10/17/25

...

1,494

1,443

a

7699696.SQ.FTS.B

,

5

.566

%

,

10/17/25

...

23,646

20,409

a

7697716.SQ.FTS.B

,

6

.164

%

,

10/17/25

...

7,895

1,174

a

7703885.SQ.FTS.B

,

4

.754

%

,

10/18/25

...

2,890

1,233

a

7703816.SQ.FTS.B

,

4

.777

%

,

10/18/25

...

260

259

a

7704065.SQ.FTS.B

,

4

.788

%

,

10/18/25

...

257

256

a

7702437.SQ.FTS.B

,

4

.941

%

,

10/18/25

...

466

463

a

7702244.SQ.FTS.B

,

5

.358

%

,

10/18/25

...

947

915

a

7701828.SQ.FTS.B

,

5

.383

%

,

10/18/25

...

943

905

a

7702604.SQ.FTS.B

,

5

.905

%

,

10/18/25

...

2,764

678

a

7705039.SQ.FTS.B

,

5

.912

%

,

10/19/25

...

7,076

6,602

a

7705618.SQ.FTS.B

,

6

.475

%

,

10/19/25

...

1,905

1,497

a

7706860.SQ.FTS.B

,

4

.78

%

,

10/20/25

....

10,201

10,007

a

7707410.SQ.FTS.B

,

4

.939

%

,

10/21/25

...

2,056

1,979

a

7707326.SQ.FTS.B

,

6

.164

%

,

10/21/25

...

730

610

a

7707604.SQ.FTS.B

,

6

.473

%

,

10/21/25

...

202

150

a

7708676.SQ.FTS.B

,

4

.78

%

,

10/22/25

....

28,120

26,611

a

7709235.SQ.FTS.B

,

4

.79

%

,

10/22/25

....

872

850

a

7709257.SQ.FTS.B

,

5

.377

%

,

10/22/25

...

1,686

1,664

a

7712570.SQ.FTS.B

,

4

.78

%

,

10/23/25

....

9,518

9,316

a

7710105.SQ.FTS.B

,

5

.475

%

,

10/23/25

...

71

60

a

7709864.SQ.FTS.B

,

5

.912

%

,

10/23/25

...

3,557

3,121

a

7723970.SQ.FTS.B

,

4

.779

%

,

10/25/25

...

1,829

1,795

a

7722951.SQ.FTS.B

,

4

.782

%

,

10/25/25

...

1,471

1,437

a

7723653.SQ.FTS.B

,

4

.784

%

,

10/25/25

...

385

383

a

7722120.SQ.FTS.B

,

5

.098

%

,

10/25/25

...

5,862

749

a

7722653.SQ.FTS.B

,

5

.34

%

,

10/25/25

....

1,103

1,089

a

7724116.SQ.FTS.B

,

5

.349

%

,

10/25/25

...

2,600

2,371

a

7722484.SQ.FTS.B

,

5

.35

%

,

10/25/25

....

2,354

2,289

a

7724441.SQ.FTS.B

,

5

.35

%

,

10/25/25

....

2,569

2,364

a

7723355.SQ.FTS.B

,

5

.377

%

,

10/25/25

...

3,149

1,903

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7722826.SQ.FTS.B

,

5

.527

%

,

10/25/25

...

$

2,000

$

1,586

a

7724584.SQ.FTS.B

,

5

.536

%

,

10/25/25

...

1,373

1,355

a

7721630.SQ.FTS.B

,

6

.137

%

,

10/25/25

...

229

210

a

7723826.SQ.FTS.B

,

6

.154

%

,

10/25/25

...

772

666

a

7721804.SQ.FTS.B

,

6

.163

%

,

10/25/25

...

946

935

a

7722271.SQ.FTS.B

,

6

.164

%

,

10/25/25

...

8,771

6,126

a

7728433.SQ.FTS.B

,

4

.654

%

,

10/26/25

...

17,630

17,300

a

7724820.SQ.FTS.B

,

4

.777

%

,

10/26/25

...

2,789

2,746

a

7729472.SQ.FTS.B

,

4

.777

%

,

10/26/25

...

1,912

1,878

a

7730120.SQ.FTS.B

,

4

.778

%

,

10/26/25

...

2,049

2,020

a

7725871.SQ.FTS.B

,

4

.781

%

,

10/26/25

...

11,338

11,124

a

7726882.SQ.FTS.B

,

4

.781

%

,

10/26/25

...

2,415

2,402

a

7725212.SQ.FTS.B

,

5

.09

%

,

10/26/25

....

1,731

1,632

a

7725282.SQ.FTS.B

,

5

.094

%

,

10/26/25

...

3,181

2,991

a

7725714.SQ.FTS.B

,

5

.097

%

,

10/26/25

...

4,620

4,364

a

7729230.SQ.FTS.B

,

5

.097

%

,

10/26/25

...

4,451

4,313

a

7729535.SQ.FTS.B

,

5

.926

%

,

10/26/25

...

441

424

a

7725014.SQ.FTS.B

,

5

.928

%

,

10/26/25

...

277

270

a

7724959.SQ.FTS.B

,

6

.297

%

,

10/26/25

...

1,600

1,290

a

7726762.SQ.FTS.B

,

6

.481

%

,

10/26/25

...

3,409

42

a

7730552.SQ.FTS.B

,

4

.778

%

,

10/27/25

...

3,242

3,199

a

7731893.SQ.FTS.B

,

4

.78

%

,

10/27/25

....

1,997

1,964

a

7730666.SQ.FTS.B

,

5

.089

%

,

10/27/25

...

1,796

1,678

a

7730733.SQ.FTS.B

,

5

.568

%

,

10/27/25

...

396

376

a

7730655.SQ.FTS.B

,

6

.184

%

,

10/27/25

...

841

622

a

7732469.SQ.FTS.B

,

4

.78

%

,

10/28/25

....

2,073

2,019

a

7732429.SQ.FTS.B

,

5

.433

%

,

10/28/25

...

838

241

a

7733155.SQ.FTS.B

,

5

.533

%

,

10/28/25

...

2,238

1,922

a

7733410.SQ.FTS.B

,

6

.166

%

,

10/28/25

...

4,409

2,619

a

7737427.SQ.FTS.B

,

5

.096

%

,

10/29/25

...

5,192

5,100

a

7737139.SQ.FTS.B

,

5

.915

%

,

10/29/25

...

715

704

a

7737274.SQ.FTS.B

,

6

.473

%

,

10/29/25

...

329

313

a

7740952.SQ.FTS.B

,

4

.754

%

,

10/30/25

...

2,949

984

a

7740176.SQ.FTS.B

,

4

.782

%

,

10/30/25

...

3,967

3,900

a

7742355.SQ.FTS.B

,

4

.782

%

,

10/30/25

...

1,705

1,682

a

7740613.SQ.FTS.B

,

5

.097

%

,

10/30/25

...

937

925

a

7746103.SQ.FTS.B

,

4

.78

%

,

11/01/25

....

11,988

11,638

a

7743187.SQ.FTS.B

,

4

.784

%

,

11/01/25

...

2,448

1,966

a

7744395.SQ.FTS.B

,

4

.784

%

,

11/01/25

...

797

787

a

7745038.SQ.FTS.B

,

5

.094

%

,

11/01/25

...

21,558

20,330

a

7745988.SQ.FTS.B

,

5

.346

%

,

11/01/25

...

4,600

3,348

a

7742681.SQ.FTS.B

,

5

.347

%

,

11/01/25

...

5,781

5,677

a

7745685.SQ.FTS.B

,

5

.354

%

,

11/01/25

...

560

546

a

7743634.SQ.FTS.B

,

5

.444

%

,

11/01/25

...

2,262

1,569

a

7746598.SQ.FTS.B

,

5

.724

%

,

11/01/25

...

2,218

1,992

a

7750851.SQ.FTS.B

,

4

.777

%

,

11/02/25

...

1,386

1,362

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7752105.SQ.FTS.B

,

4

.779

%

,

11/02/25

...

$

5,074

$

5,023

a

7750969.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

7,104

6,929

a

7751593.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

889

879

a

7752413.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

1,945

1,847

a

7752484.SQ.FTS.B

,

4

.787

%

,

11/02/25

...

425

420

a

7751484.SQ.FTS.B

,

5

.096

%

,

11/02/25

...

6,294

4,990

a

7750595.SQ.FTS.B

,

5

.724

%

,

11/02/25

...

2,282

2,236

a

7752461.SQ.FTS.B

,

6

.164

%

,

11/02/25

...

638

582

a

7751646.SQ.FTS.B

,

6

.172

%

,

11/02/25

...

1,083

602

a

7752544.SQ.FTS.B

,

6

.28

%

,

11/02/25

....

750

708

a

7755591.SQ.FTS.B

,

4

.777

%

,

11/03/25

...

2,126

2,100

a

7755066.SQ.FTS.B

,

4

.78

%

,

11/03/25

....

5,111

4,159

a

7755972.SQ.FTS.B

,

4

.785

%

,

11/03/25

...

1,770

1,742

a

7753881.SQ.FTS.B

,

5

.094

%

,

11/03/25

...

10,072

9,939

a

7757540.SQ.FTS.B

,

5

.343

%

,

11/03/25

...

905

889

a

7756465.SQ.FTS.B

,

6

.164

%

,

11/03/25

...

12,388

10,461

a

7756920.SQ.FTS.B

,

6

.289

%

,

11/03/25

...

6,224

5,358

a

7758648.SQ.FTS.B

,

4

.775

%

,

11/04/25

...

1,384

1,365

a

7757554.SQ.FTS.B

,

4

.78

%

,

11/04/25

....

513

508

a

7758828.SQ.FTS.B

,

4

.756

%

,

11/05/25

...

1,417

932

a

7758875.SQ.FTS.B

,

4

.786

%

,

11/05/25

...

1,064

1,045

a

7760582.SQ.FTS.B

,

5

.088

%

,

11/06/25

...

1,109

1,082

a

7763836.SQ.FTS.B

,

5

.092

%

,

11/06/25

...

2,379

2,295

a

7763432.SQ.FTS.B

,

5

.344

%

,

11/06/25

...

512

508

a

7760251.SQ.FTS.B

,

5

.355

%

,

11/06/25

...

554

536

a

7763236.SQ.FTS.B

,

5

.912

%

,

11/06/25

...

6,349

4,656

a

7760734.SQ.FTS.B

,

5

.922

%

,

11/06/25

...

977

683

a

7760998.SQ.FTS.B

,

6

.16

%

,

11/06/25

....

1,918

1,768

a

7760287.SQ.FTS.B

,

6

.169

%

,

11/06/25

...

6,714

81

a

7764313.SQ.FTS.B

,

4

.745

%

,

11/07/25

...

2,931

2,011

a

7764456.SQ.FTS.B

,

4

.78

%

,

11/07/25

....

1,612

1,587

a

7765700.SQ.FTS.B

,

4

.78

%

,

11/07/25

....

4,015

3,970

a

7766291.SQ.FTS.B

,

5

.398

%

,

11/07/25

...

404

281

a

7764659.SQ.FTS.B

,

6

.163

%

,

11/07/25

...

9,883

6,686

a

7766724.SQ.FTS.B

,

6

.169

%

,

11/07/25

...

5,196

2,981

a

7768041.SQ.FTS.B

,

4

.777

%

,

11/08/25

...

2,517

2,485

a

7769793.SQ.FTS.B

,

4

.78

%

,

11/08/25

....

2,684

2,642

a

7771363.SQ.FTS.B

,

4

.78

%

,

11/08/25

....

2,037

1,996

a

7771517.SQ.FTS.B

,

4

.78

%

,

11/08/25

....

2,564

2,497

a

7770262.SQ.FTS.B

,

5

.097

%

,

11/08/25

...

2,478

2,372

a

7770019.SQ.FTS.B

,

5

.533

%

,

11/08/25

...

5,321

5,132

a

7771423.SQ.FTS.B

,

5

.539

%

,

11/08/25

...

1,849

1,780

a

7769752.SQ.FTS.B

,

5

.919

%

,

11/08/25

...

1,888

1,524

a

7769998.SQ.FTS.B

,

6

.164

%

,

11/08/25

...

386

373

a

7777312.SQ.FTS.B

,

4

.717

%

,

11/09/25

...

498

43

a

7774075.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

4,173

3,943

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7774447.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

$

850

$

803

a

7774669.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

886

869

a

7776535.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

379

373

a

7774012.SQ.FTS.B

,

4

.785

%

,

11/09/25

...

1,196

1,153

a

7774779.SQ.FTS.B

,

5

.094

%

,

11/09/25

...

4,014

2,997

a

7774364.SQ.FTS.B

,

5

.343

%

,

11/09/25

...

1,473

1,425

a

7779720.SQ.FTS.B

,

4

.78

%

,

11/10/25

....

1,665

1,651

a

7780635.SQ.FTS.B

,

4

.78

%

,

11/10/25

....

3,454

3,402

a

7780392.SQ.FTS.B

,

4

.781

%

,

11/10/25

...

3,886

3,801

a

7780863.SQ.FTS.B

,

4

.781

%

,

11/10/25

...

3,551

2,864

a

7778432.SQ.FTS.B

,

4

.782

%

,

11/10/25

...

1,080

1,060

a

7778672.SQ.FTS.B

,

4

.783

%

,

11/10/25

...

2,187

2,114

a

7778593.SQ.FTS.B

,

5

.738

%

,

11/10/25

...

835

745

a

7781121.SQ.FTS.B

,

5

.912

%

,

11/10/25

...

15,576

14,337

a

7778379.SQ.FTS.B

,

6

.157

%

,

11/10/25

...

683

660

a

7782049.SQ.FTS.B

,

4

.78

%

,

11/11/25

....

3,566

3,532

a

7782351.SQ.FTS.B

,

5

.101

%

,

11/11/25

...

1,338

1,292

a

7781757.SQ.FTS.B

,

6

.151

%

,

11/11/25

...

415

405

a

7783425.SQ.FTS.B

,

4

.78

%

,

11/12/25

....

5,166

5,097

a

7783076.SQ.FTS.B

,

4

.782

%

,

11/12/25

...

2,120

2,091

a

7783004.SQ.FTS.B

,

4

.784

%

,

11/12/25

...

1,730

1,642

a

7782675.SQ.FTS.B

,

5

.096

%

,

11/12/25

...

8,382

7,916

a

7783246.SQ.FTS.B

,

6

.159

%

,

11/12/25

...

1,495

110

a

7784061.SQ.FTS.B

,

4

.764

%

,

11/13/25

...

751

735

a

7787446.SQ.FTS.B

,

4

.78

%

,

11/13/25

....

1,039

881

a

7786960.SQ.FTS.B

,

4

.782

%

,

11/13/25

...

2,675

2,628

a

7786492.SQ.FTS.B

,

4

.784

%

,

11/13/25

...

2,234

2,190

a

7786921.SQ.FTS.B

,

5

.094

%

,

11/13/25

...

619

613

a

7785778.SQ.FTS.B

,

5

.099

%

,

11/13/25

...

1,727

1,635

a

7786060.SQ.FTS.B

,

5

.346

%

,

11/13/25

...

1,678

1,662

a

7787959.SQ.FTS.B

,

4

.776

%

,

11/14/25

...

673

664

a

7789758.SQ.FTS.B

,

4

.78

%

,

11/14/25

....

6,782

6,570

a

7790499.SQ.FTS.B

,

4

.78

%

,

11/14/25

....

11,663

11,498

a

7791324.SQ.FTS.B

,

5

.089

%

,

11/14/25

...

1,861

1,750

a

7788444.SQ.FTS.B

,

5

.095

%

,

11/14/25

...

11,338

11,065

a

7791050.SQ.FTS.B

,

5

.744

%

,

11/14/25

...

433

423

a

7791700.SQ.FTS.B

,

4

.782

%

,

11/15/25

...

3,191

3,044

a

7793653.SQ.FTS.B

,

4

.783

%

,

11/15/25

...

1,638

1,624

a

7792716.SQ.FTS.B

,

4

.786

%

,

11/15/25

...

1,921

1,592

a

7792337.SQ.FTS.B

,

4

.793

%

,

11/15/25

...

943

922

a

7794955.SQ.FTS.B

,

5

.094

%

,

11/15/25

...

14,099

11,132

a

7794327.SQ.FTS.B

,

5

.338

%

,

11/15/25

...

805

791

a

7793061.SQ.FTS.B

,

5

.356

%

,

11/15/25

...

597

588

a

7791372.SQ.FTS.B

,

5

.533

%

,

11/15/25

...

3,871

3,805

a

7792924.SQ.FTS.B

,

5

.725

%

,

11/15/25

...

2,737

2,528

a

7794833.SQ.FTS.B

,

6

.144

%

,

11/15/25

...

395

382

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7794849.SQ.FTS.B

,

6

.165

%

,

11/15/25

...

$

1,621

$

1,565

a

7793567.SQ.FTS.B

,

6

.17

%

,

11/15/25

....

275

253

a

7792414.SQ.FTS.B

,

6

.293

%

,

11/15/25

...

884

854

a

7797188.SQ.FTS.B

,

4

.78

%

,

11/16/25

....

4,785

4,718

a

7797911.SQ.FTS.B

,

4

.78

%

,

11/16/25

....

4,307

4,237

a

7798543.SQ.FTS.B

,

4

.78

%

,

11/16/25

....

2,041

1,622

a

7799963.SQ.FTS.B

,

4

.78

%

,

11/16/25

....

2,776

2,731

a

7798760.SQ.FTS.B

,

5

.094

%

,

11/16/25

...

8,620

8,559

a

7797036.SQ.FTS.B

,

5

.349

%

,

11/16/25

...

1,616

1,533

a

7798591.SQ.FTS.B

,

6

.132

%

,

11/16/25

...

124

119

a

7798612.SQ.FTS.B

,

6

.468

%

,

11/16/25

...

1,070

639

a

7797160.SQ.FTS.B

,

6

.47

%

,

11/16/25

....

44

43

a

7798369.SQ.FTS.B

,

6

.478

%

,

11/16/25

...

279

277

a

7800701.SQ.FTS.B

,

4

.717

%

,

11/17/25

...

45

43

a

7803843.SQ.FTS.B

,

4

.767

%

,

11/17/25

...

197

173

a

7803938.SQ.FTS.B

,

4

.767

%

,

11/17/25

...

361

286

a

7800739.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

677

656

a

7802684.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

2,973

2,910

a

7800668.SQ.FTS.B

,

4

.781

%

,

11/17/25

...

1,286

1,201

a

7800812.SQ.FTS.B

,

4

.781

%

,

11/17/25

...

1,673

1,658

a

7801844.SQ.FTS.B

,

4

.783

%

,

11/17/25

...

2,816

2,770

a

7802002.SQ.FTS.B

,

5

.096

%

,

11/17/25

...

4,510

4,460

a

7800234.SQ.FTS.B

,

5

.346

%

,

11/17/25

...

2,819

2,788

a

7800711.SQ.FTS.B

,

5

.354

%

,

11/17/25

...

774

766

a

7804796.SQ.FTS.B

,

4

.78

%

,

11/18/25

....

8,567

8,405

a

7804160.SQ.FTS.B

,

5

.094

%

,

11/18/25

...

5,738

5,667

a

7804668.SQ.FTS.B

,

5

.344

%

,

11/18/25

...

284

282

a

7804422.SQ.FTS.B

,

5

.72

%

,

11/18/25

....

1,420

1,406

a

7804032.SQ.FTS.B

,

6

.162

%

,

11/18/25

...

11,427

4,029

a

7803967.SQ.FTS.B

,

6

.165

%

,

11/18/25

...

2,640

2,147

a

7805114.SQ.FTS.B

,

4

.756

%

,

11/19/25

...

246

233

a

7805135.SQ.FTS.B

,

4

.756

%

,

11/19/25

...

221

194

a

7805284.SQ.FTS.B

,

5

.094

%

,

11/19/25

...

10,872

10,694

a

7805154.SQ.FTS.B

,

5

.922

%

,

11/19/25

...

1,900

1,079

a

7805185.SQ.FTS.B

,

6

.471

%

,

11/19/25

...

252

248

a

7808793.SQ.FTS.B

,

4

.766

%

,

11/20/25

...

160

153

a

7808750.SQ.FTS.B

,

4

.771

%

,

11/20/25

...

829

818

a

7807508.SQ.FTS.B

,

4

.779

%

,

11/20/25

...

3,365

3,331

a

7806053.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

1,285

1,272

a

7808530.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

1,621

1,605

a

7808607.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

1,823

1,800

a

7806369.SQ.FTS.B

,

4

.783

%

,

11/20/25

...

698

688

a

7807293.SQ.FTS.B

,

5

.094

%

,

11/20/25

...

3,029

2,984

a

7807808.SQ.FTS.B

,

5

.096

%

,

11/20/25

...

4,426

4,305

a

7809092.SQ.FTS.B

,

5

.346

%

,

11/20/25

...

4,524

2,866

a

7809047.SQ.FTS.B

,

5

.732

%

,

11/20/25

...

1,364

1,219

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7808006.SQ.FTS.B

,

5

.912

%

,

11/20/25

...

$

7,288

$

6,552

a

7808964.SQ.FTS.B

,

6

.289

%

,

11/20/25

...

639

622

a

7809262.SQ.FTS.B

,

6

.289

%

,

11/20/25

...

2,406

2,360

a

7809534.SQ.FTS.B

,

4

.779

%

,

11/21/25

...

8,001

7,862

a

7811350.SQ.FTS.B

,

4

.78

%

,

11/21/25

....

3,296

2,759

a

7811605.SQ.FTS.B

,

4

.78

%

,

11/21/25

....

1,348

1,329

a

7810403.SQ.FTS.B

,

4

.781

%

,

11/21/25

...

17,870

17,004

a

7811469.SQ.FTS.B

,

4

.784

%

,

11/21/25

...

3,930

3,254

a

7813062.SQ.FTS.B

,

5

.093

%

,

11/21/25

...

13,521

12,748

a

7812510.SQ.FTS.B

,

5

.094

%

,

11/21/25

...

1,251

1,237

a

7811716.SQ.FTS.B

,

5

.095

%

,

11/21/25

...

10,023

9,853

a

7812610.SQ.FTS.B

,

5

.72

%

,

11/21/25

....

2,344

2,138

a

7810324.SQ.FTS.B

,

5

.722

%

,

11/21/25

...

523

504

a

7812843.SQ.FTS.B

,

5

.912

%

,

11/21/25

...

6,902

5,801

a

7815632.SQ.FTS.B

,

4

.779

%

,

11/22/25

...

6,932

6,719

a

7814569.SQ.FTS.B

,

4

.78

%

,

11/22/25

....

3,961

3,904

a

7813461.SQ.FTS.B

,

4

.785

%

,

11/22/25

...

1,856

1,821

a

7815023.SQ.FTS.B

,

5

.115

%

,

11/22/25

...

483

474

a

7816187.SQ.FTS.B

,

5

.346

%

,

11/22/25

...

7,850

7,389

a

7816612.SQ.FTS.B

,

5

.346

%

,

11/22/25

...

1,422

1,159

a

7816638.SQ.FTS.B

,

5

.347

%

,

11/22/25

...

2,883

2,836

a

7816988.SQ.FTS.B

,

5

.911

%

,

11/22/25

...

1,060

830

a

7821101.SQ.FTS.B

,

4

.742

%

,

11/23/25

...

4,175

37

a

7821306.SQ.FTS.B

,

4

.78

%

,

11/23/25

....

2,301

2,242

a

7822373.SQ.FTS.B

,

4

.78

%

,

11/23/25

....

8,498

8,113

a

7824274.SQ.FTS.B

,

4

.78

%

,

11/23/25

....

2,884

2,852

a

7824819.SQ.FTS.B

,

4

.783

%

,

11/23/25

...

2,005

1,979

a

7824941.SQ.FTS.B

,

5

.094

%

,

11/23/25

...

28,799

27,151

a

7824638.SQ.FTS.B

,

5

.535

%

,

11/23/25

...

3,385

3,294

a

7822908.SQ.FTS.B

,

5

.723

%

,

11/23/25

...

20,456

20,037

a

7821833.SQ.FTS.B

,

5

.911

%

,

11/23/25

...

7,132

6,538

a

7821263.SQ.FTS.B

,

6

.156

%

,

11/23/25

...

2,073

499

a

7821411.SQ.FTS.B

,

6

.48

%

,

11/23/25

....

1,936

1,782

a

7825494.SQ.FTS.B

,

4

.776

%

,

11/24/25

...

2,156

2,121

a

7827306.SQ.FTS.B

,

4

.783

%

,

11/24/25

...

2,449

2,414

a

7826343.SQ.FTS.B

,

5

.095

%

,

11/24/25

...

6,274

6,167

a

7827041.SQ.FTS.B

,

5

.338

%

,

11/24/25

...

1,172

1,113

a

7825631.SQ.FTS.B

,

5

.535

%

,

11/24/25

...

9,880

9,590

a

7828520.SQ.FTS.B

,

5

.727

%

,

11/24/25

...

2,729

38

a

7825441.SQ.FTS.B

,

5

.916

%

,

11/24/25

...

1,063

869

a

7826158.SQ.FTS.B

,

6

.16

%

,

11/24/25

....

1,312

1,285

a

7828757.SQ.FTS.B

,

6

.164

%

,

11/24/25

...

2,011

1,948

a

7829715.SQ.FTS.B

,

4

.78

%

,

11/25/25

....

2,937

2,916

a

7830209.SQ.FTS.B

,

5

.09

%

,

11/25/25

....

1,016

998

a

7830121.SQ.FTS.B

,

5

.53

%

,

11/25/25

....

2,061

1,949

a

7829327.SQ.FTS.B

,

5

.719

%

,

11/25/25

...

1,752

1,551

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7830282.SQ.FTS.B

,

6

.289

%

,

11/25/25

...

$

13,273

$

9,438

a

7830931.SQ.FTS.B

,

4

.782

%

,

11/26/25

...

2,440

2,388

a

7831096.SQ.FTS.B

,

5

.912

%

,

11/26/25

...

2,325

2,289

a

7831951.SQ.FTS.B

,

5

.533

%

,

11/27/25

...

7,838

7,423

a

7831470.SQ.FTS.B

,

5

.535

%

,

11/27/25

...

5,619

5,396

a

7832210.SQ.FTS.B

,

5

.535

%

,

11/27/25

...

12,445

12,278

a

7834873.SQ.FTS.B

,

4

.779

%

,

11/28/25

...

215

214

a

7834406.SQ.FTS.B

,

4

.78

%

,

11/28/25

....

2,626

2,495

a

7839910.SQ.FTS.B

,

4

.75

%

,

11/29/25

....

7,337

3,864

a

7838162.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

20,206

19,783

a

7839337.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

2,378

2,327

a

7839744.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

4,555

4,431

a

7839246.SQ.FTS.B

,

4

.784

%

,

11/29/25

...

2,598

2,552

a

7836372.SQ.FTS.B

,

5

.535

%

,

11/29/25

...

15,162

14,346

a

7836965.SQ.FTS.B

,

5

.724

%

,

11/29/25

...

33,328

20,321

a

7840071.SQ.FTS.B

,

6

.164

%

,

11/29/25

...

3,184

2,939

a

7839465.SQ.FTS.B

,

6

.297

%

,

11/29/25

...

1,259

800

a

7839409.SQ.FTS.B

,

6

.298

%

,

11/29/25

...

1,798

1,429

a

7840038.SQ.FTS.B

,

6

.473

%

,

11/29/25

...

2,230

2,003

a

7843241.SQ.FTS.B

,

4

.735

%

,

11/30/25

...

84

80

a

7847613.SQ.FTS.B

,

4

.762

%

,

11/30/25

...

558

337

a

7844134.SQ.FTS.B

,

4

.775

%

,

11/30/25

...

353

298

a

7844166.SQ.FTS.B

,

4

.776

%

,

11/30/25

...

1,637

1,560

a

7842654.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

1,963

1,909

a

7843703.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

1,729

1,673

a

7843761.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

6,067

5,968

a

7845307.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

4,817

4,592

a

7847389.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

2,065

2,022

a

7847955.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

2,339

2,300

a

7848328.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

10,342

10,258

a

7849268.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

1,584

1,346

a

7842516.SQ.FTS.B

,

4

.782

%

,

11/30/25

...

2,980

2,905

a

7844276.SQ.FTS.B

,

4

.784

%

,

11/30/25

...

2,190

2,138

a

7842891.SQ.FTS.B

,

4

.785

%

,

11/30/25

...

2,234

2,123

a

7842806.SQ.FTS.B

,

4

.788

%

,

11/30/25

...

2,389

2,001

a

7847048.SQ.FTS.B

,

5

.078

%

,

11/30/25

...

75

74

a

7849491.SQ.FTS.B

,

5

.092

%

,

11/30/25

...

3,802

3,735

a

7846694.SQ.FTS.B

,

5

.097

%

,

11/30/25

...

1,617

1,590

a

7847652.SQ.FTS.B

,

5

.1

%

,

11/30/25

.....

1,783

1,757

a

7849953.SQ.FTS.B

,

5

.347

%

,

11/30/25

...

4,380

4,170

a

7847107.SQ.FTS.B

,

5

.349

%

,

11/30/25

...

1,393

1,371

a

7847779.SQ.FTS.B

,

5

.35

%

,

11/30/25

....

2,724

2,675

a

7844427.SQ.FTS.B

,

5

.535

%

,

11/30/25

...

7,879

7,200

a

7848174.SQ.FTS.B

,

5

.906

%

,

11/30/25

...

1,023

965

a

7843443.SQ.FTS.B

,

5

.91

%

,

11/30/25

....

4,795

2,975

a

7844687.SQ.FTS.B

,

6

.164

%

,

11/30/25

...

15,295

12,446

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7845202.SQ.FTS.B

,

6

.287

%

,

11/30/25

...

$

2,732

$

1,926

a

7850869.SQ.FTS.B

,

4

.78

%

,

12/01/25

....

1,034

1,018

a

7850921.SQ.FTS.B

,

4

.78

%

,

12/01/25

....

6,566

6,353

a

7851095.SQ.FTS.B

,

5

.723

%

,

12/01/25

...

26,386

16,215

a

7851781.SQ.FTS.B

,

4

.775

%

,

12/02/25

...

773

762

a

7852268.SQ.FTS.B

,

4

.778

%

,

12/02/25

...

5,945

5,836

a

7851813.SQ.FTS.B

,

4

.78

%

,

12/02/25

....

2,645

2,532

a

7851692.SQ.FTS.B

,

4

.787

%

,

12/02/25

...

394

390

a

7852033.SQ.FTS.B

,

5

.905

%

,

12/02/25

...

700

690

a

7851642.SQ.FTS.B

,

6

.169

%

,

12/02/25

...

1,283

1,198

a

7855369.SQ.FTS.B

,

4

.751

%

,

12/03/25

...

3,157

1,688

a

7855437.SQ.FTS.B

,

4

.78

%

,

12/03/25

....

2,269

2,168

a

7855517.SQ.FTS.B

,

5

.097

%

,

12/03/25

...

3,410

3,348

a

7853472.SQ.FTS.B

,

5

.444

%

,

12/03/25

...

3,517

2,694

a

7855213.SQ.FTS.B

,

5

.535

%

,

12/03/25

...

6,105

3,711

a

7855910.SQ.FTS.B

,

5

.723

%

,

12/03/25

...

14,229

13,843

a

7854663.SQ.FTS.B

,

5

.726

%

,

12/03/25

...

1,243

1,169

a

7853291.SQ.FTS.B

,

6

.466

%

,

12/03/25

...

1,015

935

a

7857315.SQ.FTS.B

,

4

.778

%

,

12/04/25

...

5,772

4,940

a

7860570.SQ.FTS.B

,

4

.78

%

,

12/04/25

....

10,088

9,883

a

7860115.SQ.FTS.B

,

4

.781

%

,

12/04/25

...

9,084

8,925

a

7858341.SQ.FTS.B

,

5

.082

%

,

12/04/25

...

538

530

a

7858292.SQ.FTS.B

,

5

.091

%

,

12/04/25

...

755

741

a

7858378.SQ.FTS.B

,

5

.097

%

,

12/04/25

...

2,249

2,223

a

7859564.SQ.FTS.B

,

5

.346

%

,

12/04/25

...

2,989

2,801

a

7860376.SQ.FTS.B

,

5

.72

%

,

12/04/25

....

2,203

2,165

a

7858529.SQ.FTS.B

,

5

.726

%

,

12/04/25

...

3,851

2,420

a

7857557.SQ.FTS.B

,

5

.913

%

,

12/04/25

...

3,796

3,729

a

7856674.SQ.FTS.B

,

6

.289

%

,

12/04/25

...

2,693

1,824

a

7857525.SQ.FTS.B

,

6

.297

%

,

12/04/25

...

515

493

a

7862374.SQ.FTS.B

,

4

.78

%

,

12/05/25

....

570

563

a

7862524.SQ.FTS.B

,

4

.78

%

,

12/05/25

....

1,635

1,629

a

7864241.SQ.FTS.B

,

5

.346

%

,

12/05/25

...

2,640

2,596

a

7862388.SQ.FTS.B

,

5

.913

%

,

12/05/25

...

2,562

2,510

a

7866932.SQ.FTS.B

,

4

.741

%

,

12/06/25

...

908

784

a

7867946.SQ.FTS.B

,

4

.775

%

,

12/06/25

...

2,169

2,092

a

7870146.SQ.FTS.B

,

4

.777

%

,

12/06/25

...

4,096

4,021

a

7868078.SQ.FTS.B

,

4

.778

%

,

12/06/25

...

3,903

3,844

a

7867610.SQ.FTS.B

,

4

.78

%

,

12/06/25

....

6,955

6,720

a

7867161.SQ.FTS.B

,

4

.794

%

,

12/06/25

...

841

825

a

7867437.SQ.FTS.B

,

5

.091

%

,

12/06/25

...

2,788

2,734

a

7868906.SQ.FTS.B

,

5

.54

%

,

12/06/25

....

1,048

1,020

a

7869348.SQ.FTS.B

,

5

.728

%

,

12/06/25

...

586

580

a

7867425.SQ.FTS.B

,

6

.191

%

,

12/06/25

...

221

211

a

7869424.SQ.FTS.B

,

6

.289

%

,

12/06/25

...

11,411

256

a

7871492.SQ.FTS.B

,

4

.772

%

,

12/07/25

...

1,644

1,605

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7870438.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

$

10,817

$

10,615

a

7871911.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

2,644

2,585

a

7872468.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

4,829

4,748

a

7873625.SQ.FTS.B

,

4

.78

%

,

12/07/25

....

7,654

7,305

a

7871378.SQ.FTS.B

,

4

.781

%

,

12/07/25

...

2,466

2,402

a

7870301.SQ.FTS.B

,

4

.782

%

,

12/07/25

...

2,638

2,591

a

7871709.SQ.FTS.B

,

4

.782

%

,

12/07/25

...

701

697

a

7873538.SQ.FTS.B

,

4

.785

%

,

12/07/25

...

2,337

1,998

a

7873099.SQ.FTS.B

,

5

.092

%

,

12/07/25

...

4,414

4,313

a

7873933.SQ.FTS.B

,

5

.097

%

,

12/07/25

...

1,253

1,231

a

7873901.SQ.FTS.B

,

5

.103

%

,

12/07/25

...

1,533

1,454

a

7871861.SQ.FTS.B

,

5

.329

%

,

12/07/25

...

522

512

a

7872984.SQ.FTS.B

,

5

.336

%

,

12/07/25

...

684

665

a

7871633.SQ.FTS.B

,

5

.343

%

,

12/07/25

...

1,129

1,112

a

7872643.SQ.FTS.B

,

5

.346

%

,

12/07/25

...

5,673

5,529

a

7873487.SQ.FTS.B

,

5

.531

%

,

12/07/25

...

932

917

a

7872337.SQ.FTS.B

,

6

.164

%

,

12/07/25

...

265

260

a

7872120.SQ.FTS.B

,

6

.167

%

,

12/07/25

...

3,535

3,191

a

7874386.SQ.FTS.B

,

4

.778

%

,

12/08/25

...

4,315

4,249

a

7874272.SQ.FTS.B

,

5

.092

%

,

12/08/25

...

4,579

4,422

a

7874878.SQ.FTS.B

,

5

.534

%

,

12/08/25

...

5,625

5,529

a

7873996.SQ.FTS.B

,

6

.164

%

,

12/08/25

...

2,617

2,567

a

7875737.SQ.FTS.B

,

4

.78

%

,

12/09/25

....

6,118

5,996

a

7875138.SQ.FTS.B

,

5

.095

%

,

12/09/25

...

2,962

2,916

a

7875236.SQ.FTS.B

,

6

.289

%

,

12/09/25

...

3,073

2,450

a

7877710.SQ.FTS.B

,

4

.769

%

,

12/10/25

...

658

636

a

7878612.SQ.FTS.B

,

4

.773

%

,

12/10/25

...

2,333

2,252

a

7878444.SQ.FTS.B

,

4

.778

%

,

12/10/25

...

6,757

6,439

a

7878978.SQ.FTS.B

,

4

.78

%

,

12/10/25

....

18

18

a

7876960.SQ.FTS.B

,

4

.781

%

,

12/10/25

...

1,801

1,787

a

7879590.SQ.FTS.B

,

4

.782

%

,

12/10/25

...

5,020

4,875

a

7878258.SQ.FTS.B

,

5

.098

%

,

12/10/25

...

1,547

1,523

a

7877732.SQ.FTS.B

,

5

.346

%

,

12/10/25

...

18,868

17,790

a

7877141.SQ.FTS.B

,

5

.722

%

,

12/10/25

...

2,973

2,951

a

7876085.SQ.FTS.B

,

5

.906

%

,

12/10/25

...

584

576

a

7878727.SQ.FTS.B

,

6

.162

%

,

12/10/25

...

10,478

7,990

a

7876496.SQ.FTS.B

,

6

.165

%

,

12/10/25

...

5,498

5,286

a

7880747.SQ.FTS.B

,

4

.707

%

,

12/11/25

...

276

231

a

7882492.SQ.FTS.B

,

4

.778

%

,

12/11/25

...

10,075

8,739

a

7879828.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

2,024

1,998

a

7880769.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

890

870

a

7882919.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

26,924

23,068

a

7880826.SQ.FTS.B

,

4

.781

%

,

12/11/25

...

5,359

5,309

a

7881465.SQ.FTS.B

,

5

.54

%

,

12/11/25

....

3,068

438

a

7882450.SQ.FTS.B

,

5

.915

%

,

12/11/25

...

474

447

a

7881388.SQ.FTS.B

,

5

.917

%

,

12/11/25

...

1,816

1,621

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7884480.SQ.FTS.B

,

4

.781

%

,

12/12/25

...

$

11,289

$

9,710

a

7885921.SQ.FTS.B

,

5

.094

%

,

12/12/25

...

3,342

3,303

a

7886066.SQ.FTS.B

,

5

.346

%

,

12/12/25

...

41,066

38,743

a

7885234.SQ.FTS.B

,

5

.917

%

,

12/12/25

...

1,802

1,684

a

7885298.SQ.FTS.B

,

6

.164

%

,

12/12/25

...

631

610

a

7891866.SQ.FTS.B

,

4

.777

%

,

12/13/25

...

4,160

4,074

a

7890412.SQ.FTS.B

,

4

.78

%

,

12/13/25

....

421

413

a

7890693.SQ.FTS.B

,

4

.78

%

,

12/13/25

....

2,172

2,133

a

7892009.SQ.FTS.B

,

4

.78

%

,

12/13/25

....

2,790

2,753

a

7890458.SQ.FTS.B

,

4

.782

%

,

12/13/25

...

3,066

3,024

a

7891807.SQ.FTS.B

,

4

.784

%

,

12/13/25

...

2,962

2,437

a

7892534.SQ.FTS.B

,

5

.099

%

,

12/13/25

...

1,878

1,855

a

7891476.SQ.FTS.B

,

5

.343

%

,

12/13/25

...

1,795

1,767

a

7890888.SQ.FTS.B

,

5

.535

%

,

12/13/25

...

15,503

14,985

a

7892618.SQ.FTS.B

,

5

.535

%

,

12/13/25

...

3,109

3,083

a

7889499.SQ.FTS.B

,

5

.911

%

,

12/13/25

...

6,674

6,537

a

7891553.SQ.FTS.B

,

6

.165

%

,

12/13/25

...

5,345

4,976

a

7894898.SQ.FTS.B

,

4

.75

%

,

12/14/25

....

2,043

1,245

a

7894130.SQ.FTS.B

,

4

.767

%

,

12/14/25

...

1,245

1,073

a

7895685.SQ.FTS.B

,

4

.771

%

,

12/14/25

...

1,260

1,098

a

7895436.SQ.FTS.B

,

4

.779

%

,

12/14/25

...

2,794

2,757

a

7893310.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

9,086

8,916

a

7894774.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

3,284

3,223

a

7895018.SQ.FTS.B

,

4

.78

%

,

12/14/25

....

2,544

2,504

a

7896053.SQ.FTS.B

,

4

.781

%

,

12/14/25

...

3,334

3,282

a

7895708.SQ.FTS.B

,

5

.09

%

,

12/14/25

....

2,034

1,960

a

7896301.SQ.FTS.B

,

5

.093

%

,

12/14/25

...

2,419

2,373

a

7895575.SQ.FTS.B

,

5

.094

%

,

12/14/25

...

4,593

4,230

a

7896419.SQ.FTS.B

,

5

.095

%

,

12/14/25

...

26,443

25,986

a

7895875.SQ.FTS.B

,

5

.349

%

,

12/14/25

...

3,740

3,663

a

7894101.SQ.FTS.B

,

6

.18

%

,

12/14/25

....

302

290

a

7895787.SQ.FTS.B

,

6

.289

%

,

12/14/25

...

1,201

1,152

a

7895745.SQ.FTS.B

,

6

.463

%

,

12/14/25

...

1,775

260

a

7894628.SQ.FTS.B

,

6

.476

%

,

12/14/25

...

1,890

1,835

a

7899491.SQ.FTS.B

,

4

.78

%

,

12/15/25

....

13,879

13,495

a

7898690.SQ.FTS.B

,

4

.783

%

,

12/15/25

...

3,037

2,983

a

7898783.SQ.FTS.B

,

5

.093

%

,

12/15/25

...

2,175

2,134

a

7898846.SQ.FTS.B

,

5

.115

%

,

12/15/25

...

438

433

a

7899072.SQ.FTS.B

,

5

.347

%

,

12/15/25

...

21,887

15,937

a

7899025.SQ.FTS.B

,

5

.905

%

,

12/15/25

...

1,474

1,424

a

7899969.SQ.FTS.B

,

4

.779

%

,

12/16/25

...

5,254

5,131

a

7900540.SQ.FTS.B

,

4

.785

%

,

12/16/25

...

3,115

3,007

a

7900460.SQ.FTS.B

,

4

.786

%

,

12/16/25

...

2,049

2,008

a

7899830.SQ.FTS.B

,

5

.101

%

,

12/16/25

...

1,120

1,096

a

7900675.SQ.FTS.B

,

4

.74

%

,

12/17/25

....

481

449

a

7903924.SQ.FTS.B

,

4

.779

%

,

12/17/25

...

3,283

3,234

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7901053.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

$

5,285

$

5,134

a

7902276.SQ.FTS.B

,

4

.78

%

,

12/17/25

....

6,013

5,895

a

7902473.SQ.FTS.B

,

4

.781

%

,

12/17/25

...

3,752

3,679

a

7902529.SQ.FTS.B

,

5

.094

%

,

12/17/25

...

4,219

3,359

a

7902665.SQ.FTS.B

,

5

.097

%

,

12/17/25

...

2,317

2,275

a

7900815.SQ.FTS.B

,

5

.099

%

,

12/17/25

...

372

370

a

7901445.SQ.FTS.B

,

5

.346

%

,

12/17/25

...

17,934

16,904

a

7902908.SQ.FTS.B

,

5

.535

%

,

12/17/25

...

6,413

6,365

a

7903421.SQ.FTS.B

,

5

.535

%

,

12/17/25

...

3,957

3,889

a

7903662.SQ.FTS.B

,

5

.914

%

,

12/17/25

...

3,269

3,154

a

7903590.SQ.FTS.B

,

6

.165

%

,

12/17/25

...

33

33

a

7902827.SQ.FTS.B

,

6

.168

%

,

12/17/25

...

1,631

1,064

a

7905583.SQ.FTS.B

,

4

.777

%

,

12/18/25

...

5,086

4,904

a

7904386.SQ.FTS.B

,

4

.785

%

,

12/18/25

...

2,145

2,100

a

7906367.SQ.FTS.B

,

5

.091

%

,

12/18/25

...

2,801

2,700

a

7905292.SQ.FTS.B

,

5

.097

%

,

12/18/25

...

1,386

1,280

a

7904484.SQ.FTS.B

,

5

.346

%

,

12/18/25

...

3,562

3,352

a

7907520.SQ.FTS.B

,

5

.346

%

,

12/18/25

...

40,754

36,620

a

7905769.SQ.FTS.B

,

5

.543

%

,

12/18/25

...

863

845

a

7905884.SQ.FTS.B

,

5

.899

%

,

12/18/25

...

1,088

687

a

7906456.SQ.FTS.B

,

5

.911

%

,

12/18/25

...

1,379

1,371

a

7905785.SQ.FTS.B

,

5

.912

%

,

12/18/25

...

2,436

2,213

a

7910522.SQ.FTS.B

,

4

.778

%

,

12/19/25

...

3,605

3,482

a

7910016.SQ.FTS.B

,

4

.78

%

,

12/19/25

....

5,905

5,760

a

7910588.SQ.FTS.B

,

4

.78

%

,

12/19/25

....

1,579

1,565

a

7910312.SQ.FTS.B

,

5

.534

%

,

12/19/25

...

9,434

8,794

a

7910975.SQ.FTS.B

,

5

.911

%

,

12/19/25

...

4,579

4,542

a

7910151.SQ.FTS.B

,

6

.162

%

,

12/19/25

...

7,703

6,041

a

7914527.SQ.FTS.B

,

4

.78

%

,

12/20/25

....

5,645

5,534

a

7914856.SQ.FTS.B

,

4

.78

%

,

12/20/25

....

1,709

1,681

a

7912783.SQ.FTS.B

,

5

.094

%

,

12/20/25

...

19,505

18,822

a

7914481.SQ.FTS.B

,

5

.094

%

,

12/20/25

...

1,562

1,542

a

7913516.SQ.FTS.B

,

5

.346

%

,

12/20/25

...

23,014

21,681

a

7912501.SQ.FTS.B

,

5

.35

%

,

12/20/25

....

5,005

4,522

a

7914174.SQ.FTS.B

,

6

.164

%

,

12/20/25

...

1,653

1,631

a

7916000.SQ.FTS.B

,

4

.78

%

,

12/21/25

....

20,710

19,713

a

7916578.SQ.FTS.B

,

4

.78

%

,

12/21/25

....

3,101

3,049

a

7916679.SQ.FTS.B

,

4

.78

%

,

12/21/25

....

36,884

36,111

a

7916527.SQ.FTS.B

,

4

.783

%

,

12/21/25

...

1,874

1,837

a

7914899.SQ.FTS.B

,

5

.095

%

,

12/21/25

...

17,720

17,224

a

7918832.SQ.FTS.B

,

5

.908

%

,

12/21/25

...

978

960

a

7918327.SQ.FTS.B

,

5

.912

%

,

12/21/25

...

7,671

5,069

a

7918595.SQ.FTS.B

,

6

.163

%

,

12/21/25

...

5,251

4,844

a

7919317.SQ.FTS.B

,

4

.778

%

,

12/22/25

...

2,664

2,619

a

7919187.SQ.FTS.B

,

5

.094

%

,

12/22/25

...

2,745

2,717

a

7919109.SQ.FTS.B

,

5

.344

%

,

12/22/25

...

5,300

1,754

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7919410.SQ.FTS.B

,

5

.351

%

,

12/22/25

...

$

849

$

827

a

7918992.SQ.FTS.B

,

5

.543

%

,

12/22/25

...

1,083

1,060

a

7919737.SQ.FTS.B

,

5

.904

%

,

12/22/25

...

975

956

a

7919766.SQ.FTS.B

,

5

.913

%

,

12/22/25

...

4,121

3,761

a

7919647.SQ.FTS.B

,

6

.184

%

,

12/22/25

...

191

183

a

7919706.SQ.FTS.B

,

6

.276

%

,

12/22/25

...

789

749

a

7919901.SQ.FTS.B

,

4

.774

%

,

12/23/25

...

2,422

2,342

a

7919978.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

9,013

8,750

a

7920288.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

2,685

2,606

a

7920580.SQ.FTS.B

,

5

.533

%

,

12/23/25

...

8,140

7,595

a

7924288.SQ.FTS.B

,

4

.75

%

,

12/24/25

....

5,635

1,987

a

7922043.SQ.FTS.B

,

4

.78

%

,

12/24/25

....

1,760

1,696

a

7922155.SQ.FTS.B

,

4

.784

%

,

12/24/25

...

2,363

2,324

a

7924460.SQ.FTS.B

,

5

.107

%

,

12/24/25

...

613

606

a

7921110.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

8,370

7,913

a

7924505.SQ.FTS.B

,

5

.436

%

,

12/24/25

...

3,047

1,859

a

7922259.SQ.FTS.B

,

5

.723

%

,

12/24/25

...

47,063

44,581

a

7924567.SQ.FTS.B

,

5

.885

%

,

12/24/25

...

909

596

a

7924133.SQ.FTS.B

,

5

.915

%

,

12/24/25

...

3,537

2,342

a

7921655.SQ.FTS.B

,

6

.289

%

,

12/24/25

...

2,231

2,186

a

7926697.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

4,185

4,112

a

7926943.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

4,099

3,526

a

7927836.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

5,609

4,894

a

7925865.SQ.FTS.B

,

4

.784

%

,

12/25/25

...

3,306

3,195

a

7925421.SQ.FTS.B

,

5

.08

%

,

12/25/25

....

699

689

a

7926543.SQ.FTS.B

,

5

.093

%

,

12/25/25

...

6,969

5,543

a

7926516.SQ.FTS.B

,

5

.533

%

,

12/25/25

...

1,232

1,210

a

7924603.SQ.FTS.B

,

5

.539

%

,

12/25/25

...

1,496

1,396

a

7925178.SQ.FTS.B

,

5

.721

%

,

12/25/25

...

2,198

2,135

a

7924762.SQ.FTS.B

,

5

.911

%

,

12/25/25

...

24,106

935

a

7927754.SQ.FTS.B

,

6

.286

%

,

12/25/25

...

1,541

1,464

a

7925830.SQ.FTS.B

,

6

.289

%

,

12/25/25

...

668

642

a

7929545.SQ.FTS.B

,

4

.777

%

,

12/26/25

...

3,832

3,770

a

7930786.SQ.FTS.B

,

4

.778

%

,

12/26/25

...

8,422

8,203

a

7929769.SQ.FTS.B

,

4

.779

%

,

12/26/25

...

8,535

8,152

a

7929268.SQ.FTS.B

,

4

.781

%

,

12/26/25

...

6,078

5,943

a

7931771.SQ.FTS.B

,

4

.786

%

,

12/26/25

...

1,487

1,465

a

7929068.SQ.FTS.B

,

5

.087

%

,

12/26/25

...

731

721

a

7930296.SQ.FTS.B

,

5

.094

%

,

12/26/25

...

865

847

a

7928601.SQ.FTS.B

,

5

.095

%

,

12/26/25

...

2,099

2,072

a

7928778.SQ.FTS.B

,

5

.097

%

,

12/26/25

...

4,352

4,275

a

7928480.SQ.FTS.B

,

5

.346

%

,

12/26/25

...

1,232

1,157

a

7931828.SQ.FTS.B

,

5

.724

%

,

12/26/25

...

9,146

8,983

a

7928455.SQ.FTS.B

,

6

.157

%

,

12/26/25

...

1,563

1,327

a

7928507.SQ.FTS.B

,

6

.166

%

,

12/26/25

...

4,185

3,232

a

7930283.SQ.FTS.B

,

6

.301

%

,

12/26/25

...

495

420

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7935291.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

$

1,915

$

1,873

a

7936328.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

5,364

5,181

a

7937022.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

19,617

19,275

a

7935470.SQ.FTS.B

,

4

.783

%

,

12/27/25

...

3,352

3,283

a

7936047.SQ.FTS.B

,

5

.09

%

,

12/27/25

....

559

555

a

7935814.SQ.FTS.B

,

5

.091

%

,

12/27/25

...

2,605

2,572

a

7936470.SQ.FTS.B

,

5

.096

%

,

12/27/25

...

6,875

5,511

a

7934196.SQ.FTS.B

,

5

.115

%

,

12/27/25

...

