Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FIST-Q3PH

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

38

Franklin

Low

Duration

U.S.

Government

Securities

Fund

92

Franklin

Managed

Income

Fund

95

Franklin

Total

Return

Fund

104

Notes

to

Schedules

of

Investments

160

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

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

15.8%

Capital

Markets

4.0%

Ares

Management

Corp.

,

B

,

6.75

%

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

United

States

1,066,000

$

60,335,600

KKR

&

Co.,

Inc.

,

D

,

6.25

%

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

United

States

967,000

55,554,150

115,889,750

Chemicals

1.3%

Albemarle

Corp.

,

7.25

%

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

United

States

1,063,200

36,106,272

Electric

Utilities

1.8%

NextEra

Energy,

Inc.

,

7.299

%

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

United

States

1,040,000

49,961,600

Financial

Services

3.2%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

810,000

61,705,800

Shift4

Payments,

Inc.

,

6

%

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

United

States

262,500

30,961,875

92,667,675

Semiconductors

&

Semiconductor

Equipment

1.4%

Microchip

Technology,

Inc.

,

7.5

%

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

United

States

636,000

40,010,760

Technology

Hardware,

Storage

&

Peripherals

2.1%

Hewlett

Packard

Enterprise

Co.

,

7.625

%

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

United

States

1,020,000

61,200,000

Trading

Companies

&

Distributors

2.0%

a

QXO,

Inc.

,

5.5

%

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

United

States

1,010,000

58,398,200

Total

Convertible

Preferred

Stocks

(Cost

$

403,668,325

)

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

454,234,257

Principal

Amount

*

Convertible

Bonds

78.5%

Aerospace

&

Defense

0.5%

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

4,800,000

15,875,342

Biotechnology

7.0%

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25

%

,

4/01/28

.........

Denmark

32,500,000

40,990,625

b

Bridgebio

Pharma,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

3/01/31

....

United

States

46,200,000

57,403,500

Immunocore

Holdings

plc

,

Senior

Note

,

2.5

%

,

2/01/30

........

United

Kingdom

20,000,000

17,543,654

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

4

%

,

5/01/29

.......

United

States

16,500,000

29,654,625

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/26

..........

United

States

48,000,000

57,310,477

202,902,881

Broadline

Retail

3.6%

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5

%

,

6/01/31

......

China

37,000,000

49,247,000

Etsy,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/27

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

United

States

59,500,000

53,802,875

103,049,875

Communications

Equipment

0.7%

Viavi

Solutions,

Inc.

,

1.625

%

,

3/15/26

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

United

States

20,709,000

20,903,147

Construction

&

Engineering

1.9%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

39,000,000

54,804,750

Consumer

Staples

Distribution

&

Retail

1.2%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

21,000,000

34,356,000

Electric

Utilities

3.2%

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

52,000,000

51,922,000

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)

Electric

Utilities

(continued)

TXNM

Energy,

Inc.

,

Junior

Sub.

Bond

,

5.75

%

,

6/01/54

........

United

States

31,500,000

$

41,362,650

93,284,650

Energy

Equipment

&

Services

1.0%

Oil

States

International,

Inc.

,

Senior

Note

,

4.75

%

,

4/01/26

.....

United

States

28,000,000

27,678,000

Entertainment

0.5%

b

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

144A,

2.875

%

,

1/15/30

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

United

States

13,600,000

14,626,800

Financial

Services

2.6%

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

50,000,000

45,500,000

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

27,200,000

29,716,000

75,216,000

Food

Products

2.4%

Freshpet,

Inc.

,

Senior

Note

,

3

%

,

4/01/28

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

United

States

22,500,000

28,102,500

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

36,000,000

40,723,200

68,825,700

Ground

Transportation

4.1%

b

Lyft,

Inc.

,

Senior

Note

,

144A,

0.625

%

,

3/01/29

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

United

States

54,300,000

55,711,800

Uber

Technologies,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/25

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

United

States

30,000,000

34,080,000

2028

,

Senior

Note

,

0.875

%

,

12/01/28

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

United

States

20,500,000

28,074,750

117,866,550

Health

Care

Equipment

&

Supplies

7.6%

Dexcom,

Inc.

,

Senior

Note

,

0.25

%

,

11/15/25

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

United

States

26,000,000

25,707,116

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

32,250,000

30,057,000

Haemonetics

Corp.

,

c

Senior

Note

,

4

.64

%

,

3/01/26

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

United

States

25,500,000

24,824,250

Senior

Note

,

2.5

%

,

6/01/29

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

United

States

31,000,000

31,015,500

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

41,200,000

54,707,420

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875

%

,

3/15/30

...

United

States

52,500,000

51,607,500

217,918,786

Health

Care

REITs

2.3%

b

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125

%

,

7/15/29

......

United

States

47,000,000

65,118,500

Hotel

&

Resort

REITs

0.8%

Pebblebrook

Hotel

Trust

,

Senior

Note

,

1.75

%

,

12/15/26

.......

United

States

26,000,000

24,568,904

Hotels,

Restaurants

&

Leisure

3.7%

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

54,500,000

59,296,000

c

Vail

Resorts,

Inc.

,

Senior

Note

,

4

.99

%

,

1/01/26

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

United

States

48,000,000

47,016,000

106,312,000

Industrial

REITs

2.0%

b

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.375

%

,

3/15/27

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

United

States

20,000,000

19,820,000

Senior

Note

,

144A,

4.125

%

,

3/15/29

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

United

States

40,000,000

39,240,000

59,060,000

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)

Interactive

Media

&

Services

0.9%

Snap,

Inc.

,

Senior

Note

,

0.5

%

,

5/01/30

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

United

States

28,000,000

$

24,654,000

IT

Services

6.5%

c

Cloudflare,

Inc.

,

Senior

Note

,

0

.04

%

,

8/15/26

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

United

States

58,200,000

71,629,650

Okta,

Inc.

,

Senior

Note

,

0.125

%

,

9/01/25

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

United

States

53,000,000

53,000,000

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/29

......

United

States

40,000,000

62,075,000

186,704,650

Leisure

Products

1.8%

Peloton

Interactive,

Inc.

,

Senior

Note

,

5.5

%

,

12/01/29

........

United

States

27,000,000

50,706,000

Life

Sciences

Tools

&

Services

1.2%

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

36,000,000

35,064,000

Media

2.7%

b

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125

%

,

3/31/53

.

United

States

55,500,000

55,189,200

Sirius

XM

Holdings,

Inc.

,

Senior

Note

,

3.75

%

,

3/15/28

........

United

States

23,000,000

23,322,000

78,511,200

Metals

&

Mining

1.4%

b

B2Gold

Corp.

,

Senior

Note

,

144A,

2.75

%

,

2/01/30

...........

Canada

30,300,000

38,977,163

Multi-Utilities

2.0%

CenterPoint

Energy,

Inc.

,

Senior

Note

,

4.25

%

,

8/15/26

........

United

States

51,500,000

57,396,750

Pharmaceuticals

2.0%

Jazz

Investments

I

Ltd.

,

Senior

Note

,

2

%

,

6/15/26

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

United

States

35,000,000

35,971,250

b

Senior

Note

,

144A,

3.125

%

,

9/15/30

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

United

States

20,000,000

22,150,000

58,121,250

Semiconductors

&

Semiconductor

Equipment

4.6%

b

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/15/29

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

United

States

45,366,000

47,452,836

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

27,000,000

26,596,451

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

40,000,000

39,023,122

d

Wolfspeed,

Inc.

,

Senior

Note

,

0.25

%

,

2/15/28

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

United

States

29,900,000

9,343,750

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

35,000,000

10,937,500

133,353,659

Software

5.4%

b

Alkami

Technology,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

3/15/30

....

United

States

19,300,000

19,364,154

c

BILL

Holdings,

Inc.

,

Senior

Note

,

9

.04

%

,

12/01/25

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

United

States

4,676,000

4,538,058

b

Senior

Note

,

144A,

3

.62

%

,

4/01/30

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

United

States

32,800,000

27,781,600

b

,c

Datadog,

Inc.

,

Senior

Note

,

144A,

0

.57

%

,

12/01/29

..........

United

States

23,400,000

22,827,731

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

8,000,000

9,192,000

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

17,500,000

19,717,250

Workiva,

Inc.

,

Senior

Note

,

1.125

%

,

8/15/26

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

United

States

7,000,000

7,325,500

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

49,000,000

45,043,250

155,789,543

Specialty

Retail

4.9%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

42,287,000

60,850,993

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

171

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Specialty

Retail

(continued)

RealReal,

Inc.

(The)

,

Senior

Note

,

4

%

,

2/15/31

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

United

States

24,000,000

$

19,949,150

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

47,250,000

60,746,088

141,546,231

Total

Convertible

Bonds

(Cost

$

2,087,663,578

)

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

2,263,192,331

Total

Long

Term

Investments

(Cost

$

2,491,331,903

)

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

2,717,426,588

a

Short

Term

Investments

5.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

153,694,592

153,694,592

Total

Money

Market

Funds

(Cost

$

153,694,592

)

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

153,694,592

Total

Short

Term

Investments

(Cost

$

153,694,592

)

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

153,694,592

a

Total

Investments

(Cost

$

2,645,026,495

)

99.6

%

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

$2,871,121,180

Other

Assets,

less

Liabilities

0.4

%

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

9,545,437

Net

Assets

100.0%

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

$2,880,666,617

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$687,551,034,

representing

23.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

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

81.0%

Aerospace

&

Defense

2.1%

L3Harris

Technologies,

Inc.

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

United

States

37,500

$

10,305,750

RTX

Corp.

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

United

States

517,500

81,542,475

91,848,225

Banks

7.6%

Bank

of

America

Corp.

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

United

States

2,840,000

134,246,800

JPMorgan

Chase

&

Co.

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

United

States

675,000

199,962,000

334,208,800

Beverages

2.3%

Coca-Cola

Co.

(The)

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

United

States

910,000

61,779,900

PepsiCo,

Inc.

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

United

States

287,500

39,652,000

101,431,900

Broadline

Retail

0.6%

a

Amazon.com,

Inc.

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

United

States

117,500

27,507,925

Building

Products

0.5%

Carrier

Global

Corp.

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

United

States

350,000

24,017,000

Capital

Markets

9.0%

Ares

Management

Corp.

,

A

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

United

States

97,500

18,089,175

BlackRock,

Inc.

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

United

States

60,000

66,360,600

Blackstone,

Inc.

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

United

States

352,500

60,968,400

Charles

Schwab

Corp.

(The)

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

United

States

1,000,000

97,730,000

Morgan

Stanley

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

United

States

1,040,000

148,158,400

391,306,575

Chemicals

2.0%

Corteva,

Inc.

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

United

States

545,000

39,310,850

Linde

plc

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

United

States

100,000

46,026,000

85,336,850

Commercial

Services

&

Supplies

0.3%

Republic

Services,

Inc.

,

A

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

United

States

50,000

11,532,500

Communications

Equipment

1.7%

Cisco

Systems,

Inc.

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

United

States

1,110,000

75,568,800

Consumer

Finance

1.3%

American

Express

Co.

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

United

States

195,000

58,365,450

Consumer

Staples

Distribution

&

Retail

3.1%

Casey's

General

Stores,

Inc.

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

United

States

70,000

36,409,100

Walmart,

Inc.

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

United

States

1,007,500

98,714,850

135,123,950

Electric

Utilities

4.8%

Duke

Energy

Corp.

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

United

States

850,000

103,394,000

Evergy,

Inc.

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

United

States

555,000

39,294,000

NextEra

Energy,

Inc.

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

United

States

270,000

19,186,200

PPL

Corp.

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

United

States

1,315,000

46,932,350

208,806,550

Electrical

Equipment

3.7%

Eaton

Corp.

plc

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

United

States

219,000

84,253,680

Emerson

Electric

Co.

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

United

States

120,000

17,461,200

Hubbell,

Inc.

,

B

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

United

States

140,000

61,247,200

162,962,080

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)

Electronic

Equipment,

Instruments

&

Components

0.9%

TE

Connectivity

plc

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

Switzerland

190,000

$

39,092,500

Energy

Equipment

&

Services

0.3%

Schlumberger

NV

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

United

States

435,000

14,703,000

Financial

Services

0.2%

Apollo

Global

Management,

Inc.

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

United

States

62,500

9,082,500

Ground

Transportation

0.5%

Norfolk

Southern

Corp.

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

United

States

71,000

19,738,000

Health

Care

Equipment

&

Supplies

2.3%

a

Boston

Scientific

Corp.

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

United

States

212,500

22,295,500

GE

HealthCare

Technologies,

Inc.

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

United

States

380,000

27,101,600

Medtronic

plc

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

United

States

585,000

52,790,400

102,187,500

Health

Care

Providers

&

Services

1.4%

HCA

Healthcare,

Inc.

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

United

States

167,500

59,293,325

Health

Care

REITs

1.5%

Ventas,

Inc.

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

United

States

975,000

65,500,500

Hotels,

Restaurants

&

Leisure

1.0%

McDonald's

Corp.

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

United

States

145,000

43,510,150

Household

Products

2.3%

Procter

&

Gamble

Co.

(The)

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

United

States

670,000

100,814,900

Industrial

REITs

1.3%

Prologis,

Inc.

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

United

States

515,000

54,991,700

Insurance

0.2%

Arthur

J

Gallagher

&

Co.

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

United

States

35,000

10,053,750

Interactive

Media

&

Services

0.9%

Alphabet,

Inc.

,

A

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

United

States

200,000

38,380,000

Life

Sciences

Tools

&

Services

2.0%

Danaher

Corp.

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

United

States

174,000

34,305,840

Thermo

Fisher

Scientific,

Inc.

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

United

States

112,500

52,614,000

86,919,840

Machinery

2.8%

Caterpillar,

Inc.

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

United

States

120,000

52,562,400

Parker-Hannifin

Corp.

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

United

States

93,500

68,432,650

120,995,050

Oil,

Gas

&

Consumable

Fuels

6.5%

Canadian

Natural

Resources

Ltd.

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

Canada

1,150,000

36,455,000

Chevron

Corp.

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

United

States

920,000

139,508,800

Shell

plc

,

ADR

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

United

States

765,000

55,240,650

Suncor

Energy,

Inc.

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

Canada

1,375,000

54,257,500

285,461,950

Pharmaceuticals

3.8%

AstraZeneca

plc

,

ADR

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

United

Kingdom

822,500

60,116,525

Johnson

&

Johnson

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

United

States

655,000

107,904,700

168,021,225

Residential

REITs

1.3%

Mid-America

Apartment

Communities,

Inc.

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

United

States

405,000

57,684,150

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)

Semiconductors

&

Semiconductor

Equipment

3.9%

Broadcom,

Inc.

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

United

States

232,500

$

68,285,250

KLA

Corp.

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

United

States

45,000

39,556,350

Texas

Instruments,

Inc.

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

United

States

340,000

61,560,400

169,402,000

Software

1.8%

Oracle

Corp.

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

United

States

305,000

77,399,850

Specialty

Retail

2.3%

Lowe's

Cos.,

Inc.

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

United

States

295,000

65,953,150

Tractor

Supply

Co.

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

United

States

590,000

33,600,500

99,553,650

Tobacco

1.6%

Philip

Morris

International,

Inc.

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

United

States

425,000

69,721,250

Trading

Companies

&

Distributors

1.8%

United

Rentals,

Inc.

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

United

States

90,000

79,464,600

Wireless

Telecommunication

Services

1.4%

T-Mobile

US,

Inc.

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

United

States

255,000

60,794,550

Total

Common

Stocks

(Cost

$

2,237,066,418

)

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

3,540,782,545

Equity-Linked

Securities

9.5%

Building

Products

0.5%

b

Barclays

Bank

plc

into

Carrier

Global

Corp.

,

144A,

6.5

%

,

6/25/26

United

States

294,000

20,273,651

Capital

Markets

0.7%

b

Mizuho

Markets

Cayman

LP

into

Charles

Schwab

Corp.

(The)

,

144A,

7

%

,

12/23/25

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

United

States

320,000

29,406,770

Consumer

Finance

0.6%

b

Toronto-Dominion

Bank

(The)

into

American

Express

Co.

,

144A,

6.5

%

,

3/13/26

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

United

States

91,800

27,697,997

Consumer

Staples

Distribution

&

Retail

0.9%

b

Jefferies

Financial

Group,

Inc.

into

Casey's

General

Stores,

Inc.

,

144A,

6.5

%

,

5/29/26

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

United

States

37,000

17,821,681

b

Royal

Bank

of

Canada

into

Tesco

plc

,

144A,

7.5

%

,

1/08/26

....

United

Kingdom

420,000

23,454,230

41,275,911

Diversified

Telecommunication

Services

0.7%

b

Barclays

Bank

plc

into

Telenor

ASA

,

144A,

6

%

,

8/07/25

.......

Norway

170,000

29,985,594

Electrical

Equipment

1.1%

b

Merrill

Lynch

BV

into

Eaton

Corp.

plc

,

144A,

7

%

,

5/08/26

......

United

States

59,000

20,293,697

b

National

Bank

of

Canada

into

Hubbell,

Inc.

,

144A,

7

%

,

7/31/26

.

United

States

61,000

26,315,712

46,609,409

Energy

Equipment

&

Services

0.5%

b

Jefferies

Financial

Group,

Inc.

into

Schlumberger

NV

,

144A,

8

%

,

10/17/25

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

United

States

580,000

19,881,979

Ground

Transportation

0.6%

b

Royal

Bank

of

Canada

into

Norfolk

Southern

Corp.

,

144A,

6

%

,

9/17/25

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

United

States

96,000

26,644,714

Health

Care

Providers

&

Services

0.7%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

HCA

Healthcare,

Inc.

,

144A,

6.5

%

,

4/16/26

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

United

States

59,000

20,986,958

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Equity

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Health

Care

Providers

&

Services

(continued)

b

National

Bank

of

Canada

into

UnitedHealth

Group,

Inc.

,

144A,

6.5

%

,

2/05/26

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

United

States

41,500

$

10,937,874

31,924,832

Interactive

Media

&

Services

0.6%

b

Wells

Fargo

Bank

NA

into

Alphabet,

Inc.

,

144A,

6

%

,

4/30/26

...

United

States

151,000

26,583,631

Life

Sciences

Tools

&

Services

0.4%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

5

%

,

10/22/25

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

United

States

35,000

16,593,456

Machinery

0.5%

b

Toronto-Dominion

Bank

(The)

into

Parker-Hannifin

Corp.

,

144A,

6.25

%

,

11/18/25

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

United

States

32,000

22,713,872

Oil,

Gas

&

Consumable

Fuels

0.6%

b

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

9

%

,

2/25/26

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

Canada

825,100

26,315,367

Semiconductors

&

Semiconductor

Equipment

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

KLA

Corp.

,

144A,

8.5

%

,

12/04/25

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

United

States

35,500

26,829,671

Software

0.5%

b

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

9

%

,

3/20/26

...

United

States

111,500

19,479,837

Total

Equity-Linked

Securities

(Cost

$

403,936,358

)

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

412,216,691

Convertible

Preferred

Stocks

6.2%

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)

,

6

%

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

United

States

1,082,500

76,532,750

Capital

Markets

1.2%

Ares

Management

Corp.

,

B

,

6.75

%

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

United

States

915,000

51,789,000

Electric

Utilities

1.3%

NextEra

Energy,

Inc.

,

6.926

%

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

United

States

1,347,250

54,900,438

Financial

Services

2.0%

Apollo

Global

Management,

Inc.

,

6.75

%

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

United

States

1,150,000

87,607,000

Total

Convertible

Preferred

Stocks

(Cost

$

231,307,605

)

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

270,829,188

Total

Long

Term

Investments

(Cost

$

2,872,310,381

)

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

4,223,828,424

a

Short

Term

Investments

2.9%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.9%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

127,195,385

127,195,385

Total

Money

Market

Funds

(Cost

$

127,195,385

)

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

127,195,385

Total

Short

Term

Investments

(Cost

$

127,195,385

)

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

127,195,385

a

Total

Investments

(Cost

$

2,999,505,766

)

99.6

%

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

$4,351,023,809

Other

Assets,

less

Liabilities

0.4

%

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

18,824,733

Net

Assets

100.0%

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

$4,369,848,542

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

See

Abbreviations

on

page

171

.

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$412,216,691,

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),

July

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

1.4%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

1,844,979

$

68,264

Machinery

0.8%

b,c

UTEX

Industries,

Inc.

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

United

States

261,340

12,597,085

Oil,

Gas

&

Consumable

Fuels

0.6%

a

Talos

Energy,

Inc.

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

United

States

961,663

8,222,219

Total

Common

Stocks

(Cost

$

40,916,651

)

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

20,887,568

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

Invesco

Senior

Loan

ETF

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

United

States

613,270

12,835,741

Total

Management

Investment

Companies

(Cost

$

13,115,665

)

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

12,835,741

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b,c

UTEX

Industries,

Inc.

,

12/05/25

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

United

States

634

1

Total

Warrants

(Cost

$

–

)

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

1

Principal

Amount

*

Corporate

Bonds

5.3%

Air

Freight

&

Logistics

0.3%

d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

..

United

States

5,050,000

5,083,209

Capital

Markets

0.3%

d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

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

United

States

5,277,000

5,239,609

Chemicals

0.3%

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

3,900,000

3,790,210

Commercial

Services

&

Supplies

0.3%

d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

1,500,000

1,573,960

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29

%

,

4/15/29

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

United

States

3,600,000

3,487,500

5,061,460

Construction

Materials

0.3%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.......

Mexico

3,875,000

3,846,314

Containers

&

Packaging

0.1%

d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

240,000

245,997

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/15/27

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

United

States

694,000

700,923

946,920

Entertainment

0.2%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,300,000

2,392,179

Ground

Transportation

0.1%

d

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

5/21/30

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

Luxembourg

1,100,900

1,135,893

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)

Ground

Transportation

(continued)

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

$

471,989

1,607,882

Health

Care

Equipment

&

Supplies

0.1%

d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

1,320,000

1,377,882

Hotels,

Restaurants

&

Leisure

0.6%

d

Brightstar

Lottery

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

United

States

2,300,000

2,283,972

d

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

3,600,000

3,673,589

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

d

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

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

Canada

3,600,000

3,527,616

9,485,177

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

4,354,914

Insurance

0.7%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

1,470,600

1,405,068

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

5,300,000

5,309,026

Senior

Secured

Note

,

144A,

6.5

%

,

10/01/31

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

United

States

4,000,000

4,063,096

10,777,190

IT

Services

0.1%

d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

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

United

States

1,800,000

1,891,319

Oil,

Gas

&

Consumable

Fuels

0.2%

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

........

United

States

2,400,000

2,387,958

Passenger

Airlines

0.9%

d

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/27

United

States

4,300,000

4,301,544

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

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

United

States

4,300,000

4,496,725

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

1,850,000

1,849,469

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

189,698

189,249

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

2,485,000

2,471,800

13,308,787

Personal

Care

Products

0.1%

d

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

..........

United

States

1,254,000

1,253,552

Software

0.3%

d

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

9

%

,

9/30/29

.

United

States

3,900,000

4,038,805

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

1,304,384

Total

Corporate

Bonds

(Cost

$

77,125,428

)

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

78,147,751

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

Senior

Floating

Rate

Interests

86.3%

e

Aerospace

&

Defense

0.6%

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

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

United

States

1,882,745

$

1,889,635

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

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

United

States

716,136

718,757

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan

,

7.064

%

,

(

3-month

SOFR

+

2.75

%

),

12/11/31

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

United

States

2,523,795

2,530,105

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

2/28/31

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

United

States

4,141,583

4,158,501

9,296,998

a

a

a

a

a

a

e

Air

Freight

&

Logistics

1.2%

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.81

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

9,480,366

9,509,471

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

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

United

States

8,216,087

8,148,427

17,657,898

a

a

a

a

a

a

e

Automobile

Components

2.7%

Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

1/31/31

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

United

States

3,599,706

3,616,859

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/06/30

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

United

States

2,020,564

2,023,595

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

.........

United

States

4,829,172

4,836,199

f

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

3,655,263

3,521,846

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

5,414,986

5,176,239

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

7,484,777

7,359,145

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

9.57

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

........

United

States

7,651,919

7,510,052

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.041

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

5,920,469

5,594,843

39,638,778

a

a

a

a

a

a

Beverages

0.4%

e

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.546

%

,

(

3-month

SOFR

+

2.25

%

),

3/31/28

.........

United

States

5,887,745

5,908,205

e

Broadline

Retail

0.3%

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

10/28/30

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

Netherlands

477,582

479,222

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/01/31

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

Netherlands

4,460,931

4,478,373

4,957,595

a

a

a

a

a

a

e

Building

Products

1.8%

f

Chariot

Buyer

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.884

%

,

(

12-month

SOFR

+

3

%

),

7/22/32

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

United

States

1,514,620

1,515,877

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.842

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

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

United

States

2,651,199

2,302,129

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.692

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

.......

United

States

4,431,119

4,064,001

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

3/28/31

.........

United

States

3,659,443

3,669,049

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

4/14/31

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

United

States

4,436,096

4,438,247

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)

e

Building

Products

(continued)

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

6,434,642

$

6,444,230

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/32

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

United

States

3,990,000

3,991,496

26,425,029

a

a

a

a

a

a

e

Capital

Markets

4.0%

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

7/31/28

..........

United

States

7,923,940

7,929,090

Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

8/09/30

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

United

States

4,622,748

4,637,194

Ascensus

Holdings,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

8/02/28

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

United

States

4,541,035

4,551,162

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.046

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

.........

United

States

5,237,712

5,199,372

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

4/07/28

...

United

States

5,316,967

5,330,977

Edelman

Financial

Engines

Center

LLC

(The),

Second

Lien,

2024

Refinancing

CME

Term

Loan

,

9.606

%

,

(

1-month

SOFR

+

5.25

%

),

10/20/28

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

United

States

4,000,000

4,031,660

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

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

United

States

4,443,750

4,446,305

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

11/26/31

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

United

States

1,692,283

1,699,264

GTCR

Everest

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

9/05/31

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

United

States

1,980,100

1,983,654

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.333

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

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

United

States

5,263,776

5,246,853

f

Orion

US

Finco,

First

Lien,

CME

Term

Loan

,

7.325

%

,

(

12-month

SOFR

+

3.5

%

),

5/21/32

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

United

States

6,168,123

6,204,113

g

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

9.308

%

,

(

3-month

SOFR

+

5

%

),

5/28/27

United

States

8,140,766

7,906,380

59,166,024

a

a

a

a

a

a

e

Chemicals

2.3%

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.34

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

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

United

States

5,364,266

5,356,890

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.894

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

7,370,674

7,296,968

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

1,454,211

1,354,685

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

3,543,607

3,317,702

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

2

Refinancing

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

12/31/29

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

United

States

3,060,741

3,070,857

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.51

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

...

Netherlands

3,835,818

3,841,821

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.287

%

,

(

3-month

SOFR

+

3

%

),

1/31/29

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

United

States

7,033,375

7,052,962

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

3,600,191

3,054,168

34,346,053

a

a

a

a

a

a

e

Commercial

Services

&

Supplies

4.3%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.........

United

States

13,018,672

13,061,699

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)

e

Commercial

Services

&

Supplies

(continued)

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

6/24/30

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

United

States

988,899

$

991,638

Madison

IAQ

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.452

%

,

(

6-month

SOFR

+

3.25

%

),

5/06/32

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

United

States

4,600,000

4,625,024

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.702

%

,

(

6-month

SOFR

+

2.5

%

),

6/21/28

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

United

States

5,331,641

5,341,052

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.429

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

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

United

States

8,816,936

8,493,178

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

3/26/31

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

Luxembourg

4,250,163

4,269,289

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

3/19/32

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

United

States

8,079,750

8,099,949

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

6.129

%

,

(

6-month

SOFR

+

2

%

),

10/15/30

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

United

States

5,099,904

5,105,208

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.601

%

,

(

1-month

SOFR

+

2.25

%

),

11/30/28

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

United

States

1,543,272

1,547,130

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

C

,

6.601

%

,

(

1-month

SOFR

+

2.25

%

),

11/30/28

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

United

States

85,574

85,788

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.577

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

12,742,100

11,300,650

62,920,605

a

a

a

a

a

a

Communications

Equipment

0.6%

e

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

7.074

%

,

(

3-month

SOFR

+

2.75

%

),

11/30/29

....

United

States

9,102,690

9,091,949

e

Construction

&

Engineering

1.1%

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.796

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

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

United

States

2,693,182

2,246,625

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.776

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

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

United

States

6,208,070

5,222,570

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.042

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

3,812,930

3,827,743

DG

Investment

Intermediate

Holdings

2,

Inc.,

First

Lien,

Closing

Date

Initial

CME

Term

Loan

,

8.088

%

,

(

1-month

SOFR

+

3.75

%

),

7/09/32

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

United

States

939,597

943,417

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.59

%

,

(

1-month

SOFR

+

2.25

%

),

3/15/32

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

United

Kingdom

2,730,496

2,737,323

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.578

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

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

United

States

1,344,954

1,347,294

16,324,972

a

a

a

a

a

a

Consumer

Finance

0.1%

e

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

2

CME

Term

Loan

,

7.048

%

,

(

3-month

SOFR

+

2.75

%

),

6/30/32

.........

United

States

1,898,943

1,913,584

Consumer

Staples

Distribution

&

Retail

0.1%

e,f

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

CME

Term

Loan

,

7.384

%

,

(

12-month

SOFR

+

3.5

%

),

7/16/32

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

United

Kingdom

1,245,675

1,246,460

e

Containers

&

Packaging

2.3%

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.086

%

,

(

1-month

SOFR

+

2.75

%

),

11/29/30

....

United

States

10,743,956

10,781,184

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

6,971,711

6,974,744

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)

e

Containers

&

Packaging

(continued)

f,h

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

3,656

$

3,658

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

7,512,397

6,915,387

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

4/15/27

.......

United

States

3,712,787

3,718,412

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.32

%

,

(

3-month

SOFR

+

4

%

),

9/15/28

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

United

States

4,746,420

4,767,185

33,160,570

a

a

a

a

a

a

e

Distributors

1.2%

BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

8

Incremental

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

12/11/30

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

United

States

5,186,208

5,190,124

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

6.27

%

,

(

6-month

SOFR

+

2

%

),

2/10/31

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

United

States

1,732,522

1,740,102

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

9,990,964

10,044,066

16,974,292

a

a

a

a

a

a

e

Diversified

Consumer

Services

1.5%

Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

12/11/28

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

United

States

4,362,364

4,369,366

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan

,

10.206

%

,

(

1-month

SOFR

+

5.75

%

),

12/10/29

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

United

States

3,267,144

3,273,270

KUEHG

Corp.,

First

Lien,

CME

Term

Loan

,

7.041

%

,

(

3-month

SOFR

+

2.75

%

),

6/12/30

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

United

States

4,455,336

4,465,093

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.315

%

,

(

3-month

SOFR

+

4

%

),

8/11/28

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

United

States

1,680,487

1,683,991

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.333

%

,

(

3-month

SOFR

+

3

%

),

5/04/28

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

United

States

3,498,418

3,506,797

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

12/07/28

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

United

States

1,398,534

1,395,534

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

9/30/30

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

United

States

1,511,432

1,522,903

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/31

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

United

States

2,193,009

2,190,948

22,407,902

a

a

a

a

a

a

e

Diversified

Telecommunication

Services

0.6%

Zayo

Group

Holdings,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.531

%

,

(

1-month

SOFR

+

4.175

%

),

3/09/27

....

United

States

3,468,509

3,381,813

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

5,184,539

8,566,352

a

a

a

a

a

a

e

Electric

Utilities

0.3%

Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

9/30/31

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

United

States

3,000,000

2,999,805

Hamilton

Projects

Acquiror

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/30/31

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

United

States

1,633,349

1,640,234

4,640,039

a

a

a

a

a

a

e

Electrical

Equipment

0.5%

Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

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

United

States

2,898,902

2,907,512

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)

e

Electrical

Equipment

(continued)

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.579

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

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

United

States

4,073,143

$

4,080,617

6,988,129

a

a

a

a

a

a

e

Electronic

Equipment,

Instruments

&

Components

0.2%

Coherent

Corp.,

First

Lien,

CME

Term

Loan,

B2

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

7/02/29

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

United

States

1,156,031

1,160,655

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

6.577

%

,

(

1-month

SOFR

+

2.25

%

),

3/17/32

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

United

States

1,269,588

1,277,129

2,437,784

a

a

a

a

a

a

e

Entertainment

1.3%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

3/01/28

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

France

1,721,841

1,727,764

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.221

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

4,096,122

4,068,186

UFC

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.571

%

,

(

3-month

SOFR

+

2.25

%

),

11/21/31

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

United

States

12,723,711

12,773,715

18,569,665

a

a

a

a

a

a

e

Financial

Services

3.1%

Belfor

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

11/01/30

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

United

States

3,595,372

3,611,120

Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.296

%

,

(

3-month

SOFR

+

2

%

),

1/31/31

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

United

States

16,832,894

16,880,279

f

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

CME

Term

Loan

,

7.566

%

,

(

12-month

SOFR

+

3.5

%

),

6/02/32

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

United

States

5,001,789

4,935,365

f

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B1

,

7.343

%

,

(

1-month

SOFR

+

3

%

),

3/18/30

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

United

States

4,372,277

4,388,739

f

Mermaid

Bidco,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.51

%

,

(

3-month

SOFR

+

3.25

%

),

7/03/31

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

United

States

4,964,602

4,978,403

f

Osaic

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.384

%

,

(

12-month

SOFR

+

3.5

%

),

7/19/32

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

United

States

7,029,033

7,040,034

Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

7/30/32

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

United

States

3,805,049

3,817,529

45,651,469

a

a

a

a

a

a

e

Food

Products

0.3%

f

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan

,

6.594

%

,

(

12-month

SOFR

+

2.5

%

),

7/16/32

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

United

Kingdom

2,390,677

2,388,741

Nourish

Buyer

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

3-month

SOFR

+

4.5

%

),

7/08/32

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

United

States

1,550,633

1,550,633

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

3/17/27

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

United

States

248,476

250,339

4,189,713

a

a

a

a

a

a

e

Ground

Transportation

2.3%

Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.316

%

,

(

1-month

SOFR

+

3

%

),

5/21/31

.......

United

Kingdom

3,824,623

3,849,005

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

4,318,849

4,330,337

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

2,944,438

2,953,478

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

1,324,065

1,327,587

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

......

United

States

7,424,471

7,403,608

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)

e

Ground

Transportation

(continued)

g

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

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

United

States

7,415,343

$

4,344,979

g

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

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

United

States

5,369,731

1,524,705

Savage

Enterprises

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.384

%

,

(

12-month

SOFR

+

2.5

%

),

7/30/32

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

United

States

789,701

791,675

Savage

Enterprises

LLC,

First

Lien,

Refinancing

CME

Term

Loan

,

7.077

%

,

(

1-month

SOFR

+

2.75

%

),

9/15/28

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

United

States

1,229,038

1,232,707

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

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

United

States

5,638,247

5,641,771

33,399,852

a

a

a

a

a

a

e

Health

Care

Equipment

&

Supplies

1.8%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

Term

Loan

,

7.679

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

2,818,182

2,833,682

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

10/23/28

...........

United

States

18,143,072

18,179,630

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.046

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

5,113,588

5,135,320

26,148,632

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

6.8%

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.846

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

7,941,260

7,435,005

ADMI

Corp.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

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

United

States

3,862,441

3,632,298

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

10.106

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

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

United

States

1,151,299

1,117,335

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.183

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

.........

United

States

13,163,442

13,015,353

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.596

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/28

.........

United

States

9,569,599

9,575,628

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.78

%

,

(

3-month

SOFR

+

2.5

%

),

11/08/32

..........

United

States

6,963,075

6,983,964

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

7/28/31

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

United

States

459,234

462,249

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.558

%

,

(

3-month

SOFR

+

4.25

%

),

3/26/29

.....

United

States

4,435,231

3,930,723

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.82

%

,

(

3-month

SOFR

+

3.5

%

),

5/19/31

...........

United

States

3,248,872

3,237,712

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.068

%

,

(

3-month

SOFR

+

3.75

%

),

5/19/31

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

United

States

10,253,806

10,250,627

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.808

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

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

United

States

4,740,601

2,633,001

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.058

%

,

(

3-month

SOFR

+

3.75

%

),

12/31/30

United

States

811,575

809,546

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

9.17

%

,

(

3-month

SOFR

+

4.6

%

),

12/31/30

..........

United

States

2,238,696

2,008,535

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.171

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

3/02/28

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

United

States

6,243,979

6,100,679

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.146

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

216,306

211,342

Paradigm

Parent

LLC,

Initial

CME

Term

Loan

,

8.822

%

,

(

3-month

SOFR

+

4.5

%

),

4/16/32

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

United

States

7,300,000

6,652,125

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

A

,

9.308

%

,

(

3-month

SOFR

+

5

%

),

6/30/28

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

United

States

2,532,284

2,551,796

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)

e

Health

Care

Providers

&

Services

(continued)

g

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

9.28

%

,

(

3-month

SOFR

+

5

%

),

6/30/28

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

United

States

8,018,934

$

6,549,465

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

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

United

States

2,993,135

2,999,765

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

914,352

918,402

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.687

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

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

United

States

5,254,084

5,209,214

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

10/22/29

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

United

States

3,106,209

3,119,162

99,403,926

a

a

a

a

a

a

e

Health

Care

Technology

1.6%

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

2/15/29

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

United

States

13,901,969

13,908,225

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

2

CME

Term

Loan

,

7.079

%

,

(

1-month

SOFR

+

2.75

%

),

3/26/32

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

United

States

3,700,000

3,696,911

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.079

%

,

(

1-month

SOFR

+

2.75

%

),

5/01/31

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

United

States

6,348,455

6,339,885

23,945,021

a

a

a

a

a

a

e

Hotels,

Restaurants

&

Leisure

6.0%

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.844

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

1,651,634

1,626,512

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

6,481,005

6,485,737

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.016

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

3,302,419

3,312,063

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

1/29/29

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

United

States

7,443,687

7,458,389

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.046

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

4,432,949

4,425,191

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.077

%

,

(

1-month

SOFR

+

3.75

%

),

1/28/32

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

United

States

11,710,219

11,734,856

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.586

%

,

(

1-month

SOFR

+

4.25

%

),

12/04/31

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

United

States

2,803,742

2,822,359

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.074

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

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

Canada

4,029,589

3,941,442

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

8/02/28

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

United

States

2,924,159

2,926,396

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

12/15/27

...

United

States

12,146,061

12,156,446

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.593

%

,

(

1-month

SOFR

+

2.25

%

),

4/16/29

...........

United

States

4,288,473

4,303,483

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.546

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

6,527,977

6,503,497

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/03/29

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

United

States

3,478,890

3,493,553

f

Sabre

GLBL,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

6/30/28

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

United

States

6,936,982

6,926,577

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.286

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

5,013,273

5,016,883

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.827

%

,

(

1-month

SOFR

+

2.5

%

),

8/03/28

........

United

States

5,183,334

5,190,254

88,323,638

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.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Household

Durables

0.4%

e

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

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

Netherlands

5,170,281

$

5,179,975

e

Independent

Power

and

Renewable

Electricity

Producers

1.2%

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

3,184,000

3,189,907

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

1/31/31

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

United

States

3,283,500

3,287,703

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.808

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

1,070,852

1,074,616

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.808

%

,

(

3-month

SOFR

+

2.5

%

),

5/17/30

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

United

States

9,773,198

9,808,332

17,360,558

a

a

a

a

a

a

e

Insurance

8.7%

Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

6/21/32

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

United

States

1,693,431

1,699,781

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

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

United

States

10,804,916

10,820,097

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.103

%

,

(

1-month

SOFR

+

2.75

%

),

9/19/31

.........

United

States

13,715,015

13,731,473

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

1/30/32

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

United

States

4,513,495

4,521,867

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.858

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

25,489,861

25,570,664

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.456

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

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

United

States

2,405,130

2,389,448

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

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

United

States

3,988,364

3,957,614

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B9

,

7.721

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

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

United

States

8,104

8,112

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

9.721

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

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

United

States

7,696,342

7,422,814

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.721

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

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

United

States

10,622,294

10,014,859

BroadStreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

6/16/31

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

United

States

3,217,359

3,223,375

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.825

%

,

(

3-month

SOFR

+

2.5

%

),

6/20/30

..........

United

States

21,070,403

21,120,234

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

17,595,062

17,636,586

Truist

Insurance

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

5/06/31

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

United

States

6,146,024

6,160,098

128,277,022

a

a

a

a

a

a

e

IT

Services

1.8%

Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.808

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

4,532,675

3,692,158

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

6/27/31

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

United

States

6,464,500

6,484,702

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.396

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

5,326,315

5,261,414

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

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

United

States

12,699,597

11,382,903

26,821,177

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

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Machinery

2.3%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

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

United

States

4,628,103

$

4,559,098

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

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

United

States

3,872,671

3,898,580

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

10/23/28

......

United

States

10,350,109

10,386,490

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.108

%

,

(

1-month

SOFR

+

2.75

%

),

9/26/31

.....

United

States

2,984,962

3,001,753

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

7.077

%

,

(

1-month

SOFR

+

2.75

%

),

8/31/28

.

United

States

6,057,096

6,080,688

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

7.237

%

,

(

3-month

SOFR

+

3

%

),

4/30/30

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

Germany

5,527,202

5,563,820

33,490,429

a

a

a

a

a

a

e

Media

1.2%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.853

%

,

(

1-month

SOFR

+

3.5

%

),

3/24/31

..........

United

States

2,329,098

2,331,217

f

CMG

Media

Corp.,

First

Lien,

CME

Term

Loan

,

7.896

%

,

(

3-month

SOFR

+

3.5

%

),

6/18/29

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

United

States

6,000,000

5,874,000

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

........

United

States

665,385

661,130

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.443

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

1,273,011

1,273,367

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.246

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

7,342,605

6,092,049

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

8/06/31

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

United

States

1,257,398

1,261,818

17,493,581

a

a

a

a

a

a

e

Oil,

Gas

&

Consumable

Fuels

0.4%

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.697

%

,

(

12-month

SOFR

+

3.5

%

),

10/15/31

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

United

States

3,537,167

3,560,848

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

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

United

States

2,781,244

2,797,390

6,358,238

a

a

a

a

a

a

Paper

&

Forest

Products

0.2%

e

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.583

%

,

(

3-month

SOFR

+

4.25

%

),

11/04/31

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

United

States

3,482,500

3,467,264

e

Passenger

Airlines

1.2%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.575

%

,

(

3-month

SOFR

+

3.25

%

),

5/28/32

.....

United

States

1,608,871

1,621,943

f

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

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

United

States

11,705,999

11,673,807

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

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

United

States

3,729,000

3,720,069

17,015,819

a

a

a

a

a

a

Personal

Care

Products

0.3%

e

Opal

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.435

%

,

(

6-month

SOFR

+

3.25

%

),

4/23/32

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

United

States

4,500,000

4,525,043

e

Pharmaceuticals

0.4%

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.356

%

,

(

1-month

SOFR

+

4

%

),

4/23/31

.......

United

States

1,222,291

1,226,721

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.599

%

,

(

1-month

SOFR

+

2.25

%

),

5/19/31

.........

United

States

2,842,657

2,749,091

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)

e

Pharmaceuticals

(continued)

f

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.819

%

,

(

3-month

SOFR

+

2.5

%

),

12/04/31

.....

United

States

2,470,043

$

2,473,514

6,449,326

a

a

a

a

a

a

e

Professional

Services

3.2%

AlixPartners

LLP,

First

Lien,

CME

Term

Loan

,

6.384

%

,

(

12-month

SOFR

+

2.5

%

),

8/02/32

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

United

States

7,853,403

7,843,586

CHG

Healthcare

Services,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan

,

7.333

%

,

(

3-month

SOFR

+

3

%

),

9/29/28

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

United

States

3,706,086

3,708,977

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.971

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

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

United

States

8,094,872

8,086,048

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2

,

6.603

%

,

(

1-month

SOFR

+

2.25

%

),

1/18/29

......

United

States

3,759,116

3,761,804

Ensemble

RCM

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.28

%

,

(

3-month

SOFR

+

3

%

),

8/01/29

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

United

States

856,655

861,593

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

6/02/31

......

United

States

2,205,583

2,209,917

Grant

Thornton

Advisors

LLC,

First

Lien,

2025-2

Incremental

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

6/02/31

.....

United

States

5,500,000

5,517,903

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.697

%

,

(

3-month

SOFR

+

4.25

%

),

3/06/28

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

United

States

6,041,735

2,114,608

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

3,640,233

3,617,481

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

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

Canada

8,802,330

8,815,402

46,537,319

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

e

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

593,942

598,150

Semiconductors

&

Semiconductor

Equipment

0.3%

e

MKS,

Inc.,

First

Lien,

2025-1

Dollar

CME

Term

Loan,

B

,

6.353

%

,

(

1-month

SOFR

+

2

%

),

8/17/29

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

United

States

4,180,812

4,187,606

e

Software

10.2%

f

Azalea

Topco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

4/30/31

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

United

States

3,000,000

3,003,450

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

7.333

%

,

(

3-month

SOFR

+

3

%

),

7/30/31

.......

United

States

2,892,750

2,896,134

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

15,180,342

12,409,930

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

8.046

%

,

(

3-month

SOFR

+

3.75

%

),

3/21/31

.......

United

States

4,425,166

4,446,053

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.796

%

,

(

3-month

SOFR

+

3.5

%

),

3/30/29

........

United

States

11,117,539

11,149,112

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

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

United

States

6,075,978

5,846,215

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

10.456

%

,

(

1-month

SOFR

+

6

%

),

10/10/29

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

United

States

3,000,000

2,638,140

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.307

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

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

United

States

3,159,145

3,159,792

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.057

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

3,135,025

3,149,870

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

CME

Term

Loan

,

7.068

%

,

(

3-month

SOFR

+

2.75

%

),

5/09/30

.....

United

States

6,326,607

6,352,072

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

5/30/31

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

United

States

7,403,054

7,424,523

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)

e

Software

(continued)

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B3

,

7.31

%

,

(

3-month

SOFR

+

3

%

),

3/03/28

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

United

States

1,072,061

$

1,072,919

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/32

..........

United

States

8,524,773

8,527,032

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan

,

7.796

%

,

(

3-month

SOFR

+

3.5

%

),

8/29/31

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

Sweden

3,423,908

3,460,304

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

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

United

States

14,779,683

14,323,952

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

Commitment

CME

Term

Loan

,

7.082

%

,

(

3-month

SOFR

+

2.75

%

),

11/03/31

Canada

2,321,667

2,326,751

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.32

%

,

(

3-month

SOFR

+

3.75

%

),

6/02/28

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

United

States

3,094,611

3,041,817

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

10/28/30

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

United

States

5,878,643

5,899,953

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

7/16/31

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

United

States

6,885,649

6,891,330

f

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

6.785

%

,

(

12-month

SOFR

+

3

%

),

8/31/28

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

United

States

1,353,536

1,357,346

7.327

%

,

(

1-month

SOFR

+

3

%

),

8/31/28

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

United

States

5,320,010

5,334,986

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

11/28/28

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

United

States

5,117,800

5,136,608

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.971

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

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

United

States

4,909,617

4,928,249

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

2

Replacement

CME

Term

Loan

,

8.356

%

,

(

1-month

SOFR

+

4

%

),

8/13/29

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

United

States

3,684,553

3,692,383

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.31

%

,

(

3-month

SOFR

+

3

%

),

2/10/31

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

United

States

19,799,013

19,819,406

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

11/26/31

....

United

States

1,793,480

1,794,718

150,083,045

a

a

a

a

a

a

e

Specialty

Retail

3.5%

AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

8.327

%

,

(

1-month

SOFR

+

4

%

),

12/23/30

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

United

States

7,853,689

7,883,493

g

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.427

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

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

United

States

16,493,169

11,215,355

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

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

United

States

5,599,510

5,612,109

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

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

United

States

6,280,505

5,355,827

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.807

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

11,720,028

10,980,963

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/28

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

United

States

1,783,281

1,652,014

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

2,657,967

2,581,962

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

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

United

States

5,502,467

5,501,394

50,783,117

a

a

a

a

a

a

e

Textiles,

Apparel

&

Luxury

Goods

0.7%

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

12/21/28

..........

United

States

2,727,699

2,725,994

f

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.316

%

,

(

12-month

SOFR

+

3.25

%

),

6/25/32

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

United

States

318,450

320,838

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)

e

Textiles,

Apparel

&

Luxury

Goods

(continued)

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.776

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

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

United

States

4,871,192

$

4,582,842

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

3/08/32

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

United

States

2,268,355

2,280,162

9,909,836

a

a

a

a

a

a

Trading

Companies

&

Distributors

0.6%

e

Foundation

Building

Materials,

Inc.,

First

Lien,

Term

Loan

,

8.291

%

,

(

3-month

SOFR

+

4

%

),

1/29/31

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

United

States

9,037,398

8,741,920

Wireless

Telecommunication

Services

0.4%

e

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

7.818

%

,

(

3-month

SOFR

+

3.5

%

),

1/30/31

..

United

States

5,155,121

5,195,949

Total

Senior

Floating

Rate

Interests

(Cost

$

1,287,600,008

)

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

1,266,176,508

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

..........

United

States

13,585,837

—

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

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

United

States

13,585,837

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

1,418,757,752

)

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

1,378,047,569

a

Short

Term

Investments

8.8%

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

,

4.254

%

..

United

States

73,638,204

73,638,204

Total

Money

Market

Funds

(Cost

$

73,638,204

)

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

73,638,204

Principal

Amount

*

Repurchase

Agreements

3.8%

k

Joint

Repurchase

Agreement

,

4.328

%

,

8/01/25

(Maturity

Value

$

54,863,239

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$23,738,226)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$7,386,238)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$23,738,775)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7.5%,

8/20/30

-

7/20/55;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

0.38%

-

4.49%,

8/15/25

-

1/31/30

(valued

at

$

56,017,533

)

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

54,856,644

54,856,644

Total

Repurchase

Agreements

(Cost

$

54,856,644

)

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

54,856,644

Total

Short

Term

Investments

(Cost

$

128,494,848

)

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

128,494,848

a

Total

Investments

(Cost

$

1,547,252,600

)

102.7

%

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

$1,506,542,417

Other

Assets,

less

Liabilities

(

2.7

)

%

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

(38,675,969)

Net

Assets

100.0%

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

$1,467,866,448

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

25

See

Abbreviations

on

page

171

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

c

See

Note

5

regarding

holdings

of

5%

voting

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$75,759,793,

representing

5.2%

of

net

assets.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

See

Note

4

regarding

unfunded

loan

commitments.

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

July

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

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

90.0%

Aerospace

&

Defense

3.8%

a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5

%

,

3/26/54

.........

United

Kingdom

200,000

$

196,769

Boeing

Co.

(The)

,

Senior

Bond

,

3.6

%

,

5/01/34

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

United

States

180,000

159,076

Senior

Bond

,

3.25

%

,

2/01/35

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

United

States

100,000

84,598

Senior

Bond

,

5.705

%

,

5/01/40

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

United

States

40,000

39,761

Senior

Bond

,

3.75

%

,

2/01/50

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

United

States

260,000

184,099

Senior

Bond

,

6.858

%

,

5/01/54

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

United

States

100,000

110,021

Senior

Bond

,

5.93

%

,

5/01/60

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

United

States

220,000

210,710

Senior

Bond

,

7.008

%

,

5/01/64

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

United

States

120,000

132,549

General

Dynamics

Corp.

,

Senior

Bond

,

2.85

%

,

6/01/41

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

United

States

85,000

62,379

Senior

Bond

,

3.6

%

,

11/15/42

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

United

States

110,000

87,787

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95

%

,

2/01/37

.......

United

States

230,000

244,027

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07

%

,

12/15/42

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

United

States

125,000

104,316

Senior

Bond

,

2.8

%

,

6/15/50

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

United

States

50,000

31,140

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03

%

,

10/15/47

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

United

States

230,000

182,912

Senior

Bond

,

4.95

%

,

3/15/53

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

United

States

130,000

116,383

RTX

Corp.

,

Senior

Bond

,

4.05

%

,

5/04/47

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

United

States

125,000

99,083

Senior

Bond

,

2.82

%

,

9/01/51

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

United

States

150,000

91,836

Senior

Bond

,

3.03

%

,

3/15/52

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

United

States

150,000

95,555

2,233,001

Automobiles

0.2%

a

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.4

%

,

3/29/32

...

United

States

125,000

126,739

Banks

6.0%

Bank

of

America

Corp.

,

Senior

Bond

,

2.676%

to

6/18/40,

FRN

thereafter

,

6/19/41

...

United

States

800,000

570,755

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

150,000

150,334

Sub.

Bond

,

5.744%

to

2/11/35,

FRN

thereafter

,

2/12/36

.....

United

States

350,000

356,216

Barclays

plc

,

Senior

Bond

,

5.335%

to

9/09/34,

FRN

thereafter

,

9/10/35

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

United

Kingdom

400,000

398,181

Cooperatieve

Rabobank

UA

,

Senior

Bond

,

5.25

%

,

5/24/41

....

Netherlands

135,000

132,380

HSBC

Holdings

plc

,

Senior

Bond

,

6.332%

to

3/08/43,

FRN

thereafter

,

3/09/44

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

United

Kingdom

200,000

213,659

ING

Groep

NV

,

Senior

Bond

,

5.525%

to

3/24/35,

FRN

thereafter

,

3/25/36

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

Netherlands

200,000

203,950

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

100,000

102,634

Senior

Bond

,

5.572%

to

4/21/35,

FRN

thereafter

,

4/22/36

...

United

States

150,000

154,960

Senior

Bond

,

3.109%

to

4/21/40,

FRN

thereafter

,

4/22/41

...

United

States

300,000

229,426

Senior

Bond

,

2.525%

to

11/18/40,

FRN

thereafter

,

11/19/41

..

United

States

320,000

224,548

Senior

Bond

,

5.534%

to

11/28/44,

FRN

thereafter

,

11/29/45

..

United

States

160,000

160,158

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

140,000

142,164

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

...

United

States

50,000

51,899

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

85,000

85,913

US

Bancorp

,

Senior

Bond

,

5.678%

to

1/22/34,

FRN

thereafter

,

1/23/35

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

United

States

50,000

51,835

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.068%

to

4/29/40,

FRN

thereafter

,

4/30/41

...

United

States

100,000

75,458

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)

Banks

(continued)

Wells

Fargo

&

Co.,

(continued)

Senior

Bond

,

3.9

%

,

5/01/45

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

United

States

300,000

$

238,638

3,543,108

Beverages

2.0%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9

%

,

2/01/46

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

Belgium

721,000

659,694

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.439

%

,

10/06/48

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

Belgium

100,000

84,625

Coca-Cola

Co.

(The)

,

Senior

Bond

,

5.4

%

,

5/13/64

...........

United

States

250,000

241,836

Keurig

Dr

Pepper,

Inc.

,

Senior

Bond

,

3.35

%

,

3/15/51

.........

United

States

180,000

120,224

PepsiCo,

Inc.

,

Senior

Bond

,

4.2

%

,

7/18/52

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

United

States

55,000

44,979

1,151,358

Biotechnology

2.7%

AbbVie,

Inc.

,

Senior

Bond

,

4.45

%

,

5/14/46

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

United

States

490,000

419,577

Senior

Bond

,

4.875

%

,

11/14/48

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

United

States

90,000

81,119

Senior

Bond

,

4.25

%

,

11/21/49

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

United

States

140,000

114,274

Senior

Bond

,

5.4

%

,

3/15/54

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

United

States

95,000

91,617

Amgen,

Inc.

,

Senior

Bond

,

3.15

%

,

2/21/40

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

United

States

180,000

138,054

Senior

Bond

,

5.6

%

,

3/02/43

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

United

States

175,000

172,963

Senior

Bond

,

5.65

%

,

3/02/53

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

United

States

250,000

241,912

a

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75

%

,

4/27/52

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

Australia

130,000

111,509

Senior

Bond

,

144A,

5.417

%

,

4/03/54

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

Australia

75,000

70,754

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8

%

,

9/15/50

.

United

States

300,000

179,380

1,621,159

Broadline

Retail

0.9%

Amazon.com,

Inc.

,

Senior

Bond

,

2.875

%

,

5/12/41

...........

United

States

680,000

506,486

Building

Products

0.6%

Carrier

Global

Corp.

,

Senior

Bond

,

3.377

%

,

4/05/40

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

United

States

75,000

59,244

Senior

Bond

,

3.577

%

,

4/05/50

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

United

States

72,000

52,845

Owens

Corning

,

Senior

Bond

,

4.3

%

,

7/15/47

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

United

States

85,000

68,517

Senior

Bond

,

5.95

%

,

6/15/54

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

United

States

175,000

176,412

357,018

Capital

Markets

3.8%

BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25

%

,

3/14/54

.......

United

States

160,000

152,274

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.908%

to

7/20/41,

FRN

thereafter

,

7/21/42

...

United

States

200,000

142,974

Senior

Bond

,

3.436%

to

2/23/42,

FRN

thereafter

,

2/24/43

...

United

States

250,000

190,652

Senior

Bond

,

5.734%

to

1/27/55,

FRN

thereafter

,

1/28/56

...

United

States

120,000

120,590

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

150,000

153,609

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

6.2

%

,

4/14/34

....

United

States

200,000

209,036

Moody's

Corp.

,

Senior

Bond

,

2.75

%

,

8/19/41

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

United

States

85,000

59,557

Morgan

Stanley

,

Senior

Bond

,

5.587%

to

1/17/35,

FRN

thereafter

,

1/18/36

...

United

States

80,000

82,138

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)

Capital

Markets

(continued)

Morgan

Stanley,

(continued)

b

Senior

Bond

,

FRN

,

3.971

%

,

7/22/38

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

United

States

550,000

$

481,863

Senior

Bond

,

5.516%

to

11/18/54,

FRN

thereafter

,

11/19/55

..

United

States

120,000

117,639

Nasdaq,

Inc.

,

Senior

Bond

,

3.95

%

,

3/07/52

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

United

States

103,000

76,794

Senior

Bond

,

6.1

%

,

6/28/63

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

United

States

80,000

81,719

a

UBS

Group

AG

,

Senior

Bond

,

144A,

2.746%

to

2/10/32,

FRN

thereafter

,

2/11/33

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

Switzerland

450,000

392,872

2,261,717

Chemicals

0.8%

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.319

%

,

11/15/38

.....

United

States

260,000

266,894

Huntsman

International

LLC

,

Senior

Bond

,

5.7

%

,

10/15/34

....

United

States

90,000

83,016

Westlake

Corp.

,

Senior

Bond

,

2.875

%

,

8/15/41

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

United

States

110,000

74,326

Senior

Bond

,

3.125

%

,

8/15/51

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

United

States

70,000

42,894

467,130

Communications

Equipment

0.6%

Cisco

Systems,

Inc.

,

Senior

Bond

,

5.3

%

,

2/26/54

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

United

States

250,000

241,057

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5

%

,

9/01/44

.........

United

States

145,000

141,508

382,565

Construction

Materials

0.3%

Martin

Marietta

Materials,

Inc.

,

Senior

Bond

,

5.5

%

,

12/01/54

...

United

States

60,000

57,614

Vulcan

Materials

Co.

,

Senior

Bond

,

5.7

%

,

12/01/54

..........

United

States

135,000

133,697

191,311

Consumer

Finance

0.6%

American

Express

Co.

,

Senior

Bond

,

5.667%

to

4/24/35,

FRN

thereafter

,

4/25/36

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

United

States

120,000

124,554

Capital

One

Financial

Corp.

,

Sub.

Bond

,

6.183%

to

1/29/35,

FRN

thereafter

,

1/30/36

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

United

States

240,000

246,502

371,056

Consumer

Staples

Distribution

&

Retail

0.9%

Kroger

Co.

(The)

,

Senior

Bond

,

5.65

%

,

9/15/64

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

United

States

270,000

254,891

Sysco

Corp.

,

Senior

Bond

,

3.3

%

,

2/15/50

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

United

States

80,000

53,537

Walmart,

Inc.

,

Senior

Bond

,

2.65

%

,

9/22/51

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

United

States

220,000

136,258

Senior

Bond

,

4.5

%

,

4/15/53

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

United

States

110,000

95,656

540,342

Containers

&

Packaging

0.4%

Smurfit

Kappa

Treasury

ULC

,

Senior

Bond

,

5.777

%

,

4/03/54

...

Ireland

220,000

218,883

Diversified

Consumer

Services

1.7%

Leland

Stanford

Junior

University

(The)

,

3.647

%

,

5/01/48

.....

United

States

400,000

306,651

Massachusetts

Institute

of

Technology

,

G

,

2.294

%

,

7/01/51

....

United

States

330,000

184,814

President

and

Fellows

of

Harvard

College

,

3.745

%

,

11/15/52

...

United

States

270,000

205,380

University

of

Miami

,

2022

,

Senior

Bond

,

4.063

%

,

4/01/52

.....

United

States

240,000

188,717

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

Consumer

Services

(continued)

University

of

Southern

California

,

3.028

%

,

10/01/39

..........

United

States

150,000

$

119,921

1,005,483

Diversified

REITs

0.5%

Simon

Property

Group

LP

,

Senior

Bond

,

4.75

%

,

3/15/42

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

United

States

60,000

53,891

Senior

Bond

,

4.25

%

,

11/30/46

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

United

States

110,000

90,048

VICI

Properties

LP

,

Senior

Bond

,

5.75

%

,

4/01/34

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

United

States

125,000

127,972

271,911

Diversified

Telecommunication

Services

3.1%

AT&T,

Inc.

,

Senior

Bond

,

3.5

%

,

6/01/41

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

United

States

150,000

117,371

Senior

Bond

,

4.35

%

,

6/15/45

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

United

States

260,000

215,261

Senior

Bond

,

4.75

%

,

5/15/46

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

United

States

550,000

478,898

Senior

Bond

,

3.5

%

,

9/15/53

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

United

States

580,000

391,040

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.65

%

,

11/20/40

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

United

States

600,000

420,932

Senior

Bond

,

3.85

%

,

11/01/42

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

United

States

80,000

63,713

Senior

Bond

,

4.125

%

,

8/15/46

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

United

States

190,000

151,772

1,838,987

Electric

Utilities

9.8%

Alabama

Power

Co.

,

Senior

Bond

,

4.15

%

,

8/15/44

..........

United

States

320,000

261,617

Appalachian

Power

Co.

,

Senior

Bond

,

7

%

,

4/01/38

..........

United

States

50,000

55,642

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

6/01/52

..

United

States

185,000

156,003

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85

%

,

3/15/52

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

United

States

215,000

161,779

130

,

Senior

Bond

,

3.125

%

,

3/15/51

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

United

States

60,000

39,665

DTE

Electric

Co.

,

Senior

Bond

,

5.85

%

,

5/15/55

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

United

States

70,000

73,236

B

,

Senior

Bond

,

3.65

%

,

3/01/52

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

United

States

270,000

197,448

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95

%

,

3/15/48

....

United

States

430,000

336,259

Duke

Energy

Corp.

,

Senior

Bond

,

3.5

%

,

6/15/51

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

United

States

340,000

232,783

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4

%

,

10/01/46

......

United

States

270,000

193,077

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15

%

,

12/01/44

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

United

States

195,000

159,446

Senior

Bond

,

3.6

%

,

9/15/47

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

United

States

70,000

51,286

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1

%

,

6/15/41

.........

United

States

150,000

109,975

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05

%

,

6/01/42

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

United

States

580,000

487,070

Senior

Bond

,

3.95

%

,

3/01/48

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

United

States

70,000

55,498

Georgia

Power

Co.

,

B

,

Senior

Bond

,

3.7

%

,

1/30/50

..........

United

States

90,000

67,267

MidAmerican

Energy

Co.

,

Senior

Bond

,

3.95

%

,

8/01/47

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

United

States

145,000

114,584

Senior

Bond

,

3.15

%

,

4/15/50

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

United

States

755,000

509,622

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9

%

,

3/15/55

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

United

States

120,000

119,781

Northern

States

Power

Co.

,

Senior

Bond

,

3.6

%

,

5/15/46

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

United

States

30,000

22,688

Senior

Bond

,

2.6

%

,

6/01/51

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

United

States

255,000

153,885

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)

Electric

Utilities

(continued)

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

3.3

%

,

8/01/40

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

United

States

170,000

$

124,443

Senior

Bond

,

4.75

%

,

2/15/44

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

United

States

180,000

149,104

Senior

Bond

,

4

%

,

12/01/46

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

United

States

75,000

54,449

PacifiCorp

,

Senior

Bond

,

5.8

%

,

1/15/55

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

United

States

160,000

152,315

PECO

Energy

Co.

,

Senior

Bond

,

4.8

%

,

10/15/43

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

United

States

175,000

156,758

PG&E

Wildfire

Recovery

Funding

LLC

,

A-5

,

Senior

Secured

Bond

,

5.099

%

,

6/01/52

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

United

States

280,000

259,352

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95

%

,

6/01/47

......

United

States

275,000

217,341

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8

%

,

6/15/47

...

United

States

200,000

149,231

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.45

%

,

8/01/53

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

United

States

100,000

98,025

Senior

Secured

Bond

,

3

%

,

3/01/51

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

United

States

300,000

196,992

Southern

California

Edison

Co.

,

Senior

Bond

,

4

%

,

4/01/47

.....

United

States

80,000

58,325

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45

%

,

2/15/44

..

United

States

450,000

383,197

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

5.7

%

,

12/30/34

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

United

States

200,000

203,783

5,761,926

Electronic

Equipment,

Instruments

&

Components

0.5%

Corning,

Inc.

,

Senior

Bond

,

4.75

%

,

3/15/42

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

United

States

130,000

116,738

Senior

Bond

,

3.9

%

,

11/15/49

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

United

States

100,000

75,589

Senior

Bond

,

4.375

%

,

11/15/57

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

United

States

100,000

80,126

272,453

Entertainment

0.5%

Netflix,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

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

United

States

200,000

196,010

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8

%

,

5/13/60

..........

United

States

140,000

101,690

297,700

Financial

Services

1.8%

Fiserv,

Inc.

,

Senior

Bond

,

4.4

%

,

7/01/49

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

United

States

10,000

7,994

Global

Payments,

Inc.

,

Senior

Bond

,

5.95

%

,

8/15/52

.........

United

States

200,000

190,172

Mastercard,

Inc.

,

Senior

Bond

,

3.65

%

,

6/01/49

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

United

States

200,000

150,980

Shell

International

Finance

BV

,

Senior

Bond

,

3

%

,

11/26/51

....

United

States

220,000

141,309

a

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875

%

,

3/11/41

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

Germany

465,000

344,739

Visa,

Inc.

,

Senior

Bond

,

4.3

%

,

12/14/45

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

United

States

235,000

202,260

1,037,454

Food

Products

1.2%

a

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

4/22/52

...........

United

States

150,000

123,405

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Bond

,

4.375

%

,

2/02/52

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

United

States

325,000

247,944

Senior

Bond

,

6.5

%

,

12/01/52

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

United

States

50,000

51,227

a

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

6.375

%

,

2/25/55

..........

United

States

30,000

30,266

Kellanova

,

Senior

Bond

,

4.5

%

,

4/01/46

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

United

States

50,000

42,657

a

Mars,

Inc.

,

Senior

Bond

,

144A,

2.375

%

,

7/16/40

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

United

States

150,000

104,166

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)

Food

Products

(continued)

a

Mars,

Inc.,

(continued)

Senior

Bond

,

144A,

5.7

%

,

5/01/55

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

United

States

110,000

$

108,640

708,305

Gas

Utilities

0.4%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35

%

,

11/15/52

...

United

States

230,000

247,135

Ground

Transportation

2.4%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75

%

,

5/01/40

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

United

States

700,000

726,518

Senior

Bond

,

4.15

%

,

4/01/45

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

United

States

140,000

116,005

CSX

Corp.

,

Senior

Bond

,

4.5

%

,

11/15/52

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

United

States

140,000

117,207

Norfolk

Southern

Corp.

,

Senior

Bond

,

3.942

%

,

11/01/47

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

United

States

50,000

39,089

Senior

Bond

,

4.15

%

,

2/28/48

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

United

States

50,000

39,992

Union

Pacific

Corp.

,

Senior

Bond

,

3.55

%

,

8/15/39

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

United

States

100,000

83,152

Senior

Bond

,

4.05

%

,

3/01/46

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

United

States

400,000

321,824

1,443,787

Health

Care

Equipment

&

Supplies

0.4%

Baxter

International,

Inc.

,

Senior

Bond

,

3.132

%

,

12/01/51

.....

United

States

200,000

126,179

Medtronic,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/45

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

United

States

100,000

89,570

215,749

Health

Care

Providers

&

Services

6.6%

Ascension

Health

,

Senior

Bond

,

3.945

%

,

11/15/46

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

United

States

150,000

118,928

B

,

Senior

Bond

,

3.106

%

,

11/15/39

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

United

States

170,000

131,664

Cigna

Group

(The)

,

Senior

Bond

,

3.2

%

,

3/15/40

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

United

States

50,000

37,868

Senior

Bond

,

4.9

%

,

12/15/48

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

United

States

125,000

108,131

Senior

Bond

,

3.4

%

,

3/15/50

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

United

States

125,000

84,048

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187

%

,

10/01/49

.

United

States

280,000

217,961

CVS

Health

Corp.

,

Senior

Bond

,

4.78

%

,

3/25/38

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

United

States

380,000

347,437

Senior

Bond

,

5.125

%

,

7/20/45

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

United

States

440,000

386,384

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65

%

,

1/15/43

.........

United

States

230,000

199,752

HCA,

Inc.

,

Senior

Bond

,

4.625

%

,

3/15/52

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

United

States

470,000

375,903

a

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

Senior

Bond

,

144A,

5.875

%

,

6/15/54

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

United

States

80,000

77,012

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6

%

,

5/08/34

.

United

States

250,000

255,970

Kaiser

Foundation

Hospitals

,

2021

,

3.002

%

,

6/01/51

.........

United

States

300,000

193,083

Mayo

Clinic

,

2021

,

3.196

%

,

11/15/61

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

United

States

170,000

107,161

Sutter

Health

,

5.547

%

,

8/15/53

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

United

States

100,000

97,530

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95

%

,

10/15/42

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

United

States

170,000

137,122

Senior

Bond

,

4.45

%

,

12/15/48

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

United

States

100,000

81,738

Senior

Bond

,

5.95

%

,

6/15/55

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

United

States

80,000

80,068

Senior

Bond

,

6.05

%

,

2/15/63

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

United

States

245,000

244,433

Senior

Bond

,

5.2

%

,

4/15/63

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

United

States

110,000

95,998

Senior

Bond

,

5.75

%

,

7/15/64

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

United

States

310,000

295,273

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)

Health

Care

Providers

&

Services

(continued)

UPMC

,

Secured

Bond

,

5.377

%

,

5/15/43

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

United

States

200,000

$

190,860

3,864,324

Health

Care

REITs

0.5%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55

%

,

3/15/52

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

United

States

400,000

270,661

Hotels,

Restaurants

&

Leisure

0.6%

Marriott

International,

Inc.

,

Senior

Bond

,

5.5

%

,

4/15/37

.......

United

States

125,000

124,872

McDonald's

Corp.

,

Senior

Bond

,

4.875

%

,

12/09/45

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

United

States

50,000

44,978

Senior

Bond

,

4.45

%

,

3/01/47

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

United

States

220,000

184,524

354,374

Household

Durables

0.3%

DR

Horton,

Inc.

,

Senior

Bond

,

5.5

%

,

10/15/35

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

United

States

150,000

152,217

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5

%

,

10/01/53

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

United

States

230,000

248,975

Industrial

Conglomerates

0.3%

Honeywell

International,

Inc.

,

Senior

Bond

,

5.25

%

,

3/01/54

....

United

States

170,000

160,084

Insurance

4.4%

American

International

Group,

Inc.

,

Senior

Bond

,

4.5

%

,

7/16/44

.

United

States

170,000

147,068

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635

%

,

6/30/50

.......

United

States

75,000

54,460

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144

%

,

11/01/43

...

United

States

245,000

227,275

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.5

%

,

5/20/51

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

United

States

100,000

68,678

Senior

Bond

,

3.05

%

,

3/09/52

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

United

States

300,000

186,406

Athene

Holding

Ltd.

,

Senior

Bond

,

3.45

%

,

5/15/52

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

United

States

120,000

76,263

Senior

Bond

,

6.625

%

,

5/19/55

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

United

States

180,000

185,321

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

2.85

%

,

10/15/50

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

United

States

80,000

50,905

Senior

Bond

,

3.85

%

,

3/15/52

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

United

States

300,000

229,018

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95

%

,

3/17/52

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

United

States

150,000

128,470

Senior

Bond

,

6.25

%

,

6/23/55

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

United

States

80,000

82,053

Chubb

INA

Holdings

LLC

,

Senior

Bond

,

3.05

%

,

12/15/61

......

United

States

115,000

69,681

a

Great-West

Lifeco

Finance

Delaware

LP

,

Senior

Bond

,

144A,

4.15

%

,

6/03/47

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

Canada

160,000

126,777

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

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

United

States

85,000

76,134

Senior

Bond

,

5.45

%

,

3/15/53

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

United

States

60,000

57,837

Senior

Bond

,

5.4

%

,

3/15/55

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

United

States

125,000

119,371

a

Nippon

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

6.5%

to

4/29/35,

FRN

thereafter

,

4/30/55

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

Japan

200,000

209,491

a

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45

%

,

3/30/51

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

United

States

220,000

151,663

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125

%

,

4/15/47

......

United

States

250,000

204,796

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

5/30/47

.........

United

States

155,000

123,869

2,575,536

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)

Interactive

Media

&

Services

0.6%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75

%

,

5/15/63

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

United

States

250,000

$

251,451

Senior

Bond

,

5.55

%

,

8/15/64

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

United

States

120,000

116,512

367,963

IT

Services

0.2%

IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

2/05/54

.

United

States

100,000

92,869

Life

Sciences

Tools

&

Services

0.3%

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404

%

,

8/10/43

...

United

States

170,000

168,381

Machinery

0.1%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

6/15/54

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

United

States

50,000

49,510

Media

4.1%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.375

%

,

4/01/38

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

United

States

530,000

490,166

Senior

Secured

Bond

,

3.5

%

,

6/01/41

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

United

States

150,000

106,929

Senior

Secured

Bond

,

3.5

%

,

3/01/42

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

United

States

420,000

295,691

Senior

Secured

Bond

,

5.375

%

,

5/01/47

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

United

States

200,000

169,703

Comcast

Corp.

,

Senior

Bond

,

3.4

%

,

7/15/46

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

United

States

280,000

198,153

Senior

Bond

,

3.969

%

,

11/01/47

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

United

States

420,000

320,940

Senior

Bond

,

2.887

%

,

11/01/51

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

United

States

500,000

300,631

Fox

Corp.

,

Senior

Bond

,

5.476

%

,

1/25/39

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

United

States

180,000

175,335

Paramount

Global

,

Senior

Bond

,

6.875

%

,

4/30/36

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

United

States

160,000

166,560

Senior

Bond

,

4.375

%

,

3/15/43

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

United

States

100,000

75,731

Senior

Bond

,

4.9

%

,

8/15/44

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

United

States

165,000

129,592

2,429,431

Metals

&

Mining

1.2%

a

Anglo

American

Capital

plc

,

Senior

Bond

,

144A,

4.75

%

,

3/16/52

South

Africa

200,000

167,685

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/43

.......

United

States

200,000

188,597

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Bond

,

4.2

%

,

5/13/50

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

United

States

200,000

163,069

Rio

Tinto

Finance

USA

plc

,

Senior

Bond

,

5.75

%

,

3/14/55

......

Australia

200,000

200,361

719,712

Multi-Utilities

1.4%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45

%

,

3/15/44

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

United

States

300,000

259,252

Consumers

Energy

Co.

,

Senior

Bond

,

4.05

%

,

5/15/48

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

United

States

120,000

96,627

Senior

Bond

,

4.35

%

,

4/15/49

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

United

States

220,000

184,386

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85

%

,

8/15/52

.......

United

States

110,000

93,297

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

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

United

States

180,000

177,833

811,395

Oil,

Gas

&

Consumable

Fuels

6.8%

a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8

%

,

10/01/54

...........

Norway

250,000

227,496

a

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

130,000

129,508

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06

%

,

6/17/41

.

United

States

225,000

165,958

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

ConocoPhillips

Co.

,

Senior

Bond

,

3.8

%

,

3/15/52

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

United

States

220,000

$

159,376

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4

%

,

3/24/51

.......

United

States

170,000

131,705

a

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8

%

,

12/15/34

United

States

135,000

137,426

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.65

%

,

10/15/54

United

States

200,000

191,654

Energy

Transfer

LP

,

Senior

Bond

,

5.15

%

,

3/15/45

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

United

States

400,000

350,649

Senior

Bond

,

6.125

%

,

12/15/45

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

United

States

80,000

78,878

Senior

Bond

,

6

%

,

6/15/48

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

United

States

320,000

306,740

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

4.9

%

,

5/15/46

United

States

170,000

151,964

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452

%

,

4/15/51

...........

United

States

350,000

247,286

Hess

Corp.

,

Senior

Bond

,

5.6

%

,

2/15/41

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

United

States

115,000

116,479

Senior

Bond

,

5.8

%

,

4/01/47

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

United

States

20,000

20,316

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25

%

,

2/15/30

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

United

States

250,000

242,113

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.55

%

,

6/01/45

...........

United

States

90,000

84,563

MPLX

LP

,

Senior

Bond

,

4.95

%

,

3/14/52

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

United

States

150,000

123,954

ONEOK,

Inc.

,

Senior

Bond

,

5.7

%

,

11/01/54

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

United

States

165,000

151,684

Targa

Resources

Corp.

,

Senior

Bond

,

4.95

%

,

4/15/52

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

United

States

90,000

74,698

Senior

Bond

,

6.125

%

,

5/15/55

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

United

States

60,000

58,671

TotalEnergies

Capital

SA

,

Senior

Bond

,

5.638

%

,

4/05/64

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

France

175,000

167,949

Senior

Bond

,

5.425

%

,

9/10/64

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

France

150,000

139,565

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

301,000

299,352

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1

%

,

9/15/45

........

United

States

300,000

271,081

4,029,065

Personal

Care

Products

0.6%

Haleon

US

Capital

LLC

,

Senior

Bond

,

4

%

,

3/24/52

..........

United

States

250,000

191,171

Kenvue,

Inc.

,

Senior

Bond

,

5.05

%

,

3/22/53

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

United

States

180,000

165,236

356,407

Pharmaceuticals

3.7%

a

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.4

%

,

7/15/44

...