874

833

a

7934910.SQ.FTS.B

,

5

.338

%

,

12/27/25

...

2,315

2,178

a

7936272.SQ.FTS.B

,

5

.515

%

,

12/27/25

...

343

338

a

7934402.SQ.FTS.B

,

5

.534

%

,

12/27/25

...

1,583

1,555

a

7938694.SQ.FTS.B

,

4

.78

%

,

12/28/25

....

913

899

a

7939643.SQ.FTS.B

,

4

.78

%

,

12/28/25

....

2,310

2,271

a

7940106.SQ.FTS.B

,

4

.783

%

,

12/28/25

...

3,269

3,201

a

7939493.SQ.FTS.B

,

5

.093

%

,

12/28/25

...

1,934

1,908

a

7941098.SQ.FTS.B

,

5

.096

%

,

12/28/25

...

9,038

8,708

a

7940351.SQ.FTS.B

,

5

.346

%

,

12/28/25

...

8,281

7,477

a

7938158.SQ.FTS.B

,

5

.535

%

,

12/28/25

...

586

546

a

7940904.SQ.FTS.B

,

5

.725

%

,

12/28/25

...

2,626

2,581

a

7938776.SQ.FTS.B

,

5

.914

%

,

12/28/25

...

8,317

7,519

a

7940796.SQ.FTS.B

,

6

.48

%

,

12/28/25

....

2,014

1,944

a

7942041.SQ.FTS.B

,

4

.779

%

,

12/29/25

...

16,040

15,437

a

7941865.SQ.FTS.B

,

4

.78

%

,

12/29/25

....

2,494

2,443

a

7942725.SQ.FTS.B

,

4

.78

%

,

12/29/25

....

5,534

5,373

a

7941978.SQ.FTS.B

,

5

.905

%

,

12/29/25

...

959

945

a

7942501.SQ.FTS.B

,

6

.165

%

,

12/29/25

...

2,347

2,255

a

7942884.SQ.FTS.B

,

4

.78

%

,

12/30/25

....

8,808

8,622

a

7943309.SQ.FTS.B

,

4

.78

%

,

12/30/25

....

74

74

a

7943315.SQ.FTS.B

,

4

.781

%

,

12/30/25

...

3,546

3,479

a

7943665.SQ.FTS.B

,

5

.092

%

,

12/30/25

...

4,293

4,224

a

7944879.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

2,398

2,345

a

7945540.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

2,926

2,866

a

7945635.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

2,264

2,186

a

7947220.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

4,319

4,223

a

7947433.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

10,776

10,499

a

7945023.SQ.FTS.B

,

4

.784

%

,

1/01/26

....

1,161

1,126

a

7944041.SQ.FTS.B

,

5

.092

%

,

1/01/26

....

3,706

3,639

a

7944381.SQ.FTS.B

,

5

.096

%

,

1/01/26

....

2,802

2,675

a

7944574.SQ.FTS.B

,

5

.346

%

,

1/01/26

....

472

469

a

7945714.SQ.FTS.B

,

5

.346

%

,

1/01/26

....

18,113

17,857

a

7945084.SQ.FTS.B

,

5

.349

%

,

1/01/26

....

6,848

6,184

a

7947201.SQ.FTS.B

,

6

.301

%

,

1/01/26

....

961

469

a

7947037.SQ.FTS.B

,

6

.479

%

,

1/01/26

....

1,371

1,353

a

7945398.SQ.FTS.B

,

6

.484

%

,

1/01/26

....

931

853

a

7949822.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

15,591

15,201

a

7951658.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

10,240

10,049

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7949613.SQ.FTS.B

,

4

.781

%

,

1/02/26

....

$

4,623

$

4,527

a

7952014.SQ.FTS.B

,

4

.781

%

,

1/02/26

....

10,197

9,931

a

7950885.SQ.FTS.B

,

5

.349

%

,

1/02/26

....

4,906

4,773

a

7951228.SQ.FTS.B

,

5

.718

%

,

1/02/26

....

1,686

1,638

a

7949409.SQ.FTS.B

,

5

.915

%

,

1/02/26

....

854

778

a

7950706.SQ.FTS.B

,

5

.916

%

,

1/02/26

....

2,112

2,061

a

7951375.SQ.FTS.B

,

6

.168

%

,

1/02/26

....

4,417

1,957

a

7951302.SQ.FTS.B

,

6

.478

%

,

1/02/26

....

1,448

1,151

a

7957554.SQ.FTS.B

,

4

.757

%

,

1/03/26

....

1,579

642

a

7955356.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

4,605

4,511

a

7956327.SQ.FTS.B

,

4

.781

%

,

1/03/26

....

2,211

2,166

a

7956457.SQ.FTS.B

,

4

.781

%

,

1/03/26

....

6,916

6,669

a

7957120.SQ.FTS.B

,

4

.781

%

,

1/03/26

....

10,195

9,889

a

7955055.SQ.FTS.B

,

5

.094

%

,

1/03/26

....

1,644

1,584

a

7958091.SQ.FTS.B

,

5

.094

%

,

1/03/26

....

14,386

14,220

a

7957964.SQ.FTS.B

,

5

.346

%

,

1/03/26

....

2,895

2,800

a

7956136.SQ.FTS.B

,

5

.36

%

,

1/03/26

.....

672

663

a

7957892.SQ.FTS.B

,

5

.719

%

,

1/03/26

....

2,554

2,419

a

7956696.SQ.FTS.B

,

5

.909

%

,

1/03/26

....

6,001

5,028

a

7957091.SQ.FTS.B

,

5

.909

%

,

1/03/26

....

1,213

1,136

a

7957594.SQ.FTS.B

,

6

.132

%

,

1/03/26

....

416

366

a

7956978.SQ.FTS.B

,

6

.162

%

,

1/03/26

....

3,117

2,418

a

7956840.SQ.FTS.B

,

6

.165

%

,

1/03/26

....

9,585

4,247

a

7957811.SQ.FTS.B

,

6

.453

%

,

1/03/26

....

337

311

a

7959379.SQ.FTS.B

,

4

.755

%

,

1/04/26

....

2,320

1,488

a

7959166.SQ.FTS.B

,

4

.782

%

,

1/04/26

....

4,902

4,267

a

7959422.SQ.FTS.B

,

4

.783

%

,

1/04/26

....

1,528

1,488

a

7958987.SQ.FTS.B

,

4

.787

%

,

1/04/26

....

705

693

a

7958847.SQ.FTS.B

,

5

.344

%

,

1/04/26

....

3,074

2,996

a

7959560.SQ.FTS.B

,

5

.348

%

,

1/04/26

....

2,000

1,918

a

7959443.SQ.FTS.B

,

5

.529

%

,

1/04/26

....

896

884

a

7958943.SQ.FTS.B

,

5

.535

%

,

1/04/26

....

2,024

1,884

a

7959630.SQ.FTS.B

,

5

.914

%

,

1/04/26

....

1,541

1,400

a

7960956.SQ.FTS.B

,

4

.745

%

,

1/05/26

....

6,549

439

a

7963142.SQ.FTS.B

,

4

.777

%

,

1/05/26

....

6,112

5,296

a

7961058.SQ.FTS.B

,

4

.78

%

,

1/05/26

.....

7,812

7,702

a

7960840.SQ.FTS.B

,

5

.087

%

,

1/05/26

....

1,237

1,220

a

7960911.SQ.FTS.B

,

5

.355

%

,

1/05/26

....

1,840

1,670

a

7960802.SQ.FTS.B

,

5

.703

%

,

1/05/26

....

553

541

a

7962096.SQ.FTS.B

,

5

.91

%

,

1/05/26

.....

4,570

4,423

a

7960885.SQ.FTS.B

,

5

.912

%

,

1/05/26

....

1,041

979

a

7963091.SQ.FTS.B

,

6

.153

%

,

1/05/26

....

649

613

a

7961501.SQ.FTS.B

,

6

.289

%

,

1/05/26

....

24,551

17,315

a

7963717.SQ.FTS.B

,

4

.757

%

,

1/06/26

....

934

583

a

7963337.SQ.FTS.B

,

4

.774

%

,

1/06/26

....

1,706

1,664

a

7963387.SQ.FTS.B

,

4

.778

%

,

1/06/26

....

3,917

3,829

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7963552.SQ.FTS.B

,

4

.78

%

,

1/06/26

.....

$

4,095

$

3,992

a

7963182.SQ.FTS.B

,

5

.348

%

,

1/06/26

....

1,885

1,851

a

7963288.SQ.FTS.B

,

5

.359

%

,

1/06/26

....

1,532

1,088

a

7964119.SQ.FTS.B

,

5

.538

%

,

1/06/26

....

3,436

3,340

a

7963319.SQ.FTS.B

,

5

.547

%

,

1/06/26

....

1,406

1,309

a

7963889.SQ.FTS.B

,

5

.907

%

,

1/06/26

....

806

780

a

7963850.SQ.FTS.B

,

6

.298

%

,

1/06/26

....

504

486

a

7963817.SQ.FTS.B

,

6

.484

%

,

1/06/26

....

889

789

a

7964388.SQ.FTS.B

,

4

.78

%

,

1/07/26

.....

3,311

3,228

a

7964526.SQ.FTS.B

,

4

.783

%

,

1/07/26

....

2,527

2,479

a

7964674.SQ.FTS.B

,

5

.094

%

,

1/07/26

....

8,406

8,019

a

7964254.SQ.FTS.B

,

5

.929

%

,

1/07/26

....

683

643

a

7964369.SQ.FTS.B

,

6

.473

%

,

1/07/26

....

613

360

a

7968380.SQ.FTS.B

,

4

.767

%

,

1/08/26

....

268

253

a

7967036.SQ.FTS.B

,

4

.778

%

,

1/08/26

....

6,082

5,936

a

7966164.SQ.FTS.B

,

4

.781

%

,

1/08/26

....

10,198

9,678

a

7967953.SQ.FTS.B

,

5

.095

%

,

1/08/26

....

15,279

3,092

a

7968401.SQ.FTS.B

,

5

.095

%

,

1/08/26

....

4,408

4,317

a

7965223.SQ.FTS.B

,

5

.536

%

,

1/08/26

....

3,867

3,796

a

7966814.SQ.FTS.B

,

5

.538

%

,

1/08/26

....

3,856

3,711

a

7965690.SQ.FTS.B

,

5

.914

%

,

1/08/26

....

3,705

3,633

a

7966595.SQ.FTS.B

,

6

.173

%

,

1/08/26

....

2,967

230

a

7969823.SQ.FTS.B

,

4

.777

%

,

1/09/26

....

3,396

3,342

a

7970133.SQ.FTS.B

,

4

.78

%

,

1/09/26

.....

2,188

2,139

a

7971101.SQ.FTS.B

,

4

.78

%

,

1/09/26

.....

1,330

1,263

a

7971401.SQ.FTS.B

,

4

.78

%

,

1/09/26

.....

26,616

25,291

a

7969740.SQ.FTS.B

,

4

.783

%

,

1/09/26

....

2,379

2,340

a

7970205.SQ.FTS.B

,

5

.094

%

,

1/09/26

....

61,707

44,205

a

7968649.SQ.FTS.B

,

5

.349

%

,

1/09/26

....

3,213

3,159

a

7969990.SQ.FTS.B

,

5

.906

%

,

1/09/26

....

2,302

277

a

7968961.SQ.FTS.B

,

5

.912

%

,

1/09/26

....

8,949

8,761

a

7970057.SQ.FTS.B

,

5

.912

%

,

1/09/26

....

2,385

2,246

a

7971149.SQ.FTS.B

,

6

.289

%

,

1/09/26

....

4,200

4,105

a

7974096.SQ.FTS.B

,

4

.748

%

,

1/10/26

....

7,166

365

a

7974778.SQ.FTS.B

,

4

.78

%

,

1/10/26

.....

5,769

5,644

a

7972442.SQ.FTS.B

,

4

.781

%

,

1/10/26

....

4,272

4,174

a

7974312.SQ.FTS.B

,

5

.094

%

,

1/10/26

....

2,280

2,229

a

7974371.SQ.FTS.B

,

5

.095

%

,

1/10/26

....

5,411

5,307

a

7974608.SQ.FTS.B

,

5

.095

%

,

1/10/26

....

5,025

4,950

a

7974544.SQ.FTS.B

,

5

.342

%

,

1/10/26

....

2,511

2,403

a

7972343.SQ.FTS.B

,

5

.345

%

,

1/10/26

....

2,891

1,972

a

7973323.SQ.FTS.B

,

5

.345

%

,

1/10/26

....

945

937

a

7974968.SQ.FTS.B

,

5

.346

%

,

1/10/26

....

1,724

1,685

a

7973219.SQ.FTS.B

,

5

.532

%

,

1/10/26

....

2,934

2,890

a

7974193.SQ.FTS.B

,

5

.913

%

,

1/10/26

....

6,065

5,902

a

7973082.SQ.FTS.B

,

5

.917

%

,

1/10/26

....

2,672

2,589

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7973399.SQ.FTS.B

,

6

.154

%

,

1/10/26

....

$

572

$

563

a

7973424.SQ.FTS.B

,

6

.163

%

,

1/10/26

....

2,196

2,181

a

7974522.SQ.FTS.B

,

6

.179

%

,

1/10/26

....

816

784

a

7975012.SQ.FTS.B

,

6

.289

%

,

1/10/26

....

2,254

2,080

a

7980569.SQ.FTS.B

,

4

.78

%

,

1/11/26

.....

29,468

28,926

a

7979559.SQ.FTS.B

,

5

.094

%

,

1/11/26

....

4,152

4,074

a

7979791.SQ.FTS.B

,

5

.094

%

,

1/11/26

....

26,846

25,525

a

7979718.SQ.FTS.B

,

5

.33

%

,

1/11/26

.....

458

452

a

7977212.SQ.FTS.B

,

5

.348

%

,

1/11/26

....

4,582

4,388

a

7977590.SQ.FTS.B

,

5

.348

%

,

1/11/26

....

10,640

10,039

a

7977117.SQ.FTS.B

,

5

.525

%

,

1/11/26

....

1,649

1,543

a

7978446.SQ.FTS.B

,

5

.912

%

,

1/11/26

....

9,424

9,345

a

7979498.SQ.FTS.B

,

6

.487

%

,

1/11/26

....

683

669

a

7980829.SQ.FTS.B

,

4

.78

%

,

1/12/26

.....

5,833

5,648

a

7982082.SQ.FTS.B

,

5

.346

%

,

1/12/26

....

30,017

29,489

a

7981269.SQ.FTS.B

,

5

.917

%

,

1/12/26

....

2,531

2,451

a

7981227.SQ.FTS.B

,

6

.477

%

,

1/12/26

....

869

774

a

7984820.SQ.FTS.B

,

4

.735

%

,

1/13/26

....

205

200

a

7984851.SQ.FTS.B

,

4

.782

%

,

1/13/26

....

1,390

1,348

a

7984231.SQ.FTS.B

,

5

.093

%

,

1/13/26

....

6,327

6,240

a

7984914.SQ.FTS.B

,

5

.096

%

,

1/13/26

....

4,306

3,979

a

7984469.SQ.FTS.B

,

5

.535

%

,

1/13/26

....

7,819

7,704

a

7985503.SQ.FTS.B

,

4

.78

%

,

1/14/26

.....

7,704

7,524

a

7985715.SQ.FTS.B

,

4

.782

%

,

1/14/26

....

6,131

5,969

a

7985014.SQ.FTS.B

,

5

.095

%

,

1/14/26

....

8,462

7,811

a

7987482.SQ.FTS.B

,

4

.779

%

,

1/15/26

....

9,812

9,614

a

7986117.SQ.FTS.B

,

5

.096

%

,

1/15/26

....

12,332

11,474

a

7987780.SQ.FTS.B

,

5

.346

%

,

1/15/26

....

34,219

33,445

a

7989591.SQ.FTS.B

,

5

.348

%

,

1/15/26

....

8,059

7,842

a

7987457.SQ.FTS.B

,

5

.892

%

,

1/15/26

....

836

769

a

7989026.SQ.FTS.B

,

5

.909

%

,

1/15/26

....

1,797

1,549

a

7986075.SQ.FTS.B

,

6

.158

%

,

1/15/26

....

1,597

1,276

a

7987012.SQ.FTS.B

,

6

.48

%

,

1/15/26

.....

10,229

9,164

a

7990648.SQ.FTS.B

,

4

.774

%

,

1/16/26

....

4,165

3,366

a

7991599.SQ.FTS.B

,

4

.779

%

,

1/16/26

....

18,627

17,927

a

7990813.SQ.FTS.B

,

4

.78

%

,

1/16/26

.....

2,182

1,906

a

7992005.SQ.FTS.B

,

4

.78

%

,

1/16/26

.....

6,708

6,461

a

7991178.SQ.FTS.B

,

4

.782

%

,

1/16/26

....

8,037

7,837

a

7991419.SQ.FTS.B

,

5

.346

%

,

1/16/26

....

5,957

5,784

a

7989702.SQ.FTS.B

,

5

.723

%

,

1/16/26

....

12,862

12,371

a

7999757.SQ.FTS.B

,

4

.737

%

,

1/17/26

....

1,557

880

a

7999456.SQ.FTS.B

,

4

.779

%

,

1/17/26

....

10,978

10,729

a

7993622.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

6,221

5,922

a

8000806.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

38,379

37,349

a

8000723.SQ.FTS.B

,

4

.788

%

,

1/17/26

....

1,916

1,863

a

7994300.SQ.FTS.B

,

5

.086

%

,

1/17/26

....

1,087

1,062

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7999850.SQ.FTS.B

,

5

.089

%

,

1/17/26

....

$

1,093

$

1,066

a

7994343.SQ.FTS.B

,

5

.091

%

,

1/17/26

....

1,308

1,295

a

7994523.SQ.FTS.B

,

5

.096

%

,

1/17/26

....

3,305

2,613

a

7999806.SQ.FTS.B

,

5

.739

%

,

1/17/26

....

247

242

a

7993240.SQ.FTS.B

,

5

.912

%

,

1/17/26

....

4,710

4,581

a

8000256.SQ.FTS.B

,

5

.912

%

,

1/17/26

....

8,655

8,145

a

8000545.SQ.FTS.B

,

5

.912

%

,

1/17/26

....

5,770

5,538

a

7994440.SQ.FTS.B

,

6

.284

%

,

1/17/26

....

1,465

1,343

a

7993948.SQ.FTS.B

,

6

.482

%

,

1/17/26

....

1,657

1,626

a

7993916.SQ.FTS.B

,

6

.488

%

,

1/17/26

....

426

411

a

8005331.SQ.FTS.B

,

4

.78

%

,

1/18/26

.....

6,042

5,907

a

8003194.SQ.FTS.B

,

5

.346

%

,

1/18/26

....

10,168

7,484

a

8004733.SQ.FTS.B

,

5

.346

%

,

1/18/26

....

14,535

14,191

a

8005828.SQ.FTS.B

,

5

.347

%

,

1/18/26

....

19,943

19,570

a

8002822.SQ.FTS.B

,

5

.535

%

,

1/18/26

....

4,168

4,039

a

8003591.SQ.FTS.B

,

6

.163

%

,

1/18/26

....

13,446

12,927

a

8005637.SQ.FTS.B

,

6

.164

%

,

1/18/26

....

6,177

5,941

a

8009700.SQ.FTS.B

,

4

.767

%

,

1/19/26

....

671

446

a

8008401.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

8,238

8,145

a

8009056.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

9,467

7,680

a

8009597.SQ.FTS.B

,

5

.536

%

,

1/19/26

....

1,389

1,363

a

8006871.SQ.FTS.B

,

6

.477

%

,

1/19/26

....

3,508

3,442

a

8007319.SQ.FTS.B

,

6

.477

%

,

1/19/26

....

12,785

161

a

8009214.SQ.FTS.B

,

6

.478

%

,

1/19/26

....

10,433

8,550

a

8009830.SQ.FTS.B

,

5

.537

%

,

1/20/26

....

1,734

1,696

a

8009888.SQ.FTS.B

,

5

.723

%

,

1/20/26

....

16,138

15,949

a

8010684.SQ.FTS.B

,

4

.78

%

,

1/21/26

.....

15,776

15,438

a

8011295.SQ.FTS.B

,

5

.093

%

,

1/21/26

....

6,216

6,121

a

8011241.SQ.FTS.B

,

5

.915

%

,

1/21/26

....

1,703

1,658

a

8011224.SQ.FTS.B

,

6

.155

%

,

1/21/26

....

528

517

a

8012503.SQ.FTS.B

,

4

.739

%

,

1/22/26

....

1,637

1,375

a

8014047.SQ.FTS.B

,

4

.751

%

,

1/22/26

....

6,204

3,375

a

8013961.SQ.FTS.B

,

4

.769

%

,

1/22/26

....

855

569

a

8012053.SQ.FTS.B

,

4

.779

%

,

1/22/26

....

5,824

5,693

a

8013885.SQ.FTS.B

,

4

.78

%

,

1/22/26

.....

2,172

2,133

a

8014302.SQ.FTS.B

,

4

.78

%

,

1/22/26

.....

23,759

23,279

a

8012558.SQ.FTS.B

,

5

.094

%

,

1/22/26

....

1,425

1,381

a

8013159.SQ.FTS.B

,

5

.094

%

,

1/22/26

....

10,564

10,303

a

8013974.SQ.FTS.B

,

5

.347

%

,

1/22/26

....

3,944

3,579

a

8012620.SQ.FTS.B

,

5

.534

%

,

1/22/26

....

9,393

9,184

a

8014194.SQ.FTS.B

,

5

.535

%

,

1/22/26

....

4,477

4,284

a

8011858.SQ.FTS.B

,

5

.538

%

,

1/22/26

....

2,301

2,215

a

8011791.SQ.FTS.B

,

5

.91

%

,

1/22/26

.....

4,096

2,821

a

8013468.SQ.FTS.B

,

5

.914

%

,

1/22/26

....

3,497

3,426

a

8015515.SQ.FTS.B

,

4

.746

%

,

1/23/26

....

2,333

1,610

a

8016641.SQ.FTS.B

,

4

.747

%

,

1/23/26

....

6,675

5,630

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8016917.SQ.FTS.B

,

4

.778

%

,

1/23/26

....

$

3,012

$

2,929

a

8015845.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

10,863

10,323

a

8017039.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

17,131

16,768

a

8018550.SQ.FTS.B

,

5

.1

%

,

1/23/26

......

3,338

3,088

a

8018042.SQ.FTS.B

,

5

.346

%

,

1/23/26

....

11,851

11,638

a

8016524.SQ.FTS.B

,

5

.352

%

,

1/23/26

....

927

910

a

8018623.SQ.FTS.B

,

5

.53

%

,

1/23/26

.....

1,206

1,178

a

8015670.SQ.FTS.B

,

5

.717

%

,

1/23/26

....

1,614

1,582

a

8018500.SQ.FTS.B

,

5

.721

%

,

1/23/26

....

2,414

2,318

a

8018672.SQ.FTS.B

,

5

.918

%

,

1/23/26

....

668

658

a

8016896.SQ.FTS.B

,

6

.289

%

,

1/23/26

....

766

576

a

8019795.SQ.FTS.B

,

4

.775

%

,

1/24/26

....

1,630

1,577

a

8020158.SQ.FTS.B

,

5

.093

%

,

1/24/26

....

5,319

5,266

a

8019901.SQ.FTS.B

,

5

.094

%

,

1/24/26

....

4,149

4,079

a

8019678.SQ.FTS.B

,

5

.101

%

,

1/24/26

....

2,816

2,685

a

8020874.SQ.FTS.B

,

5

.346

%

,

1/24/26

....

8,125

7,859

a

8021839.SQ.FTS.B

,

5

.35

%

,

1/24/26

.....

3,811

3,726

a

8021819.SQ.FTS.B

,

5

.436

%

,

1/24/26

....

140

133

a

8021127.SQ.FTS.B

,

5

.534

%

,

1/24/26

....

13,717

13,531

a

8018757.SQ.FTS.B

,

6

.164

%

,

1/24/26

....

11,559

11,315

a

8019854.SQ.FTS.B

,

6

.467

%

,

1/24/26

....

1,467

1,225

a

8024659.SQ.FTS.B

,

4

.754

%

,

1/25/26

....

379

359

a

8027010.SQ.FTS.B

,

4

.776

%

,

1/25/26

....

2,011

1,711

a

8026728.SQ.FTS.B

,

4

.777

%

,

1/25/26

....

2,581

2,185

a

8027666.SQ.FTS.B

,

4

.778

%

,

1/25/26

....

4,460

4,396

a

8024794.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

4,851

4,685

a

8025825.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

5,285

5,134

a

8026662.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

4,735

4,603

a

8024716.SQ.FTS.B

,

4

.783

%

,

1/25/26

....

2,545

2,237

a

8026979.SQ.FTS.B

,

4

.787

%

,

1/25/26

....

1,665

1,635

a

8024626.SQ.FTS.B

,

4

.793

%

,

1/25/26

....

233

216

a

8027210.SQ.FTS.B

,

5

.092

%

,

1/25/26

....

3,057

2,945

a

8023989.SQ.FTS.B

,

5

.098

%

,

1/25/26

....

6,990

6,465

a

8025980.SQ.FTS.B

,

5

.107

%

,

1/25/26

....

706

697

a

8025411.SQ.FTS.B

,

5

.349

%

,

1/25/26

....

7,737

7,088

a

8024278.SQ.FTS.B

,

5

.535

%

,

1/25/26

....

5,793

5,616

a

8025027.SQ.FTS.B

,

5

.907

%

,

1/25/26

....

1,072

1,039

a

8027809.SQ.FTS.B

,

5

.91

%

,

1/25/26

.....

2,736

2,655

a

8027299.SQ.FTS.B

,

5

.914

%

,

1/25/26

....

2,360

2,298

a

8025368.SQ.FTS.B

,

6

.146

%

,

1/25/26

....

558

534

a

8025203.SQ.FTS.B

,

6

.162

%

,

1/25/26

....

3,742

2,589

a

8026006.SQ.FTS.B

,

6

.164

%

,

1/25/26

....

11,984

11,781

a

8027052.SQ.FTS.B

,

6

.166

%

,

1/25/26

....

4,711

4,241

a

8027836.SQ.FTS.B

,

4

.78

%

,

1/26/26

.....

6,242

6,124

a

8029301.SQ.FTS.B

,

5

.095

%

,

1/26/26

....

41,158

32,935

a

8029194.SQ.FTS.B

,

5

.104

%

,

1/26/26

....

1,957

1,609

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8028768.SQ.FTS.B

,

5

.347

%

,

1/26/26

....

$

9,747

$

7,382

a

8028272.SQ.FTS.B

,

5

.535

%

,

1/26/26

....

9,794

7,182

a

8030193.SQ.FTS.B

,

5

.535

%

,

1/26/26

....

31,126

30,406

a

8029259.SQ.FTS.B

,

5

.718

%

,

1/26/26

....

1,531

1,123

a

8030096.SQ.FTS.B

,

5

.723

%

,

1/26/26

....

1,574

1,542

a

8031237.SQ.FTS.B

,

4

.747

%

,

1/27/26

....

987

769

a

8031417.SQ.FTS.B

,

4

.779

%

,

1/27/26

....

10,361

10,095

a

8031932.SQ.FTS.B

,

5

.096

%

,

1/27/26

....

8,175

7,918

a

8031654.SQ.FTS.B

,

5

.098

%

,

1/27/26

....

2,675

2,628

a

8031747.SQ.FTS.B

,

5

.535

%

,

1/27/26

....

10,126

7,452

a

8031355.SQ.FTS.B

,

5

.902

%

,

1/27/26

....

1,314

1,134

a

8031261.SQ.FTS.B

,

6

.164

%

,

1/27/26

....

1,726

1,664

a

8032305.SQ.FTS.B

,

4

.778

%

,

1/28/26

....

2,992

2,894

a

8032409.SQ.FTS.B

,

4

.78

%

,

1/28/26

.....

4,601

4,415

a

8032482.SQ.FTS.B

,

4

.783

%

,

1/28/26

....

5,034

4,829

a

8032785.SQ.FTS.B

,

4

.785

%

,

1/28/26

....

1,811

1,717

a

8032394.SQ.FTS.B

,

5

.108

%

,

1/28/26

....

1,421

1,141

a

8032913.SQ.FTS.B

,

5

.346

%

,

1/28/26

....

15,974

15,619

a

8032160.SQ.FTS.B

,

6

.165

%

,

1/28/26

....

2,091

1,942

a

8032206.SQ.FTS.B

,

6

.477

%

,

1/28/26

....

2,785

2,683

a

8034209.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

5,876

5,642

a

8034996.SQ.FTS.B

,

4

.78

%

,

1/29/26

.....

4,469

4,356

a

8034768.SQ.FTS.B

,

5

.091

%

,

1/29/26

....

1,998

1,956

a

8034921.SQ.FTS.B

,

5

.343

%

,

1/29/26

....

2,600

2,511

a

8036914.SQ.FTS.B

,

5

.354

%

,

1/29/26

....

3,668

2,528

a

8034608.SQ.FTS.B

,

5

.535

%

,

1/29/26

....

5,487

5,314

a

8035368.SQ.FTS.B

,

5

.535

%

,

1/29/26

....

3,918

3,756

a

8035476.SQ.FTS.B

,

5

.914

%

,

1/29/26

....

6,682

6,498

a

8038431.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

12,821

12,329

a

8039738.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

1,572

1,537

a

8039538.SQ.FTS.B

,

5

.092

%

,

1/30/26

....

3,341

3,113

a

8038837.SQ.FTS.B

,

5

.094

%

,

1/30/26

....

13,855

13,553

a

8039955.SQ.FTS.B

,

5

.094

%

,

1/30/26

....

2,003

1,936

a

8038799.SQ.FTS.B

,

5

.544

%

,

1/30/26

....

1,864

1,674

a

8039644.SQ.FTS.B

,

5

.721

%

,

1/30/26

....

3,918

3,595

a

8039266.SQ.FTS.B

,

5

.725

%

,

1/30/26

....

4,370

4,197

a

8037632.SQ.FTS.B

,

5

.905

%

,

1/30/26

....

681

664

a

8038230.SQ.FTS.B

,

6

.163

%

,

1/30/26

....

6,049

3,099

a

8037451.SQ.FTS.B

,

6

.164

%

,

1/30/26

....

882

562

a

8038405.SQ.FTS.B

,

6

.471

%

,

1/30/26

....

545

497

a

8041967.SQ.FTS.B

,

4

.781

%

,

1/31/26

....

9,691

9,374

a

8040955.SQ.FTS.B

,

5

.347

%

,

1/31/26

....

11,436

11,261

a

8042424.SQ.FTS.B

,

5

.534

%

,

1/31/26

....

9,807

9,633

a

8044324.SQ.FTS.B

,

6

.178

%

,

1/31/26

....

588

576

a

8042336.SQ.FTS.B

,

6

.482

%

,

1/31/26

....

5,226

600

a

8049016.SQ.FTS.B

,

4

.781

%

,

2/01/26

....

1,446

1,420

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8049731.SQ.FTS.B

,

4

.781

%

,

2/01/26

....

$

4,168

$

4,078

a

8050539.SQ.FTS.B

,

4

.783

%

,

2/01/26

....

4,126

4,055

a

8049098.SQ.FTS.B

,

5

.094

%

,

2/01/26

....

18,612

17,763

a

8048848.SQ.FTS.B

,

5

.097

%

,

2/01/26

....

3,945

3,889

a

8050308.SQ.FTS.B

,

5

.346

%

,

2/01/26

....

4,409

4,156

a

8049974.SQ.FTS.B

,

5

.535

%

,

2/01/26

....

5,324

5,245

a

8048427.SQ.FTS.B

,

5

.725

%

,

2/01/26

....

4,197

3,998

a

8047021.SQ.FTS.B

,

5

.727

%

,

2/01/26

....

2,188

2,155

a

8047355.SQ.FTS.B

,

5

.902

%

,

2/01/26

....

655

587

a

8048578.SQ.FTS.B

,

6

.289

%

,

2/01/26

....

6,201

5,412

a

8049639.SQ.FTS.B

,

6

.486

%

,

2/01/26

....

2,389

1,702

a

8051647.SQ.FTS.B

,

4

.721

%

,

2/02/26

....

223

212

a

8051996.SQ.FTS.B

,

4

.751

%

,

2/02/26

....

4,965

179

a

8052134.SQ.FTS.B

,

4

.779

%

,

2/02/26

....

5,934

5,826

a

8050966.SQ.FTS.B

,

4

.78

%

,

2/02/26

.....

8,645

8,444

a

8052759.SQ.FTS.B

,

4

.78

%

,

2/02/26

.....

31,359

27,804

a

8051483.SQ.FTS.B

,

5

.346

%

,

2/02/26

....

2,102

2,043

a

8052396.SQ.FTS.B

,

5

.349

%

,

2/02/26

....

5,978

5,782

a

8053507.SQ.FTS.B

,

5

.535

%

,

2/02/26

....

19,715

19,101

a

8050775.SQ.FTS.B

,

6

.157

%

,

2/02/26

....

1,352

954

a

8050572.SQ.FTS.B

,

6

.289

%

,

2/02/26

....

3,964

3,449

a

8050826.SQ.FTS.B

,

6

.289

%

,

2/02/26

....

4,588

714

a

8051835.SQ.FTS.B

,

6

.289

%

,

2/02/26

....

2,796

2,443

a

8054742.SQ.FTS.B

,

4

.78

%

,

2/03/26

.....

1,379

1,337

a

8054622.SQ.FTS.B

,

5

.09

%

,

2/03/26

.....

3,097

3,028

a

8054334.SQ.FTS.B

,

5

.093

%

,

2/03/26

....

10,532

10,148

a

8054270.SQ.FTS.B

,

5

.355

%

,

2/03/26

....

586

578

a

8054720.SQ.FTS.B

,

5

.475

%

,

2/03/26

....

51

50

a

8054582.SQ.FTS.B

,

6

.152

%

,

2/03/26

....

340

337

a

8054302.SQ.FTS.B

,

6

.164

%

,

2/03/26

....

430

411

a

8054775.SQ.FTS.B

,

6

.164

%

,

2/03/26

....

2,512

2,494

a

8055435.SQ.FTS.B

,

4

.775

%

,

2/04/26

....

1,514

1,468

a

8055695.SQ.FTS.B

,

4

.783

%

,

2/04/26

....

6,139

5,900

a

8055900.SQ.FTS.B

,

4

.784

%

,

2/04/26

....

4,926

4,676

a

8055639.SQ.FTS.B

,

5

.097

%

,

2/04/26

....

2,468

2,376

a

8056009.SQ.FTS.B

,

5

.346

%

,

2/04/26

....

8,516

8,231

a

8055982.SQ.FTS.B

,

6

.148

%

,

2/04/26

....

1,123

928

a

8055834.SQ.FTS.B

,

6

.162

%

,

2/04/26

....

378

375

a

8055412.SQ.FTS.B

,

6

.196

%

,

2/04/26

....

377

361

a

8056546.SQ.FTS.B

,

4

.707

%

,

2/05/26

....

173

167

a

8057620.SQ.FTS.B

,

4

.751

%

,

2/05/26

....

8,330

2,403

a

8057121.SQ.FTS.B

,

4

.78

%

,

2/05/26

.....

1,180

1,157

a

8056555.SQ.FTS.B

,

4

.782

%

,

2/05/26

....

6,384

6,191

a

8057581.SQ.FTS.B

,

5

.089

%

,

2/05/26

....

1,860

1,774

a

8056864.SQ.FTS.B

,

5

.094

%

,

2/05/26

....

5,331

4,817

a

8057169.SQ.FTS.B

,

5

.094

%

,

2/05/26

....

1,123

1,091

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8057251.SQ.FTS.B

,

5

.346

%

,

2/05/26

....

$

2,258

$

2,194

a

8057890.SQ.FTS.B

,

5

.346

%

,

2/05/26

....

5,963

5,786

a

8058702.SQ.FTS.B

,

5

.348

%

,

2/05/26

....

4,356

4,298

a

8059705.SQ.FTS.B

,

5

.535

%

,

2/05/26

....

11,484

11,085

a

8058155.SQ.FTS.B

,

5

.723

%

,

2/05/26

....

30,831

10,796

a

8056496.SQ.FTS.B

,

5

.902

%

,

2/05/26

....

1,270

1,229

a

8059678.SQ.FTS.B

,

5

.902

%

,

2/05/26

....

307

305

a

8058685.SQ.FTS.B

,

6

.166

%

,

2/05/26

....

484

472

a

8056530.SQ.FTS.B

,

6

.171

%

,

2/05/26

....

126

125

a

8056820.SQ.FTS.B

,

6

.289

%

,

2/05/26

....

847

657

a

8059395.SQ.FTS.B

,

6

.47

%

,

2/05/26

.....

759

735

a

8059652.SQ.FTS.B

,

6

.472

%

,

2/05/26

....

653

620

a

8061862.SQ.FTS.B

,

4

.778

%

,

2/06/26

....

2,030

1,999

a

8062099.SQ.FTS.B

,

4

.779

%

,

2/06/26

....

21,697

21,219

a

8061979.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

4,776

4,659

a

8061677.SQ.FTS.B

,

5

.093

%

,

2/06/26

....

3,668

3,532

a

8062730.SQ.FTS.B

,

5

.136

%

,

2/06/26

....

366

352

a

8062731.SQ.FTS.B

,

5

.534

%

,

2/06/26

....

52,905

51,085

a

8060184.SQ.FTS.B

,

5

.912

%

,

2/06/26

....

34,340

29,994

a

8065132.SQ.FTS.B

,

4

.779

%

,

2/07/26

....

16,576

16,240

a

8065625.SQ.FTS.B

,

4

.78

%

,

2/07/26

.....

2,794

2,671

a

8064403.SQ.FTS.B

,

4

.782

%

,

2/07/26

....

7,741

7,569

a

8064958.SQ.FTS.B

,

5

.094

%

,

2/07/26

....

6,221

5,014

a

8065689.SQ.FTS.B

,

5

.094

%

,

2/07/26

....

28,270

27,835

a

8066872.SQ.FTS.B

,

5

.348

%

,

2/07/26

....

10,613

10,234

a

8066564.SQ.FTS.B

,

5

.725

%

,

2/07/26

....

7,431

7,174

a

8064024.SQ.FTS.B

,

6

.164

%

,

2/07/26

....

9,220

2,434

a

8064319.SQ.FTS.B

,

6

.174

%

,

2/07/26

....

855

842

a

8069832.SQ.FTS.B

,

4

.78

%

,

2/08/26

.....

5,786

5,588

a

8070789.SQ.FTS.B

,

5

.094

%

,

2/08/26

....

8,631

8,317

a

8071899.SQ.FTS.B

,

5

.094

%

,

2/08/26

....

5,875

5,790

a

8070478.SQ.FTS.B

,

5

.096

%

,

2/08/26

....

6,823

6,696

a

8071234.SQ.FTS.B

,

5

.346

%

,

2/08/26

....

14,611

14,182

a

8071848.SQ.FTS.B

,

5

.528

%

,

2/08/26

....

899

887

a

8069108.SQ.FTS.B

,

5

.911

%

,

2/08/26

....

5,251

5,173

a

8072101.SQ.FTS.B

,

6

.164

%

,

2/08/26

....

10,026

9,947

a

8072911.SQ.FTS.B

,

4

.78

%

,

2/09/26

.....

2,362

2,319

a

8073086.SQ.FTS.B

,

5

.346

%

,

2/09/26

....

7,059

6,989

a

8074495.SQ.FTS.B

,

5

.535

%

,

2/09/26

....

15,496

15,098

a

8075005.SQ.FTS.B

,

5

.912

%

,

2/09/26

....

1,217

1,192

a

8075043.SQ.FTS.B

,

5

.912

%

,

2/09/26

....

15,104

14,781

a

8076420.SQ.FTS.B

,

4

.778

%

,

2/10/26

....

9,523

9,295

a

8076023.SQ.FTS.B

,

4

.78

%

,

2/10/26

.....

6,817

6,651

a

8076711.SQ.FTS.B

,

4

.782

%

,

2/10/26

....

3,071

3,000

a

8076225.SQ.FTS.B

,

4

.783

%

,

2/10/26

....

3,151

3,024

a

8076835.SQ.FTS.B

,

5

.539

%

,

2/10/26

....

1,723

1,667

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8076295.SQ.FTS.B

,

5

.904

%

,

2/10/26

....

$

1,721

$

1,663

a

8076342.SQ.FTS.B

,

6

.16

%

,

2/10/26

.....

1,540

1,490

a

8076793.SQ.FTS.B

,

6

.294

%

,

2/10/26

....

2,546

513

a

8077372.SQ.FTS.B

,

4

.778

%

,

2/11/26

....

4,074

3,599

a

8077473.SQ.FTS.B

,

4

.78

%

,

2/11/26

.....

8,229

8,057

a

8077339.SQ.FTS.B

,

4

.792

%

,

2/11/26

....

1,369

1,328

a

8076878.SQ.FTS.B

,

5

.095

%

,

2/11/26

....

13,534

13,244

a

8078299.SQ.FTS.B

,

4

.746

%

,

2/12/26

....

1,736

669

a

8078088.SQ.FTS.B

,

4

.777

%

,

2/12/26

....

5,927

2,874

a

8081422.SQ.FTS.B

,

4

.778

%

,

2/12/26

....

10,959

10,469

a

8079831.SQ.FTS.B

,

4

.779

%

,

2/12/26

....

20,443

20,144

a

8078392.SQ.FTS.B

,

4

.783

%

,

2/12/26

....

4,382

4,288

a

8078895.SQ.FTS.B

,

5

.094

%

,

2/12/26

....

926

918

a

8079022.SQ.FTS.B

,

5

.095

%

,

2/12/26

....

3,567

3,444

a

8079714.SQ.FTS.B

,

5

.099

%

,

2/12/26

....

3,134

3,073

a

8078798.SQ.FTS.B

,

5

.342

%

,

2/12/26

....

2,269

2,141

a

8079123.SQ.FTS.B

,

5

.347

%

,

2/12/26

....

15,795

15,448

a

8081142.SQ.FTS.B

,

5

.349

%

,

2/12/26

....

7,086

6,694

a

8081059.SQ.FTS.B

,

5

.905

%

,

2/12/26

....

1,998

1,732

a

8081825.SQ.FTS.B

,

4

.717

%

,

2/13/26

....

159

155

a

8083189.SQ.FTS.B

,

4

.78

%

,

2/13/26

.....

16,214

15,896

a

8084587.SQ.FTS.B

,

4

.782

%

,

2/13/26

....

3,962

3,861

a

8084514.SQ.FTS.B

,

4

.787

%

,

2/13/26

....

2,743

2,641

a

8083175.SQ.FTS.B

,

5

.08

%

,

2/13/26

.....

180

179

a

8082125.SQ.FTS.B

,

5

.348

%

,

2/13/26

....

14,396

13,194

a

8082786.SQ.FTS.B

,

5

.349

%

,

2/13/26

....

7,330

6,897

a

8084721.SQ.FTS.B

,

5

.349

%

,

2/13/26

....

1,335

1,316

a

8081623.SQ.FTS.B

,

6

.166

%

,

2/13/26

....

1,938

1,886

a

8081797.SQ.FTS.B

,

6

.268

%

,

2/13/26

....

840

663

a

8084851.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

6,652

5,889

a

8086461.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

10,446

10,151

a

8085093.SQ.FTS.B

,

4

.781

%

,

2/14/26

....

12,390

12,086

a

8085774.SQ.FTS.B

,

5

.095

%

,

2/14/26

....

19,223

18,266

a

8086796.SQ.FTS.B

,

5

.095

%

,

2/14/26

....

34,134

33,123

a

8087673.SQ.FTS.B

,

5

.346

%

,

2/14/26

....

31,273

30,631

a

8090007.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

17,629

15,298

a

8092027.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

31,601

29,939

a

8092902.SQ.FTS.B

,

5

.089

%

,

2/15/26

....

2,227

2,176

a

8091069.SQ.FTS.B

,

5

.095

%

,

2/15/26

....

12,899

12,598

a

8091746.SQ.FTS.B

,

5

.349

%

,

2/15/26

....

8,610

6,598

a

8093239.SQ.FTS.B

,

5

.534

%

,

2/15/26

....

15,251

14,782

a

8090826.SQ.FTS.B

,

5

.737

%

,

2/15/26

....

1,757

1,284

a

8093036.SQ.FTS.B

,

6

.477

%

,

2/15/26

....

10,658

1,929

a

8096298.SQ.FTS.B

,

4

.742

%

,

2/16/26

....

165

161

a

8093954.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

3,117

3,018

a

8094830.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

5,487

5,364

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8095652.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

$

7,619

$

7,467

a

8096009.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

987

955

a

8096034.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

5,793

5,651

a

8096744.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

2,495

2,406

a

8096915.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

2,782

2,719

a

8095298.SQ.FTS.B

,

4

.781

%

,

2/16/26

....

12,913

12,267

a

8094105.SQ.FTS.B

,

4

.783

%

,

2/16/26

....

4,872

4,756

a

8096461.SQ.FTS.B

,

5

.097

%

,

2/16/26

....

3,354

3,300

a

8096672.SQ.FTS.B

,

5

.726

%

,

2/16/26

....

1,238

1,202

a

8093678.SQ.FTS.B

,

5

.727

%

,

2/16/26

....

7,776

2,865

a

8094464.SQ.FTS.B

,

5

.912

%

,

2/16/26

....

5,687

5,498

a

8096308.SQ.FTS.B

,

6

.169

%

,

2/16/26

....

2,237

2,165

a

8097119.SQ.FTS.B

,

4

.781

%

,

2/17/26

....

21,003

20,345

a

8097054.SQ.FTS.B

,

4

.783

%

,

2/17/26

....

2,357

2,314

a

8097636.SQ.FTS.B

,

5

.094

%

,

2/17/26

....

8,420

8,194

a

8096999.SQ.FTS.B

,

6

.168

%

,

2/17/26

....

1,077

1,053

a

8098476.SQ.FTS.B

,

4

.752

%

,

2/18/26

....

1,225

140

a

8098641.SQ.FTS.B

,

4

.778

%

,

2/18/26

....

3,322

3,250

a

8098007.SQ.FTS.B

,

4

.78

%

,

2/18/26

.....

4,923

4,842

a

8098162.SQ.FTS.B

,

4

.78

%

,

2/18/26

.....

7,284

7,015

a

8097887.SQ.FTS.B

,

4

.784

%

,

2/18/26

....

5,089

4,807

a

8097867.SQ.FTS.B

,

5

.334

%

,

2/18/26

....

384

380

a

8098750.SQ.FTS.B

,

5

.346

%

,

2/18/26

....

4,111

3,981

a

8098445.SQ.FTS.B

,

5

.725

%

,

2/18/26

....

1,140

1,098

a

8101070.SQ.FTS.B

,

4

.752

%

,

2/19/26

....

835

816

a

8100231.SQ.FTS.B

,

4

.78

%

,

2/19/26

.....

3,215

3,117

a

8100679.SQ.FTS.B

,

4

.78

%

,

2/19/26

.....

12,331

12,057

a

8100375.SQ.FTS.B

,

4

.781

%

,

2/19/26

....

10,874

10,577

a

8099112.SQ.FTS.B

,

4

.782

%

,

2/19/26

....

5,694

5,575

a

8101696.SQ.FTS.B

,

5

.093

%

,

2/19/26

....

18,233

17,580

a

8102226.SQ.FTS.B

,

5

.094

%

,

2/19/26

....

23,460

23,101

a

8099621.SQ.FTS.B

,

5

.346

%

,

2/19/26

....

17,754

12,479

a

8101156.SQ.FTS.B

,

5

.346

%

,

2/19/26

....

4,655

4,500

a

8101028.SQ.FTS.B

,

6

.169

%

,

2/19/26

....

2,870

2,626

a

8099446.SQ.FTS.B

,

6

.171

%

,

2/19/26

....

2,781

2,558

a

8101272.SQ.FTS.B

,

6

.289

%

,

2/19/26

....

4,629

4,566

a

8106074.SQ.FTS.B

,

4

.777

%

,

2/20/26

....

4,155

4,001

a

8104796.SQ.FTS.B

,

4

.78

%

,

2/20/26

.....

5,468

5,409

a

8105858.SQ.FTS.B

,

4

.78

%

,

2/20/26

.....

2,477

2,442

a

8102648.SQ.FTS.B

,

4

.782

%

,

2/20/26

....

7,243

7,079

a

8105051.SQ.FTS.B

,

5

.092

%

,

2/20/26

....

4,812

3,976

a

8103846.SQ.FTS.B

,

5

.53

%

,

2/20/26

.....

1,334

1,314

a

8104102.SQ.FTS.B

,

5

.534

%

,

2/20/26

....

18,017

17,687

a

8105148.SQ.FTS.B

,

5

.535

%

,

2/20/26

....

18,974

18,502

a

8105727.SQ.FTS.B

,

5

.536

%

,

2/20/26

....

7,820

5,909

a

8103947.SQ.FTS.B

,

5

.538

%

,

2/20/26

....

3,232

3,131

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8103240.SQ.FTS.B

,

5

.911

%

,

2/20/26

....

$

6,687

$

6,512

a

8105964.SQ.FTS.B

,

6

.332

%

,

2/20/26

....

392

382

a

8109203.SQ.FTS.B

,

4

.749

%

,

2/21/26

....

7,535

5,482

a

8109091.SQ.FTS.B

,

4

.778

%

,

2/21/26

....

5,937

5,610

a

8106332.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

6,343

6,191

a

8106732.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

30,050

26,328

a

8107786.SQ.FTS.B

,

5

.346

%

,

2/21/26

....

38,797

36,552

a

8106193.SQ.FTS.B

,

6

.133

%

,

2/21/26

....

587

567

a

8109434.SQ.FTS.B

,

6

.15

%

,

2/21/26

.....

476

460

a

8109022.SQ.FTS.B

,

6

.166

%

,

2/21/26

....

2,626

2,593

a

8106283.SQ.FTS.B

,

6

.172

%

,

2/21/26

....

345

334

a

8108612.SQ.FTS.B

,

6

.289

%

,

2/21/26

....

7,828

7,671

a

8111767.SQ.FTS.B

,

4

.737

%

,

2/22/26

....

949

906

a

8114523.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

11,211

10,934

a

8114831.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

7,457

7,079

a

8112617.SQ.FTS.B

,

4

.781

%

,

2/22/26

....

12,321

12,022

a

8112087.SQ.FTS.B

,

5

.11

%

,

2/22/26

.....

3,816

3,622

a

8113705.SQ.FTS.B

,

5

.66

%

,

2/22/26

.....

14,003

13,859

a

8113487.SQ.FTS.B

,

5

.723

%

,

2/22/26

....

8,251

6,105

a

8111509.SQ.FTS.B

,

6

.326

%

,

2/22/26

....

5,789

4,219

a

8113127.SQ.FTS.B

,

6

.326

%

,

2/22/26

....

2,861

2,813

a

8111861.SQ.FTS.B

,

6

.415

%

,

2/22/26

....

1,594

1,560

a

8115010.SQ.FTS.B

,

6

.547

%

,

2/22/26

....

27,986

15,994

a

8115810.SQ.FTS.B

,

4

.947

%

,

2/23/26

....

719

697

a

8115434.SQ.FTS.B

,

5

.094

%

,

2/23/26

....

2,490

2,407

a

8116542.SQ.FTS.B

,

5

.346

%

,

2/23/26

....

29,994

27,576

a

8118264.SQ.FTS.B

,

5

.408

%

,

2/23/26

....

19,251

17,513

a

8116233.SQ.FTS.B

,

5

.409

%

,

2/23/26

....

6,741

6,544

a

8117845.SQ.FTS.B

,

5

.723

%

,

2/23/26

....

6,229

6,038

a

8117366.SQ.FTS.B

,

5

.724

%

,

2/23/26

....

8,540

8,317

a

8115533.SQ.FTS.B

,

5

.908

%

,

2/23/26

....

3,058

2,995

a

8115296.SQ.FTS.B

,

6

.55

%

,

2/23/26

.....

2,433

1,942

a

8119063.SQ.FTS.B

,

4

.778

%

,

2/24/26

....

5,073

4,912

a

8118730.SQ.FTS.B

,

4

.779

%

,

2/24/26

....

7,413

7,175

a

8118877.SQ.FTS.B

,

4

.78

%

,

2/24/26

.....

2,379

2,109

a

8119258.SQ.FTS.B

,

4

.781

%

,

2/24/26

....

17,371

14,958

a

8119199.SQ.FTS.B

,

4

.782

%

,

2/24/26

....

2,214

2,167

a

8119010.SQ.FTS.B

,

4

.952

%

,

2/24/26

....

3,413

2,157

a

8119176.SQ.FTS.B

,

5

.099

%

,

2/24/26

....

1,092

1,053

a

8118926.SQ.FTS.B

,

5

.666

%

,

2/24/26

....

2,435

2,398

a

8119746.SQ.FTS.B

,

4

.783

%

,

2/25/26

....

3,827

3,763

a

8119560.SQ.FTS.B

,

5

.409

%

,

2/25/26

....

9,168

6,428

a

8120166.SQ.FTS.B

,

5

.409

%

,

2/25/26

....

18,293

14,023

a

8120135.SQ.FTS.B

,

6

.678

%

,

2/25/26

....

464

452

a

8121883.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

6,192

6,026

a

8123700.SQ.FTS.B

,

4

.781

%

,

2/26/26

....

5,046

4,959

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8123309.SQ.FTS.B

,

4

.782

%

,

2/26/26

....

$

9,139

$

8,835

a

8122124.SQ.FTS.B

,

5

.094

%

,

2/26/26

....

50,840

41,785

a

8121825.SQ.FTS.B

,

5

.104

%

,

2/26/26

....

1,119

1,103

a

8122063.SQ.FTS.B

,

5

.113

%

,

2/26/26

....

3,079

2,954

a

8120927.SQ.FTS.B

,

5

.66

%

,

2/26/26

.....

1,648

1,623

a

8124329.SQ.FTS.B

,

5

.912

%

,

2/26/26

....

23,671

21,834

a

8123530.SQ.FTS.B

,

5

.916

%

,

2/26/26

....

1,080

1,052

a

8123632.SQ.FTS.B

,

6

.326

%

,

2/26/26

....

2,027

1,962

a

8123557.SQ.FTS.B

,

6

.418

%

,

2/26/26

....

4,157

4,018

a

8123971.SQ.FTS.B

,

6

.672

%

,

2/26/26

....

1,033

949

a

8127642.SQ.FTS.B

,

4

.777

%

,

2/27/26

....

1,561

1,532

a

8124765.SQ.FTS.B

,

4

.78

%

,

2/27/26

.....

29,796

28,197

a

8127478.SQ.FTS.B

,

4

.78

%

,

2/27/26

.....

5,005

4,734

a

8127689.SQ.FTS.B

,

4

.78

%

,

2/27/26

.....

24,643

24,055

a

8124609.SQ.FTS.B

,

4

.957

%

,

2/27/26

....

387

377

a

8126889.SQ.FTS.B

,

5

.094

%

,

2/27/26

....

7,437

7,046

a

8126617.SQ.FTS.B

,

5

.105

%

,

2/27/26

....

1,160

1,125

a

8124512.SQ.FTS.B

,

5

.11

%

,

2/27/26

.....

998

967

a

8126188.SQ.FTS.B

,

6

.149

%

,

2/27/26

....

3,100

2,753

a

8126648.SQ.FTS.B

,

6

.328

%

,

2/27/26

....

4,374

2,128

a

8126086.SQ.FTS.B

,

6

.416

%

,

2/27/26

....

3,576

3,054

a

8126705.SQ.FTS.B

,

6

.441

%

,

2/27/26

....

1,278

860

a

8140182.SQ.FTS.B

,

4

.778

%

,

2/28/26

....

2,069

2,038

a

8129109.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

20,892

18,428

a

8129667.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

40,957

39,971

a

8130830.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

6,338

6,119

a

8139765.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

2,250

2,187

a

8140275.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

2,492

2,395

a

8140625.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

8,536

8,285

a

8141552.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

12,031

11,683

a

8141947.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

1,699

1,643

a

8142064.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

44,011

42,946

a

8142519.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

16,790

13,780

a

8142837.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

18,712

18,144

a

8131164.SQ.FTS.B

,

4

.781

%

,

2/28/26

....

11,925

11,609

a

8130744.SQ.FTS.B

,

5

.09

%

,

2/28/26

.....

3,642

3,512

a

8128439.SQ.FTS.B

,

5

.094

%

,

2/28/26

....

5,018

4,772

a

8135363.SQ.FTS.B

,

5

.112

%

,

2/28/26

....

12,275

11,987

a

8128630.SQ.FTS.B

,

5

.116

%

,

2/28/26

....

6,687

6,530

a

8139952.SQ.FTS.B

,

5

.119

%

,

2/28/26

....

2,578

2,524

a

8140096.SQ.FTS.B

,

5

.406

%

,

2/28/26

....

1,004

981

a

8140982.SQ.FTS.B

,

5

.408

%

,

2/28/26

....

11,155

10,857

a

8136658.SQ.FTS.B

,

5

.535

%

,

2/28/26

....

13,409

12,974

a

8136195.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

9,375

9,171

a

8138812.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

1,080

1,063

a

8141445.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

737

714

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8139649.SQ.FTS.B

,

5

.67

%

,

2/28/26

.....

$

2,098

$

2,000

a

8128121.SQ.FTS.B

,

5

.912

%

,

2/28/26

....

5,410

1,665

a

8137489.SQ.FTS.B

,

5

.912

%

,

2/28/26

....

34,794

32,254

a

8141337.SQ.FTS.B

,

6

.15

%

,

2/28/26

.....

2,540

2,436

a

8143369.SQ.FTS.B

,

6

.155

%

,

2/28/26

....

3,556

2,601

a

8140137.SQ.FTS.B

,

6

.157

%

,

2/28/26

....

1,206

1,171

a

8140437.SQ.FTS.B

,

6

.324

%

,

2/28/26

....

4,266

3,968

a

8138680.SQ.FTS.B

,

6

.416

%

,

2/28/26

....

897

870

a

8130908.SQ.FTS.B

,

6

.422

%

,

2/28/26

....

8,349

7,840

a

8141476.SQ.FTS.B

,

6

.43

%

,

2/28/26

.....

2,374

2,011

a

8130679.SQ.FTS.B

,

6

.668

%

,

2/28/26

....

1,206

1,176

a

8137102.SQ.FTS.B

,

6

.672

%

,

2/28/26

....

10,226

9,933

a

8144159.SQ.FTS.B

,

4

.78

%

,

3/01/26

.....

5,436

5,302

a

8143486.SQ.FTS.B

,

6

.328

%

,

3/01/26

....

4,836

698

a

8143922.SQ.FTS.B

,

6

.339

%

,

3/01/26

....

432

422

a

8143953.SQ.FTS.B

,

6

.425

%

,

3/01/26

....

1,966

1,843

a

8145052.SQ.FTS.B

,

4

.78

%

,

3/02/26

.....

2,952

2,882

a

8144690.SQ.FTS.B

,

4

.781

%

,

3/02/26

....

19,678

17,391

a

8145457.SQ.FTS.B

,

5

.111

%

,

3/02/26

....

3,749

3,640

a

8144510.SQ.FTS.B

,

5

.118

%

,

3/02/26

....

2,921

2,829

a

8145273.SQ.FTS.B

,

5

.613

%

,

3/02/26

....

165

161

a

8145157.SQ.FTS.B

,

5

.664

%

,

3/02/26

....

3,770

3,709

a

8145286.SQ.FTS.B

,

6

.15

%

,

3/02/26

.....

1,124

1,108

a

8145124.SQ.FTS.B

,

6

.419

%

,

3/02/26

....

1,235

1,129

a

8144613.SQ.FTS.B

,

6

.422

%

,

3/02/26

....

6,991

6,579

a

8149300.SQ.FTS.B

,

4

.739

%

,

3/03/26

....

846

454

a

8149324.SQ.FTS.B

,

4

.782

%

,

3/03/26

....

7,795

7,518

a

8148293.SQ.FTS.B

,

5

.09

%

,

3/03/26

.....

4,882

4,623

a

8146530.SQ.FTS.B

,

5

.109

%

,

3/03/26

....

2,402

2,298

a

8145783.SQ.FTS.B

,

5

.125

%

,

3/03/26

....

2,161

2,007

a

8146086.SQ.FTS.B

,

5

.408

%

,

3/03/26

....

7,939

7,303

a

8145726.SQ.FTS.B

,

5

.67

%

,

3/03/26

.....

2,018

1,954

a

8149098.SQ.FTS.B

,

5

.722

%

,

3/03/26

....

3,799

3,716

a

8148398.SQ.FTS.B

,

6

.15

%

,

3/03/26

.....

19,270

18,441

a

8145816.SQ.FTS.B

,

6

.331

%

,

3/03/26

....

2,644

2,378

a

8146668.SQ.FTS.B

,

6

.421

%

,

3/03/26

....

31,628

30,897

a

8146610.SQ.FTS.B

,

6

.676

%

,

3/03/26

....

1,432

139

a

8149467.SQ.FTS.B

,

4

.78

%

,

3/04/26

.....

2,431

2,370

a

8150842.SQ.FTS.B

,

4

.781

%

,

3/04/26

....

13,132

11,157

a

8149737.SQ.FTS.B

,

5

.113

%

,

3/04/26

....

22,173

21,632

a

8152791.SQ.FTS.B

,

5

.115

%

,

3/04/26

....

11,201

9,121

a

8149578.SQ.FTS.B

,

5

.121

%

,

3/04/26

....

2,279

2,205

a

8151140.SQ.FTS.B

,

5

.409

%

,

3/04/26

....

36,268

35,504

a

8152413.SQ.FTS.B

,

6

.149

%

,

3/04/26

....

7,326

1,814

a

8152499.SQ.FTS.B

,

6

.152

%

,

3/04/26

....

3,308

3,191

a

8149685.SQ.FTS.B

,

6

.529

%

,

3/04/26

....

710

687

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8152377.SQ.FTS.B

,

6

.67

%

,

3/04/26

.....

$

997

$

938

a

8156386.SQ.FTS.B

,

4

.779

%

,

3/05/26

....

13,181

12,863

a

8157912.SQ.FTS.B

,

4

.783

%

,

3/05/26

....

6,261

6,014

a

8155181.SQ.FTS.B

,

4

.784

%

,

3/05/26

....

3,830

3,737

a

8157819.SQ.FTS.B

,

4

.784

%

,

3/05/26

....

3,302

3,239

a

8155063.SQ.FTS.B

,

4

.786

%

,

3/05/26

....

2,447

2,402

a

8157225.SQ.FTS.B

,

5

.112

%

,

3/05/26

....

9,696

9,325

a

8158305.SQ.FTS.B

,

5

.114

%

,

3/05/26

....

9,481

4,106

a

8156889.SQ.FTS.B

,

5

.12

%

,

3/05/26

.....

1,826

1,492

a

8156291.SQ.FTS.B

,

5

.126

%

,

3/05/26

....

1,024

1,004

a

8155381.SQ.FTS.B

,

5

.415

%

,

3/05/26

....

3,161

3,037

a

8155532.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

13,089

12,704

a

8158477.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

1,839

1,746

a

8158243.SQ.FTS.B

,

5

.665

%

,

3/05/26

....

7,227

5,393

a

8157487.SQ.FTS.B

,

6

.15

%

,

3/05/26

.....

17,820

15,858

a

8158531.SQ.FTS.B

,

6

.15

%

,

3/05/26

.....

28,414

27,371

a

8158224.SQ.FTS.B

,

6

.157

%

,

3/05/26

....

1,481

1,441

a

8156929.SQ.FTS.B

,

6

.423

%

,

3/05/26

....

2,454

2,372

a

8158028.SQ.FTS.B

,

6

.673

%

,

3/05/26

....

1,666

1,640

a

8162101.SQ.FTS.B

,

4

.777

%

,

3/06/26

....

3,129

3,021

a

8160974.SQ.FTS.B

,

4

.78

%

,

3/06/26

.....

26,039

25,625

a

8159248.SQ.FTS.B

,

4

.782

%

,

3/06/26

....

4,884

4,289

a

8159370.SQ.FTS.B

,

5

.097

%

,

3/06/26

....

7,985

7,573

a

8158956.SQ.FTS.B

,

5

.111

%

,

3/06/26

....

8,963

8,641

a

8160051.SQ.FTS.B

,

5

.637

%

,

3/06/26

....

1,260

1,208

a

8159828.SQ.FTS.B

,

5

.889

%

,

3/06/26

....

591

576

a

8159879.SQ.FTS.B

,

5

.915

%

,

3/06/26

....

2,897

2,205

a

8160737.SQ.FTS.B

,

6

.148

%

,

3/06/26

....

3,394

1,058

a

8160176.SQ.FTS.B

,

6

.421

%

,

3/06/26

....

17,207

16,608

a

8163109.SQ.FTS.B

,

4

.778

%

,

3/07/26

....

2,855

2,800

a

8162222.SQ.FTS.B

,

4

.779

%

,

3/07/26

....

5,218

5,121

a

8162815.SQ.FTS.B

,

4

.779

%

,

3/07/26

....

13,340

12,908

a

8162625.SQ.FTS.B

,

5

.111

%

,

3/07/26

....

2,943

2,437

a

8162677.SQ.FTS.B

,

5

.405

%

,

3/07/26

....

4,175

4,062

a

8162406.SQ.FTS.B

,

6

.152

%

,

3/07/26

....

3,360

765

a

8162785.SQ.FTS.B

,

6

.416

%

,

3/07/26

....

1,923

1,648

a

8163704.SQ.FTS.B

,

4

.77

%

,

3/08/26

.....

1,869

1,819

a

8163282.SQ.FTS.B

,

4

.78

%

,

3/08/26

.....

21,378

20,486

a

8163225.SQ.FTS.B

,

4

.965

%

,

3/08/26

....

636

576

a

8163191.SQ.FTS.B

,

5

.92

%

,

3/08/26

.....

1,599

1,543

a

8163239.SQ.FTS.B

,

5

.921

%

,

3/08/26

....

2,501

1,898

a

8163743.SQ.FTS.B

,

6

.147

%

,

3/08/26

....

1,430

1,398

a

8163892.SQ.FTS.B

,

6

.333

%

,

3/08/26

....

2,162

1,650

a

8163936.SQ.FTS.B

,

6

.535

%

,

3/08/26

....

1,093

665

a

8163995.SQ.FTS.B

,

6

.541

%

,

3/08/26

....

903

878

a

8166990.SQ.FTS.B

,

4

.776

%

,

3/09/26

....

4,860

4,668

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8166667.SQ.FTS.B

,

4

.779

%

,

3/09/26

....

$

14,289

$

13,627

a

8165070.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

3,950

3,807

a

8165510.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

6,663

6,421

a

8165674.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

36,365

35,011

a

8167107.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

28,259

27,420

a

8164748.SQ.FTS.B

,

4

.953

%

,

3/09/26

....

5,223

2,300

a

8166606.SQ.FTS.B

,

5

.108

%

,

3/09/26

....

3,576

3,414

a

8164312.SQ.FTS.B

,

5

.397

%

,

3/09/26

....

1,035

995

a

8165342.SQ.FTS.B

,

6

.327

%

,

3/09/26

....

3,462

3,351

a

8164348.SQ.FTS.B

,

6

.549

%

,

3/09/26

....

5,152

5,048

a

8168760.SQ.FTS.B

,

4

.774

%

,

3/10/26

....

2,172

2,121

a

8170252.SQ.FTS.B

,

4

.778

%

,

3/10/26

....

10,315

9,946

a

8168875.SQ.FTS.B

,

4

.779

%

,

3/10/26

....

20,503

19,546

a

8170035.SQ.FTS.B

,

4

.782

%

,

3/10/26

....

7,581

7,414

a

8170504.SQ.FTS.B

,

4

.782

%

,

3/10/26

....

7,850

7,564

a

8169510.SQ.FTS.B

,

4

.785

%

,

3/10/26

....

3,579

3,406

a

8169957.SQ.FTS.B

,

5

.115

%

,

3/10/26

....

872

852

a

8167811.SQ.FTS.B

,

5

.116

%

,

3/10/26

....

7,163

6,897

a

8170852.SQ.FTS.B

,

5

.409

%

,

3/10/26

....

18,925

18,492

a

8169708.SQ.FTS.B

,

5

.679

%

,

3/10/26

....

1,067

1,028

a

8170642.SQ.FTS.B

,

6

.414

%

,

3/10/26

....

2,052

1,782

a

8168309.SQ.FTS.B

,

6

.547

%

,

3/10/26

....

7,163

4,368

a

8170695.SQ.FTS.B

,

6

.551

%

,

3/10/26

....

4,051

3,837

a

8171565.SQ.FTS.B

,

4

.78

%

,

3/11/26

.....

15,356

14,804

a

8172863.SQ.FTS.B

,

4

.78

%

,

3/11/26

.....

51,288

49,219

a

8174015.SQ.FTS.B

,

4

.924

%

,

3/11/26

....

592

512

a

8172222.SQ.FTS.B

,

5

.113

%

,

3/11/26

....

11,446

11,188

a

8174173.SQ.FTS.B

,

5

.113

%

,

3/11/26

....

34,951

34,197

a

8174151.SQ.FTS.B

,

6

.332

%

,

3/11/26

....

408

398

a

8174021.SQ.FTS.B

,

6

.675

%

,

3/11/26

....

3,692

3,569

a

8178727.SQ.FTS.B

,

4

.78

%

,

3/12/26

.....

5,775

5,603

a

8176753.SQ.FTS.B

,

4

.784

%

,

3/12/26

....

4,294

4,179

a

8179483.SQ.FTS.B

,

5

.114

%

,

3/12/26

....

10,037

9,930

a

8177214.SQ.FTS.B

,

5

.41

%

,

3/12/26

.....

13,920

13,625

a

8178311.SQ.FTS.B

,

5

.66

%

,

3/12/26

.....

4,723

3,690

a

8178144.SQ.FTS.B

,

5

.666

%

,

3/12/26

....

4,175

4,004

a

8179992.SQ.FTS.B

,

6

.673

%

,

3/12/26

....

35,767

3,802

a

8182169.SQ.FTS.B

,

4

.78

%

,

3/13/26

.....

4,651

4,434

a

8184207.SQ.FTS.B

,

4

.78

%

,

3/13/26

.....

5,731

5,584

a

8182060.SQ.FTS.B

,

4

.781

%

,

3/13/26

....

4,562

4,369

a

8182425.SQ.FTS.B

,

4

.952

%

,

3/13/26

....

754

701

a

8182440.SQ.FTS.B

,

5

.115

%

,

3/13/26

....

3,447

3,332

a

8180911.SQ.FTS.B

,

5

.408

%

,

3/13/26

....

4,167

3,971

a

8183867.SQ.FTS.B

,

5

.408

%

,

3/13/26

....

6,879

6,569

a

8181122.SQ.FTS.B

,

5

.409

%

,

3/13/26

....

2,610

2,523

a

8181270.SQ.FTS.B

,

5

.409

%

,

3/13/26

....

14,815

13,910

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8182655.SQ.FTS.B

,

5

.414

%

,

3/13/26

....

$

2,843

$

2,735

a

8183578.SQ.FTS.B

,

6

.326

%

,

3/13/26

....

4,247

4,149

a

8180838.SQ.FTS.B

,

6

.413

%

,

3/13/26

....

1,467

1,013

a

8181035.SQ.FTS.B

,

6

.423

%

,

3/13/26

....

770

754

a

8183479.SQ.FTS.B

,

6

.434

%

,

3/13/26

....

1,010

990

a

8181944.SQ.FTS.B

,

6

.518

%

,

3/13/26

....

297

293

a

8182281.SQ.FTS.B

,

6

.551

%

,

3/13/26

....

3,425

3,291

a

8181986.SQ.FTS.B

,

6

.559

%

,

3/13/26

....

1,393

1,337

a

8182606.SQ.FTS.B

,

6

.654

%

,

3/13/26

....

642

625

a

8184135.SQ.FTS.B

,

6

.666

%

,

3/13/26

....

2,144

253

a

8182673.SQ.FTS.B

,

6

.672

%

,

3/13/26

....

7,397

7,189

a

8184632.SQ.FTS.B

,

4

.78

%

,

3/14/26

.....

21,564

20,481

a

8185108.SQ.FTS.B

,

4

.78

%

,

3/14/26

.....

12,420

12,044

a

8184247.SQ.FTS.B

,

5

.112

%

,

3/14/26

....

2,980

2,828

a

8184322.SQ.FTS.B

,

5

.403

%

,

3/14/26

....

2,233

1,639

a

8184364.SQ.FTS.B

,

5

.413

%

,

3/14/26

....

2,906

2,730

a

8185085.SQ.FTS.B

,

6

.665

%

,

3/14/26

....

725

644

a

8184422.SQ.FTS.B

,

6

.671

%

,

3/14/26

....

15,285

1,819

a

8185824.SQ.FTS.B

,

4

.78

%

,

3/15/26

.....

5,007

4,701

a

8186025.SQ.FTS.B

,

4

.784

%

,

3/15/26

....

4,285

3,780

a

8185742.SQ.FTS.B

,

5

.108

%

,

3/15/26

....

4,016

3,796

a

8185454.SQ.FTS.B

,

5

.113

%

,

3/15/26

....

12,626

12,292

a

8185926.SQ.FTS.B

,

6

.324

%

,

3/15/26

....

2,091

2,039

a

8188847.SQ.FTS.B

,

4

.779

%

,

3/16/26

....

19,001

18,101

a

8186305.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

6,548

5,341

a

8188369.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

20,795

18,388

a

8189165.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

32,117

31,410

a

8188290.SQ.FTS.B

,

4

.784

%

,

3/16/26

....

1,830

1,781

a

8186452.SQ.FTS.B

,

4

.786

%

,

3/16/26

....

2,813

2,729

a

8187625.SQ.FTS.B

,

4

.951

%

,

3/16/26

....

932

841

a

8187524.SQ.FTS.B

,

5

.109

%

,

3/16/26

....

4,019

3,915

a

8187994.SQ.FTS.B

,

5

.11

%

,

3/16/26

.....

627

594

a

8187125.SQ.FTS.B

,

5

.123

%

,

3/16/26

....

1,451

1,383

a

8187684.SQ.FTS.B

,

5

.407

%

,

3/16/26

....

3,998

3,965

a

8187157.SQ.FTS.B

,

5

.41

%

,

3/16/26

.....

16,392

15,736

a

8186622.SQ.FTS.B

,

5

.416

%

,

3/16/26

....

2,457

2,396

a

8186568.SQ.FTS.B

,

5

.674

%

,

3/16/26

....

1,722

1,613

a

8188776.SQ.FTS.B

,

6

.148

%

,

3/16/26

....

1,837

1,645

a

8186843.SQ.FTS.B

,

6

.325

%

,

3/16/26

....

2,910

2,843

a

8186416.SQ.FTS.B

,

6

.667

%

,

3/16/26

....

797

777

a

8192294.SQ.FTS.B

,

4

.774

%

,

3/17/26

....

3,214

3,132

a

8191694.SQ.FTS.B

,

4

.777

%

,

3/17/26

....

6,226

6,072

a

8190004.SQ.FTS.B

,

4

.779

%

,

3/17/26

....

4,777

4,568

a

8191128.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

13,041

12,230

a

8191848.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

9,417

9,070

a

8192435.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

5,490

5,326

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8191608.SQ.FTS.B

,

4

.781

%

,

3/17/26

....

$

2,443

$

2,372

a

8190250.SQ.FTS.B

,

4

.784

%

,

3/17/26

....

6,691

5,619

a

8192240.SQ.FTS.B

,

4

.953

%

,

3/17/26

....

1,288

962

a

8192886.SQ.FTS.B

,

5

.113

%

,

3/17/26

....

35,324

34,584

a

8190210.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

75

74

a

8192530.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

19,135

18,356

a

8192830.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

3,954

3,690

a

8192130.SQ.FTS.B

,

6

.14

%

,

3/17/26

.....

2,252

2,003

a

8190503.SQ.FTS.B

,

6

.146

%

,

3/17/26

....

3,925

3,751

a

8192362.SQ.FTS.B

,

6

.413

%

,

3/17/26

....

1,365

1,340

a

8191390.SQ.FTS.B

,

6

.419

%

,

3/17/26

....

6,933

6,532

a

8190878.SQ.FTS.B

,

6

.422

%

,

3/17/26

....

2,392

2,366

a

8194887.SQ.FTS.B

,

4

.776

%

,

3/18/26

....

3,113

3,061

a

8195667.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

3,213

3,143

a

8195728.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

4,204

3,945

a

8195862.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

11,501

11,017

a

8196125.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

9,928

9,632

a

8196839.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

25,791

24,245

a

8194482.SQ.FTS.B

,

4

.781

%

,

3/18/26

....

15,269

12,612

a

8194284.SQ.FTS.B

,

5

.111

%

,

3/18/26

....

5,138

4,753

a

8193926.SQ.FTS.B

,

5

.112

%

,

3/18/26

....

5,000

4,888

a

8193780.SQ.FTS.B

,

5

.409

%

,

3/18/26

....

2,767

2,688

a

8194841.SQ.FTS.B

,

5

.409

%

,

3/18/26

....

806

795

a

8196347.SQ.FTS.B

,

5

.634

%

,

3/18/26

....

3,094

3,000

a

8195008.SQ.FTS.B

,

6

.422

%

,

3/18/26

....

11,780

11,511

a

8195426.SQ.FTS.B

,

6

.436

%

,

3/18/26

....

2,141

1,434

a

8195481.SQ.FTS.B

,

6

.547

%

,

3/18/26

....

13,468

8,259

a

8194220.SQ.FTS.B

,

6

.684

%

,

3/18/26

....

331

324

a

8198902.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

31,822

28,101

a

8199999.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

36,110

34,361

a

8201329.SQ.FTS.B

,

5

.113

%

,

3/19/26

....

25,134

24,493

a

8202429.SQ.FTS.B

,

5

.409

%

,

3/19/26

....

6,440

6,247

a

8202596.SQ.FTS.B

,

6

.329

%

,

3/19/26

....

5,490

5,280

a

8201077.SQ.FTS.B

,

6

.43

%

,

3/19/26

.....

1,585

1,387

a

8201149.SQ.FTS.B

,

6

.544

%

,

3/19/26

....

4,592

3,856

a

8200963.SQ.FTS.B

,

6

.673

%

,

3/19/26

....

3,251

3,135

a

8204880.SQ.FTS.B

,

4

.779

%

,

3/20/26

....

11,468

11,079

a

8203020.SQ.FTS.B

,

4

.782

%

,

3/20/26

....

6,289

6,159

a

8202739.SQ.FTS.B

,

5

.111

%

,

3/20/26

....

5,779

5,618

a

8204032.SQ.FTS.B

,

5

.113

%

,

3/20/26

....

14,470

13,735

a

8206048.SQ.FTS.B

,

5

.113

%

,

3/20/26

....

17,467

16,583

a

8204832.SQ.FTS.B

,

5

.396

%

,

3/20/26

....

1,741

1,660

a

8204347.SQ.FTS.B

,

5

.409

%

,

3/20/26

....

3,077

2,830

a

8204428.SQ.FTS.B

,

5

.409

%

,

3/20/26

....

9,685

9,221

a

8205876.SQ.FTS.B

,

5

.409

%

,

3/20/26

....

4,788

4,664

a

8205166.SQ.FTS.B

,

5

.635

%

,

3/20/26

....

18,065

17,326

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8203582.SQ.FTS.B

,

5

.906

%

,

3/20/26

....

$

3,172

$

3,016

a

8203904.SQ.FTS.B

,

6

.331

%

,

3/20/26

....

4,293

3,736

a

8203742.SQ.FTS.B

,

6

.423

%

,

3/20/26

....

5,716

5,380

a

8204408.SQ.FTS.B

,

6

.434

%

,

3/20/26

....

1,137

1,099

a

8203377.SQ.FTS.B

,

6

.545

%

,

3/20/26

....

2,479

2,394

a

8203882.SQ.FTS.B

,

6

.569

%

,

3/20/26

....

532

511

a

8206858.SQ.FTS.B

,

5

.108

%

,

3/21/26

....

1,415

1,305

a

8206117.SQ.FTS.B

,

5

.113

%

,

3/21/26

....

47,369

38,411

a

8206946.SQ.FTS.B

,

5

.66

%

,

3/21/26

.....

18,105

16,420

a

8206889.SQ.FTS.B

,

6

.152

%

,

3/21/26

....

1,561

1,504

a

8206932.SQ.FTS.B

,

6

.404

%

,

3/21/26

....

682

658

a

8207378.SQ.FTS.B

,

4

.776

%

,

3/22/26

....

5,566

5,288

a

8207283.SQ.FTS.B

,

4

.784

%

,

3/22/26

....

4,720

4,582

a

8207770.SQ.FTS.B

,

5

.111

%

,

3/22/26

....

4,995

4,153

a

8207485.SQ.FTS.B

,

5

.408

%

,

3/22/26

....

14,520

13,920

a

8207857.SQ.FTS.B

,

5

.669

%

,

3/22/26

....

2,386

2,289

a

8207913.SQ.FTS.B

,

6

.317

%

,

3/22/26

....

1,399

1,312

a

8209197.SQ.FTS.B

,

4

.78

%

,

3/23/26

.....

5,910

5,757

a

8210859.SQ.FTS.B

,

4

.78

%

,

3/23/26

.....

7,999

7,609

a

8208243.SQ.FTS.B

,

4

.783

%

,

3/23/26

....

6,247

6,070

a

8209725.SQ.FTS.B

,

4

.783

%

,

3/23/26

....

5,957

5,657

a

8209356.SQ.FTS.B

,

4

.784

%

,

3/23/26

....

2,988

2,909

a

8209688.SQ.FTS.B

,

4

.943

%

,

3/23/26

....

1,058

1,005

a

8211313.SQ.FTS.B

,

5

.109

%

,

3/23/26

....

5,050

4,229

a

8209877.SQ.FTS.B

,

5

.114

%

,

3/23/26

....

8,294

6,688

a

8209494.SQ.FTS.B

,

5

.116

%

,

3/23/26

....

8,431

7,760

a

8208935.SQ.FTS.B

,

5

.412

%

,

3/23/26

....

2,745

2,669

a

8211264.SQ.FTS.B

,

5

.634

%

,

3/23/26

....

1,251

1,121

a

8210434.SQ.FTS.B

,

5

.665

%

,

3/23/26

....

4,698

4,526

a

8210573.SQ.FTS.B

,

5

.911

%

,

3/23/26

....

16,256

14,781

a

8211578.SQ.FTS.B

,

5

.912

%

,

3/23/26

....

62,271

59,621

a

8208651.SQ.FTS.B

,

6

.147

%

,

3/23/26

....

4,151

3,702

a

8210054.SQ.FTS.B

,

6

.15

%

,

3/23/26

.....

13,758

13,134

a

8208433.SQ.FTS.B

,

6

.153

%

,

3/23/26

....

4,298

4,060

a

8208175.SQ.FTS.B

,

6

.154

%

,

3/23/26

....

1,190

1,164

a

8211155.SQ.FTS.B

,

6

.417

%

,

3/23/26

....

4,356

4,220

a

8209065.SQ.FTS.B

,

6

.421

%

,

3/23/26

....

4,084

3,734

a

8211569.SQ.FTS.B

,

6

.541

%

,

3/23/26

....

597

572

a

8210991.SQ.FTS.B

,

6

.673

%

,

3/23/26

....

4,952

4,827

a

8209856.SQ.FTS.B

,

6

.674

%

,

3/23/26

....

893

868

a

8208205.SQ.FTS.B

,

6

.688

%

,

3/23/26

....

843

823

a

8213965.SQ.FTS.B

,

4

.777

%

,

3/24/26

....

2,839

2,739

a

8214690.SQ.FTS.B

,

4

.78

%

,

3/24/26

.....

32,565

30,916

a

8212832.SQ.FTS.B

,

4

.789

%

,

3/24/26

....

1,655

1,628

a

8212933.SQ.FTS.B

,

5

.117

%

,

3/24/26

....

5,017

4,742

a

8213436.SQ.FTS.B

,

5

.398

%

,

3/24/26

....

1,650

1,590

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8213165.SQ.FTS.B

,

5

.409

%

,

3/24/26

....

$

4,813

$

4,586

a

8213507.SQ.FTS.B

,

5

.409

%

,

3/24/26

....

15,086

14,373

a

8211937.SQ.FTS.B

,

5

.411

%

,

3/24/26

....

4,365

4,203

a

8214336.SQ.FTS.B

,

5

.414

%

,

3/24/26

....

1,340

1,303

a

8212374.SQ.FTS.B

,

5

.66

%

,

3/24/26

.....

5,880

5,730

a

8211765.SQ.FTS.B

,

5

.669

%

,

3/24/26

....

3,912

2,904

a

8212296.SQ.FTS.B

,

6

.131

%

,

3/24/26

....

675

660

a

8214068.SQ.FTS.B

,

6

.15

%

,

3/24/26

.....

14,773

5,594

a

8212239.SQ.FTS.B

,

6

.334

%

,

3/24/26

....

626

546

a

8214387.SQ.FTS.B

,

6

.548

%

,

3/24/26

....

4,914

4,674

a

8213297.SQ.FTS.B

,

6

.668

%

,

3/24/26

....

4,230

3,525

a

8217075.SQ.FTS.B

,

4

.775

%

,

3/25/26

....

1,889

1,839

a

8216170.SQ.FTS.B

,

4

.78

%

,

3/25/26

.....

19,878

19,202

a

8217874.SQ.FTS.B

,

4

.78

%

,

3/25/26

.....

25,400

24,899

a

8217160.SQ.FTS.B

,

4

.782

%

,

3/25/26

....

7,904

7,493

a

8215377.SQ.FTS.B

,

5

.114

%

,

3/25/26

....

16,833

16,070

a

8215003.SQ.FTS.B

,

5

.635

%

,

3/25/26

....

9,171

8,590

a

8216765.SQ.FTS.B

,

6

.152

%

,

3/25/26

....

15,937

11,771

a

8217448.SQ.FTS.B

,

6

.333

%

,

3/25/26

....

1,741

1,394

a

8216077.SQ.FTS.B

,

6

.415

%

,

3/25/26

....

1,140

1,104

a

8217536.SQ.FTS.B

,

6

.422

%

,

3/25/26

....

3,102

3,044

a

8220558.SQ.FTS.B

,

4

.78

%

,

3/26/26

.....

5,087

4,925

a

8222105.SQ.FTS.B

,

4

.79

%

,

3/26/26

.....

909

882

a

8220981.SQ.FTS.B

,

5

.11

%

,

3/26/26

.....

697

688

a

8222478.SQ.FTS.B

,

5

.11

%

,

3/26/26

.....

1,555

1,504

a

8221039.SQ.FTS.B

,

5

.112

%

,

3/26/26

....

7,016

5,931

a

8221453.SQ.FTS.B

,

5

.113

%

,

3/26/26

....

11,753

11,373

a

8221996.SQ.FTS.B

,

5

.116

%

,

3/26/26

....

3,079

2,863

a

8222834.SQ.FTS.B

,

5

.409

%

,

3/26/26

....

30,864

29,786

a

8222561.SQ.FTS.B

,

5

.666

%

,

3/26/26

....

5,081

4,621

a

8222713.SQ.FTS.B

,

6

.148

%

,

3/26/26

....

3,141

2,922

a

8222408.SQ.FTS.B

,

6

.424

%

,

3/26/26

....

1,172

1,136

a

8220835.SQ.FTS.B

,

6

.55

%

,

3/26/26

.....

3,637

3,053

a

4582384.SQ.FTS.B

,

4

.552

%

,

4/03/33

....

863

–

a

4581979.SQ.FTS.B

,

4

.555

%

,

4/03/33

....

2,035

–

a

4581962.SQ.FTS.B

,

4

.709

%

,

4/03/33

....

1,755

–

a

4586446.SQ.FTS.B

,

4

.403

%

,

4/04/33

....

5,636

–

a

4591961.SQ.FTS.B

,

3

.931

%

,

4/06/33

....

1,338

–

a

4592572.SQ.FTS.B

,

4

.553

%

,

4/06/33

....

449

–

a

4593610.SQ.FTS.B

,

4

.871

%

,

4/06/33

....

952

–

a

4590729.SQ.FTS.B

,

4

.875

%

,

4/06/33

....

1,383

–

a

4591813.SQ.FTS.B

,

4

.877

%

,

4/06/33

....

2,891

–

a

4604000.SQ.FTS.B

,

4

.558

%

,

4/09/33

....

8,181

–

a

4604804.SQ.FTS.B

,

4

.56

%

,

4/09/33

.....

785

–

a

4605658.SQ.FTS.B

,

4

.558

%

,

4/10/33

....

6,711

–

a

4605063.SQ.FTS.B

,

5

.031

%

,

4/10/33

....

1,320

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

4606932.SQ.FTS.B

,

4

.554

%

,

4/11/33

....

$

2,572

$

–

a

4606620.SQ.FTS.B

,

4

.56

%

,

4/11/33

.....

668

–

a

4606063.SQ.FTS.B

,

4

.568

%

,

4/11/33

....

2,752

–

a

4606489.SQ.FTS.B

,

4

.717

%

,

4/11/33

....

12,498

–

a

4609493.SQ.FTS.B

,

4

.722

%

,

4/12/33

....

1,353

–

a

4609460.SQ.FTS.B

,

4

.868

%

,

4/12/33

....

2,479

–

a

4610482.SQ.FTS.B

,

5

.031

%

,

4/13/33

....

3,354

–

a

4622864.SQ.FTS.B

,

3

.302

%

,

4/15/33

....

782

–

a

4622664.SQ.FTS.B

,

4

.556

%

,

4/15/33

....

3,107

–

a

4624796.SQ.FTS.B

,

3

.927

%

,

4/17/33

....

457

–

a

4624391.SQ.FTS.B

,

4

.717

%

,

4/17/33

....

3,087

–

a

4625048.SQ.FTS.B

,

4

.858

%

,

4/17/33

....

871

–

a

4626040.SQ.FTS.B

,

4

.876

%

,

4/18/33

....

5,792

–

a

4628862.SQ.FTS.B

,

3

.304

%

,

4/19/33

....

8,296

–

a

4632078.SQ.FTS.B

,

4

.561

%

,

4/20/33

....

21,052

–

a

4638327.SQ.FTS.B

,

4

.406

%

,

4/22/33

....

8,661

–

a

4640261.SQ.FTS.B

,

4

.539

%

,

4/24/33

....

549

–

a

4640985.SQ.FTS.B

,

3

.3

%

,

4/25/33

......

1,692

1

a

4641063.SQ.FTS.B

,

3

.774

%

,

4/25/33

....

710

–

a

4643805.SQ.FTS.B

,

3

.931

%

,

4/25/33

....

751

–

a

4649015.SQ.FTS.B

,

4

.56

%

,

4/27/33

.....

5,124

–

a

4649299.SQ.FTS.B

,

5

.031

%

,

4/27/33

....

109

–

a

4655501.SQ.FTS.B

,

4

.556

%

,

4/29/33

....

3,367

–

a

4657541.SQ.FTS.B

,

3

.302

%

,

4/30/33

....

836

–

a

4660081.SQ.FTS.B

,

4

.883

%

,

5/01/33

....

422

–

a

4664137.SQ.FTS.B

,

4

.566

%

,

5/02/33

....

2,149

–

a

4666640.SQ.FTS.B

,

4

.56

%

,

5/03/33

.....

10,212

–

a

4674918.SQ.FTS.B

,

3

.303

%

,

5/05/33

....

9,934

–

a

4675113.SQ.FTS.B

,

4

.56

%

,

5/05/33

.....

163

–

a

4684412.SQ.FTS.B

,

3

.302

%

,

5/08/33

....

2,706

–

a

4707828.SQ.FTS.B

,

4

.566

%

,

5/11/33

....

69

–

a

4713712.SQ.FTS.B

,

5

.031

%

,

5/13/33

....

105

–

a

4720634.SQ.FTS.B

,

4

.56

%

,

5/16/33

.....

7,932

–

a

4725524.SQ.FTS.B

,

4

.874

%

,

5/17/33

....

19,384

1

a

4741690.SQ.FTS.B

,

4

.568

%

,

5/18/33

....

524

–

a

4744012.SQ.FTS.B

,

4

.716

%

,

5/18/33

....

2,527

–

a

4755474.SQ.FTS.B

,

4

.566

%

,

5/22/33

....

1,198

–

a

4756626.SQ.FTS.B

,

4

.567

%

,

5/22/33

....

371

–

a

4757364.SQ.FTS.B

,

4

.878

%

,

5/22/33

....

2,804

–

a

4790013.SQ.FTS.B

,

3

.935

%

,

5/29/33

....

130

–

a

4807316.SQ.FTS.B

,

4

.403

%

,

6/02/33

....

297

–

a

4810447.SQ.FTS.B

,

4

.874

%

,

6/03/33

....

2,379

–

a

4814556.SQ.FTS.B

,

3

.302

%

,

6/04/33

....

616

–

a

4814833.SQ.FTS.B

,

4

.561

%

,

6/04/33

....

24,496

–

a

4815651.SQ.FTS.B

,

4

.57

%

,

6/05/33

.....

629

–

a

4818987.SQ.FTS.B

,

3

.302

%

,

6/06/33

....

2,640

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

4819217.SQ.FTS.B

,

4

.56

%

,

6/07/33

.....

$

12,317

$

3

a

4819180.SQ.FTS.B

,

5

.031

%

,

6/07/33

....

266

–

a

4821611.SQ.FTS.B

,

4

.552

%

,

6/08/33

....

702

–

a

4823342.SQ.FTS.B

,

4

.874

%

,

6/08/33

....

714

–

a

4827165.SQ.FTS.B

,

4

.55

%

,

6/09/33

.....

1,298

–

a

4832985.SQ.FTS.B

,

4

.559

%

,

6/10/33

....

12,795

1

a

4831089.SQ.FTS.B

,

5

.031

%

,

6/10/33

....

3,668

–

a

4836929.SQ.FTS.B

,

3

.932

%

,

6/13/33

....

6,637

–

a

4837116.SQ.FTS.B

,

4

.557

%

,

6/13/33

....

2,784

–

a

4840254.SQ.FTS.B

,

2

.958

%

,

6/14/33

....

488

–

a

4840334.SQ.FTS.B

,

2

.961

%

,

6/14/33

....

1,577

–

a

4840427.SQ.FTS.B

,

4

.334

%

,

6/14/33

....

6,145

–

a

4839366.SQ.FTS.B

,

4

.538

%

,

6/14/33

....

11,177

–

a

4839716.SQ.FTS.B

,

4

.553

%

,

6/14/33

....

727

–

a

4840766.SQ.FTS.B

,

4

.563

%

,

6/14/33

....

2,241

–

a

4843142.SQ.FTS.B

,

4

.56

%

,

6/15/33

.....

2,969

–

a

4842339.SQ.FTS.B

,

4

.654

%

,

6/15/33

....

565

–

a

4850020.SQ.FTS.B

,

4

.528

%

,

6/16/33

....

156

–

a

4850454.SQ.FTS.B

,

4

.558

%

,

6/16/33

....

1,505

–

a

4848471.SQ.FTS.B

,

4

.56

%

,

6/16/33

.....

2,931

–

a

4848703.SQ.FTS.B

,

4

.574

%

,

6/16/33

....

1,526

–

a

4848662.SQ.FTS.B

,

4

.881

%

,

6/16/33

....

5,372

–

a

4861177.SQ.FTS.B

,

3

.33

%

,

6/17/33

.....

526

–

a

4860575.SQ.FTS.B

,

3

.953

%

,

6/17/33

....

431

–

a

4858016.SQ.FTS.B

,

4

.554

%

,

6/17/33

....

652

–

a

4860428.SQ.FTS.B

,

4

.56

%

,

6/17/33

.....

179

–

a

4860376.SQ.FTS.B

,

4

.878

%

,

6/17/33

....

1,539

–

a

4861282.SQ.FTS.B

,

5

.031

%

,

6/17/33

....

2,636

–

a

4861902.SQ.FTS.B

,

3

.925

%

,

6/18/33

....

1,428

–

a

4861917.SQ.FTS.B

,

4

.562

%

,

6/18/33

....

3,378

1

a

4863326.SQ.FTS.B

,

4

.403

%

,

6/19/33

....

3,221

1

a

4863471.SQ.FTS.B

,

4

.973

%

,

6/19/33

....

7,932

–

a

4866709.SQ.FTS.B

,

4

.566

%

,

6/20/33

....

1,837

–

a

4866438.SQ.FTS.B

,

5

.031

%

,

6/20/33

....

954

–

a

4867919.SQ.FTS.B

,

3

.851

%

,

6/21/33

....

6,047

–

a

4868584.SQ.FTS.B

,

4

.556

%

,

6/21/33

....

5,694

–

a

4868143.SQ.FTS.B

,

4

.56

%

,

6/21/33

.....

4,894

–

a

4881919.SQ.FTS.B

,

4

.568

%

,

6/28/33

....

793

–

a

4882161.SQ.FTS.B

,

4

.574

%

,

6/28/33

....

25

–

a

4881733.SQ.FTS.B

,

4

.882

%

,

6/28/33

....

726

–

a

4884630.SQ.FTS.B

,

3

.296

%

,

6/29/33

....

527

–

a

4885937.SQ.FTS.B

,

4

.723

%

,

6/29/33

....

2,665

–

a

4889629.SQ.FTS.B

,

4

.73

%

,

7/01/33

.....

2,050

–

a

4890016.SQ.FTS.B

,

4

.286

%

,

7/02/33

....

1,471

–

a

4889899.SQ.FTS.B

,

4

.403

%

,

7/02/33

....

5,336

–

a

4891423.SQ.FTS.B

,

4

.563

%

,

7/03/33

....

3,072

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

4901767.SQ.FTS.B

,

4

.562

%

,

7/07/33

....

$

4,562

$

–

a

4901412.SQ.FTS.B

,

4

.715

%

,

7/07/33

....

183

–

a

4903860.SQ.FTS.B

,

4

.57

%

,

7/09/33

.....

2,273

–

a

4906129.SQ.FTS.B

,

3

.298

%

,

7/10/33

....

538

–

a

4905084.SQ.FTS.B

,

4

.717

%

,

7/10/33

....

1,978

–

a

4924498.SQ.FTS.B

,

4

.562

%

,

7/17/33

....

2,892

1

a

4925900.SQ.FTS.B

,

4

.56

%

,

7/18/33

.....

949

–

a

4926237.SQ.FTS.B

,

4

.56

%

,

7/18/33

.....

7,821

–

a

4926957.SQ.FTS.B

,

4

.403

%

,

7/19/33

....

1,660

–

a

4928138.SQ.FTS.B

,

4

.562

%

,

7/19/33

....

6,946

–

a

4928795.SQ.FTS.B

,

4

.874

%

,

7/19/33

....

21,198

1

a

4928279.SQ.FTS.B

,

4

.883

%

,

7/19/33

....

991

–

a

4931889.SQ.FTS.B

,

4

.487

%

,

7/20/33

....

1,469

–

a

4931407.SQ.FTS.B

,

5

.031

%

,

7/20/33

....

758

–

a

4933844.SQ.FTS.B

,

3

.539

%

,

7/21/33

....

19,305

–

a

4935527.SQ.FTS.B

,

4

.454

%

,

7/22/33

....

1,418

–

a

4935556.SQ.FTS.B

,

4

.871

%

,

7/22/33

....

496

–

a

4935340.SQ.FTS.B

,

6

.379

%

,

7/22/33

....

172

–

a

4935758.SQ.FTS.B

,

4

.258

%

,

7/23/33

....

717

–

a

4935784.SQ.FTS.B

,

4

.56

%

,

7/23/33

.....

749

–

a

4936861.SQ.FTS.B

,

4

.556

%

,

7/24/33

....

1,307

–

a

4937255.SQ.FTS.B

,

5

.558

%

,

7/24/33

....

1,941

–

a

4954900.SQ.FTS.B

,

4

.561

%

,

7/28/33

....

4,177

–

a

4962523.SQ.FTS.B

,

4

.558

%

,

7/31/33

....

4,563

–

a

4962054.SQ.FTS.B

,

4

.717

%

,

7/31/33

....

8,398

1

a

4964207.SQ.FTS.B

,

4

.727

%

,

8/01/33

....

872

–

a

4967874.SQ.FTS.B

,

4

.558

%

,

8/02/33

....

6,630

–

a

4976894.SQ.FTS.B

,

3

.308

%

,

8/07/33

....

2,452

–

a

4977295.SQ.FTS.B

,

4

.559

%

,

8/07/33

....

5,717

–

a

4980891.SQ.FTS.B

,

3

.931

%

,

8/08/33

....

7,938

–

a

4980302.SQ.FTS.B

,

4

.562

%

,

8/08/33

....

5,164

1

a

4986950.SQ.FTS.B

,

3

.396

%

,

8/10/33

....

1,026

–

a

4985573.SQ.FTS.B

,

4

.559

%

,

8/10/33

....

3,505

–

a

4985801.SQ.FTS.B

,

4

.565

%

,

8/10/33

....

3,070

–

a

4989680.SQ.FTS.B

,

4

.871

%

,

8/11/33

....

6,187

–

a

4990405.SQ.FTS.B

,

4

.403

%

,

8/12/33

....

2,171

–

a

4990927.SQ.FTS.B

,

4

.554

%

,

8/12/33

....

1,216

–

a

4991162.SQ.FTS.B

,

3

.301

%

,

8/13/33

....

5,956

–

a

4993377.SQ.FTS.B

,

3

.043

%

,

8/14/33

....

1,027

–

a

4993286.SQ.FTS.B

,

3

.934

%

,

8/14/33

....

1,167

–

a

4993884.SQ.FTS.B

,

4

.881

%

,

8/14/33

....

2,371

–

a

5003760.SQ.FTS.B

,

3

.874

%

,

8/15/33

....

2,712

–

a

5002638.SQ.FTS.B

,

4

.403

%

,

8/15/33

....

1,671

–

a

4994636.SQ.FTS.B

,

4

.56

%

,

8/15/33

.....

1,945

–

a

4999801.SQ.FTS.B

,

4

.561

%

,

8/15/33

....

7,631

–

a

5002851.SQ.FTS.B

,

4

.564

%

,

8/15/33

....

2,134

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5017280.SQ.FTS.B

,

3

.511

%

,

8/17/33

....

$

6,962

$

–

a

5019634.SQ.FTS.B

,

3

.661

%

,

8/17/33

....

1,814

–

a

5025260.SQ.FTS.B

,

2

.767

%

,

8/18/33

....

427

–

a

5024347.SQ.FTS.B

,

4

.556

%

,

8/18/33

....

2,526

–

a

5025377.SQ.FTS.B

,

4

.561

%

,

8/18/33

....

4,937

–

a

5026387.SQ.FTS.B

,

4

.55

%

,

8/19/33

.....

1,641

–

a

5025999.SQ.FTS.B

,

4

.558

%

,

8/19/33

....

4,449

–

a

5027200.SQ.FTS.B

,

5

.128

%

,

8/21/33

....

811

–

a

5035879.SQ.FTS.B

,

4

.55

%

,

8/23/33

.....

757

–

a

5034542.SQ.FTS.B

,

4

.561

%

,

8/23/33

....

3,605

–

a

5037885.SQ.FTS.B

,

2

.809

%

,

8/24/33

....

10,799

–

a

5041320.SQ.FTS.B

,

5

.024

%

,

8/25/33

....

6,419

–

a

5044612.SQ.FTS.B

,

4

.539

%

,

8/27/33

....

309

–

a

5045876.SQ.FTS.B

,

4

.403

%

,

8/28/33

....

6,187

–

a

5045398.SQ.FTS.B

,

4

.561

%

,

8/28/33

....

9,125

–

a

5047833.SQ.FTS.B

,

4

.69

%

,

8/28/33

.....

3,738

–

a

5048228.SQ.FTS.B

,

3

.953

%

,

9/01/33

....

273

–

a

5050370.SQ.FTS.B

,

4

.403

%

,

9/01/33

....

17,390

–

a

5049827.SQ.FTS.B

,

5

.031

%

,

9/01/33

....

3,982

–

a

5051339.SQ.FTS.B

,

3

.103

%

,

9/02/33

....

1,372

–

a

5051202.SQ.FTS.B

,

5

.763

%

,

9/02/33

....

402

–

a

5059779.SQ.FTS.B

,

3

.245

%

,

9/04/33

....

14,453

–

a

5061477.SQ.FTS.B

,

3

.305

%

,

9/04/33

....

5,939

–

a

5059388.SQ.FTS.B

,

4

.717

%

,

9/04/33

....

578

–

a

5062144.SQ.FTS.B

,

3

.967

%

,

9/05/33

....

400

–

a

5065231.SQ.FTS.B

,

4

.717

%

,

9/07/33

....

7,752

–

a

5067639.SQ.FTS.B

,

3

.929

%

,

9/08/33

....

8,253

–

a

5066009.SQ.FTS.B

,

4

.134

%

,

9/08/33

....

6,397

–

a

5068585.SQ.FTS.B

,

6

.246

%

,

9/08/33

....