Germany

200,000

156,235

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.35

%

,

11/15/47

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

United

States

100,000

82,895

Senior

Bond

,

4.55

%

,

2/20/48

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

United

States

100,000

85,221

Senior

Bond

,

2.55

%

,

11/13/50

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

United

States

150,000

87,164

Senior

Bond

,

3.7

%

,

3/15/52

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

United

States

120,000

86,954

Senior

Bond

,

5.55

%

,

2/22/54

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

United

States

20,000

19,359

Eli

Lilly

&

Co.

,

Senior

Bond

,

5

%

,

2/09/54

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

United

States

105,000

96,996

Senior

Bond

,

4.95

%

,

2/27/63

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

United

States

180,000

161,652

Senior

Bond

,

5.2

%

,

8/14/64

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

United

States

110,000

102,835

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75

%

,

12/10/51

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

United

States

200,000

121,586

Novartis

Capital

Corp.

,

Senior

Bond

,

3.7

%

,

9/21/42

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

United

States

140,000

113,315

Senior

Bond

,

2.75

%

,

8/14/50

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

United

States

140,000

88,055

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3

%

,

5/19/53

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

United

States

475,000

443,851

a

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607

%

,

12/13/51

...

United

States

495,000

299,022

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)

Pharmaceuticals

(continued)

Royalty

Pharma

plc

,

Senior

Bond

,

3.35

%

,

9/02/51

...........

United

States

370,000

$

238,915

2,184,055

Semiconductors

&

Semiconductor

Equipment

1.3%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.95

%

,

10/01/51

.........

United

States

270,000

174,537

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.2

%

,

1/25/37

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

United

States

400,000

411,597

Intel

Corp.

,

Senior

Bond

,

3.734

%

,

12/08/47

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

United

States

250,000

171,208

757,342

Software

3.7%

Intuit,

Inc.

,

Senior

Bond

,

5.5

%

,

9/15/53

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

United

States

160,000

158,534

Microsoft

Corp.

,

Senior

Bond

,

2.525

%

,

6/01/50

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

United

States

75,000

46,174

Senior

Bond

,

2.921

%

,

3/17/52

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

United

States

650,000

429,188

Oracle

Corp.

,

Senior

Bond

,

3.8

%

,

11/15/37

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

United

States

200,000

169,773

Senior

Bond

,

3.6

%

,

4/01/40

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

United

States

600,000

473,816

Senior

Bond

,

4

%

,

7/15/46

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

United

States

370,000

282,796

Senior

Bond

,

4.375

%

,

5/15/55

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

United

States

160,000

123,027

Senior

Bond

,

5.5

%

,

9/27/64

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

United

States

75,000

67,060

Salesforce,

Inc.

,

Senior

Bond

,

2.9

%

,

7/15/51

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

United

States

400,000

254,910

Synopsys,

Inc.

,

Senior

Bond

,

5.7

%

,

4/01/55

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

United

States

200,000

197,373

2,202,651

Specialty

Retail

1.7%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

4.1

%

,

1/15/52

......

United

States

210,000

149,941

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

4.4

%

,

3/15/45

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

United

States

65,000

55,752

Senior

Bond

,

4.25

%

,

4/01/46

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

United

States

130,000

108,776

Senior

Bond

,

3.9

%

,

6/15/47

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

United

States

70,000

54,749

Senior

Bond

,

3.125

%

,

12/15/49

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

United

States

140,000

93,931

Senior

Bond

,

3.35

%

,

4/15/50

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

United

States

30,000

20,949

Senior

Bond

,

3.625

%

,

4/15/52

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

United

States

180,000

130,648

Senior

Bond

,

5.3

%

,

6/25/54

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

United

States

60,000

57,202

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

3.7

%

,

4/15/46

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

United

States

125,000

92,189

Senior

Bond

,

4.05

%

,

5/03/47

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

United

States

270,000

208,701

Senior

Bond

,

3

%

,

10/15/50

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

United

States

80,000

49,642

1,022,480

Technology

Hardware,

Storage

&

Peripherals

1.8%

Apple,

Inc.

,

Senior

Bond

,

3.85

%

,

5/04/43

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

United

States

850,000

707,712

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

3.375

%

,

12/15/41

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

United

States

200,000

150,089

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5

%

,

10/15/34

...

United

States

200,000

194,090

1,051,891

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

Senior

Bond

,

5.5

%

,

3/11/35

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

United

States

115,000

115,599

Tobacco

1.1%

Altria

Group,

Inc.

,

Senior

Bond

,

3.4

%

,

2/04/41

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

United

States

90,000

66,877

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

(continued)

BAT

Capital

Corp.

,

Senior

Bond

,

4.39

%

,

8/15/37

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

United

Kingdom

380,000

$

339,562

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875

%

,

8/21/42

..

United

States

310,000

250,270

656,709

Water

Utilities

0.4%

American

Water

Capital

Corp.

,

Senior

Bond

,

3.45

%

,

5/01/50

...

United

States

300,000

213,513

Wireless

Telecommunication

Services

1.8%

Rogers

Communications,

Inc.

,

Senior

Bond

,

4.55

%

,

3/15/52

...

Canada

300,000

243,521

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3

%

,

2/15/41

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

United

States

100,000

73,202

Senior

Bond

,

3.4

%

,

10/15/52

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

United

States

700,000

467,270

Vodafone

Group

plc

,

Senior

Bond

,

5.75

%

,

6/28/54

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

United

Kingdom

120,000

114,689

Senior

Bond

,

5.875

%

,

6/28/64

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

United

Kingdom

140,000

134,852

1,033,534

Total

Corporate

Bonds

(Cost

$

51,799,746

)

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

52,961,441

Foreign

Government

and

Agency

Securities

4.6%

a

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375

%

,

8/20/50

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

United

States

200,000

134,514

Chile

Government

Bond

,

Senior

Bond

,

3.86

%

,

6/21/47

.......

Chile

400,000

309,476

a

Electricite

de

France

SA

,

Senior

Bond

,

144A,

6

%

,

4/22/64

.....

France

200,000

191,344

Mexico

Government

Bond

,

Senior

Bond

,

4.75

%

,

3/08/44

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

Mexico

250,000

197,625

Senior

Bond

,

6.338

%

,

5/04/53

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

Mexico

330,000

302,280

Senior

Bond

,

7.375

%

,

5/13/55

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

Mexico

350,000

361,550

Peru

Government

Bond

,

Senior

Bond

,

5.875

%

,

8/08/54

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

Peru

230,000

222,173

Senior

Bond

,

6.2

%

,

6/30/55

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

Peru

220,000

220,990

Philippines

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/29/47

....

Philippines

410,000

338,117

a

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

1/18/53

Saudi

Arabia

200,000

172,755

Uruguay

Government

Bond

,

Senior

Bond

,

5.1

%

,

6/18/50

......

Uruguay

300,000

276,018

Total

Foreign

Government

and

Agency

Securities

(Cost

$

2,709,984

)

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

2,726,842

U.S.

Government

and

Agency

Securities

1.9%

U.S.

Treasury

Bonds

,

c

Strip,

5

.09

%

,

11/15/44

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

United

States

770,000

295,593

4.625

%,

11/15/44

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

United

States

335,000

324,165

4.5

%,

11/15/54

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

United

States

490,000

459,835

Total

U.S.

Government

and

Agency

Securities

(Cost

$

1,090,442

)

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

1,079,593

Municipal

Bonds

1.8%

California

0.2%

Los

Angeles

Community

College

District

,

GO

,

2010

E

,

6.6

%

,

8/01/42

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

United

States

125,000

132,885

New

York

0.6%

United

Nations

Development

Corp.

,

City

of

New

York

,

Revenue

,

2025

A

,

Refunding

,

6.536

%

,

8/01/55

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

United

States

330,000

343,706

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Long

Duration

Credit

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

See

Abbreviations

on

page

171

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

1.0%

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507

%

,

11/01/51

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

United

States

245,000

$

211,920

State

of

Texas

,

GO

,

2009

A

,

5.517

%

,

4/01/39

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

United

States

355,000

362,698

574,618

Total

Municipal

Bonds

(Cost

$

1,046,045

)

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

1,051,209

Total

Long

Term

Investments

(Cost

$

56,646,217

)

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

57,819,085

a

Short

Term

Investments

0.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.1%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

77,502

77,502

Total

Money

Market

Funds

(Cost

$

77,502

)

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

77,502

Total

Short

Term

Investments

(Cost

$

77,502

)

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

77,502

a

Total

Investments

(Cost

$

56,723,719

)

98.4

%

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

$57,896,587

Other

Assets,

less

Liabilities

1.6

%

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

939,750

Net

Assets

100.0%

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

$58,836,337

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$4,801,889,

representing

8.2%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

,

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

159,745

5,911

Machinery

0.0%

†

a

UTEX

Industries,

Inc.

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

United

States

9,228

444,807

Specialty

Retail

0.0%

a,b

Party

City

Holdco,

Inc.

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

United

States

23

—

Total

Common

Stocks

(Cost

$

789,686

)

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

450,718

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

12/05/25

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

United

States

791

1

Total

Warrants

(Cost

$

699

)

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

1

Principal

Amount

*

Corporate

Bonds

35.2%

Aerospace

&

Defense

0.8%

d

BAE

Systems

plc

,

Senior

Note

,

144A,

5

%

,

3/26/27

..........

United

Kingdom

3,300,000

3,328,849

Boeing

Co.

(The)

,

Senior

Note

,

2.196

%

,

2/04/26

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

United

States

10,400,000

10,263,288

General

Electric

Co.

,

Senior

Note

,

4.3

%

,

7/29/30

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

United

States

1,165,000

1,159,952

14,752,089

Automobile

Components

0.1%

d

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75

%

,

10/01/27

United

States

2,200,000

2,179,291

Automobiles

0.7%

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.25

%

,

1/08/27

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

United

States

4,000,000

4,035,541

Senior

Note

,

144A,

4.85

%

,

3/25/27

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

United

States

2,750,000

2,759,983

d

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

5.4

%

,

3/20/26

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

Germany

6,700,000

6,720,903

13,516,427

Banks

8.8%

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

1,833,182

Bank

of

America

Corp.

,

Senior

Bond

,

3.974%

to

2/06/29,

FRN

thereafter

,

2/07/30

...

United

States

6,000,000

5,903,697

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

8,000,000

7,985,521

Bank

of

Montreal

,

Senior

Note

,

4.567%

to

9/09/26,

FRN

thereafter

,

9/10/27

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

Canada

2,700,000

2,700,385

d

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.591

%

,

10/16/28

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

France

5,100,000

5,114,571

d

BNP

Paribas

SA

,

Senior

Non-Preferred

Note

,

144A,

4.792%

to

2/08/28,

FRN

thereafter

,

5/09/29

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

France

4,690,000

4,708,425

d

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

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

Spain

3,480,000

3,475,468

Citibank

NA

,

Senior

Note

,

4.576

%

,

5/29/27

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

United

States

6,200,000

6,219,359

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)

Banks

(continued)

Citigroup,

Inc.

,

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

2,100,000

$

2,138,627

Sub.

Bond

,

4.6

%

,

3/09/26

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

United

States

2,600,000

2,599,253

d

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.222%

to

5/26/30,

FRN

thereafter

,

5/27/31

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

France

6,400,000

6,507,876

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

5,486,922

Fifth

Third

Bank

NA

,

Senior

Note

,

4.967%

to

1/27/27,

FRN

thereafter

,

1/28/28

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

United

States

2,430,000

2,445,391

HSBC

Holdings

plc

,

Senior

Note

,

2.013%

to

9/21/27,

FRN

thereafter

,

9/22/28

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

United

Kingdom

7,600,000

7,202,487

Huntington

Bancshares,

Inc.

,

Senior

Note

,

6.208%

to

8/20/28,

FRN

thereafter

,

8/21/29

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

United

States

3,000,000

3,139,322

Huntington

National

Bank

(The)

,

Senior

Note

,

4.552%

to

5/16/27,

FRN

thereafter

,

5/17/28

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

United

States

7,400,000

7,410,406

JPMorgan

Chase

&

Co.

,

Senior

Note

,

5.012%

to

1/22/29,

FRN

thereafter

,

1/23/30

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

United

States

3,600,000

3,661,496

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

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

United

States

5,400,000

5,398,764

Lloyds

Banking

Group

plc

,

Senior

Note

,

3.75%

to

3/17/27,

FRN

thereafter

,

3/18/28

.....

United

Kingdom

8,400,000

8,287,648

Senior

Note

,

5.087%

to

11/25/27,

FRN

thereafter

,

11/26/28

..

United

Kingdom

2,730,000

2,760,257

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4

%

,

11/21/25

United

States

7,900,000

7,912,502

NatWest

Group

plc

,

Senior

Note

,

1.642%

to

6/13/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

10,000,000

9,744,507

d

Nordea

Bank

Abp

,

Senior

Preferred

Note

,

144A,

4.75

%

,

9/22/25

Finland

3,800,000

3,800,501

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

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

United

States

2,000,000

2,023,746

e

Royal

Bank

of

Canada

,

Senior

Note

,

4.696%

to

8/05/30,

FRN

thereafter

,

8/06/31

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

Canada

6,500,000

6,508,121

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

5.473%

to

3/19/28,

FRN

thereafter

,

3/20/29

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

United

States

8,000,000

8,132,425

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

5,900,000

5,744,784

d

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375

%

,

10/21/26

..

South

Korea

6,500,000

6,272,783

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

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

France

3,900,000

3,801,178

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

....

United

States

6,800,000

6,818,089

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

7,400,000

7,609,791

Wells

Fargo

&

Co.

,

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

4,000,000

4,210,065

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

2,550,000

2,604,774

Sub.

Bond

,

4.1

%

,

6/03/26

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

United

States

3,000,000

2,987,958

173,150,281

Beverages

0.3%

d

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5

%

,

1/15/27

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

United

Kingdom

4,400,000

4,216,591

Diageo

Investment

Corp.

,

Senior

Note

,

5.125

%

,

8/15/30

......

United

Kingdom

2,020,000

2,075,349

6,291,940

Broadline

Retail

0.0%

a

,d

,f

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

3

%

,

12/31/22

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

South

Africa

1,068,278

—

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)

Broadline

Retail

(continued)

a

,d

,f

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

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

4,864,717

d

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

1/31/31

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

United

States

75,000

75,304

Owens

Corning

,

Senior

Note

,

5.5

%

,

6/15/27

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

United

States

3,500,000

3,561,018

8,501,039

Capital

Markets

2.6%

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

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

United

States

3,150,000

3,183,914

Goldman

Sachs

Bank

USA

,

Senior

Note

,

5.283%

to

3/17/26,

FRN

thereafter

,

3/18/27

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

United

States

6,800,000

6,825,424

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.75

%

,

2/25/26

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

United

States

6,500,000

6,470,673

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

2,700,000

2,693,726

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

5,500,000

5,339,243

Morgan

Stanley

,

Senior

Note

,

5.173%

to

1/15/29,

FRN

thereafter

,

1/16/30

....

United

States

5,500,000

5,611,826

Sub.

Bond

,

4.35

%

,

9/08/26

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

United

States

7,800,000

7,781,484

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25

%

,

4/01/29

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

United

States

1,800,000

1,844,530

UBS

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

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

Switzerland

5,100,000

5,098,093

d

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

6,500,000

6,527,613

51,376,526

Chemicals

0.3%

d

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5

%

,

12/01/26

.......

United

States

2,070,000

2,068,077

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

3,200,000

3,449,354

5,517,431

Commercial

Services

&

Supplies

0.1%

Waste

Management,

Inc.

,

Senior

Note

,

3.875

%

,

1/15/29

......

United

States

1,000,000

984,888

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

,

Senior

Note

,

4.85

%

,

8/15/30

........

United

States

3,100,000

3,122,103

Consumer

Finance

2.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

6.1

%

,

1/15/27

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

Ireland

2,200,000

2,242,389

Senior

Note

,

3

%

,

10/29/28

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

Ireland

3,000,000

2,855,926

American

Express

Co.

,

Senior

Note

,

5.645%

to

4/22/26,

FRN

thereafter

,

4/23/27

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

United

States

6,700,000

6,749,817

d

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9

%

,

10/10/30

Ireland

2,065,000

2,058,310

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8

%

,

1/31/28

......

United

States

7,000,000

6,898,304

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.125

%

,

11/05/26

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

United

States

3,200,000

3,191,794

Senior

Note

,

5.85

%

,

5/17/27

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

United

States

3,400,000

3,424,617

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

1.5

%

,

6/10/26

.

United

States

13,200,000

12,853,643

John

Deere

Capital

Corp.

,

Senior

Note

,

4.375

%

,

10/15/30

.....

United

States

3,250,000

3,238,885

OneMain

Finance

Corp.

,

Senior

Note

,

6.625

%

,

5/15/29

.......

United

States

2,000,000

2,045,075

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

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

SLM

Corp.

,

Senior

Note

,

6.5

%

,

1/31/30

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

United

States

1,000,000

$

1,039,543

46,598,303

Consumer

Staples

Distribution

&

Retail

0.1%

d

Cencosud

SA

,

Senior

Bond

,

144A,

4.375

%

,

7/17/27

.........

Chile

2,900,000

2,879,902

Containers

&

Packaging

0.2%

d

Amcor

Flexibles

North

America,

Inc.

,

Senior

Note

,

144A,

5.1

%

,

3/17/30

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

United

States

1,570,000

1,593,250

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

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

United

States

3,200,000

1,539,136

d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

425,000

435,538

3,567,924

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

4,129,409

Electric

Utilities

1.5%

Exelon

Corp.

,

Senior

Bond

,

3.4

%

,

4/15/26

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

United

States

7,000,000

6,939,703

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

5.749

%

,

9/01/25

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

United

States

5,800,000

5,803,715

Senior

Note

,

4.685

%

,

9/01/27

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

United

States

1,575,000

1,583,187

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

7/01/30

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

United

States

5,000,000

4,906,573

g

Senior

Note

,

FRN

,

5.34

%

,

(

SOFR

Index

+

0.95

%

),

9/04/25

..

United

States

6,800,000

6,801,396

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

United

States

3,400,000

3,296,900

29,331,474

Electrical

Equipment

0.2%

Eaton

Capital

ULC

,

Senior

Note

,

4.45

%

,

5/09/30

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

United

States

3,100,000

3,100,292

Entertainment

0.1%

d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,569,773

2,672,764

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755

%

,

3/15/27

....

United

States

258,000

253,133

2,925,897

Financial

Services

0.6%

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

—

Fiserv,

Inc.

,

Senior

Note

,

2.25

%

,

6/01/27

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

United

States

5,200,000

4,998,055

d

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

........

Ireland

1,050,000

1,112,650

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

1,600,000

1,689,967

d

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

4,490,000

4,565,019

12,365,691

Food

Products

0.6%

Campbell's

Co.

(The)

,

Senior

Note

,

5.2

%

,

3/19/27

...........

United

States

3,300,000

3,336,681

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

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

United

States

900,000

852,956

d

Mars,

Inc.

,

Senior

Note

,

144A,

4.8

%

,

3/01/30

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

United

States

7,805,000

7,884,995

12,074,632

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)

Ground

Transportation

0.6%

d

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

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

United

States

105,000

$

107,052

d

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

5.35

%

,

3/30/29

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

United

States

4,000,000

4,089,313

d

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.1

%

,

4/01/30

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

Ireland

6,500,000

6,589,654

10,786,019

Health

Care

Equipment

&

Supplies

0.3%

Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3

%

,

6/15/28

.....

United

States

300,000

299,631

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65

%

,

11/15/27

United

States

5,000,000

5,127,516

5,427,147

Health

Care

Providers

&

Services

1.4%

Centene

Corp.

,

Senior

Note

,

3.375

%

,

2/15/30

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

United

States

2,700,000

2,432,886

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

1/15/29

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

United

States

3,200,000

3,044,288

Cigna

Group

(The)

,

Senior

Note

,

1.25

%

,

3/15/26

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

United

States

3,451,000

3,380,441

CVS

Health

Corp.

,

Senior

Note

,

5

%

,

1/30/29

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

United

States

4,700,000

4,763,886

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101

%

,

3/01/28

.........

United

States

4,000,000

3,970,450

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809

%

,

5/08/27

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

United

States

4,700,000

4,779,433

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

700,000

677,912

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

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

United

States

15,000

14,697

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45

%

,

6/01/26

........

United

States

4,150,000

4,114,725

27,178,718

Health

Care

REITs

0.1%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

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

United

States

3,000,000

2,754,954

Health

Care

Technology

0.2%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25

%

,

2/01/29

...........

United

States

3,300,000

3,450,833

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

1,167,966

Hotels,

Restaurants

&

Leisure

0.4%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

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

United

States

3,400,000

3,215,545

d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

900,000

913,466

Sands

China

Ltd.

,

Senior

Note

,

2.3

%

,

3/08/27

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

Macau

3,400,000

3,279,771

7,408,782

Household

Durables

0.4%

DR

Horton,

Inc.

,

Senior

Note

,

4.85

%

,

10/15/30

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

United

States

4,575,000

4,603,402

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

4,200,000

4,178,783

8,782,185

Insurance

3.9%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

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

United

States

900,000

939,649

d

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5

%

,

4/16/27

..

Netherlands

7,000,000

7,072,476

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)

Insurance

(continued)

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875

%

,

11/01/29

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

United

States

1,200,000

$

1,182,669

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/28

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

United

States

2,000,000

2,028,650

d

Athene

Global

Funding

,

Senior

Secured

Note

,

144A,

5.516

%

,

3/25/27

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

United

States

7,000,000

7,100,032

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.9

%

,

6/23/30

...........

United

States

2,085,000

2,094,489

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

United

States

4,700,000

4,880,874

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

850,000

876,068

d

F&G

Global

Funding

,

Secured

Note

,

144A,

5.875

%

,

6/10/27

...

United

States

5,800,000

5,926,558

d

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

7,200,000

7,176,713

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

4.05

%

,

8/25/25

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

United

States

7,000,000

6,997,460

Secured

Note

,

144A,

5.05

%

,

1/06/28

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

United

States

4,100,000

4,171,241

d

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.35

%

,

4/09/27

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

United

States

6,700,000

6,790,672

d

New

York

Life

Global

Funding

,

Secured

Note

,

144A,

3.6

%

,

8/05/25

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

United

States

10,700,000

10,698,710

d

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9

%

,

6/12/28

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

United

States

5,000,000

5,084,837

d

Principal

Life

Global

Funding

II

,

Secured

Note

,

144A,

4.6

%

,

8/19/27

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

United

States

2,000,000

2,004,621

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.448

%

,

5/24/29

...

United

States

2,100,000

2,160,741

77,186,460

Interactive

Media

&

Services

0.2%

d

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81

%

,

1/26/26

.....

China

3,000,000

2,961,763

Life

Sciences

Tools

&

Services

0.3%

Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3

%

,

3/15/27

.......

United

States

900,000

881,978

Illumina,

Inc.

,

Senior

Note

,

5.8

%

,

12/12/25

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

United

States

4,000,000

4,007,473

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

1,600,000

1,599,596

6,489,047

Machinery

0.1%

d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

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

United

States

500,000

511,504

Hillenbrand,

Inc.

,

Senior

Note

,

6.25

%

,

2/15/29

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

United

States

1,100,000

1,115,456

1,626,960

Media

0.3%

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

1,000,000

995,128

Paramount

Global

,

Senior

Bond

,

7.875

%

,

7/30/30

...........

United

States

4,600,000

5,125,801

6,120,929

Metals

&

Mining

0.4%

d

Glencore

Funding

LLC

,

Senior

Note

,

144A,

4.907

%

,

4/01/28

...

Australia

3,335,000

3,367,323

d

Novelis

Corp.

,

Senior

Note

,

144A,

3.25

%

,

11/15/26

..........

United

States

700,000

689,203

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

4.875

%

,

3/14/30

.....

Australia

3,420,000

3,473,131

7,529,657

Multi-Utilities

0.4%

Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85

%

,

8/15/26

.......

United

States

1,300,000

1,276,321

DTE

Energy

Co.

,

Senior

Note

,

4.95

%

,

7/01/27

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

United

States

2,200,000

2,220,508

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)

Multi-Utilities

(continued)

d

Engie

SA

,

Senior

Note

,

144A,

5.25

%

,

4/10/29

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

France

4,000,000

$

4,089,784

7,586,613

Oil,

Gas

&

Consumable

Fuels

1.9%

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

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

United

States

3,400,000

3,397,527

d

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

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

Australia

1,100,000

841,500

Enbridge,

Inc.

,

Senior

Note

,

4.9

%

,

6/20/30

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

Canada

1,755,000

1,770,985

Energy

Transfer

LP

,

Senior

Bond

,

4.75

%

,

1/15/26

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

United

States

5,200,000

5,200,279

Senior

Bond

,

3.9

%

,

7/15/26

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

United

States

3,900,000

3,879,998

d

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

......

United

Kingdom

6,800,000

6,780,900

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875

%

,

3/01/28

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

United

States

300,000

305,165

Senior

Note

,

144A,

6.5

%

,

6/01/29

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

United

States

400,000

412,342

ONEOK,

Inc.

,

Senior

Bond

,

4.85

%

,

7/15/26

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

United

States

3,900,000

3,907,736

d

Sunoco

LP

,

Senior

Note

,

144A,

7

%

,

5/01/29

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

United

States

2,000,000

2,071,706

d

Var

Energi

ASA

,

Senior

Note

,

144A,

7.5

%

,

1/15/28

..........

Norway

4,000,000

4,242,925

d

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

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

United

States

2,000,000

2,071,967

Viper

Energy

Partners

LLC

,

Senior

Note

,

4.9

%

,

8/01/30

.......

United

States

846,000

842,959

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

4

%

,

9/15/25

.........

United

States

2,300,000

2,297,143

38,023,132

Passenger

Airlines

0.1%

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

325,000

324,907

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

383,750

382,841

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

526,364

523,568

1,231,316

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/27

.......

United

States

7,700,000

7,573,635

Pharmaceuticals

0.5%

d

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

.

Germany

4,600,000

4,588,698

d

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.25

%

,

1/21/29

....

Germany

3,200,000

3,353,743

Royalty

Pharma

plc

,

Senior

Note

,

1.75

%

,

9/02/27

...........

United

States

700,000

662,462

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

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

Israel

1,696,000

1,685,443

10,290,346

Semiconductors

&

Semiconductor

Equipment

0.9%

d

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/30

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

United

States

5,900,000

6,157,334

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

1,080,000

1,081,005

d

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

...........

South

Korea

9,900,000

9,758,475

16,996,814

Specialized

REITs

0.6%

Crown

Castle,

Inc.

,

Senior

Bond

,

3.7

%

,

6/15/26

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

United

States

7,330,000

7,271,161

Senior

Note

,

1.05

%

,

7/15/26

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

United

States

2,270,000

2,195,279

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

Corporate

Bonds

(continued)

Specialized

REITs

(continued)

d

Iron

Mountain,

Inc.

,

Senior

Bond

,

144A,

4.875

%

,

9/15/29

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

United

States

700,000

$

684,983

Senior

Note

,

144A,

4.875

%

,

9/15/27

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

United

States

2,000,000

1,986,069

12,137,492

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.4

%

,

9/25/27

...

United

States

6,600,000

6,599,215

Textiles,

Apparel

&

Luxury

Goods

0.1%

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

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

United

States

2,700,000

2,721,251

Tobacco

0.4%

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/28

..

United

States

7,700,000

7,797,677

Trading

Companies

&

Distributors

0.3%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

3,200,000

3,376,563

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

.

United

States

3,000,000

3,080,829

6,457,392

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

1,011,061

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25

%

,

2/15/26

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

United

States

2,900,000

2,860,408

Senior

Note

,

4.95

%

,

3/15/28

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

United

States

4,200,000

4,252,734

8,124,203

Total

Corporate

Bonds

(Cost

$

691,035,426

)

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

690,776,045

Senior

Floating

Rate

Interests

3.4%

Aerospace

&

Defense

0.0%

†

h

Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

1/27/32

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

United

States

738,150

739,995

h

Air

Freight

&

Logistics

0.1%

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.81

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

520,000

521,597

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

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

United

States

685,838

680,190

1,201,787

a

a

a

a

a

a

h

Automobile

Components

0.1%

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

.........

United

States

769,941

771,061

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

536,434

512,783

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

510,715

502,143

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.041

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

565,911

534,786

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

2/13/30

......

United

States

238,327

240,264

2,561,037

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.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Automobiles

0.0%

†

h

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.177

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

413,521

$

346,324

Beverages

0.0%

†

h

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.546

%

,

(

3-month

SOFR

+

2.25

%

),

3/31/28

.........

United

States

528,243

530,078

Broadline

Retail

0.0%

†

h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/01/31

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

Netherlands

489,294

491,207

h

Building

Products

0.1%

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

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

United

States

165,752

166,490

e

Chariot

Buyer

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.884

%

,

(

12-month

SOFR

+

3

%

),

7/22/32

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

United

States

102,339

102,424

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.833

%

,

(

3-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

666,518

667,801

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

102,774

102,966

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

719,136

720,207

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/32

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

United

States

275,172

275,276

Watlow

Electric

Manufacturing

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.308

%

,

(

3-month

SOFR

+

3

%

),

3/02/28

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

United

States

573,658

577,109

2,612,273

a

a

a

a

a

a

h

Capital

Markets

0.2%

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

7/31/28

..........

United

States

314,746

314,951

Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

......

United

States

520,001

521,951

CPI

Holdco

B

LLC,

First

Lien,

First

Amendment

Incremental

CME

Term

Loan

,

6.577

%

,

(

1-month

SOFR

+

2.25

%

),

5/19/31

.....

United

States

750,000

750,060

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

4/07/28

...

United

States

590,534

592,090

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

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

United

States

345,625

345,824

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.333

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

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

United

States

516,377

514,717

3,039,593

a

a

a

a

a

a

h

Chemicals

0.1%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

9/09/31

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

United

States

209,867

211,441

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

4/06/29

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

United

States

257,340

254,252

Fortis

333,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

7.796

%

,

(

3-month

SOFR

+

3.5

%

),

3/29/32

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

United

States

131,579

130,812

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.34

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

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

United

States

246,260

245,921

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

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

Luxembourg

439,660

409,570

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

219,364

205,380

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

Chemicals

(continued)

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

2

Refinancing

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

12/31/29

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

United

States

128,531

$

128,955

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.55

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

...

Netherlands

272,198

272,411

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.287

%

,

(

3-month

SOFR

+

3

%

),

1/31/29

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

United

States

221,067

221,683

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

572,451

485,631

2,566,056

a

a

a

a

a

a

h

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.........

United

States

347,805

348,954

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

1/03/29

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

United

States

750,000

750,262

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

6/24/30

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

United

States

67,425

67,612

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

Dollar

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

...

United

States

750,000

750,656

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/17/28

.......

Ireland

462,765

462,381

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

3/26/31

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

Luxembourg

175,074

175,862

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

6.077

%

,

(

1-month

SOFR

+

1.75

%

),

3/08/32

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

United

States

748,125

745,555

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.577

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

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

United

States

569,648

505,207

3,806,489

a

a

a

a

a

a

h

Construction

&

Engineering

0.1%

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.776

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

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

United

States

746,222

627,763

Kodiak

Building

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.041

%

,

(

3-month

SOFR

+

3.75

%

),

12/04/31

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

United

States

681,814

660,933

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B2

,

7.786

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/31

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

Luxembourg

208,329

209,111

1,497,807

a

a

a

a

a

a

Construction

Materials

0.0%

†

h

Knife

River

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.31

%

,

(

3-month

SOFR

+

2

%

),

3/08/32

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

United

States

57,157

57,443

Consumer

Finance

0.0%

†

h

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

B1

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

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

United

States

525,616

526,651

h

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024-2

Replacement

CME

Term

Loan

,

7.809

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

6/09/31

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

United

States

516,106

517,926

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.086

%

,

(

1-month

SOFR

+

2.75

%

),

11/29/30

....

United

States

219,442

220,202

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

580,976

581,229

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

Containers

&

Packaging

(continued)

e,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

305

$

305

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

764,713

703,941

2,023,603

a

a

a

a

a

a

h

Distributors

0.1%

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

6.27

%

,

(

6-month

SOFR

+

2

%

),

7/27/28

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

United

States

317,178

318,631

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

725,029

728,882

1,047,513

a

a

a

a

a

a

h

Diversified

Consumer

Services

0.1%

Garda

World

Security

Corp.,

First

Lien,

Twelfth

Additional

CME

Term

Loan

,

7.343

%

,

(

1-month

SOFR

+

3

%

),

2/01/29

.......

Canada

746,250

747,239

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/31

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

United

States

739,115

738,420

1,485,659

a

a

a

a

a

a

h

Electrical

Equipment

0.1%

Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

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

United

States

737,231

739,421

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.579

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

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

United

States

646,734

647,920

1,387,341

a

a

a

a

a

a

Electronic

Equipment,

Instruments

&

Components

0.0%

†

h

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

6.577

%

,

(

1-month

SOFR

+

2.25

%

),

3/17/32

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

United

States

68,014

68,418

Energy

Equipment

&

Services

0.0%

†

h

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.856

%

,

(

1-month

SOFR

+

4.5

%

),

7/18/31

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

United

States

746,241

735,420

h

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

3/01/28

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

France

138,134

138,609

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.221

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

725,692

720,743

859,352

a

a

a

a

a

a

Financial

Services

0.1%

h

Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.296

%

,

(

3-month

SOFR

+

2

%

),

1/31/31

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

United

States

748,125

750,231

h

Food

Products

0.0%

†

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Second

Amendment

CME

Term

Loan

,

7.853

%

,

(

1-month

SOFR

+

3.5

%

),

12/23/30

.

United

States

189,735

191,693

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.197

%

,

(

6-month

SOFR

+

2

%

),

9/30/31

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

United

Kingdom

504,818

501,503

693,196

a

a

a

a

a

a

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

Ground

Transportation

0.1%

Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.316

%

,

(

1-month

SOFR

+

3

%

),

5/21/31

.......

United

Kingdom

60,997

$

61,385

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

395,441

396,493

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

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

United

States

121,232

121,555

e

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

......

United

States

500,000

498,595

j

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

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

United

States

186,874

109,498

j

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

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

United

States

135,323

38,424

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

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

United

States

755,418

755,890

1,981,840

a

a

a

a

a

a

Health

Care

Equipment

&

Supplies

0.0%

†

h

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

Term

Loan

,

7.679

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

490,964

493,665

h

Health

Care

Providers

&

Services

0.1%

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.596

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/28

.........

United

States

467,824

468,119

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.78

%

,

(

3-month

SOFR

+

2.5

%

),

11/08/32

..........

United

States

545,004

546,639

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.808

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

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

United

States

352,825

195,964

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

7.101

%

,

(

1-month

SOFR

+

2.75

%

),

3/17/31

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

United

States

284,838

286,308

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

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

United

States

247,503

248,051

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

31,842

31,983

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.687

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

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

United

States

537,300

532,712

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

10/22/29

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

United

States

103,480

103,912

2,413,688

a

a

a

a

a

a

h

Hotels,

Restaurants

&

Leisure

0.3%

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

9/20/30

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

Canada

746,231

745,474

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

215,699

215,857

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.563

%

,

(

3-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

701,719

687,905

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.016

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

198,000

198,578

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.046

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

746,212

744,906

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.077

%

,

(

1-month

SOFR

+

3.75

%

),

1/28/32

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

United

States

642,247

643,352

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.586

%

,

(

1-month

SOFR

+

4.25

%

),

12/04/31

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

United

States

145,795

146,763

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.074

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

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

Canada

618,803

605,267

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

Hotels,

Restaurants

&

Leisure

(continued)

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.546

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

109,862

$

109,450

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.286

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

501,232

501,593

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.827

%

,

(

1-month

SOFR

+

2.5

%

),

8/03/28

........

United

States

121,994

122,156

4,721,301

a

a

a

a

a

a

h

Household

Durables

0.0%

†

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

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

Netherlands

468,454

469,333

Tecta

America

Corp.,

First

Lien,

Closing

Date

CME

Term

Loan

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

2/18/32

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

United

States

214,286

215,139

684,472

a

a

a

a

a

a

h

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

250,000

250,464

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

1/31/31

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

United

States

299,248

299,631

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.808

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

133,857

134,327

684,422

a

a

a

a

a

a

h

Insurance

0.2%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

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

United

States

154,874

155,091

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.103

%

,

(

1-month

SOFR

+

2.75

%

),

9/19/31

.........

United

States

746,241

747,136

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

1/30/32

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

United

States

733,449

734,809

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.858

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

429,150

430,510

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.456

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

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

United

States

130,707

129,855

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

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

United

States

510,584

506,647

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.721

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

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

United

States

464,852

438,270

BroadStreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

6/16/31

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

United

States

512,446

513,404

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

298,972

299,677

3,955,399

a

a

a

a

a

a

h

IT

Services

0.1%

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

3/22/32

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

United

States

728,130

730,977

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

306,419

293,033

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

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

United

States

207,389

185,887

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

IT

Services

(continued)

Nielsen

Consumer

LLC,

First

Lien,

Eleventh

Amendment

Dollar

Refinancing

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

3/06/28

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

United

States

748,125

$

750,837

1,960,734

a

a

a

a

a

a

h

Leisure

Products

0.1%

GBT

US

III

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.814

%

,

(

3-month

SOFR

+

2.5

%

),

7/25/31

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

United

States

9,975

10,018

Horizon

US

Finco

LP,

First

Lien,

CME

Term

Loan,

B

,

9.058

%

,

(

3-month

SOFR

+

4.75

%

),

10/31/31

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

United

States

746,048

736,099

746,117

a

a

a

a

a

a

h

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

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

United

States

513,484

505,828

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

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

United

States

214,141

215,574

Crown

Equipment

Corp.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.579

%

,

(

1-month

SOFR

+

2.25

%

),

10/10/31

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

United

States

748,120

752,096

STS

Operating,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

8.456

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

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

United

States

639,059

639,161

2,112,659

a

a

a

a

a

a

h

Media

0.1%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.853

%

,

(

1-month

SOFR

+

3.5

%

),

3/24/31

..........

United

States

274,058

274,307

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

6.541

%

,

(

3-month

SOFR

+

2.25

%

),

12/15/31

......

United

States

746,250

747,090

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.443

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

227,685

227,748

1,249,145

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

,

6.577

%

,

(

1-month

SOFR

+

2.25

%

),

1/02/30

...........

United

States

248,750

249,372

h

Oil,

Gas

&

Consumable

Fuels

0.1%

e

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.956

%

,

(

1-month

SOFR

+

3.5

%

),

11/09/29

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

United

States

500,000

499,240

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.697

%

,

(

12-month

SOFR

+

3.5

%

),

10/15/31

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

United

States

301,578

303,597

Hilcorp

Energy

I

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.343

%

,

(

1-month

SOFR

+

2

%

),

2/06/30

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

United

States

342,000

343,390

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.603

%

,

(

1-month

SOFR

+

2.25

%

),

10/05/28

United

States

492,525

493,909

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

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

United

States

361,562

363,661

2,003,797

a

a

a

a

a

a

h

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

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

United

States

161,231

160,788

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

736,151

734,387

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

Passenger

Airlines

(continued)

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

6.325

%

,

(

3-month

SOFR

+

2

%

),

10/01/31

................

United

States

294,494

$

295,476

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.351

%

,

(

1-month

SOFR

+

2

%

),

2/24/31

.......................

United

States

224,924

226,077

1,416,728

a

a

a

a

a

a

Personal

Care

Products

0.0%

†

h

KDC/ONE

Development

Corp.,

Inc.,

First

Lien,

2024-2

Refinancing

Dollar

CME

Term

Loan

,

8.356

%

,

(

1-month

SOFR

+

4

%

),

8/15/28

.....................................

Canada

93,750

94,219

h

Professional

Services

0.1%

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.971

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

746,124

745,311

Creative

Artists

Agency

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.077

%

,

(

1-month

SOFR

+

2.75

%

),

10/01/31

.............

United

States

746,250

747,884

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

194,411

195,383

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

121,341

120,583

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

.....................

Canada

513,500

514,262

2,323,423

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

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

492,700

496,191

h

Software

0.2%

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

6/08/28

......................

United

States

425,272

427,399

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

780,418

637,992

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

....................

United

States

635,064

611,049

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.307

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

......................

United

States

102,672

102,693

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.057

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

......................

United

States

194,949

195,873

Imprivata,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

7.321

%

,

(

3-month

SOFR

+

3

%

),

12/01/27

................

United

States

124,157

124,645

e

KnowBe4,

Inc.,

First

Lien,

CME

Term

Loan

,

8.068

%

,

(

3-month

SOFR

+

3.75

%

),

7/23/32

............................

United

States

312,500

313,087

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

...............................

United

States

746,913

723,882

Skopima

Consilio

Parent

LLC,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

746,250

738,437

3,875,057

a

a

a

a

a

a

h

Specialty

Retail

0.2%

Evergreen

Acqco

1

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.052

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

230,688

231,506

j

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.427

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

...............

United

States

1,663,148

1,130,941

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

..............

United

States

243,431

243,979

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

Senior

Floating

Rate

Interests

(continued)

h

Specialty

Retail

(continued)

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.807

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

750,000

$

702,705

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/28

.....................

United

States

339,989

314,962

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

7.706

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

764,182

747,706

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

746,559

725,212

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

347,520

347,452

4,444,463

a

a

a

a

a

a

h

Textiles,

Apparel

&

Luxury

Goods

0.1%

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.776

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

760,699

715,669

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

3/08/32

.....................

United

States

562,440

565,367

1,281,036

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

67,432,037

)

........................

66,215,201

k

Marketplace

Loans

0.3%

a

Financial

Services

0.3%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

13,310,907

)

..................................

6,805,613

Foreign

Government

and

Agency

Securities

0.9%

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

......................................

Supranational

l

3,900,000

3,854,688

d

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

3,030,000

3,047,423

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

....

France

1,000,000

1,028,295

Equinor

ASA

,

Senior

Note

,

1.75

%

,

1/22/26

................

Norway

5,400,000

5,331,822

d

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

South

Korea

2,800,000

2,815,720

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

800,000

721,944

Petroleos

Mexicanos

,

Senior

Note

,

6.875

%

,

10/16/25

........

Mexico

990,000

991,637

Total

Foreign

Government

and

Agency

Securities

(Cost

$

18,019,378

)

............

17,791,529

U.S.

Government

and

Agency

Securities

20.7%

U.S.

Treasury

Bonds

,

4

%

,

11/15/27

......................

United

States

42,300,000

38,658,560

U.S.

Treasury

Notes

,

m

Index

Linked,

0.125

%,

4/15/26

.......................

United

States

23,400,000

28,412,562

0.75

%,

8/31/26

...................................

United

States

16,000,000

15,429,375

2

%,

11/15/26

.....................................

United

States

27,000,000

26,294,414

0.625

%,

3/31/27

..................................

United

States

105,000,000

99,374,707

0.5

%,

8/31/27

....................................

United

States

26,000,000

24,237,891

2.875

%,

8/15/28

..................................

United

States

20,000,000

19,422,656

3.75

%,

12/31/28

..................................

United

States

71,800,000

71,463,438

4.625

%,

4/30/29

..................................

United

States

80,000,000

81,976,562

Total

U.S.

Government

and

Agency

Securities

(Cost

$

405,020,020

)

..............

405,270,165

Asset-Backed

Securities

16.2%

Banks

0.4%

Chase

Issuance

Trust

,

2022-A1

,

A

,

3.97

%

,

9/15/27

.

..........

United

States

6,794,000

6,788,888

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)

Consumer

Finance

5.4%

American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75

%

,

8/15/27

...........................

United

States

18,235,000

$

18,227,675

2023-1

,

A

,

4.87

%

,

5/15/28

...........................

United

States

10,380,000

10,421,931

BA

Credit

Card

Trust

,

2022-A2

,

A2

,

5

%

,

4/15/28

...........................

United

States

11,562,000

11,579,018

2023-A2

,

A2

,

4.98

%

,

11/15/28

........................

United

States

6,140,000

6,193,168

Discover

Card

Execution

Note

Trust

,

2023-A2

,

A

,

4.93

%

,

6/15/28

.

United

States

10,380,000

10,431,960

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-4

,

A3

,

5.78

%

,

8/16/28

..........................

United

States

7,351,030

7,427,228

2024-1

,

A3

,

4.85

%

,

12/18/28

.........................

United

States

11,000,000

11,047,111

2024-2

,

A2A

,

5.33

%

,

3/16/27

.........................

United

States

557,511

558,035

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48

%

,

4/17/28

..........................

United

States

2,863,127

2,881,104

2024-A

,

A3

,

4.99

%

,

2/15/29

..........................

United

States

3,520,000

3,545,908

Nissan

Auto

Receivables

Owner

Trust

,

2023-A

,

A3

,

4.91

%

,

11/15/27

.

........................................

United

States

9,378,950

9,396,925

Toyota

Auto

Receivables

Owner

Trust

,

2024-A

,

A3

,

4.83

%

,

10/16/28

.........................

United

States

6,670,000

6,700,542

2024-B

,

A3

,

5.33

%

,

1/16/29

..........................

United

States

7,770,000

7,858,028

106,268,633

a

a

a

a

a

a

Financial

Services

10.4%

d

,e

,h

AGL

CLO

13

Ltd.

,

2021-13A

,

A1R

,

144A,

FRN

,

Zero

Cpn.,

(

3-month

SOFR

+

1.1

%

),

10/20/34

.

....................

United

States

2,550,000

2,550,000

d

,h

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

6.15

%

,

(

30-day

SOFR

Average

+

1.8

%

),

2/25/55

.

................

United

States

976,826

985,183

d

,h

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

5.637

%

,

(

3-month

SOFR

+

1.312

%

),

4/20/34

.

...........................

United

States

19,306,000

19,359,904

d

,h

Bain

Capital

Credit

CLO

Ltd.

,

e

2020-1A

,

A1RR

,

144A,

FRN

,

Zero

Cpn.,

(

3-month

SOFR

+

0.99

%

),

4/18/33

...................................

United

States

3,262,481

3,264,928

2022-2A

,

A1R

,

144A,

FRN

,

5.482

%

,

(

3-month

SOFR

+

1.15

%

),

4/22/35

.........................................

United

States

2,500,000

2,503,000

d

,h

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

5.468

%

,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

3,599,873

3,602,758

d

,e

,h

Battalion

CLO

IX

Ltd.

,

2015-9A

,

ARR

,

144A,

FRN

,

Zero

Cpn.,

(

3-month

SOFR

+

0.96

%

),

7/15/31

.

....................

United

States

9,100,000

9,107,817

d

,h

BlueMountain

CLO

Ltd.

,

2016-3A

,

A1R2

,

144A,

FRN

,

5.526

%

,

(

3-month

SOFR

+

1.2

%

),

11/15/30

.

....................

United

States

5,302,234

5,306,330

d

,h

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1

,

144A,

FRN

,

5.737

%

,

(

3-month

SOFR

+

1.412

%

),

4/19/34

.

.............

United

States

3,130,000

3,132,385

d

,h

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.399

%

,

(

3-month

SOFR

+

1.07

%

),

7/18/34

.

....................

United

States

2,480,000

2,482,454

d

,h

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2015-4A

,

A1RR

,

144A,

FRN

,

5.545

%

,

(

3-month

SOFR

+

1.22

%

),

7/20/32

.

....

United

States

5,501,270

5,508,002

d

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69

%

,

7/15/60

.

...

United

States

3,291,994

2,840,640

d

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022

%

,

8/25/49

...................

United

States

953,000

952,254

2025-1A

,

A1

,

144A,

5.316

%

,

5/25/50

...................

United

States

1,023,000

1,033,160

d

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-51

,

PT

,

144A,

FRN

,

16.013

%

,

1/15/45

..............

United

States

3,407

3,250

2019-52

,

PT

,

144A,

FRN

,

16.268

%

,

1/15/45

..............

United

States

5,809

3,386

2020-2

,

PT

,

144A,

FRN

,

16.26

%

,

3/15/45

................

United

States

5,115

4,137

2020-7

,

PT

,

144A,

FRN

,

5.224

%

,

4/17/45

................

United

States

4,521

2,318

d

,h

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.704

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

1,000,000

1,001,558

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)

h

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

5.217

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.............

United

States

22,143

$

22,537

d

,h

Dryden

68

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.418

%

,

(

3-month

SOFR

+

1.1

%

),

7/15/35

.

.....................

United

States

6,450,000

6,454,576

d

,h

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

5.245

%

,

(

3-month

SOFR

+

0.92

%

),

10/20/31

.

...........................

United

States

1,716,272

1,717,080

d

,n

FIGRE

Trust

,

2025-HE4

,

A

,

144A,

FRN

,

5.408

%

,

7/25/55

.

.....

United

States

4,466,986

4,468,817

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

.

United

States

3,673,071

3,636,088

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09

%

,

12/15/28

.

...

United

States

6,670,000

6,726,576

d

,h

GoldenTree

Loan

Management

US

CLO

11

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

5.405

%

,

(

3-month

SOFR

+

1.08

%

),

10/20/34

.

...

United

States

9,960,000

9,967,182

d

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.

.........................................

United

States

1,350,074

1,251,935

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41

%

,

2/18/28

..........................

United

States

6,506,787

6,546,280

2023-4

,

A3

,

5.67

%

,

6/21/28

..........................

United

States

7,010,000

7,075,088

2024-1

,

A2

,

5.36

%

,

9/15/26

..........................

United

States

923,513

924,033

d

,h

J.P.

Morgan

Mortgage

Trust

,

2024-HE3

,

A1

,

144A,

FRN

,

5.548

%

,

(

30-day

SOFR

Average

+

1.2

%

),

2/25/55

.

................

United

States

1,564,390

1,567,143

d

,h

KKR

CLO

43

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.068

%

,

(

3-month

SOFR

+

1.75

%

),

1/15/36

.

............................

Jersey

3,250,000

3,261,046

d

,h

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

5.398

%

,

(

3-month

SOFR

+

1.08

%

),

7/15/34

.

..............

United

States

7,000,000

7,004,908

d

,h

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

5.359

%

,

(

3-month

SOFR

+

1.04

%

),

7/23/32

.

....................

United

States

1,985,155

1,986,182

d

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

..................................

United

States

13,870,000

11,424,451

d

,h

Octagon

56

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.739

%

,

(

3-month

SOFR

+

1.422

%

),

10/15/34

.

..........................

United

States

15,000,000

15,049,489

d

,h

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

5.539

%

,

(

3-month

SOFR

+

1.222

%

),

4/16/31

.

........

United

States

201,215

201,425

d

,h

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.687

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

2,000,000

2,002,939

h

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

5.167

%

,

(

1-month

SOFR

+

0.814

%

),

3/25/34

.

.................................

United

States

54,263

53,977

d

,h

RR

14

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.699

%

,

(

3-month

SOFR

+

1.382

%

),

4/15/36

.

................................

United

States

23,418,000

23,473,768

d

,h

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.355

%

,

(

3-month

SOFR

+

1.03

%

),

1/20/32

.

....................

United

States

2,862,897

2,866,399

d

,h

Southwick

Park

CLO

LLC

,

2019-4A

,

A1RR

,

144A,

FRN

,

5.325

%

,

(

3-month

SOFR

+

1

%

),

7/20/32

.

.......................

United

States

4,050,000

4,053,129

d

,h

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218

%

,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

3,873,425

3,869,961

d

,h

TCI-Flatiron

CLO

Ltd.

,

2018-1A

,

AR2

,

144A,

FRN

,

5.264

%

,

(

3-month

SOFR

+

0.95

%

),

7/29/35

.

....................

United

States

9,200,000

9,206,900

d

,h

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

5.378

%

,

(

3-month

SOFR

+

1.06

%

),

4/15/31

.

..............

United

States

1,328,989

1,329,786

d

,h

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.829

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.........................................

United

States

2,500,000

2,504,853

2019-3A

,

AR

,

144A,

FRN

,

5.664

%

,

(

3-month

SOFR

+

1.342

%

),

10/17/32

........................................

United

States

1,847,660

1,851,183

204,141,195

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

30,350

29,066

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

Asset-Backed

Securities

(continued)

Passenger

Airlines

(continued)

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

United

States

126,338

$

126,160

155,226

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

318,977,844

)

............................

317,353,942

Commercial

Mortgage-Backed

Securities

2.3%

Financial

Services

2.3%

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

A4

,

3.705

%

,

9/15/48

...................................

United

States

100,000

99,669

n

,o

BANK5

,

2025-5YR15

,

XA

,

IO,

FRN

,

1.439

%

,

7/15/58

........

United

States

9,505,000

493,781

n

,o

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.168

%

,

5/15/58

.........................................

United

States

60,020,788

2,919,783

n

,o

Benchmark

Mortgage

Trust

,

2025-V15

,

XA

,

IO,

FRN

,

1.12

%

,

6/15/58

.........................................

United

States

46,799,887

2,227,249

n

,o

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.354

%

,

5/15/58

United

States

41,289,821

2,258,392

d

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

5.156

%

,

(

1-month

SOFR

+

0.814

%

),

9/15/36

.............

United

States

5,260,737

5,252,280

d

,h

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

5.146

%

,

(

1-month

SOFR

+

0.804

%

),

10/15/36

..........................

United

States

7,517,000

7,502,858

d

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.833

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

5,684,913

5,693,689

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45

%

,

7/10/49

.........................................

United

States

1,250,750

1,233,463

CSAIL

Commercial

Mortgage

Trust

,

n

2015-C2

,

AS

,

FRN

,

3.849

%

,

6/15/57

...................

United

States

760,922

760,220

2015-C3

,

A4

,

3.718

%

,

8/15/48

........................

United

States

739,323

736,822

d

,n

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

...................................

United

States

2,005,000

1,986,522

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05

%

,

5/10/49

........................

United

States

890,000

879,591

2016-GS3

,

A4

,

2.85

%

,

10/10/49

.......................

United

States

600,000

586,286

2017-GS6

,

A3

,

3.433

%

,

5/10/50

.......................

United

States

2,000,000

1,950,953

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C30

,

A5

,

3.822

%

,

7/15/48

.......................

United

States

257,712

256,959

2015-C31

,

A3

,

3.801

%

,

8/15/48

.......................

United

States

206,799

206,323

2016-C1

,

A5

,

3.576

%

,

3/17/49

........................

United

States

4,417,000

4,384,853

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414

%

,

3/15/50

...................................

United

States

1,784,801

1,744,463

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27

,

AS

,

4.068

%

,

12/15/47

..............................

United

States

1,082,000

1,076,130

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695

%

,

11/15/48

......................

United

States

840,028

837,028

n

2016-C32

,

B

,

FRN

,

4.699

%

,

1/15/59

...................

United

States

1,308,000

1,296,538

44,383,852

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

44,137,513

)

..............

44,383,852

Mortgage-Backed

Securities

2.5%

p

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

6.708

%

-

6.896

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.......

United

States

381,456

392,682

392,682

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.3%

FHLMC

Gold

Pool,

30

Year

,

5

%,

1/01/39

..................

United

States

35,356

35,685

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

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

15

Year

,

3

%,

10/01/37

.....................

United

States

9,015,869

$

8,542,209

FHLMC

Pool,

15

Year

,

3.5

%,

10/01/37

....................

United

States

9,370,542

8,985,304

FHLMC

Pool,

30

Year

,

6

%,

2/01/55

......................

United

States

27,112,141

27,508,075

45,071,273

p

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.2%

FNMA

,

4.463

%

-

5.371

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

..................................

United

States

12,248

12,227

FNMA

,

5.475

%

-

5.58

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

........

United

States

14,848

14,834

FNMA

,

4.183

%

-

5.608

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/36

................................

United

States

21,873

21,649

FNMA

,

6.031

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

.

United

States

8,830

8,818

FNMA

,

5.55

%

-

6.335

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

8/01/37

........

United

States

277,571

279,414

FNMA

,

5.507

%

-

6.757

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.....................

United

States

77,618

78,440

FNMA

,

5.52

%

-

7.547

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

11/01/26

-

4/01/40

.................................

United

States

459,594

468,855

FNMA

,

5.83

%

-

8

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

............

United

States

2,276,505

2,336,581

3,220,818

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.0%

†

FNMA,

15

Year

,

3.5

%,

10/01/25

.........................

United

States

4,291

4,276

FNMA,

15

Year

,

4

%,

12/01/25

..........................

United

States

11,451

11,405

FNMA,

30

Year

,

5

%,

3/01/38

...........................

United

States

5,352

5,405

21,086

p

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

4.625

%

-

5.625

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

..................................

United

States

967

968

968

Total

Mortgage-Backed

Securities

(Cost

$

48,299,144

)

..........................

48,706,827

Municipal

Bonds

0.9%

California

0.2%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

3,880,000

3,492,164

New

York

0.4%

Empire

State

Development

Corp.

,

Revenue

,

2019

B

,

ETM,

2.25

%

,

3/15/26

.................

United

States

1,920,000

1,895,680

Revenue

,

2019

B

,

ETM,

2.25

%

,

3/15/26

.................

United

States

6,830,000

6,737,336

8,633,016

Texas

0.3%

Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351

%

,

3/15/26

...................................

United

States

4,825,000

4,773,638

Total

Municipal

Bonds

(Cost

$

17,278,013

)

....................................

16,898,818

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

7.4%

Capital

Markets

0.0%

†

h

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

5.207

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

United

States

26,698

$

26,283

2003-E

,

A1

,

FRN

,

5.087

%

,

(

1-month

SOFR

+

0.734

%

),

10/25/28

........................................

United

States

85,652

81,483

107,766

a

a

a

a

a

a

Commercial

Services

&

Supplies

0.1%

d

,h

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.2

%

,

(

30-day

SOFR

Average

+

3.85

%

),

9/25/31

.....................

United

States

2,488,000

2,561,707

Financial

Services

7.3%

d

A&D

Mortgage

Trust

,

2023-NQM2

,

A1

,

144A,

6.132

%

,

5/25/68

.

United

States

1,159,816

1,161,691

h

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

6.655

%

,

(

6-month

SOFR

+

2.428

%

),

6/25/45

.............

United

States

29,027

28,905

d

BRAVO

Residential

Funding

Trust

,

n

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

.................

United

States

1,910,587

1,824,413

2023-NQM4

,

A1

,

144A,

6.435

%

,

5/25/63

................

United

States

4,707,868

4,727,375

2023-NQM5

,

A1

,

144A,

6.505

%

,

6/25/63

................

United

States

483,616

486,215

2023-NQM6

,

A1

,

144A,

6.602

%

,

9/25/63

................

United

States

928,244

934,883

2023-NQM8

,

A1

,

144A,

6.394

%

,

10/25/63

...............

United

States

2,544,093

2,560,648

2024-NQM2

,

A1

,

144A,

6.285

%

,

2/25/64

................

United

States

903,141

908,693

2024-NQM3

,

A1

,

144A,

6.191

%

,

3/25/64

................

United

States

4,253,305

4,285,584

d

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684

%

,

5/28/40

.....

United

States

757,000

759,502

d

,h

Chase

Home

Lending

Mortgage

Trust

,

2024-7

,

A11

,

144A,

FRN

,

5.65

%

,

(

30-day

SOFR

Average

+

1.3

%

),

6/25/55

..........

United

States

780,783

781,259

n

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

4.97

%

,

7/25/34

.........................................

United

States

421,700

401,798

d

,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

.........

United

States

50,303

47,971

d

COLT

Mortgage

Loan

Trust

,

n

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

................

United

States

2,244,742

2,222,028

2024-1

,

A1

,

144A,

5.835

%

,

2/25/69

....................

United

States

2,659,019

2,668,317

2024-INV1

,

A1

,

144A,

5.903

%

,

12/25/68

.................

United

States

1,806,704

1,810,520

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

..................................

Switzerland

100,427

56,849

d

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085

%

,

12/25/68

..................

United

States

4,305,186

4,327,096

2024-H5

,

A1

,

144A,

5.854

%

,

8/26/69

...................

United

States

1,533,248

1,540,978

n

2025-H3

,

A1

,

144A,

FRN

,

5.883

%

,

4/25/70

...............

United

States

1,194,081

1,203,059

d

,n

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5

%

,

7/25/44

......

United

States

240,495

224,788

d

,h

FHLMC

STACR

REMIC

Trust

,

2021-DNA7

,

M1

,

144A,

FRN

,

5.2

%

,

(

30-day

SOFR

Average

+

0.85

%

),

11/25/41

..................................

United

States

428,619

428,149

2024-DNA3

,

M1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

10/25/44

....................................

United

States

646,208

646,178

2024-HQA2

,

M1

,

144A,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

8/25/44

....................................

United

States

6,356,334

6,362,740

2025-DNA1

,

A1

,

144A,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

2,096,713

2,099,201

2025-DNA2

,

A1

,

144A,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

5/25/45

....................................

United

States

1,717,725

1,720,327

h

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01

,

1M2

,

FRN

,

11.214

%

,

(

30-day

SOFR

Average

+

6.864

%

),

8/25/28

..................................

United

States

220,797

226,687

2016-C01

,

2M2

,

FRN

,

11.414

%

,

(

30-day

SOFR

Average

+

7.064

%

),

8/25/28

..................................

United

States

696,347

714,742

d

2022-R02

,

2M1

,

144A,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

1/25/42

....................................

United

States

434,675

434,841

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

h

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

d

2023-R08

,

1M1

,

144A,

FRN

,

5.85

%

,

(

30-day

SOFR

Average

+

1.5

%

),

10/25/43

...................................

United

States

5,862,336

$

5,884,255

d

2024-R02

,

1M1

,

144A,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/44

....................................

United

States

1,961,696

1,962,988

d

2024-R03

,

2M1

,

144A,

FRN

,

5.5

%

,

(

30-day

SOFR

Average

+

2.3

%

),

3/25/44

....................................

United

States

2,181,952

2,185,542

d

2024-R05

,

2M1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

7/25/44

.....................................

United

States

1,107,879

1,108,258

d

2024-R06

,

1M1

,

144A,

FRN

,

5.4

%

,

(

30-day

SOFR

Average

+

1.05

%

),

9/25/44

...................................

United

States

759,852

759,850

d

2025-R01

,

1A1

,

144A,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

1,574,574

1,574,508

d

2025-R02

,

1A1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

2/25/45

.....................................

United

States

961,101

961,643

d

2025-R03

,

2A1

,

144A,

FRN

,

5.8

%

,

(

30-day

SOFR

Average

+

1.45

%

),

3/25/45

...................................

United

States

1,604,038

1,612,895

d

2025-R04

,

1A1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

5/25/45

.....................................

United

States

1,412,595

1,413,366

n

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.922

%

,

1/25/35

.........................................

United

States

51,957

49,299

d

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915

%

,

7/25/69

......

United

States

1,683,096

1,689,389

d

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941

%

,

2/25/68

.........................................

United

States

1,811,120

1,809,560

J.P.

Morgan

Mortgage

Trust

,

n

2004-A1

,

5A1

,

FRN

,

6.83

%

,

2/25/34

....................

United

States

14,135

14,339

d,n

2021-15

,

A4

,

144A,

FRN

,

2.5

%

,

6/25/52

.................

United

States

1,759,856

1,558,310

d

2024-CES1

,

A1A

,

144A,

5.919

%

,

6/25/54

................

United

States

1,046,027

1,050,240

d

,n

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612

%

,

4/25/40

.........................................

United

States

715,000

716,170

d

,n

Mill

City

Mortgage

Loan

Trust

,

2018-1

,

A1

,

144A,

FRN

,

3.25

%

,

5/25/62

.................

United

States

979,724

969,836

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.................

United

States

2,785,882

2,726,529

d

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

h

2024-4

,

AF

,

144A,

FRN

,

5.7

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

...................................

United

States

2,308,693

2,306,735

2024-NQM1

,

A1

,

144A,

6.152

%

,

12/25/68

...............

United

States

2,133,217

2,144,486

h

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

5.142

%

,

(

1-month

SOFR

+

0.789

%

),

2/25/36

...........................

United

States

26,010

25,559

d

OBX

Trust

,

h

2018-1

,

A2

,

144A,

FRN

,

5.117

%

,

(

1-month

SOFR

+

0.764

%

),

6/25/57

.........................................

United

States

489,099

478,992

n

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

................

United

States

670,783

596,075

2023-NQM10

,

A1

,

144A,

6.465

%

,

10/25/63

..............

United

States

3,816,534

3,843,051

2024-NQM1

,

A1

,

144A,

5.928

%

,

11/25/63

...............

United

States

1,616,407

1,623,845

2024-NQM2

,

A1

,

144A,

5.878

%

,

12/25/63

...............

United

States

1,462,321

1,466,581

2024-NQM3

,

A1

,

144A,

6.129

%

,

12/25/63

...............

United

States

1,581,877

1,592,984

2024-NQM4

,

A1

,

144A,

6.067

%

,

1/25/64

................

United

States

1,001,177

1,007,584

2024-NQM8

,

A1

,

144A,

6.233

%

,

5/25/64

................

United

States

2,640,412

2,666,079

d

,n

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

3

%

,

6/25/38

.........................................

United

States

1,855,344

1,798,489

d

PRKCM

Trust

,

2024-AFC1

,

A1

,

144A,

6.333

%

,

3/25/59

.................

United

States

1,512,683

1,522,276

2024-HOME1

,

A1

,

144A,

6.431

%

,

5/25/59

...............

United

States

1,591,879

1,605,321

d

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

....................................

United

States

1,285,029

1,135,911

d

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

.........

United

States

6,216,311

5,568,936

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d

,h

Station

Place

Securitization

Trust

,

2024-10

,

A

,

144A,

FRN

,

5.251

%

,

(

1-month

SOFR

+

0.9

%

),

10/27/25

........................................

United

States

5,000,000

$

5,024,632

2025-1

,

A

,

144A,

FRN

,

5.251

%

,

(

1-month

SOFR

+

0.9

%

),

7/23/26

.........................................

United

States

6,868,000

6,869,562

2025-3

,

A

,

144A,

FRN

,

5.251

%

,

(

1-month

SOFR

+

0.9

%

),

9/23/26

.........................................

United

States

6,890,000

6,890,000

h

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

5.207

%

,

(

1-month

SOFR

+

0.854

%

),

9/25/34

....................

United

States

194,794

182,496

d

Toorak

Mortgage

Trust

,

2025-RRTL1

,

A1

,

144A,

5.524

%

,

2/25/40

United

States

910,000

907,969

d

,n

Towd

Point

Mortgage

Trust

,

2018-4

,

A1

,

144A,

FRN

,

3

%

,

6/25/58

...................

United

States

6,682,912

6,308,912

2019-1

,

A1

,

144A,

FRN

,

3.75

%

,

3/25/58

.................

United

States

4,699,707

4,554,305

d

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665

%

,

9/25/68

....................

United

States

507,352

511,625

2023-INV2

,

A1

,

144A,

6.443

%

,

8/25/68

.................

United

States

696,130

699,575

n

2023-INV3

,

A1

,

144A,

FRN

,

6.876

%

,

11/25/68

............

United

States

1,473,803

1,491,876

2024-2

,

A1

,

144A,

6.095

%

,

2/25/69

....................

United

States

574,925

578,602

2024-3

,

A1

,

144A,

6.338

%

,

4/25/69

....................

United

States

2,454,782

2,479,176

2024-4

,

A1

,

144A,

6.218

%

,

6/25/69

....................

United

States

1,652,573

1,666,868

2024-INV1

,

A1

,

144A,

6.116

%

,

3/25/69

..................

United

States

605,922

609,330

141,800,246

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

146,530,891

)

..............

144,469,719

Agency

Commercial

Mortgage-Backed

Securities

8.0%

Financial

Services

8.0%

h

FHLMC

,

413

,

F23

,

FRN

,

5.4

%

,

(

30-day

SOFR

Average

+

1.05

%

),

5/25/54

.........................................

United

States

3,747,724

3,742,836

5420

,

CF

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

6/25/54

.........................................

United

States

4,097,064

4,107,599

5438

,

FB

,

FRN

,

5.25

%

,

(

30-day

SOFR

Average

+

0.9

%

),

8/25/54

.........................................

United

States

5,337,264

5,328,867

5438

,

FC

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

8/25/54

.........................................

United

States

6,907,812

6,910,776

5478

,

FK

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/54

.........................................

United

States

7,954,149

7,955,759

5510

,

FK

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

2/25/55

.........................................

United

States

5,880,551

5,881,742

5517

,

FH

,

FRN

,

5.5

%

,

(

30-day

SOFR

Average

+

1.15

%

),

3/25/55

.........................................

United

States

7,175,281

7,176,565

5534

,

FY

,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

5/25/55

.........................................

United

States

9,617,887

9,670,780

5537

,

FC

,

FRN

,

5.5

%

,

(

30-day

SOFR

Average

+

1.15

%

),

5/25/55

.........................................

United

States

9,648,529

9,652,420

5549

,

FE

,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

6/25/55

.........................................

United

States

9,647,937

9,658,219

h

FNMA

,

2024-22

,

FG

,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

5/25/54

.........................................

United

States

6,780,133

6,804,047

2024-33

,

KF

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/54

.........................................

United

States

1,638,923

1,643,660

2024-39

,

DF

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

6/25/54

.........................................

United

States

6,858,220

6,862,470

2024-54

,

FC

,

FRN

,

5.32

%

,

(

30-day

SOFR

Average

+

0.97

%

),

8/25/54

.........................................

United

States

6,528,688

6,550,123

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

61

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

h

FNMA,

(continued)

2024-77

,

DF

,

FRN

,

5.55

%

,

(

30-day

SOFR

Average

+

1.2

%

),

10/25/53

........................................

United

States

9,547,032

$

9,595,710

2024-77

,

FM

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

6,614,822

6,595,119

2024-8

,

FA

,

FRN

,

5.4

%

,

(

30-day

SOFR

Average

+

1.05

%

),

3/25/54

.........................................

United

States

7,054,470

7,070,971

2024-82

,

FE

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

8,071,617

8,038,480

2024-93

,

FD

,

FRN

,

5.4

%

,

(

30-day

SOFR

Average

+

1.05

%

),

12/25/54

........................................

United

States

8,121,021

8,107,276

2024-98

,

FA

,

FRN

,

5.5

%

,

(

30-day

SOFR

Average

+

1.15

%

),

12/25/53

........................................

United

States

8,339,228

8,355,718

2025-55

,

FG

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

7/25/55

.........................................

United

States

9,730,399

9,727,150

o

GNMA

,

2019-137

,

PI

,

IO,

3.5

%

,

11/20/49

......................

United

States

20,460,992

3,951,752

2020-189

,

IA

,

IO,

4

%

,

12/20/49

.......................

United

States

16,542,461

3,692,200

157,080,239

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

156,927,876

)

......

157,080,239

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

60,686

878

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

1,900,000

7,125

Total

Escrows

and

Litigation

Trusts

(Cost

$

1,838,967

)

.........................

8,003

Total

Long

Term

Investments

(Cost

$

1,929,598,401

)

...........................

1,916,210,672

a

Short

Term

Investments

3.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.0%

q,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

39,407,907

39,407,907

Total

Money

Market

Funds

(Cost

$

39,407,907

)

................................

39,407,907

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

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

1.5%

s

Joint

Repurchase

Agreement

,

4.328

%

,

8/01/25

(Maturity

Value

$

29,033,928

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$12,562,400)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$3,908,838)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$12,562,690)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7.5%,

8/20/30

-

7/20/55;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

0.38%

-

4.49%,

8/15/25

-

1/31/30

(valued

at

$

29,644,787

)

...............

29,030,438

$

29,030,438

Total

Repurchase

Agreements

(Cost

$

29,030,438

)

.............................

29,030,438

Total

Short

Term

Investments

(Cost

$

68,438,345

)

..............................

68,438,345

a

Total

Investments

(Cost

$

1,998,036,746

)

101.3

%

..............................

$1,984,649,017

Other

Assets,

less

Liabilities

(

1.3

)

%

.........................................

(24,717,994)

Net

Assets

100.0%

.........................................................

$1,959,931,023

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$630,689,147,

representing

32.2%

of

net

assets.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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

See

Note

4

regarding

unfunded

loan

commitments.

j

Income

may

be

received

in

additional

securities

and/or

cash.

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

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

July

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Low

Duration

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

,

At

July

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

0.3%

Block,

Inc.

7554908.SQ.FTS.B

,

5

.562

%

,

9/02/25

....

$

1,478

$

64

7555230.SQ.FTS.B

,

6

.175

%

,

9/02/25

....

199

4

7556670.SQ.FTS.B

,

6

.261

%

,

9/03/25

....

829

240

a

7564071.SQ.FTS.B

,

4

.937

%

,

9/05/25

....

3,310

2,556

7564905.SQ.FTS.B

,

5

.757

%

,

9/05/25

....

1,505

28

7566244.SQ.FTS.B

,

4

.776

%

,

9/06/25

....

308

5

a

7568291.SQ.FTS.B

,

5

.379

%

,

9/06/25

....

283

216

7566782.SQ.FTS.B

,

5

.565

%

,

9/06/25

....

6,213

163

a

7566716.SQ.FTS.B

,

5

.753

%

,

9/06/25

....

1,720

1,279

a

7568365.SQ.FTS.B

,

6

.005

%

,

9/06/25

....

1,118

745

7572492.SQ.FTS.B

,

4

.653

%

,

9/07/25

....

5,503

242

7571635.SQ.FTS.B

,

5

.379

%

,

9/07/25

....

7,183

134

a

7575552.SQ.FTS.B

,

4

.936

%

,

9/08/25

....

1,234

965

7575416.SQ.FTS.B

,

6

.004

%

,

9/08/25

....

1,622

42

7578838.SQ.FTS.B

,

5

.758

%

,

9/09/25

....

6,927

3,630

a

7583811.SQ.FTS.B

,

4

.654

%

,

9/11/25

....

1,993

1,438

a

7580692.SQ.FTS.B

,

5

.567

%

,

9/11/25

....

3,647

2,659

7585646.SQ.FTS.B

,

5

.577

%

,

9/12/25

....

2,998

27

7586174.SQ.FTS.B

,

6

.166

%

,

9/12/25

....

2,624

65

a

7585778.SQ.FTS.B

,

6

.176

%

,

9/12/25

....

376

230

a

7590307.SQ.FTS.B

,

4

.937

%

,

9/13/25

....

4,345

4,029

a

7590818.SQ.FTS.B

,

5

.751

%

,

9/13/25

....

1,183

824

a

7594217.SQ.FTS.B

,

5

.191

%

,

9/14/25

....

1,240

912

7596132.SQ.FTS.B

,

5

.565

%

,

9/14/25

....

15,381

139

7593321.SQ.FTS.B

,

5

.749

%

,

9/14/25

....

3,989

48

7593404.SQ.FTS.B

,

6

.01

%

,

9/14/25

.....

1,374

302

7600963.SQ.FTS.B

,

5

.759

%

,

9/16/25

....

4,304

38

a

7602169.SQ.FTS.B

,

5

.382

%

,

9/18/25

....

392

276

7602291.SQ.FTS.B

,

6

.007

%

,

9/18/25

....

26,123

339

7605951.SQ.FTS.B

,

6

.003

%

,

9/19/25

....

2,094

58

7612178.SQ.FTS.B

,

4

.756

%

,

9/20/25

....

2,689

48

a

7610241.SQ.FTS.B

,

5

.753

%

,

9/20/25

....

3,952

2,923

7611808.SQ.FTS.B

,

5

.759

%

,

9/20/25

....

3,987

1,377

a

7610672.SQ.FTS.B

,

6

.155

%

,

9/20/25

....

901

504

7616218.SQ.FTS.B

,

6

.166

%

,

9/21/25

....

385

71

7618103.SQ.FTS.B

,

4

.657

%

,

9/22/25

....

3,603

62

7618821.SQ.FTS.B

,

5

.549

%

,

9/22/25

....

470

211

a

7618716.SQ.FTS.B

,

5

.762

%

,

9/22/25

....

1,388

770

7620736.SQ.FTS.B

,

5

.999

%

,

9/22/25

....

2,920

47

7618459.SQ.FTS.B

,

6

.261

%

,

9/22/25

....

6,354

2,533

a

7621567.SQ.FTS.B

,

5

.367

%

,

9/23/25

....

263

230

a

7622855.SQ.FTS.B

,

5

.372

%

,

9/24/25

....

106

99

a

7622967.SQ.FTS.B

,

5

.382

%

,

9/24/25

....

273

224

7623486.SQ.FTS.B

,

5

.995

%

,

9/25/25

....

862

473

a

7629364.SQ.FTS.B

,

5

.564

%

,

9/26/25

....

482

429

a

7631309.SQ.FTS.B

,

4

.654

%

,

9/27/25

....

705

589

7633336.SQ.FTS.B

,

5

.189

%

,

9/27/25

....

27,598

1,155

7631341.SQ.FTS.B

,

6

.009

%

,

9/27/25

....

4,005

111

7630437.SQ.FTS.B

,

6

.26

%

,

9/27/25

.....

3,990

106

a

7636576.SQ.FTS.B

,

4

.783

%

,

9/28/25

....

170

80

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7643773.SQ.FTS.B

,

5

.188

%

,

9/30/25

....

$

4,878

$

2,576

a

7644529.SQ.FTS.B

,

5

.579

%

,

9/30/25

....

132

122

a

7643463.SQ.FTS.B

,

6

.474

%

,

9/30/25

....

415

245

7649087.SQ.FTS.B

,

5

.378

%

,

10/01/25

...

9,266

223

7648074.SQ.FTS.B

,

5

.379

%

,

10/01/25

...

1,647

64

a

7646577.SQ.FTS.B

,

5

.755

%

,

10/01/25

...

4,894

3,836

7647640.SQ.FTS.B

,

6

.412

%

,

10/01/25

...

5,142

130

a

7647604.SQ.FTS.B

,

6

.419

%

,

10/01/25

...

367

186

7652433.SQ.FTS.B

,

5

.189

%

,

10/02/25

...

33,294

547

a

7653745.SQ.FTS.B

,

5

.913

%

,

10/02/25

...

2,320

1,836

a

7649633.SQ.FTS.B

,

6

.14

%

,

10/02/25

....

395

169

a

7656279.SQ.FTS.B

,

5

.189

%

,

10/03/25

...

17,026

12,036

a

7656835.SQ.FTS.B

,

5

.189

%

,

10/03/25

...

8,122

5,230

7657031.SQ.FTS.B

,

5

.597

%

,

10/03/25

...

412

9

a

7664385.SQ.FTS.B

,

4

.934

%

,

10/05/25

...

552

489

7667780.SQ.FTS.B

,

6

.171

%

,

10/05/25

...

1,331

732

7668700.SQ.FTS.B

,

5

.572

%

,

10/06/25

...

1,857

44

a

7672063.SQ.FTS.B

,

5

.93

%

,

10/08/25

....

651

322

7673560.SQ.FTS.B

,

6

%

,

10/08/25

.......

1,534

678

7673962.SQ.FTS.B

,

5

.722

%

,

10/09/25

...