2,845

–

a

5069032.SQ.FTS.B

,

3

.799

%

,

9/09/33

....

4,912

–

a

5069067.SQ.FTS.B

,

4

.558

%

,

9/09/33

....

12,169

–

a

5074780.SQ.FTS.B

,

4

.56

%

,

9/10/33

.....

1,174

–

a

5074113.SQ.FTS.B

,

4

.561

%

,

9/10/33

....

38,423

1

a

5074740.SQ.FTS.B

,

4

.564

%

,

9/10/33

....

3,030

–

a

5073148.SQ.FTS.B

,

5

.908

%

,

9/10/33

....

7,251

–

a

5078382.SQ.FTS.B

,

4

.56

%

,

9/12/33

.....

979

–

a

5082041.SQ.FTS.B

,

4

.558

%

,

9/14/33

....

2,897

–

a

5080951.SQ.FTS.B

,

4

.566

%

,

9/14/33

....

654

–

a

5081394.SQ.FTS.B

,

4

.715

%

,

9/14/33

....

9,547

–

a

5082286.SQ.FTS.B

,

4

.051

%

,

9/15/33

....

2,381

–

a

5086472.SQ.FTS.B

,

4

.554

%

,

9/16/33

....

1,605

–

a

5086626.SQ.FTS.B

,

4

.572

%

,

9/16/33

....

1,016

–

a

5090813.SQ.FTS.B

,

4

.406

%

,

9/17/33

....

4,919

–

a

5089593.SQ.FTS.B

,

4

.719

%

,

9/17/33

....

3,289

–

a

5091416.SQ.FTS.B

,

3

.774

%

,

9/18/33

....

13,871

–

a

5092572.SQ.FTS.B

,

3

.927

%

,

9/18/33

....

4,043

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5093886.SQ.FTS.B

,

5

.59

%

,

9/19/33

.....

$

2,277

$

–

a

5094586.SQ.FTS.B

,

5

.031

%

,

9/20/33

....

2,003

–

a

5097173.SQ.FTS.B

,

3

.302

%

,

9/21/33

....

729

–

a

5096503.SQ.FTS.B

,

4

.562

%

,

9/21/33

....

9,495

–

a

5095170.SQ.FTS.B

,

5

.711

%

,

9/21/33

....

2,536

–

a

5099132.SQ.FTS.B

,

4

.56

%

,

9/22/33

.....

37,393

–

a

5098444.SQ.FTS.B

,

4

.597

%

,

9/22/33

....

4,780

–

a

5102220.SQ.FTS.B

,

5

.031

%

,

9/23/33

....

2,484

–

a

5107188.SQ.FTS.B

,

3

.201

%

,

9/24/33

....

2,474

–

a

5104481.SQ.FTS.B

,

4

.717

%

,

9/24/33

....

1,513

–

a

5109124.SQ.FTS.B

,

5

.031

%

,

9/25/33

....

519

–

a

5109714.SQ.FTS.B

,

5

.031

%

,

9/25/33

....

8,108

–

a

5113482.SQ.FTS.B

,

3

.298

%

,

9/28/33

....

1,321

–

a

5114403.SQ.FTS.B

,

4

.552

%

,

9/28/33

....

1,028

–

a

5114309.SQ.FTS.B

,

4

.566

%

,

9/28/33

....

906

–

a

5111943.SQ.FTS.B

,

4

.822

%

,

9/28/33

....

851

–

a

5115942.SQ.FTS.B

,

4

.061

%

,

9/29/33

....

25,309

–

a

5122298.SQ.FTS.B

,

3

.298

%

,

9/30/33

....

1,008

–

a

5118981.SQ.FTS.B

,

3

.626

%

,

9/30/33

....

3,773

–

a

5119496.SQ.FTS.B

,

4

.498

%

,

9/30/33

....

4,666

–

a

5122010.SQ.FTS.B

,

4

.582

%

,

9/30/33

....

629

–

a

5118308.SQ.FTS.B

,

4

.719

%

,

9/30/33

....

6,298

–

a

5117310.SQ.FTS.B

,

4

.877

%

,

9/30/33

....

4,690

–

a

5125832.SQ.FTS.B

,

4

.465

%

,

10/01/33

...

649

–

a

5126318.SQ.FTS.B

,

5

.031

%

,

10/01/33

...

305

–

a

5128160.SQ.FTS.B

,

3

.312

%

,

10/02/33

...

2,113

–

a

5128139.SQ.FTS.B

,

4

.88

%

,

10/02/33

....

1,521

–

a

5129089.SQ.FTS.B

,

4

.558

%

,

10/03/33

...

5,922

–

a

5131068.SQ.FTS.B

,

5

.157

%

,

10/04/33

...

995

–

a

5134858.SQ.FTS.B

,

3

.926

%

,

10/05/33

...

206

–

a

5134453.SQ.FTS.B

,

4

.073

%

,

10/05/33

...

589

–

a

5135989.SQ.FTS.B

,

4

.562

%

,

10/05/33

...

6,343

–

a

5138063.SQ.FTS.B

,

3

.753

%

,

10/06/33

...

13,589

–

a

5143636.SQ.FTS.B

,

3

.303

%

,

10/07/33

...

22,568

–

a

5143602.SQ.FTS.B

,

4

.496

%

,

10/07/33

...

1,106

–

a

5144702.SQ.FTS.B

,

5

.031

%

,

10/07/33

...

2,530

–

a

5143578.SQ.FTS.B

,

5

.123

%

,

10/07/33

...

597

–

a

5145759.SQ.FTS.B

,

4

.56

%

,

10/08/33

....

11,012

1

a

5147227.SQ.FTS.B

,

4

.717

%

,

10/08/33

...

2,903

–

a

5145611.SQ.FTS.B

,

4

.883

%

,

10/08/33

...

415

–

a

5148494.SQ.FTS.B

,

2

.579

%

,

10/09/33

...

769

–

a

5149258.SQ.FTS.B

,

3

.664

%

,

10/10/33

...

2,200

–

a

5153196.SQ.FTS.B

,

4

.56

%

,

10/11/33

....

13,914

–

a

5154671.SQ.FTS.B

,

3

.564

%

,

10/12/33

...

674

–

a

5154721.SQ.FTS.B

,

4

.56

%

,

10/12/33

....

364

–

a

5155863.SQ.FTS.B

,

4

.562

%

,

10/12/33

...

10,908

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5158276.SQ.FTS.B

,

4

.717

%

,

10/13/33

...

$

4,505

$

–

a

5165031.SQ.FTS.B

,

3

.407

%

,

10/14/33

...

523

–

a

5165513.SQ.FTS.B

,

4

.57

%

,

10/14/33

....

535

–

a

5164900.SQ.FTS.B

,

4

.702

%

,

10/14/33

...

2,484

–

a

5167068.SQ.FTS.B

,

4

.403

%

,

10/15/33

...

573

–

a

5167306.SQ.FTS.B

,

4

.564

%

,

10/15/33

...

63

–

a

5167520.SQ.FTS.B

,

4

.597

%

,

10/15/33

...

792

–

a

5178623.SQ.FTS.B

,

4

.403

%

,

10/18/33

...

2,451

–

a

5184669.SQ.FTS.B

,

4

.872

%

,

10/19/33

...

3,872

–

a

5185667.SQ.FTS.B

,

4

.56

%

,

10/20/33

....

14,855

–

a

5204516.SQ.FTS.B

,

4

.403

%

,

10/22/33

...

12,116

–

a

5220688.SQ.FTS.B

,

4

.403

%

,

10/26/33

...

25,349

5

a

5220666.SQ.FTS.B

,

4

.555

%

,

10/26/33

...

343

–

a

5216243.SQ.FTS.B

,

4

.558

%

,

10/26/33

...

2,570

–

a

5218743.SQ.FTS.B

,

4

.874

%

,

10/26/33

...

14,574

–

a

5234308.SQ.FTS.B

,

3

.354

%

,

10/28/33

...

2,041

–

a

5235201.SQ.FTS.B

,

5

.031

%

,

10/29/33

...

1,059

–

a

5240240.SQ.FTS.B

,

4

.141

%

,

10/30/33

...

3,565

–

a

5239980.SQ.FTS.B

,

4

.567

%

,

10/30/33

...

4,342

–

a

5240149.SQ.FTS.B

,

4

.568

%

,

10/30/33

...

487

–

a

5240977.SQ.FTS.B

,

4

.562

%

,

11/01/33

...

1,605

–

a

5243677.SQ.FTS.B

,

3

.922

%

,

11/02/33

...

199

–

a

5243643.SQ.FTS.B

,

4

.403

%

,

11/02/33

...

3,274

–

a

5251513.SQ.FTS.B

,

3

.774

%

,

11/03/33

...

1,257

–

a

5251234.SQ.FTS.B

,

4

.403

%

,

11/03/33

...

12,595

–

a

5250046.SQ.FTS.B

,

4

.612

%

,

11/03/33

...

104

–

a

5249081.SQ.FTS.B

,

4

.717

%

,

11/03/33

...

1,535

–

a

5248838.SQ.FTS.B

,

4

.802

%

,

11/03/33

...

3,589

–

a

5246929.SQ.FTS.B

,

4

.874

%

,

11/03/33

...

3,004

–

a

5262859.SQ.FTS.B

,

4

.561

%

,

11/05/33

...

6,228

–

a

5271294.SQ.FTS.B

,

3

.29

%

,

11/06/33

....

743

–

a

5270493.SQ.FTS.B

,

3

.814

%

,

11/06/33

...

1,448

–

a

5271481.SQ.FTS.B

,

3

.941

%

,

11/06/33

...

872

–

a

5271882.SQ.FTS.B

,

4

.066

%

,

11/06/33

...

6,771

–

a

5273861.SQ.FTS.B

,

2

.59

%

,

11/08/33

....

2,965

–

a

5273816.SQ.FTS.B

,

4

.566

%

,

11/08/33

...

1,760

–

a

5281948.SQ.FTS.B

,

4

.561

%

,

11/10/33

...

29,541

–

a

5282925.SQ.FTS.B

,

3

.774

%

,

11/11/33

...

2,496

–

a

5292413.SQ.FTS.B

,

3

.567

%

,

11/13/33

...

7,292

–

a

5291714.SQ.FTS.B

,

4

.561

%

,

11/13/33

...

6,486

–

a

5294178.SQ.FTS.B

,

4

.717

%

,

11/14/33

...

4,625

–

a

5294931.SQ.FTS.B

,

3

.401

%

,

11/15/33

...

875

–

a

5296152.SQ.FTS.B

,

3

.322

%

,

11/16/33

...

3,005

–

a

5297998.SQ.FTS.B

,

4

.548

%

,

11/16/33

...

636

–

a

5297749.SQ.FTS.B

,

4

.561

%

,

11/16/33

...

4,815

1

a

5297124.SQ.FTS.B

,

4

.602

%

,

11/16/33

...

4,734

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5297679.SQ.FTS.B

,

5

.689

%

,

11/16/33

...

$

4,327

$

–

a

5303325.SQ.FTS.B

,

4

.871

%

,

11/17/33

...

2,069

–

a

5313199.SQ.FTS.B

,

3

.308

%

,

11/18/33

...

2,846

–

a

5308440.SQ.FTS.B

,

4

.1

%

,

11/18/33

.....

1,850

–

a

5310909.SQ.FTS.B

,

4

.56

%

,

11/18/33

....

14,880

–

a

5313296.SQ.FTS.B

,

4

.852

%

,

11/18/33

...

1,043

–

a

5308374.SQ.FTS.B

,

4

.864

%

,

11/18/33

...

1,834

–

a

5309472.SQ.FTS.B

,

5

.031

%

,

11/18/33

...

3,112

–

a

5313526.SQ.FTS.B

,

5

.031

%

,

11/18/33

...

1,853

–

a

5312989.SQ.FTS.B

,

5

.436

%

,

11/18/33

...

886

–

a

5319254.SQ.FTS.B

,

3

.962

%

,

11/19/33

...

875

–

a

5318154.SQ.FTS.B

,

4

.109

%

,

11/19/33

...

1,339

–

a

5318776.SQ.FTS.B

,

4

.379

%

,

11/19/33

...

15,271

–

a

5321246.SQ.FTS.B

,

4

.562

%

,

11/20/33

...

9,240

–

a

5324511.SQ.FTS.B

,

4

.741

%

,

11/21/33

...

762

–

a

5324505.SQ.FTS.B

,

5

.786

%

,

11/21/33

...

732

–

a

5325685.SQ.FTS.B

,

3

.87

%

,

11/22/33

....

671

–

a

5325032.SQ.FTS.B

,

5

.303

%

,

11/22/33

...

1,289

–

a

5326604.SQ.FTS.B

,

4

.563

%

,

11/23/33

...

1,332

–

a

5330352.SQ.FTS.B

,

4

.567

%

,

11/23/33

...

4,757

–

a

5330620.SQ.FTS.B

,

4

.424

%

,

11/24/33

...

262

–

a

5331180.SQ.FTS.B

,

4

.557

%

,

11/24/33

...

2,904

–

a

5336855.SQ.FTS.B

,

2

.83

%

,

11/25/33

....

1,501

–

a

5337877.SQ.FTS.B

,

3

.945

%

,

11/25/33

...

256

–

a

5376799.SQ.FTS.B

,

2

.083

%

,

11/27/33

...

4,624

–

a

5368153.SQ.FTS.B

,

3

.962

%

,

11/27/33

...

1,070

–

a

5378398.SQ.FTS.B

,

4

.56

%

,

11/27/33

....

32,690

1

a

5381030.SQ.FTS.B

,

2

.347

%

,

11/28/33

...

10,498

–

a

5381932.SQ.FTS.B

,

4

.545

%

,

11/29/33

...

741

–

a

5383396.SQ.FTS.B

,

3

.302

%

,

11/30/33

...

105

–

a

5398394.SQ.FTS.B

,

3

.321

%

,

11/30/33

...

777

–

a

5383412.SQ.FTS.B

,

5

.031

%

,

11/30/33

...

2,807

–

a

5413606.SQ.FTS.B

,

4

.403

%

,

12/01/33

...

2,850

–

a

5442439.SQ.FTS.B

,

2

.865

%

,

12/02/33

...

1,242

–

a

5440393.SQ.FTS.B

,

3

.27

%

,

12/02/33

....

513

–

a

5471332.SQ.FTS.B

,

4

.017

%

,

12/03/33

...

12,560

–

a

5471273.SQ.FTS.B

,

5

.031

%

,

12/03/33

...

1,167

–

a

5473309.SQ.FTS.B

,

3

.774

%

,

12/04/33

...

1,962

–

a

5473236.SQ.FTS.B

,

4

.403

%

,

12/04/33

...

6,897

–

a

5472763.SQ.FTS.B

,

4

.513

%

,

12/04/33

...

2,711

–

a

5472730.SQ.FTS.B

,

4

.688

%

,

12/04/33

...

3,743

–

a

5474033.SQ.FTS.B

,

4

.548

%

,

12/05/33

...

1,011

–

a

5502597.SQ.FTS.B

,

3

.294

%

,

12/07/33

...

6,676

–

a

5493687.SQ.FTS.B

,

3

.774

%

,

12/07/33

...

1,582

–

a

5495244.SQ.FTS.B

,

4

.068

%

,

12/07/33

...

1,565

–

a

5504275.SQ.FTS.B

,

4

.555

%

,

12/07/33

...

1,678

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5501790.SQ.FTS.B

,

4

.56

%

,

12/07/33

....

$

1,322

$

–

a

5504334.SQ.FTS.B

,

5

.807

%

,

12/07/33

...

2,881

–

a

5517225.SQ.FTS.B

,

3

.983

%

,

12/08/33

...

132

–

a

5515935.SQ.FTS.B

,

4

.56

%

,

12/08/33

....

1,254

–

a

5515632.SQ.FTS.B

,

5

.382

%

,

12/08/33

...

876

–

a

5531634.SQ.FTS.B

,

4

.068

%

,

12/09/33

...

16,877

–

a

5530682.SQ.FTS.B

,

4

.561

%

,

12/09/33

...

8,257

–

a

5534538.SQ.FTS.B

,

4

.717

%

,

12/10/33

...

3,044

–

a

5539742.SQ.FTS.B

,

5

.031

%

,

12/11/33

...

3,222

–

a

5546767.SQ.FTS.B

,

4

.56

%

,

12/13/33

....

9,786

–

a

5542232.SQ.FTS.B

,

4

.715

%

,

12/13/33

...

9,576

–

a

5543476.SQ.FTS.B

,

4

.874

%

,

12/13/33

...

697

–

a

5553801.SQ.FTS.B

,

4

.073

%

,

12/14/33

...

15,160

–

a

5553995.SQ.FTS.B

,

4

.553

%

,

12/14/33

...

680

–

a

5551837.SQ.FTS.B

,

4

.874

%

,

12/14/33

...

3,976

–

a

5564465.SQ.FTS.B

,

3

.928

%

,

12/16/33

...

3,809

–

a

5564400.SQ.FTS.B

,

4

.228

%

,

12/16/33

...

4,180

–

a

5564739.SQ.FTS.B

,

4

.02

%

,

12/17/33

....

4,014

–

a

5565718.SQ.FTS.B

,

4

.345

%

,

12/17/33

...

1,113

–

a

5566977.SQ.FTS.B

,

4

.564

%

,

12/17/33

...

4,680

–

a

5565342.SQ.FTS.B

,

5

.163

%

,

12/17/33

...

1,550

–

a

5568613.SQ.FTS.B

,

4

.557

%

,

12/18/33

...

7,092

–

a

5571039.SQ.FTS.B

,

3

.304

%

,

12/20/33

...

585

–

a

5571610.SQ.FTS.B

,

4

.642

%

,

12/20/33

...

10,025

–

a

5574449.SQ.FTS.B

,

3

.774

%

,

12/21/33

...

8,365

–

a

5574770.SQ.FTS.B

,

4

.562

%

,

12/21/33

...

6,008

1

a

5575354.SQ.FTS.B

,

4

.874

%

,

12/21/33

...

1,695

–

a

5574619.SQ.FTS.B

,

5

.941

%

,

12/21/33

...

1,300

–

a

5578293.SQ.FTS.B

,

3

.843

%

,

12/22/33

...

4,171

–

a

5581220.SQ.FTS.B

,

2

.444

%

,

12/23/33

...

2,766

–

a

5581428.SQ.FTS.B

,

3

.384

%

,

12/23/33

...

2,217

1

a

5581964.SQ.FTS.B

,

3

.774

%

,

12/23/33

...

3,256

–

a

5583691.SQ.FTS.B

,

3

.774

%

,

12/23/33

...

1,683

–

a

5581405.SQ.FTS.B

,

3

.935

%

,

12/23/33

...

1,251

–

a

5582638.SQ.FTS.B

,

3

.945

%

,

12/23/33

...

1,582

–

a

5582775.SQ.FTS.B

,

4

.422

%

,

12/23/33

...

565

–

a

5585193.SQ.FTS.B

,

4

.571

%

,

12/24/33

...

1,038

–

a

5587897.SQ.FTS.B

,

4

.65

%

,

12/24/33

....

21,318

–

a

5587763.SQ.FTS.B

,

4

.718

%

,

12/24/33

...

13,450

–

a

5588620.SQ.FTS.B

,

4

.515

%

,

12/25/33

...

4,534

–

a

5588868.SQ.FTS.B

,

4

.56

%

,

12/26/33

....

2,471

–

a

5589268.SQ.FTS.B

,

4

.587

%

,

12/26/33

...

447

–

a

5589011.SQ.FTS.B

,

4

.874

%

,

12/26/33

...

996

–

a

5593696.SQ.FTS.B

,

4

.559

%

,

12/28/33

...

16,651

–

a

5594128.SQ.FTS.B

,

5

.019

%

,

12/28/33

...

3,289

–

a

5611249.SQ.FTS.B

,

5

.282

%

,

12/30/33

...

1,749

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5609439.SQ.FTS.B

,

5

.673

%

,

12/30/33

...

$

2,708

$

–

a

5613593.SQ.FTS.B

,

3

.774

%

,

1/01/34

....

960

–

a

5614043.SQ.FTS.B

,

3

.938

%

,

1/01/34

....

260

–

a

5619805.SQ.FTS.B

,

4

.716

%

,

1/04/34

....

271

–

a

5629056.SQ.FTS.B

,

3

.298

%

,

1/06/34

....

1,080

–

a

5646926.SQ.FTS.B

,

3

.302

%

,

1/07/34

....

4,350

–

a

5644715.SQ.FTS.B

,

3

.774

%

,

1/07/34

....

4,969

–

a

5644959.SQ.FTS.B

,

4

.716

%

,

1/07/34

....

10,493

–

a

5641293.SQ.FTS.B

,

5

.031

%

,

1/07/34

....

2,612

–

a

5655805.SQ.FTS.B

,

4

.559

%

,

1/09/34

....

9,103

–

a

5655794.SQ.FTS.B

,

4

.78

%

,

1/09/34

.....

265

–

a

5656707.SQ.FTS.B

,

3

.044

%

,

1/10/34

....

3,920

–

a

5656317.SQ.FTS.B

,

4

.403

%

,

1/10/34

....

3,805

–

a

5656852.SQ.FTS.B

,

4

.477

%

,

1/10/34

....

716

–

a

5656603.SQ.FTS.B

,

4

.88

%

,

1/10/34

.....

812

–

a

5661432.SQ.FTS.B

,

4

.56

%

,

1/11/34

.....

27,848

1

a

5670099.SQ.FTS.B

,

4

.129

%

,

1/12/34

....

1,442

–

a

5666857.SQ.FTS.B

,

4

.56

%

,

1/12/34

.....

50,254

–

a

5670219.SQ.FTS.B

,

4

.563

%

,

1/12/34

....

2,702

–

a

5672062.SQ.FTS.B

,

5

.367

%

,

1/12/34

....

957

–

a

5672716.SQ.FTS.B

,

4

.563

%

,

1/13/34

....

1,622

–

a

5672657.SQ.FTS.B

,

5

.02

%

,

1/13/34

.....

1,961

–

a

5689054.SQ.FTS.B

,

3

.304

%

,

1/14/34

....

354

–

a

5694752.SQ.FTS.B

,

4

.403

%

,

1/14/34

....

35,953

–

a

5702064.SQ.FTS.B

,

3

.032

%

,

1/15/34

....

1,794

–

a

5701510.SQ.FTS.B

,

3

.324

%

,

1/15/34

....

251

–

a

5696224.SQ.FTS.B

,

4

.56

%

,

1/15/34

.....

4,134

–

a

5698837.SQ.FTS.B

,

4

.563

%

,

1/15/34

....

8,377

–

a

5703564.SQ.FTS.B

,

4

.56

%

,

1/17/34

.....

5,948

–

a

5709306.SQ.FTS.B

,

4

.561

%

,

1/18/34

....

5,112

–

a

5715524.SQ.FTS.B

,

3

.302

%

,

1/19/34

....

1,945

–

a

5714621.SQ.FTS.B

,

4

.874

%

,

1/19/34

....

24,691

1

a

5721363.SQ.FTS.B

,

3

.302

%

,

1/20/34

....

47,507

–

a

5721008.SQ.FTS.B

,

4

.557

%

,

1/20/34

....

4,207

–

a

5720995.SQ.FTS.B

,

5

.042

%

,

1/20/34

....

383

–

a

5720196.SQ.FTS.B

,

5

.499

%

,

1/20/34

....

869

–

a

5726619.SQ.FTS.B

,

4

.791

%

,

1/21/34

....

11,825

1

a

5734473.SQ.FTS.B

,

2

.638

%

,

1/22/34

....

4,239

–

a

5733912.SQ.FTS.B

,

3

.311

%

,

1/22/34

....

14,207

1

a

5732481.SQ.FTS.B

,

4

.555

%

,

1/22/34

....

913

–

a

5739318.SQ.FTS.B

,

4

.403

%

,

1/25/34

....

9,310

–

a

5741942.SQ.FTS.B

,

3

.593

%

,

1/26/34

....

5,645

–

a

5741480.SQ.FTS.B

,

5

.031

%

,

1/26/34

....

164

–

a

5743692.SQ.FTS.B

,

3

.305

%

,

1/27/34

....

2,366

–

a

5743913.SQ.FTS.B

,

4

.56

%

,

1/27/34

.....

14,974

–

a

5745525.SQ.FTS.B

,

4

.562

%

,

1/27/34

....

3,073

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5756490.SQ.FTS.B

,

4

.56

%

,

1/29/34

.....

$

28,616

$

–

a

5757294.SQ.FTS.B

,

4

.403

%

,

1/30/34

....

5,660

–

a

5756660.SQ.FTS.B

,

4

.559

%

,

1/30/34

....

17,332

–

a

5767979.SQ.FTS.B

,

3

.931

%

,

2/03/34

....

2,624

–

a

5767523.SQ.FTS.B

,

4

.309

%

,

2/03/34

....

17,755

1

a

5769375.SQ.FTS.B

,

4

.56

%

,

2/03/34

.....

2,824

–

a

5772616.SQ.FTS.B

,

4

.562

%

,

2/04/34

....

10,404

–

a

5774638.SQ.FTS.B

,

4

.869

%

,

2/04/34

....

424

–

a

5777849.SQ.FTS.B

,

4

.556

%

,

2/05/34

....

3,303

–

a

5775630.SQ.FTS.B

,

4

.566

%

,

2/05/34

....

3,081

–

a

5778865.SQ.FTS.B

,

4

.722

%

,

2/05/34

....

2,639

–

a

5778637.SQ.FTS.B

,

4

.883

%

,

2/05/34

....

745

–

a

5778756.SQ.FTS.B

,

4

.931

%

,

2/05/34

....

2,847

–

a

5779967.SQ.FTS.B

,

4

.712

%

,

2/06/34

....

2,379

–

a

5780239.SQ.FTS.B

,

4

.405

%

,

2/07/34

....

7,900

–

a

5782195.SQ.FTS.B

,

5

.241

%

,

2/08/34

....

1,128

–

a

5788805.SQ.FTS.B

,

4

.403

%

,

2/09/34

....

20,630

–

a

5784888.SQ.FTS.B

,

4

.563

%

,

2/09/34

....

838

–

a

5788233.SQ.FTS.B

,

4

.709

%

,

2/09/34

....

881

–

a

5789379.SQ.FTS.B

,

4

.717

%

,

2/09/34

....

150

–

a

5793198.SQ.FTS.B

,

4

.121

%

,

2/10/34

....

14,656

–

a

5796633.SQ.FTS.B

,

4

.57

%

,

2/10/34

.....

2,959

–

a

5796654.SQ.FTS.B

,

4

.874

%

,

2/10/34

....

23,973

–

a

5795334.SQ.FTS.B

,

5

.25

%

,

2/10/34

.....

2,288

–

a

5802042.SQ.FTS.B

,

3

.064

%

,

2/11/34

....

49,428

–

a

5805398.SQ.FTS.B

,

3

.308

%

,

2/11/34

....

2,828

–

a

5805328.SQ.FTS.B

,

4

.555

%

,

2/11/34

....

297

–

a

5801833.SQ.FTS.B

,

4

.558

%

,

2/11/34

....

1,116

–

a

5805490.SQ.FTS.B

,

4

.575

%

,

2/11/34

....

629

–

a

5804251.SQ.FTS.B

,

4

.717

%

,

2/11/34

....

4,057

–

a

5805369.SQ.FTS.B

,

5

.25

%

,

2/11/34

.....

2,188

–

a

5808150.SQ.FTS.B

,

3

.962

%

,

2/12/34

....

1,070

–

a

5809849.SQ.FTS.B

,

4

.561

%

,

2/12/34

....

2,395

–

a

5811504.SQ.FTS.B

,

4

.686

%

,

2/12/34

....

13,131

4

a

5816654.SQ.FTS.B

,

4

.559

%

,

2/15/34

....

13,550

–

a

5818437.SQ.FTS.B

,

4

.877

%

,

2/15/34

....

1,663

–

a

5818633.SQ.FTS.B

,

5

.262

%

,

2/15/34

....

762

–

a

5821739.SQ.FTS.B

,

4

.56

%

,

2/16/34

.....

23,348

23

a

5821663.SQ.FTS.B

,

4

.563

%

,

2/16/34

....

2,685

–

a

5824064.SQ.FTS.B

,

4

.403

%

,

2/17/34

....

16,472

–

a

5823402.SQ.FTS.B

,

4

.528

%

,

2/17/34

....

16,653

6

a

5824290.SQ.FTS.B

,

4

.552

%

,

2/17/34

....

1,207

–

a

5827715.SQ.FTS.B

,

4

.554

%

,

2/18/34

....

3,528

–

a

5832996.SQ.FTS.B

,

4

.52

%

,

2/19/34

.....

465

–

a

5833744.SQ.FTS.B

,

4

.552

%

,

2/19/34

....

4,166

4

a

5831642.SQ.FTS.B

,

4

.564

%

,

2/19/34

....

3,872

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

5832876.SQ.FTS.B

,

4

.64

%

,

2/19/34

.....

$

888

$

–

a

5832933.SQ.FTS.B

,

5

.275

%

,

2/19/34

....

871

–

a

5835427.SQ.FTS.B

,

4

.521

%

,

2/21/34

....

156

–

a

5840032.SQ.FTS.B

,

4

.56

%

,

2/23/34

.....

18,482

1

a

5844917.SQ.FTS.B

,

3

.933

%

,

2/24/34

....

2,860

–

a

5843566.SQ.FTS.B

,

4

.56

%

,

2/24/34

.....

5,389

–

a

5843736.SQ.FTS.B

,

5

.015

%

,

2/24/34

....

1,275

–

a

5851134.SQ.FTS.B

,

4

.405

%

,

2/25/34

....

1,818

17

a

5848650.SQ.FTS.B

,

4

.814

%

,

2/25/34

....

2,710

–

a

5853107.SQ.FTS.B

,

4

.881

%

,

2/26/34

....

1,186

–

a

5853687.SQ.FTS.B

,

5

.251

%

,

2/26/34

....

1,153

1

a

5855247.SQ.FTS.B

,

4

.306

%

,

2/27/34

....

2,503

–

a

5862832.SQ.FTS.B

,

3

.302

%

,

2/28/34

....

20,291

141

a

5855815.SQ.FTS.B

,

4

.758

%

,

2/28/34

....

2,097

–

a

5856506.SQ.FTS.B

,

4

.839

%

,

2/28/34

....

1,492

–

a

5857271.SQ.FTS.B

,

4

.909

%

,

2/28/34

....

5,828

1

a

5873503.SQ.FTS.B

,

4

.302

%

,

3/01/34

....

1,500

–

a

5871100.SQ.FTS.B

,

4

.59

%

,

3/01/34

.....

19,844

2

a

5872195.SQ.FTS.B

,

4

.686

%

,

3/01/34

....

11,306

–

a

5876942.SQ.FTS.B

,

5

.031

%

,

3/02/34

....

11,879

–

a

5878878.SQ.FTS.B

,

5

.11

%

,

3/05/34

.....

429

–

a

5884476.SQ.FTS.B

,

4

.435

%

,

3/07/34

....

2,124

22

a

5884756.SQ.FTS.B

,

5

.098

%

,

3/07/34

....

787

1

a

5890737.SQ.FTS.B

,

5

.158

%

,

3/08/34

....

31,239

12

a

5891388.SQ.FTS.B

,

4

.025

%

,

3/09/34

....

3,614

4

a

5892501.SQ.FTS.B

,

4

.048

%

,

3/09/34

....

760

–

a

5894049.SQ.FTS.B

,

4

.59

%

,

3/09/34

.....

5,935

1

a

5894227.SQ.FTS.B

,

4

.941

%

,

3/09/34

....

6,594

1

a

5893120.SQ.FTS.B

,

5

.037

%

,

3/09/34

....

3,245

2

a

5892907.SQ.FTS.B

,

5

.1

%

,

3/09/34

......

2,548

–

a

5892236.SQ.FTS.B

,

5

.29

%

,

3/09/34

.....

1,042

7

a

5899146.SQ.FTS.B

,

5

.1

%

,

3/12/34

......

1,011

–

a

5902039.SQ.FTS.B

,

4

.716

%

,

3/13/34

....

4,574

–

a

5900966.SQ.FTS.B

,

4

.738

%

,

3/13/34

....

1,908

1

a

5902007.SQ.FTS.B

,

5

.187

%

,

3/13/34

....

1,148

–

a

5900522.SQ.FTS.B

,

5

.516

%

,

3/13/34

....

449

–

a

5905115.SQ.FTS.B

,

4

.527

%

,

3/14/34

....

148

5

a

5908792.SQ.FTS.B

,

4

.438

%

,

3/15/34

....

3,885

36

a

5909844.SQ.FTS.B

,

4

.905

%

,

3/15/34

....

8,247

11

a

5907307.SQ.FTS.B

,

5

.031

%

,

3/15/34

....

4,223

1

a

5912454.SQ.FTS.B

,

4

.946

%

,

3/16/34

....

2,264

1

a

5911132.SQ.FTS.B

,

5

.031

%

,

3/16/34

....

31,967

5

a

5912428.SQ.FTS.B

,

5

.031

%

,

3/16/34

....

2,401

1

a

5912708.SQ.FTS.B

,

5

.378

%

,

3/16/34

....

1,135

1

a

5913409.SQ.FTS.B

,

4

.308

%

,

3/17/34

....

2,690

1

a

5914346.SQ.FTS.B

,

5

.541

%

,

3/18/34

....

208

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

5917893.SQ.FTS.B

,

4

.435

%

,

3/19/34

....

$

14,136

$

3

a

5918205.SQ.FTS.B

,

4

.915

%

,

3/19/34

....

693

1

a

5917212.SQ.FTS.B

,

5

.084

%

,

3/19/34

....

1,518

1

a

5916186.SQ.FTS.B

,

5

.188

%

,

3/19/34

....

3,408

1

a

5918972.SQ.FTS.B

,

4

.526

%

,

3/20/34

....

8,974

2

a

5922077.SQ.FTS.B

,

5

.179

%

,

3/20/34

....

1,538

1

a

5918675.SQ.FTS.B

,

5

.211

%

,

3/20/34

....

305

–

a

5921964.SQ.FTS.B

,

5

.223

%

,

3/20/34

....

623

–

a

5919756.SQ.FTS.B

,

5

.282

%

,

3/20/34

....

9,188

11

a

5921812.SQ.FTS.B

,

5

.536

%

,

3/20/34

....

1,536

1

a

5923853.SQ.FTS.B

,

4

.528

%

,

3/21/34

....

34,589

12

a

5928998.SQ.FTS.B

,

4

.747

%

,

3/22/34

....

4,209

1

a

5927683.SQ.FTS.B

,

5

.372

%

,

3/22/34

....

4,609

1

a

5929950.SQ.FTS.B

,

5

.431

%

,

3/22/34

....

731

39

a

5936987.SQ.FTS.B

,

4

.74

%

,

3/26/34

.....

631

–

a

5940897.SQ.FTS.B

,

3

.93

%

,

3/27/34

.....

6,239

4

a

5945156.SQ.FTS.B

,

4

.744

%

,

3/28/34

....

1,617

1

a

5950020.SQ.FTS.B

,

5

.438

%

,

3/29/34

....

2,365

1

a

5953421.SQ.FTS.B

,

4

.306

%

,

3/30/34

....

3,220

2

a

5953778.SQ.FTS.B

,

5

.196

%

,

3/30/34

....

470

–

a

5955157.SQ.FTS.B

,

5

.464

%

,

3/30/34

....

946

–

a

5960313.SQ.FTS.B

,

3

.937

%

,

4/03/34

....

728

54

a

5958081.SQ.FTS.B

,

4

.845

%

,

4/03/34

....

1,192

1

a

5960150.SQ.FTS.B

,

5

.031

%

,

4/03/34

....

2,473

1

a

5960372.SQ.FTS.B

,

5

.091

%

,

4/03/34

....

215

–

a

5961632.SQ.FTS.B

,

4

.31

%

,

4/04/34

.....

10,451

2

a

5960736.SQ.FTS.B

,

5

.441

%

,

4/04/34

....

9,716

11

a

5960485.SQ.FTS.B

,

5

.447

%

,

4/04/34

....

799

1

a

5973170.SQ.FTS.B

,

4

.758

%

,

4/06/34

....

733

1

a

5977275.SQ.FTS.B

,

3

.932

%

,

4/07/34

....

12,616

7

a

5977823.SQ.FTS.B

,

4

.73

%

,

4/07/34

.....

855

1

a

5984496.SQ.FTS.B

,

5

.522

%

,

4/11/34

....

1,089

1

a

5986301.SQ.FTS.B

,

4

.434

%

,

4/12/34

....

2,618

3

a

5985197.SQ.FTS.B

,

4

.745

%

,

4/12/34

....

2,641

125

a

5991306.SQ.FTS.B

,

5

.031

%

,

4/13/34

....

1,478

2

a

5992494.SQ.FTS.B

,

5

.164

%

,

4/13/34

....

30

–

a

5993993.SQ.FTS.B

,

5

.179

%

,

4/14/34

....

738

2

a

6000281.SQ.FTS.B

,

4

.515

%

,

4/17/34

....

394

–

a

6000300.SQ.FTS.B

,

5

.379

%

,

4/17/34

....

2,058

2

a

6002949.SQ.FTS.B

,

5

.418

%

,

4/18/34

....

628

1

a

6010749.SQ.FTS.B

,

4

.524

%

,

4/20/34

....

1,573

2

a

6012358.SQ.FTS.B

,

4

.527

%

,

4/20/34

....

973

87

a

6011014.SQ.FTS.B

,

5

.275

%

,

4/20/34

....

1,615

84

a

6012743.SQ.FTS.B

,

4

.59

%

,

4/21/34

.....

8,938

11

a

6013463.SQ.FTS.B

,

5

.19

%

,

4/21/34

.....

5,991

3

a

6016649.SQ.FTS.B

,

4

.773

%

,

4/23/34

....

380

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6016723.SQ.FTS.B

,

4

.93

%

,

4/23/34

.....

$

2,068

$

7

a

6027166.SQ.FTS.B

,

4

.534

%

,

4/26/34

....

2,396

3

a

6024650.SQ.FTS.B

,

4

.757

%

,

4/26/34

....

1,830

3

a

6027397.SQ.FTS.B

,

5

.199

%

,

4/26/34

....

1,633

2

a

6024496.SQ.FTS.B

,

5

.538

%

,

4/26/34

....

5,106

4

a

6036390.SQ.FTS.B

,

5

.013

%

,

4/28/34

....

356

–

a

6035360.SQ.FTS.B

,

5

.439

%

,

4/28/34

....

1,397

3

a

6037075.SQ.FTS.B

,

5

.442

%

,

4/29/34

....

2,702

2

a

6045560.SQ.FTS.B

,

5

.157

%

,

5/01/34

....

1,003

1

a

6046999.SQ.FTS.B

,

4

.748

%

,

5/02/34

....

586

34

a

6047712.SQ.FTS.B

,

4

.907

%

,

5/02/34

....

8,819

24

a

6047637.SQ.FTS.B

,

5

.511

%

,

5/02/34

....

629

1

a

6054000.SQ.FTS.B

,

4

.909

%

,

5/03/34

....

3,298

5

a

6051734.SQ.FTS.B

,

5

.443

%

,

5/03/34

....

7,797

11

a

6050979.SQ.FTS.B

,

5

.536

%

,

5/03/34

....

2,052

4

a

6062202.SQ.FTS.B

,

3

.93

%

,

5/07/34

.....

3,703

9

a

6066747.SQ.FTS.B

,

5

.284

%

,

5/08/34

....

4,039

10

a

6108715.SQ.FTS.B

,

4

.775

%

,

5/09/34

....

138

–

a

6123389.SQ.FTS.B

,

4

.532

%

,

5/10/34

....

404

1

a

6123772.SQ.FTS.B

,

4

.901

%

,

5/10/34

....

4,168

5

a

6125833.SQ.FTS.B

,

5

.372

%

,

5/11/34

....

300

33

a

6126544.SQ.FTS.B

,

4

.725

%

,

5/12/34

....

156

–

a

6126498.SQ.FTS.B

,

4

.755

%

,

5/12/34

....

1,036

2

a

6136825.SQ.FTS.B

,

4

.524

%

,

5/16/34

....

2,392

9

a

6136354.SQ.FTS.B

,

4

.904

%

,

5/16/34

....

6,097

7

a

6135095.SQ.FTS.B

,

5

.267

%

,

5/16/34

....

749

2

a

6142889.SQ.FTS.B

,

4

.914

%

,

5/17/34

....

1,621

6

a

6143114.SQ.FTS.B

,

5

.036

%

,

5/17/34

....

1,454

4

a

6140505.SQ.FTS.B

,

5

.381

%

,

5/17/34

....

3,963

7

a

6140493.SQ.FTS.B

,

5

.456

%

,

5/17/34

....

189

–

a

6140691.SQ.FTS.B

,

5

.533

%

,

5/17/34

....

3,669

15

a

6145923.SQ.FTS.B

,

4

.757

%

,

5/18/34

....

967

1

a

6149563.SQ.FTS.B

,

4

.746

%

,

5/21/34

....

2,619

3

a

6152853.SQ.FTS.B

,

4

.749

%

,

5/22/34

....

56,251

162

a

6160881.SQ.FTS.B

,

4

.748

%

,

5/24/34

....

4,729

5

a

6163213.SQ.FTS.B

,

4

.313

%

,

5/25/34

....

5,720

13

a

6163054.SQ.FTS.B

,

4

.53

%

,

5/25/34

.....

7,614

20

a

6165760.SQ.FTS.B

,

5

.535

%

,

5/27/34

....

2,769

4

a

6183434.SQ.FTS.B

,

5

.286

%

,

6/02/34

....

527

2

a

6192486.SQ.FTS.B

,

4

.747

%

,

6/06/34

....

3,185

7

a

6192461.SQ.FTS.B

,

5

.528

%

,

6/06/34

....

1,353

8

a

6205648.SQ.FTS.B

,

4

.751

%

,

6/08/34

....

1,955

3

a

6210528.SQ.FTS.B

,

5

.284

%

,

6/11/34

....

10,451

51

a

6214190.SQ.FTS.B

,

5

.414

%

,

6/12/34

....

637

4

a

6215457.SQ.FTS.B

,

5

.423

%

,

6/13/34

....

302

–

a

6215908.SQ.FTS.B

,

5

.544

%

,

6/13/34

....

488

2

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6220236.SQ.FTS.B

,

4

.735

%

,

6/14/34

....

$

669

$

2

a

6226015.SQ.FTS.B

,

5

.031

%

,

6/15/34

....

3,446

15

a

6235468.SQ.FTS.B

,

5

.031

%

,

6/17/34

....

2,236

5

a

6243419.SQ.FTS.B

,

5

.031

%

,

6/20/34

....

7,274

31

a

6245712.SQ.FTS.B

,

4

.906

%

,

6/21/34

....

5,446

32

a

6244954.SQ.FTS.B

,

5

.379

%

,

6/21/34

....

8,954

20

a

6255252.SQ.FTS.B

,

4

.748

%

,

6/24/34

....

2,186

12

a

6258547.SQ.FTS.B

,

5

.469

%

,

6/27/34

....

6,260

15

a

6261595.SQ.FTS.B

,

4

.969

%

,

6/28/34

....

26,584

65

a

6270813.SQ.FTS.B

,

5

.46

%

,

6/30/34

.....

1,115

3

a

6270889.SQ.FTS.B

,

5

.762

%

,

6/30/34

....

1,378

3

a

6271434.SQ.FTS.B

,

4

.968

%

,

7/01/34

....

5,080

1,270

a

6274028.SQ.FTS.B

,

5

.252

%

,

7/03/34

....

7,166

50

a

6275869.SQ.FTS.B

,

5

.377

%

,

7/04/34

....

11,588

968

a

6278505.SQ.FTS.B

,

5

.771

%

,

7/04/34

....

587

102

a

6281173.SQ.FTS.B

,

4

.752

%

,

7/05/34

....

574

4

a

6285446.SQ.FTS.B

,

4

.968

%

,

7/06/34

....

6,597

1,581

a

6285882.SQ.FTS.B

,

5

.255

%

,

7/07/34

....

3,875

25

a

6297788.SQ.FTS.B

,

5

.444

%

,

7/12/34

....

884

5

a

6304026.SQ.FTS.B

,

4

.528

%

,

7/14/34

....

4,953

771

a

6314871.SQ.FTS.B

,

5

.753

%

,

7/19/34

....

303

2

a

6319360.SQ.FTS.B

,

4

.966

%

,

7/21/34

....

5,121

19

a

6318980.SQ.FTS.B

,

4

.967

%

,

7/21/34

....

1,562

14

a

6320273.SQ.FTS.B

,

4

.748

%

,

7/22/34

....

25,170

196

a

6321367.SQ.FTS.B

,

5

.738

%

,

7/23/34

....

661

3

a

6356496.SQ.FTS.B

,

5

.126

%

,

7/25/34

....

17,258

112

a

6365762.SQ.FTS.B

,

4

.751

%

,

7/28/34

....

10,292

36

a

6366494.SQ.FTS.B

,

5

.682

%

,

7/29/34

....

403

2

a

6369144.SQ.FTS.B

,

5

.251

%

,

7/30/34

....

10,787

102

a

6378771.SQ.FTS.B

,

5

.441

%

,

8/02/34

....

1,938

8

a

6389131.SQ.FTS.B

,

5

.377

%

,

8/06/34

....

18,484

74

a

6388737.SQ.FTS.B

,

5

.74

%

,

8/06/34

.....

66

16

a

6390695.SQ.FTS.B

,

5

.603

%

,

8/07/34

....

554

4

a

6406738.SQ.FTS.B

,

5

.469

%

,

8/13/34

....

2,921

11

a

6412810.SQ.FTS.B

,

4

.751

%

,

8/15/34

....

10,432

2,521

a

6419039.SQ.FTS.B

,

5

.377

%

,

8/16/34

....

13,386

80

a

6420892.SQ.FTS.B

,

5

.378

%

,

8/16/34

....

8,853

54

a

6424077.SQ.FTS.B

,

5

.604

%

,

8/17/34

....

3,020

23

a

6425168.SQ.FTS.B

,

5

.466

%

,

8/19/34

....

4,759

21

a

6429767.SQ.FTS.B

,

5

.597

%

,

8/21/34

....

7,138

48

a

6442143.SQ.FTS.B

,

5

.448

%

,

8/24/34

....

624

4

a

6444790.SQ.FTS.B

,

5

.472

%

,

8/25/34

....

2,054

14

a

6450208.SQ.FTS.B

,

4

.965

%

,

8/28/34

....

2,651

38

a

6452261.SQ.FTS.B

,

4

.968

%

,

8/28/34

....

17,124

183

a

6450465.SQ.FTS.B

,

5

.372

%

,

8/28/34

....

186

55

a

6453792.SQ.FTS.B

,

5

.471

%

,

9/01/34

....

10,859

81

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6458130.SQ.FTS.B

,

4

.97

%

,

9/02/34

.....

$

1,848

$

15

a

6457685.SQ.FTS.B

,

5

.25

%

,

9/02/34

.....

5,844

1,663

a

6458789.SQ.FTS.B

,

5

.25

%

,

9/02/34

.....

637

4

a

6464461.SQ.FTS.B

,

5

.749

%

,

9/04/34

....

634

5

a

6464900.SQ.FTS.B

,

4

.963

%

,

9/05/34

....

4,011

32

a

6464819.SQ.FTS.B

,

5

.473

%

,

9/05/34

....

4,031

24

a

6468011.SQ.FTS.B

,

5

.131

%

,

9/06/34

....

2,262

9

a

6469480.SQ.FTS.B

,

4

.748

%

,

9/07/34

....

20,372

228

a

6484176.SQ.FTS.B

,

5

.371

%

,

9/10/34

....

220

71

a

6490386.SQ.FTS.B

,

5

.252

%

,

9/14/34

....

1,645

21

a

6501697.SQ.FTS.B

,

4

.963

%

,

9/16/34

....

1,001

369

a

6502565.SQ.FTS.B

,

5

.73

%

,

9/16/34

.....

336

3

a

6501410.SQ.FTS.B

,

6

.166

%

,

9/16/34

....

2,005

12

a

6502765.SQ.FTS.B

,

4

.528

%

,

9/17/34

....

2,342

37

a

6504374.SQ.FTS.B

,

4

.749

%

,

9/17/34

....

6,570

65

a

6503327.SQ.FTS.B

,

5

.127

%

,

9/17/34

....

5,315

54

a

6506259.SQ.FTS.B

,

4

.845

%

,

9/18/34

....

7,627

94

a

6506724.SQ.FTS.B

,

5

.445

%

,

9/19/34

....

191

26

a

6509194.SQ.FTS.B

,

5

.252

%

,

9/20/34

....

9,768

88

a

6516876.SQ.FTS.B

,

4

.309

%

,

9/22/34

....

3,687

54

a

6524458.SQ.FTS.B

,

4

.757

%

,

9/24/34

....

1,541

9

a

6526166.SQ.FTS.B

,

4

.743

%

,

9/25/34

....

747

10

a

6526193.SQ.FTS.B

,

5

.364

%

,

9/25/34

....

1,054

17

a

6527382.SQ.FTS.B

,

4

.528

%

,

9/27/34

....

8,363

139

a

6533239.SQ.FTS.B

,

4

.84

%

,

9/28/34

.....

2,326

291

a

6532408.SQ.FTS.B

,

4

.964

%

,

9/28/34

....

3,788

52

a

6537870.SQ.FTS.B

,

5

.593

%

,

9/29/34

....

219

75

a

6538002.SQ.FTS.B

,

5

.741

%

,

9/29/34

....

1,103

13

a

6543316.SQ.FTS.B

,

5

.432

%

,

9/30/34

....

3,927

29

a

6541945.SQ.FTS.B

,

5

.755

%

,

9/30/34

....

6,200

84

a

6548015.SQ.FTS.B

,

6

.077

%

,

10/02/34

...

2,395

30

a

6548822.SQ.FTS.B

,

5

.428

%

,

10/03/34

...

1,334

13

a

6552657.SQ.FTS.B

,

4

.845

%

,

10/04/34

...

2,239

29

a

6554014.SQ.FTS.B

,

5

.128

%

,

10/04/34

...

910

8

a

6559553.SQ.FTS.B

,

5

.426

%

,

10/06/34

...

521

65

a

6562473.SQ.FTS.B

,

5

.598

%

,

10/06/34

...

15,241

166

a

6567346.SQ.FTS.B

,

4

.528

%

,

10/09/34

...

936

19

a

6569506.SQ.FTS.B

,

5

.18

%

,

10/10/34

....

1,090

160

a

6570382.SQ.FTS.B

,

5

.438

%

,

10/10/34

...

8,264

41

a

6567760.SQ.FTS.B

,

5

.747

%

,

10/10/34

...

653

95

a

6577330.SQ.FTS.B

,

5

.375

%

,

10/12/34

...

1,583

233

a

6579843.SQ.FTS.B

,

5

.26

%

,

10/13/34

....

74

37

a

6584579.SQ.FTS.B

,

4

.767

%

,

10/14/34

...

136

23

a

6590809.SQ.FTS.B

,

5

.377

%

,

10/17/34

...

2,847

1,217

a

6590448.SQ.FTS.B

,

5

.38

%

,

10/17/34

....

1,824

20

a

6591260.SQ.FTS.B

,

5

.434

%

,

10/17/34

...

2,973

23

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6589068.SQ.FTS.B

,

5

.44

%

,

10/17/34

....

$

6,446

$

106

a

6593772.SQ.FTS.B

,

6

.417

%

,

10/18/34

...

7,748

38

a

6596418.SQ.FTS.B

,

5

.765

%

,

10/19/34

...

802

11

a

6601765.SQ.FTS.B

,

5

.18

%

,

10/21/34

....

2,098

21

a

6607285.SQ.FTS.B

,

4

.655

%

,

10/24/34

...

10,325

4,314

a

6610631.SQ.FTS.B

,

5

.129

%

,

10/25/34

...

5,370

55

a

6609951.SQ.FTS.B

,

5

.571

%

,

10/25/34

...

1,248

563

a

6622368.SQ.FTS.B

,

5

.751

%

,

10/28/34

...

2,757

55

a

6624836.SQ.FTS.B

,

6

.132

%

,

10/29/34

...

266

4

a

6627196.SQ.FTS.B

,

4

.783

%

,

11/01/34

...

191

3

a

6627396.SQ.FTS.B

,

5

.569

%

,

11/01/34

...

8,593

111

a

6627159.SQ.FTS.B

,

5

.768

%

,

11/01/34

...

822

13

a

6631659.SQ.FTS.B

,

6

.262

%

,

11/02/34

...

5,893

82

a

6635230.SQ.FTS.B

,

5

.754

%

,

11/03/34

...

61,854

657

a

6641603.SQ.FTS.B

,

4

.746

%

,

11/05/34

...

1,337

12

a

6645579.SQ.FTS.B

,

4

.934

%

,

11/07/34

...

4,068

1,885

a

6648200.SQ.FTS.B

,

5

.756

%

,

11/08/34

...

3,585

72

a

6646196.SQ.FTS.B

,

6

.276

%

,

11/08/34

...

345

4

a

6655118.SQ.FTS.B

,

4

.939

%

,

11/10/34

...

1,933

62

a

6666031.SQ.FTS.B

,

5

.447

%

,

11/14/34

...

1,690

304

a

6667033.SQ.FTS.B

,

5

.378

%

,

11/15/34

...

3,156

102

a

6669109.SQ.FTS.B

,

5

.43

%

,

11/15/34

....

394

9

a

6669028.SQ.FTS.B

,

5

.438

%

,

11/15/34

...

981

14

a

6668228.SQ.FTS.B

,

6

.16

%

,

11/15/34

....

1,149

15

a

6667810.SQ.FTS.B

,

6

.249

%

,

11/15/34

...

2,693

32

a

6666594.SQ.FTS.B

,

6

.254

%

,

11/15/34

...

101

53

a

6674370.SQ.FTS.B

,

5

.753

%

,

11/17/34

...

12,265

221

a

6679967.SQ.FTS.B

,

5

.189

%

,

11/18/34

...

56,591

769

a

6678246.SQ.FTS.B

,

6

.409

%

,

11/18/34

...

188

39

a

6685190.SQ.FTS.B

,

6

.257

%

,

11/20/34

...

8,219

151

a

6685864.SQ.FTS.B

,

6

.191

%

,

11/21/34

...

219

4

a

6689080.SQ.FTS.B

,

5

.758

%

,

11/22/34

...

3,318

65

a

6692358.SQ.FTS.B

,

5

.558

%

,

11/23/34

...

1,578

297

a

6692474.SQ.FTS.B

,

6

.255

%

,

11/23/34

...

7,433

112

a

6693424.SQ.FTS.B

,

5

.566

%

,

11/24/34

...

22,456

13,293

a

6696092.SQ.FTS.B

,

5

.754

%

,

11/24/34

...

1,280

19

a

6705796.SQ.FTS.B

,

5

.568

%

,

11/26/34

...

7,590

200

a

6707813.SQ.FTS.B

,

5

.762

%

,

11/27/34

...

271

8

a

6709168.SQ.FTS.B

,

5

.189

%

,

11/29/34

...

33,347

469

a

6719237.SQ.FTS.B

,

4

.749

%

,

12/01/34

...

4,055

94

a

6726121.SQ.FTS.B

,

4

.754

%

,

12/03/34

...

582

13

a

6725887.SQ.FTS.B

,

5

.378

%

,

12/03/34

...

167

4

a

6733364.SQ.FTS.B

,

5

.756

%

,

12/06/34

...

4,753

899

a

6733499.SQ.FTS.B

,

5

.757

%

,

12/06/34

...

257

166

a

6735811.SQ.FTS.B

,

5

.374

%

,

12/07/34

...

1,795

385

a

6739997.SQ.FTS.B

,

5

.384

%

,

12/08/34

...

130

73

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6746302.SQ.FTS.B

,

5

.377

%

,

12/09/34

...

$

1,723

$

1,002

a

6744525.SQ.FTS.B

,

5

.755

%

,

12/09/34

...

48,006

1,061

a

6746943.SQ.FTS.B

,

5

.46

%

,

12/10/34

....

669

8

a

6747235.SQ.FTS.B

,

5

.562

%

,

12/10/34

...

3,203

26

a

6749349.SQ.FTS.B

,

4

.727

%

,

12/12/34

...

835

12

a

6750398.SQ.FTS.B

,

4

.776

%

,

12/12/34

...

77

40

a

6748637.SQ.FTS.B

,

6

.249

%

,

12/12/34

...

108

61

a

6753977.SQ.FTS.B

,

5

.442

%

,

12/13/34

...

4,775

102

a

6756917.SQ.FTS.B

,

5

.191

%

,

12/14/34

...

5,761

139

a

6756576.SQ.FTS.B

,

5

.755

%

,

12/14/34

...

1,008

22

a

6763757.SQ.FTS.B

,

5

.387

%

,

12/15/34

...

1,591

36

a

6763456.SQ.FTS.B

,

5

.752

%

,

12/15/34

...

5,352

996

a

6765702.SQ.FTS.B

,

4

.654

%

,

12/16/34

...

603

403

a

6770205.SQ.FTS.B

,

6

.164

%

,

12/18/34

...

223

127

a

6774564.SQ.FTS.B

,

4

.937

%

,

12/20/34

...

3,596

846

a

6771935.SQ.FTS.B

,

5

.38

%

,

12/20/34

....

6,622

147

a

6776773.SQ.FTS.B

,

6

.007

%

,

12/21/34

...

57,840

676

a

6779449.SQ.FTS.B

,

4

.936

%

,

12/22/34

...

175

108

a

6784413.SQ.FTS.B

,

4

.945

%

,

12/23/34

...

342

198

a

6784616.SQ.FTS.B

,

6

.257

%

,

12/23/34

...

13,566

168

a

6786396.SQ.FTS.B

,

6

.005

%

,

12/24/34

...

6,516

231

a

6790513.SQ.FTS.B

,

5

.18

%

,

12/26/34

....

2,508

50

a

6788880.SQ.FTS.B

,

6

.257

%

,

12/26/34

...

372

212

a

6792564.SQ.FTS.B

,

5

.188

%

,

12/27/34

...

2,905

1,442

a

6791327.SQ.FTS.B

,

6

.427

%

,

12/27/34

...

647

20

a

6796705.SQ.FTS.B

,

6

.161

%

,

12/28/34

...

298

180

a

6800352.SQ.FTS.B

,

4

.94

%

,

12/29/34

....

1,822

467

a

6800307.SQ.FTS.B

,

5

.386

%

,

12/29/34

...

1,066

38

a

6807789.SQ.FTS.B

,

4

.74

%

,

12/30/34

....

2,456

40

a

6809289.SQ.FTS.B

,

5

.19

%

,

1/02/35

.....

12,073

366

a

6811597.SQ.FTS.B

,

5

.441

%

,

1/03/35

....

986

22

a

6812155.SQ.FTS.B

,

5

.451

%

,

1/03/35

....

2,586

33

a

6811299.SQ.FTS.B

,

5

.562

%

,

1/03/35

....

447

252

a

6811743.SQ.FTS.B

,

6

.251

%

,

1/03/35

....

2,013

37

a

6811790.SQ.FTS.B

,

6

.263

%

,

1/03/35

....

77

48

a

6814032.SQ.FTS.B

,

5

.577

%

,

1/05/35

....

673

14

a

6823837.SQ.FTS.B

,

5

.441

%

,

1/07/35

....

8,236

327

a

6822498.SQ.FTS.B

,

6

.267

%

,

1/07/35

....

1,020

26

a

6824604.SQ.FTS.B

,

6

.275

%

,

1/07/35

....

377

236

a

6830462.SQ.FTS.B

,

4

.724

%

,

1/10/35

....

832

18

a

6829166.SQ.FTS.B

,

5

.552

%

,

1/10/35

....

188

107

a

6829019.SQ.FTS.B

,

6

.257

%

,

1/10/35

....

2,958

1,763

a

6832199.SQ.FTS.B

,

5

.377

%

,

1/11/35

....

2,706

634

a

6833495.SQ.FTS.B

,

6

.015

%

,

1/11/35

....

379

13

a

6836420.SQ.FTS.B

,

5

.377

%

,

1/12/35

....

7,316

4,576

a

6836010.SQ.FTS.B

,

5

.566

%

,

1/12/35

....

3,628

123

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

6841524.SQ.FTS.B

,

4

.773

%

,

1/13/35

....

$

243

$

126

a

6840245.SQ.FTS.B

,

6

.004

%

,

1/13/35

....

4,628

1,401

a

6839507.SQ.FTS.B

,

6

.289

%

,

1/13/35

....

284

171

a

6842447.SQ.FTS.B

,

6

.006

%

,

1/14/35

....

857

518

a

6845418.SQ.FTS.B

,

5

.447

%

,

1/15/35

....

844

446

a

6845464.SQ.FTS.B

,

5

.567

%

,

1/15/35

....

876

29

a

6846703.SQ.FTS.B

,

6

.178

%

,

1/16/35

....

246

149

a

6848392.SQ.FTS.B

,

5

.195

%

,

1/17/35

....

282

149

a

6853937.SQ.FTS.B

,

5

.566

%

,

1/19/35

....

1,245

840

a

6861516.SQ.FTS.B

,

4

.751

%

,

1/20/35

....

2,500

41

a

6861047.SQ.FTS.B

,

4

.943

%

,

1/20/35

....

509

356

a

6860790.SQ.FTS.B

,

6

.009

%

,

1/20/35

....

4,246

153

a

6858335.SQ.FTS.B

,

6

.42

%

,

1/20/35

.....

1,058

349

a

6864423.SQ.FTS.B

,

5

.566

%

,

1/21/35

....

8,861

3,748

a

6863964.SQ.FTS.B

,

6

%

,

1/21/35

.......

1,197

36

a

6864699.SQ.FTS.B

,

5

.439

%

,

1/22/35

....

305

175

a

6865584.SQ.FTS.B

,

5

.378

%

,

1/23/35

....

15,464

6,952

a

6867693.SQ.FTS.B

,

4

.654

%

,

1/24/35

....

7,462

250

a

6869170.SQ.FTS.B

,

6

.265

%

,

1/24/35

....

921

537

a

6869515.SQ.FTS.B

,

4

.935

%

,

1/25/35

....

7,609

213

a

6875513.SQ.FTS.B

,

4

.653

%

,

1/26/35

....

7,892

4,620

a

6873613.SQ.FTS.B

,

6

.257

%

,

1/26/35

....

5,614

83

a

6878251.SQ.FTS.B

,

5

.566

%

,

1/27/35

....

15,208

577

a

6878142.SQ.FTS.B

,

5

.576

%

,

1/27/35

....

1,481

53

a

6884628.SQ.FTS.B

,

6

.263

%

,

1/29/35

....

555

347

a

6884701.SQ.FTS.B

,

6

.422

%

,

1/29/35

....

810

15

a

6888984.SQ.FTS.B

,

4

.935

%

,

1/31/35

....

9,218

229

a

6888845.SQ.FTS.B

,

5

.438

%

,

1/31/35

....

2,177

41

a

6888950.SQ.FTS.B

,

5

.753

%

,

1/31/35

....

436

266

a

6891737.SQ.FTS.B

,

5

.75

%

,

2/01/35

.....

1,984

75

a

6893962.SQ.FTS.B

,

5

.376

%

,

2/02/35

....

1,000

703

a

6894415.SQ.FTS.B

,

6

.164

%

,

2/02/35

....

3,893

1,890

a

6903970.SQ.FTS.B

,

4

.75

%

,

2/04/35

.....

2,610

45

a

6904150.SQ.FTS.B

,

5

.377

%

,

2/04/35

....

28,431

18,695

a

6904916.SQ.FTS.B

,

5

.178

%

,

2/05/35

....

99

52

a

6904370.SQ.FTS.B

,

6

.161

%

,

2/05/35

....

3,220

52

a

6906728.SQ.FTS.B

,

4

.742

%

,

2/07/35

....

110

74

a

6906570.SQ.FTS.B

,

5

.38

%

,

2/07/35

.....

340

190

a

6906812.SQ.FTS.B

,

5

.752

%

,

2/07/35

....

3,060

2,083

a

6910971.SQ.FTS.B

,

5

.376

%

,

2/08/35

....

21,142

611

a

6909059.SQ.FTS.B

,

6

.263

%

,

2/08/35

....

3,599

106

a

6912323.SQ.FTS.B

,

5

.189

%

,

2/09/35

....

11,560

7,953

a

6919965.SQ.FTS.B

,

5

.566

%

,

2/11/35

....

7,628

5,153

a

6922517.SQ.FTS.B

,

5

.564

%

,

2/14/35

....

749

540

a

6923899.SQ.FTS.B

,

4

.938

%

,

2/15/35

....

18,282

12,340

a

6923831.SQ.FTS.B

,

6

.181

%

,

2/15/35

....

1,021

34

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

6933459.SQ.FTS.B

,

4

.755

%

,

2/17/35

....

$

2,173

$

39

a

6933558.SQ.FTS.B

,

5

.447

%

,

2/17/35

....

3,195

115

a

6935864.SQ.FTS.B

,

5

.566

%

,

2/17/35

....

8,659

6,113

a

6936331.SQ.FTS.B

,

5

.567

%

,

2/17/35

....

1,561

1,150

a

6938956.SQ.FTS.B

,

4

.651

%

,

2/18/35

....

497

405

a

6937199.SQ.FTS.B

,

4

.749

%

,

2/18/35

....

314

198

a

6937431.SQ.FTS.B

,

4

.94

%

,

2/18/35

.....

2,039

1,138

a

6939128.SQ.FTS.B

,

5

.188

%

,

2/18/35

....

2,218

1,772

a

6937013.SQ.FTS.B

,

5

.189

%

,

2/18/35

....

11,136

7,381

a

6937698.SQ.FTS.B

,

5

.193

%

,

2/18/35

....

1,399

81

a

6944346.SQ.FTS.B

,

4

.78

%

,

2/21/35

.....

998

447

a

6945708.SQ.FTS.B

,

5

.387

%

,

2/21/35

....

517

386

a

6944112.SQ.FTS.B

,

5

.439

%

,

2/21/35

....

7,643

256

a

6945544.SQ.FTS.B

,

5

.567

%

,

2/21/35

....

747

450

a

6943747.SQ.FTS.B

,

5

.756

%

,

2/21/35

....

15,422

212

a

6949409.SQ.FTS.B

,

4

.78

%

,

2/22/35

.....

442

196

a

6948228.SQ.FTS.B

,

4

.946

%

,

2/22/35

....

48

43

a

6948274.SQ.FTS.B

,

5

.19

%

,

2/22/35

.....

685

511

a

6950014.SQ.FTS.B

,

4

.939

%

,

2/23/35

....

923

791

a

6952926.SQ.FTS.B

,

5

.384

%

,

2/23/35

....

3,132

2,124

a

6951159.SQ.FTS.B

,

6

.006

%

,

2/23/35

....

5,681

66

a

6956614.SQ.FTS.B

,

5

.189

%

,

2/24/35

....

19,966

14,928

a

6955315.SQ.FTS.B

,

5

.376

%

,

2/24/35

....

5,222

3,717

a

6961097.SQ.FTS.B

,

6

.264

%

,

2/25/35

....

4,906

74

a

6962747.SQ.FTS.B

,

5

.442

%

,

2/26/35

....

543

14

a

6962536.SQ.FTS.B

,

5

.566

%

,

2/26/35

....

252

86

a

6962505.SQ.FTS.B

,

5

.569

%

,

2/26/35

....

922

569

a

6963222.SQ.FTS.B

,

6

.165

%

,

2/27/35

....

1,355

20

a

6974153.SQ.FTS.B

,

4

.936

%

,

2/28/35

....

2,919

2,162

a

6967101.SQ.FTS.B

,

4

.94

%

,

2/28/35

.....

3,753

2,667

a

6970498.SQ.FTS.B

,

4

.941

%

,

2/28/35

....

987

709

a

6967045.SQ.FTS.B

,

5

.183

%

,

2/28/35

....

3,977

66

a

6968588.SQ.FTS.B

,

5

.192

%

,

2/28/35

....

3,239

2,118

a

6972677.SQ.FTS.B

,

5

.361

%

,

2/28/35

....

1,060

695

a

6967472.SQ.FTS.B

,

5

.377

%

,

2/28/35

....

16,292

363

a

6970003.SQ.FTS.B

,

5

.566

%

,

2/28/35

....

5,367

3,464

a

6978300.SQ.FTS.B

,

5

.567

%

,

2/28/35

....

21,968

517

a

6983553.SQ.FTS.B

,

4

.938

%

,

3/01/35

....

3,811

2,775

8,948,738

Freedom

Financial

Asset

Management

LLC

APP-12119651.FP.FTS.B

,

8

.99

%

,

3/12/25

.

1,094

1,095

APP-12139540.FP.FTS.B

,

9

.99

%

,

3/12/25

.

554

555

APP-12216739.FP.FTS.B

,

16

.99

%

,

3/13/25

968

970

APP-11194436.FP.FTS.B

,

15

.99

%

,

4/01/25

2,867

2,901

APP-08980006.FP.FTS.B

,

16

.49

%

,

4/17/25

1,057

1,061

APP-09058670.FP.FTS.B

,

16

.49

%

,

4/27/25

824

830

APP-09335187.FP.FTS.B

,

16

.99

%

,

5/20/25

1,421

1,441

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-08870796.FP.FTS.B

,

19

.49

%

,

5/23/25

$

814

$

823

APP-08967293.FP.FTS.B

,

17

.49

%

,

5/29/25

1,945

1,975

APP-09231496.FP.FTS.B

,

14

.99

%

,

6/01/25

6,541

6,567

APP-09036276.FP.FTS.B

,

18

.99

%

,

6/05/25

5,244

5,285

APP-09106073.FP.FTS.B

,

19

.99

%

,

6/14/25

577

582

APP-09130603.FP.FTS.B

,

12

.99

%

,

6/15/25

2,216

2,227

APP-09046414.FP.FTS.B

,

14

.99

%

,

6/23/25

3,957

3,980

APP-09302995.FP.FTS.B

,

14

.99

%

,

7/10/25

1,595

1,606

APP-09352779.FP.FTS.B

,

18

.49

%

,

7/10/25

1,420

1,434

APP-09375788.FP.FTS.B

,

18

.49

%

,

7/10/25

1,508

1,534

APP-09012739.FP.FTS.B

,

14

.49

%

,

7/15/25

345

345

APP-08988851.FP.FTS.B

,

16

.99

%

,

8/01/25

12,215

4,940

APP-09717803.FP.FTS.B

,

18

.49

%

,

8/10/25

2,184

912

APP-08970788.FP.FTS.B

,

17

.49

%

,

8/16/25

1,855

1,890

APP-09776164.FP.FTS.B

,

15

.99

%

,

8/25/25

2,543

2,579

APP-10450365.FP.FTS.B

,

10

.99

%

,

9/03/25

3,495

3,519

APP-10476920.FP.FTS.B

,

8

.99

%

,

9/06/25

.

3,899

3,928

APP-10400942.FP.FTS.B

,

10

.99

%

,

9/10/25

2,992

3,015

APP-09354577.FP.FTS.B

,

18

.49

%

,

9/11/25

1,490

1,496

APP-10561719.FP.FTS.B

,

12

.74

%

,

9/20/25

2,495

2,521

APP-09708653.FP.FTS.B

,

13

.24

%

,

10/01/25

4,921

4,962

APP-10060747.FP.FTS.B

,

13

.74

%

,

10/01/25

5,959

6,013

APP-10157176.FP.FTS.B

,

16

.49

%

,

10/01/25

4,586

4,663

APP-10203214.FP.FTS.B

,

18

.99

%

,

10/01/25

4,965

5,120

APP-10485308.FP.FTS.B

,

16

.99

%

,

10/12/25

4,393

497

APP-10567121.FP.FTS.B

,

13

.24

%

,

10/20/25

4,872

4,922

APP-10578108.FP.FTS.B

,

14

.49

%

,

10/22/25

9,474

1,274

APP-10519197.FP.FTS.B

,

15

.99

%

,

10/29/25

7,843

7,966

APP-10606420.FP.FTS.B

,

10

.99

%

,

11/15/25

7,136

7,205

APP-10839237.FP.FTS.B

,

10

.99

%

,

11/15/25

5,567

5,622

APP-11210666.FP.FTS.B

,

10

.99

%

,

11/15/25

5,397

5,448

APP-11237796.FP.FTS.B

,

16

.49

%

,

11/15/25

4,723

4,858

APP-10776817.FP.FTS.B

,

16

.99

%

,

11/16/25

4,306

4,348

APP-11802431.FP.FTS.B

,

10

.24

%

,

12/18/25

3,582

3,619

APP-11253357.FP.FTS.B

,

13

.24

%

,

12/20/25

5,121

5,175

APP-10746117.FP.FTS.B

,

8

.99

%

,

12/26/25

4,494

4,539

APP-11104135.FP.FTS.B

,

11

.49

%

,

1/03/26

10,671

10,782

APP-11321062.FP.FTS.B

,

14

.49

%

,

1/03/26

1,863

1,870

APP-11411443.FP.FTS.B

,

17

.49

%

,

1/03/26

5,248

557

APP-11378327.FP.FTS.B

,

17

.99

%

,

1/07/26

5,426

647

APP-11279539.FP.FTS.B

,

15

.99

%

,

1/09/26

3,124

3,164

APP-11403530.FP.FTS.B

,

19

.49

%

,

1/09/26

3,270

3,363

APP-11376181.FP.FTS.B

,

10

.99

%

,

1/15/26

4,297

4,344

APP-12229052.FP.FTS.B

,

17

.99

%

,

1/26/26

6,387

6,652

APP-11770041.FP.FTS.B

,

15

.99

%

,

2/02/26

3,845

3,947

APP-11792403.FP.FTS.B

,

13

.99

%

,

2/03/26

8,312

2,920

APP-11335385.FP.FTS.B

,

10

.99

%

,

2/04/26

4,802

4,845

APP-10480296.FP.FTS.B

,

19

.49

%

,

2/12/26

1,977

2,013

APP-11817724.FP.FTS.B

,

20

.74

%

,

2/12/26

7,929

8,334

APP-11237745.FP.FTS.B

,

17

.49

%

,

2/20/26

3,232

3,288

APP-12125189.FP.FTS.B

,

19

.49

%

,

2/25/26

2,238

2,274

APP-12285827.FP.FTS.B

,

13

.24

%

,

3/01/26

3,468

3,504

APP-11946533.FP.FTS.B

,

16

.24

%

,

3/01/26

8,903

9,133

APP-12236342.FP.FTS.B

,

16

.49

%

,

3/08/26

8,656

9,017

APP-12243350.FP.FTS.B

,

9

.99

%

,

3/12/26

.

756

757

APP-12201290.FP.FTS.B

,

14

.74

%

,

3/12/26

1,540

1,540

APP-12106220.FP.FTS.B

,

18

.99

%

,

3/12/26

4,649

4,811

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12246852.FP.FTS.B

,

23

.99

%

,

3/12/26

$

1,381

$

1,389

APP-08739403.FP.FTS.B

,

16

.99

%

,

3/21/26

8,860

9,006

APP-11799543.FP.FTS.B

,

13

.24

%

,

4/12/26

3,516

3,567

APP-08907777.FP.FTS.B

,

17

.99

%

,

4/12/26

2,632

2,704

APP-08698355.FP.FTS.B

,

18

.99

%

,

4/17/26

4,464

4,546

APP-09019999.FP.FTS.B

,

13

.49

%

,

4/22/26

14,178

14,356

APP-10476373.FP.FTS.B

,

10

.99

%

,

4/25/26

5,308

5,384

APP-09087999.FP.FTS.B

,

21

.49

%

,

4/30/26

11,819

12,263

APP-08979983.FP.FTS.B

,

19

.99

%

,

5/01/26

4,298

4,399

APP-08726744.FP.FTS.B

,

21

.49

%

,

5/01/26

13,374

13,725

APP-08741967.FP.FTS.B

,

17

.49

%

,

5/05/26

9,808

9,934

APP-09321377.FP.FTS.B

,

17

.49

%

,

5/15/26

9,084

9,198

APP-09015317.FP.FTS.B

,

18

.99

%

,

5/22/26

8,883

3,059

APP-08994245.FP.FTS.B

,

22

.99

%

,

5/22/26

3,709

3,731

APP-09352425.FP.FTS.B

,

14

.99

%

,

5/28/26

10,781

10,922

APP-08989489.FP.FTS.B

,

22

.99

%

,

5/28/26

4,376

944

APP-09057834.FP.FTS.B

,

18

.99

%

,

5/29/26

9,603

9,956

APP-08923777.FP.FTS.B

,

12

.99

%

,

5/30/26

8,491

8,605

APP-08970713.FP.FTS.B

,

12

.99

%

,

5/30/26

9,110

9,242

APP-08976475.FP.FTS.B

,

20

.99

%

,

5/30/26

5,011

5,267

APP-08924285.FP.FTS.B

,

14

.99

%

,

5/31/26

6,924

7,022

APP-08974488.FP.FTS.B

,

21

.49

%

,

5/31/26

5,957

6,186

APP-09060458.FP.FTS.B

,

22

.49

%

,

5/31/26

4,209

4,400

APP-09029242.FP.FTS.B

,

17

.49

%

,

6/01/26

17,986

18,246

APP-08847606.FP.FTS.B

,

15

.49

%

,

6/04/26

14,243

14,408

APP-08979954.FP.FTS.B

,

12

.99

%

,

6/05/26

9,136

9,263

APP-09027027.FP.FTS.B

,

21

.49

%

,

6/05/26

9,217

9,677

APP-09074502.FP.FTS.B

,

17

.49

%

,

6/12/26

12,915

13,150

APP-09074432.FP.FTS.B

,

19

.99

%

,

6/12/26

4,628

4,819

APP-08649324.FP.FTS.B

,

20

.49

%

,

6/13/26

9,747

10,108

APP-09045278.FP.FTS.B

,

12

.99

%

,

6/14/26

4,300

4,355

APP-09096903.FP.FTS.B

,

12

.99

%

,

6/15/26

5,763

5,836

APP-08847769.FP.FTS.B

,

14

.99

%

,

6/15/26

5,468

5,544

APP-09029834.FP.FTS.B

,

18

.49

%

,

6/18/26

4,627

4,714

APP-09132903.FP.FTS.B

,

18

.99

%

,

6/18/26

7,973

8,243

APP-09125842.FP.FTS.B

,

20

.49

%

,

6/18/26

3,658

3,697

APP-09281875.FP.FTS.B

,

14

.99

%

,

6/20/26

9,632

9,748

APP-08902866.FP.FTS.B

,

20

.49

%

,

6/23/26

10,608

11,114

APP-09012359.FP.FTS.B

,

23

.49

%

,

6/23/26

6,270

6,562

APP-09198220.FP.FTS.B

,

15

.49

%

,

6/28/26

4,865

5,024

APP-09238269.FP.FTS.B

,

15

.49

%

,

6/28/26

17,552

17,830

APP-09096348.FP.FTS.B

,

18

.99

%

,

6/28/26

9,094

9,279

APP-09201816.FP.FTS.B

,

19

.49

%

,

6/28/26

4,027

4,220

APP-08924259.FP.FTS.B

,

15

.49

%

,

6/29/26

13,272

13,509

APP-09355512.FP.FTS.B

,

20

.99

%

,

6/29/26

5,540

5,683

APP-08984739.FP.FTS.B

,

17

.49

%

,

7/01/26

18,259

18,506

APP-09785029.FP.FTS.B

,

17

.99

%

,

7/01/26

1,776

1,780

APP-09789894.FP.FTS.B

,

21

.49

%

,

7/01/26

8,931

9,252

APP-09717698.FP.FTS.B

,

13

.24

%

,

7/03/26

8,217

8,305

APP-09379010.FP.FTS.B

,

22

.49

%

,

7/04/26

9,387

9,718

APP-09569037.FP.FTS.B

,

13

.24

%

,

7/06/26

10,533

10,653

APP-09445164.FP.FTS.B

,

13

.49

%

,

7/06/26

12,502

12,644

APP-09448166.FP.FTS.B

,

14

.99

%

,

7/07/26

10,396

10,552

APP-09354737.FP.FTS.B

,

15

.49

%

,

7/07/26

2,802

2,840

APP-08684302.FP.FTS.B

,

13

.74

%

,

7/08/26

13,489

13,645

APP-09336762.FP.FTS.B

,

12

.99

%

,

7/10/26

4,471

4,530

APP-09291214.FP.FTS.B

,

17

.99

%

,

7/10/26

12,377

4,137

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09351977.FP.FTS.B

,

19

.49

%

,

7/10/26

$

8,044

$

8,285

APP-09208095.FP.FTS.B

,

17

.49

%

,

7/11/26

6,444

6,627

APP-08684475.FP.FTS.B

,

18

.99

%

,

7/11/26

4,025

4,170

APP-09328185.FP.FTS.B

,

15

.49

%

,

7/12/26

13,583

13,785

APP-09045901.FP.FTS.B

,

14

.99

%

,

7/13/26

8,239

8,351

APP-09241097.FP.FTS.B

,

20

.49

%

,

7/15/26

9,836

10,313

APP-09356919.FP.FTS.B

,

15

.49

%

,

7/20/26

10,137

10,313

APP-08924296.FP.FTS.B

,

22

.49

%

,

7/30/26

14,100

14,843

APP-09331398.FP.FTS.B

,

14

.99

%

,

8/09/26

9,691

9,851

APP-09708763.FP.FTS.B

,

17

.49

%

,

8/10/26

7,892

8,116

APP-09780659.FP.FTS.B

,

17

.49

%

,

8/10/26

12,535

12,746

APP-09780914.FP.FTS.B

,

18

.99

%

,

8/10/26

6,875

7,081

APP-09787054.FP.FTS.B

,

19

.99

%

,

8/10/26

6,124

6,339

APP-09789653.FP.FTS.B

,

23

.49

%

,

8/10/26

8,548

8,927

APP-09759315.FP.FTS.B

,

13

.24

%

,

8/11/26

8,724

8,834

APP-09593157.FP.FTS.B

,

14

.74

%

,

8/12/26

13,858

7,850

APP-09781342.FP.FTS.B

,

17

.99

%

,

8/12/26

11,020

11,308

APP-09291173.FP.FTS.B

,

13

.24

%

,

8/15/26

10,520

10,658

APP-09778508.FP.FTS.B

,

13

.24

%

,

8/15/26

9,938

10,068

APP-10045496.FP.FTS.B

,

14

.49

%

,

8/15/26

4,125

4,177

APP-09708666.FP.FTS.B

,

19

.49

%

,

8/15/26

9,346

9,737

APP-09766832.FP.FTS.B

,

19

.99

%

,

8/15/26

3,309

3,417

APP-09242266.FP.FTS.B

,

22

.99

%

,

8/15/26

16,909

17,582

APP-09133899.FP.FTS.B

,

22

.99

%

,

8/16/26

19,089

19,987

APP-09780110.FP.FTS.B

,

15

.99

%

,

8/17/26

18,295

18,574

APP-10214566.FP.FTS.B

,

17

.99

%

,

8/18/26

10,247

10,557

APP-10213964.FP.FTS.B

,

18

.99

%

,

8/18/26

7,662

7,928

APP-10246936.FP.FTS.B

,

9

.99

%

,

8/20/26

.

6,818

6,913

APP-10244412.FP.FTS.B

,

14

.24

%

,

8/20/26

7,455

7,572

APP-09717880.FP.FTS.B

,

15

.74

%

,

8/20/26

10,473

10,645

APP-10195666.FP.FTS.B

,

20

.99

%

,

8/20/26

13,546

14,084

APP-09811789.FP.FTS.B

,

22

.49

%

,

8/20/26

3,253

3,402

APP-10127112.FP.FTS.B

,

16

.49

%

,

8/21/26

6,116

6,233

APP-10233694.FP.FTS.B

,

18

.99

%

,

8/21/26

7,905

8,193

APP-10293482.FP.FTS.B

,

11

.99

%

,

8/22/26

6,341

6,421

APP-09726787.FP.FTS.B

,

15

.24

%

,

8/24/26

6,305

6,415

APP-09787833.FP.FTS.B

,

15

.74

%

,

8/24/26

15,820

16,099

APP-09794319.FP.FTS.B

,

15

.74

%

,

8/24/26

10,672

10,860

APP-09708684.FP.FTS.B

,

21

.49

%

,

8/24/26

21,686

22,604

APP-09759659.FP.FTS.B

,

13

.24

%

,

8/25/26

12,134

12,323

APP-09812236.FP.FTS.B

,

13

.24

%

,

8/26/26

8,179

8,300

APP-10308476.FP.FTS.B

,

20

.49

%

,

8/28/26

11,939

2,585

APP-10352432.FP.FTS.B

,

11

.99

%

,

9/01/26

7,697

7,788

APP-10389562.FP.FTS.B

,

17

.49

%

,

9/05/26

8,476

8,705

APP-10525907.FP.FTS.B

,

11

.99

%

,

9/15/26

8,375

2,643

APP-10400798.FP.FTS.B

,

14

.24

%

,

9/15/26

9,532

9,684

APP-09778451.FP.FTS.B

,

18

.99

%

,

9/20/26

10,845

11,279

APP-10158390.FP.FTS.B

,

12

.49

%

,

9/21/26

15,413

15,628

APP-09766134.FP.FTS.B

,

15

.24

%

,

9/23/26

10,405

10,593

APP-10209954.FP.FTS.B

,

16

.49

%

,

9/23/26

5,388

5,498

APP-10203826.FP.FTS.B

,

13

.24

%

,

9/25/26

19,726

20,032

APP-10663520.FP.FTS.B

,

12

.49

%

,

9/30/26

15,465

15,686

APP-10211394.FP.FTS.B

,

14

.24

%

,

9/30/26

8,075

8,227

APP-10115186.FP.FTS.B

,

23

.49

%

,

10/01/26

10,127

10,643

APP-10206598.FP.FTS.B

,

23

.49

%

,

10/01/26

5,209

5,424

APP-10195837.FP.FTS.B

,

11

.99

%

,

10/02/26

7,102

7,197

APP-10622691.FP.FTS.B

,

18

.99

%

,

10/02/26

5,967

6,213

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10210290.FP.FTS.B

,

19

.99

%

,

10/02/26

$

3,681

$

3,783

APP-10220069.FP.FTS.B

,

11

.99

%

,

10/04/26

12,218

12,402

APP-10156629.FP.FTS.B

,

14

.49

%

,

10/04/26

4,166

4,225

APP-10229284.FP.FTS.B

,

18

.99

%

,

10/04/26

7,322

2,436

APP-10374305.FP.FTS.B

,

11

.99

%

,

10/05/26

8,010

8,112

APP-10237302.FP.FTS.B

,

13

.24

%

,

10/05/26

24,734

2,762

APP-10157026.FP.FTS.B

,

14

.24

%

,

10/05/26

6,470

6,573

APP-10692650.FP.FTS.B

,

11

.99

%

,

10/08/26

7,436

7,536

APP-10291582.FP.FTS.B

,

17

.49

%

,

10/09/26

8,697

8,946

APP-10682190.FP.FTS.B

,

19

.49

%

,

10/09/26

9,448

9,876

APP-10477663.FP.FTS.B

,

20

.99

%

,

10/12/26

6,797

6,847

APP-10199991.FP.FTS.B

,

16

.99

%

,

10/15/26

8,737

8,908

APP-10365188.FP.FTS.B

,

14

.24

%

,

10/17/26

6,310

6,418

APP-08914924.FP.FTS.B

,

24

.99

%

,

10/19/26

2,979

3,037

APP-10463389.FP.FTS.B

,

12

.49

%

,

10/20/26

16,318

16,563

APP-10096145.FP.FTS.B

,

14

.24

%

,

10/20/26

11,098

11,312

APP-10091993.FP.FTS.B

,

19

.99

%

,

10/20/26

9,335

9,720

APP-10520303.FP.FTS.B

,

12

.49

%

,

10/23/26

13,737

13,953

APP-10432275.FP.FTS.B

,

12

.49

%

,

10/24/26

6,508

6,554

APP-10463469.FP.FTS.B

,

18

.99

%

,

10/24/26

22,860

23,677

APP-10364110.FP.FTS.B

,

11

.24

%

,

10/25/26

20,123

20,446

APP-10476876.FP.FTS.B

,

16

.99

%

,

10/25/26

10,893

11,134

APP-10512737.FP.FTS.B

,

17

.49

%

,

10/25/26

8,865

9,185

APP-10274873.FP.FTS.B

,

20

.49

%

,

10/25/26

8,845

9,265

APP-10352498.FP.FTS.B

,

18

.49

%

,

10/28/26

6,246

6,504

APP-10432641.FP.FTS.B

,

15

.49

%

,

10/29/26

13,245

13,551

APP-10482600.FP.FTS.B

,

16

.49

%

,

10/30/26

5,928

1,866

APP-09094872.FP.FTS.B

,

14

.99

%

,

11/01/26

13,506

13,702

APP-10203378.FP.FTS.B

,

18

.99

%

,

11/01/26

2,898

2,953

APP-10583684.FP.FTS.B

,

16

.99

%

,

11/02/26

9,158

9,444

APP-10606158.FP.FTS.B

,

14

.74

%

,

11/05/26

12,286

12,467

APP-11307937.FP.FTS.B

,

11

.99

%

,

11/08/26

9,669

9,795

APP-09709453.FP.FTS.B

,

14

.24

%

,

11/09/26

8,084

8,191

APP-11099818.FP.FTS.B

,

16

.49

%

,

11/09/26

5,468

5,563

APP-08114000.FP.FTS.B

,

13

.24

%

,

11/10/26

10,450

10,594

APP-10765319.FP.FTS.B

,

14

.49

%

,

11/11/26

3,254

3,299

APP-11395641.FP.FTS.B

,

11

.99

%

,

11/14/26

4,976

4,998

APP-10714394.FP.FTS.B

,

11

.99

%

,

11/15/26

12,635

12,820

APP-10763123.FP.FTS.B

,

13

.24

%

,

11/15/26

21,436

21,752

APP-11304024.FP.FTS.B

,

17

.49

%

,

11/15/26

6,544

6,760

APP-11314507.FP.FTS.B

,

19

.99

%

,

11/15/26

191

190

APP-10688392.FP.FTS.B

,

21

.99

%

,

11/15/26

12,339

12,938

APP-10689192.FP.FTS.B

,

12

.49

%

,

11/16/26

17,150

17,420

APP-10768778.FP.FTS.B

,

14

.74

%

,

11/18/26

17,596

17,905

APP-11296028.FP.FTS.B

,

23

.49

%

,

11/19/26

26,902

28,101

APP-10170330.FP.FTS.B

,

11

.99

%

,

11/20/26

5,735

5,820

APP-10756762.FP.FTS.B

,

12

.49

%

,

11/21/26

14,125

14,353

APP-10750422.FP.FTS.B

,

17

.49

%

,

11/21/26

9,839

10,185

APP-10243564.FP.FTS.B

,

20

.49

%

,

11/21/26

11,265

11,799

APP-10764525.FP.FTS.B

,

20

.49

%

,

11/22/26

8,887

9,324

APP-11103030.FP.FTS.B

,

20

.49

%

,

11/23/26

4,596

4,665

APP-10692601.FP.FTS.B

,

22

.49

%

,

11/23/26

5,162

1,770

APP-10762415.FP.FTS.B

,

17

.99

%

,

11/24/26

6,512

6,835

APP-11304530.FP.FTS.B

,

21

.49

%

,

11/24/26

24,554

25,644

APP-11333408.FP.FTS.B

,

17

.99

%

,

11/25/26

6,400

6,733

APP-11386113.FP.FTS.B

,

18

.99

%

,

11/25/26

3,583

3,714

APP-09433444.FP.FTS.B

,

14

.99

%

,

11/26/26

9,931

10,101

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10780891.FP.FTS.B

,

17

.99

%

,

11/30/26

$

21,718

$

22,234

APP-10776411.FP.FTS.B

,

11

.99

%

,

12/09/26

13,892

14,093

APP-11741440.FP.FTS.B

,

19

.99

%

,

12/16/26

5,147

5,328

APP-11301348.FP.FTS.B

,

15

.99

%

,

12/19/26

14,665

1,596

APP-10253670.FP.FTS.B

,

19

.99

%

,

12/19/26

4,233

4,399

APP-11312173.FP.FTS.B

,

20

.49

%

,

12/20/26

583

251

APP-11283905.FP.FTS.B

,

15

.99

%

,

12/21/26

23,680

24,165

APP-11187285.FP.FTS.B

,

12

.49

%

,

12/22/26

17,672

17,954

APP-11798644.FP.FTS.B

,

18

.99

%

,

12/24/26

1,632

1,651

APP-11318066.FP.FTS.B

,

17

.49

%

,

12/25/26

7,505

7,780

APP-11361916.FP.FTS.B

,

23

.49

%

,

12/26/26

25,250

26,706

APP-11305667.FP.FTS.B

,

20

.49

%

,

12/27/26

13,685

14,422

APP-11776378.FP.FTS.B

,

20

.49

%

,

12/27/26

18,665

19,605

APP-11124061.FP.FTS.B

,

11

.99

%

,

12/28/26

11,897

12,103

APP-11306747.FP.FTS.B

,

14

.24

%

,

12/28/26

7,292

7,426

APP-11740044.FP.FTS.B

,

15

.24

%

,

12/28/26

18,406

19,106

APP-11800507.FP.FTS.B

,

18

.49

%

,

12/28/26

9,867

10,282

APP-11410923.FP.FTS.B

,

23

.49

%

,

12/28/26

5,037

5,313

APP-11798578.FP.FTS.B

,

11

.74

%

,

12/29/26

20,320

20,665

APP-11807330.FP.FTS.B

,

17

.99

%

,

12/29/26

4,912

5,022

APP-11789087.FP.FTS.B

,

18

.99

%

,

12/29/26

7,443

7,756

APP-11266733.FP.FTS.B

,

11

.99

%

,

12/30/26

11,688

11,884

APP-11217813.FP.FTS.B

,

14

.24

%

,

12/30/26

10,647

10,864

APP-11277746.FP.FTS.B

,

25

.49

%

,

12/30/26

5,733

627

APP-11138919.FP.FTS.B

,

11

.99

%

,

1/01/27

5,443

5,505

APP-10537549.FP.FTS.B

,

11

.99

%

,

1/02/27

13,141

13,343

APP-11271721.FP.FTS.B

,

11

.99

%

,

1/02/27

7,843

7,963

APP-11341268.FP.FTS.B

,

12

.49

%

,

1/03/27

18,527

18,802

APP-11333109.FP.FTS.B

,

15

.99

%

,

1/03/27

9,728

9,953

APP-11333811.FP.FTS.B

,

16

.99

%

,

1/03/27

7,406

7,643

APP-11265912.FP.FTS.B

,

17

.49

%

,

1/03/27

6,734

2,128

APP-11323384.FP.FTS.B

,

12

.74

%

,

1/04/27

13,220

13,403

APP-11332983.FP.FTS.B

,

18

.99

%

,

1/04/27

7,624

7,874

APP-11399720.FP.FTS.B

,

21

.49

%

,

1/04/27

12,358

1,241

APP-11355890.FP.FTS.B

,

14

.74

%

,

1/07/27

19,071

19,393

APP-11389311.FP.FTS.B

,

17

.49

%

,

1/07/27

19,884

20,298

APP-11333372.FP.FTS.B

,

18

.49

%

,

1/07/27

9,766

10,184

APP-11370718.FP.FTS.B

,

23

.49

%

,

1/07/27

11,801

2,462

APP-11306719.FP.FTS.B

,

11

.99

%

,

1/08/27

7,239

7,354

APP-11128695.FP.FTS.B

,

14

.49

%

,

1/08/27

3,582

3,641

APP-11385154.FP.FTS.B

,

18

.99

%

,

1/08/27

7,581

7,837

APP-11396422.FP.FTS.B

,

18

.99

%

,

1/08/27

9,401

9,732

APP-10916969.FP.FTS.B

,

19

.99

%

,

1/08/27

5,542

5,739

APP-10266247.FP.FTS.B

,

21

.99

%

,

1/08/27

5,532

5,773

APP-11393205.FP.FTS.B

,

21

.99

%

,

1/08/27

1,480

1,484

APP-10710819.FP.FTS.B

,

16

.99

%

,

1/09/27

4,021

4,047

APP-11380536.FP.FTS.B

,

17

.49

%

,

1/09/27

9,977

10,302

APP-11335531.FP.FTS.B

,

16

.99

%

,

1/10/27

8,961

9,282

APP-12243964.FP.FTS.B

,

19

.99

%

,

1/15/27

7,630

7,978

APP-11277516.FP.FTS.B

,

18

.49

%

,

1/18/27

13,017

13,533

APP-12266273.FP.FTS.B

,

23

.74

%

,

1/18/27

14,074

14,795

APP-12233402.FP.FTS.B

,

21

.49

%

,

1/20/27

9,596

10,092

APP-10769483.FP.FTS.B

,

17

.99

%

,

1/22/27

14,427

14,942

APP-12231521.FP.FTS.B

,

17

.24

%

,

1/26/27

18,385

19,080

APP-12251026.FP.FTS.B

,

11

.24

%

,

1/27/27

7,388

7,516

APP-12151284.FP.FTS.B

,

17

.99

%

,

1/27/27

10,175

10,698

APP-12241564.FP.FTS.B

,

19

.99

%

,

1/27/27

4,391

4,448

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12247637.FP.FTS.B

,

19

.99

%

,

1/27/27

$

16,444

$

17,381

APP-12243989.FP.FTS.B

,

21

.99

%

,

1/27/27

5,215

5,460

APP-10606291.FP.FTS.B

,

18

.49

%

,

1/28/27

3,297

3,334

APP-09940038.FP.FTS.B

,

17

.49

%

,

1/29/27

9,517

9,884

APP-09045963.FP.FTS.B

,

15

.49

%

,

1/31/27

8,668

1,082

APP-10508459.FP.FTS.B

,

15

.99

%

,

1/31/27

25,453

1,571

APP-11317083.FP.FTS.B

,

20

.49

%

,

2/03/27

5,821

6,056

APP-11795116.FP.FTS.B

,

11

.74

%

,

2/04/27

12,317

12,523

APP-11785699.FP.FTS.B

,

18

.99

%

,

2/05/27

8,933

5,208

APP-11393178.FP.FTS.B

,

18

.99

%

,

2/07/27

8,693

2,780

APP-11753813.FP.FTS.B

,

9

.24

%

,

2/09/27

.

6,935

7,054

APP-11798862.FP.FTS.B

,

16

.49

%

,

2/09/27

6,588

6,728

APP-11810406.FP.FTS.B

,

11

.74

%

,

2/10/27

23,888

24,296

APP-11787878.FP.FTS.B

,

19

.99

%

,

2/10/27

3,965

4,107

APP-11779303.FP.FTS.B

,

10

.99

%

,

2/11/27

9,436

9,592

APP-11791248.FP.FTS.B

,

11

.24

%

,

2/11/27

18,940

19,287

APP-11795686.FP.FTS.B

,

16

.49

%

,

2/11/27

3,094

3,113

APP-11779953.FP.FTS.B

,

16

.74

%

,

2/11/27

25,536

26,101

APP-11789582.FP.FTS.B

,

19

.49

%

,

2/11/27

6,980

7,263

APP-11805082.FP.FTS.B

,

19

.49

%

,

2/11/27

11,334

11,828

APP-11807542.FP.FTS.B

,

10

.99

%

,

2/12/27

18,889

19,206

APP-11694425.FP.FTS.B

,

11

.74

%

,

2/12/27

20,232

20,572

APP-11798052.FP.FTS.B

,

18

.49

%

,

2/12/27

15,408

16,120

APP-11753796.FP.FTS.B

,

19

.99

%

,

2/12/27

7,962

8,326

APP-11805436.FP.FTS.B

,

22

.49

%

,

2/12/27

5,516

5,775

APP-10672023.FP.FTS.B

,

18

.49

%

,

2/15/27

10,480

10,965

APP-10688549.FP.FTS.B

,

18

.99

%

,

2/16/27

17,104

17,817

APP-11339522.FP.FTS.B

,

23

.49

%

,

2/21/27

11,000

11,580

APP-10580822.FP.FTS.B

,

18

.49

%

,

2/22/27

13,332

1,562

APP-11391376.FP.FTS.B

,

19

.99

%

,

2/28/27

13,482

14,007

APP-12228409.FP.FTS.B

,

19

.99

%

,

3/01/27

7,198

7,479

APP-11194668.FP.FTS.B

,

14

.24

%

,

3/03/27

10,759

10,965

APP-12106034.FP.FTS.B

,

11

.24

%

,

3/04/27

11,446

11,642

APP-12189756.FP.FTS.B

,

18

.24

%

,

3/04/27

17,413

10,106

APP-12172287.FP.FTS.B

,

19

.99

%

,

3/07/27

8,837

9,218

APP-12017319.FP.FTS.B

,

10

.99

%

,

3/09/27

15,663

15,924

APP-12130498.FP.FTS.B

,

13

.24

%

,

3/10/27

10,727

10,932

APP-11496336.FP.FTS.B

,

11

.24

%

,

3/11/27

8,499

8,646

APP-12213871.FP.FTS.B

,

19

.99

%

,

3/11/27

11,300

11,904

APP-12244387.FP.FTS.B

,

11

.24

%

,

3/12/27

15,528

15,825

APP-12250156.FP.FTS.B

,

11

.74

%

,

3/12/27

24,763

25,197

APP-12246518.FP.FTS.B

,

13

.24

%

,

3/13/27

11,317

11,542

APP-12236483.FP.FTS.B

,

15

.24

%

,

3/13/27

19,781

20,438

APP-12050299.FP.FTS.B

,

17

.99

%

,

3/13/27

5,784

5,995

APP-10683987.FP.FTS.B

,

12

.49

%

,

3/16/27

19,457

12,755

APP-10459721.FP.FTS.B

,

20

.99

%

,

3/23/27

23,664

24,691

APP-10550902.FP.FTS.B

,

9

.99

%

,

3/24/27

.

4,147

4,160

APP-10156518.FP.FTS.B

,

19

.99

%

,

3/31/27

2,268

2,278

APP-11277041.FP.FTS.B

,

20

.49

%

,

4/02/27

13,926

14,441

APP-12180444.FP.FTS.B

,

25

.49

%

,

4/04/27

3,155

3,221

APP-11823747.FP.FTS.B

,

13

.74

%

,

4/11/27

6,474

6,593

APP-11799128.FP.FTS.B

,

10

.99

%

,

4/12/27

11,954

12,172

APP-11794186.FP.FTS.B

,

14

.74

%

,

4/12/27

23,686

24,218

APP-12241288.FP.FTS.B

,

22

.99

%

,

4/13/27

32,268

4,260

APP-11791702.FP.FTS.B

,

13

.24

%

,

4/30/27

11,514

11,696

APP-10315402.FP.FTS.B

,

22

.99

%

,

4/30/27

9,832

10,369

APP-12245031.FP.FTS.B

,

19

.99

%

,

5/12/27

15,002

15,665

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11301237.FP.FTS.B

,

18

.49

%

,

6/02/27

$

10,712

$

11,205

APP-12077324.FP.FTS.B

,

17

.99

%

,

6/10/27

15,674

16,336

APP-11579250.FP.FTS.B

,

11

.24

%

,

6/15/27

17,902

18,231

APP-09447903.FP.FTS.B

,

23

.49

%

,

6/30/27

13,266

13,756

APP-12222310.FP.FTS.B

,

18

.24

%

,

9/21/27

25,969

27,049

APP-10244251.FP.FTS.B

,

20

.49

%

,

9/28/27

14,858

15,477

APP-11800371.FP.FTS.B

,

19

.74

%

,

10/10/27

10,091

10,213

APP-11315623.FP.FTS.B

,

15

.49

%

,

11/02/27

10,622

7,432

APP-11254936.FP.FTS.B

,

20

.99

%

,

3/17/28

4,102

4,117

APP-11394558.FP.FTS.B

,

14

.99

%

,

12/26/34

846

850

APP-11382734.FP.FTS.B

,

23

.49

%

,

1/04/35

554

381

APP-11767460.FP.FTS.B

,

13

.74

%

,

2/12/35

234

234

APP-10657504.FP.FTS.B

,

14

.99

%

,

2/22/35

1,269

1,274

APP-12227846.FP.FTS.B

,

9

.49

%

,

3/01/35

.

749

748

APP-12257518.FP.FTS.B

,

18

.99

%

,

3/01/35

1,082

942

3,139,991

LendingClub

Corp.

-

LCX

162072108.LC.FTS.B

,

17

.74

%

,

11/25/34

..

16,513

–

163257946.LC.FTS.B

,

13

.08

%

,

12/24/34

..

10,250

481

163371603.LC.FTS.B

,

10

.33

%

,

1/13/35

...

685

677

165509821.LC.FTS.B

,

11

.71

%

,

1/27/35

...

1,250

1,226

165799463.LC.FTS.B

,

12

.4

%

,

1/30/35

...

1,216

1,198

163973756.LC.FTS.B

,

12

.4

%

,

2/12/35

...