5,478

198

7680242.SQ.FTS.B

,

4

.937

%

,

10/10/25

...

16,681

366

7679932.SQ.FTS.B

,

4

.938

%

,

10/10/25

...

19,659

285

a

7678020.SQ.FTS.B

,

6

.26

%

,

10/10/25

....

2,311

92

7689723.SQ.FTS.B

,

6

.259

%

,

10/13/25

...

4,931

61

a

7690173.SQ.FTS.B

,

4

.654

%

,

10/14/25

...

1,147

938

7690365.SQ.FTS.B

,

5

.188

%

,

10/14/25

...

12,369

4,839

a

7691188.SQ.FTS.B

,

4

.78

%

,

10/15/25

....

5,782

4,758

a

7692497.SQ.FTS.B

,

5

.18

%

,

10/15/25

....

278

259

a

7697053.SQ.FTS.B

,

5

.348

%

,

10/16/25

...

1,716

1,234

a

7703931.SQ.FTS.B

,

4

.753

%

,

10/18/25

...

2,298

756

a

7703447.SQ.FTS.B

,

5

.099

%

,

10/18/25

...

1,073

992

a

7703768.SQ.FTS.B

,

6

.418

%

,

10/18/25

...

2,068

1,408

7705636.SQ.FTS.B

,

6

.162

%

,

10/19/25

...

817

19

7707263.SQ.FTS.B

,

5

.346

%

,

10/21/25

...

11,690

226

a

7716286.SQ.FTS.B

,

6

.163

%

,

10/24/25

...

521

344

a

7722451.SQ.FTS.B

,

5

.094

%

,

10/25/25

...

21,507

8,395

7721658.SQ.FTS.B

,

5

.377

%

,

10/25/25

...

7,766

109

a

7721341.SQ.FTS.B

,

5

.91

%

,

10/25/25

....

1,038

567

7723857.SQ.FTS.B

,

6

.511

%

,

10/25/25

...

571

208

7725971.SQ.FTS.B

,

4

.754

%

,

10/26/25

...

3,081

46

7726791.SQ.FTS.B

,

5

.09

%

,

10/26/25

....

2,036

68

a

7728508.SQ.FTS.B

,

5

.095

%

,

10/26/25

...

3,431

2,328

7726860.SQ.FTS.B

,

5

.103

%

,

10/26/25

...

1,045

844

a

7725551.SQ.FTS.B

,

5

.346

%

,

10/26/25

...

2,756

2,461

7727004.SQ.FTS.B

,

5

.346

%

,

10/26/25

...

2,401

1,928

7729708.SQ.FTS.B

,

5

.904

%

,

10/26/25

...

88

76

7729519.SQ.FTS.B

,

6

.48

%

,

10/26/25

....

604

211

a

7730736.SQ.FTS.B

,

5

.102

%

,

10/27/25

...

641

534

7730750.SQ.FTS.B

,

5

.346

%

,

10/27/25

...

32,718

757

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)

7733199.SQ.FTS.B

,

5

.348

%

,

10/28/25

...

$

2,513

$

2,031

a

7736449.SQ.FTS.B

,

4

.727

%

,

10/29/25

...

430

211

7736276.SQ.FTS.B

,

4

.787

%

,

10/29/25

...

924

828

7741295.SQ.FTS.B

,

5

.339

%

,

10/30/25

...

1,832

60

7743177.SQ.FTS.B

,

5

.912

%

,

11/01/25

...

10,923

238

a

7745686.SQ.FTS.B

,

5

.913

%

,

11/01/25

...

1,881

1,642

a

7749545.SQ.FTS.B

,

4

.772

%

,

11/02/25

...

116

115

7750529.SQ.FTS.B

,

4

.778

%

,

11/02/25

...

2,067

1,406

a

7752431.SQ.FTS.B

,

4

.78

%

,

11/02/25

....

7,622

6,502

a

7751057.SQ.FTS.B

,

5

.922

%

,

11/02/25

...

740

528

a

7752414.SQ.FTS.B

,

6

.16

%

,

11/02/25

....

80

69

a

7753708.SQ.FTS.B

,

5

.94

%

,

11/03/25

....

154

132

a

7758588.SQ.FTS.B

,

4

.767

%

,

11/04/25

...

39

22

7758233.SQ.FTS.B

,

5

.097

%

,

11/04/25

...

1,831

1,325

7759395.SQ.FTS.B

,

5

.438

%

,

11/05/25

...

1,671

46

7767426.SQ.FTS.B

,

4

.754

%

,

11/07/25

...

1,600

20

a

7765288.SQ.FTS.B

,

5

.095

%

,

11/07/25

...

7,701

6,060

a

7771470.SQ.FTS.B

,

5

.91

%

,

11/08/25

....

2,356

1,557

7771118.SQ.FTS.B

,

6

.162

%

,

11/08/25

....

11,032

6,363

a

7775920.SQ.FTS.B

,

4

.775

%

,

11/09/25

...

1,655

1,350

7777130.SQ.FTS.B

,

5

.722

%

,

11/09/25

...

6,909

99

a

7781489.SQ.FTS.B

,

4

.754

%

,

11/10/25

...

1,697

986

7778609.SQ.FTS.B

,

5

.913

%

,

11/10/25

...

6,786

3,558

7782090.SQ.FTS.B

,

5

.093

%

,

11/11/25

...

2,085

1,845

a

7782030.SQ.FTS.B

,

5

.094

%

,

11/11/25

...

429

409

a

7783055.SQ.FTS.B

,

5

.096

%

,

11/12/25

...

1,010

859

a

7782728.SQ.FTS.B

,

6

.163

%

,

11/12/25

...

10,904

5,184

7787720.SQ.FTS.B

,

4

.734

%

,

11/13/25

...

509

9

a

7785541.SQ.FTS.B

,

5

.914

%

,

11/13/25

...

2,624

1,696

7786619.SQ.FTS.B

,

5

.915

%

,

11/13/25

...

4,392

62

a

7789078.SQ.FTS.B

,

5

.346

%

,

11/14/25

...

726

616

a

7789785.SQ.FTS.B

,

5

.346

%

,

11/14/25

...

1,184

1,107

a

7790216.SQ.FTS.B

,

5

.348

%

,

11/14/25

...

3,720

3,102

a

7790447.SQ.FTS.B

,

5

.544

%

,

11/14/25

...

1,509

1,004

7799705.SQ.FTS.B

,

4

.747

%

,

11/16/25

...

610

382

7799914.SQ.FTS.B

,

4

.748

%

,

11/16/25

...

13,481

217

a

7797027.SQ.FTS.B

,

5

.094

%

,

11/16/25

...

6,286

4,628

a

7798391.SQ.FTS.B

,

5

.91

%

,

11/16/25

....

399

374

a

7802938.SQ.FTS.B

,

4

.78

%

,

11/17/25

....

2,086

1,713

7800202.SQ.FTS.B

,

5

.344

%

,

11/17/25

...

10,005

157

7801213.SQ.FTS.B

,

6

.154

%

,

11/17/25

...

1,802

36

7804801.SQ.FTS.B

,

6

.163

%

,

11/18/25

...

17,812

163

7805105.SQ.FTS.B

,

5

.348

%

,

11/19/25

...

5,427

126

a

7809224.SQ.FTS.B

,

4

.777

%

,

11/20/25

...

2,538

2,249

a

7806254.SQ.FTS.B

,

4

.78

%

,

11/20/25

....

3,615

2,432

a

7807399.SQ.FTS.B

,

5

.089

%

,

11/20/25

...

530

493

a

7807568.SQ.FTS.B

,

5

.914

%

,

11/20/25

...

3,764

1,588

7811989.SQ.FTS.B

,

4

.717

%

,

11/21/25

...

467

7

a

7812133.SQ.FTS.B

,

4

.783

%

,

11/21/25

...

485

466

7812032.SQ.FTS.B

,

5

.538

%

,

11/21/25

...

721

317

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7812847.SQ.FTS.B

,

6

.144

%

,

11/21/25

...

$

325

$

238

a

7811277.SQ.FTS.B

,

6

.164

%

,

11/21/25

...

1,134

947

a

7816657.SQ.FTS.B

,

6

.164

%

,

11/22/25

...

621

529

a

7822550.SQ.FTS.B

,

4

.769

%

,

11/23/25

...

376

242

7827375.SQ.FTS.B

,

5

.35

%

,

11/24/25

....

1,690

946

7826584.SQ.FTS.B

,

5

.444

%

,

11/24/25

...

4,735

77

a

7826231.SQ.FTS.B

,

5

.549

%

,

11/24/25

...

7

7

7825597.SQ.FTS.B

,

6

.156

%

,

11/24/25

...

2,444

32

a

7835872.SQ.FTS.B

,

5

.094

%

,

11/28/25

...

8,584

6,376

a

7840060.SQ.FTS.B

,

4

.78

%

,

11/29/25

....

4,478

3,340

a

7838403.SQ.FTS.B

,

5

.339

%

,

11/29/25

...

348

334

7836917.SQ.FTS.B

,

5

.457

%

,

11/29/25

...

764

12

a

7836366.SQ.FTS.B

,

5

.535

%

,

11/29/25

...

7,680

4,971

a

7838689.SQ.FTS.B

,

5

.912

%

,

11/29/25

...

24,753

15,243

a

7839709.SQ.FTS.B

,

6

.463

%

,

11/29/25

...

1,269

384

a

7848970.SQ.FTS.B

,

4

.778

%

,

11/30/25

...

1,249

1,132

a

7846983.SQ.FTS.B

,

5

.342

%

,

11/30/25

...

357

343

a

7849083.SQ.FTS.B

,

5

.535

%

,

11/30/25

...

44,669

30,809

a

7848873.SQ.FTS.B

,

6

.137

%

,

11/30/25

...

352

236

a

7853646.SQ.FTS.B

,

4

.78

%

,

12/03/25

....

28,015

21,243

a

7856445.SQ.FTS.B

,

4

.781

%

,

12/03/25

...

3,829

3,641

a

7854629.SQ.FTS.B

,

5

.095

%

,

12/03/25

...

2,721

2,616

a

7860273.SQ.FTS.B

,

5

.094

%

,

12/04/25

...

274

271

a

7856844.SQ.FTS.B

,

5

.102

%

,

12/04/25

...

587

558

7856900.SQ.FTS.B

,

6

.162

%

,

12/04/25

...

2,525

1,833

7863894.SQ.FTS.B

,

4

.751

%

,

12/05/25

...

3,546

58

a

7863771.SQ.FTS.B

,

5

.098

%

,

12/05/25

...

1,431

1,161

a

7861101.SQ.FTS.B

,

5

.346

%

,

12/05/25

...

882

848

a

7863751.SQ.FTS.B

,

5

.443

%

,

12/05/25

...

490

280

7868430.SQ.FTS.B

,

5

.092

%

,

12/06/25

...

2,574

70

a

7869066.SQ.FTS.B

,

5

.342

%

,

12/06/25

...

398

359

a

7869279.SQ.FTS.B

,

6

.134

%

,

12/06/25

...

223

5

a

7869425.SQ.FTS.B

,

6

.154

%

,

12/06/25

...

740

534

7868834.SQ.FTS.B

,

6

.284

%

,

12/06/25

...

2,780

51

a

7873308.SQ.FTS.B

,

4

.744

%

,

12/07/25

...

755

415

a

7873357.SQ.FTS.B

,

5

.344

%

,

12/07/25

...

1,075

1,025

a

7870287.SQ.FTS.B

,

6

.154

%

,

12/07/25

...

700

221

a

7874157.SQ.FTS.B

,

4

.78

%

,

12/08/25

....

134

133

a

7874044.SQ.FTS.B

,

5

.723

%

,

12/08/25

...

4,283

1,774

7874823.SQ.FTS.B

,

6

.172

%

,

12/08/25

...

896

589

7873942.SQ.FTS.B

,

6

.507

%

,

12/08/25

...

715

14

a

7874931.SQ.FTS.B

,

5

.348

%

,

12/09/25

...

1,670

1,492

a

7875074.SQ.FTS.B

,

5

.91

%

,

12/09/25

....

2,664

449

a

7878318.SQ.FTS.B

,

4

.78

%

,

12/10/25

....

3,395

3,316

a

7876689.SQ.FTS.B

,

5

.098

%

,

12/10/25

...

4,687

2,250

a

7883010.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

2,900

2,260

a

7881673.SQ.FTS.B

,

5

.089

%

,

12/11/25

...

237

227

a

7881395.SQ.FTS.B

,

5

.534

%

,

12/11/25

...

3,638

3,385

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)

7882477.SQ.FTS.B

,

6

.166

%

,

12/11/25

...

$

2,881

$

1,106

7884810.SQ.FTS.B

,

4

.728

%

,

12/12/25

...

1,095

17

a

7885251.SQ.FTS.B

,

4

.747

%

,

12/12/25

...

8,857

4,823

7891927.SQ.FTS.B

,

4

.729

%

,

12/13/25

...

450

10

a

7889618.SQ.FTS.B

,

5

.099

%

,

12/13/25

...

3,094

2,307

7890802.SQ.FTS.B

,

6

.16

%

,

12/13/25

....

1,198

705

7889784.SQ.FTS.B

,

6

.168

%

,

12/13/25

...

2,381

47

a

7896532.SQ.FTS.B

,

4

.781

%

,

12/14/25

...

4,269

3,712

a

7898972.SQ.FTS.B

,

4

.78

%

,

12/15/25

....

7,993

6,621

7899837.SQ.FTS.B

,

4

.752

%

,

12/16/25

...

3,998

1,985

a

7899783.SQ.FTS.B

,

4

.779

%

,

12/16/25

...

1,601

1,496

a

7899916.SQ.FTS.B

,

5

.346

%

,

12/16/25

...

5,866

3,065

a

7903379.SQ.FTS.B

,

4

.779

%

,

12/17/25

...

3,222

3,040

7901578.SQ.FTS.B

,

5

.535

%

,

12/17/25

...

1,958

37

a

7906477.SQ.FTS.B

,

5

.091

%

,

12/18/25

...

700

678

a

7904436.SQ.FTS.B

,

5

.924

%

,

12/18/25

...

197

180

a

7910334.SQ.FTS.B

,

4

.782

%

,

12/19/25

...

380

375

a

7910287.SQ.FTS.B

,

5

.355

%

,

12/19/25

...

1,363

1,057

a

7912230.SQ.FTS.B

,

5

.338

%

,

12/20/25

...

816

789

a

7914492.SQ.FTS.B

,

5

.907

%

,

12/20/25

...

576

523

a

7912392.SQ.FTS.B

,

6

.164

%

,

12/20/25

...

255

201

7918484.SQ.FTS.B

,

4

.745

%

,

12/21/25

...

4,063

55

a

7915836.SQ.FTS.B

,

4

.781

%

,

12/21/25

...

2,661

2,130

a

7915632.SQ.FTS.B

,

4

.784

%

,

12/21/25

...

1,304

1,238

a

7916594.SQ.FTS.B

,

5

.083

%

,

12/21/25

...

164

163

a

7919297.SQ.FTS.B

,

5

.915

%

,

12/22/25

...

662

594

a

7919425.SQ.FTS.B

,

5

.917

%

,

12/22/25

...

1,259

825

a

7919391.SQ.FTS.B

,

5

.921

%

,

12/22/25

...

674

565

7919249.SQ.FTS.B

,

6

.171

%

,

12/22/25

...

2,482

535

a

7919475.SQ.FTS.B

,

6

.279

%

,

12/22/25

...

266

242

a

7920284.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

1,293

1,100

a

7921388.SQ.FTS.B

,

5

.338

%

,

12/24/25

...

854

695

a

7922081.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

4,589

4,374

a

7924093.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

16,455

5,309

a

7926507.SQ.FTS.B

,

6

.168

%

,

12/25/25

...

510

470

7931938.SQ.FTS.B

,

4

.757

%

,

12/26/25

...

1,074

238

a

7930670.SQ.FTS.B

,

4

.778

%

,

12/26/25

...

2,913

2,569

a

7928701.SQ.FTS.B

,

5

.735

%

,

12/26/25

...

1,080

838

7928332.SQ.FTS.B

,

6

.144

%

,

12/26/25

...

468

11

7929817.SQ.FTS.B

,

6

.164

%

,

12/26/25

...

994

16

7931303.SQ.FTS.B

,

6

.474

%

,

12/26/25

...

2,632

687

7935404.SQ.FTS.B

,

4

.78

%

,

12/27/25

....

1,332

1,138

a

7936873.SQ.FTS.B

,

5

.353

%

,

12/27/25

...

364

356

7937401.SQ.FTS.B

,

5

.438

%

,

12/27/25

...

393

298

7936898.SQ.FTS.B

,

5

.446

%

,

12/27/25

...

788

11

a

7934586.SQ.FTS.B

,

5

.727

%

,

12/27/25

...

1,177

988

7936014.SQ.FTS.B

,

5

.913

%

,

12/27/25

...

17,355

5,417

a

7935181.SQ.FTS.B

,

6

.286

%

,

12/27/25

...

619

530

a

7941308.SQ.FTS.B

,

4

.779

%

,

12/28/25

...

5,461

5,181

7939609.SQ.FTS.B

,

5

.534

%

,

12/28/25

...

1,135

906

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7938565.SQ.FTS.B

,

6

.294

%

,

12/28/25

...

$

2,518

$

656

7942328.SQ.FTS.B

,

4

.759

%

,

12/29/25

...

2,917

30

7942380.SQ.FTS.B

,

5

.726

%

,

12/29/25

...

3,602

2,672

7943096.SQ.FTS.B

,

6

.162

%

,

12/30/25

...

6,989

155

7942994.SQ.FTS.B

,

6

.178

%

,

12/30/25

...

531

8

7946958.SQ.FTS.B

,

4

.75

%

,

1/01/26

.....

4,192

88

7946336.SQ.FTS.B

,

4

.752

%

,

1/01/26

....

615

513

7944951.SQ.FTS.B

,

4

.762

%

,

1/01/26

....

688

14

7945338.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

11,241

289

a

7946424.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

417

413

7944011.SQ.FTS.B

,

4

.784

%

,

1/01/26

....

3,061

2,128

a

7947566.SQ.FTS.B

,

5

.922

%

,

1/01/26

....

2,216

804

7947625.SQ.FTS.B

,

6

.163

%

,

1/01/26

....

1,915

277

7951311.SQ.FTS.B

,

4

.777

%

,

1/02/26

....

537

8

7951847.SQ.FTS.B

,

5

.094

%

,

1/02/26

....

33,213

21,238

7952600.SQ.FTS.B

,

5

.35

%

,

1/02/26

.....

5,840

117

7951787.SQ.FTS.B

,

5

.407

%

,

1/02/26

....

997

8

7951448.SQ.FTS.B

,

5

.444

%

,

1/02/26

....

2,679

69

a

7951324.SQ.FTS.B

,

5

.535

%

,

1/02/26

....

294

252

7949460.SQ.FTS.B

,

5

.937

%

,

1/02/26

....

487

351

7950492.SQ.FTS.B

,

6

.475

%

,

1/02/26

....

4,103

90

a

7955042.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

1,917

1,807

a

7955770.SQ.FTS.B

,

4

.78

%

,

1/03/26

.....

11,019

8,128

a

7955555.SQ.FTS.B

,

4

.781

%

,

1/03/26

....

461

458

7957118.SQ.FTS.B

,

5

.091

%

,

1/03/26

....

4,273

2,920

7957773.SQ.FTS.B

,

5

.911

%

,

1/03/26

....

9,008

4,712

a

7957265.SQ.FTS.B

,

5

.915

%

,

1/03/26

....

2,146

1,622

a

7958842.SQ.FTS.B

,

4

.78

%

,

1/04/26

.....

20,149

18,726

a

7960740.SQ.FTS.B

,

4

.78

%

,

1/05/26

.....

44,337

35,240

a

7963289.SQ.FTS.B

,

5

.527

%

,

1/06/26

....

159

155

a

7963378.SQ.FTS.B

,

6

.172

%

,

1/06/26

....

171

156

7964871.SQ.FTS.B

,

6

.168

%

,

1/07/26

....

1,325

999

a

7966867.SQ.FTS.B

,

4

.762

%

,

1/08/26

....

503

225

a

7966076.SQ.FTS.B

,

5

.094

%

,

1/08/26

....

5,237

4,856

a

7966654.SQ.FTS.B

,

5

.528

%

,

1/08/26

....

1,157

766

a

7967637.SQ.FTS.B

,

5

.535

%

,

1/08/26

....

2,049

1,891

a

7967525.SQ.FTS.B

,

5

.909

%

,

1/08/26

....

163

155

a

7967183.SQ.FTS.B

,

6

.163

%

,

1/08/26

....

1,626

1,060

a

7966492.SQ.FTS.B

,

6

.164

%

,

1/08/26

....

646

430

7970899.SQ.FTS.B

,

5

.349

%

,

1/09/26

....

8,001

166

7971514.SQ.FTS.B

,

5

.436

%

,

1/09/26

....

3,454

81

a

7971048.SQ.FTS.B

,

5

.739

%

,

1/09/26

....

845

633

a

7971074.SQ.FTS.B

,

6

.164

%

,

1/09/26

....

6,655

1,691

a

7972684.SQ.FTS.B

,

6

.169

%

,

1/10/26

....

550

392

a

7980290.SQ.FTS.B

,

5

.346

%

,

1/11/26

....

21,656

17,837

a

7982077.SQ.FTS.B

,

5

.351

%

,

1/12/26

....

1,315

1,072

a

7981977.SQ.FTS.B

,

5

.917

%

,

1/12/26

....

2,349

775

a

7983412.SQ.FTS.B

,

5

.92

%

,

1/12/26

.....

1,617

314

a

7981527.SQ.FTS.B

,

6

.164

%

,

1/12/26

....

2,038

1,673

a

7984094.SQ.FTS.B

,

4

.776

%

,

1/13/26

....

1,953

1,793

7984186.SQ.FTS.B

,

6

.162

%

,

1/13/26

....

1,037

308

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)

7984217.SQ.FTS.B

,

6

.491

%

,

1/13/26

....

$

1,793

$

31

7985368.SQ.FTS.B

,

5

.436

%

,

1/14/26

....

2,349

37

7987855.SQ.FTS.B

,

4

.735

%

,

1/15/26

....

1,100

298

a

7987790.SQ.FTS.B

,

4

.78

%

,

1/15/26

.....

2,574

1,849

a

7988632.SQ.FTS.B

,

5

.346

%

,

1/15/26

....

6,691

5,777

7987273.SQ.FTS.B

,

5

.357

%

,

1/15/26

....

1,447

38

7991684.SQ.FTS.B

,

4

.775

%

,

1/16/26

....

3,067

32

a

7992809.SQ.FTS.B

,

5

.095

%

,

1/16/26

....

5,000

4,909

a

7992685.SQ.FTS.B

,

5

.358

%

,

1/16/26

....

224

220

a

7994306.SQ.FTS.B

,

4

.779

%

,

1/17/26

....

67

67

a

8000369.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

10,209

9,356

a

7994568.SQ.FTS.B

,

5

.092

%

,

1/17/26

....

2,569

2,062

a

8000882.SQ.FTS.B

,

5

.913

%

,

1/17/26

....

14,351

10,587

a

7993734.SQ.FTS.B

,

6

.147

%

,

1/17/26

....

749

331

a

7993784.SQ.FTS.B

,

6

.289

%

,

1/17/26

....

3,463

2,773

a

8004401.SQ.FTS.B

,

5

.084

%

,

1/18/26

....

388

377

a

8003598.SQ.FTS.B

,

5

.094

%

,

1/18/26

....

1,487

1,448

a

8004901.SQ.FTS.B

,

5

.355

%

,

1/18/26

....

1,027

952

8004961.SQ.FTS.B

,

6

.166

%

,

1/18/26

....

12,843

1,994

a

8007128.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

3,776

3,465

a

8006609.SQ.FTS.B

,

6

.164

%

,

1/19/26

....

737

304

8007977.SQ.FTS.B

,

6

.172

%

,

1/19/26

....

1,660

30

a

8008058.SQ.FTS.B

,

6

.48

%

,

1/19/26

.....

2,651

1,974

a

8009940.SQ.FTS.B

,

4

.745

%

,

1/20/26

....

2,354

829

a

8014770.SQ.FTS.B

,

4

.779

%

,

1/22/26

....

7,840

7,357

8014750.SQ.FTS.B

,

5

.716

%

,

1/22/26

....

3,086

37

8013310.SQ.FTS.B

,

5

.723

%

,

1/22/26

....

38,986

1,025

a

8015959.SQ.FTS.B

,

4

.776

%

,

1/23/26

....

1,002

979

8016211.SQ.FTS.B

,

5

.451

%

,

1/23/26

....

2,578

33

a

8016338.SQ.FTS.B

,

5

.525

%

,

1/23/26

....

877

693

a

8026166.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

10,586

10,468

a

8029246.SQ.FTS.B

,

4

.78

%

,

1/26/26

.....

25,021

12,083

a

8029056.SQ.FTS.B

,

5

.097

%

,

1/26/26

....

1,884

1,811

a

8029887.SQ.FTS.B

,

5

.348

%

,

1/26/26

....

1,866

1,783

a

8031770.SQ.FTS.B

,

4

.751

%

,

1/27/26

....

925

693

8032755.SQ.FTS.B

,

5

.433

%

,

1/28/26

....

39

26

a

8035047.SQ.FTS.B

,

5

.098

%

,

1/29/26

....

981

965

a

8033467.SQ.FTS.B

,

6

.167

%

,

1/29/26

....

2,872

2,166

a

8033451.SQ.FTS.B

,

6

.263

%

,

1/29/26

....

416

300

8033875.SQ.FTS.B

,

6

.479

%

,

1/29/26

....

457

402

a

8035306.SQ.FTS.B

,

6

.486

%

,

1/29/26

....

378

333

a

8038469.SQ.FTS.B

,

4

.779

%

,

1/30/26

....

335

333

a

8038749.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

148

42

a

8040298.SQ.FTS.B

,

4

.781

%

,

1/30/26

....

9,292

8,380

a

8037556.SQ.FTS.B

,

6

.167

%

,

1/30/26

....

730

722

a

8044027.SQ.FTS.B

,

4

.779

%

,

1/31/26

....

3,467

3,451

a

8042258.SQ.FTS.B

,

5

.097

%

,

1/31/26

....

4,338

3,758

a

8041672.SQ.FTS.B

,

6

.486

%

,

1/31/26

....

456

408

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8049787.SQ.FTS.B

,

4

.758

%

,

2/01/26

....

$

574

$

305

a

8050517.SQ.FTS.B

,

4

.779

%

,

2/01/26

....

3,935

3,720

a

8048204.SQ.FTS.B

,

4

.78

%

,

2/01/26

.....

189

134

8046718.SQ.FTS.B

,

5

.354

%

,

2/01/26

....

2,330

49

a

8046874.SQ.FTS.B

,

5

.522

%

,

2/01/26

....

1,283

986

a

8048248.SQ.FTS.B

,

5

.535

%

,

2/01/26

....

14,030

8,863

8053068.SQ.FTS.B

,

4

.749

%

,

2/02/26

....

762

11

a

8051738.SQ.FTS.B

,

5

.367

%

,

2/02/26

....

240

231

a

8053051.SQ.FTS.B

,

5

.535

%

,

2/02/26

....

77

77

a

8055160.SQ.FTS.B

,

6

.471

%

,

2/03/26

....

1,198

888

a

8055953.SQ.FTS.B

,

5

.346

%

,

2/04/26

....

7,474

7,254

a

8055848.SQ.FTS.B

,

5

.909

%

,

2/04/26

....

773

383

8058200.SQ.FTS.B

,

4

.739

%

,

2/05/26

....

731

11

a

8058016.SQ.FTS.B

,

5

.097

%

,

2/05/26

....

2,266

2,110

8056978.SQ.FTS.B

,

5

.718

%

,

2/05/26

....

2,250

1,459

a

8056890.SQ.FTS.B

,

5

.911

%

,

2/05/26

....

1,108

909

8060490.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

1,882

1,340

a

8060653.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

10,090

9,362

a

8062258.SQ.FTS.B

,

4

.78

%

,

2/06/26

.....

1,219

1,213

a

8060190.SQ.FTS.B

,

5

.722

%

,

2/06/26

....

2,984

2,797

a

8063719.SQ.FTS.B

,

5

.726

%

,

2/06/26

....

1,349

1,312

8063150.SQ.FTS.B

,

5

.911

%

,

2/06/26

....

32,004

466

a

8072743.SQ.FTS.B

,

6

.152

%

,

2/08/26

....

59

55

8073414.SQ.FTS.B

,

5

.095

%

,

2/09/26

....

7,891

180

a

8075041.SQ.FTS.B

,

5

.348

%

,

2/09/26

....

1,446

1,376

8074973.SQ.FTS.B

,

5

.445

%

,

2/09/26

....

2,225

636

a

8073755.SQ.FTS.B

,

6

.164

%

,

2/09/26

....

16,940

3,969

8076658.SQ.FTS.B

,

5

.428

%

,

2/10/26

....

870

13

a

8076290.SQ.FTS.B

,

5

.433

%

,

2/10/26

....

1,899

866

a

8077232.SQ.FTS.B

,

4

.785

%

,

2/11/26

....

1,064

837

8078281.SQ.FTS.B

,

4

.74

%

,

2/12/26

.....

76

63

a

8079163.SQ.FTS.B

,

5

.461

%

,

2/12/26

....

446

254

a

8079176.SQ.FTS.B

,

5

.913

%

,

2/12/26

....

1,067

349

a

8080681.SQ.FTS.B

,

6

.477

%

,

2/12/26

....

1,221

915

a

8081626.SQ.FTS.B

,

4

.78

%

,

2/13/26

.....

1,384

1,343

a

8081859.SQ.FTS.B

,

5

.549

%

,

2/13/26

....

186

183

8087504.SQ.FTS.B

,

4

.749

%

,

2/14/26

....

869

23

a

8084982.SQ.FTS.B

,

5

.35

%

,

2/14/26

.....

2,214

55

8084848.SQ.FTS.B

,

6

.17

%

,

2/14/26

.....

588

111

a

8086839.SQ.FTS.B

,

6

.17

%

,

2/14/26

.....

1,107

824

a

8093270.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

5,687

4,953

a

8092693.SQ.FTS.B

,

6

.168

%

,

2/15/26

....

715

685

a

8097209.SQ.FTS.B

,

5

.532

%

,

2/17/26

....

2,964

2,768

8099047.SQ.FTS.B

,

4

.747

%

,

2/19/26

....

4,041

58

a

8101006.SQ.FTS.B

,

4

.78

%

,

2/19/26

.....

3,386

3,278

a

8100556.SQ.FTS.B

,

6

.289

%

,

2/19/26

....

1,516

284

a

8104401.SQ.FTS.B

,

5

.094

%

,

2/20/26

....

41,119

31,052

a

8105756.SQ.FTS.B

,

5

.094

%

,

2/20/26

....

1,583

1,581

8107707.SQ.FTS.B

,

4

.762

%

,

2/21/26

....

762

11

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

8107578.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

$

2,408

$

2,360

a

8107733.SQ.FTS.B

,

5

.346

%

,

2/21/26

....

8,116

7,906

a

8111735.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

506

503

a

8112993.SQ.FTS.B

,

4

.78

%

,

2/22/26

.....

3,289

3,121

a

8116537.SQ.FTS.B

,

4

.779

%

,

2/23/26

....

656

653

a

8116260.SQ.FTS.B

,

4

.787

%

,

2/23/26

....

640

634

a

8116985.SQ.FTS.B

,

5

.346

%

,

2/23/26

....

1,186

796

a

8117025.SQ.FTS.B

,

5

.43

%

,

2/23/26

.....

1,397

299

a

8117644.SQ.FTS.B

,

6

.132

%

,

2/23/26

....

470

102

8119126.SQ.FTS.B

,

4

.778

%

,

2/24/26

....

5,198

3,891

a

8119327.SQ.FTS.B

,

6

.152

%

,

2/24/26

....

5,879

3,949

8119812.SQ.FTS.B

,

4

.778

%

,

2/25/26

....

1,832

1,085

a

8122881.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

1,412

1,396

a

8123064.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

1,761

1,750

a

8121851.SQ.FTS.B

,

5

.086

%

,

2/26/26

....

1,515

815

a

8126365.SQ.FTS.B

,

5

.095

%

,

2/27/26

....

16,856

16,294

a

8136604.SQ.FTS.B

,

4

.776

%

,

2/28/26

....

1,936

1,871

8130671.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

67,056

795

a

8128102.SQ.FTS.B

,

4

.79

%

,

2/28/26

.....

1,018

986

a

8137939.SQ.FTS.B

,

4

.793

%

,

2/28/26

....

121

120

a

8134964.SQ.FTS.B

,

4

.964

%

,

2/28/26

....

296

241

a

8140201.SQ.FTS.B

,

5

.104

%

,

2/28/26

....

390

376

a

8128205.SQ.FTS.B

,

5

.112

%

,

2/28/26

....

11,184

9,960

a

8140040.SQ.FTS.B

,

5

.41

%

,

2/28/26

.....

645

636

8143126.SQ.FTS.B

,

5

.66

%

,

2/28/26

.....

12,435

6,742

8136487.SQ.FTS.B

,

6

.145

%

,

2/28/26

....

2,070

31

8134991.SQ.FTS.B

,

6

.422

%

,

2/28/26

....

11,681

151

a

8135734.SQ.FTS.B

,

6

.422

%

,

2/28/26

....

7,322

6,305

8139109.SQ.FTS.B

,

6

.432

%

,

2/28/26

....

1,847

929

a

8135499.SQ.FTS.B

,

6

.551

%

,

2/28/26

....

1,451

1,342

a

8139490.SQ.FTS.B

,

6

.681

%

,

2/28/26

....

1,535

1,079

a

8143555.SQ.FTS.B

,

4

.774

%

,

3/01/26

....

1,843

1,762

a

8143502.SQ.FTS.B

,

4

.785

%

,

3/01/26

....

820

796

8143539.SQ.FTS.B

,

6

.162

%

,

3/01/26

....

990

582

a

8144659.SQ.FTS.B

,

5

.917

%

,

3/02/26

....

614

610

a

8144756.SQ.FTS.B

,

6

.151

%

,

3/02/26

....

2,645

2,521

a

8144457.SQ.FTS.B

,

6

.423

%

,

3/02/26

....

1,600

1,368

8146384.SQ.FTS.B

,

5

.91

%

,

3/03/26

.....

10,073

240

a

8151554.SQ.FTS.B

,

4

.78

%

,

3/04/26

.....

1,914

1,719

a

8151445.SQ.FTS.B

,

5

.112

%

,

3/04/26

....

630

626

a

8151728.SQ.FTS.B

,

5

.411

%

,

3/04/26

....

3,223

3,090

a

8157291.SQ.FTS.B

,

4

.957

%

,

3/05/26

....

112

84

a

8157388.SQ.FTS.B

,

4

.958

%

,

3/05/26

....

5,963

4,041

a

8155811.SQ.FTS.B

,

5

.535

%

,

3/05/26

....

1,984

1,794

a

8156076.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

4,104

4,068

a

8158684.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

11,601

11,029

a

8157766.SQ.FTS.B

,

6

.42

%

,

3/05/26

.....

9,241

4,166

a

8159278.SQ.FTS.B

,

4

.78

%

,

3/06/26

.....

17

17

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8161846.SQ.FTS.B

,

4

.78

%

,

3/06/26

.....

$

3,578

$

3,179

a

8159049.SQ.FTS.B

,

4

.781

%

,

3/06/26

....

7,040

5,912

a

8159486.SQ.FTS.B

,

4

.781

%

,

3/06/26

....

1,308

1,176

8158900.SQ.FTS.B

,

4

.953

%

,

3/06/26

....

2,994

1,315

a

8162106.SQ.FTS.B

,

5

.113

%

,

3/06/26

....

4,810

4,429

a

8162270.SQ.FTS.B

,

5

.409

%

,

3/07/26

....

6,990

6,499

a

8162740.SQ.FTS.B

,

5

.666

%

,

3/07/26

....

4,052

2,489

a

8165136.SQ.FTS.B

,

4

.789

%

,

3/09/26

....

517

512

a

8165388.SQ.FTS.B

,

5

.112

%

,

3/09/26

....

6,778

6,221

a

8165688.SQ.FTS.B

,

5

.113

%

,

3/09/26

....

6,618

6,430

a

8164341.SQ.FTS.B

,

6

.153

%

,

3/09/26

....

1,997

1,818

a

8166181.SQ.FTS.B

,

6

.341

%

,

3/09/26

....

1,072

655

a

8168039.SQ.FTS.B

,

4

.78

%

,

3/10/26

.....

679

675

a

8169173.SQ.FTS.B

,

4

.78

%

,

3/10/26

.....

4,009

3,376

a

8169060.SQ.FTS.B

,

5

.126

%

,

3/10/26

....

183

182

a

8170308.SQ.FTS.B

,

6

.151

%

,

3/10/26

....

42,780

15,932

8169308.SQ.FTS.B

,

6

.42

%

,

3/10/26

.....

12,467

210

a

8171784.SQ.FTS.B

,

6

.141

%

,

3/11/26

....

742

498

a

8178348.SQ.FTS.B

,

4

.78

%

,

3/12/26

.....

150

149

a

8177540.SQ.FTS.B

,

5

.11

%

,

3/12/26

.....

1,396

1,327

a

8180034.SQ.FTS.B

,

5

.112

%

,

3/12/26

....

4,681

4,507

a

8177700.SQ.FTS.B

,

5

.916

%

,

3/12/26

....

447

437

a

8178732.SQ.FTS.B

,

6

.15

%

,

3/12/26

.....

4,285

4,142

a

8177469.SQ.FTS.B

,

6

.164

%

,

3/12/26

....

559

532

a

8180002.SQ.FTS.B

,

6

.433

%

,

3/12/26

....

498

455

a

8182662.SQ.FTS.B

,

4

.777

%

,

3/13/26

....

444

442

a

8183136.SQ.FTS.B

,

5

.113

%

,

3/13/26

....

25,492

24,486

a

8185099.SQ.FTS.B

,

6

.158

%

,

3/14/26

....

1,440

434

a

8184803.SQ.FTS.B

,

6

.319

%

,

3/14/26

....

1,289

194

a

8184762.SQ.FTS.B

,

6

.545

%

,

3/14/26

....

448

432

a

8185418.SQ.FTS.B

,

6

.15

%

,

3/15/26

.....

4,466

3,909

a

8188224.SQ.FTS.B

,

5

.113

%

,

3/16/26

....

12,261

11,919

8186943.SQ.FTS.B

,

6

.428

%

,

3/16/26

....

3,070

40

a

8186865.SQ.FTS.B

,

6

.547

%

,

3/16/26

....

1,175

761

8189328.SQ.FTS.B

,

6

.676

%

,

3/16/26

....

3,422

41

a

8191413.SQ.FTS.B

,

5

.636

%

,

3/17/26

....

382

361

a

8191129.SQ.FTS.B

,

5

.66

%

,

3/17/26

.....

868

812

8193280.SQ.FTS.B

,

6

.416

%

,

3/17/26

....

1,300

552

a

8193444.SQ.FTS.B

,

6

.425

%

,

3/17/26

....

1,612

1,408

a

8194971.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

41,017

36,811

a

8193543.SQ.FTS.B

,

4

.946

%

,

3/18/26

....

376

74

8196327.SQ.FTS.B

,

6

.426

%

,

3/18/26

....

2,858

521

a

8198878.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

1,718

1,656

a

8199241.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

3,076

3,018

a

8199065.SQ.FTS.B

,

5

.115

%

,

3/19/26

....

2,681

2,510

a

8200376.SQ.FTS.B

,

5

.402

%

,

3/19/26

....

1,110

1,059

a

8199561.SQ.FTS.B

,

5

.66

%

,

3/19/26

.....

3,348

2,957

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

8202603.SQ.FTS.B

,

5

.66

%

,

3/19/26

.....

$

9,733

$

6,774

a

8202121.SQ.FTS.B

,

5

.676

%

,

3/19/26

....

1,231

906

a

8205034.SQ.FTS.B

,

4

.776

%

,

3/20/26

....

1,073

1,065

a

8205214.SQ.FTS.B

,

4

.783

%

,

3/20/26

....

1,024

1,016

a

8204568.SQ.FTS.B

,

5

.112

%

,

3/20/26

....

6,966

6,677

a

8203457.SQ.FTS.B

,

6

.419

%

,

3/20/26

....

1,811

1,189

a

8205366.SQ.FTS.B

,

6

.55

%

,

3/20/26

.....

3,041

2,131

a

8205130.SQ.FTS.B

,

6

.676

%

,

3/20/26

....

1,250

922

a

8207034.SQ.FTS.B

,

5

.108

%

,

3/21/26

....

1,066

1,043

a

8206377.SQ.FTS.B

,

6

.145

%

,

3/21/26

....

1,713

1,553

a

8207593.SQ.FTS.B

,

4

.776

%

,

3/22/26

....

2,723

2,553

a

8207712.SQ.FTS.B

,

6

.331

%

,

3/22/26

....

91

83

a

8209515.SQ.FTS.B

,

4

.782

%

,

3/23/26

....

2,381

2,358

a

8209500.SQ.FTS.B

,

5

.113

%

,

3/23/26

....

303

296

a

8209272.SQ.FTS.B

,

5

.119

%

,

3/23/26

....

1,539

1,418

8209936.SQ.FTS.B

,

6

.326

%

,

3/23/26

....

7,494

136

a

8209889.SQ.FTS.B

,

6

.665

%

,

3/23/26

....

992

763

a

8211428.SQ.FTS.B

,

6

.681

%

,

3/23/26

....

624

602

a

8212910.SQ.FTS.B

,

4

.779

%

,

3/24/26

....

7,806

6,394

a

8213301.SQ.FTS.B

,

4

.779

%

,

3/24/26

....

1,379

1,357

8212774.SQ.FTS.B

,

4

.962

%

,

3/24/26

....

2,236

420

a

8212645.SQ.FTS.B

,

5

.919

%

,

3/24/26

....

1,306

1,090

a

8213887.SQ.FTS.B

,

6

.154

%

,

3/24/26

....

1,461

1,428

a

8217192.SQ.FTS.B

,

4

.779

%

,

3/25/26

....

13,860

10,839

a

8216126.SQ.FTS.B

,

4

.781

%

,

3/25/26

....

8,450

8,112

a

8216619.SQ.FTS.B

,

5

.41

%

,

3/25/26

.....

5,036

4,924

a

8220573.SQ.FTS.B

,

4

.782

%

,

3/26/26

....

2,394

2,363

3212181.SQ.FTS.B

,

7

.601

%

,

3/18/32

....

380

–

3210332.SQ.FTS.B

,

7

.921

%

,

3/18/32

....

4,369

–

3232249.SQ.FTS.B

,

3

.398

%

,

3/25/32

....

828

–

3233993.SQ.FTS.B

,

4

.689

%

,

3/26/32

....

355

–

3234758.SQ.FTS.B

,

5

.438

%

,

3/28/32

....

637

–

3238373.SQ.FTS.B

,

4

.759

%

,

3/29/32

....

870

–

3255010.SQ.FTS.B

,

7

.921

%

,

4/07/32

....

1,659

–

3260194.SQ.FTS.B

,

3

.38

%

,

4/09/32

.....

204

–

3297660.SQ.FTS.B

,

5

.348

%

,

4/24/32

....

556

–

3311752.SQ.FTS.B

,

2

.821

%

,

4/30/32

....

252

–

3320535.SQ.FTS.B

,

7

.19

%

,

5/05/32

.....

13,177

–

3336690.SQ.FTS.B

,

5

.389

%

,

5/12/32

....

486

–

3336181.SQ.FTS.B

,

5

.769

%

,

5/12/32

....

7,935

–

3344944.SQ.FTS.B

,

5

.449

%

,

5/17/32

....

877

–

3361155.SQ.FTS.B

,

2

.72

%

,

5/19/32

.....

1,466

–

3366564.SQ.FTS.B

,

2

.747

%

,

5/20/32

....

120

–

3365511.SQ.FTS.B

,

4

.762

%

,

5/20/32

....

243

–

3371556.SQ.FTS.B

,

2

.72

%

,

5/23/32

.....

698

–

3401486.SQ.FTS.B

,

4

.108

%

,

6/02/32

....

263

–

3407926.SQ.FTS.B

,

2

.742

%

,

6/03/32

....

1,511

–

3411766.SQ.FTS.B

,

4

.65

%

,

6/04/32

.....

5,695

1

3414237.SQ.FTS.B

,

6

.046

%

,

6/05/32

....

2,276

–

3415734.SQ.FTS.B

,

5

.449

%

,

6/07/32

....

4,366

–

3419699.SQ.FTS.B

,

3

.363

%

,

6/08/32

....

10,480

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

3425756.SQ.FTS.B

,

2

.712

%

,

6/10/32

....

$

821

$

–

3428606.SQ.FTS.B

,

7

.19

%

,

6/11/32

.....

2,028

–

3433089.SQ.FTS.B

,

4

.075

%

,

6/14/32

....

396

–

3432767.SQ.FTS.B

,

5

.396

%

,

6/14/32

....

1,841

–

3434383.SQ.FTS.B

,

7

.19

%

,

6/14/32

.....

11,741

–

3436460.SQ.FTS.B

,

2

.718

%

,

6/15/32

....

585

–

3437194.SQ.FTS.B

,

2

.73

%

,

6/15/32

.....

1,490

–

3435958.SQ.FTS.B

,

2

.734

%

,

6/15/32

....

2,155

–

3436486.SQ.FTS.B

,

2

.761

%

,

6/15/32

....

376

–

3437850.SQ.FTS.B

,

4

.739

%

,

6/16/32

....

4,084

–

3452149.SQ.FTS.B

,

4

.717

%

,

6/21/32

....

969

–

3463095.SQ.FTS.B

,

4

.008

%

,

6/23/32

....

11,405

–

3472489.SQ.FTS.B

,

4

.098

%

,

6/26/32

....

2,604

–

3487584.SQ.FTS.B

,

2

.731

%

,

6/30/32

....

2,184

–

3510070.SQ.FTS.B

,

7

.19

%

,

7/06/32

.....

25,800

–

3513483.SQ.FTS.B

,

7

.194

%

,

7/07/32

....

4,792

–

3521469.SQ.FTS.B

,

4

.648

%

,

7/08/32

....

3,422

–

3516078.SQ.FTS.B

,

6

.046

%

,

7/08/32

....

8,033

–

3559884.SQ.FTS.B

,

5

.409

%

,

7/19/32

....

616

–

3566831.SQ.FTS.B

,

4

.006

%

,

7/20/32

....

2,799

–

3573904.SQ.FTS.B

,

7

.19

%

,

7/21/32

.....

2,469

–

3572652.SQ.FTS.B

,

7

.205

%

,

7/21/32

....

758

–

3612013.SQ.FTS.B

,

3

.339

%

,

7/29/32

....

3,513

–

3612313.SQ.FTS.B

,

3

.338

%

,

7/30/32

....

3,994

–

3616837.SQ.FTS.B

,

3

.338

%

,

8/01/32

....

1,256

–

3622745.SQ.FTS.B

,

6

.472

%

,

8/03/32

....

5,722

–

3629212.SQ.FTS.B

,

4

.021

%

,

8/05/32

....

316

–

3631012.SQ.FTS.B

,

3

.34

%

,

8/07/32

.....

702

–

3693768.SQ.FTS.B

,

6

.472

%

,

8/20/32

....

1,735

–

3700150.SQ.FTS.B

,

4

.77

%

,

8/22/32

.....

3,008

–

3760407.SQ.FTS.B

,

3

.331

%

,

9/01/32

....

3,543

–

3842781.SQ.FTS.B

,

5

.079

%

,

9/11/32

....

10,067

1

3849313.SQ.FTS.B

,

3

.333

%

,

9/12/32

....

204

–

3849333.SQ.FTS.B

,

3

.336

%

,

9/12/32

....

8,085

–

3849054.SQ.FTS.B

,

4

.762

%

,

9/12/32

....

679

–

3869455.SQ.FTS.B

,

6

.476

%

,

9/17/32

....

7,514

–

3877914.SQ.FTS.B

,

6

.472

%

,

9/18/32

....

1,608

–

3908447.SQ.FTS.B

,

6

.149

%

,

9/24/32

....

608

–

3948363.SQ.FTS.B

,

3

.327

%

,

9/30/32

....

386

–

3953788.SQ.FTS.B

,

5

.339

%

,

9/30/32

....

6,116

–

3953673.SQ.FTS.B

,

6

.149

%

,

9/30/32

....

673

–

3944713.SQ.FTS.B

,

6

.472

%

,

9/30/32

....

16,717

–

3988483.SQ.FTS.B

,

3

.332

%

,

10/06/32

...

6,804

–

3995187.SQ.FTS.B

,

5

.079

%

,

10/07/32

...

966

–

4012864.SQ.FTS.B

,

3

.365

%

,

10/08/32

...

418

–

4006108.SQ.FTS.B

,

6

.472

%

,

10/08/32

...

3,609

–

4030312.SQ.FTS.B

,

4

.693

%

,

10/13/32

...

596

–

4027848.SQ.FTS.B

,

5

.079

%

,

10/13/32

...

13,882

–

4039216.SQ.FTS.B

,

4

.675

%

,

10/15/32

...

645

–

4044447.SQ.FTS.B

,

4

.764

%

,

10/16/32

...

14,344

–

4077814.SQ.FTS.B

,

3

.972

%

,

10/23/32

...

2,357

–

4079086.SQ.FTS.B

,

5

.079

%

,

10/23/32

...

3,779

–

4079838.SQ.FTS.B

,

5

.079

%

,

10/23/32

...

6,825

–

4080547.SQ.FTS.B

,

4

.688

%

,

10/24/32

...

1,952

–

4095538.SQ.FTS.B

,

6

.472

%

,

10/28/32

...

3,487

–

4125734.SQ.FTS.B

,

5

.079

%

,

11/05/32

...

4,285

–

4138127.SQ.FTS.B

,

5

.079

%

,

11/09/32

...

2,987

–

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)

4142060.SQ.FTS.B

,

4

.771

%

,

11/10/32

...

$

1,222

$

–

4147030.SQ.FTS.B

,

3

.342

%

,

11/11/32

...

346

–

4163065.SQ.FTS.B

,

4

.762

%

,

11/14/32

...

1,168

–

4171907.SQ.FTS.B

,

3

.973

%

,

11/17/32

...

4,783

–

4171680.SQ.FTS.B

,

5

.083

%

,

11/17/32

...

3,222

–

4186988.SQ.FTS.B

,

3

.34

%

,

11/20/32

....

375

–

4189414.SQ.FTS.B

,

3

.351

%

,

11/20/32

...

259

–

4197129.SQ.FTS.B

,

3

.302

%

,

11/21/32

...

38

–

4200379.SQ.FTS.B

,

3

.351

%

,

11/23/32

...

1,060

–

4207561.SQ.FTS.B

,

3

.968

%

,

11/25/32

...

1,742

–

4229796.SQ.FTS.B

,

5

.093

%

,

11/27/32

...

2,213

–

4271659.SQ.FTS.B

,

3

.327

%

,

12/04/32

...

970

–

4267608.SQ.FTS.B

,

5

.079

%

,

12/04/32

...

4,641

–

4280865.SQ.FTS.B

,

4

.762

%

,

12/07/32

...

7,930

–

4309215.SQ.FTS.B

,

4

.77

%

,

12/10/32

....

2,829

–

4315085.SQ.FTS.B

,

3

.322

%

,

12/11/32

...

753

–

4315019.SQ.FTS.B

,

4

.779

%

,

12/11/32

...

1,296

–

4314394.SQ.FTS.B

,

5

.079

%

,

12/11/32

...

4,763

–

4333949.SQ.FTS.B

,

5

.097

%

,

12/17/32

...

1,348

–

4342268.SQ.FTS.B

,

5

.079

%

,

12/20/32

...

3,769

–

4345972.SQ.FTS.B

,

4

.762

%

,

12/21/32

...

457

–

4352084.SQ.FTS.B

,

3

.963

%

,

12/22/32

...

1,688

–

4352239.SQ.FTS.B

,

4

.762

%

,

12/22/32

...

620

1

4383604.SQ.FTS.B

,

4

.739

%

,

12/30/32

...

2,916

–

4390373.SQ.FTS.B

,

2

.977

%

,

1/02/33

....

527

–

4390406.SQ.FTS.B

,

3

.628

%

,

1/02/33

....

834

–

4394687.SQ.FTS.B

,

3

.012

%

,

1/06/33

....

832

–

4413064.SQ.FTS.B

,

4

.739

%

,

1/15/33

....

661

–

4413957.SQ.FTS.B

,

2

.97

%

,

1/16/33

.....

356

–

4430691.SQ.FTS.B

,

3

.002

%

,

1/22/33

....

968

–

4431496.SQ.FTS.B

,

3

.002

%

,

1/22/33

....

432

–

4438299.SQ.FTS.B

,

4

.423

%

,

1/27/33

....

2,530

–

4438563.SQ.FTS.B

,

4

.739

%

,

1/27/33

....

14,155

–

4452962.SQ.FTS.B

,

4

.739

%

,

2/03/33

....

8,915

–

4455128.SQ.FTS.B

,

3

.003

%

,

2/04/33

....

2,253

–

4457642.SQ.FTS.B

,

3

.633

%

,

2/05/33

....

3,469

–

4463189.SQ.FTS.B

,

2

.996

%

,

2/09/33

....

2,140

–

4465207.SQ.FTS.B

,

3

.007

%

,

2/10/33

....

3,432

–

4481874.SQ.FTS.B

,

3

.005

%

,

2/19/33

....

1,551

–

4481855.SQ.FTS.B

,

3

.016

%

,

2/19/33

....

1,079

–

4484475.SQ.FTS.B

,

2

.998

%

,

2/20/33

....

3,439

–

4484542.SQ.FTS.B

,

4

.744

%

,

2/20/33

....

6,016

–

4488928.SQ.FTS.B

,

2

.992

%

,

2/23/33

....

703

–

4489974.SQ.FTS.B

,

4

.423

%

,

2/24/33

....

4,041

–

4499783.SQ.FTS.B

,

4

.403

%

,

2/28/33

....

63

–

4508723.SQ.FTS.B

,

3

.299

%

,

3/02/33

....

6,372

–

4510936.SQ.FTS.B

,

4

.403

%

,

3/03/33

....

3,094

–

4513287.SQ.FTS.B

,

4

.562

%

,

3/04/33

....

12,361

–

4514072.SQ.FTS.B

,

3

.309

%

,

3/05/33

....

1,866

–

4516974.SQ.FTS.B

,

4

.093

%

,

3/07/33

....

88

–

4519611.SQ.FTS.B

,

2

.673

%

,

3/08/33

....

12,933

–

4532929.SQ.FTS.B

,

4

.403

%

,

3/14/33

....

2,327

–

4534513.SQ.FTS.B

,

2

.683

%

,

3/15/33

....

304

–

4535094.SQ.FTS.B

,

4

.403

%

,

3/15/33

....

3,220

–

4540937.SQ.FTS.B

,

2

.677

%

,

3/17/33

....

6,282

–

4546342.SQ.FTS.B

,

3

.302

%

,

3/20/33

....

3,208

–

4549873.SQ.FTS.B

,

3

.774

%

,

3/21/33

....

201

–

4550163.SQ.FTS.B

,

4

.403

%

,

3/21/33

....

1,397

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4549880.SQ.FTS.B

,

4

.557

%

,

3/21/33

....

$

3,819

$

–

4549725.SQ.FTS.B

,

4

.56

%

,

3/21/33

.....

3,736

1

4548999.SQ.FTS.B

,

4

.562

%

,

3/21/33

....

4,823

–

4550265.SQ.FTS.B

,

4

.886

%

,

3/21/33

....

545

–

4555245.SQ.FTS.B

,

3

.302

%

,

3/23/33

....

4,885

–

4557410.SQ.FTS.B

,

3

.304

%

,

3/23/33

....

5,012

–

4556429.SQ.FTS.B

,

3

.927

%

,

3/23/33

....

3,512

–

4558347.SQ.FTS.B

,

4

.55

%

,

3/23/33

.....

1,070

–

4556489.SQ.FTS.B

,

4

.56

%

,

3/23/33

.....

2,476

–

4556569.SQ.FTS.B

,

4

.561

%

,

3/23/33

....

18,356

–

4561168.SQ.FTS.B

,

4

.56

%

,

3/24/33

.....

715

–

4561751.SQ.FTS.B

,

4

.728

%

,

3/25/33

....

3,074

–

4562273.SQ.FTS.B

,

4

.403

%

,

3/26/33

....

3,405

–

4565857.SQ.FTS.B

,

4

.561

%

,

3/27/33

....

14,859

1

4563389.SQ.FTS.B

,

5

.031

%

,

3/27/33

....

3,392

–

4579623.SQ.FTS.B

,

4

.561

%

,

4/01/33

....

30,289

1

4581555.SQ.FTS.B

,

3

.774

%

,

4/02/33

....

12,639

1

4581333.SQ.FTS.B

,

5

.031

%

,

4/02/33

....

3,759

1

4582331.SQ.FTS.B

,

4

.406

%

,

4/03/33

....

5,425

–

4585539.SQ.FTS.B

,

2

.695

%

,

4/04/33

....

643

–

4586510.SQ.FTS.B

,

5

.031

%

,

4/04/33

....

6,337

–

4589242.SQ.FTS.B

,

4

.582

%

,

4/05/33

....

488

–

4600950.SQ.FTS.B

,

4

.56

%

,

4/07/33

.....

936

–

4601908.SQ.FTS.B

,

4

.566

%

,

4/08/33

....

835

–

4603785.SQ.FTS.B

,

4

.726

%

,

4/08/33

....

2,545

–

4601418.SQ.FTS.B

,

4

.873

%

,

4/08/33

....

4,582

–

4604781.SQ.FTS.B

,

3

.774

%

,

4/09/33

....

302

1

4606526.SQ.FTS.B

,

3

.31

%

,

4/11/33

.....

462

–

4606149.SQ.FTS.B

,

4

.556

%

,

4/11/33

....

2,129

–

4607817.SQ.FTS.B

,

3

.296

%

,

4/12/33

....

768

–

4609191.SQ.FTS.B

,

3

.303

%

,

4/12/33

....

3,661

–

4612864.SQ.FTS.B

,

3

.302

%

,

4/13/33

....

831

–

4612909.SQ.FTS.B

,

4

.56

%

,

4/13/33

.....

2,565

1

4618572.SQ.FTS.B

,

4

.403

%

,

4/14/33

....

927

–

4620208.SQ.FTS.B

,

4

.873

%

,

4/14/33

....

2,314

–

4618545.SQ.FTS.B

,

5

.031

%

,

4/14/33

....

2,720

–

4623698.SQ.FTS.B

,

4

.557

%

,

4/15/33

....

4,549

–

4622912.SQ.FTS.B

,

4

.56

%

,

4/15/33

.....

12,026

–

4626052.SQ.FTS.B

,

3

.306

%

,

4/18/33

....

3,539

–

4627946.SQ.FTS.B

,

4

.406

%

,

4/18/33

....

189

–

4625409.SQ.FTS.B

,

4

.565

%

,

4/18/33

....

1,903

–

4626904.SQ.FTS.B

,

5

.031

%

,

4/18/33

....

4,667

–

4630473.SQ.FTS.B

,

4

.571

%

,

4/19/33

....

336

–

4631665.SQ.FTS.B

,

4

.72

%

,

4/20/33

.....

4,254

–

4637259.SQ.FTS.B

,

3

.922

%

,

4/22/33

....

146

–

4639123.SQ.FTS.B

,

3

.945

%

,

4/22/33

....

1,166

–

4639291.SQ.FTS.B

,

4

.715

%

,

4/22/33

....

2,606

–

4641955.SQ.FTS.B

,

4

.559

%

,

4/25/33

....

13,703

–

4645672.SQ.FTS.B

,

4

.405

%

,

4/26/33

....

10,185

–

4646691.SQ.FTS.B

,

4

.553

%

,

4/26/33

....

582

–

4646107.SQ.FTS.B

,

4

.561

%

,

4/26/33

....

2,393

–

4650952.SQ.FTS.B

,

4

.56

%

,

4/28/33

.....

2,708

1

4652170.SQ.FTS.B

,

4

.568

%

,

4/28/33

....

3,326

–

4655105.SQ.FTS.B

,

4

.557

%

,

4/29/33

....

1,842

–

4654724.SQ.FTS.B

,

4

.56

%

,

4/29/33

.....

439

–

4656767.SQ.FTS.B

,

5

.031

%

,

4/30/33

....

2,269

–

4660611.SQ.FTS.B

,

3

.774

%

,

5/01/33

....

1,867

–

4660577.SQ.FTS.B

,

4

.557

%

,

5/01/33

....

5,607

–

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)

4662056.SQ.FTS.B

,

4

.56

%

,

5/02/33

.....

$

40,082

$

–

4665723.SQ.FTS.B

,

4

.569

%

,

5/03/33

....

813

–

4669203.SQ.FTS.B

,

3

.27

%

,

5/04/33

.....

309

–

4669930.SQ.FTS.B

,

3

.935

%

,

5/04/33

....

1,076

–

4668525.SQ.FTS.B

,

3

.983

%

,

5/04/33

....

412

–

4679063.SQ.FTS.B

,

3

.302

%

,

5/08/33

....

2,470

–

4682306.SQ.FTS.B

,

4

.403

%

,

5/08/33

....

19,587

–

4684220.SQ.FTS.B

,

4

.566

%

,

5/08/33

....

332

–

4684103.SQ.FTS.B

,

4

.574

%

,

5/08/33

....

761

–

4681090.SQ.FTS.B

,

4

.886

%

,

5/08/33

....

1,211

–

4706260.SQ.FTS.B

,

4

.559

%

,

5/10/33

....

3,411

–

4704761.SQ.FTS.B

,

5

.031

%

,

5/10/33

....

1,417

–

4710517.SQ.FTS.B

,

4

.717

%

,

5/12/33

....

3,151

–

4719485.SQ.FTS.B

,

4

.555

%

,

5/15/33

....

1,259

–

4717011.SQ.FTS.B

,

4

.874

%

,

5/15/33

....

8,731

–

4746441.SQ.FTS.B

,

4

.557

%

,

5/19/33

....

1,214

–

4763575.SQ.FTS.B

,

4

.403

%

,

5/23/33

....

1,338

–

4761481.SQ.FTS.B

,

5

.031

%

,

5/23/33

....

4,254

–

4773719.SQ.FTS.B

,

4

.72

%

,

5/24/33

.....

1,216

–

4790074.SQ.FTS.B

,

4

.568

%

,

5/29/33

....

1,864

–

4789346.SQ.FTS.B

,

5

.031

%

,

5/29/33

....

6,004

–

4794467.SQ.FTS.B

,

4

.539

%

,

5/30/33

....

116

–

4796271.SQ.FTS.B

,

4

.874

%

,

5/30/33

....

1,575

–

4799750.SQ.FTS.B

,

4

.403

%

,

6/01/33

....

3,222

–

4812628.SQ.FTS.B

,

4

.403

%

,

6/03/33

....

7,404

–

4810478.SQ.FTS.B

,

4

.717

%

,

6/03/33

....

13,210

–

4814186.SQ.FTS.B

,

4

.874

%

,

6/03/33

....

3,604

–

4819764.SQ.FTS.B

,

5

.031

%

,

6/07/33

....

1,187

–

4829812.SQ.FTS.B

,

4

.088

%

,

6/10/33

....

291

–

4831455.SQ.FTS.B

,

4

.57

%

,

6/10/33

.....

1,012

–

4832246.SQ.FTS.B

,

4

.734

%

,

6/10/33

....

58

–

4829826.SQ.FTS.B

,

4

.877

%

,

6/10/33

....

2,529

–

4839177.SQ.FTS.B

,

3

.593

%

,

6/14/33

....

1,366

–

4839467.SQ.FTS.B

,

4

.403

%

,

6/14/33

....

1,586

–

4840100.SQ.FTS.B

,

4

.729

%

,

6/14/33

....

1,543

–

4860368.SQ.FTS.B

,

4

.874

%

,

6/17/33

....

989

–

4862500.SQ.FTS.B

,

4

.225

%

,

6/18/33

....

1,169

–

4862382.SQ.FTS.B

,

4

.251

%

,

6/18/33

....

5,131

–

4864955.SQ.FTS.B

,

2

.975

%

,

6/20/33

....

1,267

1

4866679.SQ.FTS.B

,

4

.695

%

,

6/20/33

....

1,660

–

4863679.SQ.FTS.B

,

4

.938

%

,

6/20/33

....

16,205

–

4867627.SQ.FTS.B

,

4

.72

%

,

6/21/33

.....

2,052

–

4867691.SQ.FTS.B

,

4

.892

%

,

6/21/33

....

43

–

4868930.SQ.FTS.B

,

5

.371

%

,

6/21/33

....

1,648

–

4868123.SQ.FTS.B

,

5

.391

%

,

6/21/33

....

533

–

4872677.SQ.FTS.B

,

2

.973

%

,

6/22/33

....

3,275

–

4873945.SQ.FTS.B

,

3

.603

%

,

6/22/33

....

3,094

–

4872471.SQ.FTS.B

,

4

.22

%

,

6/22/33

.....

1,391

–

4873268.SQ.FTS.B

,

4

.403

%

,

6/22/33

....

6,701

–

4874117.SQ.FTS.B

,

4

.406

%

,

6/22/33

....

3,914

–

4873083.SQ.FTS.B

,

4

.538

%

,

6/22/33

....

9,479

–

4871945.SQ.FTS.B

,

4

.557

%

,

6/22/33

....

5,985

–

4877319.SQ.FTS.B

,

3

.555

%

,

6/25/33

....

1,558

–

4877302.SQ.FTS.B

,

4

.741

%

,

6/25/33

....

624

–

4877812.SQ.FTS.B

,

4

.225

%

,

6/26/33

....

2,156

–

4880109.SQ.FTS.B

,

3

.428

%

,

6/27/33

....

10,497

–

4878164.SQ.FTS.B

,

4

.56

%

,

6/27/33

.....

1,101

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4880047.SQ.FTS.B

,

4

.945

%

,

6/27/33

....

$

132

$

–

4881617.SQ.FTS.B

,

2

.961

%

,

6/28/33

....

1,646

–

4882604.SQ.FTS.B

,

3

.791

%

,

6/28/33

....

4,323

–

4880571.SQ.FTS.B

,

4

.403

%

,

6/28/33

....

14,651

–

4881988.SQ.FTS.B

,

4

.56

%

,

6/28/33

.....

41,908

3

4886936.SQ.FTS.B

,

4

.56

%

,

6/30/33

.....

29,822

–

4889578.SQ.FTS.B

,

4

.874

%

,

7/01/33

....

6,235

–

4891549.SQ.FTS.B

,

4

.717

%

,

7/03/33

....

3,445

–

4893163.SQ.FTS.B

,

4

.716

%

,

7/04/33

....

12,426

–

4901122.SQ.FTS.B

,

3

.919

%

,

7/07/33

....

611

–

4905832.SQ.FTS.B

,

3

.893

%

,

7/10/33

....

6,058

–

4907500.SQ.FTS.B

,

4

.789

%

,

7/11/33

....

4,190

–

4908035.SQ.FTS.B

,

4

.87

%

,

7/11/33

.....

5,837

–

4923842.SQ.FTS.B

,

4

.565

%

,

7/16/33

....

1,929

–

4924187.SQ.FTS.B

,

3

.294

%

,

7/17/33

....

357

–

4925184.SQ.FTS.B

,

3

.774

%

,

7/18/33

....

2,723

–

4925548.SQ.FTS.B

,

4

.071

%

,

7/18/33

....

16,715

–

4925972.SQ.FTS.B

,

4

.287

%

,

7/18/33

....

7,444

1

4926169.SQ.FTS.B

,

5

.233

%

,

7/18/33

....

261

–

4927104.SQ.FTS.B

,

5

.031

%

,

7/19/33

....

7,625

1

4937358.SQ.FTS.B

,

4

.44

%

,

7/24/33

.....

640

–

4938983.SQ.FTS.B

,

2

.516

%

,

7/25/33

....

1,318

–

4942412.SQ.FTS.B

,

3

.587

%

,

7/26/33

....

13,011

1

4955556.SQ.FTS.B

,

3

.321

%

,

7/29/33

....

1,340

–

4968011.SQ.FTS.B

,

4

.403

%

,

8/02/33

....

732

–

4968065.SQ.FTS.B

,

4

.403

%

,

8/02/33

....

9,113

–

4975394.SQ.FTS.B

,

3

.941

%

,

8/05/33

....

1,503

–

4981810.SQ.FTS.B

,

3

.587

%

,

8/09/33

....

904

–

4981564.SQ.FTS.B

,

4

.735

%

,

8/09/33

....

474

–

4989575.SQ.FTS.B

,

4

.874

%

,

8/11/33

....

1,283

–

4990812.SQ.FTS.B

,

3

.57

%

,

8/12/33

.....

3,319

–

4990427.SQ.FTS.B

,

4

.183

%

,

8/12/33

....

646

–

4991412.SQ.FTS.B

,

5

.031

%

,

8/13/33

....

1,244

–

4992493.SQ.FTS.B

,

4

.403

%

,

8/14/33

....

1,237

–

4993580.SQ.FTS.B

,

4

.92

%

,

8/14/33

.....

600

–

5006802.SQ.FTS.B

,

5

.031

%

,

8/16/33

....

7,127

–

5019192.SQ.FTS.B

,

3

.57

%

,

8/17/33

.....

10,195

1

5026306.SQ.FTS.B

,

2

.39

%

,

8/19/33

.....

5,011

–

5027172.SQ.FTS.B

,

4

.88

%

,

8/21/33

.....

156

–

5042184.SQ.FTS.B

,

3

.774

%

,

8/25/33

....

127

–

5044278.SQ.FTS.B

,

4

.559

%

,

8/27/33

....

3,444

–

5047301.SQ.FTS.B

,

4

.403

%

,

8/28/33

....

4,140

–

5053049.SQ.FTS.B

,

4

.873

%

,

9/02/33

....

110

–

5058089.SQ.FTS.B

,

4

.56

%

,

9/03/33

.....

14,655

–

5062108.SQ.FTS.B

,

3

.866

%

,

9/05/33

....

2,002

–

5065553.SQ.FTS.B

,

4

.72

%

,

9/07/33

.....

11,144

–

5075271.SQ.FTS.B

,

5

.031

%

,

9/10/33

....

1,219

–

5075922.SQ.FTS.B

,

3

.308

%

,

9/11/33

....

309

–

5075710.SQ.FTS.B

,

3

.358

%

,

9/11/33

....

2,580

–

5090985.SQ.FTS.B

,

4

.55

%

,

9/17/33

.....

383

–

5096024.SQ.FTS.B

,

4

.292

%

,

9/21/33

....

9,361

–

5096286.SQ.FTS.B

,

4

.561

%

,

9/21/33

....

250

–

5099070.SQ.FTS.B

,

4

.881

%

,

9/22/33

....

659

–

5102362.SQ.FTS.B

,

4

.874

%

,

9/23/33

....

26,662

–

5109707.SQ.FTS.B

,

4

.553

%

,

9/25/33

....

478

–

5110450.SQ.FTS.B

,

4

.717

%

,

9/26/33

....

4,298

–

5110232.SQ.FTS.B

,

5

.212

%

,

9/26/33

....

4,917

–

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

71

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5114631.SQ.FTS.B

,

4

.867

%

,

9/29/33

....

$

2,038

$

–

5123870.SQ.FTS.B

,

4

.277

%

,

9/30/33

....

461

–

5123250.SQ.FTS.B

,

4

.56

%

,

9/30/33

.....

2,209

–

5118658.SQ.FTS.B

,

4

.717

%

,

9/30/33

....

542

–

5122398.SQ.FTS.B

,

4

.719

%

,

9/30/33

....

5,431

–

5130538.SQ.FTS.B

,

4

.159

%

,

10/04/33

...

2,193

–

5132890.SQ.FTS.B

,

3

.78

%

,

10/05/33

....

30,012

–

5135982.SQ.FTS.B

,

4

.403

%

,

10/05/33

...

11,822

1

5134488.SQ.FTS.B

,

5

.87

%

,

10/05/33

....

1,144

–

5138301.SQ.FTS.B

,

4

.56

%

,

10/06/33

....

2,419

–

5144732.SQ.FTS.B

,

3

.953

%

,

10/07/33

...

2,684

–

5142732.SQ.FTS.B

,

4

.579

%

,

10/07/33

...

163

–

5146188.SQ.FTS.B

,

5

.34

%

,

10/08/33

....

6,760

–

5155680.SQ.FTS.B

,

4

.337

%

,

10/12/33

...

521

–

5154060.SQ.FTS.B

,

4

.403

%

,

10/12/33

...

494

–

5156338.SQ.FTS.B

,

4

.557

%

,

10/12/33

...

2,755

–

5156676.SQ.FTS.B

,

4

.56

%

,

10/12/33

....

1,284

–

5160593.SQ.FTS.B

,

4

.56

%

,

10/13/33

....

14,723

–

5162594.SQ.FTS.B

,

3

.459

%

,

10/14/33

...

508

–

5163731.SQ.FTS.B

,

4

.56

%

,

10/14/33

....

7,221

–

5172784.SQ.FTS.B

,

4

.558

%

,

10/17/33

...

6,176

–

5179416.SQ.FTS.B

,

4

.717

%

,

10/18/33

...

2,654

–

5181201.SQ.FTS.B

,

3

.655

%

,

10/19/33

...

6,478

–

5183474.SQ.FTS.B

,

4

.56

%

,

10/19/33

....

575

–

5210392.SQ.FTS.B

,

4

.454

%

,

10/23/33

...

2,353

–

5220660.SQ.FTS.B

,

4

.564

%

,

10/26/33

...

1,536

–

5241436.SQ.FTS.B

,

4

.563

%

,

11/01/33

...

3,502

–

5243505.SQ.FTS.B

,

4

.13

%

,

11/02/33

....

20,719

1

5244949.SQ.FTS.B

,

4

.556

%

,

11/02/33

...

2,287

–

5245623.SQ.FTS.B

,

4

.562

%

,

11/02/33

...

4,046

–

5250769.SQ.FTS.B

,

3

.293

%

,

11/03/33

...

1,742

–

5250706.SQ.FTS.B

,

3

.704

%

,

11/03/33

...

1,023

–

5255302.SQ.FTS.B

,

2

.584

%

,

11/04/33

...

19,141

–

5254769.SQ.FTS.B

,

3

.306

%

,

11/04/33

...

1,097

–

5254554.SQ.FTS.B

,

4

.558

%

,

11/04/33

...

5,092

–

5266837.SQ.FTS.B

,

3

.031

%

,

11/05/33

...

3,783

–

5266476.SQ.FTS.B

,

4

.563

%

,

11/05/33

...

4,712

–

5262459.SQ.FTS.B

,

4

.568

%

,

11/05/33

...

220

–

5281103.SQ.FTS.B

,

5

.979

%

,

11/10/33

...

8,490

–

5293954.SQ.FTS.B

,

3

.21

%

,

11/14/33

....

344

–

5296287.SQ.FTS.B

,

3

.774

%

,

11/16/33

...

207

–

5305068.SQ.FTS.B

,

4

.56

%

,

11/17/33

....

77,744

–

5313405.SQ.FTS.B

,

3

.938

%

,

11/18/33

...

546

–

5316290.SQ.FTS.B

,

4

.577

%

,

11/19/33

...

884

–

5322693.SQ.FTS.B

,

5

.031

%

,

11/20/33

...

874

–

5325004.SQ.FTS.B

,

5

.207

%

,

11/22/33

...

1,379

–

5330101.SQ.FTS.B

,

3

.774

%

,

11/23/33

...

1,778

–

5328895.SQ.FTS.B

,

4

.563

%

,

11/23/33

...

2,371

–

5329785.SQ.FTS.B

,

4

.717

%

,

11/23/33

...

1,629

–

5363132.SQ.FTS.B

,

5

.031

%

,

11/26/33

...

7,301

–

5374200.SQ.FTS.B

,

3

.996

%

,

11/27/33

...

7,532

–

5372948.SQ.FTS.B

,

4

.559

%

,

11/27/33

...

7,104

–

5380422.SQ.FTS.B

,

4

.56

%

,

11/27/33

....

12,758

–

5381740.SQ.FTS.B

,

3

.913

%

,

11/29/33

...

733

–

5394107.SQ.FTS.B

,

4

.552

%

,

11/30/33

...

101

–

5411337.SQ.FTS.B

,

3

.132

%

,

12/01/33

...

839

–

5400388.SQ.FTS.B

,

3

.308

%

,

12/01/33

...

2,133

–

5414769.SQ.FTS.B

,

3

.883

%

,

12/01/33

...

2,336

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5414116.SQ.FTS.B

,

4

.215

%

,

12/01/33

...

$

15,698

$

–

5462926.SQ.FTS.B

,

4

.214

%

,

12/03/33

...

3,148

–

5473313.SQ.FTS.B

,

4

.528

%

,

12/04/33

...

665

–

5474055.SQ.FTS.B

,

4

.563

%

,

12/05/33

...

1,008

–

5518301.SQ.FTS.B

,

3

.302

%

,

12/08/33

...

22,861

1

5507161.SQ.FTS.B

,

4

.561

%

,

12/08/33

...

8,476

–

5528209.SQ.FTS.B

,

3

.774

%

,

12/09/33

...

9,462

–

5534237.SQ.FTS.B

,

3

.985

%

,

12/09/33

...

6,220

–

5532399.SQ.FTS.B

,

5

.225

%

,

12/09/33

...

1,906

–

5537587.SQ.FTS.B

,

4

.207

%

,

12/10/33

...

2,687

–

5540468.SQ.FTS.B

,

5

.594

%

,

12/11/33

...

1,805

–

5550397.SQ.FTS.B

,

4

.403

%

,

12/14/33

...

15,348

–

5557572.SQ.FTS.B

,

3

.296

%

,

12/15/33

...

1,381

–

5554806.SQ.FTS.B

,

4

.057

%

,

12/15/33

...

1,418

–

5565348.SQ.FTS.B

,

4

.56

%

,

12/17/33

....

8,568

–

5565100.SQ.FTS.B

,

4

.874

%

,

12/17/33

...

1,552

–

5568047.SQ.FTS.B

,

4

.875

%

,

12/18/33

...

25,893

–

5571589.SQ.FTS.B

,

4

.555

%

,

12/20/33

...

1,376

–

5575033.SQ.FTS.B

,

4

.551

%

,

12/21/33

...

1,017

–

5584916.SQ.FTS.B

,

3

.774

%

,

12/24/33

...

3,248

–

5588007.SQ.FTS.B

,

3

.301

%

,

12/25/33

...