328

328

166868646.LC.FTS.B

,

16

.12

%

,

2/18/35

...

120

120

166982249.LC.FTS.B

,

20

.55

%

,

2/21/35

...

315

317

167008405.LC.FTS.B

,

16

.95

%

,

2/24/35

...

813

815

5,162

LendingClub

Corp.

-

LCX

PM

182999357.LC.FTS.B

,

18

.44

%

,

7/08/25

...

1,943

1,937

171045369.LC.FTS.B

,

16

.08

%

,

10/07/25

..

2,052

2,046

171130012.LC.FTS.B

,

17

.3

%

,

10/09/25

...

2,422

2,423

170762714.LC.FTS.B

,

16

.08

%

,

10/13/25

..

4,098

4,086

172960729.LC.FTS.B

,

14

.02

%

,

12/19/25

..

7,836

372

172424365.LC.FTS.B

,

15

.4

%

,

12/20/25

...

2,743

2,736

173018414.LC.FTS.B

,

13

.33

%

,

12/22/25

..

3,776

3,745

172834572.LC.FTS.B

,

15

.4

%

,

12/24/25

...

4,067

3,257

173277936.LC.FTS.B

,

16

.08

%

,

12/31/25

..

10,718

10,718

173400785.LC.FTS.B

,

16

.08

%

,

12/31/25

..

2,800

2,790

173423229.LC.FTS.B

,

16

.08

%

,

1/04/26

...

5,367

5,353

173604231.LC.FTS.B

,

14

.02

%

,

1/12/26

...

4,672

4,567

173383392.LC.FTS.B

,

15

.4

%

,

1/12/26

...

3,184

3,151

173663810.LC.FTS.B

,

17

.3

%

,

1/13/26

...

2,328

2,326

173394313.LC.FTS.B

,

16

.08

%

,

1/16/26

...

4,782

4,776

173666949.LC.FTS.B

,

20

.74

%

,

1/25/26

...

3,061

3,079

174084354.LC.FTS.B

,

12

.49

%

,

1/26/26

...

10,100

9,992

173441334.LC.FTS.B

,

17

.3

%

,

1/28/26

...

9,857

9,943

174293135.LC.FTS.B

,

14

.74

%

,

2/04/26

...

9,305

9,238

174267823.LC.FTS.B

,

16

.99

%

,

2/04/26

...

4,356

4,369

174297080.LC.FTS.B

,

15

.74

%

,

2/05/26

...

2,872

2,879

174102738.LC.FTS.B

,

15

.44

%

,

2/08/26

...

2,348

2,353

171905795.LC.FTS.B

,

16

.08

%

,

5/15/26

...

4,536

4,508

181681556.LC.FTS.B

,

19

.49

%

,

10/14/26

..

6,948

6,990

182220241.LC.FTS.B

,

23

.99

%

,

10/14/26

..

4,159

4,263

182279442.LC.FTS.B

,

21

.99

%

,

10/15/26

..

11,424

11,684

182239660.LC.FTS.B

,

19

.99

%

,

10/16/26

..

6,999

7,051

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182337953.LC.FTS.B

,

15

.19

%

,

10/17/26

..

$

7,251

$

7,220

182196271.LC.FTS.B

,

20

.49

%

,

10/18/26

..

5,582

525

182283124.LC.FTS.B

,

21

.99

%

,

10/18/26

..

353

351

182424479.LC.FTS.B

,

28

.99

%

,

10/19/26

..

13,196

–

182447710.LC.FTS.B

,

18

.44

%

,

10/20/26

..

9,816

1,199

182489147.LC.FTS.B

,

18

.99

%

,

10/20/26

..

16,111

16,052

182400546.LC.FTS.B

,

20

.44

%

,

10/20/26

..

3,212

3,225

182381955.LC.FTS.B

,

26

.99

%

,

10/20/26

..

2,026

2,089

181832576.LC.FTS.B

,

27

.49

%

,

10/21/26

..

12,784

13,138

182373053.LC.FTS.B

,

20

.44

%

,

10/22/26

..

9,405

9,489

182135115.LC.FTS.B

,

24

.99

%

,

10/28/26

..

12,376

12,798

182100249.LC.FTS.B

,

28

.99

%

,

10/28/26

..

5,450

5,610

182412380.LC.FTS.B

,

23

.99

%

,

11/01/26

..

4,830

4,899

182763696.LC.FTS.B

,

23

.99

%

,

11/01/26

..

7,664

7,788

182249975.LC.FTS.B

,

25

.99

%

,

11/01/26

..

6,482

6,619

182425449.LC.FTS.B

,

15

.44

%

,

11/02/26

..

6,865

6,671

182814285.LC.FTS.B

,

15

.44

%

,

11/02/26

..

12,816

12,536

182871113.LC.FTS.B

,

21

.99

%

,

11/02/26

..

9,925

10,112

182810881.LC.FTS.B

,

28

.99

%

,

11/02/26

..

3,219

3,261

182655109.LC.FTS.B

,

13

.19

%

,

11/03/26

..

3,711

3,662

182715994.LC.FTS.B

,

18

.99

%

,

11/03/26

..

5,493

5,453

182871003.LC.FTS.B

,

24

.99

%

,

11/03/26

..

9,247

9,509

182883867.LC.FTS.B

,

24

.99

%

,

11/03/26

..

3,596

3,698

182934282.LC.FTS.B

,

15

.44

%

,

11/04/26

..

6,408

6,367

182296093.LC.FTS.B

,

18

.19

%

,

11/04/26

..

2,844

2,818

181746904.LC.FTS.B

,

12

.99

%

,

11/05/26

..

14,373

14,141

182956744.LC.FTS.B

,

16

.49

%

,

11/05/26

..

13,918

13,742

182845986.LC.FTS.B

,

19

.99

%

,

11/05/26

..

4,232

4,257

182433195.LC.FTS.B

,

25

.99

%

,

11/05/26

..

5,547

–

182842302.LC.FTS.B

,

Zero

Cpn

,

11/08/26

14,713

–

182834096.LC.FTS.B

,

15

.49

%

,

11/08/26

..

12,264

12,177

183010490.LC.FTS.B

,

16

.49

%

,

11/08/26

..

10,271

10,031

182905174.LC.FTS.B

,

22

.99

%

,

11/10/26

..

11,892

12,114

182988585.LC.FTS.B

,

19

.49

%

,

11/12/26

..

8,284

197

182925771.LC.FTS.B

,

23

.99

%

,

11/12/26

..

19,499

3,643

182761588.LC.FTS.B

,

Zero

Cpn

,

11/14/26

10,782

–

183224681.LC.FTS.B

,

13

.49

%

,

11/15/26

..

7,138

7,081

183101425.LC.FTS.B

,

17

.44

%

,

11/15/26

..

13,147

13,093

182999628.LC.FTS.B

,

17

.74

%

,

11/15/26

..

5,727

5,690

182737896.LC.FTS.B

,

19

.49

%

,

11/15/26

..

9,412

9,471

182379386.LC.FTS.B

,

23

.99

%

,

11/15/26

..

5,413

5,414

182921002.LC.FTS.B

,

23

.99

%

,

11/15/26

..

6,783

6,926

182946956.LC.FTS.B

,

24

.99

%

,

11/15/26

..

10,088

10,392

182962134.LC.FTS.B

,

24

.99

%

,

11/15/26

..

10,483

10,796

183274263.LC.FTS.B

,

15

.44

%

,

11/16/26

..

9,720

9,616

182977646.LC.FTS.B

,

16

.99

%

,

11/16/26

..

14,197

14,111

183238822.LC.FTS.B

,

16

.99

%

,

11/16/26

..

10,960

10,787

183287259.LC.FTS.B

,

18

.19

%

,

11/16/26

..

5,108

5,071

183154136.LC.FTS.B

,

18

.49

%

,

11/16/26

..

4,759

4,729

183200190.LC.FTS.B

,

19

.49

%

,

11/16/26

..

2,889

2,909

182845074.LC.FTS.B

,

20

.99

%

,

11/16/26

..

15,982

12,636

183239755.LC.FTS.B

,

21

.99

%

,

11/16/26

..

12,406

12,702

183239325.LC.FTS.B

,

24

.99

%

,

11/16/26

..

9,066

–

183197788.LC.FTS.B

,

25

.99

%

,

11/16/26

..

10,411

10,609

183321499.LC.FTS.B

,

16

.49

%

,

11/17/26

..

1,484

1,479

183253428.LC.FTS.B

,

25

.99

%

,

11/17/26

..

10,389

10,740

182954228.LC.FTS.B

,

13

.49

%

,

11/18/26

..

12,261

12,145

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183368090.LC.FTS.B

,

19

.49

%

,

11/18/26

..

$

5,279

$

5,329

183287872.LC.FTS.B

,

23

.99

%

,

11/18/26

..

5,376

5,473

183371105.LC.FTS.B

,

Zero

Cpn

,

11/19/26

11,756

–

182932552.LC.FTS.B

,

13

.19

%

,

11/19/26

..

6,709

6,676

183409505.LC.FTS.B

,

15

.19

%

,

11/19/26

..

13,730

13,659

183394419.LC.FTS.B

,

16

.49

%

,

11/19/26

..

3,331

–

183391565.LC.FTS.B

,

23

.99

%

,

11/19/26

..

3,419

3,497

183321695.LC.FTS.B

,

21

.49

%

,

11/21/26

..

8,155

8,229

183333541.LC.FTS.B

,

14

.19

%

,

11/22/26

..

9,907

9,842

182980965.LC.FTS.B

,

17

.24

%

,

11/22/26

..

9,367

9,345

183371257.LC.FTS.B

,

17

.74

%

,

11/22/26

..

14,208

14,143

183418746.LC.FTS.B

,

19

.49

%

,

11/22/26

..

14,436

14,588

183426724.LC.FTS.B

,

21

.49

%

,

11/22/26

..

5,920

5,981

183434742.LC.FTS.B

,

23

.19

%

,

11/22/26

..

4,152

4,259

183446729.LC.FTS.B

,

Zero

Cpn

,

11/23/26

7,556

–

183436461.LC.FTS.B

,

12

.74

%

,

11/23/26

..

15,915

15,776

183477091.LC.FTS.B

,

13

.19

%

,

11/23/26

..

4,444

4,426

183485184.LC.FTS.B

,

13

.99

%

,

11/23/26

..

2,695

2,684

183298862.LC.FTS.B

,

14

.19

%

,

11/23/26

..

18,134

18,061

183490789.LC.FTS.B

,

14

.49

%

,

11/23/26

..

3,616

3,594

183000324.LC.FTS.B

,

15

.44

%

,

11/23/26

..

3,090

3,078

183505251.LC.FTS.B

,

16

.49

%

,

11/23/26

..

4,639

4,630

183447586.LC.FTS.B

,

17

.49

%

,

11/23/26

..

9,866

9,711

183425539.LC.FTS.B

,

18

.49

%

,

11/23/26

..

8,989

8,895

183430694.LC.FTS.B

,

18

.49

%

,

11/23/26

..

10,743

1,950

183430676.LC.FTS.B

,

21

.99

%

,

11/23/26

..

11,414

11,717

183407041.LC.FTS.B

,

24

.99

%

,

11/23/26

..

1,249

1,274

183095344.LC.FTS.B

,

13

.44

%

,

11/24/26

..

17,835

17,813

183249731.LC.FTS.B

,

17

.49

%

,

11/24/26

..

6,473

6,446

183149701.LC.FTS.B

,

18

.49

%

,

11/24/26

..

14,496

14,439

183425358.LC.FTS.B

,

18

.49

%

,

11/24/26

..

3,810

3,793

183470077.LC.FTS.B

,

18

.99

%

,

11/24/26

..

11,707

11,650

182933015.LC.FTS.B

,

19

.49

%

,

11/24/26

..

13,485

13,639

182954964.LC.FTS.B

,

19

.49

%

,

11/24/26

..

10,355

10,473

183015727.LC.FTS.B

,

20

.44

%

,

11/24/26

..

7,319

7,375

183384203.LC.FTS.B

,

20

.49

%

,

11/24/26

..

7,104

–

183167278.LC.FTS.B

,

20

.99

%

,

11/24/26

..

13,617

–

183514721.LC.FTS.B

,

Zero

Cpn

,

11/26/26

3,368

–

183548843.LC.FTS.B

,

Zero

Cpn

,

11/26/26

4,694

–

183549091.LC.FTS.B

,

Zero

Cpn

,

11/26/26

7,146

–

183524584.LC.FTS.B

,

13

.19

%

,

11/26/26

..

4,446

4,432

183499818.LC.FTS.B

,

16

.44

%

,

11/26/26

..

18,547

18,267

183525639.LC.FTS.B

,

21

.99

%

,

11/26/26

..

2,978

3,060

183193272.LC.FTS.B

,

15

.44

%

,

11/27/26

..

2,415

2,412

183340558.LC.FTS.B

,

17

.74

%

,

11/28/26

..

15,769

15,720

183556398.LC.FTS.B

,

23

.99

%

,

11/28/26

..

4,914

5,043

183476845.LC.FTS.B

,

16

.49

%

,

11/29/26

..

6,776

6,755

183447683.LC.FTS.B

,

20

.44

%

,

11/29/26

..

9,499

9,614

183369356.LC.FTS.B

,

20

.99

%

,

11/29/26

..

2,564

2,565

183304070.LC.FTS.B

,

15

.99

%

,

11/30/26

..

16,984

16,858

183359968.LC.FTS.B

,

16

.49

%

,

11/30/26

..

10,334

10,305

183434269.LC.FTS.B

,

17

.24

%

,

11/30/26

..

3,833

3,809

183585512.LC.FTS.B

,

19

.99

%

,

11/30/26

..

11,628

11,659

182816829.LC.FTS.B

,

21

.99

%

,

11/30/26

..

5,862

–

183544070.LC.FTS.B

,

21

.99

%

,

11/30/26

..

9,925

10,204

183618524.LC.FTS.B

,

22

.99

%

,

11/30/26

..

12,549

12,901

183540100.LC.FTS.B

,

23

.99

%

,

11/30/26

..

3,714

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183611465.LC.FTS.B

,

24

.99

%

,

11/30/26

..

$

6,168

$

6,376

183633965.LC.FTS.B

,

24

.99

%

,

11/30/26

..

3,079

3,197

183562403.LC.FTS.B

,

Zero

Cpn

,

12/01/26

5,901

–

183676944.LC.FTS.B

,

17

.24

%

,

12/01/26

..

2,918

2,892

183333618.LC.FTS.B

,

21

.49

%

,

12/01/26

..

5,445

–

183067587.LC.FTS.B

,

6

%

,

12/02/26

.....

10,935

10,983

183768813.LC.FTS.B

,

13

.24

%

,

12/02/26

..

6,937

6,848

183699303.LC.FTS.B

,

17

.24

%

,

12/02/26

..

9,889

–

183789584.LC.FTS.B

,

Zero

Cpn

,

12/03/26

9,322

–

183499399.LC.FTS.B

,

15

.44

%

,

12/03/26

..

5,781

5,720

183483610.LC.FTS.B

,

17

.24

%

,

12/03/26

..

10,300

1,269

183721314.LC.FTS.B

,

17

.44

%

,

12/03/26

..

7,901

7,839

183746554.LC.FTS.B

,

18

.49

%

,

12/03/26

..

2,389

2,362

183771895.LC.FTS.B

,

21

.99

%

,

12/03/26

..

9,260

9,419

182329589.LC.FTS.B

,

24

.99

%

,

12/03/26

..

4,992

5,024

183877324.LC.FTS.B

,

16

.49

%

,

12/06/26

..

19,275

19,035

183799901.LC.FTS.B

,

17

.74

%

,

12/06/26

..

4,893

4,853

183790054.LC.FTS.B

,

18

.49

%

,

12/06/26

..

3,111

3,085

183710879.LC.FTS.B

,

19

.95

%

,

12/06/26

..

13,441

2,412

183788160.LC.FTS.B

,

23

.99

%

,

12/06/26

..

5,316

–

183882896.LC.FTS.B

,

17

.24

%

,

12/07/26

..

8,756

8,626

183312099.LC.FTS.B

,

18

.99

%

,

12/07/26

..

5,656

5,606

183415342.LC.FTS.B

,

19

.49

%

,

12/07/26

..

14,991

14,779

183762991.LC.FTS.B

,

19

.49

%

,

12/07/26

..

11,106

11,052

183495228.LC.FTS.B

,

20

.44

%

,

12/07/26

..

3,028

3,034

183520272.LC.FTS.B

,

21

.49

%

,

12/07/26

..

10,919

10,957

183885314.LC.FTS.B

,

21

.99

%

,

12/07/26

..

3,087

3,143

183867910.LC.FTS.B

,

23

.99

%

,

12/07/26

..

7,892

8,035

183866613.LC.FTS.B

,

25

.99

%

,

12/07/26

..

4,980

5,068

183492757.LC.FTS.B

,

16

.99

%

,

12/08/26

..

7,302

7,242

183536773.LC.FTS.B

,

19

.74

%

,

12/08/26

..

17,664

17,728

183933487.LC.FTS.B

,

23

.99

%

,

12/08/26

..

7,892

8,037

183999420.LC.FTS.B

,

12

.99

%

,

12/09/26

..

18,438

18,233

183274086.LC.FTS.B

,

14

.44

%

,

12/09/26

..

7,984

7,929

183461812.LC.FTS.B

,

16

.74

%

,

12/09/26

..

9,426

9,316

183576479.LC.FTS.B

,

17

.44

%

,

12/09/26

..

11,795

11,707

183996173.LC.FTS.B

,

17

.44

%

,

12/09/26

..

17,551

17,346

184003319.LC.FTS.B

,

18

.19

%

,

12/09/26

..

5,782

548

183987324.LC.FTS.B

,

23

.99

%

,

12/09/26

..

8,437

8,564

183966000.LC.FTS.B

,

24

.99

%

,

12/09/26

..

2,673

2,741

183970462.LC.FTS.B

,

24

.99

%

,

12/09/26

..

1,596

1,641

184009395.LC.FTS.B

,

9

.49

%

,

12/10/26

...

14,519

14,174

184012121.LC.FTS.B

,

13

.44

%

,

12/10/26

..

8,810

8,732

183680345.LC.FTS.B

,

16

.44

%

,

12/10/26

..

6,260

6,217

183129988.LC.FTS.B

,

16

.99

%

,

12/10/26

..

8,557

8,475

183607115.LC.FTS.B

,

17

.24

%

,

12/10/26

..

11,262

11,104

183793588.LC.FTS.B

,

17

.24

%

,

12/10/26

..

3,427

3,394

183974150.LC.FTS.B

,

19

.99

%

,

12/10/26

..

12,569

12,594

184022156.LC.FTS.B

,

20

.49

%

,

12/10/26

..

4,972

4,985

183611528.LC.FTS.B

,

23

.99

%

,

12/10/26

..

10,780

10,819

183970602.LC.FTS.B

,

24

.99

%

,

12/10/26

..

6,385

6,539

183943387.LC.FTS.B

,

15

.44

%

,

12/13/26

..

11,177

11,057

184056742.LC.FTS.B

,

15

.44

%

,

12/13/26

..

8,199

–

183965552.LC.FTS.B

,

16

.49

%

,

12/13/26

..

7,230

7,166

184033080.LC.FTS.B

,

17

.44

%

,

12/13/26

..

10,601

10,440

183788093.LC.FTS.B

,

17

.49

%

,

12/13/26

..

2,820

–

183731402.LC.FTS.B

,

19

.44

%

,

12/13/26

..

7,990

8,038

184062734.LC.FTS.B

,

21

.49

%

,

12/13/26

..

2,882

–

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184039087.LC.FTS.B

,

24

.99

%

,

12/13/26

..

$

5,055

$

5,182

184051343.LC.FTS.B

,

28

.99

%

,

12/13/26

..

9,992

10,198

184176824.LC.FTS.B

,

14

.99

%

,

12/14/26

..

6,621

6,536

183228318.LC.FTS.B

,

15

.19

%

,

12/14/26

..

16,728

16,193

184144008.LC.FTS.B

,

16

.99

%

,

12/14/26

..

8,839

8,763

184142978.LC.FTS.B

,

17

.44

%

,

12/14/26

..

7,313

7,268

184109137.LC.FTS.B

,

17

.74

%

,

12/14/26

..

7,340

7,227

184114198.LC.FTS.B

,

18

.99

%

,

12/14/26

..

12,170

12,093

183841644.LC.FTS.B

,

19

.99

%

,

12/14/26

..

6,537

6,463

184130928.LC.FTS.B

,

21

.99

%

,

12/14/26

..

8,117

6,563

183623138.LC.FTS.B

,

23

.99

%

,

12/14/26

..

5,922

6,023

184107590.LC.FTS.B

,

23

.99

%

,

12/14/26

..

3,689

3,723

183641094.LC.FTS.B

,

24

.99

%

,

12/14/26

..

5,335

5,472

183159318.LC.FTS.B

,

6

%

,

12/15/26

.....

5,380

5,329

183916918.LC.FTS.B

,

13

.19

%

,

12/15/26

..

10,717

10,632

184198353.LC.FTS.B

,

14

.01

%

,

12/15/26

..

18,405

18,214

183712326.LC.FTS.B

,

15

.44

%

,

12/15/26

..

3,100

3,070

184146721.LC.FTS.B

,

16

.44

%

,

12/15/26

..

7,226

7,100

183603668.LC.FTS.B

,

17

.19

%

,

12/15/26

..

9,873

1,184

183809680.LC.FTS.B

,

17

.24

%

,

12/15/26

..

16,406

15,926

183649794.LC.FTS.B

,

21

.49

%

,

12/15/26

..

13,547

13,596

183917868.LC.FTS.B

,

21

.49

%

,

12/15/26

..

9,552

9,612

183905553.LC.FTS.B

,

13

.44

%

,

12/16/26

..

3,013

2,936

184144886.LC.FTS.B

,

15

.19

%

,

12/16/26

..

13,275

13,205

184230527.LC.FTS.B

,

16

.49

%

,

12/16/26

..

14,456

14,379

183706984.LC.FTS.B

,

21

.49

%

,

12/16/26

..

3,680

3,675

183590285.LC.FTS.B

,

21

.99

%

,

12/16/26

..

10,840

8,758

183612692.LC.FTS.B

,

13

.49

%

,

12/17/26

..

6,495

6,434

183935167.LC.FTS.B

,

16

.19

%

,

12/17/26

..

8,739

8,544

184223937.LC.FTS.B

,

16

.44

%

,

12/17/26

..

9,162

9,092

184248806.LC.FTS.B

,

18

.49

%

,

12/17/26

..

13,900

13,811

184251864.LC.FTS.B

,

21

.99

%

,

12/17/26

..

4,686

4,771

184214073.LC.FTS.B

,

27

.99

%

,

12/17/26

..

6,591

6,767

183656375.LC.FTS.B

,

14

.44

%

,

12/18/26

..

3,168

3,072

183673632.LC.FTS.B

,

15

.44

%

,

12/18/26

..

7,287

7,134

183874472.LC.FTS.B

,

15

.44

%

,

12/18/26

..

7,697

7,461

183852446.LC.FTS.B

,

17

.99

%

,

12/18/26

..

8,003

7,850

184270452.LC.FTS.B

,

16

.99

%

,

12/20/26

..

7,246

–

184104646.LC.FTS.B

,

17

.44

%

,

12/20/26

..

9,263

9,220

184283202.LC.FTS.B

,

19

.49

%

,

12/20/26

..

3,998

4,029

184059193.LC.FTS.B

,

21

.99

%

,

12/20/26

..

11,795

9,550

184382909.LC.FTS.B

,

12

.99

%

,

12/21/26

..

9,219

9,140

184130767.LC.FTS.B

,

16

.44

%

,

12/21/26

..

10,113

9,903

184309308.LC.FTS.B

,

17

.24

%

,

12/21/26

..

5,084

5,004

184032290.LC.FTS.B

,

20

.99

%

,

12/21/26

..

10,794

10,573

184358622.LC.FTS.B

,

21

.99

%

,

12/21/26

..

6,434

6,557

184066327.LC.FTS.B

,

14

.19

%

,

12/22/26

..

6,554

6,530

184190300.LC.FTS.B

,

16

.49

%

,

12/22/26

..

5,899

–

183529593.LC.FTS.B

,

17

.49

%

,

12/22/26

..

8,684

8,609

183726564.LC.FTS.B

,

Zero

Cpn

,

12/23/26

17,301

–

184035152.LC.FTS.B

,

Zero

Cpn

,

12/23/26

3,865

–

184224030.LC.FTS.B

,

15

.49

%

,

12/23/26

..

9,559

9,455

184421299.LC.FTS.B

,

16

.74

%

,

12/23/26

..

3,625

3,612

183436430.LC.FTS.B

,

16

.99

%

,

12/23/26

..

17,135

17,032

184427346.LC.FTS.B

,

19

.74

%

,

12/23/26

..

16,673

–

184321733.LC.FTS.B

,

23

.99

%

,

12/23/26

..

13,154

13,471

184033253.LC.FTS.B

,

28

.99

%

,

12/23/26

..

4,963

5,105

184040777.LC.FTS.B

,

23

.99

%

,

12/24/26

..

5,277

5,383

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

190

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183940387.LC.FTS.B

,

19

.99

%

,

12/25/26

..

$

9,245

$

9,305

184009581.LC.FTS.B

,

22

.99

%

,

12/25/26

..

18,672

19,080

184283871.LC.FTS.B

,

21

.99

%

,

12/27/26

..

10,289

10,551

184275242.LC.FTS.B

,

23

.99

%

,

12/27/26

..

10,523

10,788

184249796.LC.FTS.B

,

15

.44

%

,

12/28/26

..

7,729

7,695

184172800.LC.FTS.B

,

16

.44

%

,

12/28/26

..

6,372

6,250

184029644.LC.FTS.B

,

17

.49

%

,

12/28/26

..

14,924

14,856

183866022.LC.FTS.B

,

24

.99

%

,

12/28/26

..

6,627

–

184075164.LC.FTS.B

,

17

.74

%

,

12/29/26

..

15,605

15,534

183977917.LC.FTS.B

,

16

.49

%

,

12/30/26

..

13,947

–

184298012.LC.FTS.B

,

18

.74

%

,

12/30/26

..

2,739

2,728

184017343.LC.FTS.B

,

23

.99

%

,

12/30/26

..

7,260

968

184149742.LC.FTS.B

,

26

.49

%

,

12/30/26

..

11,881

12,269

183794746.LC.FTS.B

,

21

.99

%

,

12/31/26

..

17,746

–

184286578.LC.FTS.B

,

17

.49

%

,

1/01/27

...

11,318

11,123

184379539.LC.FTS.B

,

12

.19

%

,

1/02/27

...

14,283

13,878

183888494.LC.FTS.B

,

17

.99

%

,

1/06/27

...

4,863

4,797

184934200.LC.FTS.B

,

23

.49

%

,

1/11/27

...

18,278

2,213

184003793.LC.FTS.B

,

6

%

,

1/15/27

......

2,534

2,517

184924956.LC.FTS.B

,

24

.99

%

,

1/16/27

...

11,388

9,245

183499719.LC.FTS.B

,

15

%

,

2/28/27

.....

7,263

5,752

183328750.LC.FTS.B

,

28

.99

%

,

3/22/27

...

4,839

449

182925976.LC.FTS.B

,

18

.99

%

,

4/03/27

...

4,449

4,378

183046392.LC.FTS.B

,

13

.19

%

,

4/08/27

...

12,858

1,541

184013288.LC.FTS.B

,

15

%

,

4/10/27

.....

11,996

9,826

181671017.LC.FTS.B

,

19

.49

%

,

4/14/27

...

14,565

2,639

182675743.LC.FTS.B

,

15

%

,

4/15/27

.....

19,655

15,419

183805030.LC.FTS.B

,

15

%

,

4/16/27

.....

15,130

11,794

182419678.LC.FTS.B

,

15

%

,

4/25/27

.....

12,481

9,862

182469398.LC.FTS.B

,

21

.99

%

,

5/05/27

...

11,424

11,508

183902344.LC.FTS.B

,

17

.49

%

,

5/07/27

...

13,731

–

183766454.LC.FTS.B

,

16

.99

%

,

5/10/27

...

11,304

–

183593989.LC.FTS.B

,

15

%

,

5/15/27

.....

15,519

13,007

182312904.LC.FTS.B

,

28

.99

%

,

5/18/27

...

5,196

658

182882013.LC.FTS.B

,

24

.99

%

,

5/24/27

...

12,204

12,443

184033235.LC.FTS.B

,

24

.99

%

,

5/24/27

...

15,164

12,312

184108646.LC.FTS.B

,

18

.49

%

,

6/15/27

...

5,054

4,931

183844253.LC.FTS.B

,

18

.99

%

,

6/20/27

...

20,026

–

183437929.LC.FTS.B

,

20

.49

%

,

6/30/27

...

15,487

15,434

183877158.LC.FTS.B

,

20

.44

%

,

7/21/27

...

8,261

–

184211532.LC.FTS.B

,

21

.99

%

,

7/28/27

...

21,606

21,782

183270309.LC.FTS.B

,

18

.99

%

,

9/17/27

...

15,878

2,894

183252907.LC.FTS.B

,

16

.49

%

,

9/23/27

...

9,318

9,093

182185437.LC.FTS.B

,

5

%

,

10/29/27

.....

10,379

10,273

184064152.LC.FTS.B

,

19

.49

%

,

10/13/28

..

17,407

1,482

172830533.LC.FTS.B

,

Zero

Cpn

,

1/04/34

.

2,312

–

174146725.LC.FTS.B

,

Zero

Cpn

,

2/05/34

.

16,067

–

182593987.LC.FTS.B

,

14

.19

%

,

11/01/34

..

1,715

173

182882751.LC.FTS.B

,

18

.99

%

,

11/03/34

..

951

89

182406475.LC.FTS.B

,

19

.99

%

,

11/03/34

..

4,002

–

182766834.LC.FTS.B

,

Zero

Cpn

,

11/05/34

9,558

–

182967907.LC.FTS.B

,

Zero

Cpn

,

11/09/34

13,553

–

182923608.LC.FTS.B

,

Zero

Cpn

,

11/12/34

2,858

–

182783983.LC.FTS.B

,

17

.49

%

,

11/15/34

..

3,954

932

183248270.LC.FTS.B

,

18

.99

%

,

11/16/34

..

3,766

–

182863664.LC.FTS.B

,

19

.99

%

,

11/17/34

..

649

–

182884112.LC.FTS.B

,

15

.74

%

,

11/18/34

..

4,233

3,483

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183388949.LC.FTS.B

,

14

.19

%

,

11/19/34

..

$

3,875

$

3,875

183473491.LC.FTS.B

,

18

.99

%

,

11/23/34

..

6,793

6,783

183532866.LC.FTS.B

,

15

.99

%

,

11/24/34

..

1,523

280

183339903.LC.FTS.B

,

Zero

Cpn

,

11/26/34

6,363

–

183342456.LC.FTS.B

,

22

.49

%

,

11/26/34

..

3,276

677

183170547.LC.FTS.B

,

16

.49

%

,

11/29/34

..

3,118

1,596

183354385.LC.FTS.B

,

12

.49

%

,

12/03/34

..

486

484

183766217.LC.FTS.B

,

16

.49

%

,

12/06/34

..

3,337

–

183558965.LC.FTS.B

,

18

.99

%

,

12/06/34

..

3,005

–

183532916.LC.FTS.B

,

22

.99

%

,

12/06/34

..

2,891

545

183872755.LC.FTS.B

,

22

.99

%

,

12/07/34

..

4,178

392

183915427.LC.FTS.B

,

13

.24

%

,

12/08/34

..

8,464

–

183942961.LC.FTS.B

,

18

.99

%

,

12/08/34

..

1,822

–

184091538.LC.FTS.B

,

Zero

Cpn

,

12/14/34

2,879

–

184065866.LC.FTS.B

,

19

.49

%

,

12/14/34

..

1,239

1,032

184191218.LC.FTS.B

,

13

.99

%

,

12/17/34

..

2,149

2,140

183402493.LC.FTS.B

,

22

.99

%

,

12/18/34

..

1,567

–

183409645.LC.FTS.B

,

5

%

,

12/20/34

.....

5,005

4,136

184277567.LC.FTS.B

,

15

.49

%

,

12/20/34

..

1,099

1,098

183992321.LC.FTS.B

,

17

.44

%

,

12/21/34

..

18,232

–

184253510.LC.FTS.B

,

18

.49

%

,

12/21/34

..

4,885

3,972

184415798.LC.FTS.B

,

15

%

,

12/23/34

....

1,949

1,720

184435348.LC.FTS.B

,

17

.99

%

,

12/23/34

..

2,227

–

184272023.LC.FTS.B

,

19

.49

%

,

12/23/34

..

2,294

2,313

184068690.LC.FTS.B

,

18

.49

%

,

12/25/34

..

3,800

–

182991246.LC.FTS.B

,

16

.49

%

,

1/08/35

...

1,095

–

183835923.LC.FTS.B

,

15

.19

%

,

1/15/35

...

1,554

316

184149278.LC.FTS.B

,

16

.49

%

,

1/28/35

...

4,215

–

184428613.LC.FTS.B

,

13

.24

%

,

1/31/35

...

12

12

184090151.LC.FTS.B

,

19

.99

%

,

1/31/35

...

3,407

–

184412079.LC.FTS.B

,

18

.99

%

,

2/06/35

...

119

118

183031081.LC.FTS.B

,

15

.99

%

,

2/18/35

...

811

683

184168561.LC.FTS.B

,

21

.99

%

,

2/24/35

...

149

14

182227875.LC.FTS.B

,

19

.49

%

,

2/27/35

...

81

81

183250462.LC.FTS.B

,

14

.99

%

,

2/28/35

...

534

533

183362712.LC.FTS.B

,

15

.99

%

,

3/01/35

...

1,406

134

2,141,163

Prosper

Funding

LLC

1603442.PS.FTS.B

,

18

.2

%

,

7/20/25

.....

1,438

1,439

1652180.PS.FTS.B

,

12

.1

%

,

8/08/25

.....

9,516

–

1672340.PS.FTS.B

,

15

.1

%

,

11/14/25

....

5,423

5,389

1613481.PS.FTS.B

,

19

.78

%

,

8/11/26

....

6,419

6,514

1604105.PS.FTS.B

,

13

.74

%

,

8/12/26

....

11,804

11,715

1614300.PS.FTS.B

,

13

.8

%

,

8/12/26

.....

4,034

4,007

1613874.PS.FTS.B

,

15

.2

%

,

8/12/26

.....

4,018

4,003

1613892.PS.FTS.B

,

19

.18

%

,

8/12/26

....

2,721

2,767

1603823.PS.FTS.B

,

28

.4

%

,

8/12/26

.....

954

989

1607647.PS.FTS.B

,

15

%

,

8/13/26

.......

3,206

3,195

1615164.PS.FTS.B

,

17

%

,

8/13/26

.......

4,347

4,418

1614735.PS.FTS.B

,

18

.73

%

,

8/13/26

....

4,291

4,271

1607977.PS.FTS.B

,

25

.48

%

,

8/13/26

....

2,072

2,150

1604924.PS.FTS.B

,

28

.4

%

,

8/13/26

.....

3,062

3,182

1605023.PS.FTS.B

,

14

.2

%

,

8/16/26

.....

7,581

7,539

1608526.PS.FTS.B

,

19

.78

%

,

8/16/26

....

3,424

3,483

1604936.PS.FTS.B

,

25

%

,

8/16/26

.......

920

955

1616271.PS.FTS.B

,

12

.5

%

,

8/17/26

.....

4,637

4,607

1609138.PS.FTS.B

,

16

.18

%

,

8/17/26

....

6,112

6,072

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

191

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1611388.PS.FTS.B

,

15

.8

%

,

8/19/26

.....

$

8,532

$

8,506

1612375.PS.FTS.B

,

14

.29

%

,

8/23/26

....

3,966

3,966

1620525.PS.FTS.B

,

16

.4

%

,

8/24/26

.....

2,452

2,452

1606978.PS.FTS.B

,

13

.3

%

,

8/25/26

.....

5,306

5,273

1606780.PS.FTS.B

,

29

.08

%

,

8/25/26

....

3,534

3,660

1622217.PS.FTS.B

,

16

.7

%

,

9/07/26

.....

1,981

1,980

1608397.PS.FTS.B

,

20

.3

%

,

9/14/26

.....

3,740

3,801

1605623.PS.FTS.B

,

16

.64

%

,

9/15/26

....

5,268

5,250

1626049.PS.FTS.B

,

15

.18

%

,

9/17/26

....

10,287

10,207

1633221.PS.FTS.B

,

18

.13

%

,

9/17/26

....

15,354

15,298

1628728.PS.FTS.B

,

12

.5

%

,

9/22/26

.....

2,831

2,812

1628947.PS.FTS.B

,

12

.5

%

,

9/23/26

.....

4,448

4,420

1635660.PS.FTS.B

,

12

.87

%

,

9/23/26

....

4,082

4,056

1625255.PS.FTS.B

,

13

.2

%

,

9/23/26

.....

3,268

3,247

1636926.PS.FTS.B

,

11

.6

%

,

9/24/26

.....

4,591

4,564

1629340.PS.FTS.B

,

12

.9

%

,

9/24/26

.....

3,882

495

1636506.PS.FTS.B

,

15

.18

%

,

9/24/26

....

8,393

–

1634442.PS.FTS.B

,

13

.93

%

,

9/26/26

....

3,936

3,909

1630456.PS.FTS.B

,

12

.76

%

,

9/27/26

....

6,088

6,055

1630438.PS.FTS.B

,

15

.29

%

,

9/27/26

....

4,205

4,205

1630432.PS.FTS.B

,

15

.9

%

,

9/27/26

.....

5,088

5,088

1628431.PS.FTS.B

,

16

.64

%

,

9/30/26

....

5,203

5,188

1636347.PS.FTS.B

,

12

.9

%

,

10/17/26

....

12,800

655

1624733.PS.FTS.B

,

16

.33

%

,

10/17/26

...

2,991

2,984

1655382.PS.FTS.B

,

12

.8

%

,

10/27/26

....

14,857

14,755

1655400.PS.FTS.B

,

13

.7

%

,

10/27/26

....

2,579

2,575

1648636.PS.FTS.B

,

15

.2

%

,

10/27/26

....

877

876

1645256.PS.FTS.B

,

16

.33

%

,

10/27/26

...

3,562

3,556

1645280.PS.FTS.B

,

18

.78

%

,

10/27/26

...

11,074

2,793

1645934.PS.FTS.B

,

10

.5

%

,

10/28/26

....

3,429

3,407

1649530.PS.FTS.B

,

13

.5

%

,

10/28/26

....

3,142

3,139

1649821.PS.FTS.B

,

13

.66

%

,

10/28/26

...

3,025

3,008

1649653.PS.FTS.B

,

14

.7

%

,

10/28/26

....

3,039

3,036

1646096.PS.FTS.B

,

15

.1

%

,

10/28/26

....

2,736

2,733

1646336.PS.FTS.B

,

16

.33

%

,

10/28/26

...

9,288

9,276

1657014.PS.FTS.B

,

10

.5

%

,

10/29/26

....

15,002

14,882

1657059.PS.FTS.B

,

17

%

,

10/29/26

......

8,064

1,161

1646327.PS.FTS.B

,

13

.8

%

,

10/31/26

....

10,042

553

1650649.PS.FTS.B

,

13

.8

%

,

10/31/26

....

3,560

3,552

1657476.PS.FTS.B

,

13

.8

%

,

11/01/26

....

6,721

6,643

1658550.PS.FTS.B

,

9

.45

%

,

11/02/26

....

6,334

6,248

1651424.PS.FTS.B

,

10

.8

%

,

11/05/26

....

5,163

5,096

1651418.PS.FTS.B

,

11

.6

%

,

11/05/26

.....

870

860

1650998.PS.FTS.B

,

12

.7

%

,

11/05/26

....

6,623

6,536

1660986.PS.FTS.B

,

16

.8

%

,

11/05/26

....

11,645

11,522

1654327.PS.FTS.B

,

22

.55

%

,

11/05/26

....

4,049

4,186

1651841.PS.FTS.B

,

15

.4

%

,

11/08/26

....

2,517

2,493

1665054.PS.FTS.B

,

16

.93

%

,

11/08/26

....

11,244

11,137

1653053.PS.FTS.B

,

11

.55

%

,

11/09/26

....

3,043

3,006

1665906.PS.FTS.B

,

11

.7

%

,

11/09/26

.....

3,485

3,442

1652894.PS.FTS.B

,

12

.7

%

,

11/09/26

....

3,940

3,897

1658878.PS.FTS.B

,

12

.98

%

,

11/09/26

....

11,080

10,944

1659130.PS.FTS.B

,

15

.18

%

,

11/09/26

....

6,387

6,330

1652711.PS.FTS.B

,

16

.2

%

,

11/09/26

.....

5,778

5,857

1654496.PS.FTS.B

,

11

.79

%

,

11/10/26

....

4,362

4,309

1660783.PS.FTS.B

,

11

.7

%

,

11/12/26

.....

7,841

7,751

1659238.PS.FTS.B

,

10

.8

%

,

11/15/26

....

3,238

3,199

1656380.PS.FTS.B

,

10

.9

%

,

11/15/26

....

3,440

3,409

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1658161.PS.FTS.B

,

13

.3

%

,

11/15/26

....

$

4,358

$

3,653

1653277.PS.FTS.B

,

13

.8

%

,

11/16/26

....

10,900

10,788

1654759.PS.FTS.B

,

11

.89

%

,

11/19/26

....

2,121

2,097

1660438.PS.FTS.B

,

16

%

,

11/19/26

......

2,337

2,371

1645613.PS.FTS.B

,

12

.62

%

,

11/20/26

....

6,026

5,976

1665885.PS.FTS.B

,

13

.7

%

,

11/27/26

....

12,463

3,072

1659142.PS.FTS.B

,

14

.6

%

,

11/30/26

....

3,842

3,804

1672670.PS.FTS.B

,

12

%

,

12/14/26

......

3,187

3,147

1672667.PS.FTS.B

,

18

.78

%

,

12/14/26

...

5,852

5,941

1685589.PS.FTS.B

,

22

.8

%

,

12/14/26

....

721

717

1679077.PS.FTS.B

,

15

.12

%

,

12/15/26

...

9,481

9,400

1685964.PS.FTS.B

,

15

.29

%

,

12/15/26

...

9,501

9,420

1672964.PS.FTS.B

,

28

.23

%

,

12/15/26

...

5,513

5,721

1680172.PS.FTS.B

,

13

.4

%

,

12/16/26

....

5,565

5,520

1680709.PS.FTS.B

,

10

.5

%

,

12/17/26

....

8,925

8,819

1687677.PS.FTS.B

,

18

.4

%

,

12/17/26

....

9,873

10,039

1681081.PS.FTS.B

,

11

.33

%

,

12/20/26

....

4,306

4,258

1681270.PS.FTS.B

,

13

.08

%

,

12/20/26

...

3,232

3,196

1677662.PS.FTS.B

,

18

.25

%

,

12/23/26

...

10,841

11,056

1659106.PS.FTS.B

,

22

.55

%

,

5/09/27

....

5,961

3,199

1656207.PS.FTS.B

,

23

.64

%

,

5/27/27

....

13,630

8,037

1656341.PS.FTS.B

,

15

.29

%

,

6/15/27

....

9,997

8,328

1624370.PS.FTS.B

,

16

.18

%

,

8/21/27

....

10,131

–

1630162.PS.FTS.B

,

16

.33

%

,

8/22/27

....

16,017

15,748

1668165.PS.FTS.B

,

22

.6

%

,

10/12/27

....

3,558

1,756

1614574.PS.FTS.B

,

27

.56

%

,

8/26/34

....

429

–

1657158.PS.FTS.B

,

10

.8

%

,

10/29/34

....

16

1

1650670.PS.FTS.B

,

16

.3

%

,

10/29/34

....

15

7

1674668.PS.FTS.B

,

12

.65

%

,

12/17/34

...

16

16

1692690.PS.FTS.B

,

19

.1

%

,

1/02/35

.....

396

326

507,346

Upgrade,

Inc.

24174311.UG.FTS.B

,

29

.69

%

,

11/05/24

..

22,146

1,654

24677388.UG.FTS.B

,

29

.69

%

,

9/06/25

...

2,366

2,447

24789598.UG.FTS.B

,

25

.26

%

,

11/27/27

..

103

103

24909623.UG.FTS.B

,

27

.74

%

,

12/08/29

..

21,013

2,568

25312483.UG.FTS.B

,

29

.69

%

,

12/18/29

..

4,559

420

24959142.UG.FTS.B

,

29

.69

%

,

12/20/29

..

10,629

870

8,062

Upgrade,

Inc.

-

Card

991226863.UG.FTS.B

,

28

.98

%

,

3/05/25

..

23

23

991312810.UG.FTS.B

,

29

.49

%

,

3/07/25

..

16

16

991451736.UG.FTS.B

,

19

.8

%

,

3/10/25

...

109

109

991097752.UG.FTS.B

,

29

.49

%

,

3/17/25

..

25

2

991438242.UG.FTS.B

,

15

.97

%

,

3/18/25

..

21

21

991297898.UG.FTS.B

,

29

.49

%

,

3/23/25

..

30

2

991152322.UG.FTS.B

,

26

.94

%

,

3/27/25

..

551

562

991216328.UG.FTS.B

,

26

.94

%

,

3/27/25

..

111

113

991198311.UG.FTS.B

,

29

.49

%

,

3/28/25

..

13

13

991282718.UG.FTS.B

,

29

.49

%

,

3/28/25

..

25

2

991229899.UG.FTS.B

,

28

.98

%

,

3/29/25

..

16

16

991342598.UG.FTS.B

,

28

.98

%

,

4/05/25

..

25

11

991356417.UG.FTS.B

,

29

.49

%

,

4/05/25

..

5

5

991147993.UG.FTS.B

,

20

.46

%

,

4/12/25

..

113

44

991139033.UG.FTS.B

,

29

.49

%

,

4/21/25

..

342

294

991072361.UG.FTS.B

,

21

.46

%

,

5/10/25

..

197

15

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

192

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991226484.UG.FTS.B

,

21

.46

%

,

5/10/25

..

$

238

$

18

991084445.UG.FTS.B

,

28

.98

%

,

5/17/25

..

41

41

991163497.UG.FTS.B

,

28

.98

%

,

5/18/25

..

196

198

991166382.UG.FTS.B

,

26

.94

%

,

5/20/25

..

49

–

991104826.UG.FTS.B

,

29

.49

%

,

5/20/25

..

17

18

991116156.UG.FTS.B

,

29

.49

%

,

5/20/25

..

42

36

991137652.UG.FTS.B

,

29

.49

%

,

5/20/25

..

3

3

991171681.UG.FTS.B

,

17

.99

%

,

5/25/25

..

34

34

991212968.UG.FTS.B

,

19

.8

%

,

5/26/25

...

318

5

991223413.UG.FTS.B

,

28

.98

%

,

5/28/25

..

24

25

991373345.UG.FTS.B

,

29

.49

%

,

5/30/25

..

33

34

991216602.UG.FTS.B

,

29

.48

%

,

6/05/25

..

202

206

991014881.UG.FTS.B

,

20

.46

%

,

6/07/25

..

123

124

991031396.UG.FTS.B

,

29

.49

%

,

6/09/25

..

23

23

991253923.UG.FTS.B

,

25

.95

%

,

6/16/25

..

93

83

991222930.UG.FTS.B

,

28

.98

%

,

6/17/25

..

118

2

991175975.UG.FTS.B

,

19

.99

%

,

6/18/25

..

33

30

991198112.UG.FTS.B

,

19

.8

%

,

6/19/25

...

88

89

991237119.UG.FTS.B

,

28

.98

%

,

6/19/25

..

419

428

991195967.UG.FTS.B

,

29

.49

%

,

6/19/25

..

104

16

991148239.UG.FTS.B

,

29

.49

%

,

6/20/25

..

270

42

991247481.UG.FTS.B

,

29

.49

%

,

6/29/25

..

279

22

991233872.UG.FTS.B

,

17

.99

%

,

7/05/25

..

61

62

991216498.UG.FTS.B

,

19

.99

%

,

7/05/25

..

2,231

767

991293334.UG.FTS.B

,

16

.99

%

,

7/13/25

..

759

305

991146431.UG.FTS.B

,

28

.98

%

,

7/17/25

..

27

28

991103642.UG.FTS.B

,

29

.49

%

,

7/19/25

..

16

2

991125415.UG.FTS.B

,

28

.98

%

,

7/21/25

..

133

9

991180111.UG.FTS.B

,

29

.49

%

,

7/21/25

...

51

52

991182716.UG.FTS.B

,

21

.98

%

,

7/26/25

..

120

104

991340064.UG.FTS.B

,

19

.21

%

,

8/15/25

..

58

1

991168160.UG.FTS.B

,

21

.46

%

,

8/16/25

..

63

64

991168137.UG.FTS.B

,

19

.8

%

,

8/21/25

...

133

134

991138789.UG.FTS.B

,

21

.46

%

,

8/22/25

..

61

62

991329135.UG.FTS.B

,

19

.8

%

,

9/17/25

...

2,292

1,941

991149182.UG.FTS.B

,

28

.48

%

,

9/21/25

..

45

41

991152518.UG.FTS.B

,

18

.97

%

,

9/23/25

..

77

64

991176181.UG.FTS.B

,

19

.99

%

,

9/23/25

..

841

874

991179044.UG.FTS.B

,

21

.46

%

,

9/29/25

..

317

259

991284608.UG.FTS.B

,

21

.98

%

,

10/04/25

.

184

171

991421184.UG.FTS.B

,

29

.49

%

,

10/06/25

.

131

42

991300215.UG.FTS.B

,

21

.46

%

,

10/08/25

.

53

53

991054408.UG.FTS.B

,

28

.98

%

,

10/08/25

.

258

263

991091518.UG.FTS.B

,

29

.49

%

,

10/15/25

.

104

14

991169822.UG.FTS.B

,

29

.49

%

,

10/17/25

.

279

240

991131752.UG.FTS.B

,

29

.49

%

,

10/20/25

.

86

87

991299072.UG.FTS.B

,

29

.49

%

,

10/23/25

.

180

16

991025029.UG.FTS.B

,

21

.46

%

,

11/09/25

.

146

46

991258611.UG.FTS.B

,

21

.98

%

,

11/14/25

.

1,116

1,125

991237888.UG.FTS.B

,

28

.98

%

,

11/15/25

.

294

297

991191984.UG.FTS.B

,

29

.49

%

,

11/17/25

.

56

4

991100555.UG.FTS.B

,

29

.49

%

,

11/20/25

.

532

438

991239091.UG.FTS.B

,

29

.49

%

,

11/20/25

.

461

35

991124779.UG.FTS.B

,

29

.49

%

,

11/22/25

.

102

104

991119119.UG.FTS.B

,

29

.49

%

,

11/23/25

..

113

118

991326057.UG.FTS.B

,

29

.49

%

,

11/28/25

.

75

77

991026129.UG.FTS.B

,

29

.49

%

,

12/06/25

.

30

30

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991131037.UG.FTS.B

,

21

.46

%

,

12/08/25

.

$

192

$

194

991112802.UG.FTS.B

,

28

.98

%

,

12/22/25

.

508

529

991123245.UG.FTS.B

,

26

.94

%

,

12/23/25

.

377

378

991151698.UG.FTS.B

,

22

.97

%

,

12/27/25

.

170

12

991269532.UG.FTS.B

,

29

.46

%

,

1/05/26

..

102

107

991147839.UG.FTS.B

,

22

.97

%

,

1/11/26

..

382

386

991238529.UG.FTS.B

,

19

.8

%

,

1/16/26

...

947

954

991369350.UG.FTS.B

,

21

.46

%

,

2/07/26

..

85

6

991217394.UG.FTS.B

,

29

.49

%

,

2/20/26

..

88

91

991116103.UG.FTS.B

,

29

.49

%

,

2/23/26

..

73

77

991217112.UG.FTS.B

,

6

%

,

2/25/26

......

210

171

991358540.UG.FTS.B

,

14

.98

%

,

3/15/26

..

322

250

991305854.UG.FTS.B

,

29

.49

%

,

4/09/26

..

185

13

991180816.UG.FTS.B

,

29

.49

%

,

5/23/26

..

146

114

991161030.UG.FTS.B

,

29

.49

%

,

6/18/26

..

109

112

991119833.UG.FTS.B

,

19

.21

%

,

6/20/26

..

615

618

991252958.UG.FTS.B

,

18

.97

%

,

10/24/26

.

294

292

991215907.UG.FTS.B

,

16

.99

%

,

11/12/26

.

930

956

991164893.UG.FTS.B

,

19

.99

%

,

11/13/26

.

38

38

991087378.UG.FTS.B

,

21

.36

%

,

11/15/26

.

407

88

991231725.UG.FTS.B

,

29

.49

%

,

11/18/26

.

251

184

991120297.UG.FTS.B

,

22

.97

%

,

11/23/26

.

1,473

1,502

991356469.UG.FTS.B

,

16

.99

%

,

12/07/26

.

12

12

991098718.UG.FTS.B

,

23

.95

%

,

12/09/26

.

505

16

991265247.UG.FTS.B

,

16

.99

%

,

12/12/26

.

260

270

991359359.UG.FTS.B

,

15

.99

%

,

12/14/26

.

390

404

991467528.UG.FTS.B

,

15

.99

%

,

12/14/26

.

233

242

991326633.UG.FTS.B

,

21

.99

%

,

12/19/26

.

423

436

991389147.UG.FTS.B

,

22

.36

%

,

12/19/26

.

41

41

991127641.UG.FTS.B

,

29

.49

%

,

12/22/26

.

354

259

991218283.UG.FTS.B

,

14

.98

%

,

12/27/26

.

3,418

2,350

991020944.UG.FTS.B

,

15

.99

%

,

1/06/27

..

1,858

1,316

991110203.UG.FTS.B

,

29

.49

%

,

1/19/27

..

185

12

991058306.UG.FTS.B

,

20

.46

%

,

2/11/27

..

505

331

991226691.UG.FTS.B

,

15

.99

%

,

3/06/27

..

163

111

991249712.UG.FTS.B

,

15

.99

%

,

3/06/27

..

2,039

1,383

991225567.UG.FTS.B

,

19

.8

%

,

3/18/27

...

239

–

991299503.UG.FTS.B

,

17

.99

%

,

3/27/27

..

282

280

991418802.UG.FTS.B

,

29

.49

%

,

4/10/27

..

96

21

991162953.UG.FTS.B

,

26

.94

%

,

5/27/27

..

158

5

991080210.UG.FTS.B

,

28

.98

%

,

6/08/27

..

290

190

991418120.UG.FTS.B

,

14

.98

%

,

7/13/27

..

164

103

991223479.UG.FTS.B

,

29

.49

%

,

8/18/27

..

192

188

991383601.UG.FTS.B

,

20

.97

%

,

11/29/27

.

238

237

991266262.UG.FTS.B

,

19

.8

%

,

2/16/28

...

1,305

755

991262312.UG.FTS.B

,

29

.49

%

,

2/29/28

..

144

90

991188769.UG.FTS.B

,

21

.46

%

,

4/25/28

..

9

9

991197071.UG.FTS.B

,

21

.98

%

,

11/09/28

.

218

219

991089483.UG.FTS.B

,

29

.49

%

,

11/15/28

.

153

151

991102474.UG.FTS.B

,

29

.49

%

,

11/16/28

.

2,500

2,464

991218561.UG.FTS.B

,

20

.47

%

,

11/17/28

.

5

–

991309417.UG.FTS.B

,

20

.47

%

,

12/15/28

.

48

3

991158478.UG.FTS.B

,

29

.49

%

,

3/27/29

..

13

13

991255753.UG.FTS.B

,

14

.47

%

,

10/12/29

.

2

2

991223979.UG.FTS.B

,

29

.49

%

,

10/20/29

.

4

–

991062658.UG.FTS.B

,

28

.98

%

,

11/06/29

.

25

–

991089599.UG.FTS.B

,

29

.49

%

,

11/06/29

.

88

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

193

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991034507.UG.FTS.B

,

19

.8

%

,

11/08/29

..

$

708

$

50

991023261.UG.FTS.B

,

29

.49

%

,

11/08/29

.

136

9

991031272.UG.FTS.B

,

19

.21

%

,

11/09/29

.

108

8

991166977.UG.FTS.B

,

20

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%

,

11/09/29

.

31

–

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,

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%

,

11/09/29

.

8

1

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28

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%

,

11/09/29

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–

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29

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,

11/09/29

.

171

12

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,

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138

10

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17

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,

11/10/29

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125

9

991135510.UG.FTS.B

,

18

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%

,

11/10/29

.

85

6

991129109.UG.FTS.B

,

20

.46

%

,

11/10/29

.

1

–

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,

23

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%

,

11/13/29

..

2

–

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,

19

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%

,

11/15/29

.

20

–

991064475.UG.FTS.B

,

29

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%

,

11/15/29

.

48

3

991123315.UG.FTS.B

,

29

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%

,

11/16/29

.

14

1

991253050.UG.FTS.B

,

29

.49

%

,

11/16/29

.

30

31

991085469.UG.FTS.B

,

20

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%

,

11/17/29

.

4

4

991093210.UG.FTS.B

,

28

.98

%

,

11/17/29

.

1

–

991110570.UG.FTS.B

,

28

.98

%

,

11/17/29

..

18

1

991260584.UG.FTS.B

,

28

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%

,

11/17/29

.

3

1

991098909.UG.FTS.B

,

29

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%

,

11/17/29

.

95

7

991104280.UG.FTS.B

,

29

.49

%

,

11/17/29

.

18

18

991151893.UG.FTS.B

,

23

.95

%

,

11/18/29

.

124

126

991107307.UG.FTS.B

,

28

.98

%

,

11/18/29

.

6

–

991263992.UG.FTS.B

,

28

.98

%

,

11/19/29

.

27

–

991133364.UG.FTS.B

,

29

.49

%

,

11/19/29

.

1

–

991213596.UG.FTS.B

,

20

.46

%

,

11/20/29

.

396

27

991099821.UG.FTS.B

,

21

.98

%

,

11/20/29

.

30

2

991161581.UG.FTS.B

,

28

.98

%

,

11/20/29

.

12

11

991102823.UG.FTS.B

,

29

.49

%

,

11/20/29

.

1

–

991149855.UG.FTS.B

,

29

.49

%

,

11/20/29

.

34

3

991255887.UG.FTS.B

,

29

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%

,

11/20/29

.

8

1

991191830.UG.FTS.B

,

22

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%

,

11/21/29

.

1

–

991109616.UG.FTS.B

,

27

.99

%

,

11/21/29

.

68

–

991117626.UG.FTS.B

,

28

.98

%

,

11/21/29

..

340

4

991239647.UG.FTS.B

,

28

.98

%

,

11/21/29

.

16

1

991280901.UG.FTS.B

,

29

.49

%

,

11/21/29

.

25

–

991115731.UG.FTS.B

,

28

.98

%

,

11/22/29

..

47

–

991211967.UG.FTS.B

,

28

.98

%

,

11/22/29

.

164

11

991133954.UG.FTS.B

,

29

.49

%

,

11/22/29

.

49

3

991176160.UG.FTS.B

,

29

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%

,

11/22/29

.

21

–

991224252.UG.FTS.B

,

19

.99

%

,

11/23/29

.

19

1

991175860.UG.FTS.B

,

23

.95

%

,

11/23/29

.

32

–

991277527.UG.FTS.B

,

23

.95

%

,

11/23/29

.

3

–

991150565.UG.FTS.B

,

28

.98

%

,

11/23/29

.

1

–

991165048.UG.FTS.B

,

28

.98

%

,

11/23/29

.

8

–

991173770.UG.FTS.B

,

29

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%

,

11/23/29

.

16

1

991134541.UG.FTS.B

,

21

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%

,

11/24/29

.

2

2

991141591.UG.FTS.B

,

29

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%

,

11/25/29

.

712

49

991258450.UG.FTS.B

,

19

.8

%

,

11/26/29

..

25

1

991155273.UG.FTS.B

,

19

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%

,

11/27/29

.

14

–

991162272.UG.FTS.B

,

28

.98

%

,

11/27/29

.

34

1

991151085.UG.FTS.B

,

29

.49

%

,

11/27/29

.

228

16

991158334.UG.FTS.B

,

29

.49

%

,

11/27/29

.

32

32

991157062.UG.FTS.B

,

19

.99

%

,

11/28/29

.

65

4

991156770.UG.FTS.B

,

28

.98

%

,

11/28/29

.

7

–

991163899.UG.FTS.B

,

28

.98

%

,

11/28/29

.

11

1

991159301.UG.FTS.B

,

29

.49

%

,

11/28/29

.

4

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991182361.UG.FTS.B

,

29

.49

%

,

11/28/29

.

$

9

$

1

991170068.UG.FTS.B

,

28

.98

%

,

11/29/29

.

1

1

991190745.UG.FTS.B

,

28

.98

%

,

11/29/29

.

7

–

991180960.UG.FTS.B

,

29

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%

,

11/29/29

.

18

1

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,

29

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%

,

11/29/29

.

3

1

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,

29

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,

11/29/29

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1

–

991202795.UG.FTS.B

,

19

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%

,

12/04/29

..

54

13

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,

28

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,

12/04/29

.

13

1

991206725.UG.FTS.B

,

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,

12/04/29

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8

2

991212387.UG.FTS.B

,

17

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%

,

12/05/29

.

310

55

991362465.UG.FTS.B

,

17

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%

,

12/05/29

.

84

7

991214712.UG.FTS.B

,

28

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%

,

12/05/29

.

376

26

991214958.UG.FTS.B

,

29

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%

,

12/05/29

.

84

5

991317879.UG.FTS.B

,

29

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,

12/05/29

.

59

1

991405926.UG.FTS.B

,

18

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%

,

12/06/29

.

20

1

991402286.UG.FTS.B

,

17

.99

%

,

12/07/29

.

154

10

991331833.UG.FTS.B

,

29

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%

,

12/07/29

.

26

5

991326016.UG.FTS.B

,

17

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%

,

12/09/29

.

1

1

991447468.UG.FTS.B

,

23

.95

%

,

12/09/29

.

114

6

991373941.UG.FTS.B

,

20

.46

%

,

12/10/29

.

19

4

991484132.UG.FTS.B

,

15

.97

%

,

12/12/29

.

283

260

991513641.UG.FTS.B

,

23

.95

%

,

12/13/29

.

15

3

991407951.UG.FTS.B

,

19

.8

%

,

12/14/29

..

41

9

991437221.UG.FTS.B

,

21

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%

,

12/14/29

.

42

8

991478169.UG.FTS.B

,

17

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%

,

12/15/29

.

231

39

991283292.UG.FTS.B

,

21

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%

,

12/15/29

.

18

17

991446289.UG.FTS.B

,

15

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%

,

12/16/29

.

12

2

991395795.UG.FTS.B

,

20

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%

,

12/16/29

.

131

2

991328367.UG.FTS.B

,

14

.98

%

,

12/17/29

.

1

1

991371806.UG.FTS.B

,

16

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%

,

12/17/29

.

1,064

74

991270128.UG.FTS.B

,

28

.98

%

,

12/17/29

.

1

1

991495192.UG.FTS.B

,

16

.99

%

,

12/18/29

.

344

24

991152299.UG.FTS.B

,

29

.49

%

,

1/09/30

..

6

6

991070598.UG.FTS.B

,

28

.98

%

,

1/16/30

..

203

206

991236920.UG.FTS.B

,

29

.49

%

,

1/16/30

..

9

9

991285666.UG.FTS.B

,

29

.49

%

,

1/17/30

..

5

–

991206543.UG.FTS.B

,

21

.97

%

,

1/19/30

..

635

46

991179894.UG.FTS.B

,

19

.99

%

,

1/27/30

..

28

28

991075118.UG.FTS.B

,

29

.49

%

,

2/07/30

..

329

336

991184036.UG.FTS.B

,

19

.21

%

,

2/09/30

..

8

8

991229420.UG.FTS.B

,

18

.97

%

,

2/10/30

..

86

6

991231578.UG.FTS.B

,

18

.97

%

,

2/12/30

..

529

81

991060645.UG.FTS.B

,

19

.8

%

,

2/13/30

...

28

4

991177667.UG.FTS.B

,

21

.46

%

,

2/13/30

..

8

5

991239064.UG.FTS.B

,

23

.95

%

,

2/13/30

..

52

30

991134666.UG.FTS.B

,

21

.98

%

,

2/16/30

..

88

89

991266466.UG.FTS.B

,

18

.97

%

,

2/17/30

..

15

15

991132991.UG.FTS.B

,

28

.98

%

,

2/17/30

..

1

1

991185484.UG.FTS.B

,

28

.98

%

,

2/17/30

..

14

14

991259944.UG.FTS.B

,

29

.49

%

,

2/17/30

..

17

17

991138300.UG.FTS.B

,

28

.98

%

,

2/19/30

..

2

2

991177091.UG.FTS.B

,

28

.98

%

,

2/19/30

..

181

185

991113103.UG.FTS.B

,

29

.49

%

,

2/19/30

..

8

–

991180574.UG.FTS.B

,

26

.94

%

,

2/20/30

..

71

72

991110618.UG.FTS.B

,

28

.98

%

,

2/20/30

..

3

3

991189874.UG.FTS.B

,

28

.98

%

,

2/21/30

..

535

37

991115106.UG.FTS.B

,

28

.98

%

,

2/22/30

..

18

18

991323210.UG.FTS.B

,

28

.98

%

,

2/22/30

..

38

38

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

194

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991186396.UG.FTS.B

,

29

.49

%

,

2/22/30

..

$

7

$

7

991277503.UG.FTS.B

,

19

.8

%

,

2/24/30

...

15

15

991137424.UG.FTS.B

,

19

.8

%

,

2/25/30

...

196

197

991137442.UG.FTS.B

,

21

.46

%

,

2/25/30

..

112

8

991187935.UG.FTS.B

,

20

.97

%

,

2/27/30

..

30

2

991231794.UG.FTS.B

,

20

.97

%

,

2/27/30

..

744

51

991230587.UG.FTS.B

,

28

.98

%

,

2/28/30

..

7

8

32,232

Upstart

Network,

Inc.

L1876344.UP.FTS.B

,

21

.57

%

,

3/19/25

....

239

236

FW1996652.UP.FTS.B

,

20

.84

%

,

4/08/25

..

155

153

L2074442.UP.FTS.B

,

9

.61

%

,

4/18/25

....

920

201

L2072070.UP.FTS.B

,

14

.5

%

,

4/18/25

....

437

216

L2071251.UP.FTS.B

,

17

.57

%

,

4/18/25

....

344

25

FW2071617.UP.FTS.B

,

24

.28

%

,

4/18/25

..

1,463

1,299

FW2216954.UP.FTS.B

,

19

.2

%

,

5/09/25

...

1,094

1,078

L2218938.UP.FTS.B

,

7

.83

%

,

5/10/25

....

846

834

L2220009.UP.FTS.B

,

18

.38

%

,

5/10/25

....

711

69

FW2221895.UP.FTS.B

,

22

.51

%

,

5/10/25

..

568

559

FW2219263.UP.FTS.B

,

25

.61

%

,

5/10/25

..

1,806

744

L1707019.UP.FTS.B

,

22

.94

%

,

7/28/25

....

2,062

2,029

L1994247.UP.FTS.B

,

23

.34

%

,

9/08/25

....

563

434

L1410769.UP.FTS.B

,

17

.3

%

,

7/09/26

....

1,806

1,770

L1410682.UP.FTS.B

,

18

.43

%

,

7/09/26

....

3,662

3,592

L1410871.UP.FTS.B

,

19

.36

%

,

7/09/26

....

1,626

1,595

L1406959.UP.FTS.B

,

19

.7

%

,

7/09/26

....

1,057

1,037

L1612245.UP.FTS.B

,

7

.13

%

,

8/23/26

....

1,701

1,647

L1612759.UP.FTS.B

,

7

.7

%

,

8/23/26

.....

1,976

1,927

L1613031.UP.FTS.B

,

10

.95

%

,

8/23/26

....

5,831

5,726

L1613160.UP.FTS.B

,

11

.35

%

,

8/23/26

....

12,051

7,907

L1612198.UP.FTS.B

,

11

.94

%

,

8/23/26

....

4,923

4,827

L1606587.UP.FTS.B

,

14

.39

%

,

8/23/26

....

19,741

19,365

L1611811.UP.FTS.B

,

15

.17

%

,

8/23/26

....

8,825

2,264

FW1613143.UP.FTS.B

,

19

.39

%

,

8/23/26

..

8,506

8,373

L1611808.UP.FTS.B

,

20

.24

%

,

8/23/26

....

4,301

4,232

FW1613287.UP.FTS.B

,

21

.05

%

,

8/23/26

..

1,321

920

L1611961.UP.FTS.B

,

21

.45

%

,

8/23/26

....

2,406

2,368

L1612389.UP.FTS.B

,

21

.85

%

,

8/23/26

....

2,752

2,712

FW1613265.UP.FTS.B

,

23

.28

%

,

8/23/26

..

2,687

2,647

L1605896.UP.FTS.B

,

25

.03

%

,

8/23/26

....

14,694

10,081

L1612867.UP.FTS.B

,

25

.04

%

,

8/23/26

....

824

812

L1612430.UP.FTS.B

,

25

.3

%

,

8/23/26

....

505

498

L1610778.UP.FTS.B

,

25

.4

%

,

8/23/26

....

1,898

1,871

L1613041.UP.FTS.B

,

26

.53

%

,

8/23/26

....

2,515

2,480

FW1612948.UP.FTS.B

,

30

.7

%

,

8/23/26

...

4,895

4,836

FW1598463.UP.FTS.B

,

30

.71

%

,

8/23/26

..

8,210

1,330

FW1612884.UP.FTS.B

,

30

.9

%

,

8/23/26

...

1,661

118

L1613929.UP.FTS.B

,

6

.38

%

,

8/24/26

....

5,276

5,107

L1613779.UP.FTS.B

,

8

.38

%

,

8/24/26

....

5,087

4,963

L1614080.UP.FTS.B

,

9

.53

%

,

8/24/26

....

1,099

1,073

L1615613.UP.FTS.B

,

11

.71

%

,

8/24/26

....

2,443

2,394

L1617085.UP.FTS.B

,

12

.5

%

,

8/24/26

....

4,829

4,737

L1613838.UP.FTS.B

,

13

.27

%

,

8/24/26

....

387

379

L1617795.UP.FTS.B

,

13

.57

%

,

8/24/26

....

9,809

9,617

L1614941.UP.FTS.B

,

13

.72

%

,

8/24/26

....

3,834

2,868

FW1614076.UP.FTS.B

,

14

.66

%

,

8/24/26

..

3,942

3,868

L1617016.UP.FTS.B

,

15

.82

%

,

8/24/26

....

7,047

6,977

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1616977.UP.FTS.B

,

16

.49

%

,

8/24/26

....

$

982

$

972

L1617004.UP.FTS.B

,

16

.62

%

,

8/24/26

....

2,460

2,436

L1613683.UP.FTS.B

,

16

.65

%

,

8/24/26

....

2,604

2,579

FW1613769.UP.FTS.B

,

16

.69

%

,

8/24/26

..

2,044

2,012

L1616581.UP.FTS.B

,

16

.94

%

,

8/24/26

....

1,217

1,206

L1614751.UP.FTS.B

,

17

.63

%

,

8/24/26

....

6,162

6,068

L1614375.UP.FTS.B

,

18

.88

%

,

8/24/26

....

3,380

3,327

L1616929.UP.FTS.B

,

19

.05

%

,

8/24/26

....

4,235

4,169

L1613574.UP.FTS.B

,

19

.14

%

,

8/24/26

....

1,271

1,252

L1618259.UP.FTS.B

,

19

.27

%

,

8/24/26

....

3,398

3,343

L1617537.UP.FTS.B

,

20

.26

%

,

8/24/26

....

1,592

1,568

L1613128.UP.FTS.B

,

21

.09

%

,

8/24/26

....

21,754

21,430

L1614925.UP.FTS.B

,

21

.15

%

,

8/24/26

....

381

375

L1617008.UP.FTS.B

,

21

.28

%

,

8/24/26

....

1,400

1,379

FW1617548.UP.FTS.B

,

21

.5

%

,

8/24/26

...

2,099

2,067

L1615113.UP.FTS.B

,

21

.5

%

,

8/24/26

.....

1,369

1,349

FW1616680.UP.FTS.B

,

21

.59

%

,

8/24/26

..

5,258

5,181

L1617314.UP.FTS.B

,

23

.08

%

,

8/24/26

....

1,092

1,077

FW1614723.UP.FTS.B

,

23

.32

%

,

8/24/26

..

6,714

6,617

FW1614111.UP.FTS.B

,

23

.36

%

,

8/24/26

..

5,373

5,295

L1617338.UP.FTS.B

,

23

.46

%

,

8/24/26

....

1,185

817

L1617363.UP.FTS.B

,

23

.46

%

,

8/24/26

....

3,489

3,461

FW1616273.UP.FTS.B

,

23

.5

%

,

8/24/26

...

417

410

L1616072.UP.FTS.B

,

24

%

,

8/24/26

......

2,545

2,509

L1599086.UP.FTS.B

,

24

.44

%

,

8/24/26

....

3,550

3,500

FW1613731.UP.FTS.B

,

24

.96

%

,

8/24/26

..

10,858

781

L1617884.UP.FTS.B

,

24

.99

%

,

8/24/26

....

548

541

L1617253.UP.FTS.B

,

25

.15

%

,

8/24/26

....

6,413

6,324

FW1591289.UP.FTS.B

,

25

.18

%

,

8/24/26

..

1,558

1,537

L1613599.UP.FTS.B

,

25

.21

%

,

8/24/26

....

1,147

1,131

L1616132.UP.FTS.B

,

25

.25

%

,

8/24/26

....

550

543

L1614231.UP.FTS.B

,

25

.4

%

,

8/24/26

....

873

861

FW1618114.UP.FTS.B

,

25

.78

%

,

8/24/26

..

1,478

1,458

FW1616600.UP.FTS.B

,

27

.4

%

,

8/24/26

...

3,381

3,338

FW1617924.UP.FTS.B

,

27

.4

%

,

8/24/26

...

3,766

3,718

FW1614841.UP.FTS.B

,

27

.56

%

,

8/24/26

..

1,238

1,222

FW1614066.UP.FTS.B

,

29

.58

%

,

8/24/26

..

2,599

2,568

FW1617836.UP.FTS.B

,

29

.73

%

,

8/24/26

..

2,178

596

FW1613869.UP.FTS.B

,

30

.42

%

,

8/24/26

..

634

627

FW1614135.UP.FTS.B

,

30

.54

%

,

8/24/26

..

6,738

5,372

FW1615250.UP.FTS.B

,

30

.57

%

,

8/24/26

..

839

829

FW1615073.UP.FTS.B

,

30

.97

%

,

8/24/26

..

1,477

1,460

FW1612909.UP.FTS.B

,

31

.01

%

,

8/24/26

..

558

551

FW1614110.UP.FTS.B

,

32

.03

%

,

8/24/26

..

2,067

1,640

L1619126.UP.FTS.B

,

9

.43

%

,

8/25/26

....

3,690

3,601

L1619565.UP.FTS.B

,

11

.35

%

,

8/25/26

....

3,076

3,015

L1619757.UP.FTS.B

,

12

.57

%

,

8/25/26

....

3,089

3,030

L1572047.UP.FTS.B

,

12

.99

%

,

8/25/26

....

2,313

2,271

L1620282.UP.FTS.B

,

13

.89

%

,

8/25/26

....

4,458

4,377

L1620912.UP.FTS.B

,

14

.91

%

,

8/25/26

....

1,487

1,462

L1620125.UP.FTS.B

,

15

.38

%

,

8/25/26

....

403

399

FW1619311.UP.FTS.B

,

16

.02

%

,

8/25/26

..

2,432

2,410

FW1619065.UP.FTS.B

,

16

.98

%

,

8/25/26

..

10,295

10,201

L1619610.UP.FTS.B

,

17

.18

%

,

8/25/26

....

2,030

2,000

L1620043.UP.FTS.B

,

17

.72

%

,

8/25/26

....

1,270

1,247

FW1618558.UP.FTS.B

,

20

.33

%

,

8/25/26

..

2,549

2,511

L1618616.UP.FTS.B

,

21

.44

%

,

8/25/26

....

4,375

4,312

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

195

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1620348.UP.FTS.B

,

22

.68

%

,

8/25/26

..

$

1,477

$

1,458

FW1619947.UP.FTS.B

,

22

.69

%

,

8/25/26

..

594

586

L1620763.UP.FTS.B

,

23

.08

%

,

8/25/26

....

2,413

2,380

L1620526.UP.FTS.B

,

23

.25

%

,

8/25/26

....

896

884

L1619251.UP.FTS.B

,

24

.92

%

,

8/25/26

....

1,004

991

L1621031.UP.FTS.B

,

25

.07

%

,

8/25/26

....

2,746

2,710

L1619585.UP.FTS.B

,

25

.33

%

,

8/25/26

....

3,351

3,308

L1618792.UP.FTS.B

,

25

.43

%

,

8/25/26

....

1,564

1,544

FW1620759.UP.FTS.B

,

25

.44

%

,

8/25/26

..

1,839

1,816

L1621068.UP.FTS.B

,

25

.46

%

,

8/25/26

....

1,931

1,907

FW1617532.UP.FTS.B

,

25

.68

%

,

8/25/26

..

1,383

1,365

L1620151.UP.FTS.B

,

26

.66

%

,

8/25/26

....

6,917

6,830

L1706771.UP.FTS.B

,

9

.86

%

,

9/13/26

....

7,004

6,847

FW1703655.UP.FTS.B

,

10

.14

%

,

9/13/26

..

1,765

1,725

FW1705224.UP.FTS.B

,

10

.49

%

,

9/13/26

..

9,818

9,600

L1694396.UP.FTS.B

,

11

.41

%

,

9/13/26

....

4,003

3,914

L1706158.UP.FTS.B

,

11

.42

%

,

9/13/26

....

1,592

1,557

L1706444.UP.FTS.B

,

12

.27

%

,

9/13/26

....

2,418

2,364

L1704834.UP.FTS.B

,

12

.73

%

,

9/13/26

....

3,661

3,581

L1706707.UP.FTS.B

,

14

.84

%

,

9/13/26

....

8,352

8,176

L1706806.UP.FTS.B

,

15

.22

%

,

9/13/26

....

3,006

2,945

L1705731.UP.FTS.B

,

15

.3

%

,

9/13/26

....

7,693

1,092

FW1705595.UP.FTS.B

,

15

.51

%

,

9/13/26

..

6,284

6,204

L1706683.UP.FTS.B

,

16

.01

%

,

9/13/26

....

1,018

997

L1705287.UP.FTS.B

,

16

.2

%

,

9/13/26

....

4,894

4,832

FW1706882.UP.FTS.B

,

17

.33

%

,

9/13/26

..

2,009

1,984

L1706066.UP.FTS.B

,

18

.08

%

,

9/13/26

....

2,187

2,147

L1705021.UP.FTS.B

,

18

.29

%

,

9/13/26

....

3,551

3,482

FW1701942.UP.FTS.B

,

19

.32

%

,

9/13/26

..

6,660

6,531

L1705415.UP.FTS.B

,

19

.86

%

,

9/13/26

....

4,090

4,013

L1699219.UP.FTS.B

,

19

.88

%

,

9/13/26

....

6,269

6,137

L1706913.UP.FTS.B

,

20

.18

%

,

9/13/26

....

3,278

3,210

L1706223.UP.FTS.B

,

20

.97

%

,

9/13/26

....

7,368

3,812

L1706832.UP.FTS.B

,

21

.04

%

,

9/13/26

....

2,637

2,584

L1706013.UP.FTS.B

,

21

.25

%

,

9/13/26

....

4,089

4,013

FW1705757.UP.FTS.B

,

21

.7

%

,

9/13/26

...

1,645

1,612

L1706836.UP.FTS.B

,

21

.71

%

,

9/13/26

....

2,518

2,473

L1706178.UP.FTS.B

,

22

.1

%

,

9/13/26

....

1,608

1,576

L1706147.UP.FTS.B

,

23

.21

%

,

9/13/26

....

2,334

2,288

L1706443.UP.FTS.B

,

23

.44

%

,

9/13/26

....

1,425

1,397

L1706931.UP.FTS.B

,

24

.04

%

,

9/13/26

....

564

554

L1706350.UP.FTS.B

,

24

.39

%

,

9/13/26

....

9,665

9,482

L1706467.UP.FTS.B

,

24

.5

%

,

9/13/26

....

595

589

L1705774.UP.FTS.B

,

24

.52

%

,

9/13/26

....

3,797

3,724

L1699725.UP.FTS.B

,

24

.98

%

,

9/13/26

....

933

915

L1705130.UP.FTS.B

,

24

.98

%

,

9/13/26

....

1,427

1,401

L1705055.UP.FTS.B

,

24

.99

%

,

9/13/26

....

886

869

L1706179.UP.FTS.B

,

25

.28

%

,

9/13/26

....

621

610

L1705964.UP.FTS.B

,

25

.31

%

,

9/13/26

....

2,459

2,413

L1707003.UP.FTS.B

,

25

.5

%

,

9/13/26

....

813

798

L1706122.UP.FTS.B

,

26

.74

%

,

9/13/26

....

2,247

2,206

FW1706840.UP.FTS.B

,

26

.82

%

,

9/13/26

..

17,533

17,211

FW1705300.UP.FTS.B

,

26

.94

%

,

9/13/26

..

1,071

1,051

FW1705464.UP.FTS.B

,

28

.92

%

,

9/13/26

..

3,736

3,671

FW1706055.UP.FTS.B

,

29

.52

%

,

9/13/26

..

866

851

FW1706229.UP.FTS.B

,

30

.24

%

,

9/13/26

..

2,274

2,236

FW1705888.UP.FTS.B

,

30

.31

%

,

9/13/26

..

1,479

1,454

FW1705881.UP.FTS.B

,

30

.81

%

,

9/13/26

..

2,656

2,611

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1705876.UP.FTS.B

,

30

.83

%

,

9/13/26

..

$

866

$

851

FW1706907.UP.FTS.B

,

30

.87

%

,

9/13/26

..

916

901

FW1706713.UP.FTS.B

,

30

.93

%

,

9/13/26

..

2,958

2,908

FW1704990.UP.FTS.B

,

31

.11

%

,

9/13/26

..

598

587

FW1706597.UP.FTS.B

,

31

.11

%

,

9/13/26

..

969

953

FW1703542.UP.FTS.B

,

31

.45

%

,

9/13/26

..

12,909

12,695

FW1706656.UP.FTS.B

,

29

.5

%

,

9/15/26

...

1,006

989

L1705598.UP.FTS.B

,

17

.01

%

,

9/21/26

....

1,252

1,236

FW1705213.UP.FTS.B

,

29

.91

%

,

9/28/26

..

3,573

545

FW1705791.UP.FTS.B

,

30

.47

%

,

9/28/26

..

3,046

216

L1877184.UP.FTS.B

,

9

.06

%

,

10/19/26

....

3,635

3,542

L1851771.UP.FTS.B

,

9

.22

%

,

10/19/26

....

1,412

1,376

L1878256.UP.FTS.B

,

9

.69

%

,

10/19/26

....

1,401

1,380

L1880702.UP.FTS.B

,

9

.87

%

,

10/19/26

....

7,448

4,701

L1875318.UP.FTS.B

,

10

.07

%

,

10/19/26

...

2,311

2,261

FW1879016.UP.FTS.B

,

10

.84

%

,

10/19/26

.

10,321

10,090

L1881256.UP.FTS.B

,

11

.03

%

,

10/19/26

...

4,880

4,773

L1878336.UP.FTS.B

,

11

.06

%

,

10/19/26

...

380

374

L1879834.UP.FTS.B

,

11

.35

%

,

10/19/26

...

10,780

6,903

FW1878185.UP.FTS.B

,

13

.38

%

,

10/19/26

.

17,110

16,741

L1878258.UP.FTS.B

,

14

.16

%

,

10/19/26

...

3,667

2,342

L1877450.UP.FTS.B

,

14

.9

%

,

10/19/26

....

1,594

1,562

L1880586.UP.FTS.B

,

15

.78

%

,

10/19/26

...

3,326

3,286

L1864741.UP.FTS.B

,

16

.15

%

,

10/19/26

...

2,787

1,825

L1881295.UP.FTS.B

,

16

.28

%

,

10/19/26

...

3,520

860

L1878278.UP.FTS.B

,

16

.38

%

,

10/19/26

...

4,453

4,400

L1877933.UP.FTS.B

,

16

.4

%

,

10/19/26

....

1,210

1,186

L1860514.UP.FTS.B

,

16

.68

%

,

10/19/26

...

6,039

442

L1878027.UP.FTS.B

,

16

.7

%

,

10/19/26

....

4,364

4,314

L1881555.UP.FTS.B

,

17

.31

%

,

10/19/26

...

3,091

2,030

FW1876338.UP.FTS.B

,

17

.58

%

,

10/19/26

.

1,628

1,609

FW1881188.UP.FTS.B

,

17

.77

%

,

10/19/26

.

1,099

1,079

L1879412.UP.FTS.B

,

17

.84

%

,

10/19/26

...

2,131

2,107

L1880587.UP.FTS.B

,

18

.12

%

,

10/19/26

...

1,822

1,801

L1871080.UP.FTS.B

,

18

.23

%

,

10/19/26

...

2,667

2,620

FW1881398.UP.FTS.B

,

18

.35

%

,

10/19/26

.

1,594

1,576

FW1877226.UP.FTS.B

,

19

.27

%

,

10/19/26

.

5,639

5,535

L1879198.UP.FTS.B

,

19

.39

%

,

10/19/26

...

5,795

5,695

L1876835.UP.FTS.B

,

19

.58

%

,

10/19/26

...

464

456

L1877523.UP.FTS.B

,

19

.9

%

,

10/19/26

....

2,864

1,893

L1871750.UP.FTS.B

,

19

.96

%

,

10/19/26

...

2,768

2,717

FW1880709.UP.FTS.B

,

20

.07

%

,

10/19/26

.

3,269

3,233

L1876035.UP.FTS.B

,

20

.11

%

,

10/19/26

...

1,868

1,834

FW1880186.UP.FTS.B

,

20

.64

%

,

10/19/26

.

2,608

2,560

L1881182.UP.FTS.B

,

21

.66

%

,

10/19/26

...

2,601

2,575

FW1878006.UP.FTS.B

,

22

.44

%

,

10/19/26

.

5,769

5,668

FW1875013.UP.FTS.B

,

22

.78

%

,

10/19/26

.

4,343

4,267

L1877299.UP.FTS.B

,

22

.84

%

,

10/19/26

...

5,796

5,696

FW1866351.UP.FTS.B

,

22

.85

%

,

10/19/26

.

1,213

1,192

FW1880160.UP.FTS.B

,

22

.89

%

,

10/19/26

.

2,384

2,343

L1876513.UP.FTS.B

,

22

.94

%

,

10/19/26

...

2,493

383

L1879610.UP.FTS.B

,

23

.28

%

,

10/19/26

...

3,744

934

FW1880088.UP.FTS.B

,

23

.43

%

,

10/19/26

.

4,644

3,130

FW1876728.UP.FTS.B

,

23

.57

%

,

10/19/26

.

6,945

6,826

L1880563.UP.FTS.B

,

24

.05

%

,

10/19/26

...

1,348

1,325

FW1877179.UP.FTS.B

,

24

.14

%

,

10/19/26

.

11,516

831

L1878749.UP.FTS.B

,

24

.6

%

,

10/19/26

....

2,045

1,377

L1881431.UP.FTS.B

,

24

.79

%

,

10/19/26

...

791

777

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

196

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1877594.UP.FTS.B

,

24

.95

%

,

10/19/26

...

$

1,734

$

1,705

L1880129.UP.FTS.B

,

24

.99

%

,

10/19/26

...

1,765

1,197

L1876477.UP.FTS.B

,

25

.39

%

,

10/19/26

...

1,742

1,714

L1876404.UP.FTS.B

,

25

.47

%

,

10/19/26

...

997

980

L1873948.UP.FTS.B

,

25

.57

%

,

10/19/26

...

4,988

4,907

FW1879167.UP.FTS.B

,

25

.8

%

,

10/19/26

..

475

467

L1879783.UP.FTS.B

,

25

.86

%

,

10/19/26

...

1,662

1,635

L1876834.UP.FTS.B

,

26

.05

%

,

10/19/26

...

9,501

681

FW1877802.UP.FTS.B

,

26

.08

%

,

10/19/26

.

3,773

3,713

FW1877751.UP.FTS.B

,

26

.95

%

,

10/19/26

.

2,115

1,427

FW1877218.UP.FTS.B

,

28

.56

%

,

10/19/26

.

5,150

5,074

FW1876795.UP.FTS.B

,

29

.56

%

,

10/19/26

.

1,669

1,644

FW1871822.UP.FTS.B

,

30

.64

%

,

10/19/26

.

5,472

3,713

FW1878098.UP.FTS.B

,

30

.84

%

,

10/19/26

.

634

625

FW1878489.UP.FTS.B

,

30

.93

%

,

10/19/26

.

858

575

FW1878804.UP.FTS.B

,

31

.02

%

,

10/19/26

.

1,042

191

FW1880229.UP.FTS.B

,

31

.05

%

,

10/19/26

.

742

732

FW1877716.UP.FTS.B

,

31

.6

%

,

10/19/26

..

2,133

2,103

FW1876495.UP.FTS.B

,

31

.7

%

,

10/19/26

..

3,415

3,368

FW1879021.UP.FTS.B

,

32

.25

%

,

10/19/26

.

3,304

3,259

L1990756.UP.FTS.B

,

7

.18

%

,

11/08/26

....

4,904

4,772

L1990115.UP.FTS.B

,

8

.12

%

,

11/08/26

....

2,071

2,016

L1994718.UP.FTS.B

,

8

.83

%

,

11/08/26

....

7,952

7,745

L1991230.UP.FTS.B

,

9

.13

%

,

11/08/26

....

10,460

10,191

L1996991.UP.FTS.B

,

9

.23

%

,

11/08/26

....

11,672

11,366

L1994652.UP.FTS.B

,

9

.68

%

,

11/08/26

....

7,622

7,422

L1993451.UP.FTS.B

,

9

.84

%

,

11/08/26

....

5,109

4,979

L1992632.UP.FTS.B

,

10

.14

%

,

11/08/26

...

2,302

2,246

L1996355.UP.FTS.B

,

10

.29

%

,

11/08/26

...

5,551

5,417

L1992891.UP.FTS.B

,

10

.76

%

,

11/08/26

...

3,455

3,370

FW1995006.UP.FTS.B

,

10

.93

%

,

11/08/26

.

5,600

5,466

L1988958.UP.FTS.B

,

10

.98

%

,

11/08/26

...

647

631

L1994793.UP.FTS.B

,

11

.1

%

,

11/08/26

....

6,504

6,346

L1998866.UP.FTS.B

,

11

.49

%

,

11/08/26

...

7,373

7,197

L1996448.UP.FTS.B

,

11

.66

%

,

11/08/26

...

17,441

17,019

FW1993483.UP.FTS.B

,

11

.78

%

,

11/08/26

.

9,643

514

L1994627.UP.FTS.B

,

11

.81

%

,

11/08/26

...

2,616

2,548

L1995371.UP.FTS.B

,

12

.23

%

,

11/08/26

...

1,754

1,712

L1995435.UP.FTS.B

,

12

.23

%

,

11/08/26

...

746

728

L1999575.UP.FTS.B

,

12

.84

%

,

11/08/26

...

486

475

L1989008.UP.FTS.B

,

12

.93

%

,

11/08/26

...

753

735

L1989940.UP.FTS.B

,

12

.93

%

,

11/08/26

...

1,239

1,210

L1996493.UP.FTS.B

,

13

.68

%

,

11/08/26

...

9,141

8,933

L1995820.UP.FTS.B

,

14

.08

%

,

11/08/26

...

3,885

3,798

L1993366.UP.FTS.B

,

14

.1

%

,

11/08/26

....

899

878

L1994789.UP.FTS.B

,

14

.19

%

,

11/08/26

...

3,151

3,079

FW1997293.UP.FTS.B

,

14

.33

%

,

11/08/26

.

2,254

2,202

L1995404.UP.FTS.B

,

14

.33

%

,

11/08/26

...

3,620

3,565

FW1992670.UP.FTS.B

,

14

.58

%

,

11/08/26

.

14,480

14,148

L1993869.UP.FTS.B

,

14

.59

%

,

11/08/26

...

3,211

123

L1991804.UP.FTS.B

,

14

.89

%

,

11/08/26

...

3,637

3,552

L1995379.UP.FTS.B

,

15

.15

%

,

11/08/26

...

3,191

3,118

FW1998913.UP.FTS.B

,

15

.22

%

,

11/08/26

.

2,013

1,983

L1992261.UP.FTS.B

,

15

.59

%

,

11/08/26

...

1,283

1,254

FW1991255.UP.FTS.B

,

15

.82

%

,

11/08/26

.

5,288

5,169

FW1994230.UP.FTS.B

,

15

.86

%

,

11/08/26

.

2,189

162

L1992540.UP.FTS.B

,

16

%

,

11/08/26

.....

7,752

7,578

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1992970.UP.FTS.B

,

16

.04

%

,

11/08/26

...

$

6,841

$

6,742

L1989989.UP.FTS.B

,

16

.18

%

,

11/08/26

...

4,957

4,883

FW1992743.UP.FTS.B

,

16

.8

%

,

11/08/26

..

2,268

164

L1989606.UP.FTS.B

,

16

.9

%

,

11/08/26

....

1,865

1,838

L1993463.UP.FTS.B

,

16

.94

%

,

11/08/26

...

4,429

4,366

FW1999118.UP.FTS.B

,

17

.22

%

,

11/08/26

.

2,808

2,769

L1993764.UP.FTS.B

,

17

.26

%

,

11/08/26

...

702

687

FW1998398.UP.FTS.B

,

17

.48

%

,

11/08/26

.

2,341

2,308

L1991180.UP.FTS.B

,

17

.58

%

,

11/08/26

...

1,651

1,627

FW1995939.UP.FTS.B

,

17

.87

%

,

11/08/26

.

7,564

7,454

L1988482.UP.FTS.B

,

18

.26

%

,

11/08/26

...

3,698

3,618

L1996438.UP.FTS.B

,

18

.51

%

,

11/08/26

...

920

907

L1995842.UP.FTS.B

,

18

.87

%

,

11/08/26

...

1,671

1,635

L1996217.UP.FTS.B

,

19

.54

%

,

11/08/26

...

2,208

2,161

L1998611.UP.FTS.B

,

20

.35

%

,

11/08/26

...

11,807

11,560

L1996185.UP.FTS.B

,

20

.69

%

,

11/08/26

...

2,441

2,409

L1988462.UP.FTS.B

,

20

.81

%

,

11/08/26

...

3,043

3,002

L1991281.UP.FTS.B

,

20

.82

%

,

11/08/26

...

1,077

1,054

L1994689.UP.FTS.B

,

21

.04

%

,

11/08/26

...

1,981

1,939

L1989334.UP.FTS.B

,

21

.32

%

,

11/08/26

...

9,837

9,615

L1991956.UP.FTS.B

,

21

.37

%

,

11/08/26

...

991

977

L1989095.UP.FTS.B

,

21

.91

%

,

11/08/26

...

4,264

4,176

L1991663.UP.FTS.B

,

21

.95

%

,

11/08/26

...

5,071

4,958

FW1989899.UP.FTS.B

,

22

.28

%

,

11/08/26

.

1,375

1,344

L1991475.UP.FTS.B

,

22

.35

%

,

11/08/26

...

996

974

FW1998089.UP.FTS.B

,

22

.65

%

,

11/08/26

.

5,541

397

FW1995331.UP.FTS.B

,

23

.11

%

,

11/08/26

.

1,537

1,505

FW1994811.UP.FTS.B

,

23

.15

%

,

11/08/26

.

5,210

5,103

L1999817.UP.FTS.B

,

23

.27

%

,

11/08/26

...

3,019

2,954

L1970963.UP.FTS.B

,

23

.87

%

,

11/08/26

...

3,160

72

L1989785.UP.FTS.B

,

23

.91

%

,

11/08/26

...

6,423

6,285

L1996843.UP.FTS.B

,

24

.19

%

,

11/08/26

...

5,086

4,977

FW1994028.UP.FTS.B

,

24

.21

%

,

11/08/26

.

3,561

3,485

FW1991474.UP.FTS.B

,

24

.66

%

,

11/08/26

.

3,067

3,002

L1989848.UP.FTS.B

,

24

.75

%

,

11/08/26

...

3,813

3,733

FW1991387.UP.FTS.B

,

24

.97

%

,

11/08/26

.

2,279

1,138

L1991759.UP.FTS.B

,

24

.98

%

,

11/08/26

...

2,407

2,356

L1991265.UP.FTS.B

,

25

.27

%

,

11/08/26

...

1,425

103

L1919784.UP.FTS.B

,

25

.31

%

,

11/08/26

...

5,769

5,648

L1995398.UP.FTS.B

,

25

.36

%

,

11/08/26

...

1,340

1,312

L1988232.UP.FTS.B

,

25

.43

%

,

11/08/26

...

119

117

L1973901.UP.FTS.B

,

25

.44

%

,

11/08/26

...

4,741

344

L1992549.UP.FTS.B

,

25

.44

%

,

11/08/26

...

5,241

5,131

L1995984.UP.FTS.B

,

26

.08

%

,

11/08/26

...

1,491

108

L1992732.UP.FTS.B

,

26

.2

%

,

11/08/26

....

2,340

2,292

L1989312.UP.FTS.B

,

26

.43

%

,

11/08/26

...

1,982

1,941

FW1998563.UP.FTS.B

,

26

.46

%

,

11/08/26

.

1,284

1,257

FW1998048.UP.FTS.B

,

26

.92

%

,

11/08/26

.

1,311

1,284

L1990551.UP.FTS.B

,

26

.95

%

,

11/08/26

...

6,053

5,932

FW1997243.UP.FTS.B

,

26

.96

%

,

11/08/26

.

3,022

219

FW1994443.UP.FTS.B

,

27

.95

%

,

11/08/26

.

5,315

5,208

FW1994756.UP.FTS.B

,

28

%

,

11/08/26

...

1,714

1,679

FW1996342.UP.FTS.B

,

28

.14

%

,

11/08/26

.

3,719

3,645

FW1996228.UP.FTS.B

,

28

.64

%

,

11/08/26

.

6,678

6,546

FW1992877.UP.FTS.B

,

28

.84

%

,

11/08/26

.

420

412

FW1991541.UP.FTS.B

,

29

.36

%

,

11/08/26

.

3,228

3,165

FW1999851.UP.FTS.B

,

29

.4

%

,

11/08/26

..

2,701

2,648

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

197

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1995866.UP.FTS.B

,

29

.41

%

,

11/08/26

.

$

1,730

$

1,696

FW1995850.UP.FTS.B

,

29

.69

%

,

11/08/26

.

587

576

FW1992347.UP.FTS.B

,

29

.82

%

,

11/08/26

.

16,219

15,908

FW1998032.UP.FTS.B

,

29

.86

%

,

11/08/26

.

2,420

2,371

FW1994293.UP.FTS.B

,

30

.31

%

,

11/08/26

.

780

766

FW1997312.UP.FTS.B

,

30

.32

%

,

11/08/26

.

544

534

FW1989533.UP.FTS.B

,

30

.48

%

,

11/08/26

.

709

696

FW1996257.UP.FTS.B

,

30

.52

%

,

11/08/26

.

687

674

FW1991024.UP.FTS.B

,

30

.67

%

,

11/08/26

.

606

595

FW1998245.UP.FTS.B

,

30

.99

%

,

11/08/26

.

5,191

1,286

FW1996197.UP.FTS.B

,

31

.07

%

,

11/08/26

.

2,300

2,257

FW1994376.UP.FTS.B

,

31

.11

%

,

11/08/26

.

935

231

FW1991890.UP.FTS.B

,

31

.12

%

,

11/08/26

.

1,647

1,616

FW1994027.UP.FTS.B

,

31

.13

%

,

11/08/26

.

1,482

1,454

FW1991332.UP.FTS.B

,

31

.15

%

,

11/08/26

.

2,258

2,216

FW1988381.UP.FTS.B

,

31

.18

%

,

11/08/26

.

1,799

1,764

FW1999282.UP.FTS.B

,

31

.18

%

,

11/08/26

.

4,790

4,700

FW1999590.UP.FTS.B

,

31

.42

%

,

11/08/26

.

2,748

2,697

L1995369.UP.FTS.B

,

8

.19

%

,

11/10/26

....

3,320

3,233

FW1876658.UP.FTS.B

,

27

.58

%

,

11/11/26

.

1,885

1,856

L1997469.UP.FTS.B

,

17

.09

%

,

11/15/26

...

4,311

4,217

L1997541.UP.FTS.B

,

23

.86

%

,

11/15/26

...

4,353

76

L2073684.UP.FTS.B

,

7

.58

%

,

11/18/26

....

4,092

3,985

L2070708.UP.FTS.B

,

7

.71

%

,

11/18/26

....

8,225

8,010

L2070082.UP.FTS.B

,

8

.09

%

,

11/18/26

....

8,280

8,065

L2041907.UP.FTS.B

,

9

.16

%

,

11/18/26

....

1,682

1,639

L2073150.UP.FTS.B

,

9

.42

%

,

11/18/26

....

6,867

6,692

L2071865.UP.FTS.B

,

10

.09

%

,

11/18/26

...

3,194

3,121

L2075029.UP.FTS.B

,

10

.15

%

,

11/18/26

...

4,409

4,311

L2074643.UP.FTS.B

,

10

.22

%

,

11/18/26

...

8,450

8,254

L2072338.UP.FTS.B

,

10

.5

%

,

11/18/26

....

3,213

3,133

L2075077.UP.FTS.B

,

11

.07

%

,

11/18/26

...

1,295

1,266

L2074489.UP.FTS.B

,

11

.11

%

,

11/18/26

...

310

306

L2075040.UP.FTS.B

,

11

.45

%

,

11/18/26

...

6,058

5,922

FW2073066.UP.FTS.B

,

11

.7

%

,

11/18/26

..

2,464

190

L2074193.UP.FTS.B

,

12

.02

%

,

11/18/26

...

4,067

3,978

L2075044.UP.FTS.B

,

12

.3

%

,

11/18/26

....

1,756

1,717

L2074536.UP.FTS.B

,

12

.35

%

,

11/18/26

...

2,636

2,577

L2071456.UP.FTS.B

,

12

.81

%

,

11/18/26

...

16,475

16,107

L2073228.UP.FTS.B

,

13

.71

%

,

11/18/26

...

4,563

4,464

L2069740.UP.FTS.B

,

13

.83

%

,

11/18/26

...

7,241

7,082

L2073949.UP.FTS.B

,

13

.85

%

,

11/18/26

...

2,283

1,456

L2070988.UP.FTS.B

,

13

.92

%

,

11/18/26

...

3,588

3,510

L2070587.UP.FTS.B

,

14

.32

%

,

11/18/26

...

3,607

3,563

L2074701.UP.FTS.B

,

14

.63

%

,

11/18/26

...

2,897

2,862

FW2075148.UP.FTS.B

,

14

.93

%

,

11/18/26

.

1,818

1,796

FW2072823.UP.FTS.B

,

15

.21

%

,

11/18/26

.

1,112

1,088

L1995487.UP.FTS.B

,

15

.52

%

,

11/18/26

...

2,301

2,266

L2074846.UP.FTS.B

,

15

.74

%

,

11/18/26

...

6,888

6,807

L2073860.UP.FTS.B

,

16

.19

%

,

11/18/26

...

1,386

1,369

L2071149.UP.FTS.B

,

16

.73

%

,

11/18/26

...

11,787

11,650

FW2074457.UP.FTS.B

,

16

.98

%

,

11/18/26

.

14,265

1,045

FW2075122.UP.FTS.B

,

17

.19

%

,

11/18/26

.

1,871

1,850

L2074833.UP.FTS.B

,

17

.19

%

,

11/18/26

...

6,577

6,498

FW2075299.UP.FTS.B

,

17

.67

%

,

11/18/26

.

1,882

1,861

L2069944.UP.FTS.B

,

18

.01

%

,

11/18/26

...

4,742

4,687

L2063418.UP.FTS.B

,

18

.03

%

,

11/18/26

...

1,891

1,870

L2074700.UP.FTS.B

,

18

.17

%

,

11/18/26

...

3,080

3,045

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2073937.UP.FTS.B

,

18

.46

%

,

11/18/26

...

$

6,231

$

1,513

FW2070090.UP.FTS.B

,

18

.57

%

,

11/18/26

.

860

850

FW2074803.UP.FTS.B

,

18

.88

%

,

11/18/26

.

5,973

5,908

L2071288.UP.FTS.B

,

18

.9

%

,

11/18/26

....

1,942

1,920

FW2070966.UP.FTS.B

,

18

.96

%

,

11/18/26

.