16,177

–

5588652.SQ.FTS.B

,

4

.275

%

,

12/25/33

...

14

–

5588372.SQ.FTS.B

,

5

.031

%

,

12/25/33

...

8,728

–

5588819.SQ.FTS.B

,

4

.891

%

,

12/26/33

...

1,320

–

5595419.SQ.FTS.B

,

3

.858

%

,

12/28/33

...

1,222

–

5594146.SQ.FTS.B

,

4

.047

%

,

12/28/33

...

3,596

–

5598446.SQ.FTS.B

,

3

.281

%

,

12/29/33

...

607

–

5597324.SQ.FTS.B

,

3

.296

%

,

12/29/33

...

341

–

5600512.SQ.FTS.B

,

4

.406

%

,

12/29/33

...

8,322

–

5600497.SQ.FTS.B

,

4

.41

%

,

12/29/33

....

130

–

5610840.SQ.FTS.B

,

3

.305

%

,

12/30/33

...

7,751

–

5615484.SQ.FTS.B

,

5

.031

%

,

1/01/34

....

9,295

–

5618906.SQ.FTS.B

,

4

.56

%

,

1/03/34

.....

2,590

–

5624747.SQ.FTS.B

,

3

.297

%

,

1/05/34

....

1,208

–

5622466.SQ.FTS.B

,

5

.37

%

,

1/05/34

.....

1,396

–

5628952.SQ.FTS.B

,

4

.715

%

,

1/06/34

....

4,403

–

5627076.SQ.FTS.B

,

4

.717

%

,

1/06/34

....

7,284

–

5627773.SQ.FTS.B

,

4

.724

%

,

1/06/34

....

1,198

–

5641349.SQ.FTS.B

,

4

.379

%

,

1/07/34

....

1,084

–

5662108.SQ.FTS.B

,

5

.031

%

,

1/11/34

....

6,816

–

5662396.SQ.FTS.B

,

5

.66

%

,

1/11/34

.....

162

–

5667327.SQ.FTS.B

,

4

.921

%

,

1/12/34

....

22,164

1

5694516.SQ.FTS.B

,

3

.774

%

,

1/14/34

....

2,876

–

5718687.SQ.FTS.B

,

4

.559

%

,

1/20/34

....

187

–

5719839.SQ.FTS.B

,

4

.717

%

,

1/20/34

....

7,877

–

5729235.SQ.FTS.B

,

3

.774

%

,

1/21/34

....

3,033

1

5734498.SQ.FTS.B

,

3

.302

%

,

1/22/34

....

1,621

–

5732468.SQ.FTS.B

,

3

.883

%

,

1/22/34

....

186

–

5739159.SQ.FTS.B

,

4

.561

%

,

1/25/34

....

13,484

1

5738195.SQ.FTS.B

,

4

.874

%

,

1/25/34

....

854

–

5742284.SQ.FTS.B

,

4

.56

%

,

1/26/34

.....

5,670

–

5741356.SQ.FTS.B

,

4

.738

%

,

1/26/34

....

1,619

–

5744108.SQ.FTS.B

,

3

.774

%

,

1/27/34

....

995

–

5754674.SQ.FTS.B

,

3

.492

%

,

1/29/34

....

2,696

–

5754537.SQ.FTS.B

,

5

.136

%

,

1/29/34

....

930

–

5762467.SQ.FTS.B

,

4

.375

%

,

2/01/34

....

2,052

–

5768898.SQ.FTS.B

,

4

.723

%

,

2/03/34

....

1,889

–

5774005.SQ.FTS.B

,

3

.923

%

,

2/04/34

....

1,473

–

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)

5774288.SQ.FTS.B

,

4

.313

%

,

2/04/34

....

$

779

$

–

5779587.SQ.FTS.B

,

4

.557

%

,

2/06/34

....

969

–

5779612.SQ.FTS.B

,

5

.251

%

,

2/06/34

....

3,348

–

5784284.SQ.FTS.B

,

5

.031

%

,

2/08/34

....

5,640

–

5787095.SQ.FTS.B

,

5

.031

%

,

2/09/34

....

491

–

5790156.SQ.FTS.B

,

4

.69

%

,

2/10/34

.....

1,282

–

5790251.SQ.FTS.B

,

5

.258

%

,

2/10/34

....

2,713

–

5801823.SQ.FTS.B

,

4

.555

%

,

2/11/34

....

903

–

5806812.SQ.FTS.B

,

4

.867

%

,

2/11/34

....

369

–

5803772.SQ.FTS.B

,

4

.885

%

,

2/11/34

....

752

–

5802372.SQ.FTS.B

,

5

.156

%

,

2/11/34

....

5,979

–

5807339.SQ.FTS.B

,

4

.56

%

,

2/12/34

.....

7,842

–

5807048.SQ.FTS.B

,

5

.022

%

,

2/12/34

....

412

–

5813279.SQ.FTS.B

,

5

.037

%

,

2/12/34

....

2,311

–

5813539.SQ.FTS.B

,

5

.161

%

,

2/13/34

....

2,195

–

5821573.SQ.FTS.B

,

3

.29

%

,

2/16/34

.....

1,346

–

5820502.SQ.FTS.B

,

4

.559

%

,

2/16/34

....

2,422

–

5820697.SQ.FTS.B

,

5

.042

%

,

2/16/34

....

1,220

–

5830235.SQ.FTS.B

,

4

.561

%

,

2/18/34

....

10,562

–

5833923.SQ.FTS.B

,

3

.305

%

,

2/19/34

....

3,357

–

5833277.SQ.FTS.B

,

3

.77

%

,

2/19/34

.....

1,687

–

5833649.SQ.FTS.B

,

4

.561

%

,

2/19/34

....

7,646

–

5834289.SQ.FTS.B

,

4

.571

%

,

2/20/34

....

378

–

5836241.SQ.FTS.B

,

3

.964

%

,

2/22/34

....

4,473

–

5837692.SQ.FTS.B

,

4

.558

%

,

2/22/34

....

927

–

5837836.SQ.FTS.B

,

4

.939

%

,

2/22/34

....

3,875

–

5842217.SQ.FTS.B

,

5

.058

%

,

2/23/34

....

755

–

5843755.SQ.FTS.B

,

4

.56

%

,

2/24/34

.....

5,701

–

5845038.SQ.FTS.B

,

4

.565

%

,

2/24/34

....

533

–

5845026.SQ.FTS.B

,

4

.612

%

,

2/24/34

....

716

–

5851164.SQ.FTS.B

,

5

.252

%

,

2/25/34

....

26,208

–

5852732.SQ.FTS.B

,

3

.963

%

,

2/26/34

....

6,024

–

5854302.SQ.FTS.B

,

5

.443

%

,

2/26/34

....

3,389

–

5855717.SQ.FTS.B

,

5

.201

%

,

2/27/34

....

1,319

–

5856105.SQ.FTS.B

,

3

.975

%

,

2/28/34

....

78

–

5862719.SQ.FTS.B

,

5

.093

%

,

2/28/34

....

4,110

–

5861074.SQ.FTS.B

,

5

.155

%

,

2/28/34

....

2,179

–

5867284.SQ.FTS.B

,

5

.162

%

,

2/28/34

....

4,758

–

5871974.SQ.FTS.B

,

5

.451

%

,

3/01/34

....

354

–

5876337.SQ.FTS.B

,

4

.753

%

,

3/02/34

....

2,139

–

5877622.SQ.FTS.B

,

5

.369

%

,

3/03/34

....

1,737

–

5881097.SQ.FTS.B

,

4

.688

%

,

3/06/34

....

1,672

–

5890652.SQ.FTS.B

,

4

.753

%

,

3/08/34

....

2,944

–

5889950.SQ.FTS.B

,

5

.031

%

,

3/08/34

....

2,001

–

5894262.SQ.FTS.B

,

5

.285

%

,

3/09/34

....

6,335

–

5894989.SQ.FTS.B

,

4

.743

%

,

3/10/34

....

1,832

–

5901715.SQ.FTS.B

,

4

.835

%

,

3/13/34

....

491

–

5901096.SQ.FTS.B

,

5

.031

%

,

3/13/34

....

8,515

–

5912773.SQ.FTS.B

,

5

.439

%

,

3/16/34

....

13,179

–

5918667.SQ.FTS.B

,

4

.531

%

,

3/20/34

....

495

–

5924210.SQ.FTS.B

,

4

.748

%

,

3/21/34

....

11,933

2

5925246.SQ.FTS.B

,

5

.031

%

,

3/21/34

....

3,145

1

5922874.SQ.FTS.B

,

5

.44

%

,

3/21/34

.....

9,877

–

5929107.SQ.FTS.B

,

4

.021

%

,

3/22/34

....

4,507

–

5930081.SQ.FTS.B

,

5

.526

%

,

3/22/34

....

1,383

–

5934510.SQ.FTS.B

,

5

.52

%

,

3/24/34

.....

877

–

5938544.SQ.FTS.B

,

5

.156

%

,

3/26/34

....

8,920

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5937710.SQ.FTS.B

,

5

.377

%

,

3/26/34

....

$

9,403

$

–

5941408.SQ.FTS.B

,

5

.034

%

,

3/27/34

....

4,263

–

5951713.SQ.FTS.B

,

4

.741

%

,

3/29/34

....

1,763

–

5950325.SQ.FTS.B

,

4

.754

%

,

3/29/34

....

1,266

–

5951743.SQ.FTS.B

,

5

.094

%

,

3/29/34

....

6,697

–

5949246.SQ.FTS.B

,

5

.103

%

,

3/29/34

....

2,143

–

5954057.SQ.FTS.B

,

5

.283

%

,

3/30/34

....

10,357

–

5956156.SQ.FTS.B

,

5

.536

%

,

4/01/34

....

4,565

–

5956226.SQ.FTS.B

,

4

.307

%

,

4/02/34

....

5,662

–

5966970.SQ.FTS.B

,

4

.53

%

,

4/05/34

.....

6,042

1

5966004.SQ.FTS.B

,

5

.031

%

,

4/05/34

....

16,555

–

5972346.SQ.FTS.B

,

4

.588

%

,

4/06/34

....

594

–

5974110.SQ.FTS.B

,

5

.031

%

,

4/06/34

....

760

–

5972193.SQ.FTS.B

,

5

.097

%

,

4/06/34

....

2,834

–

5977756.SQ.FTS.B

,

5

.376

%

,

4/07/34

....

10,251

1

5978395.SQ.FTS.B

,

4

.748

%

,

4/08/34

....

5,654

–

5980004.SQ.FTS.B

,

4

.433

%

,

4/10/34

....

14,671

–

5980834.SQ.FTS.B

,

5

.536

%

,

4/10/34

....

2,059

–

5983711.SQ.FTS.B

,

5

.433

%

,

4/11/34

....

170

–

5984682.SQ.FTS.B

,

5

.198

%

,

4/12/34

....

390

–

5986413.SQ.FTS.B

,

5

.546

%

,

4/12/34

....

2,347

–

5989761.SQ.FTS.B

,

4

.034

%

,

4/13/34

....

125

–

5991501.SQ.FTS.B

,

4

.764

%

,

4/13/34

....

1,416

–

5991559.SQ.FTS.B

,

4

.843

%

,

4/13/34

....

2,551

–

5996138.SQ.FTS.B

,

4

.907

%

,

4/14/34

....

2,468

–

5997621.SQ.FTS.B

,

5

.542

%

,

4/16/34

....

2,321

–

6000204.SQ.FTS.B

,

4

.02

%

,

4/17/34

.....

175

–

6003035.SQ.FTS.B

,

4

.748

%

,

4/18/34

....

40,734

–

6003010.SQ.FTS.B

,

5

.031

%

,

4/18/34

....

1,626

–

6007679.SQ.FTS.B

,

5

.039

%

,

4/19/34

....

2,522

–

6006837.SQ.FTS.B

,

5

.189

%

,

4/19/34

....

11,360

–

6007073.SQ.FTS.B

,

5

.552

%

,

4/19/34

....

72

–

6013787.SQ.FTS.B

,

4

.852

%

,

4/21/34

....

291

–

6014176.SQ.FTS.B

,

5

.191

%

,

4/21/34

....

76

–

6015922.SQ.FTS.B

,

4

.75

%

,

4/22/34

.....

2,381

–

6020766.SQ.FTS.B

,

4

.032

%

,

4/24/34

....

1,785

–

6017671.SQ.FTS.B

,

4

.92

%

,

4/24/34

.....

1,081

–

6022726.SQ.FTS.B

,

4

.747

%

,

4/25/34

....

440

–

6021277.SQ.FTS.B

,

5

.031

%

,

4/25/34

....

4,902

–

6026398.SQ.FTS.B

,

4

.913

%

,

4/26/34

....

2,245

–

6025558.SQ.FTS.B

,

5

.46

%

,

4/26/34

.....

833

–

6032149.SQ.FTS.B

,

5

.157

%

,

4/27/34

....

1,557

–

6033308.SQ.FTS.B

,

5

.157

%

,

4/28/34

....

2,943

–

6038307.SQ.FTS.B

,

4

.906

%

,

4/30/34

....

11,023

–

6041701.SQ.FTS.B

,

5

.535

%

,

4/30/34

....

6,983

–

6041983.SQ.FTS.B

,

4

.748

%

,

5/01/34

....

40,970

1

6046321.SQ.FTS.B

,

4

.753

%

,

5/02/34

....

4,007

–

6047820.SQ.FTS.B

,

5

.027

%

,

5/02/34

....

649

–

6046375.SQ.FTS.B

,

5

.383

%

,

5/02/34

....

3,102

–

6057856.SQ.FTS.B

,

5

.437

%

,

5/04/34

....

4,257

–

6059813.SQ.FTS.B

,

4

.525

%

,

5/06/34

....

6,787

–

6063093.SQ.FTS.B

,

5

.28

%

,

5/07/34

.....

3,406

–

6120938.SQ.FTS.B

,

5

.158

%

,

5/09/34

....

17,933

–

6120756.SQ.FTS.B

,

5

.393

%

,

5/09/34

....

192

–

6122715.SQ.FTS.B

,

4

.528

%

,

5/10/34

....

45,745

2

6126608.SQ.FTS.B

,

5

.537

%

,

5/12/34

....

4,440

–

6127374.SQ.FTS.B

,

4

.748

%

,

5/13/34

....

2,574

–

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)

6127192.SQ.FTS.B

,

4

.906

%

,

5/13/34

....

$

2,501

$

–

6134623.SQ.FTS.B

,

4

.528

%

,

5/15/34

....

17,381

–

6133707.SQ.FTS.B

,

4

.938

%

,

5/15/34

....

11,499

–

6135248.SQ.FTS.B

,

4

.751

%

,

5/16/34

....

8,060

–

6135022.SQ.FTS.B

,

5

.156

%

,

5/16/34

....

3,251

–

6136481.SQ.FTS.B

,

5

.442

%

,

5/16/34

....

4,428

–

6139899.SQ.FTS.B

,

4

.526

%

,

5/17/34

....

5,390

–

6141598.SQ.FTS.B

,

5

.031

%

,

5/17/34

....

3,417

–

6141840.SQ.FTS.B

,

5

.164

%

,

5/17/34

....

3,171

–

6144839.SQ.FTS.B

,

4

.746

%

,

5/18/34

....

662

–

6145876.SQ.FTS.B

,

5

.538

%

,

5/18/34

....

2,747

–

6147492.SQ.FTS.B

,

5

.429

%

,

5/19/34

....

224

–

6147217.SQ.FTS.B

,

5

.456

%

,

5/19/34

....

462

–

6151254.SQ.FTS.B

,

5

.031

%

,

5/21/34

....

33,491

2

6149785.SQ.FTS.B

,

5

.377

%

,

5/21/34

....

1,256

–

6153219.SQ.FTS.B

,

5

.372

%

,

5/22/34

....

2,899

–

6155930.SQ.FTS.B

,

5

.438

%

,

5/22/34

....

9,003

–

6157670.SQ.FTS.B

,

4

.54

%

,

5/23/34

.....

895

–

6158976.SQ.FTS.B

,

5

.153

%

,

5/23/34

....

478

–

6157661.SQ.FTS.B

,

5

.546

%

,

5/23/34

....

955

–

6161004.SQ.FTS.B

,

5

.16

%

,

5/24/34

.....

1,742

–

6163115.SQ.FTS.B

,

4

.748

%

,

5/25/34

....

9,867

–

6161916.SQ.FTS.B

,

5

.433

%

,

5/25/34

....

3,028

–

6163558.SQ.FTS.B

,

5

.559

%

,

5/25/34

....

676

–

6165678.SQ.FTS.B

,

5

.542

%

,

5/27/34

....

4,327

–

6169587.SQ.FTS.B

,

5

.534

%

,

5/28/34

....

3,516

–

6174665.SQ.FTS.B

,

4

.525

%

,

5/30/34

....

517

–

6181401.SQ.FTS.B

,

5

.296

%

,

6/01/34

....

341

–

6182359.SQ.FTS.B

,

4

.749

%

,

6/02/34

....

981

–

6190783.SQ.FTS.B

,

4

.732

%

,

6/05/34

....

1,090

–

6192067.SQ.FTS.B

,

4

.777

%

,

6/06/34

....

497

–

6200609.SQ.FTS.B

,

5

.427

%

,

6/07/34

....

1,061

–

6196734.SQ.FTS.B

,

5

.451

%

,

6/07/34

....

1,042

–

6196936.SQ.FTS.B

,

5

.533

%

,

6/07/34

....

1,154

–

6204820.SQ.FTS.B

,

5

.387

%

,

6/08/34

....

1,654

–

6207861.SQ.FTS.B

,

4

.748

%

,

6/09/34

....

37,929

–

6207369.SQ.FTS.B

,

5

.154

%

,

6/09/34

....

618

–

6213794.SQ.FTS.B

,

5

.44

%

,

6/12/34

.....

3,389

–

6216601.SQ.FTS.B

,

4

.743

%

,

6/13/34

....

2,272

–

6215032.SQ.FTS.B

,

5

.286

%

,

6/13/34

....

3,341

–

6216579.SQ.FTS.B

,

5

.513

%

,

6/13/34

....

580

–

6220076.SQ.FTS.B

,

4

.749

%

,

6/14/34

....

3,725

–

6220695.SQ.FTS.B

,

4

.749

%

,

6/14/34

....

23,011

–

6226503.SQ.FTS.B

,

4

.75

%

,

6/15/34

.....

3,035

–

6234555.SQ.FTS.B

,

4

.322

%

,

6/16/34

....

1,536

–

6229129.SQ.FTS.B

,

4

.749

%

,

6/16/34

....

44,854

–

6235160.SQ.FTS.B

,

5

.436

%

,

6/17/34

....

6,431

–

6235824.SQ.FTS.B

,

5

.588

%

,

6/17/34

....

1,663

–

6235797.SQ.FTS.B

,

5

.66

%

,

6/17/34

.....

5,020

–

6236427.SQ.FTS.B

,

5

.252

%

,

6/18/34

....

10,363

–

6240143.SQ.FTS.B

,

5

.374

%

,

6/19/34

....

3,654

–

6240208.SQ.FTS.B

,

5

.279

%

,

6/20/34

....

5,830

–

6244041.SQ.FTS.B

,

4

.54

%

,

6/21/34

.....

154

–

6245007.SQ.FTS.B

,

5

.283

%

,

6/21/34

....

832

–

6255542.SQ.FTS.B

,

4

.73

%

,

6/24/34

.....

396

–

6255997.SQ.FTS.B

,

4

.749

%

,

6/25/34

....

1,357

–

6255909.SQ.FTS.B

,

5

.627

%

,

6/25/34

....

975

–

6256740.SQ.FTS.B

,

5

.445

%

,

6/26/34

....

688

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6262497.SQ.FTS.B

,

4

.747

%

,

6/28/34

....

$

8,184

$

–

6265155.SQ.FTS.B

,

5

.595

%

,

6/29/34

....

6,047

–

6270473.SQ.FTS.B

,

5

.751

%

,

6/30/34

....

3,312

–

6276763.SQ.FTS.B

,

5

.129

%

,

7/04/34

....

2,289

–

6276874.SQ.FTS.B

,

5

.603

%

,

7/04/34

....

1,212

–

6277246.SQ.FTS.B

,

5

.66

%

,

7/04/34

.....

349

–

6279862.SQ.FTS.B

,

5

.472

%

,

7/05/34

....

16,989

–

6280869.SQ.FTS.B

,

5

.476

%

,

7/05/34

....

4,517

–

6284870.SQ.FTS.B

,

4

.748

%

,

7/06/34

....

4,590

1

6286798.SQ.FTS.B

,

5

.127

%

,

7/09/34

....

3,737

–

6290969.SQ.FTS.B

,

4

.743

%

,

7/10/34

....

1,070

–

6304870.SQ.FTS.B

,

4

.529

%

,

7/15/34

....

15,082

–

6304502.SQ.FTS.B

,

5

.378

%

,

7/15/34

....

9,016

1

6306494.SQ.FTS.B

,

4

.969

%

,

7/17/34

....

12,186

–

6308429.SQ.FTS.B

,

5

.595

%

,

7/17/34

....

715

–

6308976.SQ.FTS.B

,

5

.752

%

,

7/18/34

....

3,197

–

6314524.SQ.FTS.B

,

5

.124

%

,

7/19/34

....

2,891

1

6315256.SQ.FTS.B

,

5

.447

%

,

7/19/34

....

3,856

–

6314730.SQ.FTS.B

,

5

.66

%

,

7/19/34

.....

3,074

–

6319933.SQ.FTS.B

,

5

.378

%

,

7/21/34

....

14,196

–

6320178.SQ.FTS.B

,

5

.441

%

,

7/22/34

....

3,234

–

6321758.SQ.FTS.B

,

4

.967

%

,

7/23/34

....

4,486

–

6353710.SQ.FTS.B

,

5

.441

%

,

7/24/34

....

4,027

1

6352903.SQ.FTS.B

,

5

.593

%

,

7/24/34

....

2,446

–

6355005.SQ.FTS.B

,

4

.969

%

,

7/25/34

....

11,762

–

6364953.SQ.FTS.B

,

4

.531

%

,

7/27/34

....

4,175

–

6362699.SQ.FTS.B

,

4

.969

%

,

7/27/34

....

42,087

1

6369186.SQ.FTS.B

,

5

.246

%

,

7/30/34

....

158

–

6373846.SQ.FTS.B

,

4

.747

%

,

7/31/34

....

4,529

–

6378691.SQ.FTS.B

,

5

.126

%

,

8/02/34

....

5,925

–

6385845.SQ.FTS.B

,

4

.767

%

,

8/04/34

....

326

–

6385666.SQ.FTS.B

,

5

.66

%

,

8/04/34

.....

1,880

–

6390840.SQ.FTS.B

,

5

.66

%

,

8/07/34

.....

3,830

–

6394386.SQ.FTS.B

,

5

.362

%

,

8/08/34

....

816

–

6403479.SQ.FTS.B

,

5

.126

%

,

8/10/34

....

3,187

–

6401953.SQ.FTS.B

,

5

.427

%

,

8/10/34

....

876

–

6401970.SQ.FTS.B

,

5

.442

%

,

8/10/34

....

1,665

–

6404445.SQ.FTS.B

,

5

.139

%

,

8/11/34

....

1,220

–

6405166.SQ.FTS.B

,

5

.252

%

,

8/12/34

....

19,913

–

6407824.SQ.FTS.B

,

4

.73

%

,

8/13/34

.....

460

–

6408523.SQ.FTS.B

,

5

.252

%

,

8/13/34

....

5,951

–

6409863.SQ.FTS.B

,

4

.525

%

,

8/14/34

....

1,085

–

6411150.SQ.FTS.B

,

5

.377

%

,

8/14/34

....

2,180

–

6414405.SQ.FTS.B

,

4

.765

%

,

8/15/34

....

1,715

–

6414098.SQ.FTS.B

,

5

.76

%

,

8/15/34

.....

3,987

–

6420149.SQ.FTS.B

,

4

.971

%

,

8/16/34

....

12,660

–

6423702.SQ.FTS.B

,

5

.253

%

,

8/17/34

....

19,832

4

6426793.SQ.FTS.B

,

4

.749

%

,

8/20/34

....

568

–

6428407.SQ.FTS.B

,

5

.439

%

,

8/21/34

....

7,388

1

6429640.SQ.FTS.B

,

5

.441

%

,

8/21/34

....

5,813

–

6427509.SQ.FTS.B

,

5

.664

%

,

8/21/34

....

4,726

–

6439475.SQ.FTS.B

,

5

.256

%

,

8/23/34

....

709

–

6439293.SQ.FTS.B

,

5

.472

%

,

8/23/34

....

7,365

–

6441111.SQ.FTS.B

,

4

.964

%

,

8/24/34

.....

680

–

6443707.SQ.FTS.B

,

5

.598

%

,

8/24/34

....

35,282

7

6445162.SQ.FTS.B

,

4

.527

%

,

8/26/34

....

1,496

31

6448554.SQ.FTS.B

,

4

.743

%

,

8/27/34

....

1,900

–

6447640.SQ.FTS.B

,

4

.974

%

,

8/27/34

....

2,396

–

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)

6448205.SQ.FTS.B

,

5

.252

%

,

8/27/34

....

$

7,623

$

–

6448059.SQ.FTS.B

,

5

.471

%

,

8/27/34

....

5,140

–

6447919.SQ.FTS.B

,

5

.597

%

,

8/27/34

....

267

–

6448382.SQ.FTS.B

,

5

.756

%

,

8/27/34

....

3,199

84

6452451.SQ.FTS.B

,

4

.748

%

,

8/28/34

....

3,082

1

6462554.SQ.FTS.B

,

5

.251

%

,

9/03/34

....

7,251

158

6463889.SQ.FTS.B

,

5

.253

%

,

9/04/34

....

16,330

–

6464362.SQ.FTS.B

,

5

.66

%

,

9/04/34

.....

4,169

2

6463733.SQ.FTS.B

,

5

.767

%

,

9/04/34

....

1,252

7

6468636.SQ.FTS.B

,

5

.663

%

,

9/06/34

....

10,598

2

6477840.SQ.FTS.B

,

5

.247

%

,

9/09/34

....

3,007

3

6478752.SQ.FTS.B

,

5

.436

%

,

9/09/34

....

2,553

1

6479843.SQ.FTS.B

,

5

.596

%

,

9/09/34

....

2,419

–

6484618.SQ.FTS.B

,

4

.751

%

,

9/10/34

....

4,048

–

6482925.SQ.FTS.B

,

5

.473

%

,

9/10/34

....

4,228

3

6483587.SQ.FTS.B

,

5

.597

%

,

9/10/34

....

6,888

51

6485200.SQ.FTS.B

,

5

.126

%

,

9/11/34

....

6,526

2

6485862.SQ.FTS.B

,

4

.529

%

,

9/12/34

....

13,536

–

6486219.SQ.FTS.B

,

4

.742

%

,

9/12/34

....

389

–

6487587.SQ.FTS.B

,

4

.735

%

,

9/13/34

....

1,298

–

6487981.SQ.FTS.B

,

4

.741

%

,

9/13/34

....

1,310

1

6492780.SQ.FTS.B

,

5

.377

%

,

9/14/34

....

14,698

6

6492212.SQ.FTS.B

,

5

.597

%

,

9/14/34

....

11,554

4

6494237.SQ.FTS.B

,

4

.969

%

,

9/15/34

....

1,303

3

6496902.SQ.FTS.B

,

5

.473

%

,

9/15/34

....

6,581

–

6494041.SQ.FTS.B

,

6

.072

%

,

9/15/34

....

2,210

–

6499048.SQ.FTS.B

,

4

.968

%

,

9/16/34

....

6,099

9

6500866.SQ.FTS.B

,

5

.031

%

,

9/16/34

....

4,974

6

6499996.SQ.FTS.B

,

5

.472

%

,

9/16/34

....

487

–

6504715.SQ.FTS.B

,

5

.125

%

,

9/17/34

....

2,724

1

6505793.SQ.FTS.B

,

5

.124

%

,

9/18/34

....

2,242

–

6506509.SQ.FTS.B

,

4

.766

%

,

9/19/34

....

21

–

6510179.SQ.FTS.B

,

4

.749

%

,

9/20/34

....

24,604

19

6511415.SQ.FTS.B

,

5

.129

%

,

9/21/34

....

2,844

2

6514021.SQ.FTS.B

,

5

.218

%

,

9/21/34

....

1,425

84

6512222.SQ.FTS.B

,

6

.161

%

,

9/21/34

....

2,610

1

6516725.SQ.FTS.B

,

4

.747

%

,

9/22/34

....

3,769

1

6514949.SQ.FTS.B

,

5

.129

%

,

9/22/34

....

6,188

4

6521243.SQ.FTS.B

,

5

.442

%

,

9/23/34

....

2,252

3

6519286.SQ.FTS.B

,

5

.618

%

,

9/23/34

....

873

1

6525421.SQ.FTS.B

,

5

.412

%

,

9/24/34

....

181

–

6525021.SQ.FTS.B

,

5

.601

%

,

9/24/34

....

4,816

175

6526070.SQ.FTS.B

,

5

.251

%

,

9/25/34

....

839

–

6526542.SQ.FTS.B

,

4

.748

%

,

9/26/34

....

8,192

479

6526493.SQ.FTS.B

,

5

.58

%

,

9/26/34

.....

1,269

–

6527010.SQ.FTS.B

,

5

.765

%

,

9/26/34

....

515

–

6529506.SQ.FTS.B

,

5

.237

%

,

9/27/34

....

313

1

6537839.SQ.FTS.B

,

4

.969

%

,

9/29/34

....

7,900

6

6535332.SQ.FTS.B

,

5

.61

%

,

9/29/34

.....

2,055

1

6540169.SQ.FTS.B

,

4

.717

%

,

9/30/34

....

349

–

6546312.SQ.FTS.B

,

4

.843

%

,

9/30/34

....

7,082

7

6546599.SQ.FTS.B

,

5

.046

%

,

9/30/34

....

729

–

6545807.SQ.FTS.B

,

5

.66

%

,

9/30/34

.....

2,423

1

6548112.SQ.FTS.B

,

4

.31

%

,

10/02/34

....

3,856

4

6550814.SQ.FTS.B

,

4

.755

%

,

10/03/34

...

4,948

2

6554172.SQ.FTS.B

,

5

.758

%

,

10/04/34

...

370

–

6556061.SQ.FTS.B

,

5

.366

%

,

10/05/34

...

74

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6566878.SQ.FTS.B

,

6

.155

%

,

10/08/34

...

$

445

$

1

6567237.SQ.FTS.B

,

4

.655

%

,

10/09/34

...

18,447

11

6567114.SQ.FTS.B

,

4

.754

%

,

10/09/34

...

1,756

3

6567779.SQ.FTS.B

,

4

.935

%

,

10/10/34

...

5,256

2

6574116.SQ.FTS.B

,

5

.679

%

,

10/11/34

...

1,449

1

6571593.SQ.FTS.B

,

5

.755

%

,

10/11/34

...

12,853

9

6577574.SQ.FTS.B

,

5

.186

%

,

10/12/34

...

548

1

6581222.SQ.FTS.B

,

5

.66

%

,

10/13/34

....

596

1

6582526.SQ.FTS.B

,

6

.412

%

,

10/13/34

...

2,123

4

6584354.SQ.FTS.B

,

4

.591

%

,

10/14/34

...

4,166

4

6585824.SQ.FTS.B

,

5

.188

%

,

10/14/34

...

632

1

6584142.SQ.FTS.B

,

6

.157

%

,

10/14/34

...

111

10

6587169.SQ.FTS.B

,

5

.125

%

,

10/15/34

...

6,563

3

6586640.SQ.FTS.B

,

5

.581

%

,

10/15/34

...

185

–

6587941.SQ.FTS.B

,

5

.764

%

,

10/16/34

...

781

25

6587383.SQ.FTS.B

,

6

.248

%

,

10/16/34

...

549

–

6590442.SQ.FTS.B

,

5

.756

%

,

10/17/34

...

10,462

16

6591293.SQ.FTS.B

,

5

.759

%

,

10/17/34

...

3,441

3

6594291.SQ.FTS.B

,

6

.163

%

,

10/18/34

...

6,540

3

6598899.SQ.FTS.B

,

5

.565

%

,

10/20/34

...

6,856

12

6602728.SQ.FTS.B

,

5

.418

%

,

10/21/34

...

117

–

6602960.SQ.FTS.B

,

6

.007

%

,

10/21/34

...

2,073

1

6604310.SQ.FTS.B

,

6

.417

%

,

10/21/34

...

799

2

6604504.SQ.FTS.B

,

4

.717

%

,

10/22/34

...

453

–

6604448.SQ.FTS.B

,

4

.934

%

,

10/22/34

...

1,707

3

6607977.SQ.FTS.B

,

5

.426

%

,

10/24/34

...

1,603

1

6608828.SQ.FTS.B

,

4

.938

%

,

10/25/34

...

43,918

12

6609985.SQ.FTS.B

,

4

.948

%

,

10/25/34

...

1,113

2

6609650.SQ.FTS.B

,

5

.565

%

,

10/25/34

...

3,296

17

6614501.SQ.FTS.B

,

4

.748

%

,

10/26/34

...

3,498

7

6614956.SQ.FTS.B

,

4

.751

%

,

10/26/34

...

3,077

6

6611828.SQ.FTS.B

,

5

.559

%

,

10/26/34

...

3,208

6

6620227.SQ.FTS.B

,

5

.756

%

,

10/27/34

...

26,251

22

6619927.SQ.FTS.B

,

6

.16

%

,

10/27/34

....

220

10

6617184.SQ.FTS.B

,

6

.278

%

,

10/27/34

...

212

27

6621448.SQ.FTS.B

,

5

.378

%

,

10/28/34

...

16,063

1,525

6620476.SQ.FTS.B

,

5

.756

%

,

10/28/34

...

18,146

18

6624855.SQ.FTS.B

,

5

.451

%

,

10/29/34

...

780

1

6624765.SQ.FTS.B

,

6

.01

%

,

10/29/34

....

7,023

5

6624896.SQ.FTS.B

,

4

.653

%

,

10/30/34

...

9,039

51

6628718.SQ.FTS.B

,

5

.187

%

,

11/01/34

...

5,279

11

6626390.SQ.FTS.B

,

6

.007

%

,

11/01/34

...

10,527

13

6630658.SQ.FTS.B

,

5

.199

%

,

11/02/34

...

635

2

6631472.SQ.FTS.B

,

5

.562

%

,

11/02/34

...

3,298

2

6632572.SQ.FTS.B

,

6

.005

%

,

11/02/34

...

4,959

6

6634481.SQ.FTS.B

,

4

.754

%

,

11/03/34

...

3,060

4

6639552.SQ.FTS.B

,

4

.753

%

,

11/04/34

...

182

–

6641178.SQ.FTS.B

,

5

.75

%

,

11/04/34

....

3,481

8

6643579.SQ.FTS.B

,

4

.655

%

,

11/05/34

...

7,884

19

6643893.SQ.FTS.B

,

5

.381

%

,

11/05/34

...

1,563

12

6644138.SQ.FTS.B

,

5

.458

%

,

11/05/34

...

1,010

1

6645397.SQ.FTS.B

,

4

.943

%

,

11/07/34

...

3,532

7

6649272.SQ.FTS.B

,

4

.739

%

,

11/08/34

...

412

1

6647657.SQ.FTS.B

,

5

.192

%

,

11/08/34

...

4,479

444

6646778.SQ.FTS.B

,

5

.563

%

,

11/08/34

...

2,909

267

6649665.SQ.FTS.B

,

4

.935

%

,

11/09/34

...

2,943

8

6653616.SQ.FTS.B

,

6

.009

%

,

11/10/34

...

1,792

3

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)

6669152.SQ.FTS.B

,

6

.415

%

,

11/15/34

...

$

25,018

$

29

6671137.SQ.FTS.B

,

4

.65

%

,

11/16/34

....

3,947

33

6672511.SQ.FTS.B

,

4

.748

%

,

11/16/34

...

927

9

6674450.SQ.FTS.B

,

4

.749

%

,

11/17/34

...

18,581

44

6676382.SQ.FTS.B

,

5

.748

%

,

11/17/34

...

3,159

1

6681781.SQ.FTS.B

,

6

.16

%

,

11/19/34

....

6,908

8

6685517.SQ.FTS.B

,

5

.583

%

,

11/20/34

...

131

3

6686240.SQ.FTS.B

,

5

.374

%

,

11/21/34

...

873

2

6688197.SQ.FTS.B

,

5

.384

%

,

11/22/34

...

5,403

5

6690132.SQ.FTS.B

,

4

.793

%

,

11/23/34

...

148

–

6691756.SQ.FTS.B

,

5

.57

%

,

11/23/34

....

5,992

16

6696314.SQ.FTS.B

,

5

.188

%

,

11/24/34

...

4,176

7

6696188.SQ.FTS.B

,

5

.563

%

,

11/24/34

...

893

145

6701550.SQ.FTS.B

,

5

.378

%

,

11/25/34

...

1,306

2

6706540.SQ.FTS.B

,

4

.653

%

,

11/26/34

...

5,175

11

6706359.SQ.FTS.B

,

4

.654

%

,

11/26/34

...

867

3

6705352.SQ.FTS.B

,

5

.182

%

,

11/26/34

...

998

3

6705288.SQ.FTS.B

,

5

.382

%

,

11/26/34

...

1,013

2

6706486.SQ.FTS.B

,

5

.77

%

,

11/26/34

....

1,318

2

6704732.SQ.FTS.B

,

6

.009

%

,

11/26/34

...

3,627

5

6707571.SQ.FTS.B

,

5

.563

%

,

11/27/34

...

3,723

193

6708125.SQ.FTS.B

,

5

.454

%

,

11/28/34

...

1,147

2

6709200.SQ.FTS.B

,

6

.003

%

,

11/29/34

...

2,318

24

6719031.SQ.FTS.B

,

4

.762

%

,

12/01/34

...

39

–

6728590.SQ.FTS.B

,

5

.557

%

,

12/05/34

...

2,208

7

6729839.SQ.FTS.B

,

5

.755

%

,

12/05/34

...

18,147

26

6733026.SQ.FTS.B

,

4

.654

%

,

12/06/34

...

13,883

37

6731578.SQ.FTS.B

,

5

.753

%

,

12/06/34

...

11,760

73

6736022.SQ.FTS.B

,

6

.169

%

,

12/07/34

...

2,969

5

6742781.SQ.FTS.B

,

5

.414

%

,

12/08/34

...

322

1

6752687.SQ.FTS.B

,

4

.652

%

,

12/13/34

...

202

1

6753526.SQ.FTS.B

,

5

.192

%

,

12/13/34

...

5,887

11

6764422.SQ.FTS.B

,

4

.765

%

,

12/15/34

...

514

28

6762066.SQ.FTS.B

,

4

.937

%

,

12/15/34

...

2,676

7

6764876.SQ.FTS.B

,

5

.189

%

,

12/15/34

...

1,318

245

6762927.SQ.FTS.B

,

5

.436

%

,

12/15/34

...

1,084

2

6767980.SQ.FTS.B

,

5

.188

%

,

12/16/34

...

6,752

28

6768384.SQ.FTS.B

,

5

.193

%

,

12/16/34

...

99

16

6767536.SQ.FTS.B

,

5

.566

%

,

12/16/34

...

12,363

1,052

6767251.SQ.FTS.B

,

6

.155

%

,

12/16/34

...

280

16

6769991.SQ.FTS.B

,

5

.379

%

,

12/18/34

...

9,490

35

6770557.SQ.FTS.B

,

5

.565

%

,

12/19/34

...

757

113

6771253.SQ.FTS.B

,

5

.566

%

,

12/19/34

...

4,761

28

6773596.SQ.FTS.B

,

6

.259

%

,

12/20/34

...

1,553

309

6777288.SQ.FTS.B

,

5

.439

%

,

12/21/34

...

19,254

29

6777625.SQ.FTS.B

,

5

.753

%

,

12/21/34

...

2,503

496

6777037.SQ.FTS.B

,

5

.997

%

,

12/21/34

...

1,896

3

6776064.SQ.FTS.B

,

6

.415

%

,

12/21/34

...

32,761

3,065

6781242.SQ.FTS.B

,

5

.433

%

,

12/22/34

...

1,457

6

6780703.SQ.FTS.B

,

5

.991

%

,

12/22/34

...

83

17

6785072.SQ.FTS.B

,

5

.374

%

,

12/23/34

...

1,478

5

6785551.SQ.FTS.B

,

5

.747

%

,

12/23/34

...

1,563

3

6786832.SQ.FTS.B

,

4

.749

%

,

12/25/34

...

1,120

101

6788053.SQ.FTS.B

,

4

.661

%

,

12/26/34

...

1,148

12

6793965.SQ.FTS.B

,

5

.752

%

,

12/27/34

...

1,159

222

6797317.SQ.FTS.B

,

4

.648

%

,

12/28/34

...

1,406

8

6796725.SQ.FTS.B

,

5

.189

%

,

12/28/34

...

13,083

138

6813899.SQ.FTS.B

,

6

.004

%

,

1/04/35

....

3,779

12

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6813242.SQ.FTS.B

,

6

.01

%

,

1/04/35

.....

$

4,341

$

13

6815496.SQ.FTS.B

,

4

.937

%

,

1/05/35

....

23,295

47

6816661.SQ.FTS.B

,

5

.189

%

,

1/05/35

....

8,210

27

6823299.SQ.FTS.B

,

5

.453

%

,

1/07/35

....

394

1

6827188.SQ.FTS.B

,

5

.464

%

,

1/09/35

....

145

–

6826936.SQ.FTS.B

,

5

.58

%

,

1/09/35

.....

1,253

3

6829291.SQ.FTS.B

,

4

.938

%

,

1/10/35

....

13,368

70

6839017.SQ.FTS.B

,

6

.254

%

,

1/13/35

....

512

2

6853678.SQ.FTS.B

,

4

.745

%

,

1/19/35

....

4,528

7

6854785.SQ.FTS.B

,

4

.937

%

,

1/19/35

....

318

76

6854061.SQ.FTS.B

,

6

.259

%

,

1/19/35

....

1,548

5

6860713.SQ.FTS.B

,

4

.931

%

,

1/20/35

....

4,164

6

6858854.SQ.FTS.B

,

5

.566

%

,

1/20/35

....

8,486

26

6860765.SQ.FTS.B

,

5

.568

%

,

1/20/35

....

6,489

20

6864433.SQ.FTS.B

,

4

.654

%

,

1/21/35

....

2,330

7

6865330.SQ.FTS.B

,

6

.155

%

,

1/23/35

....

1,222

4

6868707.SQ.FTS.B

,

4

.772

%

,

1/24/35

....

918

5

6867756.SQ.FTS.B

,

5

.393

%

,

1/24/35

....

1,352

4

6868681.SQ.FTS.B

,

6

.418

%

,

1/24/35

....

975

3

6871309.SQ.FTS.B

,

4

.755

%

,

1/25/35

....

1,693

6

6872268.SQ.FTS.B

,

5

.566

%

,

1/25/35

....

539

5

6878988.SQ.FTS.B

,

4

.749

%

,

1/27/35

....

31,652

73

6879546.SQ.FTS.B

,

6

.232

%

,

1/27/35

....

216

1

6881428.SQ.FTS.B

,

6

.006

%

,

1/28/35

....

1,092

111

6885061.SQ.FTS.B

,

5

.188

%

,

1/30/35

....

13,984

101

6884806.SQ.FTS.B

,

6

.25

%

,

1/30/35

.....

382

1

6888509.SQ.FTS.B

,

4

.748

%

,

1/31/35

....

2,816

9

6888564.SQ.FTS.B

,

5

.378

%

,

1/31/35

....

3,048

16

6886999.SQ.FTS.B

,

6

.276

%

,

1/31/35

....

714

3

6893064.SQ.FTS.B

,

4

.654

%

,

2/02/35

....

4,746

41

6894291.SQ.FTS.B

,

4

.78

%

,

2/02/35

.....

756

2

6892716.SQ.FTS.B

,

5

.442

%

,

2/02/35

....

15,393

43

6893482.SQ.FTS.B

,

5

.762

%

,

2/02/35

....

3,169

13

6903390.SQ.FTS.B

,

5

.442

%

,

2/04/35

....

6,892

25

6901684.SQ.FTS.B

,

6

.257

%

,

2/04/35

....

2,747

8

6903487.SQ.FTS.B

,

6

.413

%

,

2/04/35

....

9,352

1,587

6912511.SQ.FTS.B

,

5

.754

%

,

2/09/35

....

13,290

1,432

6918684.SQ.FTS.B

,

4

.937

%

,

2/10/35

....

41,388

150

6916843.SQ.FTS.B

,

6

.003

%

,

2/10/35

....

4,830

17

6917870.SQ.FTS.B

,

6

.257

%

,

2/10/35

....

2,784

735

6919873.SQ.FTS.B

,

5

.187

%

,

2/11/35

....

1,223

9

6920256.SQ.FTS.B

,

6

.007

%

,

2/11/35

....

9,169

33

6920356.SQ.FTS.B

,

6

.407

%

,

2/11/35

....

580

5

6922314.SQ.FTS.B

,

5

.565

%

,

2/14/35

....

14,464

66

6935097.SQ.FTS.B

,

4

.65

%

,

2/17/35

.....

252

85

6936776.SQ.FTS.B

,

4

.653

%

,

2/17/35

....

162

55

6936577.SQ.FTS.B

,

5

.377

%

,

2/17/35

....

2,714

24

6935560.SQ.FTS.B

,

5

.747

%

,

2/17/35

....

1,794

9

6938046.SQ.FTS.B

,

4

.652

%

,

2/18/35

....

2,723

28

6941070.SQ.FTS.B

,

6

.435

%

,

2/18/35

....

398

104

6941294.SQ.FTS.B

,

4

.94

%

,

2/19/35

.....

4,003

31

6941545.SQ.FTS.B

,

5

.189

%

,

2/19/35

....

3,472

17

6941280.SQ.FTS.B

,

5

.991

%

,

2/19/35

....

1,029

7

6942187.SQ.FTS.B

,

5

.189

%

,

2/20/35

....

2,732

26

6944390.SQ.FTS.B

,

5

.187

%

,

2/21/35

....

2,510

10

6943108.SQ.FTS.B

,

6

.251

%

,

2/21/35

....

1,826

9

6949328.SQ.FTS.B

,

5

.445

%

,

2/22/35

....

5,721

26

6957334.SQ.FTS.B

,

5

.414

%

,

2/24/35

....

250

60

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)

6955667.SQ.FTS.B

,

5

.436

%

,

2/24/35

....

$

198

$

71

6957595.SQ.FTS.B

,

5

.442

%

,

2/24/35

....

2,541

18

6955514.SQ.FTS.B

,

5

.746

%

,

2/24/35

....

2,666

17

6962075.SQ.FTS.B

,

4

.735

%

,

2/25/35

....

391

2

6961528.SQ.FTS.B

,

5

.993

%

,

2/25/35

....

225

34

6958559.SQ.FTS.B

,

6

.163

%

,

2/25/35

....

14,245

1,664

6963451.SQ.FTS.B

,

5

.998

%

,

2/27/35

....

1,876

9

6969701.SQ.FTS.B

,

4

.937

%

,

2/28/35

....

11,360

119

6965888.SQ.FTS.B

,

5

.189

%

,

2/28/35

....

2,334

257

6977932.SQ.FTS.B

,

5

.552

%

,

2/28/35

....

1,435

7

6967265.SQ.FTS.B

,

5

.567

%

,

2/28/35

....

21,745

7,122

6980139.SQ.FTS.B

,

5

.569

%

,

2/28/35

....

2,727

249

6965159.SQ.FTS.B

,

5

.753

%

,

2/28/35

....

6,757

1,889

6966807.SQ.FTS.B

,

5

.756

%

,

2/28/35

....

14,197

85

6973530.SQ.FTS.B

,

6

.271

%

,

2/28/35

....

1,364

10

6971273.SQ.FTS.B

,

6

.422

%

,

2/28/35

....

771

6

6983671.SQ.FTS.B

,

5

.189

%

,

3/01/35

....

5,611

23

6982903.SQ.FTS.B

,

5

.564

%

,

3/01/35

....

3,016

30

6985220.SQ.FTS.B

,

5

.398

%

,

3/02/35

....

458

4

6985273.SQ.FTS.B

,

6

.415

%

,

3/02/35

....

1,708

414

6985777.SQ.FTS.B

,

5

.451

%

,

3/03/35

....

755

4

6986211.SQ.FTS.B

,

6

.259

%

,

3/03/35

....

2,111

11

6986260.SQ.FTS.B

,

5

.372

%

,

3/04/35

....

232

75

6987677.SQ.FTS.B

,

5

.409

%

,

3/05/35

....

107

8

6989032.SQ.FTS.B

,

5

.754

%

,

3/05/35

....

475

3

6990296.SQ.FTS.B

,

6

.005

%

,

3/05/35

....

4,702

49

6992507.SQ.FTS.B

,

4

.661

%

,

3/06/35

....

250

102

6993196.SQ.FTS.B

,

5

.381

%

,

3/06/35

....

2,107

12

6991196.SQ.FTS.B

,

5

.437

%

,

3/06/35

....

8,279

38

6991595.SQ.FTS.B

,

5

.76

%

,

3/06/35

.....

5,054

28

6996992.SQ.FTS.B

,

5

.377

%

,

3/07/35

....

26,963

205

7001929.SQ.FTS.B

,

5

.189

%

,

3/08/35

....

13,810

136

7002610.SQ.FTS.B

,

6

.007

%

,

3/09/35

....

17,254

141

7002426.SQ.FTS.B

,

6

.179

%

,

3/09/35

....

595

73

7005506.SQ.FTS.B

,

5

.378

%

,

3/11/35

....

18,115

186

7010131.SQ.FTS.B

,

5

.189

%

,

3/12/35

....

5,207

1,898

7008617.SQ.FTS.B

,

6

.161

%

,

3/12/35

....

3,028

29

7009259.SQ.FTS.B

,

6

.255

%

,

3/12/35

....

3,012

31

7012805.SQ.FTS.B

,

5

.988

%

,

3/13/35

....

522

5

7019673.SQ.FTS.B

,

5

.581

%

,

3/14/35

....

1,295

11

7023175.SQ.FTS.B

,

5

.431

%

,

3/15/35

....

274

38

7025124.SQ.FTS.B

,

4

.744

%

,

3/16/35

....

1,689

231

7025111.SQ.FTS.B

,

5

.439

%

,

3/16/35

....

513

5

7025788.SQ.FTS.B

,

6

.255

%

,

3/17/35

....

11,440

66

7026048.SQ.FTS.B

,

6

.268

%

,

3/17/35

....

598

63

7028614.SQ.FTS.B

,

4

.717

%

,

3/18/35

....

78

1

7027254.SQ.FTS.B

,

4

.752

%

,

3/18/35

....

1,929

18

7028576.SQ.FTS.B

,

5

.457

%

,

3/18/35

....

32

–

7027686.SQ.FTS.B

,

5

.768

%

,

3/18/35

....

1,246

7

7027442.SQ.FTS.B

,

6

.006

%

,

3/18/35

....

942

10

7032162.SQ.FTS.B

,

4

.742

%

,

3/19/35

....

565

7

7039769.SQ.FTS.B

,

6

.005

%

,

3/21/35

....

3,895

571

7040905.SQ.FTS.B

,

6

.007

%

,

3/21/35

....

22,019

247

7047140.SQ.FTS.B

,

4

.75

%

,

3/23/35

.....

2,597

12

7050581.SQ.FTS.B

,

5

.375

%

,

3/25/35

....

8,131

77

7051978.SQ.FTS.B

,

5

.76

%

,

3/25/35

.....

175

52

7050136.SQ.FTS.B

,

6

.253

%

,

3/25/35

....

3,652

21

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7056063.SQ.FTS.B

,

4

.935

%

,

3/27/35

....

$

174

$

42

7055970.SQ.FTS.B

,

6

.01

%

,

3/27/35

.....

786

9

7066194.SQ.FTS.B

,

5

.377

%

,

3/29/35

....

28,131

365

7064997.SQ.FTS.B

,

5

.761

%

,

3/29/35

....

2,134

22

7065185.SQ.FTS.B

,

5

.763

%

,

3/29/35

....

1,401

149

7068868.SQ.FTS.B

,

5

.445

%

,

3/30/35

....

1,970

16

7069196.SQ.FTS.B

,

5

.446

%

,

4/01/35

....

461

3

7071249.SQ.FTS.B

,

6

.416

%

,

4/02/35

....

7,885

91

7075884.SQ.FTS.B

,

5

.438

%

,

4/03/35

....

4,223

47

7078893.SQ.FTS.B

,

5

.568

%

,

4/04/35

....

13,551

115

7085122.SQ.FTS.B

,

6

.164

%

,

4/05/35

....

2,518

23

7088413.SQ.FTS.B

,

6

.289

%

,

4/05/35

....

185

3

7092138.SQ.FTS.B

,

5

.188

%

,

4/06/35

....

5,761

40

7093323.SQ.FTS.B

,

5

.438

%

,

4/08/35

....

1,093

8

7097479.SQ.FTS.B

,

5

.565

%

,

4/10/35

....

9,363

62

7101561.SQ.FTS.B

,

4

.937

%

,

4/11/35

....

27,006

337

7107564.SQ.FTS.B

,

4

.743

%

,

4/12/35

....

421

173

7113376.SQ.FTS.B

,

5

.368

%

,

4/15/35

....

844

16

7118185.SQ.FTS.B

,

5

.751

%

,

4/17/35

....

5,462

57

7121348.SQ.FTS.B

,

6

.003

%

,

4/17/35

....

1,474

11

7124599.SQ.FTS.B

,

4

.937

%

,

4/18/35

....

38,369

562

7124204.SQ.FTS.B

,

5

.74

%

,

4/18/35

.....

545

4

7135706.SQ.FTS.B

,

4

.707

%

,

4/19/35

....

608

4

7128660.SQ.FTS.B

,

5

.37

%

,

4/19/35

.....

1,168

17

7135686.SQ.FTS.B

,

5

.439

%

,

4/19/35

....

376

4

7135696.SQ.FTS.B

,

5

.468

%

,

4/19/35

....

190

3

7141603.SQ.FTS.B

,

5

.191

%

,

4/21/35

....

2,867

46

7147299.SQ.FTS.B

,

5

.377

%

,

4/23/35

....

12,972

144

7154213.SQ.FTS.B

,

5

.189

%

,

4/25/35

....

811

19

7153341.SQ.FTS.B

,

5

.756

%

,

4/25/35

....

6,870

99

7161885.SQ.FTS.B

,

5

.562

%

,

4/27/35

....

6,709

76

7163945.SQ.FTS.B

,

5

.754

%

,

4/27/35

....

3,045

45

7162414.SQ.FTS.B

,

5

.758

%

,

4/27/35

....

526

5

7164732.SQ.FTS.B

,

6

.175

%

,

4/28/35

....

770

273

7173037.SQ.FTS.B

,

5

.572

%

,

4/30/35

....

3,983

44

7172761.SQ.FTS.B

,

6

.258

%

,

4/30/35

....

5,904

729

7170354.SQ.FTS.B

,

6

.414

%

,

4/30/35

....

1,919

864

7180248.SQ.FTS.B

,

5

.379

%

,

5/02/35

....

12,879

217

7185609.SQ.FTS.B

,

4

.94

%

,

5/03/35

.....

2,798

318

7187139.SQ.FTS.B

,

5

.374

%

,

5/03/35

....

2,571

32

7188015.SQ.FTS.B

,

5

.197

%

,

5/04/35

....

2,620

25

7192505.SQ.FTS.B

,

6

.414

%

,

5/06/35

....

704

7

7196193.SQ.FTS.B

,

5

.185

%

,

5/07/35

....

2,811

37

7199286.SQ.FTS.B

,

5

.754

%

,

5/08/35

....

19,004

488

7197712.SQ.FTS.B

,

6

.411

%

,

5/08/35

....

4,332

22

7203363.SQ.FTS.B

,

5

.189

%

,

5/09/35

....

8,775

131

7205585.SQ.FTS.B

,

5

.565

%

,

5/09/35

....

1,081

563

7205388.SQ.FTS.B

,

5

.759

%

,

5/09/35

....

4,440

53

7210899.SQ.FTS.B

,

6

.006

%

,

5/11/35

....

25,899

287

7212719.SQ.FTS.B

,

5

.19

%

,

5/13/35

.....

1,301

621

7219666.SQ.FTS.B

,

4

.744

%

,

5/14/35

....

3,640

61

7220564.SQ.FTS.B

,

5

.432

%

,

5/14/35

....

1,109

10

7220676.SQ.FTS.B

,

5

.987

%

,

5/14/35

....

1,149

13

7222126.SQ.FTS.B

,

4

.654

%

,

5/15/35

....

10,174

133

7222571.SQ.FTS.B

,

5

.195

%

,

5/15/35

....

1,606

27

7229617.SQ.FTS.B

,

5

.44

%

,

5/16/35

.....

4,248

64

7231172.SQ.FTS.B

,

4

.656

%

,

5/17/35

....

1,459

855

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)

7238134.SQ.FTS.B

,

5

.762

%

,

5/20/35

....

$

1,439

$

169

7240071.SQ.FTS.B

,

5

.996

%

,

5/20/35

....

744

11

7239842.SQ.FTS.B

,

6

.005

%

,

5/20/35

....

506

303

7242591.SQ.FTS.B

,

5

.193

%

,

5/21/35

....

906

15

7249019.SQ.FTS.B

,

6

.005

%

,

5/22/35

....

11,562

58

7251914.SQ.FTS.B

,

4

.941

%

,

5/23/35

....

4,096

42

7256609.SQ.FTS.B

,

5

.572

%

,

5/26/35

....

78

43

7256365.SQ.FTS.B

,

6

.015

%

,

5/26/35

....

401

221

7262080.SQ.FTS.B

,

6

.006

%

,

5/28/35

....

56,215

471

7267389.SQ.FTS.B

,

6

.019

%

,

5/29/35

....

651

106

7269980.SQ.FTS.B

,

5

.441

%

,

5/30/35

....

6,700

868

7269871.SQ.FTS.B

,

5

.76

%

,

5/30/35

.....

313

166

7275203.SQ.FTS.B

,

6

.259

%

,

6/01/35

....

4,292

44

a

7278214.SQ.FTS.B

,

5

.99

%

,

6/02/35

.....

116

61

7277957.SQ.FTS.B

,

6

.006

%

,

6/02/35

....

1,696

33

a

7286404.SQ.FTS.B

,

5

.567

%

,

6/05/35

....

4,146

2,598

a

7284416.SQ.FTS.B

,

5

.756

%

,

6/05/35

....

167

88

a

7288280.SQ.FTS.B

,

5

.378

%

,

6/06/35

....

3,679

530

7289262.SQ.FTS.B

,

5

.56

%

,

6/06/35

.....

4,382

40

7296575.SQ.FTS.B

,

5

.569

%

,

6/07/35

....

5,158

2,266

a

7301207.SQ.FTS.B

,

5

.38

%

,

6/08/35

.....

3,786

1,639

7303557.SQ.FTS.B

,

5

.384

%

,

6/10/35

....

702

8

7306657.SQ.FTS.B

,

5

.566

%

,

6/11/35

....

12,522

180

7305713.SQ.FTS.B

,

6

.006

%

,

6/11/35

....

1,687

17

7313394.SQ.FTS.B

,

5

.189

%

,

6/12/35

....

6,942

139

a

7308932.SQ.FTS.B

,

5

.412

%

,

6/12/35

....

61

9

7314028.SQ.FTS.B

,

5

.565

%

,

6/12/35

....

12,817

151

7309149.SQ.FTS.B

,

6

.257

%

,

6/12/35

....

17,102

295

7316316.SQ.FTS.B

,

5

.439

%

,

6/13/35

....

7,722

87

7327011.SQ.FTS.B

,

5

.755

%

,

6/15/35

....

4,808

49

7332055.SQ.FTS.B

,

4

.652

%

,

6/18/35

....

4,471

2,906

7334268.SQ.FTS.B

,

4

.936

%

,

6/18/35

....

2,226

1,297

7333444.SQ.FTS.B

,

5

.758

%

,

6/18/35

....

3,031

801

7334250.SQ.FTS.B

,

6

.289

%

,

6/18/35

....

770

130

7335968.SQ.FTS.B

,

5

.379

%

,

6/19/35

....

7,165

96

7336505.SQ.FTS.B

,

6

.247

%

,

6/19/35

....

367

205

7336967.SQ.FTS.B

,

6

.41

%

,

6/19/35

.....

4,561

82

a

7340626.SQ.FTS.B

,

5

.438

%

,

6/20/35

....

966

529

7340672.SQ.FTS.B

,

5

.755

%

,

6/20/35

....

21,574

465

7347685.SQ.FTS.B

,

5

.449

%

,

6/21/35

....

788

367

a

7347201.SQ.FTS.B

,

5

.742

%

,

6/21/35

....

738

157

a

7348507.SQ.FTS.B

,

4

.938

%

,

6/22/35

....

2,701

843

a

7351847.SQ.FTS.B

,

6

.006

%

,

6/23/35

....

5,842

1,086

7351639.SQ.FTS.B

,

6

.164

%

,

6/23/35

....

3,152

64

7353529.SQ.FTS.B

,

6

.25

%

,

6/25/35

.....

1,275

25

7353683.SQ.FTS.B

,

6

.256

%

,

6/25/35

....

1,229

50

7353412.SQ.FTS.B

,

6

.402

%

,

6/25/35

....

101

1

7360226.SQ.FTS.B

,

4

.654

%

,

6/27/35

....

13,891

269

a

7358768.SQ.FTS.B

,

4

.747

%

,

6/27/35

....

120

69

a

7361057.SQ.FTS.B

,

5

.558

%

,

6/27/35

....

554

138

7366336.SQ.FTS.B

,

4

.655

%

,

6/28/35

....

5,254

122

7367489.SQ.FTS.B

,

5

.569

%

,

6/29/35

....

1,709

24

7371639.SQ.FTS.B

,

4

.941

%

,

6/30/35

....

3,048

780

7370441.SQ.FTS.B

,

5

.379

%

,

6/30/35

....

9,362

205

7370806.SQ.FTS.B

,

5

.468

%

,

6/30/35

....

595

13

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7370816.SQ.FTS.B

,

6

.41

%

,

6/30/35

.....

$

939

$

568

7372112.SQ.FTS.B

,

5

.754

%

,

7/01/35

....

4,946

39

a

7372242.SQ.FTS.B

,

6

.006

%

,

7/01/35

....

2,193

1,548

7372906.SQ.FTS.B

,

5

.754

%

,

7/02/35

....

11,661

6,646

7373979.SQ.FTS.B

,

5

.997

%

,

7/02/35

....

594

15

a

7377362.SQ.FTS.B

,

4

.936

%

,

7/03/35

....

575

398

a

7378849.SQ.FTS.B

,

5

.376

%

,

7/03/35

....

418

298

7378207.SQ.FTS.B

,

6

.009

%

,

7/03/35

....

9,549

81

7378050.SQ.FTS.B

,

6

.164

%

,

7/03/35

....

151

38

a

7378054.SQ.FTS.B

,

6

.259

%

,

7/03/35

....

426

267

7380824.SQ.FTS.B

,

4

.753

%

,

7/04/35

....

1,279

26

7382858.SQ.FTS.B

,

5

.382

%

,

7/04/35

....

4,780

188

7384366.SQ.FTS.B

,

5

.444

%

,

7/05/35

....

2,246

42

7385423.SQ.FTS.B

,

6

.006

%

,

7/05/35

....

1,828

831

7390664.SQ.FTS.B

,

5

.19

%

,

7/08/35

.....

10,504

144

a

7389557.SQ.FTS.B

,

5

.38

%

,

7/08/35

.....

459

287

a

7394965.SQ.FTS.B

,

5

.566

%

,

7/10/35

....

851

597

7396701.SQ.FTS.B

,

5

.567

%

,

7/10/35

....

3,637

161

7395779.SQ.FTS.B

,

6

.005

%

,

7/10/35

....

12,121

224

7403168.SQ.FTS.B

,

5

.38

%

,

7/11/35

.....

7,909

140

a

7403278.SQ.FTS.B

,

6

.168

%

,

7/11/35

....

209

125

7406047.SQ.FTS.B

,

6

.027

%

,

7/12/35

....

1,167

20

7408049.SQ.FTS.B

,

4

.924

%

,

7/15/35

....

1,733

40

7408322.SQ.FTS.B

,

5

.565

%

,

7/15/35

....

8,489

193

7410978.SQ.FTS.B

,

4

.747

%

,

7/16/35

....

1,609

39

7412311.SQ.FTS.B

,

4

.938

%

,

7/17/35

....

578

407

a

7423709.SQ.FTS.B

,

6

.415

%

,

7/21/35

....

8,993

4,404

7436351.SQ.FTS.B

,

5

.754

%

,

7/25/35

....

9,358

244

7441240.SQ.FTS.B

,

4

.745

%

,

7/26/35

....

3,314

58

7439758.SQ.FTS.B

,

5

.379

%

,

7/26/35

....

5,557

156

7442460.SQ.FTS.B

,

5

.193

%

,

7/27/35

....

1,313

37

7442087.SQ.FTS.B

,

6

.191

%

,

7/27/35

....

681

16

7442292.SQ.FTS.B

,

6

.268

%

,

7/27/35

....

635

14

7443306.SQ.FTS.B

,

4

.733

%

,

7/28/35

....

583

11

7447150.SQ.FTS.B

,

5

.568

%

,

7/29/35

....

3,933

105

a

7450900.SQ.FTS.B

,

5

.442

%

,

7/30/35

....

2,178

1,101

7461507.SQ.FTS.B

,

5

.378

%

,

8/02/35

....

21,883

1,040

7462684.SQ.FTS.B

,

6

.003

%

,

8/02/35

....

1,215

35

7461437.SQ.FTS.B

,

6

.412

%

,

8/02/35

....

1,125

33

7463744.SQ.FTS.B

,

5

.378

%

,

8/04/35

....

2,237

1,169

7466589.SQ.FTS.B

,

5

.567

%

,

8/05/35

....

7,091

179

a

7466901.SQ.FTS.B

,

6

.003

%

,

8/05/35

....

4,884

3,262

a

7468449.SQ.FTS.B

,

6

.038

%

,

8/05/35

....

536

268

7466750.SQ.FTS.B

,

6

.257

%

,

8/05/35

....

4,423

97

7469860.SQ.FTS.B

,

6

.258

%

,

8/06/35

....

5,369

96

a

7472376.SQ.FTS.B

,

4

.66

%

,

8/07/35

.....

916

704

7472610.SQ.FTS.B

,

4

.937

%

,

8/07/35

....

11,644

7,561

7474077.SQ.FTS.B

,

5

.749

%

,

8/07/35

....

614

393

7478694.SQ.FTS.B

,

5

.192

%

,

8/08/35

....

6,424

2,859

a

7478989.SQ.FTS.B

,

5

.57

%

,

8/08/35

.....

715

402

7479216.SQ.FTS.B

,

6

.001

%

,

8/08/35

....

437

320

a

7478441.SQ.FTS.B

,

6

.008

%

,

8/08/35

....

1,070

533

7481878.SQ.FTS.B

,

5

.561

%

,

8/09/35

....

2,953

54

7483153.SQ.FTS.B

,

5

.747

%

,

8/09/35

....

1,034

45

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

7480144.SQ.FTS.B

,

6

.261

%

,

8/09/35

....

$

743

$

345

7484605.SQ.FTS.B

,

4

.75

%

,

8/11/35

.....

3,161

59

a

7484541.SQ.FTS.B

,

5

.472

%

,

8/11/35

....

455

242

7484169.SQ.FTS.B

,

6

.416

%

,

8/11/35

....

9,733

345

7485016.SQ.FTS.B

,

5

.378

%

,

8/12/35

....

1,575

875

7487387.SQ.FTS.B

,

5

.75

%

,

8/12/35

.....

3,973

115

7490950.SQ.FTS.B

,

5

.566

%

,

8/13/35

....

4,533

437

a

7489754.SQ.FTS.B

,

5

.755

%

,

8/13/35

....

7,078

5,194

a

7503865.SQ.FTS.B

,

5

.466

%

,

8/15/35

....

402

260

a

7501008.SQ.FTS.B

,

5

.752

%

,

8/15/35

....

1,226

786

a

7508579.SQ.FTS.B

,

4

.653

%

,

8/16/35

....

15,613

9,662

a

7507904.SQ.FTS.B

,

5

.185

%

,

8/16/35

....

745

398

7506333.SQ.FTS.B

,

5

.438

%

,

8/16/35

....

591

11

7509746.SQ.FTS.B

,

6

.196

%

,

8/17/35

....

183

90

a

7511957.SQ.FTS.B

,

4

.937

%

,

8/19/35

....

11,254

7,942

a

7515364.SQ.FTS.B

,

4

.942

%

,

8/20/35

....

50

45

a

7517496.SQ.FTS.B

,

4

.938

%

,

8/21/35

....

2,105

1,676

a

7518814.SQ.FTS.B

,

5

.374

%

,

8/21/35

....

1,071

733

7516624.SQ.FTS.B

,

6

%

,

8/21/35

.......

1,678

47

7530073.SQ.FTS.B

,

5

.75

%

,

8/24/35

.....

3,686

66

7530748.SQ.FTS.B

,

4

.654

%

,

8/25/35

....

4,536

3,350

a

7531240.SQ.FTS.B

,

6

.017

%

,

8/25/35

....

1,180

526

7530940.SQ.FTS.B

,

6

.172

%

,

8/25/35

....

1,322

23

a

7531841.SQ.FTS.B

,

5

.376

%

,

8/26/35

....

3,335

2,497

7535771.SQ.FTS.B

,

5

.377

%

,

8/27/35

....

12,186

341

a

7540822.SQ.FTS.B

,

5

.38

%

,

8/28/35

.....

730

628

7541816.SQ.FTS.B

,

6

.264

%

,

8/28/35

....

698

404

7548813.SQ.FTS.B

,

5

.757

%

,

8/29/35

....

6,364

145

1,191,836

Freedom

Financial

Asset

Management

LLC

APP-15032228.FP.FTS.B

,

23

.49

%

,

9/12/25

839

843

APP-16638019.FP.FTS.B

,

15

.24

%

,

9/13/25

466

467

b

APP-16931630.FP.FTS.B

,

17

.99

%

,

9/17/25

4,371

566

APP-17058236.FP.FTS.B

,

9

.74

%

,

9/19/25

.

575

576

APP-13608599.FP.FTS.B

,

11

.49

%

,

9/23/25

1,287

1,290

b

APP-14134773.FP.FTS.B

,

21

.99

%

,

9/27/25

805

815

b

APP-15537240.FP.FTS.B

,

25

.49

%

,

11/12/25

2,963

1,472

APP-16899367.FP.FTS.B

,

25

.49

%

,

11/30/25

2,096

2,119

APP-11672772.FP.FTS.B

,

13

.99

%

,

12/01/25

4,319

3,249

APP-16065337.FP.FTS.B

,

23

.49

%

,

12/14/25

614

617

APP-15015830.FP.FTS.B

,

25

.49

%

,

12/22/25

765

354

APP-11461331.FP.FTS.B

,

8

.99

%

,

12/25/25

2,601

2,614

APP-14959860.FP.FTS.B

,

19

.74

%

,

1/03/26

2,905

2,903

APP-14147815.FP.FTS.B

,

19

.99

%

,

1/18/26

563

566

APP-11727451.FP.FTS.B

,

19

.49

%

,

2/01/26

1,439

1,464

APP-11740312.FP.FTS.B

,

20

.49

%

,

2/03/26

3,569

3,668

APP-12270370.FP.FTS.B

,

8

.99

%

,

2/10/26

.

8,412

8,471

APP-11872702.FP.FTS.B

,

7

.99

%

,

2/20/26

.

2,940

2,959

APP-12410099.FP.FTS.B

,

10

.24

%

,

3/15/26

2,894

2,917

APP-12032996.FP.FTS.B

,

12

.34

%

,

5/22/26

2,787

2,821

APP-13485505.FP.FTS.B

,

15

.74

%

,

5/22/26

7,603

7,799

APP-13826786.FP.FTS.B

,

16

.49

%

,

6/03/26

793

794

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14181485.FP.FTS.B

,

11

.34

%

,

6/17/26

$

12,633

$

12,770

APP-14057334.FP.FTS.B

,

17

.49

%

,

6/18/26

6,416

6,612

APP-14192027.FP.FTS.B

,

9

.84

%

,

6/19/26

.

7,049

7,122

APP-07740556.FP.FTS.B

,

12

.59

%

,

6/19/26

5,574

5,637

APP-13963648.FP.FTS.B

,

17

.24

%

,

6/19/26

9,046

9,326

APP-14193365.FP.FTS.B

,

21

.49

%

,

6/20/26

5,416

5,680

APP-15602395.FP.FTS.B

,

17

.24

%

,

6/24/26

6,358

6,558

APP-14329001.FP.FTS.B

,

23

.49

%

,

6/24/26

2,313

2,422

APP-14214629.FP.FTS.B

,

10

.34

%

,

6/26/26

4,905

4,945

APP-15676938.FP.FTS.B

,

14

.49

%

,

7/06/26

3,064

3,094

APP-16070360.FP.FTS.B

,

20

.74

%

,

7/10/26

13,870

14,280

APP-15869429.FP.FTS.B

,

21

.99

%

,

7/10/26

2,999

3,126

APP-15054747.FP.FTS.B

,

21

.49

%

,

7/12/26

8,145

8,489

APP-16085008.FP.FTS.B

,

18

.49

%

,

7/14/26

6,144

6,303

APP-14920803.FP.FTS.B

,

16

.99

%

,

7/15/26

4,659

4,732

APP-14865932.FP.FTS.B

,

17

.49

%

,

7/15/26

8,115

8,401

APP-14882473.FP.FTS.B

,

12

.99

%

,

7/17/26

11,526

11,666

APP-14688717.FP.FTS.B

,

10

.99

%

,

7/18/26

3,486

3,526

APP-14118175.FP.FTS.B

,

10

.09

%

,

7/19/26

1,155

1,158

APP-14870900.FP.FTS.B

,

17

.49

%

,

7/19/26

5,999

6,101

APP-14905708.FP.FTS.B

,

16

.99

%

,

7/20/26

1,074

1,078

APP-14820629.FP.FTS.B

,

17

.24

%

,

7/20/26

12,149

12,695

APP-14865904.FP.FTS.B

,

15

.74

%

,

7/23/26

11,494

11,703

APP-14980679.FP.FTS.B

,

17

.99

%

,

7/23/26

199

199

APP-14964964.FP.FTS.B

,

18

.99

%

,

7/23/26

8,056

8,468

APP-13767438.FP.FTS.B

,

10

.74

%

,

7/25/26

8,101

8,187

APP-15048537.FP.FTS.B

,

20

.99

%

,

7/25/26

8,026

8,439

APP-16811535.FP.FTS.B

,

21

.74

%

,

8/03/26

14,398

14,987

APP-17117415.FP.FTS.B

,

11

.24

%

,

8/06/26

9,254

9,354

APP-10219598.FP.FTS.B

,

15

.49

%

,

8/11/26

4,589

4,702

APP-16036383.FP.FTS.B

,

20

.24

%

,

8/13/26

3,955

4,070

APP-15327014.FP.FTS.B

,

9

.24

%

,

8/14/26

.

9,954

10,081

APP-15585646.FP.FTS.B

,

9

.49

%

,

8/14/26

.

4,012

4,060

APP-15594751.FP.FTS.B

,

10

.74

%

,

8/14/26

9,388

9,500

APP-15585110.FP.FTS.B

,

11

.49

%

,

8/14/26

4,115

4,151

APP-15449600.FP.FTS.B

,

20

.74

%

,

8/15/26

8,421

8,733

b

APP-14338698.FP.FTS.B

,

14

.74

%

,

8/20/26

19,925

2,216

APP-10235724.FP.FTS.B

,

15

.49

%

,

8/20/26

653

653

APP-15493477.FP.FTS.B

,

16

.74

%

,

8/20/26

6,173

6,285

APP-15743821.FP.FTS.B

,

26

.49

%

,

8/20/26

4,146

4,383

APP-15757972.FP.FTS.B

,

18

.24

%

,

8/21/26

4,878

4,966

APP-15750146.FP.FTS.B

,

19

.24

%

,

8/21/26

4,072

4,196

APP-12414817.FP.FTS.B

,

15

.24

%

,

8/26/26

6,101

6,179

APP-16078255.FP.FTS.B

,

19

.24

%

,

8/26/26

8,965

9,247

APP-14153218.FP.FTS.B

,

17

.99

%

,

9/01/26

11,282

11,607

APP-16947974.FP.FTS.B

,

13

.24

%

,

9/06/26

5,821

5,972

APP-17143594.FP.FTS.B

,

9

.99

%

,

9/07/26

.

4,905

4,966

APP-16728029.FP.FTS.B

,

26

.49

%

,

9/09/26

3,112

3,265

APP-17115080.FP.FTS.B

,

15

.24

%

,

9/13/26

3,676

3,716

APP-16681815.FP.FTS.B

,

8

.24

%

,

9/16/26

.

8,064

8,160

APP-11443413.FP.FTS.B

,

10

.59

%

,

9/17/26

12,382

12,561

APP-16640720.FP.FTS.B

,

9

.99

%

,

9/18/26

.

15,752

15,948

b

APP-14176550.FP.FTS.B

,

10

.34

%

,

9/18/26

9,448

9,560

APP-16637870.FP.FTS.B

,

12

.49

%

,

9/18/26

5,271

5,343

APP-17100593.FP.FTS.B

,

9

.49

%

,

9/20/26

.

6,204

6,282

APP-17124398.FP.FTS.B

,

9

.74

%

,

9/20/26

.

15,712

15,936

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11934555.FP.FTS.B

,

19

.49

%

,

9/22/26

$

8,028

$

2,769

APP-17439783.FP.FTS.B

,

10

.74

%

,

9/25/26

1,906

1,931

APP-17331723.FP.FTS.B

,

16

.99

%

,

9/25/26

3,383

3,416

APP-15589148.FP.FTS.B

,

14

.49

%

,

10/08/26

3,923

3,973

APP-14329008.FP.FTS.B

,

19

.49

%

,

10/17/26

11,267

11,806

APP-11742538.FP.FTS.B

,

16

.49

%

,

12/15/26

9,477

9,633

APP-11741994.FP.FTS.B

,

18

.99

%

,

12/16/26

6,408

6,616

APP-11737893.FP.FTS.B

,

25

.49

%

,

12/18/26

4,481

4,687

APP-11694428.FP.FTS.B

,

14

.49

%

,

12/22/26

1,144

1,149

APP-11751120.FP.FTS.B

,

8

.99

%

,

12/23/26

13,049

13,225

APP-11694004.FP.FTS.B

,

11

.74

%

,

12/23/26

16,903

17,129

APP-11708423.FP.FTS.B

,

20

.99

%

,

12/23/26

14,223

14,776

APP-11743539.FP.FTS.B

,

21

.74

%

,

12/23/26

6,306

6,474

b

APP-11752109.FP.FTS.B

,

22

.49

%

,

12/23/26

5,832

875

APP-14548332.FP.FTS.B

,

16

.49

%

,

1/05/27

4,094

4,141

APP-11939491.FP.FTS.B

,

15

.49

%

,

1/08/27

5,925

6,090

APP-11795112.FP.FTS.B

,

19

.99

%

,

1/08/27

990

987

APP-11603796.FP.FTS.B

,

20

.99

%

,

1/15/27

6,356

6,684

APP-11749683.FP.FTS.B

,

16

.74

%

,

1/25/27

8,213

8,399

b

APP-10229823.FP.FTS.B

,

25

.49

%

,

1/26/27

4,732

4,975

APP-12268807.FP.FTS.B

,

10

.99

%

,

2/01/27

10,005

10,120

APP-11022562.FP.FTS.B

,

11

.74

%

,

2/01/27

2,549

2,566

APP-11703116.FP.FTS.B

,

19

.49

%

,

2/05/27

5,031

5,205

APP-14522661.FP.FTS.B

,

15

.99

%

,

2/10/27

11,578

8,503

APP-12293217.FP.FTS.B

,

17

.49

%

,

2/15/27

10,376

10,683

APP-11922307.FP.FTS.B

,

20

.49

%

,

2/15/27

4,681

4,886

APP-11904406.FP.FTS.B

,

11

.24

%

,

2/19/27

6,967

7,065

APP-11942494.FP.FTS.B

,

18

.99

%

,

2/19/27

7,803

8,076

APP-11940530.FP.FTS.B

,

13

.49

%

,

2/20/27

7,026

7,141

APP-11939575.FP.FTS.B

,

22

.49

%

,

2/21/27

2,415

2,471

APP-11861145.FP.FTS.B

,

13

.24

%

,

2/22/27

7,730

7,838

APP-11612708.FP.FTS.B

,

22

.99

%

,

3/04/27

8,080

8,490

APP-12361627.FP.FTS.B

,

8

.99

%

,

3/07/27

.

9,140

9,256

APP-12389833.FP.FTS.B

,

16

.49

%

,

3/07/27

4,892

5,046

APP-12410874.FP.FTS.B

,

10

.99

%

,

3/08/27

9,436

9,558

APP-12408565.FP.FTS.B

,

17

.99

%

,

3/19/27

9,878

10,274

APP-12270281.FP.FTS.B

,

10

.99

%

,

3/20/27

7,775

7,892

b

APP-11940575.FP.FTS.B

,

25

.49

%

,

3/21/27

4,548

989

APP-12412441.FP.FTS.B

,

11

.24

%

,

3/22/27

15,405

15,674

APP-11877626.FP.FTS.B

,

13

.59

%

,

4/14/27

17,146

17,429

APP-13682302.FP.FTS.B

,

18

.49

%

,

4/15/27

4,672

4,838

APP-13744711.FP.FTS.B

,

26

.49

%

,

4/15/27

4,145

4,353

APP-12119826.FP.FTS.B

,

12

.09

%

,

4/16/27

20,776

21,058

APP-13767273.FP.FTS.B

,

11

.59

%

,

4/18/27

7,499

2,323

APP-13929153.FP.FTS.B

,

9

.59

%

,

4/20/27

.

5,512

5,593

APP-14057284.FP.FTS.B

,

13

.59

%

,

4/23/27

16,628

16,896

APP-14099769.FP.FTS.B

,

20

.49

%

,

4/30/27

9,258

9,745

b

APP-14199304.FP.FTS.B

,

13

.59

%

,

5/01/27

17,414

1,927

APP-14187476.FP.FTS.B

,

17

.99

%

,

5/01/27

12,537

12,890

APP-14087177.FP.FTS.B

,

18

.99

%

,

5/02/27

8,416

5,101

APP-14289803.FP.FTS.B

,

22

.49

%

,

5/02/27

4,641

4,795

APP-14041540.FP.FTS.B

,

11

.59

%

,

5/03/27

9,149

9,290

APP-14263477.FP.FTS.B

,

21

.99

%

,

5/10/27

2,943

2,961

APP-13720484.FP.FTS.B

,

11

.34

%

,

5/15/27

16,638

16,878

APP-13483981.FP.FTS.B

,

16

.99

%

,

5/15/27

5,757

5,965

APP-13485148.FP.FTS.B

,

18

.49

%

,

5/15/27

13,260

13,778

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

b

APP-13725984.FP.FTS.B

,

13

.59

%

,

5/17/27

$

14,766

$

2,855

b

APP-13849753.FP.FTS.B

,

9

.34

%

,

5/20/27

.

12,971

13,166

APP-13800465.FP.FTS.B

,

18

.49

%

,

5/20/27

5,497

5,754

APP-13529032.FP.FTS.B

,

18

.74

%

,

5/20/27

16,540

17,189

APP-13705972.FP.FTS.B

,

26

.49

%

,

5/20/27

5,254

5,520

APP-13542298.FP.FTS.B

,

11

.34

%

,

5/21/27

10,819

11,005

APP-13767415.FP.FTS.B

,

19

.49

%

,

5/21/27

7,091

7,289

b

APP-13826410.FP.FTS.B

,

20

.49

%

,

5/21/27

10,185

10,680

APP-13838022.FP.FTS.B

,

22

.49

%

,

5/21/27

3,862

4,022

APP-13628676.FP.FTS.B

,

16

.99

%

,

5/27/27

5,738

5,875

APP-13485109.FP.FTS.B

,

20

.49

%

,

5/27/27

5,818

6,126

APP-13724215.FP.FTS.B

,

10

.09

%

,

5/28/27

19,746

20,083

APP-13751462.FP.FTS.B

,

11

.59

%

,

5/28/27

16,023

16,336

APP-13899643.FP.FTS.B

,

12

.09

%

,

5/28/27

22,038

22,383

b

APP-13574037.FP.FTS.B

,

15

.24

%

,

5/28/27

21,469

21,989

APP-13417402.FP.FTS.B

,

17

.99

%

,

5/28/27

6,933

7,303

APP-13628755.FP.FTS.B

,

19

.49

%

,

5/28/27

5,039

5,235

APP-13521024.FP.FTS.B

,

20

.99

%

,

5/28/27

7,834

8,256

APP-13836108.FP.FTS.B

,

13

.59

%

,

5/31/27

17,395

17,755

APP-13623936.FP.FTS.B

,

9

.34

%

,

6/03/27

.

17,056

17,304

APP-13628843.FP.FTS.B

,

16

.99

%

,

6/04/27

5,957

6,066

APP-14688354.FP.FTS.B

,

17

.49

%

,

6/04/27

12,532

12,760

APP-14200239.FP.FTS.B

,

11

.34

%

,

6/06/27

12,085

12,194

APP-14165096.FP.FTS.B

,

14

.74

%

,

6/06/27

13,816

14,093

APP-14192451.FP.FTS.B

,

17

.99

%

,

6/06/27

13,978

14,385

APP-14083608.FP.FTS.B

,

20

.49

%

,

6/06/27

3,345

3,377

APP-14225512.FP.FTS.B

,

20

.49

%

,

6/07/27

4,876

5,027

APP-13914635.FP.FTS.B

,

20

.99

%

,

6/10/27

10,039

10,488

APP-14324970.FP.FTS.B

,

24

.74

%

,

6/12/27

7,358

7,758

APP-14189919.FP.FTS.B

,

20

.49

%

,

6/13/27

2,373

2,388

APP-14219059.FP.FTS.B

,

11

.34

%

,

6/16/27

7,462

7,560

APP-15597460.FP.FTS.B

,

16

.49

%

,

6/16/27

14,916

15,188

APP-14301553.FP.FTS.B

,

22

.49

%

,

6/16/27

8,553

8,917

APP-14138938.FP.FTS.B

,

11

.59

%

,

6/17/27

7,335

7,453

b

APP-14188906.FP.FTS.B

,

16

.99

%

,

6/17/27

10,586

2,031

APP-14200894.FP.FTS.B

,

23

.49

%

,

6/17/27

7,035

7,410

b

APP-14243912.FP.FTS.B

,

26

.49

%

,

6/17/27

4,815

5,056

APP-14057201.FP.FTS.B

,

15

.99

%

,

6/18/27

5,669

5,868

b

APP-14108165.FP.FTS.B

,

20

.49

%

,

6/18/27

8,640

8,986

APP-14066107.FP.FTS.B

,

9

.34

%

,

6/19/27

.

17,057

17,335

APP-13484916.FP.FTS.B

,

14

.99

%

,

6/19/27

9,901

10,119

APP-14165192.FP.FTS.B

,

17

.99

%

,

6/19/27

3,561

3,597

APP-14025039.FP.FTS.B

,

20

.49

%

,

6/19/27

6,339

6,637

APP-14202174.FP.FTS.B

,

11

.59

%

,

6/20/27

5,744

5,841

b

APP-14202404.FP.FTS.B

,

12

.09

%

,

6/20/27

24,877

4,799

APP-14077334.FP.FTS.B

,

13

.59

%

,

6/20/27

10,728

10,881

APP-14194952.FP.FTS.B

,

17

.99

%

,

6/20/27

9,715

10,068

b

APP-14159440.FP.FTS.B

,

21

.99

%

,

6/20/27

3,634

616

b

APP-11743712.FP.FTS.B

,

21

.49

%

,

6/22/27

7,936

8,363

APP-14227617.FP.FTS.B

,

20

.99

%

,

6/25/27

4,986

5,240

APP-14292674.FP.FTS.B

,

21

.99

%

,

6/25/27

8,825

9,335

APP-14341730.FP.FTS.B

,

20

.99

%

,

6/27/27

7,352

7,747

APP-13695730.FP.FTS.B

,

26

.49

%

,

6/28/27

3,976

4,209

APP-14195378.FP.FTS.B

,

19

.49

%

,

6/30/27

14,246

3,005

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)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15753390.FP.FTS.B

,

26

.99

%

,

7/01/27

$

5,745

$

6,054

b

APP-15425472.FP.FTS.B

,

18

.99

%

,

7/02/27

19,516

2,609

APP-15653357.FP.FTS.B

,

21

.24

%

,

7/04/27

4,206

4,332

APP-14883847.FP.FTS.B

,

17

.24

%

,

7/06/27

3,646

3,704

APP-15556990.FP.FTS.B

,

21

.24

%

,

7/06/27

5,281

5,436

APP-14902078.FP.FTS.B

,

11

.74

%

,

7/07/27

11,281

11,444

APP-14904704.FP.FTS.B

,

13

.99

%

,

7/07/27

17,758

18,042

APP-14923950.FP.FTS.B

,

13

.74

%

,

7/08/27

6,023

6,123

APP-14868239.FP.FTS.B

,

11

.99

%

,

7/12/27

5,558

5,644

APP-14709072.FP.FTS.B

,

17

.49

%

,

7/12/27

4,541

4,572

APP-14818480.FP.FTS.B

,

11

.74

%

,

7/15/27

16,530

16,770

APP-14914496.FP.FTS.B

,

11

.74

%

,

7/15/27

18,297

18,591

APP-15137192.FP.FTS.B

,

11

.99

%

,

7/15/27

8,013

8,135

APP-15039028.FP.FTS.B

,

22

.99

%

,

7/16/27

4,199

4,365

APP-14843307.FP.FTS.B

,

11

.99

%

,

7/17/27

6,253

6,347

APP-14811744.FP.FTS.B

,

13

.99

%

,

7/19/27

16,602

16,924

APP-14688586.FP.FTS.B

,

17

.49

%

,

7/19/27

13,398

13,705

b

APP-14191093.FP.FTS.B

,

18

.99

%

,

7/19/27

5,273

849

APP-14160424.FP.FTS.B

,

23

.99

%

,

7/19/27

9,197

9,747

APP-14188625.FP.FTS.B

,

13

.59

%

,

7/20/27

9,540

9,724

APP-14902830.FP.FTS.B

,

16

.24

%

,

7/20/27

19,610

20,309

APP-15056862.FP.FTS.B

,

22

.99

%

,

7/20/27

10,597

11,135

APP-14865961.FP.FTS.B

,

11

.74

%

,

7/21/27

16,466

16,754

APP-14937680.FP.FTS.B

,

11

.99

%

,

7/21/27

5,949

6,022

APP-14938376.FP.FTS.B

,

11

.99

%

,

7/21/27

6,930

7,051

APP-14881643.FP.FTS.B

,

17

.49

%

,

7/21/27

10,843

11,100

b

APP-14877061.FP.FTS.B

,

9

.99

%

,

7/22/27

.

7,407

7,535

APP-14314279.FP.FTS.B

,

23

.49

%

,

7/25/27

4,034

4,239

APP-14335800.FP.FTS.B

,

19

.99

%

,

7/27/27

7,643

7,972

APP-15053109.FP.FTS.B

,

11

.74

%

,

7/29/27

9,203

9,373

APP-16690743.FP.FTS.B

,

18

.49

%

,

8/01/27

4,216

4,282

b

APP-15361603.FP.FTS.B

,

19

.74

%

,

8/01/27

4,123

4,213

APP-15584134.FP.FTS.B

,

12

.99

%

,

8/03/27

12,634

12,839

b

APP-16724945.FP.FTS.B

,

13

.99

%

,

8/03/27

9,313

9,341

APP-16827842.FP.FTS.B

,

16

.24

%

,

8/03/27

12,346

12,528

APP-16934495.FP.FTS.B

,

13

.99

%

,

8/05/27

7,910

8,152

APP-17031491.FP.FTS.B

,

13

.99

%

,

8/05/27

25,285

25,714

APP-17272402.FP.FTS.B

,

21

.24

%

,

8/05/27

17,137

17,728

APP-15713621.FP.FTS.B

,

12

.49

%

,

8/06/27

8,204

8,323

APP-14143499.FP.FTS.B

,

17

.24

%

,

8/07/27

17,307

17,855

APP-15045243.FP.FTS.B

,

21

.49

%

,

8/10/27

10,653

11,096

APP-15437840.FP.FTS.B

,

20

.24

%

,

8/13/27

8,447

8,844

APP-16055829.FP.FTS.B

,

12

.99

%

,

8/14/27

5,749

5,865

APP-16079598.FP.FTS.B

,

20

.49

%

,

8/14/27

10,502

10,842

APP-15638158.FP.FTS.B

,

21

.24

%

,

8/14/27

5,102

5,268

APP-14058523.FP.FTS.B

,

21

.99

%

,

8/14/27

18,080

18,867

APP-15398960.FP.FTS.B

,

12

.99

%

,

8/15/27

20,838

21,205

APP-15709743.FP.FTS.B

,

14

.49

%

,

8/15/27

19,726

20,097

APP-15299307.FP.FTS.B

,

14

.99

%

,

8/15/27

14,805

15,100

APP-11750409.FP.FTS.B

,

17

.99

%

,

8/15/27

9,166

9,539

APP-15544956.FP.FTS.B

,

18

.74

%

,

8/15/27

8,159

8,352

APP-15702332.FP.FTS.B

,

20

.24

%

,

8/15/27

5,310

5,429

APP-15600789.FP.FTS.B

,

22

.24

%

,

8/15/27

4,117

4,277

APP-16074588.FP.FTS.B

,

23

.49

%

,

8/15/27

8,138

8,506

APP-15763149.FP.FTS.B

,

26

.99

%

,

8/15/27

5,991

6,305

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15602475.FP.FTS.B

,

12

.49

%

,

8/19/27

$

8,544

$

8,695

APP-15601188.FP.FTS.B

,

21

.24

%

,

8/19/27

26,102

27,030

APP-15811836.FP.FTS.B

,

19

.74

%

,

8/20/27

13,162

13,632

APP-15741986.FP.FTS.B

,

12

.49

%

,

8/21/27

15,164

15,470

APP-15602128.FP.FTS.B

,

21

.74

%

,

8/21/27

7,339

7,674

APP-16024812.FP.FTS.B

,

12

.99

%

,

8/22/27

5,799

5,912

APP-14178173.FP.FTS.B

,

15

.24

%

,

8/26/27

10,762

10,989

APP-15871509.FP.FTS.B

,

20

.49

%

,

8/26/27

9,715

10,129

APP-16071674.FP.FTS.B

,

22

.49

%

,

8/26/27

5,784

6,013

APP-15043328.FP.FTS.B

,

22

.74

%

,

8/26/27

7,232

7,633

APP-15234987.FP.FTS.B

,

16

.74

%

,

8/27/27

14,958

15,332

APP-14346063.FP.FTS.B

,

18

.49

%

,

8/27/27

13,962

14,513

APP-16019364.FP.FTS.B

,

20

.99

%

,

8/28/27

15,648

16,280

APP-15594246.FP.FTS.B

,

25

.49

%

,

8/30/27

15,376

16,311

APP-14911217.FP.FTS.B

,

13

.99

%

,

9/07/27

12,657

12,893

APP-17244225.FP.FTS.B

,

9

.49

%

,

9/09/27

.

9,994

10,145

APP-17250115.FP.FTS.B

,

9

.74

%

,

9/09/27

.

3,572

3,626

b

APP-15558741.FP.FTS.B

,

19

.49

%

,

9/12/27

23,711

7,668

APP-17450366.FP.FTS.B

,

21

.24

%

,

9/13/27

6,416

6,637

APP-16817244.FP.FTS.B

,

18

.24

%

,

9/14/27

26,820

27,428

APP-16652517.FP.FTS.B

,

14

.24

%

,

9/15/27

8,586

8,717

APP-16847088.FP.FTS.B

,

18

.24

%

,

9/15/27

5,370

5,573

APP-15584156.FP.FTS.B

,

26

.99

%

,

9/15/27

961

961

APP-16906029.FP.FTS.B

,

17

.74

%

,

9/17/27

5,631

5,749

b

APP-14177752.FP.FTS.B

,

11

.59

%

,

9/18/27

13,127

8,518

APP-16599721.FP.FTS.B

,

13

.49

%

,

9/19/27

3,304

3,322

APP-16335329.FP.FTS.B

,

11

.24

%

,

9/20/27

9,147

9,308

APP-15742698.FP.FTS.B

,

20

.74

%

,

9/20/27

11,358

11,939

APP-15738048.FP.FTS.B

,

24

.99

%

,

9/20/27

9,732

10,147

APP-15723564.FP.FTS.B

,

26

.99

%

,

9/21/27

1,928

1,960

APP-15758289.FP.FTS.B

,

26

.99

%

,

9/21/27

6,150

6,489

APP-17193229.FP.FTS.B

,

11

.99

%

,

9/22/27

7,441

7,592

APP-17221012.FP.FTS.B

,

15

.24

%

,

9/22/27

13,624

13,895

APP-13628761.FP.FTS.B

,

20

.99

%

,

9/23/27

2,570

2,586

APP-15037668.FP.FTS.B

,

26

.99

%

,

9/23/27

6,414

6,772

b

APP-17493809.FP.FTS.B

,

20

.49

%

,

9/25/27

10,634

2,075

b

APP-17329208.FP.FTS.B

,

20

.99

%

,

9/25/27

9,461

9,810

b

APP-15718443.FP.FTS.B

,

26

.99

%

,

9/30/27

15,262

16,185

APP-15684113.FP.FTS.B

,

20

.74

%

,

10/18/27

4,821

4,877

b

APP-16061296.FP.FTS.B

,

23

.49

%

,

10/27/27

9,211

2,006

APP-17433516.FP.FTS.B

,

20

.49

%

,

11/12/27

13,459

9,487

APP-14122876.FP.FTS.B

,

23

.49

%

,

11/20/27

20,530

21,599

APP-15757316.FP.FTS.B

,

24

.99

%

,

11/24/27

13,830

14,529

APP-14840263.FP.FTS.B

,

17

.49

%

,

12/08/27

15,433

15,758

b

APP-16893024.FP.FTS.B

,

19

.99

%

,

12/11/27

10,720

5,759

b

APP-15589159.FP.FTS.B

,

26

.74

%

,

12/22/27

8,671

9,061

b

APP-15040717.FP.FTS.B

,

20

.99

%

,

1/23/28

6,509

1,339

APP-15754423.FP.FTS.B

,

25

.49

%

,

7/04/35

158

159

APP-15038725.FP.FTS.B

,

23

.49

%

,

7/24/35

251

253

APP-17010427.FP.FTS.B

,

8

.74

%

,

7/25/35

.

928

596

b

APP-10173660.FP.FTS.B

,

14

.49

%

,

8/19/35

2,708

2,717

APP-14371156.FP.FTS.B

,

20

.49

%

,

8/22/35

382

385

2,380,657

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)

LendingClub

Corp.

b

166943124.LC.FTS.B

,

15

.24

%

,

7/20/35

...

$

193

$

18

LendingClub

Corp.

-

LCX

PM

188053341.LC.FTS.B

,

6

%

,

4/08/27

......

2,515

2,550

187514926.LC.FTS.B

,

23

.49

%

,

4/11/27

...

3,800

3,899

188110736.LC.FTS.B

,

23

.99

%

,

4/13/27

...

5,968

–

188308390.LC.FTS.B

,

25

.99

%

,

4/14/27

...

3,006

3,110

188316633.LC.FTS.B

,

25

.99

%

,

4/14/27

...

4,773

–

188225211.LC.FTS.B

,

20

.99

%

,

4/18/27

...

7,085

6,975

188575003.LC.FTS.B

,

22

.49

%

,

4/20/27

...

2,988

3,051

188450442.LC.FTS.B

,

15

.19

%

,

4/21/27

...

12,267

11,928

188615522.LC.FTS.B

,

16

.19

%

,

4/21/27

...

7,103

7,063

188593509.LC.FTS.B

,

19

.44

%

,

4/21/27

...

3,333

3,387

188582913.LC.FTS.B

,

20

.49

%

,

4/21/27

...

14,692

–

188494026.LC.FTS.B

,

21

.99

%

,

4/21/27

...

8,789

–

188633218.LC.FTS.B

,

28

.99

%

,

4/21/27

...

6,198

6,420

188630360.LC.FTS.B

,

20

.49

%

,

4/22/27

...

10,319

10,464

188277503.LC.FTS.B

,

23

.19

%

,

4/22/27

...

4,903

4,998

187548960.LC.FTS.B

,

20

.49

%

,

4/25/27

...

8,815

8,657

b

187548690.LC.FTS.B

,

23

.49

%

,

4/25/27

...

9,088

–

188528665.LC.FTS.B

,

23

.99

%

,

4/25/27

...

3,484

3,554

187899660.LC.FTS.B

,

23

.99

%

,

4/29/27

...

10,374

10,554

b

188303635.LC.FTS.B

,

20

.99

%

,

6/21/27

...

6,054

4,832

188186124.LC.FTS.B

,

21

.49

%

,

11/12/27

..

4,131

4,005

b

188574271.LC.FTS.B

,

22

.49

%

,

11/30/27

..

20,079

–

188256153.LC.FTS.B

,

18

.99

%

,

12/12/27

..

3,672

1,353

188223031.LC.FTS.B

,

18

.99

%

,

1/28/28

...

19,106

3,560

188415292.LC.FTS.B

,

22

.99

%

,

7/20/28

...

18,439

18,190

188123636.LC.FTS.B

,

5

%

,

4/13/35

......

1,796

1,794

120,344

Prosper

Funding

LLC

1751899.PS.FTS.B

,

22

.6

%

,

1/20/26

.....

1,619

1,619

b

1700571.PS.FTS.B

,

18

.11

%

,

1/24/26

....

3,450

1,077

1655235.PS.FTS.B

,

24

.03

%

,

10/27/26

...

5,182

5,410

1649350.PS.FTS.B

,

18

.78

%

,

10/28/26

...

4,904

5,083

1657464.PS.FTS.B

,

10

.5

%

,

10/29/26

....

1,725

1,738

1646555.PS.FTS.B

,

10

.9

%

,

10/29/26

....

8,046

8,114

1646915.PS.FTS.B

,

16

.1

%

,

10/29/26

....

5,236

5,419

b

1648681.PS.FTS.B

,

12

.21

%

,

11/01/26

....

2,165

280

1658775.PS.FTS.B

,

12

.5

%

,

11/02/26

....

10,234

10,167

1658917.PS.FTS.B

,

10

.7

%

,

11/09/26

....

4,487

4,469

1666464.PS.FTS.B

,

15

.29

%

,

11/09/26

....

3,444

3,450

1654475.PS.FTS.B

,

10

.8

%

,

11/10/26

....

5,095

2,872

1660093.PS.FTS.B

,

10

.9

%

,

11/10/26

....

1,114

1,108

1654907.PS.FTS.B

,

16

%

,

11/12/26

......

3,708

3,765

1665225.PS.FTS.B

,

19

.53

%

,

11/14/26

....

1,852

1,862

1667685.PS.FTS.B

,

17

.1

%

,

11/15/26

....

8,898

9,031

1679392.PS.FTS.B

,

13

.8

%

,

12/15/26

....

2,492

2,490

1686612.PS.FTS.B

,

16

.8

%

,

12/16/26

....

9,125

9,141

1679746.PS.FTS.B

,

16

.93

%

,

12/16/26

...

5,593

5,589

1673612.PS.FTS.B

,

19

.3

%

,

12/16/26

....

2,314

2,352

1674065.PS.FTS.B

,

27

.18

%

,

12/16/26

...

6,427

6,670

1674635.PS.FTS.B

,

13

.77

%

,

12/17/26

...

6,047

6,048

1681423.PS.FTS.B

,

10

.08

%

,

12/20/26

...

5,060

5,039

1688043.PS.FTS.B

,

10

.5

%

,

12/20/26

....

4,058

4,041

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

b

1681000.PS.FTS.B

,

11

.6

%

,

12/20/26

....

$

4,572

$

4,176

1681408.PS.FTS.B

,

14

.7

%

,

12/20/26

....

3,292

3,298

1673600.PS.FTS.B

,

11

.6

%

,

12/25/26

....

3,473

3,455

b

1681444.PS.FTS.B

,

9

.81

%

,

12/27/26

....

10,267

2,251

1675322.PS.FTS.B

,

21

.09

%

,

12/30/26

...

7,869

8,229

1687826.PS.FTS.B

,

12

.6

%

,

1/12/27

.....

4,414

4,389

1688201.PS.FTS.B

,

24

.03

%

,

1/12/27

....

4,307

4,474

1694575.PS.FTS.B

,

11

.99

%

,

1/13/27

....

7,654

7,613

1688543.PS.FTS.B

,

16

.18

%

,

1/13/27

....

5,844

5,827

1695334.PS.FTS.B

,

15

.1

%

,

1/14/27

.....

4,197

4,198

1702050.PS.FTS.B

,

18

.78

%

,

1/14/27

....

4,018

4,089

1689323.PS.FTS.B

,

26

.88

%

,

1/14/27

....

1,339

1,392

1689608.PS.FTS.B

,

28

.23

%

,

1/14/27

....

6,804

7,072

1705371.PS.FTS.B

,

12

.62

%

,

1/20/27

....

11,038

10,996

1700562.PS.FTS.B

,

15

.18

%

,

1/20/27

....

6,706

6,659

1705833.PS.FTS.B

,

18

.48

%

,

1/20/27

....

1,489

1,515

1689314.PS.FTS.B

,

10

.26

%

,

1/28/27

....

13,317

13,349

1693711.PS.FTS.B

,

21

.63

%

,

1/31/27

....

4,511

4,688

1688138.PS.FTS.B

,

13

.6

%

,

2/05/27

.....

13,977

13,920

1715428.PS.FTS.B

,

9

.99

%

,

2/15/27

.....

1,873

1,860

1720965.PS.FTS.B

,

11

.7

%

,

2/15/27

.....

311

310

1715575.PS.FTS.B

,

18

.59

%

,

2/15/27

....

3,916

3,979

1709420.PS.FTS.B

,

21

.18

%

,

2/16/27

....

4,728

4,818

1709807.PS.FTS.B

,

15

.1

%

,

2/17/27

.....

7,208

7,208

1696093.PS.FTS.B

,

16

%

,

2/17/27

.......

5,881

5,991

1711007.PS.FTS.B

,

18

.78

%

,

2/18/27

....

7,064

7,207

1710686.PS.FTS.B

,

19

%

,

2/18/27

.......

4,217

4,302

1708892.PS.FTS.B

,

11

.79

%

,

2/20/27

....

7,703

7,648

1688975.PS.FTS.B

,

12

.4

%

,

2/26/27

.....

8,750

8,681

1708439.PS.FTS.B

,

16

.7

%

,

3/09/27

.....

2,849

2,898

b

1710332.PS.FTS.B

,

16

.18

%

,

3/24/27

....

9,182

–

1749361.PS.FTS.B

,

10

.5

%

,

4/05/27

.....

5,754

5,685

1742753.PS.FTS.B

,

11

.7

%

,

4/05/27

.....

5,853

5,782

1742750.PS.FTS.B

,

16

.18

%

,

4/05/27

....

3,778

3,742

b

1752456.PS.FTS.B

,

16

.18

%

,

4/05/27

....

2,926

1,648

b

1752438.PS.FTS.B

,

18

.13

%

,

4/05/27

....

5,622

–

1749730.PS.FTS.B

,

11

.6

%

,

4/06/27

.....

6,266

6,191

1752861.PS.FTS.B

,

12

.5

%

,

4/06/27

.....

4,228

4,177

1750048.PS.FTS.B

,

13

.13

%

,

4/06/27

....

6,397

6,341

1750153.PS.FTS.B

,

16

.9

%

,

4/06/27

.....

4,039

4,087

1744484.PS.FTS.B

,

11

.2

%

,

4/07/27

.....

14,530

14,361

1754274.PS.FTS.B

,

11

.6

%

,

4/07/27

.....

1,461

1,444

1751020.PS.FTS.B

,

14

.49

%

,

4/07/27

....

2,449

2,431

1753719.PS.FTS.B

,

14

.68

%

,

4/07/27

....

3,967

3,924

1745348.PS.FTS.B

,

10

.4

%

,

4/08/27

.....

12,313

12,173

1755504.PS.FTS.B

,

10

.29

%

,

4/11/27

....

3,688

3,649

1752913.PS.FTS.B

,

15

.5

%

,

4/11/27

.....

4,405

4,372

1756335.PS.FTS.B

,

18

.33

%

,

4/12/27

....

10,743

10,903

1755102.PS.FTS.B

,

15

.29

%

,

4/13/27

....

13,254

13,144

b

1742747.PS.FTS.B

,

14

.38

%

,

4/15/27

....

5,466

4,515

1755513.PS.FTS.B

,

21

%

,

4/20/27

.......

2,875

2,981

1704399.PS.FTS.B

,

13

.8

%

,

11/03/27

....

19,285

10,547

1693289.PS.FTS.B

,

12

.9

%

,

12/21/27

....

4,874

4,807

1743968.PS.FTS.B

,

11

.2

%

,

3/15/28

.....

9,765

9,508

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)

Prosper

Funding

LLC

(continued)

1721664.PS.FTS.B

,

11

.4

%

,

8/15/35

.....

$

406

$

378

410,116

Upgrade,

Inc.

-

Card

b

991763663.UG.FTS.B

,

16

.99

%

,

9/13/25

..

67

5

991808149.UG.FTS.B

,

29

.49

%

,

10/15/25

.

13

13

991854422.UG.FTS.B

,

29

.49

%

,

10/17/25

.

87

88

991835626.UG.FTS.B

,

28

.98

%

,

4/15/26

..

94

96

991803612.UG.FTS.B

,

29

.49

%

,

8/15/26

..

39

33

991785806.UG.FTS.B

,

20

.46

%

,

7/12/30

..

22

22

257

Upstart

Network,

Inc.

L2951348.UP.FTS.B

,

13

.94

%

,

9/14/25

....

130

129

b

FW2951735.UP.FTS.B

,

15

.61

%

,

9/14/25

..

440

434

b

L2048994.UP.FTS.B

,

24

.16

%

,

9/15/25

....

544

39

b

L2437139.UP.FTS.B

,

5

.87

%

,

11/18/25

....

202

18

b

L2439081.UP.FTS.B

,

9

.27

%

,

11/27/25

....

1,080

300

L1714660.UP.FTS.B

,

8

.12

%

,

9/15/26

....

9,801

6,907

L1717453.UP.FTS.B

,

9

.3

%

,

9/15/26

.....

13,806

13,491

L1712309.UP.FTS.B

,

10

.63

%

,

9/15/26

....

1,129

1,108

L1716286.UP.FTS.B

,

13

.58

%

,

9/15/26

....

4,449

4,366

L1716175.UP.FTS.B

,

19

.72

%

,

9/15/26

....

3,690

1,066

L1714787.UP.FTS.B

,

19

.9

%

,

9/15/26

....

453

445

L1716305.UP.FTS.B

,

19

.95

%

,

9/15/26

....

1,568

1,542

L1717659.UP.FTS.B

,

24

.51

%

,

9/15/26

....

1,058

1,041

L1715574.UP.FTS.B

,

25

.72

%

,

9/15/26

....

2,323

2,285

L1713640.UP.FTS.B

,

26

.25

%

,

9/15/26

....

1,680

513

L1705442.UP.FTS.B

,

26

.69

%

,

9/15/26

....

2,531

2,490

FW1718296.UP.FTS.B

,

26

.73

%

,

9/15/26

..

2,538

2,496

FW1718304.UP.FTS.B

,

30

.56

%

,

9/15/26

..

1,063

1,047

FW1708223.UP.FTS.B

,

31

.43

%

,

9/15/26

..

1,462

1,440

FW1718952.UP.FTS.B

,

31

.98

%

,

9/15/26

..

3,015

2,970

FW1718497.UP.FTS.B

,

32

.01

%

,

9/15/26

..

890

876

FW1886121.UP.FTS.B

,

7

.36

%

,

10/20/26

..

1,139

1,106

L1888552.UP.FTS.B

,

7

.94

%

,

10/20/26

....

8,648

8,444

L1888883.UP.FTS.B

,

8

.11

%

,

10/20/26

....

3,556

3,475

b

L1882812.UP.FTS.B

,

8

.28

%

,

10/20/26

....

11,937

865

FW1885766.UP.FTS.B

,

12

.47

%

,

10/20/26

.

9,896

9,713

L1885346.UP.FTS.B

,

12

.58

%

,

10/20/26

...

928

911

L1883791.UP.FTS.B

,

16

%

,

10/20/26

.....

3,855

2,739

L1887062.UP.FTS.B

,

16

.6

%

,

10/20/26

....

1,642

1,617

FW1886267.UP.FTS.B

,

17

.53

%

,

10/20/26

.

3,499

3,444

FW1885177.UP.FTS.B

,

19

.83

%

,

10/20/26

.

2,088

2,055

L1888979.UP.FTS.B

,

20

.2

%

,

10/20/26

....

6,304

6,200

L1889370.UP.FTS.B

,

21

.62

%

,

10/20/26

...

3,576

3,522

L1887570.UP.FTS.B

,

22

.24

%

,

10/20/26

...

1,154

1,136

L1887186.UP.FTS.B

,

23

.15

%

,

10/20/26

...

730

720

L1886386.UP.FTS.B

,

23

.7

%

,

10/20/26

....

1,056

1,041

L1882558.UP.FTS.B

,

25

.08

%

,

10/20/26

...

603

594

FW1887450.UP.FTS.B

,

25

.16

%

,

10/20/26

.

5,617

5,536

FW1885417.UP.FTS.B

,

25

.25

%

,

10/20/26

.

1,881

1,852

L1888117.UP.FTS.B

,

25

.32

%

,

10/20/26

...

1,544

1,521

L1865153.UP.FTS.B

,

25

.42

%

,

10/20/26

...

2,750

2,710

L1885428.UP.FTS.B

,

25

.94

%

,

10/20/26

...

5,425

5,348

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

b

L1862311.UP.FTS.B

,

26

.09

%

,

10/20/26

...

$

3,051

$

3,006

FW1885184.UP.FTS.B

,

29

.51

%

,

10/20/26

.

5,331

5,261

b

FW1884150.UP.FTS.B

,

30

.85

%

,

10/20/26

.

276

250

b

FW1886189.UP.FTS.B

,

30

.94

%

,

10/20/26

.

1,858

132

FW1888248.UP.FTS.B

,

31

.19

%

,

10/20/26

.

3,014

2,972

FW1888517.UP.FTS.B

,

31

.21

%

,

10/20/26

.

813

803

FW1886674.UP.FTS.B

,

31

.35

%

,

10/20/26

.

1,771

1,748

L2047884.UP.FTS.B

,

7

.92

%

,

11/15/26

....

4,344

4,243

L2049043.UP.FTS.B

,

8

.02

%

,

11/15/26

....

5,142

5,017

L2048411.UP.FTS.B

,

8

.56

%

,

11/15/26

....

1,222

1,193

L2047237.UP.FTS.B

,

9

.32

%

,

11/15/26

....

2,192

2,139

FW2046704.UP.FTS.B

,

9

.53

%

,

11/15/26

..

4,729

4,615

L2039266.UP.FTS.B

,

10

.56

%

,

11/15/26

...

739

728

L2048156.UP.FTS.B

,

13

.55

%

,

11/15/26

...

2,306

1,585

L2046597.UP.FTS.B

,

14

.02

%

,

11/15/26

...

6,747

6,615

L2047243.UP.FTS.B

,

14

.23

%

,

11/15/26

...

6,096

5,977

FW2047393.UP.FTS.B

,

14

.85

%

,

11/15/26

.

3,416

3,373

FW2049034.UP.FTS.B

,

15

.15

%

,

11/15/26

.

2,189

2,162

L2048596.UP.FTS.B

,

15

.55

%

,

11/15/26

...

2,060

2,020

L2048855.UP.FTS.B

,

15

.99

%

,

11/15/26

...

3,310

3,269

FW2047282.UP.FTS.B

,

16

.13

%

,

11/15/26

.

116

114

b

L2048386.UP.FTS.B

,

16

.67

%

,

11/15/26

...

3,625

3,580

L2046932.UP.FTS.B

,

17

.96

%

,

11/15/26

...

6,896

6,767

L2049268.UP.FTS.B

,

19

.7

%

,

11/15/26

....

2,572

2,527

L2047722.UP.FTS.B

,

19

.71

%

,

11/15/26

...

3,606

3,563

L2049153.UP.FTS.B

,

19

.94

%

,

11/15/26

...

3,685

3,615

FW2047226.UP.FTS.B

,

20

.73

%

,

11/15/26

.

1,863

1,832

L2047279.UP.FTS.B

,

20

.87

%

,

11/15/26

...

3,360

3,298

b

L2047474.UP.FTS.B

,

21

.16

%

,

11/15/26

...

5,794

424

L2048606.UP.FTS.B

,

21

.48

%

,

11/15/26

...

3,828

3,755

L2047175.UP.FTS.B

,

21

.59

%

,

11/15/26

...

512

142

L2047532.UP.FTS.B

,

21

.84

%

,

11/15/26

...

1,892

1,857

L2047358.UP.FTS.B

,

21

.89

%

,

11/15/26

...

1,892

1,857

L2047197.UP.FTS.B

,

21

.93

%

,

11/15/26

...

4,130

4,060

FW2047187.UP.FTS.B

,

22

.1

%

,

11/15/26

..

6,075

5,964

FW2049063.UP.FTS.B

,

22

.49

%

,

11/15/26

.

10,697

10,517

FW2047777.UP.FTS.B

,

22

.57

%

,

11/15/26

.

1,333

1,308

b

L2048190.UP.FTS.B

,

23

.66

%

,

11/15/26

...

5,861

935

FW2034466.UP.FTS.B

,

24

.37

%

,

11/15/26

.

1,096

1,077

L2047240.UP.FTS.B

,

24

.44

%

,

11/15/26

...

1,693

1,664

L2047586.UP.FTS.B

,

24

.7

%

,

11/15/26

....

905

889

L2048978.UP.FTS.B

,

25

.37

%

,

11/15/26

...

3,966

3,897

L2049419.UP.FTS.B

,

25

.38

%

,

11/15/26

...

348

342

L2048909.UP.FTS.B

,

25

.5

%

,

11/15/26

....

1,034

1,016

FW2027220.UP.FTS.B

,

25

.94

%

,

11/15/26

.

680

668

FW2047100.UP.FTS.B

,

26

.77

%

,

11/15/26

.

1,212

1,192

FW2047988.UP.FTS.B

,

29

.5

%

,

11/15/26

..

3,437

3,382

FW2047468.UP.FTS.B

,

30

.8

%

,

11/15/26

..

443

435

FW2049349.UP.FTS.B

,

30

.81

%

,

11/15/26

.

680

669

FW2049409.UP.FTS.B

,

31

.09

%

,

11/15/26

.

4,419

4,347

FW1979816.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,213

1,193

b

FW2048800.UP.FTS.B

,

31

.12

%

,

11/15/26

.

1,479

406

FW2048749.UP.FTS.B

,

31

.13

%

,

11/15/26

.

1,082

1,065

FW2047594.UP.FTS.B

,

31

.24

%

,

11/15/26

.

509

500

FW2048610.UP.FTS.B

,

31

.92

%

,

11/15/26

.

2,800

2,756

FW2096102.UP.FTS.B

,

7

.51

%

,

11/22/26

..

2,568

2,506

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)

Upstart

Network,

Inc.

(continued)

L2094764.UP.FTS.B

,

11

.93

%

,

11/22/26

...

$

898

$

881

FW2094906.UP.FTS.B

,

12

.24

%

,

11/22/26

.

888

871

FW2083090.UP.FTS.B

,

12

.64

%

,

11/22/26

.

297

292

L2094888.UP.FTS.B

,

12

.99

%

,

11/22/26

...

498

489

L2094766.UP.FTS.B

,

16

.38

%

,

11/22/26

...

1,400

1,385

FW2095326.UP.FTS.B

,

16

.9

%

,

11/22/26

..

1,763

1,745

b

L2095105.UP.FTS.B

,

17

.31

%

,

11/22/26

...

8,196

5,676

FW2094890.UP.FTS.B

,

17

.34

%

,

11/22/26

.

5,321

5,266

FW2096292.UP.FTS.B

,

18

.39

%

,

11/22/26

.

3,097

3,051

L2094851.UP.FTS.B

,

18

.61

%

,

11/22/26

...

16,471

16,306

FW2096280.UP.FTS.B

,

19

.26

%

,

11/22/26

.

3,574

3,516

L2096899.UP.FTS.B

,

19

.33

%

,

11/22/26

...

5,066

4,991

L2096144.UP.FTS.B

,

19

.54

%

,

11/22/26

...

5,416

5,335

FW2094159.UP.FTS.B

,

20

.44

%

,

11/22/26

.

3,487

3,435

L2096760.UP.FTS.B

,

21

.84

%

,

11/22/26

...

4,161

4,098

FW2095395.UP.FTS.B

,

22

.89

%

,

11/22/26

.

735

519

L2094312.UP.FTS.B

,

25

.16

%

,

11/22/26

...

11,941

11,773

L2096356.UP.FTS.B

,

25

.27

%

,

11/22/26

...

396

391

FW2095277.UP.FTS.B

,

25

.75

%

,

11/22/26

.

5,980

5,897

L2094270.UP.FTS.B

,

25

.87

%

,

11/22/26

...

1,278

1,260

b

FW2096631.UP.FTS.B

,

26

.76

%

,

11/22/26

.

1,849

133

b

FW2095637.UP.FTS.B

,

26

.8

%

,

11/22/26

..

1,987

142

FW2094585.UP.FTS.B

,

27

.16

%

,

11/22/26

.

2,260

1,604

b

L2096054.UP.FTS.B

,

27

.38

%

,

11/22/26

...

1,348

1,329

L2096384.UP.FTS.B

,

27

.83

%

,

11/22/26

...

3,773

3,723

FW2096342.UP.FTS.B

,

28

.48

%

,

11/22/26

.

2,197

1,580

FW2096376.UP.FTS.B

,

29

.09

%

,

11/22/26

.

2,415

1,746

FW2096279.UP.FTS.B

,

30

.8

%

,

11/22/26

..

510

503

FW2096663.UP.FTS.B

,

31

.48

%

,

11/22/26

.

2,152

2,124

FW2089645.UP.FTS.B

,

31

.75

%

,

11/22/26

.

4,084

4,079

FW2094660.UP.FTS.B

,

31

.22

%

,

11/24/26

.

4,593

4,536

b

FW2096115.UP.FTS.B

,

23

.24

%

,

11/28/26

.

1,432

234

L2096773.UP.FTS.B

,

24

.83

%

,

12/03/26

...

1,155

1,139

FW2024402.UP.FTS.B

,

24

.5

%

,

12/06/26

..

5,004

4,928

FW2293082.UP.FTS.B

,

6

.16

%

,

12/21/26

..

1,318

1,279

b

FW2293764.UP.FTS.B

,

6

.23

%

,

12/21/26

..

7,363

4,838

FW2293501.UP.FTS.B

,

7

.39

%

,

12/21/26

..

2,379

2,320

L2292686.UP.FTS.B

,

7

.74

%

,

12/21/26

....

972

947

L2295697.UP.FTS.B

,

8

.34

%

,

12/21/26

....

261

255

L2295880.UP.FTS.B

,

8

.72

%

,

12/21/26

....

986

961

L2295310.UP.FTS.B

,

9

.3

%

,

12/21/26

....

2,439

2,382

L2294640.UP.FTS.B

,

9

.73

%

,

12/21/26

....

848

832

L2294345.UP.FTS.B

,

12

.41

%

,

12/21/26

...

2,959

2,901

L2288385.UP.FTS.B

,

12

.86

%

,

12/21/26

...

1,754

1,719

L2294220.UP.FTS.B

,

13

.69

%

,

12/21/26

...

2,131

2,090

L2294373.UP.FTS.B

,

13

.7

%

,

12/21/26

....

1,881

1,845

L2294790.UP.FTS.B

,

13

.78

%

,

12/21/26

...

2,095

2,056

FW2293923.UP.FTS.B

,

16

.04

%

,

12/21/26

.

403

398

L2294540.UP.FTS.B

,

16

.91

%

,

12/21/26

...

177

13

L2296049.UP.FTS.B

,

17

.33

%

,

12/21/26

...

1,874

1,854

b

L2295430.UP.FTS.B

,

18

.6

%

,

12/21/26

....

6,318

1,695

L2295608.UP.FTS.B

,

18

.98

%

,

12/21/26

...

3,832

3,771

FW2293617.UP.FTS.B

,

19

.06

%

,

12/21/26

.

2,687

2,659

b

FW2294886.UP.FTS.B

,

19

.07

%

,

12/21/26

.

746

738

FW2293806.UP.FTS.B

,

19

.41

%

,

12/21/26

.

3,028

2,997

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

b

L2296294.UP.FTS.B

,

19

.65

%

,

12/21/26

...

$

590

$

481

L2293347.UP.FTS.B

,

20

.07

%

,

12/21/26

...

11,681

11,498

L2293707.UP.FTS.B

,

21

.03

%

,

12/21/26

...

2,961

2,915

L2294842.UP.FTS.B

,

21

.22

%

,

12/21/26

...

1,979

1,946

L2296434.UP.FTS.B

,

21

.52

%

,

12/21/26

...

994

978

L2296037.UP.FTS.B

,

22

.38

%

,

12/21/26

...

1,924

1,893

L2286942.UP.FTS.B

,

22

.51

%

,

12/21/26

...

882

868

L2293386.UP.FTS.B

,

22

.55

%

,

12/21/26

...

3,224

3,172

L2294767.UP.FTS.B

,

23

.15

%

,

12/21/26

...

1,066

1,048

b

FW2295460.UP.FTS.B

,

23

.88

%

,

12/21/26

.

11,618

8,094

b

L2295515.UP.FTS.B

,

24

.19

%

,

12/21/26

...

6,483

4,586

L2293012.UP.FTS.B

,

24

.54

%

,

12/21/26

...

1,241

1,223

b

L2293989.UP.FTS.B

,

24

.69

%

,

12/21/26

...

1,536

111

L2294601.UP.FTS.B

,

24

.7

%

,

12/21/26

....

20,717

20,401

L2246443.UP.FTS.B

,

25

.23

%

,

12/21/26

...

94

93

L2294392.UP.FTS.B

,

25

.44

%

,

12/21/26

...

8,100

7,973

L2287500.UP.FTS.B

,

25

.45

%

,

12/21/26

...

2,829

2,004

L2292073.UP.FTS.B

,

25

.46

%

,

12/21/26

...

1,256

1,237

FW2294300.UP.FTS.B

,

29

.67

%

,

12/21/26

.

2,272

1,621

FW2293261.UP.FTS.B

,

30

.26

%

,

12/21/26

.

488

482

FW2296110.UP.FTS.B

,

30

.89

%

,

12/21/26

.

498

491

FW2294105.UP.FTS.B

,

30

.94

%

,

12/21/26

.

5,538

5,463

FW2295248.UP.FTS.B

,

30

.94

%

,

12/21/26

.

1,738

1,714

FW2293727.UP.FTS.B

,

31

.05

%

,

12/21/26

.

652

643

FW2293310.UP.FTS.B

,

31

.11

%

,

12/21/26

.

808

797

FW2295496.UP.FTS.B

,

31

.18

%

,

12/21/26

.

1,108

1,093

FW2293684.UP.FTS.B

,

31

.29

%

,

12/21/26

.

1,350

1,332

L2300162.UP.FTS.B

,

5

.78

%

,

12/22/26

....

470

455

L2298149.UP.FTS.B

,

5

.81

%

,

12/22/26

....

14,728

14,265

b

L2298867.UP.FTS.B

,

6

.47

%

,

12/22/26

....

4,599

4,455

b

L2298677.UP.FTS.B

,

6

.71

%

,

12/22/26

....

1,244

316

FW2299026.UP.FTS.B

,

7

.03

%

,

12/22/26

..

1,599

1,559

L2299006.UP.FTS.B

,

7

.25

%

,

12/22/26

....

5,111

4,984

L2300059.UP.FTS.B

,

7

.96

%

,

12/22/26

....

1,612

1,572

FW2297741.UP.FTS.B

,

8

.43

%

,

12/22/26

..

1,962

1,914

L2296751.UP.FTS.B

,

9

.09

%

,

12/22/26

....

1,983

1,935

FW2300319.UP.FTS.B

,

9

.33

%

,

12/22/26

..

1,394

1,360

L2275171.UP.FTS.B

,

9

.45

%

,

12/22/26

....

831

811

FW2275119.UP.FTS.B

,

10

.09

%

,

12/22/26

.

10,075

9,831

L2261699.UP.FTS.B

,

10

.41

%

,

12/22/26

...

1,350

1,317

L2299578.UP.FTS.B

,

10

.73

%

,

12/22/26

...

1,476

1,447

L2296896.UP.FTS.B

,

10

.8

%

,

12/22/26

....

1,019

999

L2296884.UP.FTS.B

,

10

.85

%

,

12/22/26

...

3,400

3,333

L2288091.UP.FTS.B

,

12

.04

%

,

12/22/26

...

3,463

3,396

b

L2296913.UP.FTS.B

,

12

.48

%

,

12/22/26

...

3,256

3,196

FW2296819.UP.FTS.B

,

12

.8

%

,

12/22/26

..

350

344

b

L2297301.UP.FTS.B

,

13

.19

%

,

12/22/26

...

1,982

526

L2297394.UP.FTS.B

,

13

.43

%

,

12/22/26

...

1,414

1,387

FW2295002.UP.FTS.B

,

13

.45

%

,

12/22/26

.

602

590

FW2296544.UP.FTS.B

,

14

.31

%

,

12/22/26

.

1,793

1,758

L2296608.UP.FTS.B

,

15

.19

%

,

12/22/26

...

6,135

6,020

L2298101.UP.FTS.B

,

15

.46

%

,

12/22/26

...

1,149

1,136

FW2298689.UP.FTS.B

,

15

.52

%

,

12/22/26

.

6,387

6,320

b

FW2298989.UP.FTS.B

,

15

.65

%

,

12/22/26

.

3,252

244

L2300266.UP.FTS.B

,

15

.81

%

,

12/22/26

...

7,950

7,803

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)

Upstart

Network,

Inc.

(continued)

L2297702.UP.FTS.B

,

16

.54

%

,

12/22/26

...

$

506

$

501

FW2296844.UP.FTS.B

,

16

.78

%

,

12/22/26

.

865

856

FW2242642.UP.FTS.B

,

17

.23

%

,

12/22/26

.

2,578

2,551

FW2298313.UP.FTS.B

,

17

.76

%

,

12/22/26

.

5,732

5,674

L2297949.UP.FTS.B

,

18

.76

%

,

12/22/26

...

1,530

1,506

FW2298046.UP.FTS.B

,

19

.21

%

,

12/22/26

.

3,851

3,793

L2298737.UP.FTS.B

,

20

.98

%

,

12/22/26

...

1,973

1,943

L2300374.UP.FTS.B

,

21

.31

%

,

12/22/26

...

1,088

1,071

L2296777.UP.FTS.B

,

21

.4

%

,

12/22/26

....

3,970

3,906

FW2298033.UP.FTS.B

,

21

.61

%

,

12/22/26

.

6,564

6,468

L2299056.UP.FTS.B

,

22

%

,

12/22/26

.....

2,436

177

L2298829.UP.FTS.B

,

22

.17

%

,

12/22/26

...

2,157

2,126

FW2297460.UP.FTS.B

,

22

.74

%

,

12/22/26

.

21,563

15,192

L2296515.UP.FTS.B

,

22

.98

%

,

12/22/26

...

1,215

1,197

L2298974.UP.FTS.B

,

23

.47

%

,

12/22/26

...

734

724

FW2300425.UP.FTS.B

,

23

.57

%

,

12/22/26

.

3,603

3,550

L2296775.UP.FTS.B

,

23

.9

%

,

12/22/26

....

1,846

1,819

L2296638.UP.FTS.B

,

23

.96

%

,

12/22/26

...

419

299

L2297604.UP.FTS.B

,

24

.33

%

,

12/22/26

...

619

610

b

L2299447.UP.FTS.B

,

24

.64

%

,

12/22/26

...

963

158

L2292373.UP.FTS.B

,

25

.33

%

,

12/22/26

...

710

700

L2296962.UP.FTS.B

,

25

.46

%

,

12/22/26

...

1,430

1,409

L2298544.UP.FTS.B

,

25

.47

%

,

12/22/26

...

1,778

1,752

b

L2296379.UP.FTS.B

,

26

.17

%

,

12/22/26

...

4,753

1,351

FW2298545.UP.FTS.B

,

26

.68

%

,

12/22/26

.

5,783

5,703

FW2299436.UP.FTS.B

,

27

.39

%

,

12/22/26

.

1,745

1,721

FW2296934.UP.FTS.B

,

28

.08

%

,

12/22/26

.

2,466

2,433

FW2298568.UP.FTS.B

,

28

.54

%

,

12/22/26

.

3,315

3,270

FW2297392.UP.FTS.B

,

29

.67

%

,

12/22/26

.

665

656

FW2296795.UP.FTS.B

,

30

.46

%

,

12/22/26

.

669

660

FW2299939.UP.FTS.B

,

30

.93

%

,

12/22/26

.

493

487

b

FW2297499.UP.FTS.B

,

30

.95

%

,

12/22/26

.

603

22

FW2300108.UP.FTS.B

,

31

.04

%

,

12/22/26

.

583

576

b

FW2298159.UP.FTS.B

,

31

.15

%

,

12/22/26

.

1,480

243

FW2296911.UP.FTS.B

,

31

.17

%

,

12/22/26

.

459

453

FW2294359.UP.FTS.B

,

31

.33

%

,

12/22/26

.

22,586

22,474

FW2300018.UP.FTS.B

,

31

.65

%

,

12/22/26

.

2,486

2,455

L2296095.UP.FTS.B

,

23

.73

%

,

12/26/26

...

4,064

4,002

FW2295931.UP.FTS.B

,

5

.9

%

,

12/27/26

...

4,718

4,571

L2424153.UP.FTS.B

,

4

.86

%

,

1/13/27

....

15,785

15,287

L2426247.UP.FTS.B

,

4

.87

%

,

1/13/27

....

5,088

4,924

L2424670.UP.FTS.B

,

5

.86

%

,

1/13/27

....

3,144

3,044

L2425940.UP.FTS.B

,

5

.96

%

,

1/13/27

....

6,588

6,379

L2427954.UP.FTS.B

,

5

.98

%

,

1/13/27

....

9,952

9,635

b

FW2426682.UP.FTS.B

,

6

.38

%

,

1/13/27

...

5,641

857

L2424813.UP.FTS.B

,

6

.62

%

,

1/13/27

....

6,033

5,842

L2426387.UP.FTS.B

,

7

.28

%

,

1/13/27

....

1,524

1,476

b

FW2427607.UP.FTS.B

,

7

.35

%

,

1/13/27

...

6,237

887

L2426489.UP.FTS.B

,

7

.81

%

,

1/13/27

....

4,099

3,994

L2427644.UP.FTS.B

,

7

.93

%

,

1/13/27

....

855

834

FW2427445.UP.FTS.B

,

7

.98

%

,

1/13/27

...

2,740

2,670

L2424761.UP.FTS.B

,

8

.01

%

,

1/13/27

....

1,800

1,757

L2426445.UP.FTS.B

,

8

.42

%

,

1/13/27

....

504

495

FW2426523.UP.FTS.B

,

8

.45

%

,

1/13/27

...

1,150

1,126

L2427091.UP.FTS.B

,

8

.49

%

,

1/13/27

....

2,416

2,355

L2424441.UP.FTS.B

,

8

.96

%

,

1/13/27

....

127

125

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2426991.UP.FTS.B

,

9

.24

%

,

1/13/27

...

$

2,096

$

2,043

L2427076.UP.FTS.B

,

9

.69

%

,

1/13/27

....

2,964

2,890

L2425208.UP.FTS.B

,

9

.97

%

,

1/13/27

....

2,317

2,260

L2428214.UP.FTS.B

,

10

.52

%

,

1/13/27

....

964

940

L2423014.UP.FTS.B

,

10

.64

%

,

1/13/27

....

9,633

9,393

FW2425681.UP.FTS.B

,

11

.84

%

,

1/13/27

..

10,740

10,519

b

L2426346.UP.FTS.B

,

13

.31

%

,

1/13/27

....

1,190

255

L2428411.UP.FTS.B

,

15

.14

%

,

1/13/27

....

1,831

1,807

FW2398372.UP.FTS.B

,

15

.37

%

,

1/13/27

..

4,956

1,264

FW2412323.UP.FTS.B

,

15

.91

%

,

1/13/27

..

4,245

1,056

b

L2406518.UP.FTS.B

,

16

%

,

1/13/27

......

2,396

174

L2426798.UP.FTS.B

,

16

.24

%

,

1/13/27

....

6,201

6,077

L2428444.UP.FTS.B

,

16

.71

%

,

1/13/27

....

2,341

2,311

FW2428748.UP.FTS.B

,

17

.09

%

,

1/13/27

..

3,920

3,872

L2425118.UP.FTS.B

,

17

.11

%

,

1/13/27

....

2,745

2,694

FW2423151.UP.FTS.B

,

17

.2

%

,

1/13/27

...

1,728

1,696

FW2425055.UP.FTS.B

,

17

.43

%

,

1/13/27

..

6,463

6,343

L2428454.UP.FTS.B

,

18

.63

%

,

1/13/27

....

1,011

994

L2424684.UP.FTS.B

,

20

.1

%

,

1/13/27

....

2,399

2,351

L2426770.UP.FTS.B

,

20

.84

%

,

1/13/27

....

6,189

6,067

L2427912.UP.FTS.B

,

21

.34

%

,

1/13/27

....

416

408

L2395761.UP.FTS.B

,

22

.53

%

,

1/13/27

....

12,663

12,419

L2404751.UP.FTS.B

,

24

.81

%

,

1/13/27

....

7,889

7,741

L2422250.UP.FTS.B

,

25

.13

%

,

1/13/27

....

1,353

1,328

L2423497.UP.FTS.B

,

25

.16

%

,

1/13/27

....

698

685

L2424771.UP.FTS.B

,

25

.96

%

,

1/13/27

....

969

951

FW2424834.UP.FTS.B

,

26

.08

%

,

1/13/27

..

2,384

2,341

FW2425245.UP.FTS.B

,

26

.25

%

,

1/13/27

..

708

695

FW2426259.UP.FTS.B

,

26

.65

%

,

1/13/27

..

2,225

2,185

FW2425948.UP.FTS.B

,

27

.28

%

,

1/13/27

..

3,135

3,080

FW2422977.UP.FTS.B

,

28

.17

%

,

1/13/27

..

9,545

2,557

FW2425791.UP.FTS.B

,

29

.41

%

,

1/13/27

..

1,559

829

FW2426985.UP.FTS.B

,

30

.26

%

,

1/13/27

..

14,958

14,703

FW2427875.UP.FTS.B

,

30

.3

%

,

1/13/27

...

407

400

FW2423548.UP.FTS.B

,

30

.41

%

,

1/13/27

..

1,207

1,187

FW2425371.UP.FTS.B

,

30

.51

%

,

1/13/27

..

930

914

FW2423407.UP.FTS.B

,

30

.57

%

,

1/13/27

..

729

716

FW2425795.UP.FTS.B

,

30

.94

%

,

1/13/27

..

1,947

1,915

FW2425961.UP.FTS.B

,

31

.09

%

,

1/13/27

..

249

244

FW2423715.UP.FTS.B

,

32

.57

%

,

1/13/27

..

476

468

FW2432124.UP.FTS.B

,

5

.02

%

,

1/14/27

...

15,215

14,746

L2435082.UP.FTS.B

,

5

.24

%

,

1/14/27

....

8,884

8,598

L2435136.UP.FTS.B

,

5

.4

%

,

1/14/27

.....

3,450

3,339

L2435334.UP.FTS.B

,

5

.79

%

,

1/14/27

....

1,025

993

FW2431037.UP.FTS.B

,

6

.01

%

,

1/14/27

...

1,328

1,285

FW2434481.UP.FTS.B

,

6

.18

%

,

1/14/27

...

1,257

1,233

L2434868.UP.FTS.B

,

6

.25

%

,

1/14/27

....

3,665

3,549

L2434814.UP.FTS.B

,

6

.49

%

,

1/14/27

....

870

842

b

L2432301.UP.FTS.B

,

6

.51

%

,

1/14/27

....

2,110

152

L2431798.UP.FTS.B

,

6

.68

%

,

1/14/27

....

4,481

4,346

FW2430681.UP.FTS.B

,

7

.21

%

,

1/14/27

...

10,807

10,466

L2429292.UP.FTS.B

,

7

.41

%

,

1/14/27

....

4,073

3,969

b

L2433097.UP.FTS.B

,

7

.62

%

,

1/14/27

....

18,214

–

L2434635.UP.FTS.B

,

7

.74

%

,

1/14/27

....

7,231

7,047

L2434529.UP.FTS.B

,

8

.37

%

,

1/14/27

....

2,413

2,352

L2430462.UP.FTS.B

,

8

.4

%

,

1/14/27

.....

8,622

8,404

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)

Upstart

Network,

Inc.

(continued)

L2429477.UP.FTS.B

,

8

.93

%

,

1/14/27

....

$

4,835

$

4,713

L2429964.UP.FTS.B

,

9

.01

%

,

1/14/27

....

1,741

1,697

L2429979.UP.FTS.B

,

9

.08

%

,

1/14/27

....

1,045

1,019

L2432514.UP.FTS.B

,

9

.62

%

,

1/14/27

....

12,299

11,990

L2434796.UP.FTS.B

,

9

.68

%

,

1/14/27

....

8,789

8,568

L2434345.UP.FTS.B

,

9

.69

%

,

1/14/27

....

2,835

2,771

L2435560.UP.FTS.B

,

10

.15

%

,

1/14/27

....

8,462

8,263

FW2433055.UP.FTS.B

,

10

.82

%

,

1/14/27

..

1,255

1,228

L2430601.UP.FTS.B

,

11

.3

%

,

1/14/27

.....

6,311

6,178

L2434462.UP.FTS.B

,

12

.63

%

,

1/14/27

....

743

728

FW2432090.UP.FTS.B

,

12

.83

%

,

1/14/27

..

2,397

2,347

L2435380.UP.FTS.B

,

12

.98

%

,

1/14/27

....

1,993

1,952

FW2430692.UP.FTS.B

,

13

.13

%

,

1/14/27

..

3,334

3,265

L2434354.UP.FTS.B

,

13

.48

%

,

1/14/27

....

1,862

1,824

L2433923.UP.FTS.B

,

13

.81

%

,

1/14/27

....

3,680

3,605

L2434928.UP.FTS.B

,

15

.16

%

,

1/14/27

....

1,907

1,869

L2429267.UP.FTS.B

,

16

.52

%

,

1/14/27

....

3,933

3,883

b

FW2435527.UP.FTS.B

,

16

.65

%

,

1/14/27

..

7,160

7,070

L2429626.UP.FTS.B

,

16

.81

%

,

1/14/27

....

1,563

1,544

L2426379.UP.FTS.B

,

19

.1

%

,

1/14/27

....

2,218

2,192

L2429755.UP.FTS.B

,

19

.15

%

,

1/14/27

....

6,052

5,931

L2430735.UP.FTS.B

,

20

.49

%

,

1/14/27

....

2,820

2,765

L2432761.UP.FTS.B

,

21

.77

%

,

1/14/27

....

949

938

L2434330.UP.FTS.B

,

21

.77

%

,

1/14/27

....

3,760

3,718

L2433930.UP.FTS.B

,

22

.17

%

,

1/14/27

....

4,534

4,449

FW2434152.UP.FTS.B

,

22

.94

%

,

1/14/27

..

6,637

6,513

L2435514.UP.FTS.B

,

24

.62

%

,

1/14/27

....

4,215

2,441

L2429892.UP.FTS.B

,

24

.74

%

,

1/14/27

....

825

810

L2432911.UP.FTS.B

,

25

.19

%

,

1/14/27

....

2,244

2,203

L2432337.UP.FTS.B

,

25

.36

%

,

1/14/27

....

5,451

5,392

L2428819.UP.FTS.B

,

25

.51

%

,

1/14/27

....

4,077

4,004

L2430189.UP.FTS.B

,

25

.96

%

,

1/14/27

....

2,594

2,548

FW2427919.UP.FTS.B

,

26

.2

%

,

1/14/27

...

4,418

4,340

FW2433321.UP.FTS.B

,

26

.46

%

,

1/14/27

..

887

871

FW2430722.UP.FTS.B

,

26

.47

%

,

1/14/27

..

5,236

5,145

FW2434298.UP.FTS.B

,

26

.5

%

,

1/14/27

...

1,457

1,432

FW2428882.UP.FTS.B

,

27

.27

%

,

1/14/27

..

2,672

2,626

FW2435389.UP.FTS.B

,

28

.43

%

,

1/14/27

..

455

447

FW2429972.UP.FTS.B

,

28

.92

%

,

1/14/27

..

914

898

FW2432969.UP.FTS.B

,

29

.06

%

,

1/14/27

..

4,574

4,498

b

FW2431137.UP.FTS.B

,

29

.79

%

,

1/14/27

..

2,778

438

FW2434725.UP.FTS.B

,

31

.06

%

,

1/14/27

..

1,506

1,481

FW2434302.UP.FTS.B

,

31

.74

%

,

1/14/27

..

1,651

1,625

FW2430067.UP.FTS.B

,

32

.35

%

,

1/14/27

..

2,181

2,146

FW2429192.UP.FTS.B

,

34

.62

%

,

1/14/27

..

3,215

3,167

L2435572.UP.FTS.B

,

5

.11

%

,

1/18/27

.....

1,861

1,811

b

L2435960.UP.FTS.B

,

5

.66

%

,

1/18/27

....

1,496

228

L2436314.UP.FTS.B

,

6

.73

%

,

1/18/27

....

2,648

2,567

L2436166.UP.FTS.B

,

7

.3

%

,

1/18/27

.....

3,388

3,280

FW2435037.UP.FTS.B

,

7

.47

%

,

1/18/27

...

4,948

3,243

L2437526.UP.FTS.B

,

8

.11

%

,

1/18/27

.....

1,854

1,807

L2435968.UP.FTS.B

,

8

.28

%

,

1/18/27

....

17,205

16,768

b

L2438360.UP.FTS.B

,

8

.62

%

,

1/18/27

....

6,262

4,102

FW2436679.UP.FTS.B

,

8

.8

%

,

1/18/27

....

1,734

1,691

L2436019.UP.FTS.B

,

8

.91

%

,

1/18/27

....

1,912

1,863

FW2437428.UP.FTS.B

,

9

.23

%

,

1/18/27

...

1,384

1,351

L2439293.UP.FTS.B

,

9

.38

%

,

1/18/27

....

1,621

1,582

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2438805.UP.FTS.B

,

9

.71

%

,

1/18/27

....

$

3,914

$

3,817

L2437916.UP.FTS.B

,

11

.63

%

,

1/18/27

....

1,812

1,774

L2436053.UP.FTS.B

,

13

.19

%

,

1/18/27

....

16,668

16,327

L2436944.UP.FTS.B

,

13

.68

%

,

1/18/27

....

11,218

10,989

FW2435953.UP.FTS.B

,

14

.04

%

,

1/18/27

..

1,314

1,287

L2436120.UP.FTS.B

,

16

.49

%

,

1/18/27

....

1,166

1,153

FW2433283.UP.FTS.B

,

19

.48

%

,

1/18/27

..

2,014

1,991

L2437522.UP.FTS.B

,

20

.01

%

,

1/18/27

....

612

602

L2436835.UP.FTS.B

,

20

.74

%

,

1/18/27

....

6,183

6,070

FW2436112.UP.FTS.B

,

23

.4

%

,

1/18/27

...

1,496

1,470

L2435765.UP.FTS.B

,

24

.15

%

,

1/18/27

....

689

677

b

L2438451.UP.FTS.B

,

24

.73

%

,

1/18/27

....

3,798

275

L2436225.UP.FTS.B

,

25

.02

%

,

1/18/27

....

450

442

L2437383.UP.FTS.B

,

25

.04

%

,

1/18/27

....

5,226

5,138

L2435644.UP.FTS.B

,

25

.47

%

,

1/18/27

....

5,820

4,058

b

L2435936.UP.FTS.B

,

25

.47

%

,

1/18/27

....

898

882

L2436823.UP.FTS.B

,

26

.4

%

,

1/18/27

....

1,728

1,699

FW2438660.UP.FTS.B

,

27

.49

%

,

1/18/27

..

1,797

1,768

FW2436660.UP.FTS.B

,

28

.46

%

,

1/18/27

..

1,710

1,682

FW2435922.UP.FTS.B

,

28

.48

%

,

1/18/27

..

1,818

1,789

FW2438349.UP.FTS.B

,

30

.51

%

,

1/18/27

..

418

411

FW2437637.UP.FTS.B

,

31

.11

%

,

1/18/27

..

797

785

FW2438118.UP.FTS.B

,

31

.57

%

,

1/18/27

..

3,862

3,804

FW2438330.UP.FTS.B

,

31

.74

%

,

1/18/27

..

1,698

1,673

L2432353.UP.FTS.B

,

7

.41

%

,

1/20/27

....

6,823

4,547

FW2426856.UP.FTS.B

,

16

.14

%

,

1/21/27

..

3,888

3,838

FW2423642.UP.FTS.B

,

28

.44

%

,

1/22/27

..

1,834

1,802

L2426699.UP.FTS.B

,

13

.25

%

,

1/25/27

....

4,476

4,383

L2435766.UP.FTS.B

,

10

.44

%

,

1/28/27

....

3,369

3,293

L2403095.UP.FTS.B

,

10

.86

%

,

1/28/27

....

3,054

2,990

b

L2438087.UP.FTS.B

,

9

.91

%

,

2/01/27

....

20,935

1,509

L2435828.UP.FTS.B

,

15

.11

%

,

2/01/27

....

4,024

3,940

L2431623.UP.FTS.B

,

19

.58

%

,

2/02/27

....

16,613

16,415

L2435811.UP.FTS.B

,

10

.45

%

,

2/05/27

....

15,183

14,794

L2433080.UP.FTS.B

,

22

.02

%

,

2/08/27

....

7,042

6,906

L2604537.UP.FTS.B

,

4

.81

%

,

2/10/27

....

7,474

7,227

L2528315.UP.FTS.B

,

7

.51

%

,

2/10/27

....

4,118

4,011

L2604772.UP.FTS.B

,

7

.89

%

,

2/10/27

....

9,758

9,503

FW2594995.UP.FTS.B

,

9

.66

%

,

2/10/27

...

10,716

10,439

L2606699.UP.FTS.B

,

11

.87

%

,

2/10/27

....

9,167

8,964

L2608120.UP.FTS.B

,

12

.12

%

,

2/10/27

....

10,306

10,078

L2606144.UP.FTS.B

,

12

.19

%

,

2/10/27

....

957

941

L2602160.UP.FTS.B

,

13

.05

%

,

2/10/27

....

3,300

3,227

L2606798.UP.FTS.B

,

13

.38

%

,

2/10/27

....

3,901

3,816

b

L2605310.UP.FTS.B

,

13

.4

%

,

2/10/27

....

2,651

2,592

L2604725.UP.FTS.B

,

13

.41

%

,

2/10/27

....

1,291

1,263

L2608712.UP.FTS.B

,

13

.54

%

,

2/10/27

....

1,564

1,530

L2607120.UP.FTS.B

,

13

.67

%

,

2/10/27

....

6,865

6,717

L2607960.UP.FTS.B

,

13

.74

%

,

2/10/27

....

2,941

2,877

FW2604743.UP.FTS.B

,

13

.75

%

,

2/10/27

..

5,111

4,997

FW2606882.UP.FTS.B

,

13

.95

%

,

2/10/27

..

3,146

3,078

L2603034.UP.FTS.B

,

14

.68

%

,

2/10/27

....

4,132

4,074

b

FW2606203.UP.FTS.B

,

14

.78

%

,

2/10/27

..

1,564

112

FW2602616.UP.FTS.B

,

14

.79

%

,

2/10/27

..

19,927

19,497

FW2608870.UP.FTS.B

,

15

.02

%

,

2/10/27

..

5,930

5,802

FW2602511.UP.FTS.B

,

15

.19

%

,

2/10/27

..

11,285

11,043

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)

Upstart

Network,

Inc.

(continued)

L2605446.UP.FTS.B

,

15

.44

%

,

2/10/27

....

$

1,703

$

1,679

L2602901.UP.FTS.B

,

15

.85

%

,

2/10/27

....

1,925

1,897

b

FW2609494.UP.FTS.B

,

18

.3

%

,

2/10/27

...

2,469

151

L2608142.UP.FTS.B

,

19

.78

%

,

2/10/27

....

3,702

3,620

L2609196.UP.FTS.B

,

20

.26

%

,

2/10/27

....

2,571

2,520

L2607782.UP.FTS.B

,

20

.62

%

,

2/10/27

....

1,222

1,195

L2607501.UP.FTS.B

,

20

.9

%

,

2/10/27

....

2,591

2,535

FW2607597.UP.FTS.B

,

21

.25

%

,

2/10/27

..

954

935

L2603922.UP.FTS.B

,

21

.73

%

,

2/10/27

....

2,400

2,349

L2608576.UP.FTS.B

,

21

.77

%

,

2/10/27

....

1,834

1,795

L2608126.UP.FTS.B

,

22

.06

%

,

2/10/27

....

1,950

1,909

FW2607078.UP.FTS.B

,

22

.55

%

,

2/10/27

..

1,366

1,338

L2602456.UP.FTS.B

,

22

.85

%

,

2/10/27

....

3,565

3,490

L2608552.UP.FTS.B

,

22

.9

%

,

2/10/27

....

1,336

1,308

L2608111.UP.FTS.B

,

23

.17

%

,

2/10/27

....

7,153

7,003

L2606964.UP.FTS.B

,

23

.53

%

,

2/10/27

....

447

437

L2606747.UP.FTS.B

,

23

.7

%

,

2/10/27

....

4,342

4,251

L2604262.UP.FTS.B

,

24

.39

%

,

2/10/27

....

2,255

2,209

L2601898.UP.FTS.B

,

24

.69

%

,

2/10/27

....

634

621

L2608510.UP.FTS.B

,

25

%

,

2/10/27

......

675

662

L2605594.UP.FTS.B

,

25

.02

%

,

2/10/27

....

1,272

1,246

L2604053.UP.FTS.B

,

25

.25

%

,

2/10/27

....

867

849

L2606928.UP.FTS.B

,

25

.27

%

,

2/10/27

....

959

941

L2609551.UP.FTS.B

,

25

.3

%

,

2/10/27

....

1,186

1,162

FW2609019.UP.FTS.B

,

25

.41

%

,

2/10/27

..

2,232

2,187

L2608348.UP.FTS.B

,

25

.54

%

,

2/10/27

....

2,746

2,691

b

L2603713.UP.FTS.B

,

25

.81

%

,

2/10/27

....

1,770

276

FW2604813.UP.FTS.B

,

25

.83

%

,

2/10/27

..

3,212

3,147

FW2604860.UP.FTS.B

,

26

.47

%

,

2/10/27

..

2,542

2,491

FW2607306.UP.FTS.B

,

26

.66

%

,

2/10/27

..

1,384

1,357

L2604862.UP.FTS.B

,

27

.57

%

,

2/10/27

....

4,775

4,682

FW2603425.UP.FTS.B

,

27

.81

%

,

2/10/27

..

1,584

1,553

FW2608113.UP.FTS.B

,

28

.22

%

,

2/10/27

..

1,009

989

FW2605555.UP.FTS.B

,

29

.52

%

,

2/10/27

..

1,101

1,081

FW2607282.UP.FTS.B

,

30

.52

%

,

2/10/27

..

3,044

2,986

FW2606754.UP.FTS.B

,

31

.29

%

,

2/10/27

..

1,855

1,821

FW2607854.UP.FTS.B

,

31

.49

%

,

2/10/27

..

2,939

2,885

L2610465.UP.FTS.B

,

5

.18

%

,

2/11/27

.....

6,949

6,749

L2570795.UP.FTS.B

,

6

.48

%

,

2/11/27

.....

3,518

3,403

FW2614143.UP.FTS.B

,

6

.93

%

,

2/11/27

...

1,417

1,371

L2588879.UP.FTS.B

,

7

.55

%

,

2/11/27

.....

537

520

L2610842.UP.FTS.B

,

9

.27

%

,

2/11/27

.....

4,114

4,008

L2613434.UP.FTS.B

,

9

.37

%

,

2/11/27

.....

5,478

5,337

FW2610585.UP.FTS.B

,

9

.75

%

,

2/11/27

...

9,170

8,935

L2611172.UP.FTS.B

,

10

.14

%

,

2/11/27

....