2,869

2,817

L2071754.UP.FTS.B

,

19

.22

%

,

11/18/26

...

1,671

1,642

FW2074495.UP.FTS.B

,

19

.61

%

,

11/18/26

.

4,091

4,019

L2074954.UP.FTS.B

,

19

.66

%

,

11/18/26

...

2,626

2,578

L2073597.UP.FTS.B

,

19

.97

%

,

11/18/26

...

302

297

L2072694.UP.FTS.B

,

20

.25

%

,

11/18/26

...

1,603

1,575

L2071378.UP.FTS.B

,

20

.26

%

,

11/18/26

...

3,665

3,599

FW2070300.UP.FTS.B

,

20

.46

%

,

11/18/26

.

4,896

4,805

L2073048.UP.FTS.B

,

20

.74

%

,

11/18/26

...

2,443

2,400

L2073994.UP.FTS.B

,

21

.04

%

,

11/18/26

...

2,452

2,409

L2074856.UP.FTS.B

,

21

.95

%

,

11/18/26

...

5,664

4,258

L2072786.UP.FTS.B

,

22

.57

%

,

11/18/26

...

6,852

6,735

L2074658.UP.FTS.B

,

22

.83

%

,

11/18/26

...

5,008

4,921

L2074869.UP.FTS.B

,

22

.9

%

,

11/18/26

....

1,356

1,180

L2073707.UP.FTS.B

,

22

.91

%

,

11/18/26

...

1,404

1,380

L2074779.UP.FTS.B

,

22

.95

%

,

11/18/26

...

5,045

4,958

L2073694.UP.FTS.B

,

22

.99

%

,

11/18/26

...

2,945

2,894

L2075061.UP.FTS.B

,

23

.07

%

,

11/18/26

...

4,587

4,507

L2073355.UP.FTS.B

,

23

.21

%

,

11/18/26

...

2,514

2,471

L2074657.UP.FTS.B

,

23

.23

%

,

11/18/26

...

1,918

1,884

L2075024.UP.FTS.B

,

23

.38

%

,

11/18/26

...

2,309

2,268

L2074932.UP.FTS.B

,

23

.75

%

,

11/18/26

...

4,924

3,260

L2074997.UP.FTS.B

,

24

.24

%

,

11/18/26

...

2,103

2,068

L2074747.UP.FTS.B

,

24

.82

%

,

11/18/26

...

1,893

134

FW2073759.UP.FTS.B

,

25

.15

%

,

11/18/26

.

615

605

L2075027.UP.FTS.B

,

25

.16

%

,

11/18/26

...

3,091

3,040

L2070719.UP.FTS.B

,

25

.21

%

,

11/18/26

...

3,878

81

L2075204.UP.FTS.B

,

25

.29

%

,

11/18/26

...

2,523

2,482

L2070829.UP.FTS.B

,

25

.31

%

,

11/18/26

...

514

506

L2070733.UP.FTS.B

,

25

.4

%

,

11/18/26

....

1,562

1,537

L2045168.UP.FTS.B

,

25

.61

%

,

11/18/26

...

4,422

4,350

FW2075060.UP.FTS.B

,

26

.35

%

,

11/18/26

.

2,654

2,612

FW2074102.UP.FTS.B

,

27

.44

%

,

11/18/26

.

1,362

1,341

FW2073976.UP.FTS.B

,

27

.83

%

,

11/18/26

.

913

899

FW2075115.UP.FTS.B

,

29

.25

%

,

11/18/26

.

3,226

3,179

FW2074265.UP.FTS.B

,

29

.67

%

,

11/18/26

.

4,588

4,522

FW2067233.UP.FTS.B

,

29

.68

%

,

11/18/26

.

972

958

FW2074064.UP.FTS.B

,

29

.92

%

,

11/18/26

.

975

961

FW2073506.UP.FTS.B

,

30

.43

%

,

11/18/26

.

510

503

FW2072059.UP.FTS.B

,

30

.46

%

,

11/18/26

.

2,462

2,427

FW2072695.UP.FTS.B

,

30

.47

%

,

11/18/26

.

545

537

FW2074740.UP.FTS.B

,

30

.66

%

,

11/18/26

.

17,531

17,288

FW2073859.UP.FTS.B

,

30

.99

%

,

11/18/26

.

1,149

1,133

FW2070830.UP.FTS.B

,

31

%

,

11/18/26

...

2,134

2,104

FW2074713.UP.FTS.B

,

31

.25

%

,

11/18/26

.

4,271

1,100

FW2070592.UP.FTS.B

,

31

.39

%

,

11/18/26

.

1,490

1,469

L1989003.UP.FTS.B

,

15

.35

%

,

11/20/26

...

11,429

11,171

FW1993779.UP.FTS.B

,

28

.2

%

,

11/20/26

..

8,030

7,875

L1989271.UP.FTS.B

,

15

.62

%

,

11/22/26

...

5,823

3,675

L2074195.UP.FTS.B

,

15

.15

%

,

11/24/26

...

4,571

4,473

L2074379.UP.FTS.B

,

20

.93

%

,

12/03/26

...

9,393

9,217

L2216952.UP.FTS.B

,

8

.42

%

,

12/09/26

....

7,772

7,566

L2217859.UP.FTS.B

,

8

.75

%

,

12/09/26

....

8,713

8,485

L2215533.UP.FTS.B

,

9

.49

%

,

12/09/26

....

2,075

2,023

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

198

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2214523.UP.FTS.B

,

9

.75

%

,

12/09/26

....

$

11,139

$

10,849

L2214639.UP.FTS.B

,

9

.77

%

,

12/09/26

....

3,754

3,655

L2217133.UP.FTS.B

,

11

.03

%

,

12/09/26

...

11,166

10,894

FW2216190.UP.FTS.B

,

12

.02

%

,

12/09/26

.

2,276

2,221

L2215565.UP.FTS.B

,

13

.14

%

,

12/09/26

...

2,771

2,705

L2214819.UP.FTS.B

,

13

.75

%

,

12/09/26

...

2,773

2,708

L2215433.UP.FTS.B

,

14

.02

%

,

12/09/26

...

934

912

L2218351.UP.FTS.B

,

14

.35

%

,

12/09/26

...

452

442

L2216039.UP.FTS.B

,

16

.11

%

,

12/09/26

...

2,574

584

FW2215838.UP.FTS.B

,

16

.38

%

,

12/09/26

.

3,860

3,803

L2215859.UP.FTS.B

,

16

.43

%

,

12/09/26

...

2,071

2,041

L2217862.UP.FTS.B

,

16

.51

%

,

12/09/26

...

5,152

5,079

L2217548.UP.FTS.B

,

17

.23

%

,

12/09/26

...

7,294

7,192

L2217603.UP.FTS.B

,

17

.91

%

,

12/09/26

...

3,045

3,003

FW2216465.UP.FTS.B

,

18

.28

%

,

12/09/26

.

796

785

L2214500.UP.FTS.B

,

18

.31

%

,

12/09/26

...

16,807

7,720

L2217227.UP.FTS.B

,

18

.97

%

,

12/09/26

...

5,464

5,346

L2213701.UP.FTS.B

,

19

.91

%

,

12/09/26

...

1,464

1,432

L2215303.UP.FTS.B

,

20

.05

%

,

12/09/26

...

3,521

3,441

L2215373.UP.FTS.B

,

20

.25

%

,

12/09/26

...

504

498

FW2214210.UP.FTS.B

,

20

.55

%

,

12/09/26

.

2,531

2,477

FW2213572.UP.FTS.B

,

21

.18

%

,

12/09/26

.

1,003

981

FW2215010.UP.FTS.B

,

21

.32

%

,

12/09/26

.

1,025

1,012

L2214734.UP.FTS.B

,

21

.37

%

,

12/09/26

...

5,473

5,360

FW2215319.UP.FTS.B

,

21

.51

%

,

12/09/26

.

2,047

2,002

L2216265.UP.FTS.B

,

21

.78

%

,

12/09/26

...

2,907

85

L2214771.UP.FTS.B

,

21

.93

%

,

12/09/26

...

860

63

L2217244.UP.FTS.B

,

21

.96

%

,

12/09/26

...

2,572

2,519

FW2217920.UP.FTS.B

,

22

.05

%

,

12/09/26

.

2,414

353

L2213576.UP.FTS.B

,

22

.2

%

,

12/09/26

....

1,829

1,791

L2217530.UP.FTS.B

,

22

.65

%

,

12/09/26

...

2,336

2,286

L2199212.UP.FTS.B

,

23

.01

%

,

12/09/26

...

7,007

6,856

L1410812.UP.FTS.B

,

23

.09

%

,

12/09/26

...

7,034

1,051

FW2209695.UP.FTS.B

,

23

.37

%

,

12/09/26

.

2,569

2,515

L2214174.UP.FTS.B

,

23

.38

%

,

12/09/26

...

508

498

FW2215830.UP.FTS.B

,

23

.46

%

,

12/09/26

.

576

563

L2217598.UP.FTS.B

,

23

.52

%

,

12/09/26

...

5,292

2,599

L2218003.UP.FTS.B

,

23

.87

%

,

12/09/26

...

1,023

1,002

FW2218127.UP.FTS.B

,

24

.14

%

,

12/09/26

.

5,272

5,162

L2216002.UP.FTS.B

,

24

.2

%

,

12/09/26

....

2,523

2,471

FW2214164.UP.FTS.B

,

24

.23

%

,

12/09/26

.

18,578

18,203

L2215396.UP.FTS.B

,

24

.34

%

,

12/09/26

...

2,336

1,159

FW2214689.UP.FTS.B

,

24

.38

%

,

12/09/26

.

3,852

3,772

L2218752.UP.FTS.B

,

24

.44

%

,

12/09/26

...

745

730

L2217516.UP.FTS.B

,

24

.76

%

,

12/09/26

...

782

765

L2215729.UP.FTS.B

,

25

.13

%

,

12/09/26

...

8,141

7,976

L2215557.UP.FTS.B

,

25

.29

%

,

12/09/26

...

1,228

1,203

L2213659.UP.FTS.B

,

25

.4

%

,

12/09/26

....

2,033

1,991

L2217765.UP.FTS.B

,

25

.4

%

,

12/09/26

....

699

51

L2215136.UP.FTS.B

,

25

.42

%

,

12/09/26

...

2,492

2,443

L2214897.UP.FTS.B

,

25

.44

%

,

12/09/26

...

8,769

8,591

L2214140.UP.FTS.B

,

25

.45

%

,

12/09/26

...

988

968

L2214064.UP.FTS.B

,

25

.48

%

,

12/09/26

...

2,621

2,568

L2216607.UP.FTS.B

,

25

.48

%

,

12/09/26

...

1,605

1,572

L2214388.UP.FTS.B

,

25

.7

%

,

12/09/26

....

2,000

1,960

L2218260.UP.FTS.B

,

25

.7

%

,

12/09/26

....

3,539

3,467

L2218303.UP.FTS.B

,

25

.88

%

,

12/09/26

...

4,131

595

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2216795.UP.FTS.B

,

26

.15

%

,

12/09/26

...

$

7,274

$

7,129

L2217875.UP.FTS.B

,

26

.21

%

,

12/09/26

...

4,602

2,259

FW2215725.UP.FTS.B

,

28

.05

%

,

12/09/26

.

4,400

4,316

FW2215661.UP.FTS.B

,

28

.62

%

,

12/09/26

.

6,592

6,468

FW2216442.UP.FTS.B

,

29

.14

%

,

12/09/26

.

5,106

5,012

FW2218562.UP.FTS.B

,

29

.96

%

,

12/09/26

.

534

525

FW2217960.UP.FTS.B

,

30

.51

%

,

12/09/26

.

2,841

2,790

FW2217757.UP.FTS.B

,

30

.55

%

,

12/09/26

.

1,751

1,721

FW2216633.UP.FTS.B

,

30

.84

%

,

12/09/26

.

566

555

FW2213785.UP.FTS.B

,

30

.97

%

,

12/09/26

.

1,825

1,793

FW2205180.UP.FTS.B

,

31

.15

%

,

12/09/26

.

18,131

612

FW2217843.UP.FTS.B

,

31

.21

%

,

12/09/26

.

664

651

FW2216011.UP.FTS.B

,

31

.3

%

,

12/09/26

..

1,318

653

FW2215916.UP.FTS.B

,

31

.42

%

,

12/09/26

.

967

949

FW2216867.UP.FTS.B

,

31

.83

%

,

12/09/26

.

3,131

1,575

FW2217138.UP.FTS.B

,

32

.58

%

,

12/09/26

.

3,896

3,775

FW2219336.UP.FTS.B

,

7

.29

%

,

12/10/26

..

4,267

4,152

L2220935.UP.FTS.B

,

8

.04

%

,

12/10/26

....

4,741

4,614

L2220551.UP.FTS.B

,

8

.19

%

,

12/10/26

....

951

925

L2222014.UP.FTS.B

,

9

.11

%

,

12/10/26

....

13,079

948

L2220654.UP.FTS.B

,

9

.13

%

,

12/10/26

....

8,405

8,215

L2220216.UP.FTS.B

,

9

.67

%

,

12/10/26

....

5,500

5,398

FW2219804.UP.FTS.B

,

10

.44

%

,

12/10/26

.

4,456

4,347

FW2222412.UP.FTS.B

,

10

.49

%

,

12/10/26

.

446

434

L2220336.UP.FTS.B

,

11

.03

%

,

12/10/26

...

2,094

2,048

L2220236.UP.FTS.B

,

11

.73

%

,

12/10/26

...

9,722

9,489

L2220260.UP.FTS.B

,

12

.23

%

,

12/10/26

...

22,825

22,273

FW2220027.UP.FTS.B

,

13

.09

%

,

12/10/26

.

4,615

4,506

L2221352.UP.FTS.B

,

13

.11

%

,

12/10/26

...

387

379

L2221255.UP.FTS.B

,

13

.17

%

,

12/10/26

...

3,473

3,390

L2220245.UP.FTS.B

,

13

.24

%

,

12/10/26

...

12,305

12,011

L2218875.UP.FTS.B

,

13

.44

%

,

12/10/26

...

5,563

5,433

L2221936.UP.FTS.B

,

13

.59

%

,

12/10/26

...

2,975

2,905

L2211103.UP.FTS.B

,

13

.86

%

,

12/10/26

...

6,111

5,967

FW2219337.UP.FTS.B

,

14

.64

%

,

12/10/26

.

1,945

1,905

L2221548.UP.FTS.B

,

14

.74

%

,

12/10/26

...

472

461

L2219252.UP.FTS.B

,

15

.58

%

,

12/10/26

...

2,735

200

L2194261.UP.FTS.B

,

15

.71

%

,

12/10/26

...

5,353

5,276

FW2219230.UP.FTS.B

,

15

.75

%

,

12/10/26

.

5,327

5,249

FW2221359.UP.FTS.B

,

17

.28

%

,

12/10/26

.

1,260

1,242

FW2221538.UP.FTS.B

,

17

.36

%

,

12/10/26

.

7,794

7,682

L2219356.UP.FTS.B

,

17

.56

%

,

12/10/26

...

5,228

5,154

L2183750.UP.FTS.B

,

17

.62

%

,

12/10/26

...

1,903

1,876

L2220037.UP.FTS.B

,

17

.77

%

,

12/10/26

...

1,567

1,545

L2222111.UP.FTS.B

,

18

.1

%

,

12/10/26

....

2,704

2,666

L2210120.UP.FTS.B

,

18

.97

%

,

12/10/26

...

1,689

1,653

FW2219505.UP.FTS.B

,

19

.04

%

,

12/10/26

.

11,533

11,289

FW2219062.UP.FTS.B

,

19

.4

%

,

12/10/26

..

2,855

2,795

L2221797.UP.FTS.B

,

19

.44

%

,

12/10/26

...

7,927

7,762

L2221919.UP.FTS.B

,

19

.66

%

,

12/10/26

...

2,804

2,745

L2221739.UP.FTS.B

,

19

.78

%

,

12/10/26

...

4,513

4,412

L2221097.UP.FTS.B

,

19

.86

%

,

12/10/26

...

1,134

1,111

L2221612.UP.FTS.B

,

20

.59

%

,

12/10/26

...

6,097

5,962

L2222005.UP.FTS.B

,

20

.98

%

,

12/10/26

...

3,848

3,793

L2222012.UP.FTS.B

,

21

.64

%

,

12/10/26

...

1,809

1,770

FW2219145.UP.FTS.B

,

21

.86

%

,

12/10/26

.

8,633

8,448

FW2220653.UP.FTS.B

,

22

.15

%

,

12/10/26

.

3,150

3,083

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

199

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2220221.UP.FTS.B

,

22

.46

%

,

12/10/26

.

$

3,621

$

3,544

FW2220294.UP.FTS.B

,

22

.87

%

,

12/10/26

.

10,461

10,242

L2220670.UP.FTS.B

,

23

.96

%

,

12/10/26

...

1,416

1,387

FW2214196.UP.FTS.B

,

23

.98

%

,

12/10/26

.

3,197

3,132

L2219719.UP.FTS.B

,

24

.34

%

,

12/10/26

...

604

592

FW2222025.UP.FTS.B

,

24

.95

%

,

12/10/26

.

5,358

5,251

L2221560.UP.FTS.B

,

25

.03

%

,

12/10/26

...

1,266

1,241

L2220844.UP.FTS.B

,

25

.09

%

,

12/10/26

...

1,385

1,357

L2222466.UP.FTS.B

,

25

.12

%

,

12/10/26

...

5,596

5,485

L2219737.UP.FTS.B

,

25

.45

%

,

12/10/26

...

1,476

214

L2222516.UP.FTS.B

,

25

.46

%

,

12/10/26

...

461

452

L2222196.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,520

221

L2222524.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,444

1,416

FW2219378.UP.FTS.B

,

27

.07

%

,

12/10/26

.

6,634

6,509

FW2218817.UP.FTS.B

,

27

.5

%

,

12/10/26

..

2,477

394

FW2220064.UP.FTS.B

,

27

.61

%

,

12/10/26

.

1,289

1,264

FW2219847.UP.FTS.B

,

28

.03

%

,

12/10/26

.

3,256

3,195

FW2221547.UP.FTS.B

,

28

.78

%

,

12/10/26

.

1,939

1,903

FW2222054.UP.FTS.B

,

29

.08

%

,

12/10/26

.

4,446

4,365

FW2218160.UP.FTS.B

,

29

.47

%

,

12/10/26

.

3,161

227

FW2219414.UP.FTS.B

,

29

.72

%

,

12/10/26

.

3,969

282

FW2220353.UP.FTS.B

,

29

.92

%

,

12/10/26

.

1,696

1,666

FW2221075.UP.FTS.B

,

30

.26

%

,

12/10/26

.

1,968

1,934

FW2221564.UP.FTS.B

,

30

.28

%

,

12/10/26

.

2,155

1,102

FW2221531.UP.FTS.B

,

30

.36

%

,

12/10/26

.

1,970

1,935

FW2221439.UP.FTS.B

,

30

.5

%

,

12/10/26

..

1,240

1,218

FW2219745.UP.FTS.B

,

31

.03

%

,

12/10/26

.

1,303

1,280

FW2216231.UP.FTS.B

,

31

.22

%

,

12/10/26

.

1,987

1,953

FW2218939.UP.FTS.B

,

31

.36

%

,

12/10/26

.

2,274

2,234

FW2219361.UP.FTS.B

,

31

.69

%

,

12/10/26

.

8,375

8,231

L2220687.UP.FTS.B

,

23

.72

%

,

12/11/26

...

1,363

1,333

L2219088.UP.FTS.B

,

10

.44

%

,

12/13/26

...

10,389

2,359

L2217252.UP.FTS.B

,

25

.25

%

,

12/14/26

...

1,073

1,052

FW2216203.UP.FTS.B

,

25

.54

%

,

12/14/26

.

3,352

3,284

L2220278.UP.FTS.B

,

18

.47

%

,

12/15/26

...

3,277

238

FW2214828.UP.FTS.B

,

15

.83

%

,

12/24/26

.

6,064

286

FW2213955.UP.FTS.B

,

18

.45

%

,

12/24/26

.

4,807

1,099

FW2220958.UP.FTS.B

,

32

.58

%

,

12/25/26

.

4,630

1,177

FW2217553.UP.FTS.B

,

16

.03

%

,

12/28/26

.

2,866

2,801

L1611722.UP.FTS.B

,

19

.13

%

,

1/23/27

....

3,875

3,804

L1612410.UP.FTS.B

,

21

.86

%

,

1/23/27

....

2,654

2,609

L1612489.UP.FTS.B

,

23

.23

%

,

1/23/27

....

2,401

1,566

L1614273.UP.FTS.B

,

14

.09

%

,

1/24/27

....

5,191

5,074

L1613957.UP.FTS.B

,

19

.33

%

,

1/24/27

....

5,804

5,705

L1616477.UP.FTS.B

,

19

.45

%

,

1/24/27

....

3,225

2,078

FW1615331.UP.FTS.B

,

21

.76

%

,

1/24/27

..

12,724

132

L1614645.UP.FTS.B

,

22

.79

%

,

1/24/27

....

1,713

1,138

L1616362.UP.FTS.B

,

23

.47

%

,

1/24/27

....

3,230

3,183

L1613119.UP.FTS.B

,

24

.86

%

,

1/24/27

....

9,013

2,093

FW1613124.UP.FTS.B

,

26

.6

%

,

1/24/27

...

9,561

6,248

FW1605600.UP.FTS.B

,

29

.46

%

,

1/24/27

..

4,196

4,154

FW1616426.UP.FTS.B

,

30

.21

%

,

1/24/27

..

1,114

1,102

FW1615354.UP.FTS.B

,

31

.17

%

,

1/24/27

..

7,507

7,420

L1619050.UP.FTS.B

,

15

.55

%

,

1/25/27

....

1,943

1,920

FW1615921.UP.FTS.B

,

28

.4

%

,

1/25/27

...

10,556

10,438

L1611110.UP.FTS.B

,

20

.52

%

,

2/01/27

....

10,421

10,255

L1699552.UP.FTS.B

,

17

.37

%

,

2/13/27

....

1,970

1,929

FW1705472.UP.FTS.B

,

19

.5

%

,

2/13/27

...

5,633

2,525

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1706613.UP.FTS.B

,

27

.15

%

,

2/13/27

....

$

4,927

$

4,858

L1879248.UP.FTS.B

,

19

.71

%

,

3/19/27

....

3,574

805

L1877722.UP.FTS.B

,

20

.57

%

,

3/19/27

....

8,903

5,568

L1877074.UP.FTS.B

,

25

.09

%

,

3/19/27

....

17,529

11,419

L1880423.UP.FTS.B

,

25

.24

%

,

3/19/27

....

4,341

2,783

FW1879017.UP.FTS.B

,

25

.45

%

,

3/19/27

..

17,338

1,257

FW1880356.UP.FTS.B

,

28

.86

%

,

3/19/27

..

1,493

1,473

FW1876421.UP.FTS.B

,

26

.08

%

,

3/27/27

..

3,499

3,451

L1991593.UP.FTS.B

,

11

.07

%

,

4/08/27

....

24,469

23,794

FW1989633.UP.FTS.B

,

11

.19

%

,

4/08/27

..

2,698

2,630

L1998298.UP.FTS.B

,

13

.53

%

,

4/08/27

....

2,426

2,364

L1990886.UP.FTS.B

,

17

.65

%

,

4/08/27

....

4,145

4,082

L1999227.UP.FTS.B

,

17

.88

%

,

4/08/27

....

13,102

959

L1991181.UP.FTS.B

,

20

.28

%

,

4/08/27

....

5,912

5,778

L1997930.UP.FTS.B

,

20

.97

%

,

4/08/27

....

2,421

2,368

L1992016.UP.FTS.B

,

21

%

,

4/08/27

......

19,729

19,332

L1995141.UP.FTS.B

,

22

.04

%

,

4/08/27

....

21,377

2,983

FW1995724.UP.FTS.B

,

22

.43

%

,

4/08/27

..

8,860

3,889

L1996768.UP.FTS.B

,

23

.2

%

,

4/08/27

....

5,779

5,656

L1990332.UP.FTS.B

,

24

.87

%

,

4/08/27

....

7,961

3,616

L1989064.UP.FTS.B

,

25

.45

%

,

4/08/27

....

1,593

–

FW1990199.UP.FTS.B

,

27

.43

%

,

4/08/27

..

10,803

10,631

FW1996955.UP.FTS.B

,

27

.91

%

,

4/08/27

..

1,087

–

FW1993453.UP.FTS.B

,

28

.76

%

,

4/08/27

..

8,413

1,178

FW1996092.UP.FTS.B

,

29

.72

%

,

4/08/27

..

2,236

2,201

FW1988366.UP.FTS.B

,

30

.88

%

,

4/08/27

..

4,252

984

FW1990513.UP.FTS.B

,

31

.11

%

,

4/08/27

..

3,326

3,269

L2075589.UP.FTS.B

,

16

.26

%

,

4/18/27

....

4,330

4,231

L2071590.UP.FTS.B

,

16

.75

%

,

4/18/27

....

3,743

3,689

L2074108.UP.FTS.B

,

16

.87

%

,

4/18/27

....

1,577

1,555

L2070593.UP.FTS.B

,

17

.59

%

,

4/18/27

....

11,445

11,183

L2074570.UP.FTS.B

,

18

.15

%

,

4/18/27

....

8,822

5,462

L2074593.UP.FTS.B

,

18

.9

%

,

4/18/27

....

1,003

985

FW2071863.UP.FTS.B

,

19

.94

%

,

4/18/27

..

28,998

28,492

L2074730.UP.FTS.B

,

20

.02

%

,

4/18/27

....

2,484

2,441

L2073933.UP.FTS.B

,

20

.06

%

,

4/18/27

....

3,228

3,167

FW2075442.UP.FTS.B

,

22

.23

%

,

4/18/27

..

4,424

4,350

L2073235.UP.FTS.B

,

22

.81

%

,

4/18/27

....

4,143

4,072

FW2069880.UP.FTS.B

,

30

.4

%

,

4/18/27

...

4,155

2,673

FW1991256.UP.FTS.B

,

25

.07

%

,

4/22/27

..

11,927

11,675

FW1990667.UP.FTS.B

,

27

.83

%

,

4/22/27

..

3,355

240

L1988372.UP.FTS.B

,

13

.34

%

,

4/23/27

....

2,851

1,783

L1993049.UP.FTS.B

,

14

.87

%

,

4/23/27

....

11,045

10,764

L1996800.UP.FTS.B

,

25

.32

%

,

4/23/27

....

15,671

15,364

L2214144.UP.FTS.B

,

11

.27

%

,

5/09/27

....

3,702

3,616

L2218652.UP.FTS.B

,

13

.28

%

,

5/09/27

....

6,577

478

L1410942.UP.FTS.B

,

18

.88

%

,

5/09/27

....

5,767

2,462

L2218508.UP.FTS.B

,

20

.09

%

,

5/09/27

....

4,037

3,970

L2217932.UP.FTS.B

,

21

.91

%

,

5/09/27

....

11,384

757

FW2216167.UP.FTS.B

,

23

.76

%

,

5/09/27

..

4,019

1,798

L2198465.UP.FTS.B

,

24

.17

%

,

5/09/27

....

3,029

2,973

L2216524.UP.FTS.B

,

25

.42

%

,

5/09/27

....

8,035

7,931

FW2218340.UP.FTS.B

,

31

.07

%

,

5/09/27

..

6,555

6,487

L2221765.UP.FTS.B

,

7

.56

%

,

5/10/27

....

4,637

4,513

L2211511.UP.FTS.B

,

12

.64

%

,

5/10/27

....

33,788

13,625

L2221618.UP.FTS.B

,

12

.8

%

,

5/10/27

....

3,105

409

FW2219474.UP.FTS.B

,

13

.95

%

,

5/10/27

..

7,038

2,849

L2220695.UP.FTS.B

,

14

.81

%

,

5/10/27

....

3,580

259

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

200

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2221125.UP.FTS.B

,

15

.5

%

,

5/10/27

.....

$

1,106

$

1,079

L2221701.UP.FTS.B

,

19

.55

%

,

5/10/27

....

4,183

1,783

L2222062.UP.FTS.B

,

23

.82

%

,

5/10/27

....

5,168

5,069

L2222460.UP.FTS.B

,

25

.39

%

,

5/10/27

....

2,140

2,098

FW2220970.UP.FTS.B

,

26

.98

%

,

5/10/27

..

603

–

FW2219211.UP.FTS.B

,

31

.11

%

,

5/10/27

..

3,707

3,660

FW2219137.UP.FTS.B

,

32

.32

%

,

5/10/27

..

6,067

2,771

L2219046.UP.FTS.B

,

24

.89

%

,

5/15/27

....

4,236

4,174

L2215903.UP.FTS.B

,

18

.3

%

,

5/24/27

....

2,167

2,130

FW2214150.UP.FTS.B

,

26

.84

%

,

5/24/27

..

1,748

1,726

L2221646.UP.FTS.B

,

18

.79

%

,

5/25/27

....

5,862

5,740

L1600527.UP.FTS.B

,

20

.35

%

,

6/24/27

....

6,042

5,943

FW1613781.UP.FTS.B

,

20

.91

%

,

6/24/27

..

110

109

FW1616102.UP.FTS.B

,

32

.95

%

,

6/24/27

..

2,655

1,807

L1619343.UP.FTS.B

,

16

.69

%

,

6/25/27

....

5,805

1,367

L1705864.UP.FTS.B

,

19

.54

%

,

7/13/27

....

17,630

17,244

L1706347.UP.FTS.B

,

23

.37

%

,

7/13/27

....

5,210

2,490

FW1705037.UP.FTS.B

,

26

.99

%

,

7/13/27

..

1,218

1,193

FW1998543.UP.FTS.B

,

22

.52

%

,

9/13/27

..

10,091

4,259

L2074857.UP.FTS.B

,

16

.11

%

,

9/18/27

....

14,812

14,441

FW2214435.UP.FTS.B

,

13

.25

%

,

10/09/27

.

12,830

12,504

L2217220.UP.FTS.B

,

24

.27

%

,

10/09/27

...

4,058

3,985

FW1611869.UP.FTS.B

,

19

.81

%

,

8/23/34

..

59

4

L1616998.UP.FTS.B

,

18

.36

%

,

8/24/34

....

351

25

L1620021.UP.FTS.B

,

20

.47

%

,

8/25/34

....

75

5

L1877399.UP.FTS.B

,

18

.99

%

,

10/28/34

...

72

5

L1876918.UP.FTS.B

,

23

.43

%

,

11/01/34

...

54

1

L1994177.UP.FTS.B

,

6

.01

%

,

11/08/34

....

495

46

L1987185.UP.FTS.B

,

17

.72

%

,

11/08/34

...

150

11

L1992601.UP.FTS.B

,

23

.37

%

,

11/08/34

...

52

–

L2069761.UP.FTS.B

,

11

.37

%

,

11/18/34

...

177

13

L2069989.UP.FTS.B

,

21

.94

%

,

11/18/34

...

3

1

L2220173.UP.FTS.B

,

10

.59

%

,

12/10/34

...

305

22

L2219054.UP.FTS.B

,

16

.23

%

,

12/10/34

...

193

141

L2219790.UP.FTS.B

,

20

.59

%

,

12/10/34

...

221

152

FW2219561.UP.FTS.B

,

22

.18

%

,

12/10/34

.

365

26

L2221302.UP.FTS.B

,

22

.2

%

,

12/10/34

....

941

86

FW1611995.UP.FTS.B

,

26

.04

%

,

1/23/35

..

1,310

94

FW1615843.UP.FTS.B

,

29

.08

%

,

1/24/35

..

197

7

2,360,591

Total

Marketplace

Loans

(Cost

$

23,614,693

)

......................

$17,143,285

a

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

January

31,

2025

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

201

At

January

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

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

525

$

57,142,969

3/20/25

$

479,255

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

1,122

124,962,750

3/20/25

1,504,891

U.S.

Treasury

2

Year

Notes

.....................

Long

518

106,513,750

3/31/25

(

39,622

)

U.S.

Treasury

5

Year

Notes

.....................

Long

758

80,644,094

3/31/25

(

626,862

)

U.S.

Treasury

Long

Bonds

.....................

Short

322

36,677,812

3/20/25

1,317,708

U.S.

Treasury

Ultra

Bonds

......................

Long

18

2,132,438

3/20/25

(

141,216

)

Total

Futures

Contracts

......................................................................

$2,494,154

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

202

At

January

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

At

January

31,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.EM.42

.

1.00%

Quarterly

12/20/29

19,500,000

$

(

476,801

)

$

(

466,957

)

$

(

9,844

)

Investment

Grade

CDX.NA.HY.43

.

5.00%

Quarterly

12/20/29

9,000,000

786,231

747,168

39,063

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$309,430

$280,211

$29,219

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

4,980,000

41,434

(

429,597

)

471,031

BB

Traded

Index

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

16,900,000

1,711,985

687,113

1,024,872

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

31,300,000

(

205,496

)

(

812,909

)

607,413

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,547,923

$(555,393)

$2,103,316

Total

Credit

Default

Swap

Contracts

....................................

$1,857,353

$

(

275,182

)

$2,132,535

(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.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

2,216,541

$

1,424

$

2,215,117

Total

Interest

Rate

Swap

Contracts

....................................

$2,216,541

$

1,424

$2,215,117

*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

203

At

January

31,

2025

,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

215

.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BZWS

3/20/25

60,000,000

$

2,032,101

Total

Return

Swap

Contracts

....................................................................

$2,032,101

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

204

Quarterly

Schedules

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 eight

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

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.

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,

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

Schedules

of

Investments

(unaudited)

205

Quarterly

Schedules

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.

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.

Restricted

Securities

At

January

31,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

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

Schedules of

Investments.

At

January

31,

2025,

unfunded

commitments

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

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

...............

$92,988

$—

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

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

...............

$223,594

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$—

as

of

January

31,

2025.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

Chrysaor

Bidco

SARL

$

102,528

Signia

Aerospace

LLC

210,843

$

313,372

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

206

Quarterly

Schedules

of

Investments

5.

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,

2025,

investments

in

“affiliated

companies”

were

as

follows:

6.

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,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Borrower

Unfunded

Commitment

Franklin

Total

Return

Fund

Signia

Aerospace

LLC

$

24,328

$

24,328

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Warrants

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

UTEX

Industries,

Inc.

..

$

10,322,930

$

—

$

—

$

—

$

(609,837)

$

9,713,093

261,340

$

580,150

UTEX

Industries,

Inc.,

2/20/49

..........

2

—

—

—

1

3

634

—

Total

Affiliated

Securities

(Value

is

0.7%

of

Net

Assets)

..........

$10,322,932

$—

$—

$—

$(609,836)

$9,713,096

$580,150

    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

Convertible

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$70,682,496

$202,247,646

$(181,572,113)

$—

$—

$91,358,029

91,358,029

$850,196

Total

Affiliated

Securities

...

$70,682,496

$202,247,646

$(181,572,113)

$—

$—

$91,358,029

$850,196

4.

Unfunded

Loan

Commitments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

207

Quarterly

Schedules

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

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$133,810,879

$254,609,392

$(283,171,603)

$—

$—

$105,248,668

105,248,668

$1,332,526

Total

Affiliated

Securities

...

$133,810,879

$254,609,392

$(283,171,603)

$—

$—

$105,248,668

$1,332,526

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$71,138,403

$4,328,566

$(1,723,394)

$—

$—

$73,743,575

73,743,575

$753,639

Total

Affiliated

Securities

...

$71,138,403

$4,328,566

$(1,723,394)

$—

$—

$73,743,575

$753,639

Franklin

Long

Duration

Credit

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$550,322

$4,834,083

$(5,075,193)

$—

$—

$309,212

309,212

$5,269

Total

Affiliated

Securities

...

$550,322

$4,834,083

$(5,075,193)

$—

$—

$309,212

$5,269

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$39,511,981

$48,610,099

$(49,004,054)

$—

$—

$39,118,026

39,118,026

$390,976

Total

Affiliated

Securities

...

$39,511,981

$48,610,099

$(49,004,054)

$—

$—

$39,118,026

$390,976

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$11,291,109

$30,777,841

$(32,016,237)

$—

$—

$10,052,713

10,052,713

$131,506

Total

Affiliated

Securities

...

$11,291,109

$30,777,841

$(32,016,237)

$—

$—

$10,052,713

$131,506

Franklin

Managed

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$34,371,577

$195,557,253

$(188,707,265)

$—

$—

$41,221,565

41,221,565

$540,047

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

208

Quarterly

Schedules

of

Investments

7. 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,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

    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

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$1,244,000

$12,060,000

$(7,464,000)

$—

$—

$5,840,000

5,840,000

$6,577

Total

Affiliated

Securities

...

$35,615,577

$207,617,253

$(196,171,265)

$—

$—

$47,061,565

$546,624

Franklin

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.089%

$111,055,410

$122,080,174

$(191,457,600)

$—

$—

$41,677,984

41,677,984

$866,907

Total

Affiliated

Securities

...

$111,055,410

$122,080,174

$(191,457,600)

$—

$—

$41,677,984

$866,907

Level

1

Level

2

Level

3

Total

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

a

Convertible

Preferred

Stocks

................

$

301,902,204

$

—

$

—

$

301,902,204

Convertible

Bonds

.......................

—

2,516,802,352

—

2,516,802,352

Short

Term

Investments

...................

91,358,029

—

—

91,358,029

Total

Investments

in

Securities

...........

$393,260,233

$2,516,802,352

$—

$2,910,062,585

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

209

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

3,579,065,615

$

—

$

—

$

3,579,065,615

Equity-Linked

Securities

...................

—

403,195,865

—

403,195,865

Convertible

Preferred

Stocks

................

205,120,350

—

—

205,120,350

Short

Term

Investments

...................

105,248,668

—

—

105,248,668

Total

Investments

in

Securities

...........

$3,889,434,633

$403,195,865

$—

$4,292,630,498

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

12,233

—

12,233

Machinery

............................

—

9,713,093

—

9,713,093

Oil,

Gas

&

Consumable

Fuels

.............

9,539,697

—

—

9,539,697

Management

Investment

Companies

.........

12,909,333

—

—

12,909,333

Preferred

Stocks

.........................

—

69,873

—

69,873

Warrants

...............................

—

—

3

3

Corporate

Bonds

........................

—

103,585,206

—

103,585,206

Senior

Floating

Rate

Interests

...............

—

1,198,691,695

—

1,198,691,695

Asset-Backed

Securities

...................

—

7,017,594

—

7,017,594

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

73,743,575

90,806,516

—

164,550,091

Total

Investments

in

Securities

...........

$96,192,605

$1,409,896,210

$3

$1,506,088,818

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$2,816

$—

$2,816

Total

Other

Financial

Instruments

.........

$—

$2,816

$—

$2,816

Franklin

Long

Duration

Credit

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

78,673,840

—

78,673,840

Foreign

Government

and

Agency

Securities

....

—

2,991,489

—

2,991,489

U.S.

Government

and

Agency

Securities

.......

—

404,633

—

404,633

Municipal

Bonds

.........................

—

704,182

—

704,182

Short

Term

Investments

...................

309,212

—

—

309,212

Total

Investments

in

Securities

...........

$309,212

$82,774,144

$—

$83,083,356

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Hotels,

Restaurants

&

Leisure

.............

—

1,059

—

1,059

Machinery

............................

—

342,973

—

342,973

Specialty

Retail

........................

—

—

—

b

—

Preferred

Stocks

.........................

—

6,050

—

6,050

Warrants

...............................

—

—

3

3

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

18,297,546

—

18,297,546

Automobile

Components

.................

—

2,162,287

—

2,162,287

Automobiles

..........................

—

17,863,609

—

17,863,609

Banks

...............................

—

175,176,019

—

175,176,019

Beverages

...........................

—

4,129,798

—

4,129,798

Biotechnology

.........................

—

12,211,294

—

12,211,294

Broadline

Retail

.......................

—

—

—

b

—

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

210

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Building

Products

......................

$

—

$

8,353,353

$

—

$

8,353,353

Capital

Markets

........................

—

58,855,832

—

58,855,832

Chemicals

...........................

—

5,453,641

—

5,453,641

Commercial

Services

&

Supplies

...........

—

967,419

—

967,419

Consumer

Finance

.....................

—

34,529,416

—

34,529,416

Consumer

Staples

Distribution

&

Retail

......

—

2,847,607

—

2,847,607

Containers

&

Packaging

.................

—

1,771,825

—

1,771,825

Diversified

REITs

......................

—

4,083,654

—

4,083,654

Diversified

Telecommunication

Services

.....

—

6,402,078

—

6,402,078

Electric

Utilities

........................

—

38,585,807

—

38,585,807

Energy

Equipment

&

Services

.............

—

1,672,765

—

1,672,765

Entertainment

.........................

—

13,700,847

—

13,700,847

Financial

Services

......................

—

14,151,438

—

b

14,151,438

Food

Products

........................

—

11,134,536

—

11,134,536

Ground

Transportation

..................

—

4,757,775

—

4,757,775

Health

Care

Equipment

&

Supplies

.........

—

5,412,151

—

5,412,151

Health

Care

Providers

&

Services

..........

—

26,820,566

—

26,820,566

Health

Care

REITs

.....................

—

2,688,581

—

2,688,581

Health

Care

Technology

.................

—

3,417,955

—

3,417,955

Hotel

&

Resort

REITs

...................

—

1,145,284

—

1,145,284

Hotels,

Restaurants

&

Leisure

.............

—

7,806,716

—

7,806,716

Household

Durables

....................

—

4,127,488

—

4,127,488

Insurance

............................

—

101,301,289

—

101,301,289

Interactive

Media

&

Services

..............

—

2,916,413

—

2,916,413

Life

Sciences

Tools

&

Services

............

—

6,500,824

—

6,500,824

Machinery

............................

—

1,618,471

—

1,618,471

Media

...............................

—

4,828,580

—

4,828,580

Metals

&

Mining

.......................

—

967,226

—

967,226

Multi-Utilities

..........................

—

7,497,768

—

7,497,768

Oil,

Gas

&

Consumable

Fuels

.............

—

30,487,495

—

30,487,495

Passenger

Airlines

.....................

—

2,207,101

—

2,207,101

Personal

Care

Products

.................

—

7,494,300

—

7,494,300

Pharmaceuticals

.......................

—

11,724,085

—

11,724,085

Semiconductors

&

Semiconductor

Equipment

.

—

10,367,329

—

10,367,329

Specialized

REITs

......................

—

1,964,267

—

1,964,267

Specialty

Retail

........................

—

5,089,125

—

5,089,125

Technology

Hardware,

Storage

&

Peripherals

.

—

6,547,779

—

6,547,779

Textiles,

Apparel

&

Luxury

Goods

..........

—

992,907

—

992,907

Tobacco

.............................

—

12,481,090

—

12,481,090

Trading

Companies

&

Distributors

..........

—

6,436,279

—

6,436,279

Wireless

Telecommunication

Services

.......

—

7,944,509

—

7,944,509

Senior

Floating

Rate

Interests

...............

—

61,823,422

—

61,823,422

Marketplace

Loans

.......................

—

—

18,293,070

18,293,070

Foreign

Government

and

Agency

Securities

....

—

29,859,578

—

29,859,578

U.S.

Government

and

Agency

Securities

.......

—

393,864,905

—

393,864,905

Asset-Backed

Securities

...................

—

388,544,601

—

388,544,601

Commercial

Mortgage-Backed

Securities

......

—

38,297,555

—

38,297,555

Mortgage-Backed

Securities

................

—

52,285,050

—

52,285,050

Municipal

Bonds

.........................

—

17,603,032

—

17,603,032

Residential

Mortgage-Backed

Securities

.......

—

112,451,152

—

112,451,152

Agency

Commercial

Mortgage-Backed

Securities

—

85,005,197

—

85,005,197

Escrows

and

Litigation

Trusts

...............

—

28,500

—

b

28,500

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

211

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Low

Duration

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Short

Term

Investments

...................

$

39,118,026

$

7,531,600

$

—

$

46,649,626

Total

Investments

in

Securities

...........

$39,118,026

$1,905,538,798

$18,293,073

$1,962,949,897

Other

Financial

Instruments:

Futures

Contracts

.......................

$1,036,697

$—

$—

$1,036,697

Swap

Contracts

.........................

—

1,135,997

—

1,135,997

Total

Other

Financial

Instruments

.........

$1,036,697

$1,135,997

$—

$2,172,694

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$436,196

$—

$—

$436,196

Total

Other

Financial

Instruments

.........

$436,196

$—

$—

$436,196

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

—

56,443,260

—

56,443,260

Mortgage-Backed

Securities

................

—

226,925,364

—

226,925,364

Agency

Commercial

Mortgage-Backed

Securities

—

88,840,150

—

88,840,150

Short

Term

Investments

...................

10,052,713

—

—

10,052,713

Total

Investments

in

Securities

...........

$10,052,713

$372,208,774

$—

$382,261,487

Other

Financial

Instruments:

Futures

Contracts

.......................

$176,750

$—

$—

$176,750

Total

Other

Financial

Instruments

.........

$176,750

$—

$—

$176,750

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$39,316

$—

$—

$39,316

Total

Other

Financial

Instruments

.........

$39,316

$—

$—

$39,316

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

1,352,282,050

—

—

1,352,282,050

Equity-Linked

Securities

...................

—

219,767,922

—

219,767,922

Convertible

Preferred

Stocks

................

58,270,700

—

—

58,270,700

Corporate

Bonds

........................

—

1,298,702,982

—

1,298,702,982

U.S.

Government

and

Agency

Securities

.......

—

130,381,853

—

130,381,853

Asset-Backed

Securities

...................

—

8,917,253

—

8,917,253

Mortgage-Backed

Securities

................

—

261,598,681

—

261,598,681

Short

Term

Investments

...................

47,061,565

—

—

47,061,565

Total

Investments

in

Securities

...........

$1,457,614,315

$1,919,368,691

$—

$3,376,983,006

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$

6,312,100

$

—

$

—

$

6,312,100

Total

Other

Financial

Instruments

.........

$6,312,100

$—

$—

$6,312,100

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Energy

Equipment

&

Services

.............

116,734

—

—

116,734

Hotels,

Restaurants

&

Leisure

.............

—

556

—

556

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

212

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Machinery

............................

$

—

$

179,997

$

—

$

179,997

Preferred

Stocks

:

Banks

...............................

2,868,120

—

—

2,868,120

Hotels,

Restaurants

&

Leisure

.............

—

3,175

—

3,175

Warrants

...............................

—

—

2

2

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

21,733,591

—

21,733,591

Automobiles

..........................

—

1,610,539

—

1,610,539

Banks

...............................

—

210,971,324

—

210,971,324

Beverages

...........................

—

4,824,434

—

4,824,434

Biotechnology

.........................

—

35,469,184

—

35,469,184

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

9,214,043

—

9,214,043

Capital

Markets

........................

—

76,490,713

—

76,490,713

Chemicals

...........................

—

6,900,047

—

6,900,047

Commercial

Services

&

Supplies

...........

—

6,371,710

—

6,371,710

Communications

Equipment

..............

—

14,627,578

—

14,627,578

Consumer

Finance

.....................

—

14,522,772

—

14,522,772

Consumer

Staples

Distribution

&

Retail

......

—

14,164,020

—

14,164,020

Containers

&

Packaging

.................

—

6,601,464

—

6,601,464

Diversified

REITs

......................

—

1,981,583

—

1,981,583

Diversified

Telecommunication

Services

.....

—

30,877,804

—

30,877,804

Electric

Utilities

........................

—

83,445,345

—

83,445,345

Electrical

Equipment

....................

—

2,263,173

—

2,263,173

Electronic

Equipment,

Instruments

&

Components

........................

—

8,254,308

—

8,254,308

Entertainment

.........................

—

3,348,870

—

3,348,870

Financial

Services

......................

—

28,090,466

—

28,090,466

Food

Products

........................

—

26,439,860

—

26,439,860

Ground

Transportation

..................

—

6,460,219

—

6,460,219

Health

Care

Equipment

&

Supplies

.........

—

24,210,410

—

24,210,410

Health

Care

Providers

&

Services

..........

—

65,656,958

—

65,656,958

Health

Care

REITs

.....................

—

9,565,701

—

9,565,701

Health

Care

Technology

.................

—

4,453,699

—

4,453,699

Hotel

&

Resort

REITs

...................

—

8,200,541

—

8,200,541

Hotels,

Restaurants

&

Leisure

.............

—

8,952,818

—

8,952,818

Household

Durables

....................

—

9,357,882

—

9,357,882

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

9,310,270

—

9,310,270

Insurance

............................

—

58,356,604

—

58,356,604

Interactive

Media

&

Services

..............

—

10,016,044

—

10,016,044

Life

Sciences

Tools

&

Services

............

—

1,494,592

—

1,494,592

Machinery

............................

—

811,769

—

811,769

Media

...............................

—

52,216,702

—

52,216,702

Metals

&

Mining

.......................

—

7,720,367

—

7,720,367

Multi-Utilities

..........................

—

13,542,083

—

13,542,083

Oil,

Gas

&

Consumable

Fuels

.............

—

108,100,222

—

108,100,222

Paper

&

Forest

Products

.................

—

1,926,119

—

1,926,119

Passenger

Airlines

.....................

—

9,664,060

—

9,664,060

Personal

Care

Products

.................

—

2,273,168

—

2,273,168

Pharmaceuticals

.......................

—

24,921,067

—

24,921,067

Software

.............................

—

9,383,219

—

9,383,219

Specialized

REITs

......................

—

6,176,304

—

6,176,304

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

213

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Total

Return

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Technology

Hardware,

Storage

&

Peripherals

.

$

—

$

5,338,418

$

—

$

5,338,418

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,213,490

—

2,213,490

Tobacco

.............................

—

17,072,512

—

17,072,512

Trading

Companies

&

Distributors

..........

—

18,080,690

—

18,080,690

Wireless

Telecommunication

Services

.......

—

24,157,861

—

24,157,861

Senior

Floating

Rate

Interests

...............

—

77,665,054

—

77,665,054

Marketplace

Loans

.......................

—

—

17,143,285

17,143,285

Foreign

Government

and

Agency

Securities

....

—

37,787,318

—

37,787,318

U.S.

Government

and

Agency

Securities

.......

—

720,052,296

—

720,052,296

Asset-Backed

Securities

...................

—

275,868,426

—

275,868,426

Commercial

Mortgage-Backed

Securities

......

—

52,557,078

—

52,557,078

Mortgage-Backed

Securities

................

—

1,085,211,663

—

1,085,211,663

Municipal

Bonds

.........................

—

56,229,771

—

56,229,771

Residential

Mortgage-Backed

Securities

.......

—

57,964,924

—

57,964,924

Agency

Commercial

Mortgage-Backed

Securities

—

28,329,650

—

28,329,650

Escrows

and

Litigation

Trusts

...............

—

45,000

—

b

45,000

Short

Term

Investments

...................

41,677,984

—

—

41,677,984

Total

Investments

in

Securities

...........

$44,662,838

$3,519,731,525

$17,143,287

$3,581,537,650

Other

Financial

Instruments:

Futures

Contracts

.......................

$3,301,854

$—

$—

$3,301,854

Swap

Contracts

.........................

—

6,389,597

—

6,389,597

Unfunded

Loan

Commitments

..............

—

175

—

175

Total

Other

Financial

Instruments

.........

$3,301,854

$6,389,772

$—

$9,691,626

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$807,700

$—

$—

$807,700

Swap

Contracts

.........................

—

9,844

—

9,844

Total

Other

Financial

Instruments

.........

$807,700

$9,844

$—

$817,544

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

214

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At January

31,

2025,

the

reconciliation

is

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

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

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

Specialty

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Warrants

:

Machinery

.........

3

—

—

—

—

—

—

—

3

—

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Financial

Services

...

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Financial

Services

...

30,550,636

32,229

(12,061,106)

—

—

—

48,107

(276,796)

18,293,070

(2,424,368)

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$30,550,639

$32,229

$(12,061,106)

$—

$—

$—

$48,107

$(276,796)

$18,293,073

$(2,424,368)

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

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

215

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

JPHQ

JPMorgan

Chase

Bank

NA

Currency

BRL

Brazilian

Real

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CDX.NA.EM.

Series

number

CDX

North

America

Emerging

Markets

Index

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

Index

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

4.38%

Selected

Portfolio

ADR

American

Depositary

Receipt

BZDIOVRA

Brazil

Inter-Bank

Deposit

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

COFI

Cost

of

Funds

Index

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FFCB

Federal

Farm

Credit

Banks

Funding

Corp.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

H15BDI

U.S.

Treasury

Bill

Auction

High

Discount

Rate

IBOR

Interbank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

T-Note

Treasury

Note

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.