1,049

1,026

FW2613043.UP.FTS.B

,

11

.2

%

,

2/11/27

...

4,781

4,676

L2615397.UP.FTS.B

,

11

.54

%

,

2/11/27

....

2,659

2,600

L2615183.UP.FTS.B

,

12

.14

%

,

2/11/27

....

4,602

4,501

L2615652.UP.FTS.B

,

12

.4

%

,

2/11/27

.....

1,616

1,580

FW2604554.UP.FTS.B

,

13

.07

%

,

2/11/27

..

7,808

7,635

FW2615345.UP.FTS.B

,

13

.1

%

,

2/11/27

...

3,458

3,388

L2615756.UP.FTS.B

,

13

.21

%

,

2/11/27

....

1,697

1,662

b

L2612579.UP.FTS.B

,

13

.46

%

,

2/11/27

....

2,217

160

L2612166.UP.FTS.B

,

13

.67

%

,

2/11/27

....

1,885

1,850

L2615304.UP.FTS.B

,

13

.86

%

,

2/11/27

....

14,968

14,638

L2614922.UP.FTS.B

,

13

.97

%

,

2/11/27

....

4,354

4,258

FW2612651.UP.FTS.B

,

14

.21

%

,

2/11/27

..

9,386

9,187

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2612964.UP.FTS.B

,

14

.24

%

,

2/11/27

....

$

4,738

$

4,636

L2613480.UP.FTS.B

,

14

.65

%

,

2/11/27

....

4,269

4,182

L2615636.UP.FTS.B

,

14

.73

%

,

2/11/27

....

10,672

10,526

L2612790.UP.FTS.B

,

14

.98

%

,

2/11/27

....

6,078

5,950

L2612114.UP.FTS.B

,

14

.99

%

,

2/11/27

....

3,433

3,359

b

L2615153.UP.FTS.B

,

15

.28

%

,

2/11/27

....

6,148

449

L2610220.UP.FTS.B

,

15

.29

%

,

2/11/27

....

3,206

3,162

L2610243.UP.FTS.B

,

15

.41

%

,

2/11/27

....

3,363

3,317

L2539854.UP.FTS.B

,

15

.78

%

,

2/11/27

....

1,816

1,791

L2614929.UP.FTS.B

,

16

.21

%

,

2/11/27

....

1,827

1,789

L2611366.UP.FTS.B

,

16

.4

%

,

2/11/27

.....

2,034

2,007

L2612163.UP.FTS.B

,

17

.53

%

,

2/11/27

....

1,395

1,376

FW2611103.UP.FTS.B

,

17

.75

%

,

2/11/27

..

1,934

1,909

L2615159.UP.FTS.B

,

17

.82

%

,

2/11/27

....

2,282

2,237

b

L2613884.UP.FTS.B

,

18

.39

%

,

2/11/27

....

1,885

281

FW2610980.UP.FTS.B

,

18

.94

%

,

2/11/27

..

4,209

4,155

L2614124.UP.FTS.B

,

18

.99

%

,

2/11/27

....

2,750

2,697

L2601501.UP.FTS.B

,

19

.21

%

,

2/11/27

....

2,070

2,029

L2609505.UP.FTS.B

,

19

.3

%

,

2/11/27

.....

804

787

FW2611297.UP.FTS.B

,

19

.83

%

,

2/11/27

..

6,560

6,475

L2612449.UP.FTS.B

,

20

.03

%

,

2/11/27

....

4,253

4,170

b

FW2614605.UP.FTS.B

,

20

.34

%

,

2/11/27

..

2,311

169

L2609761.UP.FTS.B

,

20

.76

%

,

2/11/27

....

2,155

2,109

L2615540.UP.FTS.B

,

20

.79

%

,

2/11/27

....

2,589

2,538

b

L2610020.UP.FTS.B

,

20

.86

%

,

2/11/27

....

2,930

442

L2612113.UP.FTS.B

,

20

.93

%

,

2/11/27

....

3,607

3,538

FW2612937.UP.FTS.B

,

21

.48

%

,

2/11/27

..

10,900

10,671

L2615221.UP.FTS.B

,

21

.7

%

,

2/11/27

.....

4,362

4,271

L2610047.UP.FTS.B

,

22

.57

%

,

2/11/27

....

1,411

1,381

L2612720.UP.FTS.B

,

23

.21

%

,

2/11/27

....

445

436

b

FW2613747.UP.FTS.B

,

23

.43

%

,

2/11/27

..

5,077

783

L2611969.UP.FTS.B

,

23

.47

%

,

2/11/27

....

571

561

L2610518.UP.FTS.B

,

23

.54

%

,

2/11/27

....

13,614

13,337

L2611149.UP.FTS.B

,

23

.94

%

,

2/11/27

....

8,968

8,787

L2614419.UP.FTS.B

,

24

.18

%

,

2/11/27

....

1,260

1,234

L2613285.UP.FTS.B

,

24

.59

%

,

2/11/27

....

1,687

1,654

FW2613750.UP.FTS.B

,

25

.19

%

,

2/11/27

..

1,183

1,161

L2613208.UP.FTS.B

,

25

.22

%

,

2/11/27

....

671

657

L2612096.UP.FTS.B

,

25

.23

%

,

2/11/27

....

911

893

L2613943.UP.FTS.B

,

25

.28

%

,

2/11/27

....

928

910

FW2614897.UP.FTS.B

,

25

.36

%

,

2/11/27

..

1,682

433

L2612279.UP.FTS.B

,

25

.43

%

,

2/11/27

....

5,632

5,523

L2611604.UP.FTS.B

,

26

.15

%

,

2/11/27

....

2,302

2,258

FW2611559.UP.FTS.B

,

26

.48

%

,

2/11/27

..

1,633

1,601

FW2610030.UP.FTS.B

,

27

.01

%

,

2/11/27

..

1,704

1,672

FW2609816.UP.FTS.B

,

27

.78

%

,

2/11/27

..

7,026

6,894

FW2608240.UP.FTS.B

,

28

.43

%

,

2/11/27

..

5,202

5,105

FW2614134.UP.FTS.B

,

28

.75

%

,

2/11/27

..

4,945

2,688

FW2615423.UP.FTS.B

,

28

.85

%

,

2/11/27

..

7,139

7,006

b

FW2614677.UP.FTS.B

,

28

.98

%

,

2/11/27

..

2,622

2,574

FW2612243.UP.FTS.B

,

29

.25

%

,

2/11/27

..

844

828

b

FW2611548.UP.FTS.B

,

30

.39

%

,

2/11/27

..

632

620

FW2612001.UP.FTS.B

,

30

.9

%

,

2/11/27

...

1,196

1,174

FW2609619.UP.FTS.B

,

30

.92

%

,

2/11/27

..

1,383

1,358

FW2610795.UP.FTS.B

,

30

.98

%

,

2/11/27

..

471

463

FW2611533.UP.FTS.B

,

31

.12

%

,

2/11/27

..

1,955

1,919

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)

Upstart

Network,

Inc.

(continued)

FW2610773.UP.FTS.B

,

31

.41

%

,

2/11/27

..

$

7,040

$

6,914

FW2610510.UP.FTS.B

,

33

.6

%

,

2/11/27

...

852

837

FW2614310.UP.FTS.B

,

33

.97

%

,

2/11/27

..

1,237

652

FW2610903.UP.FTS.B

,

34

.14

%

,

2/11/27

..

10,898

10,709

L2611816.UP.FTS.B

,

21

.62

%

,

2/12/27

....

1,294

1,267

FW2613609.UP.FTS.B

,

25

.31

%

,

2/12/27

..

4,594

4,506

L2617298.UP.FTS.B

,

5

.1

%

,

2/14/27

.....

3,787

3,662

L2617141.UP.FTS.B

,

5

.84

%

,

2/14/27

....

2,522

2,442

L2616590.UP.FTS.B

,

7

.87

%

,

2/14/27

....

9,468

9,222

L2616809.UP.FTS.B

,

11

.55

%

,

2/14/27

....

2,221

2,173

L2617800.UP.FTS.B

,

13

.82

%

,

2/14/27

....

2,099

2,053

L2616432.UP.FTS.B

,

16

.81

%

,

2/14/27

....

3,274

3,232

FW2616193.UP.FTS.B

,

17

.47

%

,

2/14/27

..

619

611

L2617103.UP.FTS.B

,

18

.14

%

,

2/14/27

....

3,125

3,065

L2616245.UP.FTS.B

,

18

.36

%

,

2/14/27

....

8,748

4,495

L2612816.UP.FTS.B

,

19

.36

%

,

2/14/27

....

8,497

8,331

L2616072.UP.FTS.B

,

19

.58

%

,

2/14/27

....

1,742

1,709

L2616722.UP.FTS.B

,

19

.8

%

,

2/14/27

....

2,468

2,417

L2616174.UP.FTS.B

,

20

.55

%

,

2/14/27

....

597

586

FW2615937.UP.FTS.B

,

21

.82

%

,

2/14/27

..

4,227

4,144

FW2617069.UP.FTS.B

,

23

.16

%

,

2/14/27

..

12,484

12,242

L2616368.UP.FTS.B

,

24

.5

%

,

2/14/27

....

4,209

4,128

L2616717.UP.FTS.B

,

25

.42

%

,

2/14/27

....

1,142

1,120

L2617627.UP.FTS.B

,

25

.47

%

,

2/14/27

....

776

762

L2617283.UP.FTS.B

,

25

.65

%

,

2/14/27

....

2,697

1,466

FW2617973.UP.FTS.B

,

26

.17

%

,

2/14/27

..

3,501

3,436

FW2616788.UP.FTS.B

,

28

.08

%

,

2/14/27

..

5,789

5,683

b

FW2617614.UP.FTS.B

,

28

.35

%

,

2/14/27

..

11,617

2,947

FW2616093.UP.FTS.B

,

29

.88

%

,

2/14/27

..

3,710

1,969

FW2618539.UP.FTS.B

,

30

.94

%

,

2/14/27

..

2,640

2,594

FW2616908.UP.FTS.B

,

31

.23

%

,

2/14/27

..

2,325

2,284

FW2618241.UP.FTS.B

,

31

.49

%

,

2/14/27

..

4,403

4,327

L1715513.UP.FTS.B

,

13

.27

%

,

2/15/27

....

14,344

9,418

L1694887.UP.FTS.B

,

15

.52

%

,

2/15/27

....

2,382

2,330

L1692458.UP.FTS.B

,

22

.21

%

,

2/15/27

....

1,838

1,804

L1715518.UP.FTS.B

,

26

.49

%

,

2/15/27

....

5,460

5,374

FW2606426.UP.FTS.B

,

26

.19

%

,

2/16/27

..

1,592

1,560

FW2437431.UP.FTS.B

,

30

.95

%

,

2/16/27

..

899

885

FW2613392.UP.FTS.B

,

27

.98

%

,

2/18/27

..

5,697

5,591

b

L2608264.UP.FTS.B

,

15

.55

%

,

2/20/27

....

10,135

9,997

FW2615716.UP.FTS.B

,

30

.71

%

,

2/21/27

..

1,422

973

FW2612642.UP.FTS.B

,

27

.88

%

,

2/22/27

..

1,026

280

FW2612944.UP.FTS.B

,

29

.57

%

,

2/24/27

..

3,596

3,532

FW2604033.UP.FTS.B

,

19

.37

%

,

2/25/27

..

4,179

4,096

L2610061.UP.FTS.B

,

14

.43

%

,

2/28/27

....

10,437

10,202

L2618109.UP.FTS.B

,

12

.08

%

,

3/07/27

....

13,587

13,281

L2047210.UP.FTS.B

,

23

.31

%

,

3/15/27

....

2,974

215

L1886082.UP.FTS.B

,

11

.37

%

,

3/20/27

....

17,596

17,202

b

FW1887715.UP.FTS.B

,

13

.02

%

,

3/20/27

..

3,752

2,417

FW1884398.UP.FTS.B

,

30

.02

%

,

3/20/27

..

3,394

3,356

FW2949972.UP.FTS.B

,

5

.25

%

,

4/14/27

...

2,282

2,211

L2949017.UP.FTS.B

,

6

%

,

4/14/27

.......

1,011

991

L2949121.UP.FTS.B

,

6

.79

%

,

4/14/27

....

6,229

6,045

L2950010.UP.FTS.B

,

6

.8

%

,

4/14/27

.....

2,724

2,641

L2949215.UP.FTS.B

,

6

.84

%

,

4/14/27

....

7,515

7,284

L2951687.UP.FTS.B

,

7

.49

%

,

4/14/27

....

4,370

4,255

L2951012.UP.FTS.B

,

7

.81

%

,

4/14/27

....

4,476

4,345

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2951121.UP.FTS.B

,

7

.86

%

,

4/14/27

.....

$

6,366

$

6,219

L2949685.UP.FTS.B

,

9

.14

%

,

4/14/27

....

1,611

1,575

b

L2949220.UP.FTS.B

,

9

.21

%

,

4/14/27

....

3,640

503

L2949108.UP.FTS.B

,

9

.33

%

,

4/14/27

....

6,816

3,156

L2951245.UP.FTS.B

,

9

.94

%

,

4/14/27

....

4,076

3,984

L2934626.UP.FTS.B

,

10

.81

%

,

4/14/27

....

2,878

2,822

L2950964.UP.FTS.B

,

11

.19

%

,

4/14/27

....

4,127

4,047

L2950306.UP.FTS.B

,

11

.59

%

,

4/14/27

....

9,707

9,523

FW2950525.UP.FTS.B

,

11

.91

%

,

4/14/27

..

20,974

20,561

L2944042.UP.FTS.B

,

12

.19

%

,

4/14/27

....

7,743

7,591

L2942764.UP.FTS.B

,

12

.22

%

,

4/14/27

....

5,923

2,817

L2950992.UP.FTS.B

,

12

.3

%

,

4/14/27

....

5,031

4,922

L2950333.UP.FTS.B

,

12

.69

%

,

4/14/27

....

1,695

1,662

b

FW2951712.UP.FTS.B

,

12

.87

%

,

4/14/27

..

1,839

572

FW2949810.UP.FTS.B

,

13

.53

%

,

4/14/27

..

5,443

5,338

FW2949125.UP.FTS.B

,

13

.6

%

,

4/14/27

...

1,845

1,809

L2950742.UP.FTS.B

,

13

.63

%

,

4/14/27

....

4,292

4,209

FW2951854.UP.FTS.B

,

14

.02

%

,

4/14/27

..

8,199

8,042

L2949763.UP.FTS.B

,

14

.31

%

,

4/14/27

....

2,798

2,746

FW2951175.UP.FTS.B

,

14

.6

%

,

4/14/27

...

957

938

FW2949070.UP.FTS.B

,

14

.69

%

,

4/14/27

..

11,509

11,294

FW2949368.UP.FTS.B

,

15

%

,

4/14/27

....

1,225

1,212

L2948932.UP.FTS.B

,

15

.2

%

,

4/14/27

....

658

645

b

L2951339.UP.FTS.B

,

15

.29

%

,

4/14/27

....

7,672

7,528

FW2950466.UP.FTS.B

,

15

.31

%

,

4/14/27

..

531

522

L2951714.UP.FTS.B

,

15

.35

%

,

4/14/27

....

6,107

5,992

L2950927.UP.FTS.B

,

15

.36

%

,

4/14/27

....

1,670

1,638

L2950042.UP.FTS.B

,

16

.06

%

,

4/14/27

....

754

746

FW2946278.UP.FTS.B

,

16

.33

%

,

4/14/27

..

6,104

6,045

L2948755.UP.FTS.B

,

16

.72

%

,

4/14/27

....

3,893

3,854

FW2951535.UP.FTS.B

,

17

.04

%

,

4/14/27

..

9,076

8,987

L2951449.UP.FTS.B

,

17

.19

%

,

4/14/27

....

13,554

6,648

FW2948748.UP.FTS.B

,

17

.23

%

,

4/14/27

..

2,077

2,057

L2948803.UP.FTS.B

,

17

.33

%

,

4/14/27

....

1,941

1,923

FW2949561.UP.FTS.B

,

17

.84

%

,

4/14/27

..

9,531

9,372

L2950280.UP.FTS.B

,

18

.73

%

,

4/14/27

....

1,980

1,961

FW2950372.UP.FTS.B

,

18

.88

%

,

4/14/27

..

4,186

4,146

L2949923.UP.FTS.B

,

19

.64

%

,

4/14/27

....

465

460

L2951216.UP.FTS.B

,

19

.73

%

,

4/14/27

....

1,070

1,052

L2947365.UP.FTS.B

,

20

.51

%

,

4/14/27

....

9,200

9,116

L2950858.UP.FTS.B

,

20

.56

%

,

4/14/27

....

2,328

2,287

L2951820.UP.FTS.B

,

20

.59

%

,

4/14/27

....

15,130

14,993

FW2949268.UP.FTS.B

,

20

.97

%

,

4/14/27

..

2,077

2,044

FW2950781.UP.FTS.B

,

21

.26

%

,

4/14/27

..

5,212

5,166

FW2948170.UP.FTS.B

,

21

.44

%

,

4/14/27

..

3,268

3,216

FW2951375.UP.FTS.B

,

22

.32

%

,

4/14/27

..

1,584

1,558

FW2949464.UP.FTS.B

,

22

.55

%

,

4/14/27

..

1,589

1,563

FW2946360.UP.FTS.B

,

23

.4

%

,

4/14/27

...

3,647

3,588

L2951812.UP.FTS.B

,

23

.47

%

,

4/14/27

....

1,373

1,351

FW2950779.UP.FTS.B

,

23

.54

%

,

4/14/27

..

1,607

1,581

L2951427.UP.FTS.B

,

23

.72

%

,

4/14/27

....

3,221

3,170

L2948992.UP.FTS.B

,

24

.59

%

,

4/14/27

....

15,433

15,194

b

L2950134.UP.FTS.B

,

24

.82

%

,

4/14/27

....

645

636

L2950895.UP.FTS.B

,

25

.02

%

,

4/14/27

....

496

488

L2950602.UP.FTS.B

,

25

.04

%

,

4/14/27

....

788

776

L2950811.UP.FTS.B

,

25

.09

%

,

4/14/27

....

549

541

L2951247.UP.FTS.B

,

25

.15

%

,

4/14/27

....

546

538

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)

Upstart

Network,

Inc.

(continued)

FW2951030.UP.FTS.B

,

25

.2

%

,

4/14/27

...

$

1,890

$

1,861

L2942965.UP.FTS.B

,

25

.22

%

,

4/14/27

....

4,970

4,893

L2949738.UP.FTS.B

,

25

.23

%

,

4/14/27

....

994

979

L2951261.UP.FTS.B

,

25

.24

%

,

4/14/27

....

895

881

L2950776.UP.FTS.B

,

25

.38

%

,

4/14/27

....

1,755

1,728

L2951384.UP.FTS.B

,

25

.41

%

,

4/14/27

....

1,307

1,287

L2949492.UP.FTS.B

,

25

.47

%

,

4/14/27

....

2,293

2,257

L2951548.UP.FTS.B

,

25

.47

%

,

4/14/27

....

1,246

1,227

L2950216.UP.FTS.B

,

25

.49

%

,

4/14/27

....

2,746

2,704

b

FW2950277.UP.FTS.B

,

25

.52

%

,

4/14/27

..

1,640

1,615

L2951153.UP.FTS.B

,

25

.85

%

,

4/14/27

....

1,010

994

FW2950220.UP.FTS.B

,

26

.02

%

,

4/14/27

..

1,003

988

L2951255.UP.FTS.B

,

26

.02

%

,

4/14/27

....

4,162

4,098

FW2951228.UP.FTS.B

,

26

.2

%

,

4/14/27

...

1,796

1,769

FW2944032.UP.FTS.B

,

26

.21

%

,

4/14/27

..

143

141

FW2948773.UP.FTS.B

,

27

.56

%

,

4/14/27

..

2,363

2,328

FW2948716.UP.FTS.B

,

27

.71

%

,

4/14/27

..

4,601

4,534

FW2949765.UP.FTS.B

,

28

.19

%

,

4/14/27

..

5,145

5,071

FW2948843.UP.FTS.B

,

28

.64

%

,

4/14/27

..

5,166

5,092

FW2950464.UP.FTS.B

,

29

.27

%

,

4/14/27

..

2,005

1,977

FW2951435.UP.FTS.B

,

30

.37

%

,

4/14/27

..

1,019

1,004

FW2950357.UP.FTS.B

,

30

.48

%

,

4/14/27

..

5,862

5,781

FW2949044.UP.FTS.B

,

30

.94

%

,

4/14/27

..

2,314

2,282

b

FW2950648.UP.FTS.B

,

30

.95

%

,

4/14/27

..

731

114

FW2949727.UP.FTS.B

,

30

.99

%

,

4/14/27

..

1,060

1,045

FW2950575.UP.FTS.B

,

31

.06

%

,

4/14/27

..

1,433

1,413

FW2950561.UP.FTS.B

,

31

.2

%

,

4/14/27

...

797

786

b

FW2949894.UP.FTS.B

,

31

.82

%

,

4/14/27

..

2,376

170

FW2949051.UP.FTS.B

,

32

.15

%

,

4/14/27

..

2,672

2,638

FW2950185.UP.FTS.B

,

32

.24

%

,

4/14/27

..

2,670

2,633

L2048072.UP.FTS.B

,

11

.58

%

,

4/15/27

....

5,065

4,942

b

L2048360.UP.FTS.B

,

14

.07

%

,

4/15/27

....

2,980

699

L2046952.UP.FTS.B

,

18

.41

%

,

4/15/27

....

1,373

1,355

L2049386.UP.FTS.B

,

19

.96

%

,

4/15/27

....

2,683

2,628

b

FW2048990.UP.FTS.B

,

20

.89

%

,

4/15/27

..

1,583

1,552

L2951305.UP.FTS.B

,

20

.52

%

,

4/16/27

....

1,738

1,711

L2949973.UP.FTS.B

,

20

.99

%

,

4/16/27

....

2,835

2,790

L2950367.UP.FTS.B

,

22

.21

%

,

4/16/27

....

5,228

5,185

FW2932125.UP.FTS.B

,

30

.95

%

,

4/18/27

..

4,787

4,725

L2949050.UP.FTS.B

,

24

.74

%

,

4/20/27

....

7,434

7,320

L2047847.UP.FTS.B

,

25

.96

%

,

4/20/27

....

3,758

3,690

b

L2096414.UP.FTS.B

,

14

.36

%

,

4/22/27

....

2,493

1,703

L2095820.UP.FTS.B

,

19

.69

%

,

4/22/27

....

4,428

4,356

L2950334.UP.FTS.B

,

20

.22

%

,

4/22/27

....

2,052

2,034

L2088829.UP.FTS.B

,

21

.32

%

,

4/22/27

....

5,598

3,689

FW2094908.UP.FTS.B

,

29

.15

%

,

4/22/27

..

26,117

25,728

b

FW2083347.UP.FTS.B

,

31

.08

%

,

4/22/27

..

9,021

635

b

FW2950896.UP.FTS.B

,

16

.97

%

,

4/28/27

..

4,825

4,734

b

L2948840.UP.FTS.B

,

19

.72

%

,

4/28/27

....

7,317

7,194

b

L2046907.UP.FTS.B

,

21

.17

%

,

4/28/27

....

1,694

1,658

b

FW2951725.UP.FTS.B

,

27

.54

%

,

4/28/27

..

2,282

347

b

FW2607843.UP.FTS.B

,

18

.35

%

,

5/10/27

..

1,804

130

b

L2430454.UP.FTS.B

,

7

.62

%

,

5/14/27

....

3,082

224

b

L1882034.UP.FTS.B

,

17

.06

%

,

5/20/27

....

1,043

76

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2293969.UP.FTS.B

,

25

.41

%

,

5/21/27

....

$

7,033

$

4,686

b

FW2294924.UP.FTS.B

,

28

.38

%

,

5/21/27

..

1,461

104

b

FW2296510.UP.FTS.B

,

28

.63

%

,

5/21/27

..

3,758

2,516

b

FW2294827.UP.FTS.B

,

31

.11

%

,

5/21/27

..

1,429

1,413

L2298796.UP.FTS.B

,

7

.68

%

,

5/22/27

....

789

767

FW2297812.UP.FTS.B

,

27

.74

%

,

5/22/27

..

2,440

2,403

L2292250.UP.FTS.B

,

12

.42

%

,

5/26/27

....

4,988

4,869

b

L2300474.UP.FTS.B

,

25

.38

%

,

5/27/27

....

1,422

1,401

FW2296458.UP.FTS.B

,

30

.75

%

,

6/06/27

..

5,048

4,981

b

L2425627.UP.FTS.B

,

6

.24

%

,

6/13/27

....

12,555

913

b

FW2423719.UP.FTS.B

,

8

.04

%

,

6/13/27

...

7,907

577

L2426279.UP.FTS.B

,

17

.73

%

,

6/13/27

....

1,983

1,955

b

FW2423361.UP.FTS.B

,

26

.6

%

,

6/13/27

...

1,927

964

b

FW2425689.UP.FTS.B

,

27

.43

%

,

6/13/27

..

8,830

638

b

FW2424974.UP.FTS.B

,

28

.61

%

,

6/13/27

..

11,667

2,941

FW2424580.UP.FTS.B

,

31

.2

%

,

6/13/27

...

11,632

11,452

L2432199.UP.FTS.B

,

7

.42

%

,

6/14/27

....

1,772

1,723

L2429715.UP.FTS.B

,

8

.3

%

,

6/14/27

.....

1,605

1,561

L2435208.UP.FTS.B

,

8

.4

%

,

6/14/27

.....

19,120

8,400

b

FW2429579.UP.FTS.B

,

8

.83

%

,

6/14/27

...

3,240

236

b

L2433061.UP.FTS.B

,

9

.38

%

,

6/14/27

....

3,626

3,528

L2435410.UP.FTS.B

,

17

.3

%

,

6/14/27

....

6,976

6,889

b

L2437164.UP.FTS.B

,

11

.6

%

,

6/18/27

.....

2,832

172

b

L2436235.UP.FTS.B

,

19

.1

%

,

6/18/27

....

2,384

1,535

L2437642.UP.FTS.B

,

9

.64

%

,

6/20/27

....

258

253

FW2438645.UP.FTS.B

,

31

.19

%

,

6/26/27

..

2,138

2,109

L2431725.UP.FTS.B

,

12

.26

%

,

6/28/27

....

18,973

18,512

L2581968.UP.FTS.B

,

13

.8

%

,

7/10/27

....

5,339

1,160

L2607609.UP.FTS.B

,

15

.09

%

,

7/10/27

....

1,584

1,545

L2607076.UP.FTS.B

,

16

.42

%

,

7/10/27

....

12,588

12,275

b

FW2602895.UP.FTS.B

,

17

.44

%

,

7/10/27

..

6,725

3,086

L2608553.UP.FTS.B

,

23

.5

%

,

7/10/27

....

5,626

5,517

FW2603700.UP.FTS.B

,

31

.08

%

,

7/10/27

..

1,410

706

FW2602032.UP.FTS.B

,

31

.57

%

,

7/10/27

..

3,743

3,687

L2615143.UP.FTS.B

,

13

.89

%

,

7/11/27

....

2,368

2,310

L2611504.UP.FTS.B

,

16

.36

%

,

7/11/27

....

3,670

3,583

FW2609511.UP.FTS.B

,

18

.92

%

,

7/11/27

..

8,126

8,017

FW2610184.UP.FTS.B

,

23

.94

%

,

7/11/27

..

11,797

11,548

b

FW2613347.UP.FTS.B

,

26

.68

%

,

7/11/27

..

931

44

FW2613777.UP.FTS.B

,

27

.07

%

,

7/11/27

..

1,046

1,025

L2616269.UP.FTS.B

,

19

.1

%

,

7/14/27

....

11,840

11,594

b

L2615913.UP.FTS.B

,

19

.56

%

,

7/14/27

....

4,337

610

L2614826.UP.FTS.B

,

22

.6

%

,

7/14/27

....

3,892

3,828

L2618649.UP.FTS.B

,

24

.27

%

,

7/14/27

....

5,902

5,781

L2615878.UP.FTS.B

,

25

.5

%

,

7/14/27

....

4,415

4,322

FW2617595.UP.FTS.B

,

30

.34

%

,

7/14/27

..

1,108

1,087

L1716174.UP.FTS.B

,

24

.2

%

,

7/15/27

....

8,930

8,751

b

FW1716481.UP.FTS.B

,

26

.69

%

,

7/15/27

..

15,520

1,109

L2618980.UP.FTS.B

,

12

.97

%

,

7/16/27

....

8,847

638

b

FW2617490.UP.FTS.B

,

27

.91

%

,

7/21/27

..

22,943

5,614

FW2603295.UP.FTS.B

,

23

.18

%

,

7/24/27

..

5,504

5,387

FW1714570.UP.FTS.B

,

27

.72

%

,

7/25/27

..

3,588

3,525

FW1882891.UP.FTS.B

,

25

.65

%

,

8/20/27

..

1,117

949

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)

Upstart

Network,

Inc.

(continued)

FW2951315.UP.FTS.B

,

9

.91

%

,

9/14/27

...

$

2,974

$

2,906

L2951595.UP.FTS.B

,

10

.95

%

,

9/14/27

....

2,916

2,849

L2948733.UP.FTS.B

,

13

.2

%

,

9/14/27

....

3,466

3,391

b

L2949275.UP.FTS.B

,

14

.68

%

,

9/14/27

....

2,070

871

L2949507.UP.FTS.B

,

15

.04

%

,

9/14/27

....

5,602

5,483

b

L2949405.UP.FTS.B

,

16

.41

%

,

9/14/27

....

11,870

5,024

L2949925.UP.FTS.B

,

17

.43

%

,

9/14/27

....

5,304

5,238

FW2951370.UP.FTS.B

,

20

.97

%

,

9/14/27

..

5,816

5,722

b

FW2951123.UP.FTS.B

,

24

.74

%

,

9/14/27

..

10,431

753

L2949682.UP.FTS.B

,

25

.05

%

,

9/14/27

....

830

815

b

L2949603.UP.FTS.B

,

25

.51

%

,

9/14/27

....

4,060

293

FW2950395.UP.FTS.B

,

28

.88

%

,

9/14/27

..

12,800

12,666

b

L2048500.UP.FTS.B

,

14

.96

%

,

9/15/27

....

13,351

964

L2047067.UP.FTS.B

,

21

.22

%

,

9/15/27

....

9,920

9,781

FW2049311.UP.FTS.B

,

21

.75

%

,

9/15/27

..

2,775

2,715

FW2046950.UP.FTS.B

,

31

.12

%

,

9/15/27

..

3,853

1,024

b

L2293030.UP.FTS.B

,

8

.8

%

,

10/21/27

....

1,200

766

b

FW2292945.UP.FTS.B

,

31

.23

%

,

10/21/27

.

1,622

408

L2300702.UP.FTS.B

,

15

.45

%

,

10/22/27

...

21,092

12,661

L2300131.UP.FTS.B

,

24

.08

%

,

10/22/27

...

7,955

7,826

L2421701.UP.FTS.B

,

5

.91

%

,

11/13/27

....

10,360

9,980

b

FW2424710.UP.FTS.B

,

21

.52

%

,

11/13/27

.

9,874

1,337

L2432901.UP.FTS.B

,

6

.93

%

,

11/14/27

....

7,018

6,784

L2433991.UP.FTS.B

,

7

.94

%

,

11/14/27

....

2,344

2,285

FW2430164.UP.FTS.B

,

9

.11

%

,

11/14/27

..

2,888

589

FW2429622.UP.FTS.B

,

15

.13

%

,

11/14/27

.

2,209

2,159

FW2435458.UP.FTS.B

,

28

.74

%

,

11/14/27

.

2,776

2,727

L2435424.UP.FTS.B

,

10

.13

%

,

11/21/27

...

2,241

2,183

FW2605935.UP.FTS.B

,

31

.23

%

,

12/10/27

.

3,969

3,901

b

L2611260.UP.FTS.B

,

17

.12

%

,

12/11/27

...

11,844

5,225

L2611326.UP.FTS.B

,

18

.28

%

,

12/11/27

...

4,743

4,641

L2611597.UP.FTS.B

,

25

.33

%

,

12/11/27

...

7,887

7,735

FW2617504.UP.FTS.B

,

30

.27

%

,

12/14/27

.

13,060

12,866

FW2609734.UP.FTS.B

,

31

%

,

12/16/27

...

806

791

FW2607135.UP.FTS.B

,

30

.71

%

,

12/20/27

.

1,597

1,049

L2616852.UP.FTS.B

,

19

.82

%

,

12/28/27

...

3,879

3,794

FW2950242.UP.FTS.B

,

24

.53

%

,

2/14/28

..

1,554

1,530

b

FW2951084.UP.FTS.B

,

30

.63

%

,

2/14/28

..

10,672

4,824

L1718966.UP.FTS.B

,

18

.89

%

,

9/15/28

....

6,119

6,020

L1718702.UP.FTS.B

,

26

.02

%

,

9/15/28

....

3,334

3,340

L2608032.UP.FTS.B

,

17

.27

%

,

2/10/29

....

2,819

2,752

L2605139.UP.FTS.B

,

28

.33

%

,

2/10/29

....

1,655

1,646

L1886617.UP.FTS.B

,

19

.5

%

,

3/20/29

....

7,576

7,445

L2607986.UP.FTS.B

,

25

.66

%

,

7/10/29

....

18,997

6,886

b

L2950058.UP.FTS.B

,

9

.46

%

,

4/14/35

....

202

15

b

L2406128.UP.FTS.B

,

11

.74

%

,

6/18/35

....

219

16

b

L1716921.UP.FTS.B

,

23

.03

%

,

7/15/35

....

367

92

2,702,385

Total

Marketplace

Loans

(Cost

$

13,310,907

)

......................

$6,805,613

a

The

rate

shown

represents

the

yield

at

period

end.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Low

Duration

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

At

July

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

235

$

26,099,688

9/19/25

$

(

110,490

)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

11

1,243,859

9/19/25

(

7,234

)

U.S.

Treasury

2

Year

Notes

.....................

Long

3,347

692,776,706

9/30/25

(

841,001

)

U.S.

Treasury

5

Year

Notes

.....................

Short

375

40,564,453

9/30/25

(

76,648

)

U.S.

Treasury

Long

Bonds

.....................

Short

44

5,024,250

9/19/25

(

61,597

)

Total

Futures

Contracts

......................................................................

$(1,096,970)

*

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

91

At

July

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

A

bbreviations

on

page

171

.

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

$

122,235

$

(

12,541

)

$

134,776

Non-

Investment

Grade

CDX.NA.HY.42

.

5.00%

Quarterly

6/20/29

4,100,000

330,230

159,613

170,617

Non-

Investment

Grade

CDX.NA.HY.43

.

5.00%

Quarterly

12/20/29

8,700,000

659,975

565,427

94,548

Non-

Investment

Grade

CDX.NA.IG.43

..

1.00%

Quarterly

12/20/29

23,050,000

533,421

400,131

133,290

Investment

Grade

CDX.NA.IG.44

..

1.00%

Quarterly

6/20/30

74,825,000

1,707,577

1,250,682

456,895

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,353,438

$2,363,312

$990,126

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

2,080,000

19,324

(

142,057

)

161,381

BB+

Traded

Index

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

5,500,000

496,759

185,143

311,616

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

12,100,000

30,522

(

274,142

)

304,664

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$546,605

$(231,056)

$777,661

Total

Credit

Default

Swap

Contracts

....................................

$3,900,043

$

2,132,256

$1,767,787

(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),

July

31,

2025

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

20.0%

U.S.

Treasury

Notes

,

2.625

%,

1/31/26

...................................................

$

10,000,000

$

9,916,186

2.5

%,

2/28/26

....................................................

2,162,000

2,139,598

4.875

%,

4/30/26

...................................................

18,238,000

18,319,839

4.125

%,

1/31/27

...................................................

20,000,000

20,022,656

4.25

%,

3/15/27

...................................................

11,000,000

11,042,109

4.5

%,

4/15/27

....................................................

15,000,000

15,125,977

Total

U.S.

Government

and

Agency

Securities

(Cost

$

76,299,004

)

.................

76,566,365

Mortgage-Backed

Securities

53.5%

a

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

16.2%

FHLMC

,

6.139

%

-

6.25

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

193,463

195,644

FHLMC

,

6.575

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

6,245,924

6,482,882

FHLMC

,

6.664

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

4,393,615

4,556,262

FHLMC

,

6.672

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

4,204,755

4,344,691

FHLMC

,

6.714

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

2,881,842

2,972,373

FHLMC

,

6.762

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

3,644,463

3,781,037

FHLMC

,

6.776

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

3,498,556

3,631,375

FHLMC

,

6.802

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

3,380,015

3,519,758

FHLMC

,

6.235

%

-

7.768

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

26,713,628

27,527,962

FHLMC

,

6.332

%

-

8.02

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

4,963,557

5,117,811

62,129,795

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.0%

FHLMC

Pool,

30

Year

,

5.5

%,

12/01/54

....................................

1,879,383

1,870,975

FHLMC

Pool,

30

Year

,

6

%,

5/01/53

......................................

1,804,824

1,834,083

3,705,058

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

30.5%

FNMA

,

4.335

%,

(

COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

3,573,326

3,537,505

FNMA

,

5.35

%,

(

1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

28,935

28,826

FNMA

,

4.187

%

-

5.488

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/37

..

1,674,395

1,656,363

FNMA

,

5.05

%

-

5.871

%,

(

3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

....

11,360

11,321

FNMA

,

3.564

%

-

6.031

%,

(

5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

14,657

14,614

FNMA

,

6.321

%,

(

6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

35,912

35,583

FNMA

,

6.57

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

..................

3,504,013

3,622,582

FNMA

,

6.585

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

3,318,176

3,428,280

FNMA

,

6.678

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/35

...................................................

1,798,256

1,857,612

FNMA

,

6.685

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

2,029,515

2,098,612

FNMA

,

6.693

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

5,445,432

5,623,450

FNMA

,

6.695

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

1,949,681

2,023,233

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

93

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

,

6.714

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

$

13,970,089

$

14,559,995

FNMA

,

6.721

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

8,134,746

8,408,197

FNMA

,

6.736

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

2,100,093

2,164,451

FNMA

,

5.433

%

-

7.25

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

-

12/01/37

......................................

8,845,341

8,987,407

FNMA

,

5.208

%

-

7.575

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/27

-

11/01/44

.......................................................

2,243,207

2,282,277

FNMA

,

5.737

%

-

7.744

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

43,010,458

44,046,187

FNMA

,

4.925

%

-

8.01

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/01/25

-

12/01/40

...

12,363,331

12,651,543

117,038,038

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

5.0%

FNMA,

30

Year

,

5.5

%,

4/01/53

.........................................

11,401,723

11,368,341

FNMA,

30

Year

,

5.5

%,

3/01/54

.........................................

1,903,022

1,895,685

FNMA,

30

Year

,

6

%,

7/01/53

...........................................

4,128,321

4,194,300

FNMA,

30

Year

,

6

%,

7/01/55

...........................................

1,801,418

1,827,151

19,285,477

a

Government

National

Mortgage

Association

(GNMA)

Adjustable

Rate

0.0%

†

GNMA

II

,

4.625

%

-

5.625

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

.

228,528

230,749

230,749

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.8%

GNMA

II,

Single-family,

30

Year

,

6

%,

7/20/55

...............................

2,930,000

2,975,090

Total

Mortgage-Backed

Securities

(Cost

$

208,570,353

)

...........................

205,364,207

Agency

Commercial

Mortgage-Backed

Securities

21.7%

Financial

Services

21.7%

b

FHLMC

,

4988

,

AF

,

FRN

,

4.777

%

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

..........

3,216,424

3,172,456

4891

,

AF

,

FRN

,

4.827

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/15/42

...........

4,753,762

4,833,597

413

,

F23

,

FRN

,

5.4

%

,

(

30-day

SOFR

Average

+

1.05

%

),

5/25/54

..............

1,529,406

1,527,412

343

,

F4

,

FRN

,

4.777

%

,

Strip

,

(

30-day

SOFR

Average

+

0.464

%

),

10/15/37

.......

2,999,439

2,961,217

4989

,

FA

,

FRN

,

4.777

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/40

...........

4,105,572

4,054,295

4915

,

FE

,

FRN

,

4.827

%

,

(

30-day

SOFR

Average

+

0.514

%

),

2/15/38

...........

6,616,544

6,535,878

4895

,

GF

,

FRN

,

4.827

%

,

(

30-day

SOFR

Average

+

0.514

%

),

11/15/43

..........

4,717,913

4,655,332

4197

,

KF

,

FRN

,

4.727

%

,

(

30-day

SOFR

Average

+

0.414

%

),

9/15/37

...........

1,271,787

1,226,455

4107

,

KF

,

FRN

,

4.817

%

,

(

30-day

SOFR

Average

+

0.504

%

),

6/15/38

...........

1,428,729

1,413,865

4215

,

KF

,

FRN

,

4.727

%

,

(

30-day

SOFR

Average

+

0.414

%

),

2/15/40

...........

991,223

966,671

4730

,

WF

,

FRN

,

4.777

%

,

(

30-day

SOFR

Average

+

0.464

%

),

8/15/38

...........

2,784,026

2,748,243

4794

,

WF

,

FRN

,

4.777

%

,

(

30-day

SOFR

Average

+

0.464

%

),

3/15/43

...........

2,960,855

2,917,294

b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

5.019

%

,

(

30-day

SOFR

Average

+

0.7

%

),

10/25/30

...........

2,847,188

2,858,236

KF163

,

AS

,

FRN

,

4.899

%

,

(

30-day

SOFR

Average

+

0.58

%

),

4/25/34

...........

2,887,392

2,902,355

KF164

,

AS

,

FRN

,

4.889

%

,

(

30-day

SOFR

Average

+

0.57

%

),

10/25/34

..........

3,891,966

3,896,324

b

FNMA

,

2019-38

,

AF

,

FRN

,

4.827

%

,

(

30-day

SOFR

Average

+

0.514

%

),

7/25/49

.........

3,222,801

3,194,432

2019-59

,

BF

,

FRN

,

4.827

%

,

(

30-day

SOFR

Average

+

0.514

%

),

10/25/49

........

4,921,463

4,870,051

2019-38

,

CF

,

FRN

,

4.914

%

,

(

30-day

SOFR

Average

+

0.564

%

),

7/25/49

.........

1,219,846

1,186,019

2021-44

,

FA

,

FRN

,

4.513

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/45

...........

3,969,019

3,877,406

2024-98

,

FA

,

FRN

,

5.5

%

,

(

30-day

SOFR

Average

+

1.15

%

),

12/25/53

...........

936,036

937,887

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.

94

At

July

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

171

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b

FNMA,

(continued)

2024-103

,

FB

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/55

...........

$

2,608,779

$

2,605,761

2024-105

,

FC

,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

1/25/55

............

2,746,669

2,745,648

2025-55

,

FG

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

7/25/55

...........

1,985,796

1,985,133

2020-54

,

WF

,

FRN

,

4.254

%

,

(

30-day

SOFR

Average

+

0.564

%

),

8/25/50

........

2,731,468

2,598,849

2021-8

,

YF

,

FRN

,

4.513

%

,

(

30-day

SOFR

Average

+

0.2

%

),

3/25/61

............

7,963,571

7,990,457

2021-36

,

YF

,

FRN

,

4.513

%

,

(

30-day

SOFR

Average

+

0.2

%

),

6/25/61

...........

3,948,954

3,990,392

b

GNMA

,

2010-12

,

FD

,

FRN

,

5.054

%

,

(

1-month

SOFR

+

0.714

%

),

1/16/40

..........

471,435

471,600

83,123,265

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

83,819,403

)

.........

83,123,265

Total

Long

Term

Investments

(Cost

$

368,688,760

)

...............................

365,053,837

a

a

a

a

a

Short

Term

Investments

3.9%

Shares

a

Money

Market

Funds

3.9%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..................

15,086,636

15,086,636

Total

Money

Market

Funds

(Cost

$

15,086,636

)

..................................

15,086,636

Total

Short

Term

Investments

(Cost

$

15,086,636

)

................................

15,086,636

a

Total

Investments

(Cost

$

383,775,396

)

99.1

%

...................................

$380,140,473

Other

Assets,

less

Liabilities

0.9

%

.............................................

3,374,918

Net

Assets

100.0%

...........................................................

$383,515,391

†

Rounds

to

less

than

0.1%

of

net

assets.

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

$

8,707,016

9/19/25

$

(

50,640

)

U.S.

Treasury

2

Year

Notes

.....................

Long

581

120,257,922

9/30/25

(

154,566

)

U.S.

Treasury

Long

Bonds

.....................

Short

21

2,397,938

9/19/25

(

45,969

)

Total

Futures

Contracts

......................................................................

$(251,175)

*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Managed

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

36.2%

Aerospace

&

Defense

2.0%

a

Boeing

Co.

(The)

...................................

United

States

40,000

$

8,873,600

Lockheed

Martin

Corp.

...............................

United

States

75,000

31,573,500

RTX

Corp.

........................................

United

States

155,000

24,423,350

64,870,450

Air

Freight

&

Logistics

0.5%

United

Parcel

Service,

Inc.

,

B

..........................

United

States

175,000

15,078,000

Banks

1.9%

Bank

of

America

Corp.

...............................

United

States

500,000

23,635,000

Fifth

Third

Bancorp

..................................

United

States

300,000

12,471,000

Truist

Financial

Corp.

................................

United

States

350,000

15,298,500

US

Bancorp

.......................................

United

States

250,000

11,240,000

62,644,500

Beverages

2.1%

Coca-Cola

Co.

(The)

.................................

United

States

300,000

20,367,000

PepsiCo,

Inc.

......................................

United

States

350,000

48,272,000

68,639,000

Biotechnology

1.8%

AbbVie,

Inc.

.......................................

United

States

165,000

31,188,300

Amgen,

Inc.

.......................................

United

States

100,000

29,510,000

60,698,300

Building

Products

0.6%

Johnson

Controls

International

plc

.......................

United

States

200,000

21,000,000

Capital

Markets

0.6%

Morgan

Stanley

.....................................

United

States

150,000

21,369,000

Chemicals

0.9%

Air

Products

and

Chemicals,

Inc.

........................

United

States

100,000

28,788,000

Communications

Equipment

1.1%

Cisco

Systems,

Inc.

.................................

United

States

525,000

35,742,000

Consumer

Staples

Distribution

&

Retail

0.1%

Target

Corp.

.......................................

United

States

37,500

3,768,750

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

..........................

United

States

100,000

4,276,000

Electric

Utilities

3.7%

Duke

Energy

Corp.

..................................

United

States

300,000

36,492,000

Edison

International

.................................

United

States

350,000

18,242,000

NextEra

Energy,

Inc.

.................................

United

States

275,000

19,541,500

Southern

Co.

(The)

..................................

United

States

500,000

47,240,000

121,515,500

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

.....................................

United

States

300,000

6,720,000

Food

Products

0.7%

Nestle

SA

,

ADR

....................................

United

States

250,000

21,745,000

Ground

Transportation

1.0%

Union

Pacific

Corp.

..................................

United

States

150,000

33,295,500

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

0.3%

Medtronic

plc

......................................

United

States

125,000

$

11,280,000

Health

Care

Providers

&

Services

0.4%

CVS

Health

Corp.

...................................

United

States

200,000

12,420,000

Hotels,

Restaurants

&

Leisure

0.8%

McDonald's

Corp.

...................................

United

States

50,000

15,003,500

Starbucks

Corp.

....................................

United

States

115,000

10,253,400

25,256,900

Household

Products

0.9%

Procter

&

Gamble

Co.

(The)

...........................

United

States

200,000

30,094,000

IT

Services

0.7%

International

Business

Machines

Corp.

...................

United

States

85,000

21,517,750

Metals

&

Mining

0.5%

Rio

Tinto

plc

,

ADR

...................................

Australia

250,000

14,942,500

Multi-Utilities

0.6%

Sempra,

Inc.

.......................................

United

States

250,000

20,420,000

Oil,

Gas

&

Consumable

Fuels

5.4%

Chevron

Corp.

.....................................

United

States

450,000

68,238,000

ConocoPhillips

.....................................

United

States

75,000

7,150,500

Exxon

Mobil

Corp.

...................................

United

States

600,000

66,984,000

Shell

plc

,

ADR

......................................

United

States

250,000

18,052,500

TotalEnergies

SE

,

ADR

...............................

France

275,000

16,376,250

176,801,250

Pharmaceuticals

3.9%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

250,000

18,272,500

Johnson

&

Johnson

.................................

United

States

300,000

49,422,000

Merck

&

Co.,

Inc.

...................................

United

States

550,000

42,966,000

Pfizer,

Inc.

.........................................

United

States

750,000

17,467,500

128,128,000

Semiconductors

&

Semiconductor

Equipment

2.9%

Analog

Devices,

Inc.

.................................

United

States

200,000

44,926,000

Texas

Instruments,

Inc.

...............................

United

States

275,000

49,791,500

94,717,500

Specialty

Retail

1.5%

Home

Depot,

Inc.

(The)

...............................

United

States

135,000

49,613,850

Tobacco

1.0%

Philip

Morris

International,

Inc.

.........................

United

States

200,000

32,810,000

Total

Common

Stocks

(Cost

$

930,888,254

)

...................................

1,188,151,750

Equity-Linked

Securities

8.6%

Aerospace

&

Defense

0.2%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5

%

,

12/08/25

...............................

United

States

40,000

7,056,377

Broadline

Retail

0.5%

b

Barclays

Bank

plc

into

Amazon.com,

Inc.

,

144A,

10

%

,

3/25/26

..

United

States

80,000

17,455,096

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Communications

Equipment

0.2%

b

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/17/25

.........................................

United

States

100,000

$

5,462,900

Consumer

Staples

Distribution

&

Retail

0.8%

b

Wells

Fargo

Bank

NA

into

Target

Corp.

,

144A,

10

%

,

5/13/26

...

United

States

275,000

27,380,049

Energy

Equipment

&

Services

0.4%

b

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

10

%

,

11/26/25

........................................

United

States

330,000

11,477,579

Health

Care

Providers

&

Services

0.4%

b

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

10

%

,

7/01/26

.........................................

United

States

55,000

14,585,922

Hotels,

Restaurants

&

Leisure

0.3%

b

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

9

%

,

1/12/26

.........................................

United

States

115,000

10,466,162

Media

0.8%

b

JPMorgan

Chase

Bank

NA

into

Comcast

Corp.

,

144A,

8.5

%

,

9/02/25

.........................................

United

States

800,000

26,789,703

Metals

&

Mining

1.0%

b

Merrill

Lynch

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

5/12/26

.........................................

United

States

805,000

31,426,921

Oil,

Gas

&

Consumable

Fuels

0.4%

b

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

4/07/26

.........................................

United

States

130,000

14,566,196

Semiconductors

&

Semiconductor

Equipment

2.1%

b

Goldman

Sachs

Bank

USA

into

Applied

Materials,

Inc.

,

144A,

10

%

,

5/05/26

.....................................

United

States

135,000

21,429,548

b

Merrill

Lynch

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

11

%

,

5/06/26

.........................................

United

States

125,000

14,003,485

b

Royal

Bank

of

Canada

into

Microchip

Technology,

Inc.

,

144A,

11

%

,

5/05/26

.....................................

United

States

355,000

19,380,754

b

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

9

%

,

7/21/26

.........................................

United

States

68,000

13,071,320

67,885,107

Software

1.2%

b

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5

%

,

10/06/25

....

United

States

45,000

21,059,551

b

Merrill

Lynch

BV

into

Microsoft

Corp.

,

144A,

7

%

,

3/09/26

......

United

States

40,000

17,773,862

38,833,413

Textiles,

Apparel

&

Luxury

Goods

0.3%

b

Goldman

Sachs

International

Bank

into

NIKE,

Inc.

,

144A,

9

%

,

3/31/26

.........................................

United

States

128,000

9,663,832

Total

Equity-Linked

Securities

(Cost

$

274,033,095

)

............................

283,049,257

Convertible

Preferred

Stocks

2.2%

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

,

6

%

................................

United

States

450,000

31,815,000

Chemicals

0.6%

Albemarle

Corp.

,

7.25

%

..............................

United

States

575,000

19,527,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

(continued)

Electric

Utilities

0.6%

NextEra

Energy,

Inc.

,

7.234

%

..........................

United

States

475,000

$

21,014,000

Total

Convertible

Preferred

Stocks

(Cost

$

61,838,860

)

.........................

72,356,000

Principal

Amount

*

Convertible

Bonds

0.1%

Electric

Utilities

0.1%

b

Southern

Co.

(The)

,

Senior

Note

,

144A,

3.25

%

,

6/15/28

......

United

States

4,000,000

4,044,000

Total

Convertible

Bonds

(Cost

$

4,000,000

)

...................................

4,044,000

Corporate

Bonds

32.2%

Automobiles

0.5%

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

...........

United

States

15,000,000

15,305,416

Banks

4.8%

Bank

of

America

Corp.

,

Senior

Bond

,

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

.................................

United

States

15,000,000

15,807,652

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

10,000,000

10,372,788

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

..

United

Kingdom

15,000,000

15,866,251

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

10,000,000

10,774,469

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

15,000,000

15,378,004

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

.................................

United

States

10,000,000

10,511,762

JPMorgan

Chase

&

Co.

,

c

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,476,730

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

10,000,000

10,855,568

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

10,000,000

10,635,166

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

.................................

United

States

10,000,000

10,006,417

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

........................................

United

States

10,000,000

10,486,770

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

.................................

United

States

25,000,000

25,587,544

156,759,121

Biotechnology

0.9%

AbbVie,

Inc.

,

Senior

Bond

,

4.55

%

,

3/15/35

................

United

States

15,000,000

14,498,858

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

.................

United

States

15,000,000

15,305,130

29,803,988

Building

Products

0.6%

Carrier

Global

Corp.

,

Senior

Bond

,

5.9

%

,

3/15/34

...........

United

States

20,000,000

21,187,162

Capital

Markets

2.3%

Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

.............................

United

States

10,000,000

10,603,316

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

13,215,867

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

10,000,000

11,053,250

Morgan

Stanley

,

Senior

Bond

,

2.699%

to

1/21/30,

FRN

thereafter

,

1/22/31

...

United

States

10,000,000

9,218,726

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley,

(continued)

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

15,000,000

$

16,259,608

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

...

United

States

15,000,000

15,367,736

75,718,503

Chemicals

0.3%

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

........

United

States

10,000,000

10,614,094

Consumer

Finance

2.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

..........................

Ireland

20,000,000

18,102,567

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

10,000,000

10,079,506

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

10,000,000

10,448,701

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6

%

,

6/21/30

..........................

United

States

20,000,000

18,799,760

Senior

Bond

,

6.4

%

,

1/09/33

..........................

United

States

10,000,000

10,530,958

67,961,492

Diversified

REITs

0.6%

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

12/01/29

..................................

United

States

20,000,000

19,609,403

Electric

Utilities

3.3%

d

Edison

International

,

Senior

Note

,

6.95

%

,

11/15/29

..........

United

States

20,000,000

20,871,397

b

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

7

%

,

3/15/33

...

United

States

10,000,000

10,978,650

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55

%

,

7/01/30

.........................

United

States

20,000,000

19,626,294

Senior

Bond

,

6.15

%

,

1/15/33

.........................

United

States

10,000,000

10,390,660

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

10/15/32

...........

United

States

15,000,000

15,741,649

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

.........................................

United

States

30,000,000

29,544,932

107,153,582

Electrical

Equipment

0.6%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05

%

,

4/15/28

..........

United

States

20,000,000

20,612,446

Electronic

Equipment,

Instruments

&

Components

0.6%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

..................

United

States

20,000,000

20,014,988

Food

Products

1.2%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3.75

%

,

12/01/31

........................

United

States

5,000,000

4,661,269

Senior

Note

,

6.75

%

,

3/15/34

.........................

United

States

15,000,000

16,337,145

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25

%

,

4/15/31

..........

United

States

21,000,000

20,088,751

41,087,165

Ground

Transportation

0.8%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

.....................

United

Kingdom

15,000,000

15,204,803

Senior

Bond

,

144A,

5.95

%

,

10/15/33

...................

United

Kingdom

10,000,000

10,382,397

25,587,200

Health

Care

Providers

&

Services

2.2%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

.............

United

States

25,000,000

23,789,752

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

b

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

3

%

,

12/01/31

.....................................

Germany

20,000,000

$

17,454,370

HCA,

Inc.

,

Senior

Bond

,

5.5

%

,

6/01/33

...................

United

States

15,000,000

15,317,835

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

...............

United

States

15,000,000

15,516,010

72,077,967

Health

Care

REITs

0.6%

Healthpeak

OP

LLC

,

Senior

Note

,

5.25

%

,

12/15/32

..........

United

States

20,000,000

20,295,145

Insurance

1.3%

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

.........

United

States

25,000,000

21,957,591

b

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

.........................................

United

States

10,000,000

10,400,506

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4

%

,

12/15/36

.............

United

States

10,000,000

10,426,900

42,784,997

Machinery

0.6%

Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7

%

,

8/14/33

............

United

States

20,000,000

20,901,721

Metals

&

Mining

0.8%

ArcelorMittal

SA

,

Senior

Note

,

6.55

%

,

11/29/27

.............

Luxembourg

10,000,000

10,397,391

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625

%

,

8/01/30

......

United

States

15,000,000

14,882,775

25,280,166

Multi-Utilities

0.5%

Sempra,

Inc.

,

Senior

Bond

,

5.5

%

,

8/01/33

.................

United

States

15,000,000

15,340,983

Oil,

Gas

&

Consumable

Fuels

1.4%

Energy

Transfer

LP

,

Senior

Bond

,

5.75

%

,

2/15/33

...........

United

States

15,000,000

15,537,538

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375

%

,

9/01/28

....

United

States

10,000,000

10,364,619

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65

%

,

3/15/33

.......

United

States

20,000,000

20,719,166

46,621,323

Passenger

Airlines

0.8%

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

..............................

United

States

25,000,000

25,023,241

Pharmaceuticals

0.5%

Viatris,

Inc.

,

Senior

Note

,

2.7

%

,

6/22/30

...................

United

States

20,000,000

17,737,475

Semiconductors

&

Semiconductor

Equipment

1.0%

Broadcom,

Inc.

,

Senior

Bond

,

4.3

%

,

11/15/32

.........................

United

States

10,000,000

9,669,809

b

Senior

Bond

,

144A,

3.469

%

,

4/15/34

...................

United

States

20,000,000

17,782,132

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875

%

,

2/09/33

.......

United

States

5,000,000

5,201,818

32,653,759

Software

0.9%

Oracle

Corp.

,

Senior

Bond

,

6.25

%

,

11/09/32

........................

United

States

10,000,000

10,767,640

Senior

Bond

,

3.9

%

,

5/15/35

..........................

United

States

20,000,000

17,939,114

28,706,754

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialized

REITs

0.6%

American

Tower

Corp.

,

Senior

Bond

,

5.9

%

,

11/15/33

.........

United

States

10,000,000

$

10,545,285

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1

%

,

5/01/33

.............

United

States

10,000,000

9,957,630

20,502,915

Specialty

Retail

0.3%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

...............

United

States

10,000,000

10,076,678

Technology

Hardware,

Storage

&

Peripherals

0.5%

HP,

Inc.

,

Senior

Bond

,

5.5

%

,

1/15/33

.....................

United

States

15,000,000

15,289,840

Tobacco

0.9%

BAT

Capital

Corp.

,

Senior

Bond

,

7.75

%

,

10/19/32

...........

United

Kingdom

25,000,000

28,840,201

Trading

Companies

&

Distributors

0.7%

b

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

.....................................

United

States

22,500,000

22,920,548

Total

Corporate

Bonds

(Cost

$

993,780,652

)

...................................

1,056,468,273

U.S.

Government

and

Agency

Securities

3.7%

U.S.

Treasury

Bonds

,

e

5

%

,

8/15/54

.....................................

United

States

265,000,000

64,269,862

4.75

%,

5/15/55

...................................

United

States

60,000,000

58,692,187

Total

U.S.

Government

and

Agency

Securities

(Cost

$

123,681,487

)

..............

122,962,049

Asset-Backed

Securities

0.2%

Passenger

Airlines

0.2%

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875

%

,

10/15/27

.........................

United

States

3,687,771

3,761,154

2020-1

,

B

,

4.875

%

,

7/15/27

..........................

United

States

3,369,000

3,364,265

7,125,419

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

7,056,771

)

..............................

7,125,419

Mortgage-Backed

Securities

15.1%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

3.8%

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

......................

United

States

15,574,864

15,228,712

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

.....................

United

States

23,378,678

22,771,578

FHLMC

Pool,

30

Year

,

5.5

%,

7/01/53

.....................

United

States

43,919,445

43,813,707

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/53

-

2/01/55

............

United

States

38,086,105

37,930,866

FHLMC

Pool,

30

Year

,

6

%,

2/01/55

......................

United

States

4,748,823

4,818,173

124,563,036

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

3.6%

FNMA,

30

Year

,

4

%,

8/01/49

...........................

United

States

864,357

811,472

FNMA,

30

Year

,

5

%,

5/01/53

...........................

United

States

15,476,537

15,127,431

FNMA,

30

Year

,

5

%,

11/01/53

..........................

United

States

37,734,693

36,820,125

FNMA,

30

Year

,

5.5

%,

11/01/54

.........................

United

States

10,304,132

10,258,032

FNMA,

30

Year

,

6

%,

5/01/53

...........................

United

States

36,995,163

37,649,232

FNMA,

30

Year

,

6

%,

8/01/55

...........................

United

States

17,500,000

17,749,985

118,416,277

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

7.7%

GNMA

II,

Single-family,

30

Year

,

5.5

%,

2/20/55

.............

United

States

98,452,396

98,279,402

GNMA

II,

Single-family,

30

Year

,

5.5

%,

5/20/55

-

6/20/55

......

United

States

22,640,258

22,599,684

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

See

Abbreviations

on

page

171

.

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

,

6

%,

2/20/55

...............

United

States

49,095,595

$

49,810,224

GNMA

II,

Single-family,

30

Year

,

6

%,

3/20/55

...............

United

States

54,359,078

55,150,321

GNMA

II,

Single-family,

30

Year

,

6

%,

1/20/55

-

6/20/55

.......

United

States

27,184,098

27,579,786

253,419,417

Total

Mortgage-Backed

Securities

(Cost

$

494,997,510

)

.........................

496,398,730

Total

Long

Term

Investments

(Cost

$

2,890,276,629

)

...........................

3,230,555,478

a

Short

Term

Investments

1.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.9%

e

U.S.

Treasury

Bills

,

3

.92

%

,

8/12/25

......................

United

States

30,000,000

29,960,858

Total

U.S.

Government

and

Agency

Securities

(Cost

$

29,960,988

)

...............

29,960,858

Shares

Money

Market

Funds

0.2%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

4,963,155

4,963,155

Total

Money

Market

Funds

(Cost

$

4,963,155

)

.................................

4,963,155

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

3,666,000

3,666,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

3,666,000

)

..........................................................

3,666,000

Total

Short

Term

Investments

(Cost

$

38,590,143

)

..............................

38,590,013

a

Total

Investments

(Cost

$

2,928,866,772

)

99.5

%

................................

$3,269,145,491

Other

Assets,

less

Liabilities

0.5

%

...........................................

15,936,444

Net

Assets

100.0%

.........................................................

$3,285,081,935

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$466,394,239,

representing

14.2%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

A

portion

or

all

of

the

security

is

on

loan

at

July

31,

2025.

e

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Managed

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

.

f

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Total

Return

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

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

118,414

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

83,833

3,102

Machinery

0.0%

†

a

UTEX

Industries,

Inc.

................................

United

States

4,843

233,441

Total

Common

Stocks

(Cost

$

1,220,667

)

.....................................

354,957

Preferred

Stocks

0.1%

Banks

0.1%

Citigroup

Capital

XIII

,

10.942

%

.........................

United

States

93,000

2,740,710

Total

Preferred

Stocks

(Cost

$

2,325,000

)

.....................................

2,740,710

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

,

12/05/25

.........................

United

States

415

1

Total

Warrants

(Cost

$

366

)

.................................................

1

Principal

Amount

*

Corporate

Bonds

40.9%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

Senior

Bond

,

3.625

%

,

2/01/31

........................

United

States

6,500,000

6,135,459

Senior

Note

,

5.15

%

,

5/01/30

.........................

United

States

13,500,000

13,722,218

d

Bombardier,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

6/15/33

.........

Canada

975,000

1,003,344

d

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

1,100,000

1,124,801

Howmet

Aerospace,

Inc.

,

Senior

Note

,

4.85

%

,

10/15/31

.......

United

States

2,400,000

2,430,231

24,416,053

Automobiles

0.2%

d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35

%

,

3/19/29

....................

United

States

1,600,000

1,629,747

Senior

Note

,

144A,

5.4

%

,

6/23/32

.....................

United

States

4,900,000

4,977,082

6,606,829

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

2,546,086

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

.........

Spain

3,600,000

3,205,786

Bank

of

America

Corp.

,

Senior

Bond

,

2.592%

to

4/28/30,

FRN

thereafter

,

4/29/31

...

United

States

6,700,000

6,126,709

Senior

Bond

,

1.922%

to

10/23/30,

FRN

thereafter

,

10/24/31

.

United

States

5,300,000

4,623,782

Senior

Bond

,

2.972%

to

2/03/32,

FRN

thereafter

,

2/04/33

...

United

States

7,500,000

6,716,173

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

10,000,000

10,266,958

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

1,434,000

1,314,828

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

d

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

................................

France

9,500,000

$

9,195,206

Senior

Non-Preferred

Note

,

144A,

5.716%

to

1/17/29,

FRN

thereafter

,

1/18/30

.................................

France

7,000,000

7,198,023

d

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.885%

to

7/02/30,

FRN

thereafter

,

7/03/31

......................

Spain

5,200,000

5,213,612

Citigroup,

Inc.

,

Senior

Bond

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

...

United

States

8,000,000

7,256,826

Senior

Bond

,

3.057%

to

1/24/32,

FRN

thereafter

,

1/25/33

...

United

States

16,100,000

14,425,457

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

7,039,824

HSBC

Holdings

plc

,

Senior

Bond

,

3.973%

to

5/21/29,

FRN

thereafter

,

5/22/30

.................................

United

Kingdom

6,500,000

6,330,836

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.493%

to

3/23/30,

FRN

thereafter

,

3/24/31

...

United

States

17,100,000

17,046,837

Senior

Bond

,

2.58%

to

4/21/31,

FRN

thereafter

,

4/22/32

....

United

States

1,700,000

1,518,009

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

9,300,000

9,511,802

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

1,985,000

2,015,678

Lloyds

Banking

Group

plc

,

Senior

Note

,

5.871%

to

3/05/28,

FRN

thereafter

,

3/06/29

.................................

United

Kingdom

5,300,000

5,464,406

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

6,000,000

6,205,218

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

3,800,000

3,845,118

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

6,500,000

6,329,000

d

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.................................

France

10,800,000

10,526,338

Senior

Non-Preferred

Note

,

144A,

6.446%

to

1/09/28,

FRN

thereafter

,

1/10/29

.................................

France

6,500,000

6,750,770

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

...

Canada

12,000,000

12,075,691

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..

United

States

4,950,000

5,344,292

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

4,400,000

4,524,741

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

....

United

States

9,000,000

8,241,262

Senior

Bond

,

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

7,500,000

7,688,865

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

5,200,000

5,311,695

203,859,828

Biotechnology

1.2%

AbbVie,

Inc.

,

Senior

Note

,

3.2

%

,

11/21/29

.................

United

States

3,000,000

2,860,902

Amgen,

Inc.

,

Senior

Bond

,

5.25

%

,

3/02/33

.................

United

States

14,300,000

14,590,891

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

.................

United

States

6,900,000

6,192,738

d

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25

%

,

4/27/32

........

Australia

6,500,000

6,331,240

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75

%

,

9/15/30

United

States

7,500,000

6,514,415

36,490,186

Broadline

Retail

0.0%

a

,d

,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

3

%

,

12/31/22

........................................

South

Africa

2,492,650

—

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Broadline

Retail

(continued)

a

,d

,e

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

25

%

,

12/31/22

....................................

South

Africa

1,098,025

$

—

—

Building

Products

0.3%

d

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

1/31/31

...................................

United

States

175,000

175,708

d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

2,600,000

2,656,186

Owens

Corning

,

Senior

Bond

,

3.875

%

,

6/01/30

.............

United

States

6,500,000

6,275,945

d

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

3/01/33

....................

United

States

150,000

153,940

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

............

United

States

300,000

307,875

d

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

8/01/33

.........................................

United

States

825,000

833,494

10,403,148

Capital

Markets

2.4%

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371

%

,

9/09/27

...

Germany

9,500,000

9,702,881

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

13,215,867

Senior

Bond

,

3.102%

to

2/23/32,

FRN

thereafter

,

2/24/33

...

United

States

6,500,000

5,845,627

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

9,700,000

9,395,135

d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

.............................

United

States

1,150,000

1,141,852

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...

United

States

15,200,000

13,034,397

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

8,650,000

8,864,305

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

542,000

559,347

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25

%

,

4/01/29

...................................

United

States

2,500,000

2,561,848

d

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

305,000

310,699

d

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

3/01/31

United

States

700,000

736,051

d

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

6,500,000

6,665,737

72,033,746

Chemicals

0.2%

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

6,500,000

7,006,500

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Bond

,

5

%

,

4/01/34

...........

United

States

6,500,000

6,568,760

Communications

Equipment

0.5%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75

%

,

5/24/31

........

United

States

16,800,000

15,089,977

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.........................

Ireland

11,300,000

9,929,148

d

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9

%

,

10/10/30

Ireland

3,265,000

3,254,423

d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

4,800,000

4,926,504

18,110,075

Consumer

Staples

Distribution

&

Retail

0.4%

Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2

%

,

5/15/28

..........................

United

States

8,000,000

7,926,695

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Dollar

Tree,

Inc.,

(continued)

Senior

Bond

,

2.65

%

,

12/01/31

........................

United

States

3,300,000

$

2,907,121

10,833,816

Containers

&

Packaging

0.2%

d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

775,000

794,216

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

..................

United

States

4,700,000

4,124,643

4,918,859

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

5.125

%

,

11/15/31

..........

United

States

9,000,000

8,997,927

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

.................

United

States

21,000,000

17,515,824

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.05

%

,

5/09/33

.........................

United

States

6,500,000

6,561,130

Senior

Note

,

2.355

%

,

3/15/32

........................

United

States

9,000,000

7,740,040

31,816,994

Electric

Utilities

3.5%

d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

....................

United

Kingdom

3,600,000

3,639,182

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45

%

,

1/15/38

.....

United

States

700,000

771,277

Duke

Energy

Corp.

,

Senior

Bond

,

2.45

%

,

6/01/30

.........................

United

States

2,900,000

2,629,017

Senior

Bond

,

4.5

%

,

8/15/32

..........................

United

States

2,000,000

1,958,656

Senior

Bond

,

5.75

%

,

9/15/33

.........................

United

States

6,500,000

6,818,111

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4

%

,

6/15/38

.......

United

States

1,300,000

1,419,710

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

........

United

States

1,300,000

1,328,754

d

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8

%

,

9/15/37

Italy

3,000,000

3,320,034

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

................

United

States

8,400,000

8,246,154

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

2.44

%

,

1/15/32

.........................

United

States

9,000,000

7,792,519

Senior

Note

,

5.3

%

,

3/15/32

..........................

United

States

7,370,000

7,570,008

Pacific

Gas

and

Electric

Co.

,

f

Senior

Note

,

FRN

,

5.34

%

,

(

SOFR

Index

+

0.95

%

),

9/04/25

..

United

States

10,400,000

10,402,135

Senior

Secured

Bond

,

3.25

%

,

6/01/31

..................

United

States

7,300,000

6,599,703

Southern

Co.

(The)

,

A

,

Senior

Bond

,

3.7

%

,

4/30/30

..........

United

States

10,500,000

10,123,130

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5

%

,

4/01/33

...........................

United

States

7,900,000

7,963,392

Senior

Bond

,

6.35

%

,

11/30/37

........................

United

States

520,000

561,283

d

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

..............

United

States

10,000,000

9,848,311

Senior

Secured

Bond

,

144A,

6.95

%

,

10/15/33

............

United

States

2,000,000

2,200,410

Xcel

Energy,

Inc.

,

Senior

Bond

,

4.6

%

,

6/01/32

..........................

United

States

8,200,000

8,010,449

Senior

Bond

,

5.45

%

,

8/15/33

.........................

United

States

5,500,000

5,582,599

106,784,834

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

.................

United

States

2,400,000

2,329,086

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

0.3%

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

........................

United

States

7,500,000

$

7,505,621

Senior

Note

,

5.25

%

,

1/15/32

.........................

United

States

900,000

910,859

8,416,480

Entertainment

0.1%

Netflix,

Inc.

,

Senior

Bond

,

4.9

%

,

8/15/34

..................

United

States

3,400,000

3,438,097

Financial

Services

1.1%

Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05

%

,

9/15/33

.......

United

States

6,000,000

6,314,589

Fiserv,

Inc.

,

Senior

Bond

,

3.5

%

,

7/01/29

..........................

United

States

1,200,000

1,151,890

Senior

Bond

,

2.65

%

,

6/01/30

.........................

United

States

9,100,000

8,300,916

Senior

Bond

,

5.625

%

,

8/21/33

........................

United

States

6,500,000

6,700,228

d

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

1,050,000

1,074,874

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

3,200,000

3,379,933

d

NTT

Finance

Corp.

,

Senior

Note

,

144A,

4.876

%

,

7/16/30

......

Japan

3,540,000

3,561,223

d

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

1,810,000

1,840,241

d

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

1,075,000

1,097,826

33,421,720

Food

Products

0.9%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

2,000,000

1,895,457

Senior

Note

,

3.625

%

,

1/15/32

........................

United

States

2,500,000

2,289,362

Senior

Note

,

5.75

%

,

4/01/33

.........................

United

States

6,500,000

6,669,647

d

Mars,

Inc.

,

Senior

Note

,

144A,

5.2

%

,

3/01/35

...............

United

States

10,630,000

10,686,839

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

4.95

%

,

4/15/33

.........

United

States

7,000,000

7,018,706

28,560,011

Ground

Transportation

0.2%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

6.15

%

,

5/01/37

United

States

6,000,000

6,517,916

Health

Care

Equipment

&

Supplies

0.4%

Baxter

International,

Inc.

,

Senior

Bond

,

2.539

%

,

2/01/32

......

United

States

7,500,000

6,521,002

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65

%

,

6/01/30

........

United

States

6,000,000

5,535,387

12,056,389

Health

Care

Providers

&

Services

2.2%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

................

United

States

2,500,000

2,179,040

Cigna

Group

(The)

,

Senior

Bond

,

5.25

%

,

2/15/34

...........

United

States

6,500,000

6,567,871

CVS

Health

Corp.

,

Senior

Bond

,

5.3

%

,

6/01/33

..........................

United

States

5,000,000

5,028,487

Senior

Bond

,

4.78

%

,

3/25/38

.........................

United

States

3,200,000

2,925,780

Senior

Bond

,

2.7

%

,

8/21/40

..........................

United

States

2,000,000

1,380,862

d

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

...................

United

States

4,900,000

4,676,276

Senior

Note

,

144A,

6.875

%

,

9/01/32

...................

United

States

1,500,000

1,543,273

Elevance

Health,

Inc.

,

Senior

Bond

,

4.75

%

,

2/15/33

.........

United

States

7,000,000

6,900,740

HCA,

Inc.

,

Senior

Note

,

3.625

%

,

3/15/32

..................

United

States

9,000,000

8,286,137

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6

%

,

5/08/34

.

United

States

500,000

511,940

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266

%

,

11/01/49

........................................

United

States

11,270,000

$

7,778,225

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

4,600,000

4,454,848

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746

%

,

10/01/26

........................................

United

States

8,875,000

8,695,777

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.15

%

,

7/15/34

.......

United

States

6,000,000

6,020,639

66,949,895

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

4.75

%

,

4/15/35

.........................

United

States

6,500,000

6,215,250

Senior

Bond

,

5.25

%

,

5/15/36

.........................

United

States

2,600,000

2,561,822

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5

%

,

3/15/31

...............................

United

States

1,400,000

954,285

9,731,357

Health

Care

Technology

0.2%

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25

%

,

2/01/29

...........

United

States

4,300,000

4,496,540

Hotel

&

Resort

REITs

0.2%

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/32

...............................

United

States

5,900,000

6,030,184

d

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

1,425,000

1,450,118

7,480,302

Hotels,

Restaurants

&

Leisure

0.4%

d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

........................................

United

States

6,500,000

6,147,367

d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

1,800,000

1,826,931

d

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75

%

,

2/01/32

..........

United

States

600,000

616,647

Starbucks

Corp.

,

Senior

Bond

,

2.55

%

,

11/15/30

.............

United

States

2,500,000

2,261,577

10,852,522

Household

Durables

0.3%

Newell

Brands,

Inc.

,

Senior

Note

,

6.375

%

,

5/15/30

........................

United

States

100,000

97,154

Senior

Note

,

6.625

%

,

5/15/32

........................

United

States

75,000

71,912

d

Senior

Note

,

144A,

8.5

%

,

6/01/28

.....................

United

States

350,000

367,631

PulteGroup,

Inc.

,

Senior

Bond

,

6

%

,

2/15/35

................

United

States

6,500,000

6,769,538

d

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

2,800,000

2,696,841

10,003,076

Independent

Power

and

Renewable

Electricity

Producers

0.5%

d

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

880,000

895,722

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

5.8

%

,

3/01/33

..........................

United

States

4,000,000

4,225,695

Senior

Bond

,

6.125

%

,

1/15/34

........................

United

States

8,950,000

9,631,035

14,752,452

Insurance

2.4%

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

.........................................

United

States

1,600,000

1,670,486

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

................

United

States

6,500,000

6,689,325

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

5

%

,

2/15/32

..........

United

States

2,625,000

$

2,648,169

d

Athene

Global

Funding

,

Secured

Note

,

144A,

5.033

%

,

7/17/30

.

United

States

4,550,000

4,578,062

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375

%

,

3/15/31

........................

United

States

5,500,000

4,830,670

Senior

Bond

,

5.55

%

,

6/23/35

.........................

United

States

1,605,000

1,623,287

Senior

Note

,

5.25

%

,

6/23/32

.........................

United

States

895,000

905,849

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

6,500,000

6,452,168

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

United

States

3,400,000

3,530,845

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

2,600,000

2,679,738

d

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85

%

,

5/15/30

United

States

3,000,000

2,772,882

d

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

.........................................

United

States

6,500,000

6,760,329

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05

%

,

1/06/28

...................

United

States

10,300,000

10,478,970

Secured

Note

,

144A,

4.3

%

,

8/25/29

....................

United

States

3,700,000

3,675,096

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5

%

,

1/11/31

.....

United

States

6,900,000

7,117,576

d

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875

%

,

4/15/34

.........................................

United

States

4,400,000

4,725,181

71,138,633

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.95

%

,

5/15/33

..........

United

States

1,200,000

1,222,866

d

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

............

United

States

400,000

410,438

1,633,304

IT

Services

0.0%

†

d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

900,000

883,110

Life

Sciences

Tools

&

Services

0.1%

Revvity,

Inc.

,

Senior

Bond

,

2.25

%

,

9/15/31

................

United

States

1,800,000

1,534,981

Machinery

0.0%

†

d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

............

United

States

800,000

818,406

Media

1.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

...............................

United

States

12,500,000

11,078,754

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

..............................

United

States

3,000,000

3,092,121

Comcast

Corp.

,

Senior

Bond

,

1.5

%

,

2/15/31

..........................

United

States

4,000,000

3,402,894

Senior

Bond

,

4.8

%

,

5/15/33

..........................

United

States

14,700,000

14,600,255

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

..................

United

States

4,000,000

3,980,514

d

Gray

Media,

Inc.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/33

..

United

States

665,000

662,091

Paramount

Global

,

Senior

Bond

,

4.2

%

,

5/19/32

.............

United

States

10,000,000

9,172,291

d

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

850,000

867,552

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55

%

,

5/01/37

United

States

5,700,000

5,859,339

52,715,811

Metals

&

Mining

0.6%

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.25

%

,

9/08/33

...

Australia

6,500,000

6,661,538

d

Constellium

SE

,

Senior

Note

,

144A,

6.375

%

,

8/15/32

........

United

States

800,000

811,569

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Metals

&

Mining

(continued)

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

5

%

,

3/14/32

.........

Australia

9,700,000

$

9,857,077

17,330,184

Multi-Utilities

0.6%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125

%

,

4/01/36

United

States

2,700,000

2,886,265

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375

%

,

4/01/30

......

United

States

4,351,000

4,134,039

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

.............

United

States

6,700,000

6,773,121

Public

Service

Enterprise

Group,

Inc.

,

Senior

Bond

,

5.4

%

,

3/15/35

United

States

2,725,000

2,763,587

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

5.15

%

,

9/15/32

.

United

States

2,000,000

2,034,760

18,591,772

Oil,

Gas

&

Consumable

Fuels

3.8%

d

Aker

BP

ASA

,

Senior

Bond

,

144A,

4

%

,

1/15/31

.............

Norway

5,400,000

5,123,139

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4

%

,

2/15/31

.........

United

States

6,275,000

5,800,030

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.989

%

,

4/10/34

United

States

2,300,000

2,312,142

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95

%

,

7/15/30

Canada

5,900,000

5,419,603

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

.......................

United

States

1,700,000

1,691,471

Senior

Note

,

5.65

%

,

4/15/34

.........................

United

States

1,700,000

1,730,153

d

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375

%

,

6/15/26

.........................................

United

States

3,000,000

2,997,818

ConocoPhillips

Co.

,

Senior

Bond

,

5.05

%

,

9/15/33

...........

United

States

2,500,000

2,541,660

d

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.375

%

,

1/15/33

...................

United

States

250,000

239,389

Senior

Note

,

144A,

8.375

%

,

1/15/34

...................

United

States

665,000

658,712

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8

%

,

1/15/35

United

States

6,255,000

6,492,167

Energy

Transfer

LP

,

Senior

Bond

,

5.55

%

,

5/15/34

.........................

United

States

9,500,000

9,587,382

Senior

Note

,

6.4

%

,

12/01/30

.........................

United

States

4,000,000

4,294,092

d

Senior

Note

,

144A,

6

%

,

2/01/29

......................

United

States

2,000,000

2,027,465

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125

%

,

7/31/29

.........................................

United

States

2,000,000

1,908,544

Hess

Corp.

,

Senior

Bond

,

7.125

%

,

3/15/33

................

United

States

5,200,000

5,971,971

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

United

States

5,700,000

5,875,879

d

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

940,000

952,751

d

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625

%

,

12/15/28

.....

United

States

4,000,000

4,094,248

MPLX

LP

,

Senior

Bond

,

5.4

%

,

4/01/35

....................

United

States

11,300,000

11,181,729

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

5,000,000

4,954,718

d

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

1,410,000

1,429,444

d

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

910,000

896,123

TotalEnergies

Capital

SA

,

Senior

Bond

,

4.724

%

,

9/10/34

......

France

3,820,000

3,788,047

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25

%

,

5/15/28

....

Canada

3,400,000

3,380,221

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25

%

,

5/15/30

.........................................

United

States

4,500,000

4,233,670

d

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

..........

Norway

6,500,000

7,387,766

d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125

%

,

8/15/31

............

United

States

2,000,000

1,848,803

Senior

Secured

Note

,

144A,

3.875

%

,

8/15/29

............

United

States

500,000

472,354

d

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75

%

,

5/01/35

.............

United

States

350,000

383,982

Senior

Secured

Bond

,

144A,

6.75

%

,

1/15/36

.............

United

States

245,000

252,186

Senior

Secured

Note

,

144A,

7.5

%

,

5/01/33

..............

United

States

350,000

378,199

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

d

Venture

Global

Plaquemines

LNG

LLC,

(continued)

Senior

Secured

Note

,

144A,

6.5

%

,

1/15/34

..............

United

States

145,000

$

149,260

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

2,194,000

2,181,988

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5

%

,

11/15/30

.......

United

States

3,200,000

3,016,286

115,653,392

Passenger

Airlines

0.3%

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

.............

United

States

1,033,250

1,030,802

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

............

United

States

6,500,000

6,506,042

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

118,793

118,162

7,655,006

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.......

United

States

6,500,000

6,082,991

Kenvue,

Inc.

,

Senior

Note

,

4.85

%

,

5/22/32

.................

United

States

6,000,000

6,049,195

d

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

1,275,000

1,288,593

13,420,779

Pharmaceuticals

0.9%

d

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375

%

,

11/21/30

..

Germany

10,000,000

10,642,108

d

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

800,000

852,066

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................................

United

States

4,100,000

4,077,011

Royalty

Pharma

plc

,

Senior

Bond

,

2.15

%

,

9/02/31

...........

United

States

11,800,000

10,113,012

25,684,197

Professional

Services

0.0%

†

d

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

450,000

460,706

Residential

REITs

0.1%

Essex

Portfolio

LP

,

Senior

Bond

,

5.375

%

,

4/01/35

...........

United

States

3,200,000

3,242,326

Semiconductors

&

Semiconductor

Equipment

0.4%

d

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.25

%

,

1/25/35

.............

United

States

9,300,000

9,697,689

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/33

..............

United

States

1,970,000

2,026,217

11,723,906

Software

0.7%

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

6,500,000

6,033,652

Oracle

Corp.

,

Senior

Bond

,

2.875

%

,

3/25/31

...............

United

States

9,000,000

8,161,088

Synopsys,

Inc.

,

Senior

Note

,

5

%

,

4/01/32

.................

United

States

5,400,000

5,457,697

19,652,437

Specialized

REITs

0.7%

American

Tower

Corp.

,

Senior

Bond

,

1.875

%

,

10/15/30

.......................

United

States

4,500,000

3,908,207

Senior

Bond

,

5.35

%

,

3/15/35

.........................

United

States

9,700,000

9,871,123

d

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/15/29

.........

United

States

6,000,000

6,168,396

19,947,726

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

0.2%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85

%

,

10/15/31

.

United

States

7,400,000

$

7,374,997

Textiles,

Apparel

&

Luxury

Goods

0.2%

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

4,400,000

4,434,631

Tapestry,

Inc.

,

Senior

Bond

,

5.5

%

,

3/11/35

.................

United

States

2,245,000

2,256,684

6,691,315

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375

%

,

2/15/33

..

United

States

8,800,000

9,036,192

Trading

Companies

&

Distributors

0.6%

d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

6,200,000

6,542,091

d

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/15/30

......................

United

States

400,000

413,664

Senior

Note

,

144A,

7.25

%

,

6/15/33

....................

United

States

250,000

259,063

d

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

850,000

877,433

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

...................

United

States

3,500,000

3,594,300

Senior

Note

,

144A,

6.625

%

,

3/15/32

...................

United

States

6,300,000

6,508,278

18,194,829

Wireless

Telecommunication

Services

0.8%

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.15

%

,

4/15/34

.........................

United

States

6,500,000

6,541,781

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

12,000,000

11,634,226

d

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

6,000,000

6,396,000

24,572,007

Total

Corporate

Bonds

(Cost

$

1,235,110,814

)

.................................

1,230,899,391

Senior

Floating

Rate

Interests

2.0%

g

Aerospace

&

Defense

0.0%

†

Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

1/27/32

.......................

United

States

239,400

239,999

Signia

Aerospace

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.3

%

,

(

3-month

SOFR

+

3

%

),

12/11/31

......................

United

States

291,207

291,935

531,934

a

a

a

a

a

a

g

Air

Freight

&

Logistics

0.0%

†

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.81

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

............................

United

States

540,000

541,658

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

.......................

United

States

706,552

700,734

1,242,392

a

a

a

a

a

a

g

Automobile

Components

0.1%

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

.........

United

States

769,941

771,061

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

791,849

756,937

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

.......................

United

States

748,008

735,452

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Automobile

Components

(continued)

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.041

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

..............

United

States

296,984

$

280,650

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

2/13/30

......

United

States

125,071

126,087

2,670,187

a

a

a

a

a

a

g

Automobiles

0.0%

†

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.177

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

..............

United

States

467,011

391,122

Holley

Purchaser,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

11/17/28

....................

United

States

495,620

470,838

861,960

a

a

a

a

a

a

Beverages

0.0%

†

g

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.546

%

,

(

3-month

SOFR

+

2.25

%

),

3/31/28

.........

United

States

547,099

549,001

Broadline

Retail

0.0%

†

g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/01/31

......................

Netherlands

229,419

230,316

g

Building

Products

0.1%

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

.............................

United

States

86,985

87,372

h

Chariot

Buyer

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.884

%

,

(

12-month

SOFR

+

3

%

),

7/22/32

......................

United

States

92,105

92,182

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.842

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

...............

United

States

744,375

646,367

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.833

%

,

(

3-month

SOFR

+

2.5

%

),

5/31/30

...............

United

States

175,545

175,883

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

102,774

102,966

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

.....................

United

States

116,322

116,495

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/32

.....................

United

States

275,172

275,276

1,496,541

a

a

a

a

a

a

g

Capital

Markets

0.1%

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

7/31/28

..........

United

States

165,175

165,282

Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

......

United

States

513,635

515,561

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

4/07/28

...

United

States

605,508

607,103

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

................

United

States

533,250

533,557

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

11/26/31

.....................

United

States

176,280

177,007

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.333

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

................

United

States

529,492

527,790

2,526,300

a

a

a

a

a

a

g

Chemicals

0.1%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

9/09/31

.....................

United

States

214,112

215,718

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Chemicals

(continued)

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.106

%

,

(

1-month

SOFR

+

3.75

%

),

4/06/29

.....................

United

States

525,212

$

518,910

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.34

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

.............

United

States

273,749

273,372

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

..............

Luxembourg

230,728

214,937

INEOS

US

Petrochem

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

B

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

.......

United

States

414,710

377,386

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

..............

United

States

115,120

107,781

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

2

Refinancing

CME

Term

Loan,

B

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

12/31/29

....................................

United

States

133,474

133,915

M2S

Group

Intermediate

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.058

%

,

(

3-month

SOFR

+

4.75

%

),

8/25/31

.....

United

States

468,391

459,609

Minerals

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

11/26/31

................

United

States

414,583

415,881

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.55

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

...

Netherlands

142,846

142,958

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.287

%

,

(

3-month

SOFR

+

3

%

),

1/31/29

.............

United

States

649,943

651,753

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

..............

United

States

548,503

465,314

3,977,534

a

a

a

a

a

a

g

Commercial

Services

&

Supplies

0.1%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.........

United

States

182,524

183,128

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

1/03/29

..............

United

States

91,832

91,864

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

Dollar

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

...

United

States

700,917

701,530

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

5/17/28

.......

Ireland

462,765

462,381

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

3/26/31

..............

Luxembourg

184,624

185,455

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.577

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

.......................

United

States

298,945

265,126

1,889,484

a

a

a

a

a

a

g

Construction

&

Engineering

0.1%

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.796

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

......................

United

States

744,347

620,927

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.776

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

...............

United

States

496,231

417,457

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B2

,

7.786

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/31

......................

Luxembourg

187,767

188,471

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.578

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

..............

United

States

533,250

534,178

1,761,033

a

a

a

a

a

a

Consumer

Finance

0.0%

†

g

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

B1

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

................

United

States

548,517

549,598

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024-2

Replacement

CME

Term

Loan

,

7.809

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

6/09/31

....................................

United

States

535,957

$

537,846

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.086

%

,

(

1-month

SOFR

+

2.75

%

),

11/29/30

....

United

States

115,161

115,560

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

...................................

United

States

580,976

581,229

h,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

4/01/32

...................................

United

States

305

305

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

401,313

369,421

1,604,361

a

a

a

a

a

a

g

Distributors

0.0%

†

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

6.27

%

,

(

6-month

SOFR

+

2

%

),

7/27/28

...............................

United

States

329,378

330,886

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

740,381

744,316

1,075,202

a

a

a

a

a

a

g

Electrical

Equipment

0.0%

†

Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

....................

United

States

746,023

748,238

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.579

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

..............

United

States

106,337

106,533

854,771

a

a

a

a

a

a

g

Energy

Equipment

&

Services

0.0%

†

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.856

%

,

(

1-month

SOFR

+

4.5

%

),

7/18/31

......................

United

States

744,375

733,581

WaterBridge

Midstream

Operating

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.314

%

,

(

3-month

SOFR

+

4.75

%

),

6/27/29

.....

United

States

496,250

497,863

1,231,444

a

a

a

a

a

a

g

Entertainment

0.0%

†

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

3/01/28

..............

France

138,134

138,609

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.221

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................

United

States

642,077

637,698

776,307

a

a

a

a

a

a

Financial

Services

0.0%

†

g

Priority

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.077

%

,

(

1-month

SOFR

+

4.75

%

),

5/16/31

.....................

United

States

396,359

397,659

g

Food

Products

0.0%

†

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Second

Amendment

CME

Term

Loan

,

7.853

%

,

(

1-month

SOFR

+

3.5

%

),

12/23/30

.

United

States

197,033

199,065

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.197

%

,

(

6-month

SOFR

+

2

%

),

9/30/31

................

United

Kingdom

773,609

768,530

967,595

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

117

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Ground

Transportation

0.0%

†

Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.316

%

,

(

1-month

SOFR

+

3

%

),

5/21/31

.......

United

Kingdom

63,343

$

63,747

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

......................

United

States

409,298

410,387

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.796

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

...............

United

States

125,490

125,824

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

......

United

States

92,502

92,242

j

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

......................

United

States

98,069

57,463

j

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.057

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

......................

United

States

71,016

20,165

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.296

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

............

United

States

267,918

268,085

1,037,913

a

a

a

a

a

a

Health

Care

Equipment

&

Supplies

0.0%

†

g

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

Term

Loan

,

7.679

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

.....................

United

States

509,848

512,652

g

Health

Care

Providers

&

Services

0.1%

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.596

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/28

.........

United

States

179,511

179,624

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.78

%

,

(

3-month

SOFR

+

2.5

%

),

11/08/32

..........

United

States

76,621

76,851

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.808

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

..............

United

States

185,158

102,840

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

7.101

%

,

(

1-month

SOFR

+

2.75

%

),

3/17/31

.....................

United

States

207,535

208,606

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

......................

United

States

247,503

248,051

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

16,710

16,784

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.687

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

.............

United

States

805,740

798,859

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

10/22/29

.............

United

States

54,306

54,532

1,686,147

a

a

a

a

a

a

g

Hotels,

Restaurants

&

Leisure

0.2%

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

9/20/30

.....................

Canada

744,361

743,605

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.606

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

215,699

215,857

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.563

%

,

(

3-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

492,740

483,040

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.016

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

...........................

United

Kingdom

472,355

473,734

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.046

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

533,233

532,300

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.077

%

,

(

1-month

SOFR

+

3.75

%

),

1/28/32

..............

United

States

642,247

643,352

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.586

%

,

(

1-month

SOFR

+

4.25

%

),

12/04/31

.............

United

States

151,402

152,407

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.074

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

.............

Canada

605,364

592,122

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Hotels,

Restaurants

&

Leisure

(continued)

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.546

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

.....................

Canada

57,654

$

57,438

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.286

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

527,371

527,751

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.827

%

,

(

1-month

SOFR

+

2.5

%

),

8/03/28

........

United

States

126,686

126,855

4,548,461

a

a

a

a

a

a

Household

Durables

0.0%

†

g

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

.....................

Netherlands

483,555

484,461

g

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

790,000

791,465

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

1/31/31

.....................

United

States

537,300

537,988

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.808

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

...

United

States

133,857

134,327

1,463,780

a

a

a

a

a

a

g

Insurance

0.1%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.356

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

..............................

United

States

479,275

479,949

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.858

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

......................

United

States

225,213

225,927

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.456

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

.......................

United

States

68,594

68,147

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.706

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

.....................

United

States

537,167

533,025

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.721

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

.....................

United

States

663,780

625,822

BroadStreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

6/16/31

..............

United

States

542,626

543,641

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

7/31/31

...

United

States

310,471

311,203

2,787,714

a

a

a

a

a

a

g

IT

Services

0.1%

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

3/22/32

............................

United

States

748,125

751,050

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

..............

United

States

468,021

447,575

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.606

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

.............

United

States

316,765

283,923

1,482,548

a

a

a

a

a

a

g

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

781,344

769,694

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.856

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

....................................

United

States

222,378

223,865

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Machinery

(continued)

STS

Operating,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

8.456

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

................

United

States

605,708

$

605,805

1,599,364

a

a

a

a

a

a

g

Media

0.0%

†

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.853

%

,

(

1-month

SOFR

+

3.5

%

),

3/24/31

..........

United

States

147,309

147,443

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.443

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

119,486

119,520

266,963

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

g

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.577

%

,

(

1-month

SOFR

+

2.25

%

),

1/02/30

...........

United

States

248,750

249,372

g

Oil,

Gas

&

Consumable

Fuels

0.1%

h

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.956

%

,

(

1-month

SOFR

+

3.5

%

),

11/09/29

.....................

United

States

450,000

449,316

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.697

%

,

(

12-month

SOFR

+

3.5

%

),

10/15/31

....................

United

States

313,178

315,274

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.603

%

,

(

1-month

SOFR

+

2.25

%

),

10/05/28

United

States

492,525

493,909

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

375,468

377,648

1,636,147

a

a

a

a

a

a

Paper

&

Forest

Products

0.0%

†

g

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.583

%

,

(

3-month

SOFR

+

4.25

%

),

11/04/31

...........................

United

States

497,500

495,323

g

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

.....................

United

States

84,612

84,379

Air

Canada,

First

Lien,

CME

Term

Loan

,

6.353

%

,

(

1-month

SOFR

+

2

%

),

3/21/31

....................................

Canada

87,833

87,943

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

572,408

571,037

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

6.325

%

,

(

3-month

SOFR

+

2

%

),

10/01/31

................

United

States

553,945

555,793

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.351

%

,

(

1-month

SOFR

+

2

%

),

2/24/31

.......................

United

States

185,958

186,911

1,486,063

a

a

a

a

a

a

Personal

Care

Products

0.0%

†

g

KDC/ONE

Development

Corp.,

Inc.,

First

Lien,

2024-2

Refinancing

Dollar

CME

Term

Loan

,

8.356

%

,

(

1-month

SOFR

+

4

%

),

8/15/28

.....................................

Canada

93,750

94,219

g

Professional

Services

0.1%

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.971

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

1,178,051

1,176,767

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.356

%

,

(

1-month

SOFR

+

2

%

),

5/30/31

...............................

United

States

201,888

202,897

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

121,341

120,583

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Professional

Services

(continued)

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

.....................

Canada

533,250

$

534,042

2,034,289

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

g

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

.....

United

States

511,650

515,275

g

Software

0.2%

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.856

%

,

(

1-month

SOFR

+

2.5

%

),

6/08/28

......................

United

States

441,629

443,837

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

764,225

624,754

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

....................

United

States

1,240,360

1,193,456

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.307

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

......................

United

States

505,621

505,725

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.057

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

......................

United

States

202,448

203,406

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B3

,

7.31

%

,

(

3-month

SOFR

+

3

%

),

3/03/28

.......................

United

States

50,340

50,381

Imprivata,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

7.321

%

,

(

3-month

SOFR

+

3

%

),

12/01/27

................

United

States

128,933

129,439

h

KnowBe4,

Inc.,

First

Lien,

CME

Term

Loan

,

8.068

%

,

(

3-month

SOFR

+

3.75

%

),

7/23/32

............................

United

States

281,250

281,779

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.327

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

...............................

United

States

529,998

513,655

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

10/28/30

...........................

United

States

281,159

282,178

Vision

Solutions,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

8.57

%

,

(

3-month

SOFR

+

4

%

),

4/24/28

.......................

United

States

744,201

722,653

ZoomInfo

LLC,

First

Lien,

CME

Term

Loan

,

6.106

%

,

(

1-month

SOFR

+

1.75

%

),

2/28/30

............................

United

States

1,141,332

1,139,374

6,090,637

a

a

a

a

a

a

g

Specialty

Retail

0.1%

AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

8.327

%

,

(

1-month

SOFR

+

4

%

),

12/23/30

......................

United

States

493,261

495,133

Evergreen

Acqco

1

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.052

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

121,063

121,492

j

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.427

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

...............

United

States

872,802

593,505

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.606

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

..............

United

States

127,750

128,037

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.807

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

.........

United

States

750,000

702,705

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.221

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/28

.....................

United

States

674,536

624,883

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

7.706

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

492,490

481,872

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.206

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

....

United

States

744,231

722,950

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.577

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

338,076

338,010

4,208,587

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

121

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.776

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

777,711

$

731,674

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.106

%

,

(

1-month

SOFR

+

2.75

%

),

3/08/32

.....................

United

States

564,473

567,412

1,299,086

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

60,211,218

)

........................

59,172,620

k

Marketplace

Loans

0.2%

a

Financial

Services

0.2%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

12,085,098

)

..................................

6,025,706

Foreign

Government

and

Agency

Securities

1.8%

d

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375

%

,

5/22/33

.........................................

Poland

940,000

953,902

d

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

970,000

EUR

990,703

Brazil

Government

Bond

,

Senior

Bond

,

3.875

%

,

6/12/30

........................

Brazil

2,540,000

2,395,855

Senior

Bond

,

6

%

,

10/20/33

...........................

Brazil

1,200,000

1,188,044

d

Bulgaria

Government

Bond

,

Senior

Note

,

Reg

S,

3.625

%

,

9/05/32

Bulgaria

1,030,000

EUR

1,213,202

Chile

Government

Bond

,

Senior

Bond

,

5.65

%

,

1/13/37

.........................

Chile

870,000

899,101

Senior

Note

,

4.85

%

,

1/22/29

.........................

Chile

890,000

902,905

Colombia

Government

Bond

,

Senior

Bond

,

3.125

%

,

4/15/31

...

Colombia

3,760,000

3,174,418

d

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.348

%

,

2/09/31

.........................................

Mexico

1,560,000

1,365,446

d

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75

%

,

1/15/31

.........................................

Chile

1,160,000

1,086,173

d

Dominican

Republic

Government

Bond

,

Senior

Bond

,

144A,

6.95

%

,

3/15/37

....................

Dominican

Republic

1,200,000

1,231,200

Senior

Bond

,

Reg

S,

5.95

%

,

1/25/27

...................

Dominican

Republic

1,190,000

1,203,388

d

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

900,000

905,175

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

....

France

2,100,000

2,159,419

d

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05

%

,

10/04/32

........................................

Guatemala

2,320,000

2,489,905

d

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

1,480,000

1,496,176

d

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35

%

,

1/08/27

.........................................

Indonesia

2,700,000

2,709,056

d

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

1,720,000

1,597,599

d

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714

%

,

4/09/35

.........................................

Kazakhstan

1,600,000

1,554,420

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

1,590,000

1,373,474

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

2,030,000

2,179,408

d

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

4/28/31

.........................................

Paraguay

2,460,000

2,447,749

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

3,350,000

3,023,141

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

770,000

734,444

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

1,870,000

1,948,496

d

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

1,410,000

1,360,320

d

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625

%

,

2/22/36

..................

Romania

1,300,000

EUR

1,453,983

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

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

Foreign

Government

and

Agency

Securities

(continued)

d

Romania

Government

Bond,

(continued)

Senior

Note

,

Reg

S,

3

%

,

2/27/27

......................

Romania

1,900,000

$

1,847,061

South

Africa

Government

Bond

,

Senior

Bond

,

4.85

%

,

9/27/27

.........................

South

Africa

1,190,000

1,183,976

Senior

Bond

,

5.875

%

,

4/20/32

........................

South

Africa

1,270,000

1,238,449

d

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

.........................................

Azerbaijan

1,250,000

1,265,215

Uruguay

Government

Bond

,

Senior

Bond

,

4.375

%

,

1/23/31

....

Uruguay

3,640,000

3,629,080

Total

Foreign

Government

and

Agency

Securities

(Cost

$

52,844,230

)

............

53,200,883

U.S.

Government

and

Agency

Securities

15.6%

FFCB

,

2.1

%,

2/25/36

.................................

United

States

9,300,000

7,197,550

U.S.

Treasury

Bonds

,

1.125

%,

5/15/40

..................................

United

States

4,000,000

2,471,094

1.75

%,

8/15/41

...................................

United

States

41,300,000

27,211,215

3.875

%,

2/15/43

..................................

United

States

5,100,000

4,517,883

2.5

%,

5/15/46

....................................

United

States

5,300,000

3,619,941

2.25

%,

8/15/46

...................................

United

States

27,800,000

18,008,102

2.75

%,

8/15/47

...................................

United

States

10,600,000

7,467,203

2.75

%,

11/15/47

..................................

United

States

16,140,000

11,342,133

3.125

%,

5/15/48

..................................

United

States

30,400,000

22,794,063

2.875

%,

5/15/49

..................................

United

States

22,215,000

15,739,674

2.25

%,

8/15/49

...................................

United

States

77,980,000

48,268,402

1.25

%,

5/15/50

...................................

United

States

54,335,000

25,767,737

1.875

%,

11/15/51

.................................

United

States

88,390,000

48,452,221

3.625

%,

5/15/53

..................................

United

States

27,300,000

21,948,773

4.25

%,

8/15/54

...................................

United

States

6,950,000

6,252,421

U.S.

Treasury

Notes

,

l

Index

Linked,

0.625

%,

1/15/26

.......................

United

States

35,400,000

47,667,366

2.75

%,

4/30/27

...................................

United

States

33,300,000

32,615,789

3.25

%,

6/30/27

...................................

United

States

4,100,000

4,047,949

3.875

%,

11/30/27

.................................

United

States

77,600,000

77,542,406

2.875

%,

5/15/28

..................................

United

States

8,600,000

8,372,066

4.5

%,

5/31/29

....................................

United

States

28,300,000

28,885,346

Total

U.S.

Government

and

Agency

Securities

(Cost

$

533,551,291

)

..............

470,189,334

Asset-Backed

Securities

8.7%

Financial

Services

8.7%

d

,g

AGL

CLO

14

Ltd.

,

2021-14A

,

AR

,

144A,

FRN

,

5.455

%

,

(

3-month

SOFR

+

1.13

%

),

12/02/34

.

...........................

United

States

7,900,000

7,909,672

d

,g

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

6.15

%

,

(

30-day

SOFR

Average

+

1.8

%

),

2/25/55

.

................

United

States

2,020,866

2,038,153

d

,g

Barings

CLO

Ltd.

,

2018-4A

,

A1R

,

144A,

FRN

,

5.468

%

,

(

3-month

SOFR

+

1.15

%

),

10/15/30

.

...........................

United

States

11,605,990

11,615,291

d

,g

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.399

%

,

(

3-month

SOFR

+

1.07

%

),

7/18/34

.

....................

United

States

4,120,000

4,124,076

d

,g

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A

,

A1R2

,

144A,

FRN

,

5.554

%

,

(

3-month

SOFR

+

1.232

%

),

4/17/31

..................................

United

States

122,183

122,305

2014-1A

,

A2R2

,

144A,

FRN

,

5.714

%

,

(

3-month

SOFR

+

1.392

%

),

4/17/31

..................................

United

States

6,300,000

6,310,114

2015-4A

,

A1RR

,

144A,

FRN

,

5.545

%

,

(

3-month

SOFR

+

1.22

%

),

7/20/32

...................................

United

States

8,453,710

8,464,056

2016-1A

,

A1R3

,

144A,

FRN

,

5.415

%

,

(

3-month

SOFR

+

1.09

%

),

4/20/34

...................................

United

States

7,750,000

7,767,502

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,g

CIFC

Funding

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.295

%

,

(

3-month

SOFR

+

0.97

%

),

4/19/35

.........................................

United

States

23,690,000

$

23,629,015

2024-2A

,

A1

,

144A,

FRN

,

5.852

%

,

(

3-month

SOFR

+

1.52

%

),

4/22/37

.........................................

United

States

7,200,000

7,215,080

d

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022

%

,

8/25/49

...................

United

States

1,474,000

1,472,845

2025-1A

,

A1

,

144A,

5.316

%

,

5/25/50

...................

United

States

1,582,000

1,597,712

d

,m

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-51

,

PT

,

144A,

FRN

,

16.013

%

,

1/15/45

..............

United

States

6,275

5,986

2019-52

,

PT

,

144A,

FRN

,

16.268

%

,

1/15/45

..............

United

States

8,636

5,034

2020-2

,

PT

,

144A,

FRN

,

16.26

%

,

3/15/45

................

United

States

8,156

6,598

2020-7

,

PT

,

144A,

FRN

,

5.224

%

,

4/17/45

................

United

States

7,772

3,984

d

,g

Cook

Park

CLO

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.704

%

,

(

3-month

SOFR

+

1.382

%

),

4/17/30

.

...........................

United

States

6,000,000

6,009,350

g

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

5.217

%

,

(

1-month

SOFR

+

0.864

%

),

3/25/34

.

.............

United

States

119,518

121,645

d

,g

Dryden

68

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.418

%

,

(

3-month

SOFR

+

1.1

%

),

7/15/35

.

.....................

United

States

10,600,000

10,607,520

d

,g

Dryden

97

CLO

Ltd.

,

2022-97A

,

A

,

144A,

FRN

,

5.625

%

,

(

3-month

SOFR

+

1.3

%

),

4/20/35

.

.............................

United

States

17,750,000

17,774,195

d

,g

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

5.245

%

,

(

3-month

SOFR

+

0.92

%

),

10/20/31

.

...........................

United

States

2,727,361

2,728,646

d

,m

FIGRE

Trust

,

2025-HE4

,

A

,

144A,

FRN

,

5.408

%

,

7/25/55

.

.....

United

States

1,103,245

1,103,697

d

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266

%

,

10/19/37

.

.

United

States

10,081,407

9,979,900

d

,g

GoldenTree

Loan

Management

US

CLO

11

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

5.405

%

,

(

3-month

SOFR

+

1.08

%

),

10/20/34

.

...

United

States

15,590,000

15,601,242

d

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302

%

,

12/17/26

....................

United

States

15,226,965

14,686,855

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.....................

United

States

5,712,612

5,297,355

d

J.P.

Morgan

Mortgage

Trust

,

g

2023-HE2

,

A1

,

144A,

FRN

,

6.048

%

,

(

30-day

SOFR

Average

+

1.7

%

),

3/20/54

....................................

United

States

1,011,183

1,017,569

m

2025-CES2

,

A1

,

144A,

FRN

,

5.592

%

,

6/25/55

............

United

States

2,872,531

2,879,327

d

,g

KKR

CLO

43

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.068

%

,

(

3-month

SOFR

+

1.75

%

),

1/15/36

.

............................

Jersey

2,800,000

2,809,517

d

,g

KKR

CLO

54

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.638

%

,

(

3-month

SOFR

+

1.32

%

),

1/15/38

.

............................

United

States

7,024,000

7,038,842

d

,g

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

5.398

%

,

(

3-month

SOFR

+

1.08

%

),

7/15/34

.

..............

United

States

11,500,000

11,508,063

d

,g

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

5.359

%

,

(

3-month

SOFR

+

1.04

%

),

7/23/32

.

....................

United

States

2,842,182

2,843,652

d

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

..................................

United

States

19,400,000

15,979,406

d

,g

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.668

%

,

(

3-month

SOFR

+

1.35

%

),

1/15/38

.

............................

United

States

3,145,000

3,156,829

d

,g

Octagon

Investment

Partners

35

Ltd.

,

2018-1A

,

A1B

,

144A,

FRN

,

5.687

%

,

(

3-month

SOFR

+

1.362

%

),

1/20/31

.

.............

United

States

3,325,000

3,329,886

d

,g

Octagon

Investment

Partners

36

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

5.549

%

,

(

3-month

SOFR

+

1.232

%

),

4/15/31

.........................................

United

States

5,333,462

5,339,089

2018-1A

,

A2

,

144A,

FRN

,

5.779

%

,

(

3-month

SOFR

+

1.462

%

),

4/15/31

.........................................

United

States

8,500,000

8,515,337

d

,g

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

5.355

%

,

(

3-month

SOFR

+

1.03

%

),

1/20/32

.

....................

United

States

4,928,578

4,934,607

d

,g

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218

%

,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

6,129,920

6,124,438

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

d

,g

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

5.378

%

,

(

3-month

SOFR

+

1.06

%

),

4/15/31

.

..............

United

States

2,133,592

$

2,134,871

d

,g

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.829

%

,

(

3-month

SOFR

+

1.512

%

),

7/15/31

.........................................

United

States

1,500,000

1,502,912

2020-1A

,

AR

,

144A,

FRN

,

5.729

%

,

(

3-month

SOFR

+

1.412

%

),

7/16/34

.........................................

United

States

5,000,000

5,026,927

d

,g

Wellfleet

CLO

Ltd.

,

2021-3A

,

AR

,

144A,

FRN

,

5.519

%

,

(

3-month

SOFR

+

1.2

%

),

1/15/35

.

.............................

United

States

12,000,000

11,981,954

262,321,054

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

6,901

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

United

States

421,125

420,533

Total

Asset-Backed

Securities

(Cost

$

266,641,781

)

............................

262,748,488

Commercial

Mortgage-Backed

Securities

2.0%

Financial

Services

2.0%

m

,n

BBCMS

Mortgage

Trust

,

2024-5C31

,

XA

,

IO,

FRN

,

1.061

%

,

12/15/57

..............

United

States

31,886,994

1,297,425

2025-5C33

,

XA

,

IO,

FRN

,

0.818

%

,

3/15/58

...............

United

States

55,705,218

1,829,465

m

,n

Benchmark

Mortgage

Trust

,

2025-V13

,

XA

,

IO,

FRN

,

0.914

%

,

2/15/58

................

United

States

47,837,000

1,610,973

2025-V14

,

XA

,

IO,

FRN

,

0.768

%

,

4/15/57

................

United

States

85,833,264

2,724,176

d

,g

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

5.406

%

,

(

1-month

SOFR

+

1.064

%

),

9/15/36

.............

United

States

9,533,269

9,501,127

d

,g

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

5.355

%

,

(

1-month

SOFR

+

1.013

%

),

10/15/36

..........................

United

States

9,220,000

9,183,445

d

,g

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.833

%

,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

8,935,099

8,948,893

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839

%

,

12/10/54

........................................

United

States

3,055,000

3,002,188

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45

%

,

7/10/49

.........................................

United

States

1,954,820

1,927,801

CSAIL

Commercial

Mortgage

Trust

,

m

2015-C2

,

AS

,

FRN

,

3.849

%

,

6/15/57

...................

United

States

1,197,782

1,196,678

2015-C3

,

A4

,

3.718

%

,

8/15/48

........................

United

States

1,727,967

1,722,122

d

,m

Eleven

Madison

Mortgage

Trust

,

2015-11MD

,

A

,

144A,

FRN

,

3.555

%

,

9/10/35

...................................

United

States

3,255,000

3,225,003

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05

%

,

5/10/49

..

United

States

1,352,000

1,336,187

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C31

,

A3

,

3.801

%

,

8/15/48

.......................

United

States

323,896

323,151

2016-C1

,

A5

,

3.576

%

,

3/17/49

........................

United

States

4,544,765

4,511,688

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27

,

AS

,

4.068

%

,

12/15/47

......................

United

States

1,722,000

1,712,658

m,n

2025-5C1

,

XA

,

IO,

FRN

,

1.156

%

,

3/15/58

................

United

States

41,142,201

1,881,318

m

,n

Morgan

Stanley

Capital

I

Trust

,

2021-L5

,

XA

,

IO,

FRN

,

1.276

%

,

5/15/54

.........................................

United

States

40,999,438

1,978,161

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695

%

,

11/15/48

......................

United

States

1,308,044

1,303,372

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

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,

(continued)

m

2016-C32

,

B

,

FRN

,

4.699

%

,

1/15/59

...................

United

States

2,300,000

$

2,279,845

61,495,676

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

61,300,272

)

..............

61,495,676

Mortgage-Backed

Securities

37.0%

o

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

4.184

%,

(

COFI

11th

District

+/-

MBS

Margin),

11/01/27

United

States

138,566

137,078

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

14.0%

FHLMC

Gold

Pool,

30

Year

,

4.5

%,

3/01/39

................

United

States

393,623

390,062

FHLMC

Gold

Pool,

30

Year

,

5

%,

8/01/33

-

2/01/39

...........

United

States

2,573,689

2,598,072

FHLMC

Gold

Pool,

30

Year

,

5.5

%,

1/01/35

-

12/01/37

........

United

States

266,490

272,249

FHLMC

Gold

Pool,

30

Year

,

6

%,

5/01/33

-

4/01/38

...........

United

States

298,259

311,867

FHLMC

Gold

Pool,

30

Year

,

6.5

%,

4/01/26

-

3/01/39

.........

United

States

214,732

225,218

FHLMC

Gold

Pool,

30

Year

,

7

%,

1/01/28

-

7/01/32

...........

United

States

12,399

13,049

FHLMC

Gold

Pool,

30

Year

,

7.5

%,

3/01/32

................

United

States

4,755

4,983

FHLMC

Gold

Pool,

30

Year

,

8

%,

2/01/30

..................

United

States

2,376

2,459

FHLMC

Gold

Pool,

30

Year

,

8.5

%,

8/01/30

................

United

States

506

529

FHLMC

Pool,

15

Year

,

2

%,

4/01/37

-

8/01/37

...............

United

States

7,944,984

7,218,792

FHLMC

Pool,

15

Year

,

2.5

%,

5/01/37

.....................

United

States

3,099,876

2,879,661

FHLMC

Pool,

15

Year

,

3

%,

4/01/37

-

9/01/37

...............

United

States

3,237,509

3,067,451

FHLMC

Pool,

15

Year

,

4

%,

12/01/39

.....................

United

States

3,096,730

3,007,877

FHLMC

Pool,

30

Year

,

2

%,

3/01/51

......................

United

States

45,660,247

36,070,309

FHLMC

Pool,

30

Year

,

2

%,

3/01/52

......................

United

States

36,366,507

28,577,146

FHLMC

Pool,

30

Year

,

2

%,

4/01/52

......................

United

States

66,674,171

52,393,260

FHLMC

Pool,

30

Year

,

2

%,

5/01/51

......................

United

States

3,837,804

3,006,718

FHLMC

Pool,

30

Year

,

2.5

%,

10/01/51

....................

United

States

33,043,017

27,275,695

FHLMC

Pool,

30

Year

,

2.5

%,

5/01/52

.....................

United

States

25,586,850

21,058,070

FHLMC

Pool,

30

Year

,

2.5

%,

4/01/51

-

7/01/52

.............

United

States

10,864,474

8,914,656

FHLMC

Pool,

30

Year

,

3

%,

2/01/52

......................

United

States

56,885,422

48,890,360

FHLMC

Pool,

30

Year

,

3

%,

3/01/52

......................

United

States

1,008,272

864,019

FHLMC

Pool,

30

Year

,

3.5

%,

6/01/52

.....................

United

States

42,563,266

38,114,586

FHLMC

Pool,

30

Year

,

3.5

%,

12/01/52

....................

United

States

13,641,544

12,211,305

FHLMC

Pool,

30

Year

,

4

%,

8/01/52

......................

United

States

38,948,656

36,019,408

FHLMC

Pool,

30

Year

,

4.5

%,

8/01/52

.....................

United

States

90,419,923

85,972,687

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

-

7/01/55

..............

United

States

3,623,008

3,528,455

422,888,943

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.1%

FNMA

,

4.188

%

-

4.868

%,

(

COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

.................................

United

States

610,007

601,330

FNMA

,

5.992

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

...................

United

States

31,027

31,227

FNMA

,

6.22

%

-

6.731

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

........

United

States

199,748

203,140

FNMA

,

6.729

%

-

7.128

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

................................

United

States

33,539

34,398

870,095

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

15.6%

FNMA,

15

Year

,

2

%,

4/01/37

...........................

United

States

356,586

323,993

FNMA,

15

Year

,

3

%,

9/01/37

-

10/01/37

...................

United

States

4,052,088

3,839,205

FNMA,

15

Year

,

3.5

%,

12/01/39

.........................

United

States

503,052

482,330

FNMA,

15

Year

,

5.5

%,

5/01/40

.........................

United

States

1,659,939

1,689,629

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

2

%,

1/01/52

...........................

United

States

278,632

$

218,539

FNMA,

30

Year

,

2.5

%,

4/01/52

.........................

United

States

13,239,519

10,885,681

FNMA,

30

Year

,

3

%,

1/01/52

...........................

United

States

30,246,001

25,980,176

FNMA,

30

Year

,

3.5

%,

12/01/52

.........................

United

States

30,615,264

27,405,425

FNMA,

30

Year

,

4.5

%,

11/01/52

.........................

United

States

39,546,906

37,607,442

FNMA,

30

Year

,

5

%,

6/01/36

-

6/01/55

....................

United

States

5,511,694

5,384,519

FNMA,

30

Year

,

5.5

%,

6/01/33

-

11/01/53

.................

United

States

14,598,962

14,610,247

FNMA,

30

Year

,

6

%,

9/01/32

-

9/01/38

....................

United

States

2,061,298

2,154,042

FNMA,

30

Year

,

6.5

%,

8/01/28

-

5/01/37

..................

United

States

51,422

53,549

FNMA,

30

Year

,

7.5

%,

1/01/30

.........................

United

States

2,015

2,078

FNMA,

30

Year

,

8.5

%,

4/01/30

-

5/01/32

..................

United

States

10,727

11,080

p

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

8/25/55

......

United

States

80,530,000

63,019,082

p

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

8/25/55

.....

United

States

87,290,000

71,537,506

p

Uniform

Mortgage-Backed

Securities

,

4

%

,

TBA,

8/25/55

......

United

States

31,480,000

29,038,397

p

Uniform

Mortgage-Backed

Securities

,

5.5

%

,

TBA,

8/25/55

.....

United

States

88,880,000

88,423,335

p

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

8/25/55

......

United

States

87,110,000

88,327,631

470,993,886

o

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

1,654

1,652

1,652

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

7.3%

GNMA

I,

30

Year

,

7

%,

10/15/27

-

6/15/31

..................

United

States

4,352

4,515

GNMA

I,

Single-family,

30

Year

,

6

%,

1/15/39

...............

United

States

40,905

42,730

GNMA

I,

Single-family,

30

Year

,

6.5

%,

10/15/31

-

7/15/38

......

United

States

5,993

6,181

GNMA

I,

Single-family,

30

Year

,

7

%,

4/15/28

...............

United

States

1,390

1,391

GNMA

I,

Single-family,

30

Year

,

7.5

%,

2/15/26

..............

United

States

13

13

GNMA

II,

Single-family,

30

Year

,

2

%,

7/20/52

...............

United

States

7,827,226

6,326,516

GNMA

II,

Single-family,

30

Year

,

2.5

%,

12/20/51

-

7/20/52

.....

United

States

16,986,091

14,303,478

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/49

..............

United

States

21,406

18,826

GNMA

II,

Single-family,

30

Year

,

4.5

%,

1/20/55

-

7/20/55

......

United

States

13,690,850

13,002,116

p

GNMA

II,

Single-family,

30

Year

,

4.5

%,

8/15/55

.............

United

States

28,000,000

26,577,434

p

GNMA

II,

Single-family,

30

Year

,

5.5

%,

8/15/55

.............

United

States

47,130,000

47,017,525

GNMA

II,

Single-family,

30

Year

,

6

%,

5/20/31

-

3/20/55

.......

United

States

888,320

901,262

p

GNMA

II,

Single-family,

30

Year

,

6

%,

8/15/55

...............

United

States

111,310,000

112,836,114

GNMA

II,

Single-family,

30

Year

,

6.5

%,

3/20/28

-

7/20/38

......

United

States

112,628

119,543

GNMA

II,

Single-family,

30

Year

,

7.5

%,

8/20/30

-

1/20/33

......

United

States

10,557

10,829

221,168,473

Total

Mortgage-Backed

Securities

(Cost

$

1,131,533,694

)

.......................

1,116,060,127

Municipal

Bonds

1.8%

California

1.4%

California

Municipal

Finance

Authority

,

FBI

San

Diego

Project

,

Revenue

,

2020

,

2.519

%

,

10/01/35

.....................

United

States

9,400,000

6,395,574

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

12,565,000

11,309,031

San

Bernardino

Community

College

District

,

GO

,

2021

,

Refunding

,

2.686

%

,

8/01/41

.................

United

States

20,405,000

15,077,085

GO

,

2021

,

Refunding

,

2.856

%

,

8/01/49

.................

United

States

11,880,000

7,733,574

40,515,264

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

0.4%

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

.........................................

United

States

16,585,000

$

12,412,887

Texas

0.0%

†

City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785

%

,

11/15/31

..................................

United

States

370,000

338,096

Total

Municipal

Bonds

(Cost

$

70,434,955

)

....................................

53,266,247

Residential

Mortgage-Backed

Securities

2.8%

Capital

Markets

0.0%

†

g

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

5.207

%

,

(

1-month

SOFR

+

0.854

%

),

3/25/28

.............

United

States

77,683

76,472

Commercial

Services

&

Supplies

0.1%

d

,g

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.2

%

,

(

30-day

SOFR

Average

+

3.85

%

),

9/25/31

.....................

United

States

2,439,000

2,511,256

Financial

Services

2.7%

d

BRAVO

Residential

Funding

Trust

,

m

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

.................

United

States

2,449,191

2,338,724

2023-NQM6

,

A1

,

144A,

6.602

%

,

9/25/63

................

United

States

1,112,257

1,120,212

d

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684

%

,

5/28/40

.....

United

States

1,171,000

1,174,870

d

,g

Chase

Home

Lending

Mortgage

Trust

,

2025-3

,

A11

,

144A,

FRN

,

5.65

%

,

(

30-day

SOFR

Average

+

1.3

%

),

2/25/56

....................................

United

States

2,912,097

2,913,809

2025-7

,

A11

,

144A,

FRN

,

5.75

%

,

(

30-day

SOFR

Average

+

1.4

%

),

5/25/56

....................................

United

States

2,641,929

2,643,560

d

,m

CIM

Trust

,

2018-INV1

,

A4

,

144A,

FRN

,

4

%

,

8/25/48

................

United

States

878,996

820,349

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

................

United

States

413,832

394,646

2019-INV2

,

A3

,

144A,

FRN

,

4

%

,

5/25/49

................

United

States

1,408,133

1,322,759

d

,m

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

3

%

,

5/25/42

.........................................

United

States

130,154

119,433

d

,m

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

.........................................

United

States

2,497,190

2,471,922

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

5

%

,

1/25/38

..................................

Switzerland

72,960

41,301

d

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085

%

,

12/25/68

..

United

States

957,703

962,576

d

,g

FHLMC

STACR

REMIC

Trust

,

2025-DNA1

,

A1

,

144A,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

3,284,088

3,287,985

2025-DNA2

,

A1

,

144A,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

5/25/45

....................................

United

States

2,655,675

2,659,698

g

FNMA

Connecticut

Avenue

Securities

Trust

,

2017-C06

,

2M2

,

FRN

,

7.264

%

,

(

30-day

SOFR

Average

+

2.914

%

),

2/25/30

..................................

United

States

1,655,532

1,685,767

d

2025-R01

,

1M1

,

144A,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

1/25/45

....................................

United

States

2,428,006

2,432,523

d

2025-R02

,

1A1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

2/25/45

.....................................

United

States

1,534,235

1,535,099

d

2025-R03

,

2A1

,

144A,

FRN

,

5.8

%

,

(

30-day

SOFR

Average

+

1.45

%

),

3/25/45

...................................

United

States

2,484,668

2,498,388

d

2025-R04

,

1A1

,

144A,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

5/25/45

.....................................

United

States

2,175,114

2,176,300

d

,g

GS

Mortgage-Backed

Securities

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

6.086

%

,

(

30-day

SOFR

Average

+

1.55

%

),

10/25/55

...

United

States

3,097,000

3,119,819

d

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915

%

,

7/25/69

......

United

States

2,235,046

2,243,402

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

d

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941

%

,

2/25/68

.........................................

United

States

2,533,338

$

2,531,156

d

J.P.

Morgan

Mortgage

Trust

,

m

2021-15

,

A4

,

144A,

FRN

,

2.5

%

,

6/25/52

.................

United

States

6,114,637

5,414,362

2024-CES1

,

A1A

,

144A,

5.919

%

,

6/25/54

................

United

States

1,637,006

1,643,600

d

,m

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612

%

,

4/25/40

.........................................

United

States

1,116,000

1,117,825

d

,m

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.........................................

United

States

3,506,673

3,431,964

d

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM1

,

A1

,

144A,

6.152

%

,

12/25/68

..........................

United

States

2,585,775

2,599,435

d

OBX

Trust

,

m

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

................

United

States

1,236,278

1,098,589

2024-NQM2

,

A1

,

144A,

5.878

%

,

12/25/63

...............

United

States

1,520,053

1,524,482

2024-NQM3

,

A1

,

144A,

6.129

%

,

12/25/63

...............

United

States

1,861,148

1,874,216

2024-NQM4

,

A1

,

144A,

6.067

%

,

1/25/64

................

United

States

1,214,031

1,221,800

2024-NQM8

,

A1

,

144A,

6.233

%

,

5/25/64

................

United

States

3,132,950

3,163,406

d

,m

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

3

%

,

6/25/38

.........................................

United

States

601,016

582,598

d

,m

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

....................................

United

States

1,945,011

1,719,307

d

,m

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

........................................

United

States

1,461,805

1,254,005

d

,m

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

.........

United

States

10,859,281

9,728,381

d

,m

Towd

Point

Mortgage

Trust

,

2017-1

,

A2

,

144A,

FRN

,

3.5

%

,

10/25/56

........................................

United

States

2,906,065

2,886,408

d

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665

%

,

9/25/68

....................

United

States

600,828

605,889

2024-4

,

A1

,

144A,

6.218

%

,

6/25/69

....................

United

States

1,957,153

1,974,083

82,334,648

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

88,160,146

)

...............

84,922,376

Agency

Commercial

Mortgage-Backed

Securities

1.9%

Financial

Services

1.9%

g

FNMA

,

2005-122

,

FN

,

FRN

,

4.814

%

,

(

30-day

SOFR

Average

+

0.464

%

),

1/25/36

..................................

United

States

370,089

366,590

2024-105

,

KF

,

FRN

,

5.35

%

,

(

30-day

SOFR

Average

+

1

%

),

1/25/55

.........................................

United

States

14,228,379

14,270,637

2024-77

,

FM

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

10,517,567

10,486,239

2024-82

,

FE

,

FRN

,

5.3

%

,

(

30-day

SOFR

Average

+

0.95

%

),

11/25/54

........................................

United

States

12,963,506

12,910,286

2024-87

,

FB

,

FRN

,

5.45

%

,

(

30-day

SOFR

Average

+

1.1

%

),

12/25/54

........................................

United

States

13,884,667

13,887,306

n

GNMA

,

2020-189

,

IA

,

IO,

4

%

,

12/20/49

...................

United

States

23,771,356

5,305,655

57,226,713

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

57,122,229

)

.......

57,226,713

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

141,599

2,049

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

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

(continued)

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

3,000,000

$

11,250

Total

Escrows

and

Litigation

Trusts

(Cost

$

2,814,453

)

.........................

13,299

Total

Long

Term

Investments

(Cost

$

3,575,356,214

)

...........................

3,458,316,528

a

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.0%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

0.0%

†

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

44-V1

,

Strike

Price

$

1.05

,

Counterparty

BNDP

,

Expires

9/17/25

.........................................

1

115,500,000

402,800

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

44-V1

,

Strike

Price

$

1.05

,

Counterparty

BNDP

,

Expires

9/17/25

.........................................

1

57,000,000

220,236

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

44-V1

,

Strike

Price

$

1.06

,

Counterparty

BNDP

,

Expires

9/17/25

.........................................

1

111,300,000

478,205

Total

Options

Purchased

(Cost

$

3,449,303

)

...................................

1,101,241

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.7%

q,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254

%

..

United

States

51,182,398

51,182,398

Total

Money

Market

Funds

(Cost

$

51,182,398

)

................................

51,182,398

Total

Short

Term

Investments

(Cost

$

51,182,398

)

..............................

51,182,398

a

Total

Investments

(Cost

$

3,629,987,915

)

116.5

%

...............................

$3,510,600,167

Options

Written

(

0.0

)

%

†

....................................................

(387,735)

Other

Assets,

less

Liabilities

(

16.5

)

%

........................................

(497,840,243)

Net

Assets

100.0%

.........................................................

$3,012,372,189

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.0)%

†

Puts

-

Over-the-Counter

Credit

Default

Swaptions

(0.0)%

†

Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

44-V1

,

Strike

Price

$

1.03

,

Counterparty

BNDP

,

Expires

9/17/25

.........................................

1

(111,300,000)

(

165,252

)

Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

44-V1

,

Strike

Price

$

2.04

,

Counterparty

BNDP

,

Expires

9/17/25

.........................................

1

(172,500,000)

(

222,483

)

(

387,735

)

Total

Options

Written

(Premiums

received

$

1,679,312

)

.........................

$

(

387,735

)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

#

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.

†

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$740,029,955,

representing

24.6%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

See

Note

4

regarding

unfunded

loan

commitments.

j

Income

may

be

received

in

additional

securities

and/or

cash.

k

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

l

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

m

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.

n

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.

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

Security

purchased

on

a

to-be-announced

(TBA)

basis.

q

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

At

July

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

0.2%

Block,

Inc.

a

7550614.SQ.FTS.B

,

4

.927

%

,

9/01/25

....

$

162

$

97

7555997.SQ.FTS.B

,

5

.752

%

,

9/03/25

....

1,560

852

7563453.SQ.FTS.B

,

5

.189

%

,

9/05/25

....

42,374

1,227

a

7563048.SQ.FTS.B

,

5

.47

%

,

9/05/25

.....

66

44

7562885.SQ.FTS.B

,

6

.004

%

,

9/05/25

....

8,387

140

a

7566454.SQ.FTS.B

,

5

.731

%

,

9/06/25

....

313

176

a

7566502.SQ.FTS.B

,

6

.002

%

,

9/06/25

....

2,609

1,546

a

7565514.SQ.FTS.B

,

6

.261

%

,

9/06/25

....

238

156

7571798.SQ.FTS.B

,

4

.937

%

,

9/07/25

....

13,156

549

a

7571356.SQ.FTS.B

,

5

.188

%

,

9/07/25

....

18,085

10,128

a

7572337.SQ.FTS.B

,

5

.56

%

,

9/07/25

.....

512

394

a

7571315.SQ.FTS.B

,

5

.577

%

,

9/07/25

....

576

417

a

7573833.SQ.FTS.B

,

5

.765

%

,

9/07/25

....

339

293

a

7580380.SQ.FTS.B

,

4

.923

%

,

9/10/25

....

842

35

a

7580308.SQ.FTS.B

,

5

.188

%

,

9/10/25

....

212

179

a

7580080.SQ.FTS.B

,

5

.189

%

,

9/10/25

....

1,487

1,082

a

7585994.SQ.FTS.B

,

4

.654

%

,

9/12/25

....

11,599

7,542

7584863.SQ.FTS.B

,

4

.749

%

,

9/12/25

....

14,320

279

a

7587494.SQ.FTS.B

,

4

.937

%

,

9/12/25

....

2,285

1,978

a

7587908.SQ.FTS.B

,

5

.752

%

,

9/12/25

....

3,567

2,356

7587250.SQ.FTS.B

,

5

.757

%

,

9/12/25

....

750

21

7587356.SQ.FTS.B

,

6

.164

%

,

9/12/25

....

2,162

51

7588555.SQ.FTS.B

,

4

.767

%

,

9/13/25

....

804

13

7589355.SQ.FTS.B

,

5

.772

%

,

9/13/25

....

1,086

29

7590816.SQ.FTS.B

,

6

.17

%

,

9/13/25

.....

310

139

7589431.SQ.FTS.B

,

6

.417

%

,

9/13/25

....

4,983

96

7598984.SQ.FTS.B

,

5

.189

%

,

9/15/25

....

8,984

4,251

a

7601738.SQ.FTS.B

,

5

.754

%

,

9/17/25

....

750

490

7603549.SQ.FTS.B

,

6

.258

%

,

9/18/25

....

1,546

31

7604419.SQ.FTS.B

,

6

.289

%

,

9/18/25

....

212

6

7606959.SQ.FTS.B

,

5

.429

%

,

9/19/25

....

438

7

7612216.SQ.FTS.B

,

5

.378

%

,

9/20/25

....

2,325

1,565

7611418.SQ.FTS.B

,

5

.461

%

,

9/20/25

....

1,235

16

7611675.SQ.FTS.B

,

6

.259

%

,

9/20/25

....

1,865

962

a

7617327.SQ.FTS.B

,

5

.378

%

,

9/21/25

....

25,054

17,439

7620569.SQ.FTS.B

,

5

.38

%

,

9/22/25

.....

3,402

1,718

7619618.SQ.FTS.B

,

5

.566

%

,

9/22/25

....

2,757

49

7621281.SQ.FTS.B

,

4

.942

%

,

9/23/25

....

2,435

63

a

7622832.SQ.FTS.B

,

5

.378

%

,

9/24/25

....

1,403

1,048

7622285.SQ.FTS.B

,

6

.252

%

,

9/24/25

....

2,465

67

7625481.SQ.FTS.B

,

6

.416

%

,

9/25/25

....

36,849

907

a

7627911.SQ.FTS.B

,

4

.654

%

,

9/26/25

....

965

910

a

7626562.SQ.FTS.B

,

5

.281

%

,

9/26/25

....

1,200

835

a

7630281.SQ.FTS.B

,

5

.38

%

,

9/26/25

.....

93

89

7633539.SQ.FTS.B

,

5

.344

%

,

9/27/25

....

3,555

2,462

a

7633493.SQ.FTS.B

,

5

.755

%

,

9/27/25

....

823

608

7638920.SQ.FTS.B

,

4

.74

%

,

9/28/25

.....

2,024

31

7636007.SQ.FTS.B

,

4

.754

%

,

9/28/25

....

1,441

24

a

7639410.SQ.FTS.B

,

4

.943

%

,

9/28/25

....

1,296

894

7637379.SQ.FTS.B

,

5

.375

%

,

9/28/25

....

2,601

1,325

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7637460.SQ.FTS.B

,

5

.566

%

,

9/28/25

....

$

3,871

$

67

7642888.SQ.FTS.B

,

5

.187

%

,

9/29/25

....

10,378

357

a

7641906.SQ.FTS.B

,

5

.377

%

,

9/29/25

....

18,632

8,492

a

7643287.SQ.FTS.B

,

6

.476

%

,

9/29/25

....

1,041

542

7645813.SQ.FTS.B

,

6

.184

%

,

10/01/25

...

946

12

a

7653005.SQ.FTS.B

,

5

.184

%

,

10/02/25

...

762

489

a

7649988.SQ.FTS.B

,

5

.189

%

,

10/02/25

...

653

591

7656711.SQ.FTS.B

,

6

.004

%

,

10/03/25

...

2,619

71

7657540.SQ.FTS.B

,

6

.261

%

,

10/03/25

...

2,992

1,328

7662217.SQ.FTS.B

,

5

.563

%

,

10/04/25

...

4,430

63

7659875.SQ.FTS.B

,

6

.17

%

,

10/04/25

....

436

7

a

7665718.SQ.FTS.B

,

5

.533

%

,

10/05/25

...

10,243

4,093

7667343.SQ.FTS.B

,

6

.001

%

,

10/05/25

...

1,280

20

7668773.SQ.FTS.B

,

6

.146

%

,

10/06/25

...

1,217

41

7667933.SQ.FTS.B

,

6

.164

%

,

10/06/25

...

34,644

349

a

7669086.SQ.FTS.B

,

5

.377

%

,

10/07/25

...

2,334

1,785

7671011.SQ.FTS.B

,

5

.157

%

,

10/08/25

...

418

14

7671923.SQ.FTS.B

,

5

.567

%

,

10/08/25

...

4,283

147

a

7673573.SQ.FTS.B

,

5

.751

%

,

10/08/25

...

370

335

a

7675149.SQ.FTS.B

,

4

.654

%

,

10/09/25

...

244

240

a

7676230.SQ.FTS.B

,

6

.164

%

,

10/09/25

...

2,610

2,210

a

7674741.SQ.FTS.B

,

6

.425

%

,

10/09/25

...

131

96

a

7683706.SQ.FTS.B

,

4

.778

%

,

10/11/25

...

2,893

1,844

a

7687178.SQ.FTS.B

,

5

.912

%

,

10/12/25

...

2,193

1,840

7690511.SQ.FTS.B

,

6

.267

%

,

10/14/25

...

936

21

7692666.SQ.FTS.B

,

4

.762

%

,

10/15/25

...

484

227

a

7693971.SQ.FTS.B

,

5

.348

%

,

10/15/25

...

8,978

4,225

a

7693460.SQ.FTS.B

,

6

.294

%

,

10/15/25

...

1,165

486

a

7696304.SQ.FTS.B

,

5

.374

%

,

10/16/25

...

2,519

1,799

a

7699696.SQ.FTS.B

,

5

.566

%

,

10/17/25

...

18,110

8,502

a

7697716.SQ.FTS.B

,

6

.164

%

,

10/17/25

...

4,026

2,277

7703885.SQ.FTS.B

,

4

.754

%

,

10/18/25

...

2,890

47

a

7705618.SQ.FTS.B

,

6

.475

%

,

10/19/25

...

62

52

a

7707410.SQ.FTS.B

,

4

.939

%

,

10/21/25

...

200

185

a

7707326.SQ.FTS.B

,

6

.164

%

,

10/21/25

...

17

15

a

7708676.SQ.FTS.B

,

4

.78

%

,

10/22/25

....

9,330

8,802

a

7709235.SQ.FTS.B

,

4

.79

%

,

10/22/25

....

139

137

a

7709864.SQ.FTS.B

,

5

.912

%

,

10/23/25

...

944

855

7722120.SQ.FTS.B

,

5

.098

%

,

10/25/25

...

5,862

124

a

7724116.SQ.FTS.B

,

5

.349

%

,

10/25/25

...

1,203

969

a

7723355.SQ.FTS.B

,

5

.377

%

,

10/25/25

...

890

721

a

7722826.SQ.FTS.B

,

5

.527

%

,

10/25/25

...

1,164

889

a

7723826.SQ.FTS.B

,

6

.154

%

,

10/25/25

...

133

114

a

7722271.SQ.FTS.B

,

6

.164

%

,

10/25/25

...

4,528

2,873

a

7725282.SQ.FTS.B

,

5

.094

%

,

10/26/25

...

1,304

1,115

7726762.SQ.FTS.B

,

6

.481

%

,

10/26/25

...

3,409

45

7730733.SQ.FTS.B

,

5

.568

%

,

10/27/25

...

396

75

7730655.SQ.FTS.B

,

6

.184

%

,

10/27/25

...

841

16

7733155.SQ.FTS.B

,

5

.533

%

,

10/28/25

...

1,268

921

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7733410.SQ.FTS.B

,

6

.166

%

,

10/28/25

...

$

4,409

$

101

7740952.SQ.FTS.B

,

4

.754

%

,

10/30/25

...

2,949

61

7745988.SQ.FTS.B

,

5

.346

%

,

11/01/25

...

2,610

1,887

a

7743634.SQ.FTS.B

,

5

.444

%

,

11/01/25

...

385

273

7751484.SQ.FTS.B

,

5

.096

%

,

11/02/25

...

4,998

3,484

a

7751646.SQ.FTS.B

,

6

.172

%

,

11/02/25

...

451

300

7756920.SQ.FTS.B

,

6

.289

%

,

11/03/25

...

3,120

2,284

a

7763236.SQ.FTS.B

,

5

.912

%

,

11/06/25

...

4,715

2,749

a

7760734.SQ.FTS.B

,

5

.922

%

,

11/06/25

...

561

284

a

7760998.SQ.FTS.B

,

6

.16

%

,

11/06/25

....

753

623

7760287.SQ.FTS.B

,

6

.169

%

,

11/06/25

...

6,714

69

a

7766291.SQ.FTS.B

,

5

.398

%

,

11/07/25

...

266

158

a

7764659.SQ.FTS.B

,

6

.163

%

,

11/07/25

...

5,022

3,049

a

7766724.SQ.FTS.B

,

6

.169

%

,

11/07/25

...

2,106

1,340

a

7771517.SQ.FTS.B

,

4

.78

%

,

11/08/25

....

1,673

1,040

7770019.SQ.FTS.B

,

5

.533

%

,

11/08/25

...

3,339

3,026

a

7769752.SQ.FTS.B

,

5

.919

%

,

11/08/25

...

563

452

7777312.SQ.FTS.B

,

4

.717

%

,

11/09/25

...

496

174

a

7774447.SQ.FTS.B

,

4

.78

%

,

11/09/25

....

54

54

a

7774779.SQ.FTS.B

,

5

.094

%

,

11/09/25

...

898

846

a

7780863.SQ.FTS.B

,

4

.781

%

,

11/10/25

...

1,085

993

a

7778593.SQ.FTS.B

,

5

.738

%

,

11/10/25

...

445

394

a

7781121.SQ.FTS.B

,

5

.912

%

,

11/10/25

...

7,631

5,881

a

7783004.SQ.FTS.B

,

4

.784

%

,

11/12/25

...

397

391

7783246.SQ.FTS.B

,

6

.159

%

,

11/12/25

...

1,495

21

a

7787446.SQ.FTS.B

,

4

.78

%

,

11/13/25

....

752

579

7785778.SQ.FTS.B

,

5

.099

%

,

11/13/25

...

1,480

1,150

a

7791324.SQ.FTS.B

,

5

.089

%

,

11/14/25

...

1,138

1,013

a

7792716.SQ.FTS.B

,

4

.786

%

,

11/15/25

...

747

682

a

7792924.SQ.FTS.B

,

5

.725

%

,

11/15/25

...

892

829

a

7794833.SQ.FTS.B

,

6

.144

%

,

11/15/25

...

150

136

a

7798612.SQ.FTS.B

,

6

.468

%

,

11/16/25

...

596

407

a

7803938.SQ.FTS.B

,

4

.767

%

,

11/17/25

...

183

72

a

7800668.SQ.FTS.B

,

4

.781

%

,

11/17/25

...

327

322

7804032.SQ.FTS.B

,

6

.162

%

,

11/18/25

...

11,342

3,339

a

7803967.SQ.FTS.B

,

6

.165

%

,

11/18/25

...

1,067

897

7805135.SQ.FTS.B

,

4

.756

%

,

11/19/25

...

221

6

a

7805154.SQ.FTS.B

,

5

.922

%

,

11/19/25

...

1,187

741

a

7809092.SQ.FTS.B

,

5

.346

%

,

11/20/25

...

3,379

2,454

a

7811350.SQ.FTS.B

,

4

.78

%

,

11/21/25

....

1,804

1,524

a

7811469.SQ.FTS.B

,

4

.784

%

,

11/21/25

...

1,965

1,695

a

7812610.SQ.FTS.B

,

5

.72

%

,

11/21/25

....

1,255

1,041

a

7816612.SQ.FTS.B

,

5

.346

%

,

11/22/25

...

153

147

a

7816988.SQ.FTS.B

,

5

.911

%

,

11/22/25

...

219

202

7821101.SQ.FTS.B

,

4

.742

%

,

11/23/25

...

4,175

34

a

7824941.SQ.FTS.B

,

5

.094

%

,

11/23/25

...

16,704

14,582

7822908.SQ.FTS.B

,

5

.723

%

,

11/23/25

...

20,456

4,729

a

7821263.SQ.FTS.B

,

6

.156

%

,

11/23/25

...

387

289

7828520.SQ.FTS.B

,

5

.727

%

,

11/24/25

...

2,729

51

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

7830282.SQ.FTS.B

,

6

.289

%

,

11/25/25

...

$

9,793

$

5,698

a

7839910.SQ.FTS.B

,

4

.75

%

,

11/29/25

....

5,528

2,471

a

7836965.SQ.FTS.B

,

5

.724

%

,

11/29/25

...

23,281

14,803

a

7839465.SQ.FTS.B

,

6

.297

%

,

11/29/25

...

712

451

a

7839409.SQ.FTS.B

,

6

.298

%

,

11/29/25

...

417

351

a

7847613.SQ.FTS.B

,

4

.762

%

,

11/30/25

...

290

156

a

7843703.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

213

209

a

7849268.SQ.FTS.B

,

4

.78

%

,

11/30/25

....

640

572

a

7844276.SQ.FTS.B

,

4

.784

%

,

11/30/25

...

1,252

1,060

a

7842806.SQ.FTS.B

,

4

.788

%

,

11/30/25

...

1,156

1,056

a

7849491.SQ.FTS.B

,

5

.092

%

,

11/30/25

...

1,723

1,621

a

7848174.SQ.FTS.B

,

5

.906

%

,

11/30/25

...

338

311

7844687.SQ.FTS.B

,

6

.164

%

,

11/30/25

...

13,610

5,543

7845202.SQ.FTS.B

,

6

.287

%

,

11/30/25

...

2,732

72

7851095.SQ.FTS.B

,

5

.723

%

,

12/01/25

...

24,397

14,000

7855369.SQ.FTS.B

,

4

.751

%

,

12/03/25

...

3,143

868

a

7855437.SQ.FTS.B

,

4

.78

%

,

12/03/25

....

733

707

a

7855213.SQ.FTS.B

,

5

.535

%

,

12/03/25

...

3,987

2,135

a

7857315.SQ.FTS.B

,

4

.778

%

,

12/04/25

...

4,172

3,209

a

7858529.SQ.FTS.B

,

5

.726

%

,

12/04/25

...

2,763

974

a

7856674.SQ.FTS.B

,

6

.289

%

,

12/04/25

...

2,150

1,224

7869424.SQ.FTS.B

,

6

.289

%

,

12/06/25

...

11,411

189

a

7873538.SQ.FTS.B

,

4

.785

%

,

12/07/25

...

665

635

a

7872984.SQ.FTS.B

,

5

.336

%

,

12/07/25

...

88

84

a

7872643.SQ.FTS.B

,

5

.346

%

,

12/07/25

...

3,207

2,967

a

7872337.SQ.FTS.B

,

6

.164

%

,

12/07/25

...

87

83

a

7878612.SQ.FTS.B

,

4

.773

%

,

12/10/25

...

421

417

a

7878444.SQ.FTS.B

,

4

.778

%

,

12/10/25

...

2,925

2,716

a

7876496.SQ.FTS.B

,

6

.165

%

,

12/10/25

...

842

782

a

7882492.SQ.FTS.B

,

4

.778

%

,

12/11/25

...

5,872

5,043

a

7882919.SQ.FTS.B

,

4

.78

%

,

12/11/25

....

9,836

9,222

7881465.SQ.FTS.B

,

5

.54

%

,

12/11/25

....

3,068

48

a

7881388.SQ.FTS.B

,

5

.917

%

,

12/11/25

...

912

692

a

7884480.SQ.FTS.B

,

4

.781

%

,

12/12/25

...

7,063

5,675

7886066.SQ.FTS.B

,

5

.346

%

,

12/12/25

...

29,796

24,460

a

7885234.SQ.FTS.B

,

5

.917

%

,

12/12/25

...

1,476

544

a

7891807.SQ.FTS.B

,

4

.784

%

,

12/13/25

...

2,013

1,443

a

7894898.SQ.FTS.B

,

4

.75

%

,

12/14/25

....

1,313

455

a

7894130.SQ.FTS.B

,

4

.767

%

,

12/14/25

...

608

551

a

7895685.SQ.FTS.B

,

4

.771

%

,

12/14/25

...

437

418

a

7895575.SQ.FTS.B

,

5

.094

%

,

12/14/25

...

3,536

2,562

7895745.SQ.FTS.B

,

6

.463

%

,

12/14/25

...

1,261

670

a

7899072.SQ.FTS.B

,

5

.347

%

,

12/15/25

...

9,347

7,783

a

7900540.SQ.FTS.B

,

4

.785

%

,

12/16/25

...

1,435

1,342

a

7902529.SQ.FTS.B

,

5

.094

%

,

12/17/25

...

3,122

2,367

7902827.SQ.FTS.B

,

6

.168

%

,

12/17/25

...

1,631

34

a

7905583.SQ.FTS.B

,

4

.777

%

,

12/18/25

...

3,449

1,578

a

7907520.SQ.FTS.B

,

5

.346

%

,

12/18/25

...

13,738

13,004

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7905884.SQ.FTS.B

,

5

.899

%

,

12/18/25

...

$

810

$

289

a

7910151.SQ.FTS.B

,

6

.162

%

,

12/19/25

...

4,858

3,213

a

7914527.SQ.FTS.B

,

4

.78

%

,

12/20/25

....

140

140

a

7912783.SQ.FTS.B

,

5

.094

%

,

12/20/25

...

2,064

2,050

a

7913516.SQ.FTS.B

,

5

.346

%

,

12/20/25

...

13,472

9,155

a

7912501.SQ.FTS.B

,

5

.35

%

,

12/20/25

....

1,575

1,449

a

7918327.SQ.FTS.B

,

5

.912

%

,

12/21/25

...

5,091

3,369

7919109.SQ.FTS.B

,

5

.344

%

,

12/22/25

...

3,587

2,368

a

7919766.SQ.FTS.B

,

5

.913

%

,

12/22/25

...

915

793

a

7919647.SQ.FTS.B

,

6

.184

%

,

12/22/25

...

76

62

a

7920288.SQ.FTS.B

,

4

.78

%

,

12/23/25

....

613

606

7924288.SQ.FTS.B

,

4

.75

%

,

12/24/25

....

3,735

1,241

a

7922043.SQ.FTS.B

,

4

.78

%

,

12/24/25

....

240

237

a

7921110.SQ.FTS.B

,

5

.346

%

,

12/24/25

...

4,599

4,186

7924505.SQ.FTS.B

,

5

.436

%

,

12/24/25

...

2,823

42

a

7924567.SQ.FTS.B

,

5

.885

%

,

12/24/25

...

386

308

a

7924133.SQ.FTS.B

,

5

.915

%

,

12/24/25

...

2,658

844

7926943.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

3,062

1,194

a

7927836.SQ.FTS.B

,

4

.78

%

,

12/25/25

....

3,279

2,875

a

7926543.SQ.FTS.B

,

5

.093

%

,

12/25/25

...

4,365

3,370

7924762.SQ.FTS.B

,

5

.911

%

,

12/25/25

...

24,106

264

a

7928507.SQ.FTS.B

,

6

.166

%

,

12/26/25

...

969

847

7930283.SQ.FTS.B

,

6

.301

%

,

12/26/25

...

495

9

a

7936470.SQ.FTS.B

,

5

.096

%

,

12/27/25

...

3,173

2,784

7934910.SQ.FTS.B

,

5

.338

%

,

12/27/25

...

1,559

1,269

a

7941098.SQ.FTS.B

,

5

.096

%

,

12/28/25

...

2,661

2,557

a

7938158.SQ.FTS.B

,

5

.535

%

,

12/28/25

...

53

50

7938776.SQ.FTS.B

,

5

.914

%

,

12/28/25

...

8,317

166

7941978.SQ.FTS.B

,

5

.905

%

,

12/29/25

...

192

183

a

7945635.SQ.FTS.B

,

4

.78

%

,

1/01/26

.....

1,261

1,141

a

7945023.SQ.FTS.B

,

4

.784

%

,

1/01/26

....

288

285

a

7944381.SQ.FTS.B

,

5

.096

%

,

1/01/26

....

1,344

1,258

7945084.SQ.FTS.B

,

5

.349

%

,

1/01/26

....

4,831

3,360

7947201.SQ.FTS.B

,

6

.301

%

,

1/01/26

....

798

460

a

7945398.SQ.FTS.B

,

6

.484

%

,

1/01/26

....

390

339

a

7951658.SQ.FTS.B

,

4

.78

%

,

1/02/26

.....

906

902

a

7949409.SQ.FTS.B

,

5

.915

%

,

1/02/26

....

280

246

7951375.SQ.FTS.B

,

6

.168

%

,

1/02/26

....

4,045

1,843

a

7951302.SQ.FTS.B

,

6

.478

%

,

1/02/26

....

632

475

7957554.SQ.FTS.B

,

4

.757

%

,

1/03/26

....

852

187

7957892.SQ.FTS.B

,

5

.719

%

,

1/03/26

....

1,916

1,482

7956696.SQ.FTS.B

,

5

.909

%

,

1/03/26

....

6,001

151

7957091.SQ.FTS.B

,

5

.909

%

,

1/03/26

....

393

342

7957594.SQ.FTS.B

,

6

.132

%

,

1/03/26

....

262

153

7956978.SQ.FTS.B

,

6

.162

%

,

1/03/26

....

3,117

46

a

7956840.SQ.FTS.B

,

6

.165

%

,

1/03/26

....

3,660

2,445

7957811.SQ.FTS.B

,

6

.453

%

,

1/03/26

....

337

24

a

7959379.SQ.FTS.B

,

4

.755

%

,

1/04/26

....

1,738

814

a

7959166.SQ.FTS.B

,

4

.782

%

,

1/04/26

....

1,491

1,450

a

7959630.SQ.FTS.B

,

5

.914

%

,

1/04/26

....

237

227

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7960956.SQ.FTS.B

,

4

.745

%

,

1/05/26

....

$

6,549

$

83

a

7961501.SQ.FTS.B

,

6

.289

%

,

1/05/26

....

12,254

10,146

7963717.SQ.FTS.B

,

4

.757

%

,

1/06/26

....

934

15

a

7963288.SQ.FTS.B

,

5

.359

%

,

1/06/26

....

1,180

788

7963850.SQ.FTS.B

,

6

.298

%

,

1/06/26

....

504

11

a

7964254.SQ.FTS.B

,

5

.929

%

,

1/07/26

....

333

303

a

7966164.SQ.FTS.B

,

4

.781

%

,

1/08/26

....

2,362

2,333

7967953.SQ.FTS.B

,

5

.095

%

,

1/08/26

....

15,279

292

a

7966595.SQ.FTS.B

,

6

.173

%

,

1/08/26

....

2,180

1,105

7970205.SQ.FTS.B

,

5

.094

%

,

1/09/26

....

50,343

24,834

a

7969990.SQ.FTS.B

,

5

.906

%

,

1/09/26

....

1,770

1,152

7974096.SQ.FTS.B

,

4

.748

%

,

1/10/26

....

7,166

81

a

7972343.SQ.FTS.B

,

5

.345

%

,

1/10/26

....

2,271

1,369

a

7977212.SQ.FTS.B

,

5

.348

%

,

1/11/26

....

2,329

2,203

a

7977117.SQ.FTS.B

,

5

.525

%

,

1/11/26

....

645

600

a

7980829.SQ.FTS.B

,

4

.78

%

,

1/12/26

.....

1,533

1,516

a

7984914.SQ.FTS.B

,

5

.096

%

,

1/13/26

....

3,005

2,381

a

7985503.SQ.FTS.B

,

4

.78

%

,

1/14/26

.....

4,366

4,206

a

7986117.SQ.FTS.B

,

5

.096

%

,

1/15/26

....

5,194

4,924

a

7989591.SQ.FTS.B

,

5

.348

%

,

1/15/26

....

796

785

a

7987457.SQ.FTS.B

,

5

.892

%

,

1/15/26

....

622

466

a

7989026.SQ.FTS.B

,

5

.909

%

,

1/15/26

....

652

497

a

7986075.SQ.FTS.B

,

6

.158

%

,

1/15/26

....

951

599

7987012.SQ.FTS.B

,

6

.48

%

,

1/15/26

.....

10,229

225

a

7990648.SQ.FTS.B

,

4

.774

%

,

1/16/26

....

3,267

2,271

a

7991599.SQ.FTS.B

,

4

.779

%

,

1/16/26

....

5,905

5,690

a

7990813.SQ.FTS.B

,

4

.78

%

,

1/16/26

.....

742

726

a

8000806.SQ.FTS.B

,

4

.78

%

,

1/17/26

.....

27,376

19,582

a

7994523.SQ.FTS.B

,

5

.096

%

,

1/17/26

....

2,293

1,748

a

7993240.SQ.FTS.B

,

5

.912

%

,

1/17/26

....

291

285

a

8000256.SQ.FTS.B

,

5

.912

%

,

1/17/26

....

5,956

2,595

a

8003194.SQ.FTS.B

,

5

.346

%

,

1/18/26

....

6,749

5,234

8003591.SQ.FTS.B

,

6

.163

%

,

1/18/26

....

12,452

4,040

a

8009056.SQ.FTS.B

,

4

.78

%

,

1/19/26

.....

7,573

5,223

8007319.SQ.FTS.B

,

6

.477

%

,

1/19/26

....

12,785

164

a

8010684.SQ.FTS.B

,

4

.78

%

,

1/21/26

.....

4,698

4,651

8014047.SQ.FTS.B

,

4

.751

%

,

1/22/26

....

6,204

136

a

8012558.SQ.FTS.B

,

5

.094

%

,

1/22/26

....

549

538

a

8011791.SQ.FTS.B

,

5

.91

%

,

1/22/26

.....

1,178

1,048

8015515.SQ.FTS.B

,

4

.746

%

,

1/23/26

....

2,333

52

8016641.SQ.FTS.B

,

4

.747

%

,

1/23/26

....

5,023

66

a

8015845.SQ.FTS.B

,

4

.78

%

,

1/23/26

.....

7,418

6,305

a

8015670.SQ.FTS.B

,

5

.717

%

,

1/23/26

....

387

366

a

8018500.SQ.FTS.B

,

5

.721

%

,

1/23/26

....

560

533

a

8016896.SQ.FTS.B

,

6

.289

%

,

1/23/26

....

338

283

a

8027010.SQ.FTS.B

,

4

.776

%

,

1/25/26

....

613

595

a

8026728.SQ.FTS.B

,

4

.777

%

,

1/25/26

....

805

781

a

8025825.SQ.FTS.B

,

4

.78

%

,

1/25/26

.....

3,538

3,100

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8024716.SQ.FTS.B

,

4

.783

%

,

1/25/26

....

$

791

$

775

a

8027210.SQ.FTS.B

,

5

.092

%

,

1/25/26

....

1,898

1,761

a

8023989.SQ.FTS.B

,

5

.098

%

,

1/25/26

....

5,136

3,959

a

8025368.SQ.FTS.B

,

6

.146

%

,

1/25/26

....

108

97

a

8029301.SQ.FTS.B

,

5

.095

%

,

1/26/26

....

10,117

9,898

a

8028768.SQ.FTS.B

,

5

.347

%

,

1/26/26

....

7,152

5,154

a

8029259.SQ.FTS.B

,

5

.718

%

,

1/26/26

....

1,001

770

a

8031355.SQ.FTS.B

,

5

.902

%

,

1/27/26

....

660

543

a

8032785.SQ.FTS.B

,

4

.785

%

,

1/28/26

....

953

889

a

8032394.SQ.FTS.B

,

5

.108

%

,

1/28/26

....

351

322

a

8036914.SQ.FTS.B

,

5

.354

%

,

1/29/26

....

2,957

954

a

8038431.SQ.FTS.B

,

4

.78

%

,

1/30/26

.....

5,594

5,365

a

8039538.SQ.FTS.B

,

5

.092

%

,

1/30/26

....

1,154

1,121

a

8038799.SQ.FTS.B

,

5

.544

%

,

1/30/26

....

905

808

a

8039644.SQ.FTS.B

,

5

.721

%

,

1/30/26

....

541

526

a

8039266.SQ.FTS.B

,

5

.725

%

,

1/30/26

....

1,422

1,383

a

8038230.SQ.FTS.B

,

6

.163

%

,

1/30/26

....

4,025

1,123

a

8037451.SQ.FTS.B

,

6

.164

%

,

1/30/26

....

575

404

a

8038405.SQ.FTS.B

,

6

.471

%

,

1/30/26

....

259

208

a

8042336.SQ.FTS.B

,

6

.482

%

,

1/31/26

....

2,532

1,667

a

8049098.SQ.FTS.B

,

5

.094

%

,

2/01/26

....

7,676

7,320

8050308.SQ.FTS.B

,

5

.346

%

,

2/01/26

....

3,840

1,648

8047355.SQ.FTS.B

,

5

.902

%

,

2/01/26

....

580

338

8049639.SQ.FTS.B

,

6

.486

%

,

2/01/26

....

2,363

50

8051996.SQ.FTS.B

,

4

.751

%

,

2/02/26

....

4,965

67

a

8052759.SQ.FTS.B

,

4

.78

%

,

2/02/26

.....

11,827

11,341

8051483.SQ.FTS.B

,

5

.346

%

,

2/02/26

....

1,706

1,507

a

8050775.SQ.FTS.B

,

6

.157

%

,

2/02/26

....

812

545

8050572.SQ.FTS.B

,

6

.289

%

,

2/02/26

....

3,832

67

a

8050826.SQ.FTS.B

,

6

.289

%

,

2/02/26

....

712

617

a

8055695.SQ.FTS.B

,

4

.783

%

,

2/04/26

....

4,227

3,544

a

8055982.SQ.FTS.B

,

6

.148

%

,

2/04/26

....

780

531

a

8056546.SQ.FTS.B

,

4

.707

%

,

2/05/26

....

13

10

8057620.SQ.FTS.B

,

4

.751

%

,

2/05/26

....

8,330

142

a

8057890.SQ.FTS.B

,

5

.346

%

,

2/05/26

....

4,479

2,698

a

8059705.SQ.FTS.B

,

5

.535

%

,

2/05/26

....

6,638

5,914

a

8058155.SQ.FTS.B

,

5

.723

%

,

2/05/26

....

23,311

10,280

a

8056820.SQ.FTS.B

,

6

.289

%

,

2/05/26

....

234

200

a

8062730.SQ.FTS.B

,

5

.136

%

,

2/06/26

....

189

177

a

8062731.SQ.FTS.B

,

5

.534

%

,

2/06/26

....

31,667

29,045

a

8060184.SQ.FTS.B

,

5

.912

%

,

2/06/26

....

6,434

6,309

a

8064024.SQ.FTS.B

,

6

.164

%

,

2/07/26

....

7,281

1,545

a

8069832.SQ.FTS.B

,

4

.78

%

,

2/08/26

.....

1,862

1,835

a

8076225.SQ.FTS.B

,

4

.783

%

,

2/10/26

....

1,861

1,624

8076793.SQ.FTS.B

,

6

.294

%

,

2/10/26

....

2,373

35

a

8077372.SQ.FTS.B

,

4

.778

%

,

2/11/26

....

3,025

2,192

8078299.SQ.FTS.B

,

4

.746

%

,

2/12/26

....

1,275

297

a

8078088.SQ.FTS.B

,

4

.777

%

,

2/12/26

....

4,774

1,812

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8084514.SQ.FTS.B

,

4

.787

%

,

2/13/26

....

$

922

$

908

a

8081797.SQ.FTS.B

,

6

.268

%

,

2/13/26

....

296

256

a

8084851.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

3,629

3,460

a

8086461.SQ.FTS.B

,

4

.78

%

,

2/14/26

.....

254

254

a

8085774.SQ.FTS.B

,

5

.095

%

,

2/14/26

....

7,209

7,022

8090007.SQ.FTS.B

,

4

.78

%

,

2/15/26

.....

13,876

9,876

a

8091746.SQ.FTS.B

,

5

.349

%

,

2/15/26

....

1,437

1,407

a

8090826.SQ.FTS.B

,

5

.737

%

,

2/15/26

....

780

657

8093036.SQ.FTS.B

,

6

.477

%

,

2/15/26

....

10,658

140

a

8093954.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

466

464

a

8096009.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

149

148

a

8096744.SQ.FTS.B

,

4

.78

%

,

2/16/26

.....

213

212

a

8093678.SQ.FTS.B

,

5

.727

%

,

2/16/26

....

6,218

2,868

a

8097887.SQ.FTS.B

,

4

.784

%

,

2/18/26

....

2,480

2,354

a

8101696.SQ.FTS.B

,

5

.093

%

,

2/19/26

....

1,959

1,915

a

8099621.SQ.FTS.B

,

5

.346

%

,

2/19/26

....

14,554

3,323

a

8105051.SQ.FTS.B

,

5

.092

%

,

2/20/26

....

3,404

2,447

a

8105727.SQ.FTS.B

,

5

.536

%

,

2/20/26

....

238

235

8109203.SQ.FTS.B

,

4

.749

%

,

2/21/26

....

5,789

1,259

a

8109091.SQ.FTS.B

,

4

.778

%

,

2/21/26

....

2,378

2,289

a

8106732.SQ.FTS.B

,

4

.78

%

,

2/21/26

.....

22,290

7,078

8109434.SQ.FTS.B

,

6

.15

%

,

2/21/26

.....

360

173

a

8113487.SQ.FTS.B

,

5

.723

%

,

2/22/26

....

5,671

1,713

a

8116542.SQ.FTS.B

,

5

.346

%

,

2/23/26

....

5,365

5,215

8115296.SQ.FTS.B

,

6

.55

%

,

2/23/26

.....

2,433

40

a

8119010.SQ.FTS.B

,

4

.952

%

,

2/24/26

....

2,204

376

8119176.SQ.FTS.B

,

5

.099

%

,

2/24/26

....

790

626

8119560.SQ.FTS.B

,

5

.409

%

,

2/25/26

....

8,595

152

a

8120166.SQ.FTS.B

,

5

.409

%

,

2/25/26

....

4,263

3,818

a

8121883.SQ.FTS.B

,

4

.78

%

,

2/26/26

.....

1,883

1,862

a

8122063.SQ.FTS.B

,

5

.113

%

,

2/26/26

....

878

862

8124329.SQ.FTS.B

,

5

.912

%

,

2/26/26

....

23,671

517

8123557.SQ.FTS.B

,

6

.418

%

,

2/26/26

....

3,612

781

a

8124765.SQ.FTS.B

,

4

.78

%

,

2/27/26

.....

10,480

10,033

a

8126648.SQ.FTS.B

,

6

.328

%

,

2/27/26

....

3,272

1,663

a

8126086.SQ.FTS.B

,

6

.416

%

,

2/27/26

....

2,556

1,789

a

8126705.SQ.FTS.B

,

6

.441

%

,

2/27/26

....

879

605

a

8129109.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

12,295

11,441

a

8129667.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

212

212

a

8130830.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

1,171

1,163

a

8140625.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

6,068

5,550

a

8141947.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

480

475

a

8142519.SQ.FTS.B

,

4

.78

%

,

2/28/26

.....

13,510

8,367

a

8130744.SQ.FTS.B

,

5

.09

%

,

2/28/26

.....

422

420

a

8128439.SQ.FTS.B

,

5

.094

%

,

2/28/26

....

2,271

2,196

8128121.SQ.FTS.B

,

5

.912

%

,

2/28/26

....

5,320

97

8137489.SQ.FTS.B

,

5

.912

%

,

2/28/26

....

34,354

689

a

8143369.SQ.FTS.B

,

6

.155

%

,

2/28/26

....

1,118

1,005

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8143486.SQ.FTS.B

,

6

.328

%

,

3/01/26

....

$

4,836

$

79

a

8144690.SQ.FTS.B

,

4

.781

%

,

3/02/26

....

9,821

9,447

a

8149300.SQ.FTS.B

,

4

.739

%

,

3/03/26

....

534

113

a

8149324.SQ.FTS.B

,

4

.782

%

,

3/03/26

....

2,822

2,751

a

8148293.SQ.FTS.B

,

5

.09

%

,

3/03/26

.....

1,987

1,919

a

8145783.SQ.FTS.B

,

5

.125

%

,

3/03/26

....

1,291

814

a

8146086.SQ.FTS.B

,

5

.408

%

,

3/03/26

....

2,770

2,645

a

8148398.SQ.FTS.B

,

6

.15

%

,

3/03/26

.....

1,895

1,887

a

8146610.SQ.FTS.B

,

6

.676

%

,

3/03/26

....

479

261

8150842.SQ.FTS.B

,

4

.781

%

,

3/04/26

....

12,085

281

a

8152791.SQ.FTS.B

,

5

.115

%

,

3/04/26

....

2,947

2,834

8152413.SQ.FTS.B

,

6

.149

%

,

3/04/26

....

7,326

103

a

8158305.SQ.FTS.B

,

5

.114

%

,

3/05/26

....

5,741

4,281

a

8156889.SQ.FTS.B

,

5

.12

%

,

3/05/26

.....

1,404

923

a

8155381.SQ.FTS.B

,

5

.415

%

,

3/05/26

....

1,072

1,038

a

8158477.SQ.FTS.B

,

5

.66

%

,

3/05/26

.....

549

510

a

8158243.SQ.FTS.B

,

5

.665

%

,

3/05/26

....

5,569

3,601

a

8159248.SQ.FTS.B

,

4

.782

%

,

3/06/26

....

1,657

1,608

a

8159879.SQ.FTS.B

,

5

.915

%

,

3/06/26

....

1,104

1,046

a

8160737.SQ.FTS.B

,

6

.148

%

,

3/06/26

....

106

97

a

8162815.SQ.FTS.B

,

4

.779

%

,

3/07/26

....

3,331

3,298

a

8162625.SQ.FTS.B

,

5

.111

%

,

3/07/26

....

1,609

1,450

8162406.SQ.FTS.B

,

6

.152

%

,

3/07/26

....

3,360

48

a

8162785.SQ.FTS.B

,

6

.416

%

,

3/07/26

....

1,198

880

a

8163191.SQ.FTS.B

,

5

.92

%

,

3/08/26

.....

673

649

a

8163239.SQ.FTS.B

,

5

.921

%

,

3/08/26

....

1,992

1,267

a

8165070.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

1,249

1,233

a

8165674.SQ.FTS.B

,

4

.78

%

,

3/09/26

.....

5,723

5,686

a

8164748.SQ.FTS.B

,

4

.953

%

,

3/09/26

....

4,166

2,149

a

8164312.SQ.FTS.B

,

5

.397

%

,

3/09/26

....

18

17

a

8170035.SQ.FTS.B

,

4

.782

%

,

3/10/26

....

41

41

a

8169510.SQ.FTS.B

,

4

.785

%

,

3/10/26

....

1,159

1,141

a

8168309.SQ.FTS.B

,

6

.547

%

,

3/10/26

....

2,342

2,023

a

8170695.SQ.FTS.B

,

6

.551

%

,

3/10/26

....

2,001

1,770

a

8172863.SQ.FTS.B

,

4

.78

%

,

3/11/26

.....

15,994

15,791

a

8178311.SQ.FTS.B

,

5

.66

%

,

3/12/26

.....

2,934

2,499

8179992.SQ.FTS.B

,

6

.673

%

,

3/12/26

....

35,767

712

a

8182060.SQ.FTS.B

,

4

.781

%

,

3/13/26

....

1,145

1,133

a

8182425.SQ.FTS.B

,

4

.952

%

,

3/13/26

....

350

287

8184135.SQ.FTS.B

,

6

.666

%

,

3/13/26

....

2,144

38

a

8185108.SQ.FTS.B

,

4

.78

%

,

3/14/26

.....

1,352

1,346

a

8184247.SQ.FTS.B

,

5

.112

%

,

3/14/26

....

869

853

a

8184322.SQ.FTS.B

,

5

.403

%

,

3/14/26

....

1,180

1,059

a

8184364.SQ.FTS.B

,

5

.413

%

,

3/14/26

....

1,912

1,622

a

8185085.SQ.FTS.B

,

6

.665

%

,

3/14/26

....

293

259

a

8185824.SQ.FTS.B

,

4

.78

%

,

3/15/26

.....

2,757

2,582

a

8186025.SQ.FTS.B

,

4

.784

%

,

3/15/26

....

1,964

1,888

Description

Principal

Amount

Value

Block,

Inc.

(continued)

a

8185742.SQ.FTS.B

,

5

.108

%

,

3/15/26

....

$

1,395

$

1,365

a

8186305.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

5,333

2,915

a

8188369.SQ.FTS.B

,

4

.78

%

,

3/16/26

.....

7,741

7,577

a

8187994.SQ.FTS.B

,

5

.11

%

,

3/16/26

.....

243

238

a

8190004.SQ.FTS.B

,

4

.779

%

,

3/17/26

....

3,482

2,746

a

8191128.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

8,594

7,076

a

8192435.SQ.FTS.B

,

4

.78

%

,

3/17/26

.....

273

271

a

8191608.SQ.FTS.B

,

4

.781

%

,

3/17/26

....

411

408

a

8190250.SQ.FTS.B

,

4

.784

%

,

3/17/26

....

3,162

2,965

8192240.SQ.FTS.B

,

4

.953

%

,

3/17/26

....

1,288

19

a

8192130.SQ.FTS.B

,

6

.14

%

,

3/17/26

.....

861

826

a

8191390.SQ.FTS.B

,

6

.419

%

,

3/17/26

....

2,413

2,314

a

8195862.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

4,186

4,120

a

8196839.SQ.FTS.B

,

4

.78

%

,

3/18/26

.....

12,477

11,724

a

8194482.SQ.FTS.B

,

4

.781

%

,

3/18/26

....

12,002

8,818

a

8194284.SQ.FTS.B

,

5

.111

%

,

3/18/26

....

2,469

2,326

a

8195426.SQ.FTS.B

,

6

.436

%

,

3/18/26

....

1,467

1,008

8195481.SQ.FTS.B

,

6

.547

%

,

3/18/26

....

12,523

3,137

a

8198902.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

16,344

14,996

a

8199999.SQ.FTS.B

,

4

.78

%

,

3/19/26

.....

11,627

11,455

a

8201077.SQ.FTS.B

,

6

.43

%

,

3/19/26

.....

1,121

849

a

8201149.SQ.FTS.B

,

6

.544

%

,

3/19/26

....

1,508

1,353

a

8204880.SQ.FTS.B

,

4

.779

%

,

3/20/26

....

4,414

4,344

a

8204347.SQ.FTS.B

,

5

.409

%

,

3/20/26

....

1,540

1,409

a

8204428.SQ.FTS.B

,

5

.409

%

,

3/20/26

....

705

702

a

8203582.SQ.FTS.B

,

5

.906

%

,

3/20/26

....

810

773

a

8204408.SQ.FTS.B

,

6

.434

%

,

3/20/26

....

767

610

a

8206858.SQ.FTS.B

,

5

.108

%

,

3/21/26

....

1,047

852

a

8206117.SQ.FTS.B

,

5

.113

%

,

3/21/26

....

23,430

20,828

a

8207378.SQ.FTS.B

,

4

.776

%

,

3/22/26

....

2,020

1,987

a

8207770.SQ.FTS.B

,

5

.111

%

,

3/22/26

....

2,680

1,639

a

8210859.SQ.FTS.B

,

4

.78

%

,

3/23/26

.....

3,975

3,835

a

8209725.SQ.FTS.B

,

4

.783

%

,

3/23/26

....

3,244

3,119

a

8209356.SQ.FTS.B

,

4

.784

%

,

3/23/26

....

1,133

1,113

a

8209877.SQ.FTS.B

,

5

.114

%

,

3/23/26

....

4,334

4,014

a

8209494.SQ.FTS.B

,

5

.116

%

,

3/23/26

....

4,903

4,094

a

8210573.SQ.FTS.B

,

5

.911

%

,

3/23/26

....

8,486

7,688

a

8208651.SQ.FTS.B

,

6

.147

%

,

3/23/26

....

2,071

1,586

a

8210054.SQ.FTS.B

,

6

.15

%

,

3/23/26

.....

6,029

5,760

8208433.SQ.FTS.B

,

6

.153

%

,

3/23/26

....

3,727

69

a

8213965.SQ.FTS.B

,

4

.777

%

,

3/24/26

....

1,179

1,156

a

8212933.SQ.FTS.B

,

5

.117

%

,

3/24/26

....

1,282

1,267

a

8213507.SQ.FTS.B

,

5

.409

%

,

3/24/26

....

2,189

2,176

a

8211937.SQ.FTS.B

,

5

.411

%

,

3/24/26

....

1,002

993

a

8211765.SQ.FTS.B

,

5

.669

%

,

3/24/26

....

3,031

1,609

a

8214068.SQ.FTS.B

,

6

.15

%

,

3/24/26

.....

11,069

6,569

a

8212239.SQ.FTS.B

,

6

.334

%

,

3/24/26

....

58

52

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

8217075.SQ.FTS.B

,

4

.775

%

,

3/25/26

....

$

589

$

583

a

8216170.SQ.FTS.B

,

4

.78

%

,

3/25/26

.....

4,710

4,668

a

8217160.SQ.FTS.B

,

4

.782

%

,

3/25/26

....

3,533

3,441

a

8215377.SQ.FTS.B

,

5

.114

%

,

3/25/26

....

8,091

7,702

a

8216765.SQ.FTS.B

,

6

.152

%

,

3/25/26

....

10,050

6,227

8217448.SQ.FTS.B

,

6

.333

%

,

3/25/26

....

1,594

217

a

8221039.SQ.FTS.B

,

5

.112

%

,

3/26/26

....

1,957

1,915

a

8221996.SQ.FTS.B

,

5

.116

%

,

3/26/26

....

1,164

1,141

a

8222561.SQ.FTS.B

,

5

.666

%

,

3/26/26

....

1,530

1,490

a

8222713.SQ.FTS.B

,

6

.148

%

,

3/26/26

....

1,340

1,257

a

8222408.SQ.FTS.B

,

6

.424

%

,

3/26/26

....

333

327

a

8220835.SQ.FTS.B

,

6

.55

%

,

3/26/26

.....

2,084

1,458

4582384.SQ.FTS.B

,

4

.552

%

,

4/03/33

....

863

–

4581979.SQ.FTS.B

,

4

.555

%

,

4/03/33

....

2,035

–

4581962.SQ.FTS.B

,

4

.709

%

,

4/03/33

....

1,755

–

4586446.SQ.FTS.B

,

4

.403

%

,

4/04/33

....

5,636

–

4591961.SQ.FTS.B

,

3

.931

%

,

4/06/33

....

1,338

–

4592572.SQ.FTS.B

,

4

.553

%

,

4/06/33

....

449

–

4593610.SQ.FTS.B

,

4

.871

%

,

4/06/33

....

881

–

4590729.SQ.FTS.B

,

4

.875

%

,

4/06/33

....

1,383

–

4591813.SQ.FTS.B

,

4

.877

%

,

4/06/33

....

2,891

–

4604000.SQ.FTS.B

,

4

.558

%

,

4/09/33

....

8,181

–

4604804.SQ.FTS.B

,

4

.56

%

,

4/09/33

.....

785

–

4605658.SQ.FTS.B

,

4

.558

%

,

4/10/33

....

6,711

–

4605063.SQ.FTS.B

,

5

.031

%

,

4/10/33

....

1,320

–

4606932.SQ.FTS.B

,

4

.554

%

,

4/11/33

....

2,572

–

4606620.SQ.FTS.B

,

4

.56

%

,

4/11/33

.....

668

–

4606063.SQ.FTS.B

,

4

.568

%

,

4/11/33

....

2,752

–

4606489.SQ.FTS.B

,

4

.717

%

,

4/11/33

....

12,498

–

4609493.SQ.FTS.B

,

4

.722

%

,

4/12/33

....

1,353

–

4609460.SQ.FTS.B

,

4

.868

%

,

4/12/33

....

2,479

–

4610482.SQ.FTS.B

,

5

.031

%

,

4/13/33

....

3,354

–

4622864.SQ.FTS.B

,

3

.302

%

,

4/15/33

....

782

–

4622664.SQ.FTS.B

,

4

.556

%

,

4/15/33

....

3,107

–

4624796.SQ.FTS.B

,

3

.927

%

,

4/17/33

....

457

–

4624391.SQ.FTS.B

,

4

.717

%

,

4/17/33

....

3,087

–

4625048.SQ.FTS.B

,

4

.858

%

,

4/17/33

....

871

–

4626040.SQ.FTS.B

,

4

.876

%

,

4/18/33

....

5,792

–

4628862.SQ.FTS.B

,

3

.304

%

,

4/19/33

....

8,296

–

4632078.SQ.FTS.B

,

4

.561

%

,

4/20/33

....

21,052

–

4638327.SQ.FTS.B

,

4

.406

%

,

4/22/33

....

8,661

–

4640261.SQ.FTS.B

,

4

.539

%

,

4/24/33

....

549

–

4640985.SQ.FTS.B

,

3

.3

%

,

4/25/33

......

1,692

1

4641063.SQ.FTS.B

,

3

.774

%

,

4/25/33

....

710

–

4643805.SQ.FTS.B

,

3

.931

%

,

4/25/33

....

751

–

4649015.SQ.FTS.B

,

4

.56

%

,

4/27/33

.....

5,124

–

4649299.SQ.FTS.B

,

5

.031

%

,

4/27/33

....

109

–

4655501.SQ.FTS.B

,

4

.556

%

,

4/29/33

....

3,367

–

4657541.SQ.FTS.B

,

3

.302

%

,

4/30/33

....

836

–

4660081.SQ.FTS.B

,

4

.883

%

,

5/01/33

....

422

–

4664137.SQ.FTS.B

,

4

.566

%

,

5/02/33

....

2,149

–

4666640.SQ.FTS.B

,

4

.56

%

,

5/03/33

.....

10,212

–

4674918.SQ.FTS.B

,

3

.303

%

,

5/05/33

....

9,934

–

4675113.SQ.FTS.B

,

4

.56

%

,

5/05/33

.....

163

–

4684412.SQ.FTS.B

,

3

.302

%

,

5/08/33

....

2,706

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4707828.SQ.FTS.B

,

4

.566

%

,

5/11/33

....

$

69

$

–

4713712.SQ.FTS.B

,

5

.031

%

,

5/13/33

....

105

–

4720634.SQ.FTS.B

,

4

.56

%

,

5/16/33

.....

7,932

–

4725524.SQ.FTS.B

,

4

.874

%

,

5/17/33

....

19,384

1

4741690.SQ.FTS.B

,

4

.568

%

,

5/18/33

....

524

–

4744012.SQ.FTS.B

,

4

.716

%

,

5/18/33

....

2,527

–

4755474.SQ.FTS.B

,

4

.566

%

,

5/22/33

....

1,198

–

4756626.SQ.FTS.B

,

4

.567

%

,

5/22/33

....

371

–

4757364.SQ.FTS.B

,

4

.878

%

,

5/22/33

....

2,804

–

4790013.SQ.FTS.B

,

3

.935

%

,

5/29/33

....

130

–

4807316.SQ.FTS.B

,

4

.403

%

,

6/02/33

....

297

–

4810447.SQ.FTS.B

,

4

.874

%

,

6/03/33

....

2,379

–

4814556.SQ.FTS.B

,

3

.302

%

,

6/04/33

....

616

–

4814833.SQ.FTS.B

,

4

.561

%

,

6/04/33

....

24,496

–

4815651.SQ.FTS.B

,

4

.57

%

,

6/05/33

.....

629

–

4818987.SQ.FTS.B

,

3

.302

%

,

6/06/33

....

2,640

–

4819217.SQ.FTS.B

,

4

.56

%

,

6/07/33

.....

12,317

3

4819180.SQ.FTS.B

,

5

.031

%

,

6/07/33

....

266

–

4821611.SQ.FTS.B

,

4

.552

%

,

6/08/33

....

702

–

4823342.SQ.FTS.B

,

4

.874

%

,

6/08/33

....

714

–

4827165.SQ.FTS.B

,

4

.55

%

,

6/09/33

.....

1,298

–

4832985.SQ.FTS.B

,

4

.559

%

,

6/10/33

....

12,795

1

4831089.SQ.FTS.B

,

5

.031

%

,

6/10/33

....

3,668

–

4836929.SQ.FTS.B

,

3

.932

%

,

6/13/33

....

6,637

–

4837116.SQ.FTS.B

,

4

.557

%

,

6/13/33

....

2,784

–

4840254.SQ.FTS.B

,

2

.958

%

,

6/14/33

....

488

–

4840334.SQ.FTS.B

,

2

.961

%

,

6/14/33

....

1,577

–

4840427.SQ.FTS.B

,

4

.334

%

,

6/14/33

....

6,145

–

4839366.SQ.FTS.B

,

4

.538

%

,

6/14/33

....

11,177

–

4839716.SQ.FTS.B

,

4

.553

%

,

6/14/33

....

727

–

4840766.SQ.FTS.B

,

4

.563

%

,

6/14/33

....

2,241

–

4843142.SQ.FTS.B

,

4

.56

%

,

6/15/33

.....

495

1

4842339.SQ.FTS.B

,

4

.654

%

,

6/15/33

....

539

–

4850020.SQ.FTS.B

,

4

.528

%

,

6/16/33

....

156

–

4850454.SQ.FTS.B

,

4

.558

%

,

6/16/33

....

1,505

–

4848471.SQ.FTS.B

,

4

.56

%

,

6/16/33

.....

2,931

–

4848703.SQ.FTS.B

,

4

.574

%

,

6/16/33

....

1,526

–

4848662.SQ.FTS.B

,

4

.881

%

,

6/16/33

....

5,372

–

4861177.SQ.FTS.B

,

3

.33

%

,

6/17/33

.....

526

–

4860575.SQ.FTS.B

,

3

.953

%

,

6/17/33

....

431

–

4858016.SQ.FTS.B

,

4

.554

%

,

6/17/33

....

652

–

4860428.SQ.FTS.B

,

4

.56

%

,

6/17/33

.....

179

–

4860376.SQ.FTS.B

,

4

.878

%

,

6/17/33

....

1,539

–

4861282.SQ.FTS.B

,

5

.031

%

,

6/17/33

....

2,636

–

4861902.SQ.FTS.B

,

3

.925

%

,

6/18/33

....

1,428

–

4861917.SQ.FTS.B

,

4

.562

%

,

6/18/33

....

3,378

1

4863326.SQ.FTS.B

,

4

.403

%

,

6/19/33

....

3,221

1

4863471.SQ.FTS.B

,

4

.973

%

,

6/19/33

....

7,932

–

4866709.SQ.FTS.B

,

4

.566

%

,

6/20/33

....

1,837

–

4866438.SQ.FTS.B

,

5

.031

%

,

6/20/33

....

954

–

4867919.SQ.FTS.B

,

3

.851

%

,

6/21/33

....

6,047

–

4868584.SQ.FTS.B

,

4

.556

%

,

6/21/33

....

5,694

–

4868143.SQ.FTS.B

,

4

.56

%

,

6/21/33

.....

4,894

–

4881919.SQ.FTS.B

,

4

.568

%

,

6/28/33

....

793

–

4881733.SQ.FTS.B

,

4

.882

%

,

6/28/33

....

726

–

4884630.SQ.FTS.B

,

3

.296

%

,

6/29/33

....

527

–

4885937.SQ.FTS.B

,

4

.723

%

,

6/29/33

....

2,665

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4889629.SQ.FTS.B

,

4

.73

%

,

7/01/33

.....

$

2,050

$

–

4890016.SQ.FTS.B

,

4

.286

%

,

7/02/33

....

1,471

–

4889899.SQ.FTS.B

,

4

.403

%

,

7/02/33

....

5,336

–

4891423.SQ.FTS.B

,

4

.563

%

,

7/03/33

....

3,072

–

4901767.SQ.FTS.B

,

4

.562

%

,

7/07/33

....

4,562

–

4901412.SQ.FTS.B

,

4

.715

%

,

7/07/33

....

183

–

4903860.SQ.FTS.B

,

4

.57

%

,

7/09/33

.....

2,273

–

4906129.SQ.FTS.B

,

3

.298

%

,

7/10/33

....

407

–

4905084.SQ.FTS.B

,

4

.717

%

,

7/10/33

....

1,810

1

4924498.SQ.FTS.B

,

4

.562

%

,

7/17/33

....

2,892

1

4926237.SQ.FTS.B

,

4

.56

%

,

7/18/33

.....

7,821

–

4926957.SQ.FTS.B

,

4

.403

%

,

7/19/33

....

1,660

–

4928138.SQ.FTS.B

,

4

.562

%

,

7/19/33

....

6,946

–

4928795.SQ.FTS.B

,

4

.874

%

,

7/19/33

....

21,198

1

4928279.SQ.FTS.B

,

4

.883

%

,

7/19/33

....

991

–

4931889.SQ.FTS.B

,

4

.487

%

,

7/20/33

....

1,469

–

4931407.SQ.FTS.B

,

5

.031

%

,

7/20/33

....

758

–

4933844.SQ.FTS.B

,

3

.539

%

,

7/21/33

....

19,305

–

4935527.SQ.FTS.B

,

4

.454

%

,

7/22/33

....

1,418

–

4935556.SQ.FTS.B

,

4

.871

%

,

7/22/33

....

496

–

4935340.SQ.FTS.B

,

6

.379

%

,

7/22/33

....

81

–

4935758.SQ.FTS.B

,

4

.258

%

,

7/23/33

....

717

–

4935784.SQ.FTS.B

,

4

.56

%

,

7/23/33

.....

749

–

4936861.SQ.FTS.B

,

4

.556

%

,

7/24/33

....

1,307

–

4937255.SQ.FTS.B

,

5

.558

%

,

7/24/33

....

1,941

–

4954900.SQ.FTS.B

,

4

.561

%

,

7/28/33

....

4,177

–

4962523.SQ.FTS.B

,

4

.558

%

,

7/31/33

....

4,563

–

4962054.SQ.FTS.B

,

4

.717

%

,

7/31/33

....

8,398

1

4964207.SQ.FTS.B

,

4

.727

%

,

8/01/33

....

872

–

4967874.SQ.FTS.B

,

4

.558

%

,

8/02/33

....

6,630

–

4976894.SQ.FTS.B

,

3

.308

%

,

8/07/33

....

2,452

–

4977295.SQ.FTS.B

,

4

.559

%

,

8/07/33

....

5,717

–

4980891.SQ.FTS.B

,

3

.931

%

,

8/08/33

....

7,938

–

4980302.SQ.FTS.B

,

4

.562

%

,

8/08/33

....

5,164

1

4986950.SQ.FTS.B

,

3

.396

%

,

8/10/33

....

1,026

–

4985573.SQ.FTS.B

,

4

.559

%

,

8/10/33

....

3,505

–

4985801.SQ.FTS.B

,

4

.565

%

,

8/10/33

....

3,070

–

4989680.SQ.FTS.B

,

4

.871

%

,

8/11/33

....

6,187

–

4990405.SQ.FTS.B

,

4

.403

%

,

8/12/33

....

1,967

–

4990927.SQ.FTS.B

,

4

.554

%

,

8/12/33

....

1,216

–

4991162.SQ.FTS.B

,

3

.301

%

,

8/13/33

....

5,956

–

4993377.SQ.FTS.B

,

3

.043

%

,

8/14/33

....

1,027

–

4993286.SQ.FTS.B

,

3

.934

%

,

8/14/33

....

1,167

–

4993884.SQ.FTS.B

,

4

.881

%

,

8/14/33

....

2,371

–

5003760.SQ.FTS.B

,

3

.874

%

,

8/15/33

....

2,712

–

5002638.SQ.FTS.B

,

4

.403

%

,

8/15/33

....

1,671

–

4994636.SQ.FTS.B

,

4

.56

%

,

8/15/33

.....

1,945

–

4999801.SQ.FTS.B

,

4

.561

%

,

8/15/33

....

7,631

–

5002851.SQ.FTS.B

,

4

.564

%

,

8/15/33

....

2,134

–

5017280.SQ.FTS.B

,

3

.511

%

,

8/17/33

....

6,962

–

5019634.SQ.FTS.B

,

3

.661

%

,

8/17/33

....

1,814

–

5024347.SQ.FTS.B

,

4

.556

%

,

8/18/33

....

2,526

–

5025377.SQ.FTS.B

,

4

.561

%

,

8/18/33

....

4,937

–

5026387.SQ.FTS.B

,

4

.55

%

,

8/19/33

.....

1,641

–

5025999.SQ.FTS.B

,

4

.558

%

,

8/19/33

....

4,449

–

5027200.SQ.FTS.B

,

5

.128

%

,

8/21/33

....

811

–

5035879.SQ.FTS.B

,

4

.55

%

,

8/23/33

.....

757

–

5034542.SQ.FTS.B

,

4

.561

%

,

8/23/33

....

3,605

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5037885.SQ.FTS.B

,

2

.809

%

,

8/24/33

....

$

10,799

$

–

5041320.SQ.FTS.B

,

5

.024

%

,

8/25/33

....

6,419

–

5044612.SQ.FTS.B

,

4

.539

%

,

8/27/33

....

309

–

5045876.SQ.FTS.B

,

4

.403

%

,

8/28/33

....

6,187

–

5045398.SQ.FTS.B

,

4

.561

%

,

8/28/33

....

9,125

–

5047833.SQ.FTS.B

,

4

.69

%

,

8/28/33

.....

3,738

–

5048228.SQ.FTS.B

,

3

.953

%

,

9/01/33

....

273

–

5050370.SQ.FTS.B

,

4

.403

%

,

9/01/33

....

17,390

–

5049827.SQ.FTS.B

,

5

.031

%

,

9/01/33

....

3,982

–

5051339.SQ.FTS.B

,

3

.103

%

,

9/02/33

....

1,372

–

5051202.SQ.FTS.B

,

5

.763

%

,

9/02/33

....

402

–

5059779.SQ.FTS.B

,

3

.245

%

,

9/04/33

....

14,261

–

5061477.SQ.FTS.B

,

3

.305

%

,

9/04/33

....

5,939

–

5059388.SQ.FTS.B

,

4

.717

%

,

9/04/33

....

578

–

5062144.SQ.FTS.B

,

3

.967

%

,

9/05/33

....

400

–

5065231.SQ.FTS.B

,

4

.717

%

,

9/07/33

....

7,752

–

5067639.SQ.FTS.B

,

3

.929

%

,

9/08/33

....

8,253

–

5066009.SQ.FTS.B

,

4

.134

%

,

9/08/33

....

5,797

–

5068585.SQ.FTS.B

,

6

.246

%

,

9/08/33

....

2,845

–

5069032.SQ.FTS.B

,

3

.799

%

,

9/09/33

....

4,912

–

5069067.SQ.FTS.B

,

4

.558

%

,

9/09/33

....

12,169

–

5074780.SQ.FTS.B

,

4

.56

%

,

9/10/33

.....

1,174

–

5074113.SQ.FTS.B

,

4

.561

%

,

9/10/33

....

38,423

1

5074740.SQ.FTS.B

,

4

.564

%

,

9/10/33

....

3,030

–

5073148.SQ.FTS.B

,

5

.908

%

,

9/10/33

....

1,369

–

5078382.SQ.FTS.B

,

4

.56

%

,

9/12/33

.....

979

–

5082041.SQ.FTS.B

,

4

.558

%

,

9/14/33

....

2,897

–

5080951.SQ.FTS.B

,

4

.566

%

,

9/14/33

....

654

–

5081394.SQ.FTS.B

,

4

.715

%

,

9/14/33

....

9,547

–

5082286.SQ.FTS.B

,

4

.051

%

,

9/15/33

....

2,381

–

5086472.SQ.FTS.B

,

4

.554

%

,

9/16/33

....

1,605

–

5086626.SQ.FTS.B

,

4

.572

%

,

9/16/33

....

1,016

–

5090813.SQ.FTS.B

,

4

.406

%

,

9/17/33

....

4,919

–

5089593.SQ.FTS.B

,

4

.719

%

,

9/17/33

....

3,289

–

5091416.SQ.FTS.B

,

3

.774

%

,

9/18/33

....

13,871

–

5092572.SQ.FTS.B

,

3

.927

%

,

9/18/33

....

4,043

–

5093886.SQ.FTS.B

,

5

.59

%

,

9/19/33

.....

2,277

–

5094586.SQ.FTS.B

,

5

.031

%

,

9/20/33

....

2,003

–

5097173.SQ.FTS.B

,

3

.302

%

,

9/21/33

....

729

–

5096503.SQ.FTS.B

,

4

.562

%

,

9/21/33

....

9,495

–

5095170.SQ.FTS.B

,

5

.711

%

,

9/21/33

....

2,536

–

5099132.SQ.FTS.B

,

4

.56

%

,

9/22/33

.....

37,393

–

5098444.SQ.FTS.B

,

4

.597

%

,

9/22/33

....

4,780

–

5102220.SQ.FTS.B

,

5

.031

%

,

9/23/33

....

2,484

–

5107188.SQ.FTS.B

,

3

.201

%

,

9/24/33

....

2,474

–

5104481.SQ.FTS.B

,

4

.717

%

,

9/24/33

....

1,513

–

5109124.SQ.FTS.B

,

5

.031

%

,

9/25/33

....

519

–

5109714.SQ.FTS.B

,

5

.031

%

,

9/25/33

....

8,108

–

5113482.SQ.FTS.B

,

3

.298

%

,

9/28/33

....

1,152

–

5114403.SQ.FTS.B

,

4

.552

%

,

9/28/33

....

1,028

–

5114309.SQ.FTS.B

,

4

.566

%

,

9/28/33

....

906

–

5111943.SQ.FTS.B

,

4

.822

%

,

9/28/33

....

842

–

5115942.SQ.FTS.B

,

4

.061

%

,

9/29/33

....

25,309

–

5122298.SQ.FTS.B

,

3

.298

%

,

9/30/33

....

1,008

–

5118981.SQ.FTS.B

,

3

.626

%

,

9/30/33

....

3,773

–

5119496.SQ.FTS.B

,

4

.498

%

,

9/30/33

....

4,666

–

5122010.SQ.FTS.B

,

4

.582

%

,

9/30/33

....

629

–

5118308.SQ.FTS.B

,

4

.719

%

,

9/30/33

....

6,298

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5117310.SQ.FTS.B

,

4

.877

%

,

9/30/33

....

$

4,690

$

–

5125832.SQ.FTS.B

,

4

.465

%

,

10/01/33

...

649

–

5126318.SQ.FTS.B

,

5

.031

%

,

10/01/33

...

305

–

5128160.SQ.FTS.B

,

3

.312

%

,

10/02/33

...

2,113

–

5128139.SQ.FTS.B

,

4

.88

%

,

10/02/33

....

1,521

–

5129089.SQ.FTS.B

,

4

.558

%

,

10/03/33

...

5,922

–

5131068.SQ.FTS.B

,

5

.157

%

,

10/04/33

...

995

–

5134858.SQ.FTS.B

,

3

.926

%

,

10/05/33

...

206

–

5134453.SQ.FTS.B

,

4

.073

%

,

10/05/33

...

589

–

5135989.SQ.FTS.B

,

4

.562

%

,

10/05/33

...

6,343

–

5138063.SQ.FTS.B

,

3

.753

%

,

10/06/33

...

13,589

–

5143636.SQ.FTS.B

,

3

.303

%

,

10/07/33

...

22,568

–

5143602.SQ.FTS.B

,

4

.496

%

,

10/07/33

...

1,106

–

5144702.SQ.FTS.B

,

5

.031

%

,

10/07/33

...

2,530

–

5143578.SQ.FTS.B

,

5

.123

%

,

10/07/33

...

597

–

5145759.SQ.FTS.B

,

4

.56

%

,

10/08/33

....

11,012

1

5147227.SQ.FTS.B

,

4

.717

%

,

10/08/33

...

2,903

–

5145611.SQ.FTS.B

,

4

.883

%

,

10/08/33

...

415

–

5148494.SQ.FTS.B

,

2

.579

%

,

10/09/33

...

769

–

5149258.SQ.FTS.B

,

3

.664

%

,

10/10/33

...

2,200

–

5153196.SQ.FTS.B

,

4

.56

%

,

10/11/33

....

13,914

–

5154671.SQ.FTS.B

,

3

.564

%

,

10/12/33

...

674

–

5154721.SQ.FTS.B

,

4

.56

%

,

10/12/33

....

114

–

5155863.SQ.FTS.B

,

4

.562

%

,

10/12/33

...

10,908

–

5158276.SQ.FTS.B

,

4

.717

%

,

10/13/33

...

4,505

–

5165031.SQ.FTS.B

,

3

.407

%

,

10/14/33

...

523

–

5165513.SQ.FTS.B

,

4

.57

%

,

10/14/33

....

535

–

5164900.SQ.FTS.B

,

4

.702

%

,

10/14/33

...

2,484

–

5167306.SQ.FTS.B

,

4

.564

%

,

10/15/33

...

63

–

5167520.SQ.FTS.B

,

4

.597

%

,

10/15/33

...

792

–

5178623.SQ.FTS.B

,

4

.403

%

,

10/18/33

...

2,451

–

5184669.SQ.FTS.B

,

4

.872

%

,

10/19/33

...

3,872

–

5185667.SQ.FTS.B

,

4

.56

%

,

10/20/33

....

14,855

–

5204516.SQ.FTS.B

,

4

.403

%

,

10/22/33

...

12,116

–

5220688.SQ.FTS.B

,

4

.403

%

,

10/26/33

...

25,349

5

5220666.SQ.FTS.B

,

4

.555

%

,

10/26/33

...

343

–

5216243.SQ.FTS.B

,

4

.558

%

,

10/26/33

...

2,570

–

5218743.SQ.FTS.B

,

4

.874

%

,

10/26/33

...

14,574

–

5234308.SQ.FTS.B

,

3

.354

%

,

10/28/33

...

2,041

–

5235201.SQ.FTS.B

,

5

.031

%

,

10/29/33

...

1,059

–

5240240.SQ.FTS.B

,

4

.141

%

,

10/30/33

...

3,565

–

5239980.SQ.FTS.B

,

4

.567

%

,

10/30/33

...

4,342

–

5240149.SQ.FTS.B

,

4

.568

%

,

10/30/33

...

487

–

5240977.SQ.FTS.B

,

4

.562

%

,

11/01/33

...

1,605

–

5243677.SQ.FTS.B

,

3

.922

%

,

11/02/33

...

199

–

5243643.SQ.FTS.B

,

4

.403

%

,

11/02/33

...

3,274

–

5251513.SQ.FTS.B

,

3

.774

%

,

11/03/33

...

1,257

–

5251234.SQ.FTS.B

,

4

.403

%

,

11/03/33

...

12,595

–

5250046.SQ.FTS.B

,

4

.612

%

,

11/03/33

...

104

–

5249081.SQ.FTS.B

,

4

.717

%

,

11/03/33

...

1,535

–

5248838.SQ.FTS.B

,

4

.802

%

,

11/03/33

...

3,589

–

5246929.SQ.FTS.B

,

4

.874

%

,

11/03/33

...

3,004

–

5262859.SQ.FTS.B

,

4

.561

%

,

11/05/33

...

6,228

–

5271294.SQ.FTS.B

,

3

.29

%

,

11/06/33

....

743

–

5270493.SQ.FTS.B

,

3

.814

%

,

11/06/33

...

1,448

–

5271481.SQ.FTS.B

,

3

.941

%

,

11/06/33

...

872

–

5271882.SQ.FTS.B

,

4

.066

%

,

11/06/33

...

6,771

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5273861.SQ.FTS.B

,

2

.59

%

,

11/08/33

....

$

2,965

$

–

5273816.SQ.FTS.B

,

4

.566

%

,

11/08/33

...

1,760

–

5281948.SQ.FTS.B

,

4

.561

%

,

11/10/33

...

29,541

–

5282925.SQ.FTS.B

,

3

.774

%

,

11/11/33

...

2,496

–

5292413.SQ.FTS.B

,

3

.567

%

,

11/13/33

...

7,292

–

5291714.SQ.FTS.B

,

4

.561

%

,

11/13/33

...

2,335

–

5294178.SQ.FTS.B

,

4

.717

%

,

11/14/33

...

4,625

–

5294931.SQ.FTS.B

,

3

.401

%

,

11/15/33

...

875

–

5296152.SQ.FTS.B

,

3

.322

%

,

11/16/33

...

3,005

–

5297998.SQ.FTS.B

,

4

.548

%

,

11/16/33

...

636

–

5297749.SQ.FTS.B

,

4

.561

%

,

11/16/33

...

4,815

1

5297124.SQ.FTS.B

,

4

.602

%

,

11/16/33

...

4,734

–

5297679.SQ.FTS.B

,

5

.689

%

,

11/16/33

...

4,327

–

5303325.SQ.FTS.B

,

4

.871

%

,

11/17/33

...

2,069

–

5313199.SQ.FTS.B

,

3

.308

%

,

11/18/33

...

2,846

–

5308440.SQ.FTS.B

,

4

.1

%

,

11/18/33

.....

1,850

–

5310909.SQ.FTS.B

,

4

.56

%

,

11/18/33

....

14,880

–

5313296.SQ.FTS.B

,

4

.852

%

,

11/18/33

...

1,043

–

5308374.SQ.FTS.B

,

4

.864

%

,

11/18/33

...

1,834

–

5309472.SQ.FTS.B

,

5

.031

%

,

11/18/33

...

3,112

–

5313526.SQ.FTS.B

,

5

.031

%

,

11/18/33

...

1,853

–

5312989.SQ.FTS.B

,

5

.436

%

,

11/18/33

...

886

–

5319254.SQ.FTS.B

,

3

.962

%

,

11/19/33

...

875

–

5318154.SQ.FTS.B

,

4

.109

%

,

11/19/33

...

1,339

–

5318776.SQ.FTS.B

,

4

.379

%

,

11/19/33

...

15,271

–

5321246.SQ.FTS.B

,

4

.562

%

,

11/20/33

...

9,240

–

5324511.SQ.FTS.B

,

4

.741

%

,

11/21/33

...

762

–

5324505.SQ.FTS.B

,

5

.786

%

,

11/21/33

...

732

–

5325685.SQ.FTS.B

,

3

.87

%

,

11/22/33

....

671

–

5325032.SQ.FTS.B

,

5

.303

%

,

11/22/33

...

1,289

–

5326604.SQ.FTS.B

,

4

.563

%

,

11/23/33

...

1,332

–

5330352.SQ.FTS.B

,

4

.567

%

,

11/23/33

...

4,757

–

5330620.SQ.FTS.B

,

4

.424

%

,

11/24/33

...

262

–

5331180.SQ.FTS.B

,

4

.557

%

,

11/24/33

...

2,904

–

5336855.SQ.FTS.B

,

2

.83

%

,

11/25/33

....

1,071

–

5337877.SQ.FTS.B

,

3

.945

%

,

11/25/33

...

256

–

5376799.SQ.FTS.B

,

2

.083

%

,

11/27/33

...

4,624

–

5368153.SQ.FTS.B

,

3

.962

%

,

11/27/33

...

1,070

–

5378398.SQ.FTS.B

,

4

.56

%

,

11/27/33

....

32,690

1

5381030.SQ.FTS.B

,

2

.347

%

,

11/28/33

...

10,498

–

5381932.SQ.FTS.B

,

4

.545

%

,

11/29/33

...

741

–

5383396.SQ.FTS.B

,

3

.302

%

,

11/30/33

...

105

–

5398394.SQ.FTS.B

,

3

.321

%

,

11/30/33

...

777

–

5383412.SQ.FTS.B

,

5

.031

%

,

11/30/33

...

2,807

–

5413606.SQ.FTS.B

,

4

.403

%

,

12/01/33

...

2,850

–

5442439.SQ.FTS.B

,

2

.865

%

,

12/02/33

...

1,242

–

5440393.SQ.FTS.B

,

3

.27

%

,

12/02/33

....

513

–

5471332.SQ.FTS.B

,

4

.017

%

,

12/03/33

...

12,560

–

5471273.SQ.FTS.B

,

5

.031

%

,

12/03/33

...

1,167

–

5473309.SQ.FTS.B

,

3

.774

%

,

12/04/33

...

1,962

–

5473236.SQ.FTS.B

,

4

.403

%

,

12/04/33

...

6,897

–

5472763.SQ.FTS.B

,

4

.513

%

,

12/04/33

...

2,711

–

5472730.SQ.FTS.B

,

4

.688

%

,

12/04/33

...

3,743

–

5474033.SQ.FTS.B

,

4

.548

%

,

12/05/33

...

1,011

–

5502597.SQ.FTS.B

,

3

.294

%

,

12/07/33

...

6,676

–

5493687.SQ.FTS.B

,

3

.774

%

,

12/07/33

...

1,582

–

5495244.SQ.FTS.B

,

4

.068

%

,

12/07/33

...

1,565

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5504275.SQ.FTS.B

,

4

.555

%

,

12/07/33

...

$

1,678

$

–

5504334.SQ.FTS.B

,

5

.807

%

,

12/07/33

...

2,881

–

5517225.SQ.FTS.B

,

3

.983

%

,

12/08/33

...

132

–

5515935.SQ.FTS.B

,

4

.56

%

,

12/08/33

....

521

–

5515632.SQ.FTS.B

,

5

.382

%

,

12/08/33

...

876

–

5531634.SQ.FTS.B

,

4

.068

%

,

12/09/33

...

16,877

–

5530682.SQ.FTS.B

,

4

.561

%

,

12/09/33

...

8,257

–

5534538.SQ.FTS.B

,

4

.717

%

,

12/10/33

...

3,044

–

5539742.SQ.FTS.B

,

5

.031

%

,

12/11/33

...

3,222

–

5546767.SQ.FTS.B

,

4

.56

%

,

12/13/33

....

9,786

–

5542232.SQ.FTS.B

,

4

.715

%

,

12/13/33

...

9,576

–

5543476.SQ.FTS.B

,

4

.874

%

,

12/13/33

...

697

–

5553801.SQ.FTS.B

,

4

.073

%

,

12/14/33

...

15,160

–

5553995.SQ.FTS.B

,

4

.553

%

,

12/14/33

...

680

–

5551837.SQ.FTS.B

,

4

.874

%

,

12/14/33

...

3,976

–

5564465.SQ.FTS.B

,

3

.928

%

,

12/16/33

...

3,809

–

5564400.SQ.FTS.B

,

4

.228

%

,

12/16/33

...

4,180

–

5564739.SQ.FTS.B

,

4

.02

%

,

12/17/33

....

4,014

1

5565718.SQ.FTS.B

,

4

.345

%

,

12/17/33

...

1,113

–

5566977.SQ.FTS.B

,

4

.564

%

,

12/17/33

...

4,680

–

5565342.SQ.FTS.B

,

5

.163

%

,

12/17/33

...

1,550

–

5568613.SQ.FTS.B

,

4

.557

%

,

12/18/33

...

7,092

–

5571039.SQ.FTS.B

,

3

.304

%

,

12/20/33

...

585

–

5571610.SQ.FTS.B

,

4

.642

%

,

12/20/33

...

10,025

–

5574449.SQ.FTS.B

,

3

.774

%

,

12/21/33

...

8,365

–

5574770.SQ.FTS.B

,

4

.562

%

,

12/21/33

...

5,784

–

5575354.SQ.FTS.B

,

4

.874

%

,

12/21/33

...

1,669

–

5574619.SQ.FTS.B

,

5

.941

%

,

12/21/33

...

1,300

–

5578293.SQ.FTS.B

,

3

.843

%

,

12/22/33

...

4,171

–

5581220.SQ.FTS.B

,

2

.444

%

,

12/23/33

...

2,766

–

5581428.SQ.FTS.B

,

3

.384

%

,

12/23/33

...

2,217

1

5581964.SQ.FTS.B

,

3

.774

%

,

12/23/33

...

2,231

–

5583691.SQ.FTS.B

,

3

.774

%

,

12/23/33

...

1,683

–

5581405.SQ.FTS.B

,

3

.935

%

,

12/23/33

...

1,215

–

5582638.SQ.FTS.B

,

3

.945

%

,

12/23/33

...

1,582

–

5582775.SQ.FTS.B

,

4

.422

%

,

12/23/33

...

565

–

5585193.SQ.FTS.B

,

4

.571

%

,

12/24/33

...

1,038

–

5587897.SQ.FTS.B

,

4

.65

%

,

12/24/33

....

21,318

–

5587763.SQ.FTS.B

,

4

.718

%

,

12/24/33

...

13,450

–

5588620.SQ.FTS.B

,

4

.515

%

,

12/25/33

...

4,534

–

5588868.SQ.FTS.B

,

4

.56

%

,

12/26/33

....

2,471

–

5589268.SQ.FTS.B

,

4

.587

%

,

12/26/33

...

447

–

5589011.SQ.FTS.B

,

4

.874

%

,

12/26/33

...

996

–

5593696.SQ.FTS.B

,

4

.559

%

,

12/28/33

...

16,651

–

5594128.SQ.FTS.B

,

5

.019

%

,

12/28/33

...

3,289

–

5611249.SQ.FTS.B

,

5

.282

%

,

12/30/33

...

1,749

–

5609439.SQ.FTS.B

,

5

.673

%

,

12/30/33

...

2,708

–

5614043.SQ.FTS.B

,

3

.938

%

,

1/01/34

....

260

–

5619805.SQ.FTS.B

,

4

.716

%

,

1/04/34

....

66

–

5629056.SQ.FTS.B

,

3

.298

%

,

1/06/34

....

1,080

–

5646926.SQ.FTS.B

,

3

.302

%

,

1/07/34

....

4,350

–

5644715.SQ.FTS.B

,

3

.774

%

,

1/07/34

....

4,969

–

5644959.SQ.FTS.B

,

4

.716

%

,

1/07/34

....

10,493

–

5641293.SQ.FTS.B

,

5

.031

%

,

1/07/34

....

1,924

–

5655805.SQ.FTS.B

,

4

.559

%

,

1/09/34

....

9,103

–

5655794.SQ.FTS.B

,

4

.78

%

,

1/09/34

.....

265

–

5656707.SQ.FTS.B

,

3

.044

%

,

1/10/34

....

3,920

–

5656317.SQ.FTS.B

,

4

.403

%

,

1/10/34

....

3,805

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5656852.SQ.FTS.B

,

4

.477

%

,

1/10/34

....

$

716

$

–

5656603.SQ.FTS.B

,

4

.88

%

,

1/10/34

.....

609

–

5661432.SQ.FTS.B

,

4

.56

%

,

1/11/34

.....

27,848

1

5670099.SQ.FTS.B

,

4

.129

%

,

1/12/34

....

1,442

–

5666857.SQ.FTS.B

,

4

.56

%

,

1/12/34

.....

50,254

–

5670219.SQ.FTS.B

,

4

.563

%

,

1/12/34

....

1,123

–

5672062.SQ.FTS.B

,

5

.367

%

,

1/12/34

....

957

–

5672716.SQ.FTS.B

,

4

.563

%

,

1/13/34

....

1,612

–

5672657.SQ.FTS.B

,

5

.02

%

,

1/13/34

.....

1,961

–

5689054.SQ.FTS.B

,

3

.304

%

,

1/14/34

....

354

–

5694752.SQ.FTS.B

,

4

.403

%

,

1/14/34

....

35,953

–

5702064.SQ.FTS.B

,

3

.032

%

,

1/15/34

....

1,794

–

5701510.SQ.FTS.B

,

3

.324

%

,

1/15/34

....

251

–

5696224.SQ.FTS.B

,

4

.56

%

,

1/15/34

.....

4,134

–

5698837.SQ.FTS.B

,

4

.563

%

,

1/15/34

....

8,377

–

5703564.SQ.FTS.B

,

4

.56

%

,

1/17/34

.....

5,948

–

5715524.SQ.FTS.B

,

3

.302

%

,

1/19/34

....

1,945

–

5714621.SQ.FTS.B

,

4

.874

%

,

1/19/34

....

20,053

1

5721363.SQ.FTS.B

,

3

.302

%

,

1/20/34

....

47,507

–

5721008.SQ.FTS.B

,

4

.557

%

,

1/20/34

....

4,207

–

5720995.SQ.FTS.B

,

5

.042

%

,

1/20/34

....

383

–

5720196.SQ.FTS.B

,

5

.499

%

,

1/20/34

....

869

–

5726619.SQ.FTS.B

,

4

.791

%

,

1/21/34

....

11,825

1

5734473.SQ.FTS.B

,

2

.638

%

,

1/22/34

....

4,239

–

5733912.SQ.FTS.B

,

3

.311

%

,

1/22/34

....

14,207

1

5732481.SQ.FTS.B

,

4

.555

%

,

1/22/34

....

913

–

5739318.SQ.FTS.B

,

4

.403

%

,

1/25/34

....

9,310

–

5741942.SQ.FTS.B

,

3

.593

%

,

1/26/34

....

5,645

–

5743692.SQ.FTS.B

,

3

.305

%

,

1/27/34

....

2,366

–

5743913.SQ.FTS.B

,

4

.56

%

,

1/27/34

.....

14,974

–

5745525.SQ.FTS.B

,

4

.562

%

,

1/27/34

....

3,073

–

5756490.SQ.FTS.B

,

4

.56

%

,

1/29/34

.....

28,616

–

5757294.SQ.FTS.B

,

4

.403

%

,

1/30/34

....

5,660

–

5756660.SQ.FTS.B

,

4

.559

%

,

1/30/34

....

17,332

–

5767979.SQ.FTS.B

,

3

.931

%

,

2/03/34

....

2,624

–

5767523.SQ.FTS.B

,

4

.309

%

,

2/03/34

....

17,755

1

5769375.SQ.FTS.B

,

4

.56

%

,

2/03/34

.....

2,824

–

5772616.SQ.FTS.B

,

4

.562

%

,

2/04/34

....

10,404

–

5774638.SQ.FTS.B

,

4

.869

%

,

2/04/34

....

424

–

5777849.SQ.FTS.B

,

4

.556

%

,

2/05/34

....

3,303

–

5775630.SQ.FTS.B

,

4

.566

%

,

2/05/34

....

3,081

–

5778865.SQ.FTS.B

,

4

.722

%

,

2/05/34

....

2,036

–

5778637.SQ.FTS.B

,

4

.883

%

,

2/05/34

....

745

–

5778756.SQ.FTS.B

,

4

.931

%

,

2/05/34

....

2,847

–

5779967.SQ.FTS.B

,

4

.712

%

,

2/06/34

....

2,379

–

5780239.SQ.FTS.B

,

4

.405

%

,

2/07/34

....

7,900

–

5782195.SQ.FTS.B

,

5

.241

%

,

2/08/34

....

1,128

–

5788805.SQ.FTS.B

,

4

.403

%

,

2/09/34

....

20,630

–

5784888.SQ.FTS.B

,

4

.563

%

,

2/09/34

....

838

–

5788233.SQ.FTS.B

,

4

.709

%

,

2/09/34

....

881

–

5789379.SQ.FTS.B

,

4

.717

%

,

2/09/34

....

150

–

5793198.SQ.FTS.B

,

4

.121

%

,

2/10/34

....

14,656

–

5796633.SQ.FTS.B

,

4

.57

%

,

2/10/34

.....

2,959

–

5796654.SQ.FTS.B

,

4

.874

%

,

2/10/34

....

23,973

–

5795334.SQ.FTS.B

,

5

.25

%

,

2/10/34

.....

2,288

–

5802042.SQ.FTS.B

,

3

.064

%

,

2/11/34

....

49,428

–

5805398.SQ.FTS.B

,

3

.308

%

,

2/11/34

....

2,828

–

5805328.SQ.FTS.B

,

4

.555

%

,

2/11/34

....

297

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5801833.SQ.FTS.B

,

4

.558

%

,

2/11/34

....

$

1,116

$

–

5805490.SQ.FTS.B

,

4

.575

%

,

2/11/34

....

629

–

5804251.SQ.FTS.B

,

4

.717

%

,

2/11/34

....

3,814

–

5805369.SQ.FTS.B

,

5

.25

%

,

2/11/34

.....

2,188

–

5808150.SQ.FTS.B

,

3

.962

%

,

2/12/34

....

1,070

–

5809849.SQ.FTS.B

,

4

.561

%

,

2/12/34

....

2,395

–

5811504.SQ.FTS.B

,

4

.686

%

,

2/12/34

....

13,131

4

5816654.SQ.FTS.B

,

4

.559

%

,

2/15/34

....

13,550

–

5818437.SQ.FTS.B

,

4

.877

%

,

2/15/34

....

1,402

–

5818633.SQ.FTS.B

,

5

.262

%

,

2/15/34

....

762

–

5821739.SQ.FTS.B

,

4

.56

%

,

2/16/34

.....

20,819

3

5821663.SQ.FTS.B

,

4

.563

%

,

2/16/34

....

2,685

–

5824064.SQ.FTS.B

,

4

.403

%

,

2/17/34

....

16,472

–

5823402.SQ.FTS.B

,

4

.528

%

,

2/17/34

....

16,653

–

5824290.SQ.FTS.B

,

4

.552

%

,

2/17/34

....

1,207

–

5827715.SQ.FTS.B

,

4

.554

%

,

2/18/34

....

3,528

–

5832996.SQ.FTS.B

,

4

.52

%

,

2/19/34

.....

465

–

5833744.SQ.FTS.B

,

4

.552

%

,

2/19/34

....

4,166

–

5831642.SQ.FTS.B

,

4

.564

%

,

2/19/34

....

3,872

–

5832876.SQ.FTS.B

,

4

.64

%

,

2/19/34

.....

888

–

5832933.SQ.FTS.B

,

5

.275

%

,

2/19/34

....

871

–

5835427.SQ.FTS.B

,

4

.521

%

,

2/21/34

....

156

–

5840032.SQ.FTS.B

,

4

.56

%

,

2/23/34

.....

9,993

–

5844917.SQ.FTS.B

,

3

.933

%

,

2/24/34

....

2,860

–

5843566.SQ.FTS.B

,

4

.56

%

,

2/24/34

.....

5,389

–

5843736.SQ.FTS.B

,

5

.015

%

,

2/24/34

....

1,275

–

5848650.SQ.FTS.B

,

4

.814

%

,

2/25/34

....

2,710

–

5853107.SQ.FTS.B

,

4

.881

%

,

2/26/34

....

1,186

–

5853687.SQ.FTS.B

,

5

.251

%

,

2/26/34

....

1,153

–

5855247.SQ.FTS.B

,

4

.306

%

,

2/27/34

....

2,503

–

5862832.SQ.FTS.B

,

3

.302

%

,

2/28/34

....

20,291

4

5855815.SQ.FTS.B

,

4

.758

%

,

2/28/34

....

2,097

–

5856506.SQ.FTS.B

,

4

.839

%

,

2/28/34

....

1,492

–

5857271.SQ.FTS.B

,

4

.909

%

,

2/28/34

....

5,828

–

5873503.SQ.FTS.B

,

4

.302

%

,

3/01/34

....

1,500

–

5871100.SQ.FTS.B

,

4

.59

%

,

3/01/34

.....

19,844

–

5872195.SQ.FTS.B

,

4

.686

%

,

3/01/34

....

11,306

–

5876942.SQ.FTS.B

,

5

.031

%

,

3/02/34

....

11,879

–

5878878.SQ.FTS.B

,

5

.11

%

,

3/05/34

.....

429

–

5884476.SQ.FTS.B

,

4

.435

%

,

3/07/34

....

2,124

–

5884756.SQ.FTS.B

,

5

.098

%

,

3/07/34

....

787

–

5890737.SQ.FTS.B

,

5

.158

%

,

3/08/34

....

31,239

1

5891388.SQ.FTS.B

,

4

.025

%

,

3/09/34

....

3,614

–

5892501.SQ.FTS.B

,

4

.048

%

,

3/09/34

....

760

–

5894049.SQ.FTS.B

,

4

.59

%

,

3/09/34

.....

5,935

–

5894227.SQ.FTS.B

,

4

.941

%

,

3/09/34

....

6,594

–

5893120.SQ.FTS.B

,

5

.037

%

,

3/09/34

....

3,245

–

5892907.SQ.FTS.B

,

5

.1

%

,

3/09/34

......

2,548

–

5892236.SQ.FTS.B

,

5

.29

%

,

3/09/34

.....

756

–

5899146.SQ.FTS.B

,

5

.1

%

,

3/12/34

......

1,011

–

5902039.SQ.FTS.B

,

4

.716

%

,

3/13/34

....

4,574

–

5900966.SQ.FTS.B

,

4

.738

%

,

3/13/34

....

1,908

–

5902007.SQ.FTS.B

,

5

.187

%

,

3/13/34

....

1,148

–

5900522.SQ.FTS.B

,

5

.516

%

,

3/13/34

....

449

–

5908792.SQ.FTS.B

,

4

.438

%

,

3/15/34

....

3,835

–

5909844.SQ.FTS.B

,

4

.905

%

,

3/15/34

....

8,247

–

5907307.SQ.FTS.B

,

5

.031

%

,

3/15/34

....

4,223

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5912454.SQ.FTS.B

,

4

.946

%

,

3/16/34

....

$

2,264

$

–

5911132.SQ.FTS.B

,

5

.031

%

,

3/16/34

....

31,967

–

5912428.SQ.FTS.B

,

5

.031

%

,

3/16/34

....

2,401

–

5912708.SQ.FTS.B

,

5

.378

%

,

3/16/34

....

1,135

–

5913409.SQ.FTS.B

,

4

.308

%

,

3/17/34

....

2,690

–

5914346.SQ.FTS.B

,

5

.541

%

,

3/18/34

....

208

–

5917893.SQ.FTS.B

,

4

.435

%

,

3/19/34

....

14,136

1

5918205.SQ.FTS.B

,

4

.915

%

,

3/19/34

....

693

–

5917212.SQ.FTS.B

,

5

.084

%

,

3/19/34

....

1,518

–

5916186.SQ.FTS.B

,

5

.188

%

,

3/19/34

....

3,408

–

5918972.SQ.FTS.B

,

4

.526

%

,

3/20/34

....

8,974

–

5922077.SQ.FTS.B

,

5

.179

%

,

3/20/34

....

1,538

–

5918675.SQ.FTS.B

,

5

.211

%

,

3/20/34

....

305

–

5921964.SQ.FTS.B

,

5

.223

%

,

3/20/34

....

623

–

5921812.SQ.FTS.B

,

5

.536

%

,

3/20/34

....

1,536

–

5923853.SQ.FTS.B

,

4

.528

%

,

3/21/34

....

34,589

–

5928998.SQ.FTS.B

,

4

.747

%

,

3/22/34

....

4,209

–

5927683.SQ.FTS.B

,

5

.372

%

,

3/22/34

....

4,609

–

5929950.SQ.FTS.B

,

5

.431

%

,

3/22/34

....

475

–

5936987.SQ.FTS.B

,

4

.74

%

,

3/26/34

.....

631

–

5940897.SQ.FTS.B

,

3

.93

%

,

3/27/34

.....

6,239

–

5945156.SQ.FTS.B

,

4

.744

%

,

3/28/34

....

1,617

–

5950020.SQ.FTS.B

,

5

.438

%

,

3/29/34

....

2,365

–

5953421.SQ.FTS.B

,

4

.306

%

,

3/30/34

....

3,220

–

5953778.SQ.FTS.B

,

5

.196

%

,

3/30/34

....

470

–

5955157.SQ.FTS.B

,

5

.464

%

,

3/30/34

....

946

–

5960313.SQ.FTS.B

,

3

.937

%

,

4/03/34

....

680

–

5958081.SQ.FTS.B

,

4

.845

%

,

4/03/34

....

1,192

–

5960150.SQ.FTS.B

,

5

.031

%

,

4/03/34

....

2,473

–

5960372.SQ.FTS.B

,

5

.091

%

,

4/03/34

....

215

–

5961632.SQ.FTS.B

,

4

.31

%

,

4/04/34

.....

10,451

–

5960736.SQ.FTS.B

,

5

.441

%

,

4/04/34

....

9,716

–

5973170.SQ.FTS.B

,

4

.758

%

,

4/06/34

....

733

–

5977275.SQ.FTS.B

,

3

.932

%

,

4/07/34

....

12,616

–

5977823.SQ.FTS.B

,

4

.73

%

,

4/07/34

.....

855

–

5984496.SQ.FTS.B

,

5

.522

%

,

4/11/34

....

1,089

–

5986301.SQ.FTS.B

,

4

.434

%

,

4/12/34

....

1,805

–

5985197.SQ.FTS.B

,

4

.745

%

,

4/12/34

....

2,407

–

5991306.SQ.FTS.B

,

5

.031

%

,

4/13/34

....

1,478

–

5992494.SQ.FTS.B

,

5

.164

%

,

4/13/34

....

30

–

5993993.SQ.FTS.B

,

5

.179

%

,

4/14/34

....

738

–

6000281.SQ.FTS.B

,

4

.515

%

,

4/17/34

....

394

–

6000300.SQ.FTS.B

,

5

.379

%

,

4/17/34

....

2,058

–

6002949.SQ.FTS.B

,

5

.418

%

,

4/18/34

....

628

–

6010749.SQ.FTS.B

,

4

.524

%

,

4/20/34

....

1,573

–

6012358.SQ.FTS.B

,

4

.527

%

,

4/20/34

....

832

–

6011014.SQ.FTS.B

,

5

.275

%

,

4/20/34

....

1,353

–

6012743.SQ.FTS.B

,

4

.59

%

,

4/21/34

.....

8,938

–

6013463.SQ.FTS.B

,

5

.19

%

,

4/21/34

.....

5,991

–

6016649.SQ.FTS.B

,

4

.773

%

,

4/23/34

....

380

–

6016723.SQ.FTS.B

,

4

.93

%

,

4/23/34

.....

2,068

–

6027166.SQ.FTS.B

,

4

.534

%

,

4/26/34

....

2,396

–

6024650.SQ.FTS.B

,

4

.757

%

,

4/26/34

....

1,830

–

6027397.SQ.FTS.B

,

5

.199

%

,

4/26/34

....

1,633

–

6024496.SQ.FTS.B

,

5

.538

%

,

4/26/34

....

5,106

–

6036390.SQ.FTS.B

,

5

.013

%

,

4/28/34

....

356

–

6035360.SQ.FTS.B

,

5

.439

%

,

4/28/34

....

1,397

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6037075.SQ.FTS.B

,

5

.442

%

,

4/29/34

....

$

2,702

$

–

6045560.SQ.FTS.B

,

5

.157

%

,

5/01/34

....

1,003

–

6046999.SQ.FTS.B

,

4

.748

%

,

5/02/34

....

586

–

6047712.SQ.FTS.B

,

4

.907

%

,

5/02/34

....

8,819

1

6047637.SQ.FTS.B

,

5

.511

%

,

5/02/34

....

629

–

6054000.SQ.FTS.B

,

4

.909

%

,

5/03/34

....

3,298

–

6051734.SQ.FTS.B

,

5

.443

%

,

5/03/34

....

7,797

–

6050979.SQ.FTS.B

,

5

.536

%

,

5/03/34

....

2,052

–

6062202.SQ.FTS.B

,

3

.93

%

,

5/07/34

.....

3,703

–

6066747.SQ.FTS.B

,

5

.284

%

,

5/08/34

....

4,039

–

6108715.SQ.FTS.B

,

4

.775

%

,

5/09/34

....

138

–

6123389.SQ.FTS.B

,

4

.532

%

,

5/10/34

....

404

–

6123772.SQ.FTS.B

,

4

.901

%

,

5/10/34

....

4,168

–

6126544.SQ.FTS.B

,

4

.725

%

,

5/12/34

....

156

–

6126498.SQ.FTS.B

,

4

.755

%

,

5/12/34

....

1,036

–

6136825.SQ.FTS.B

,

4

.524

%

,

5/16/34

....

2,392

–

6136354.SQ.FTS.B

,

4

.904

%

,

5/16/34

....

6,097

–

6135095.SQ.FTS.B

,

5

.267

%

,

5/16/34

....

749

–

6142889.SQ.FTS.B

,

4

.914

%

,

5/17/34

....

1,621

–

6143114.SQ.FTS.B

,

5

.036

%

,

5/17/34

....

1,454

–

6140505.SQ.FTS.B

,

5

.381

%

,

5/17/34

....

3,963

–

6140493.SQ.FTS.B

,

5

.456

%

,

5/17/34

....

189

–

6140691.SQ.FTS.B

,

5

.533

%

,

5/17/34

....

3,669

–

6145923.SQ.FTS.B

,

4

.757

%

,

5/18/34

....

967

–

6149563.SQ.FTS.B

,

4

.746

%

,

5/21/34

....

2,619

–

6152853.SQ.FTS.B

,

4

.749

%

,

5/22/34

....

56,251

–

6160881.SQ.FTS.B

,

4

.748

%

,

5/24/34

....

4,729

–

6163213.SQ.FTS.B

,

4

.313

%

,

5/25/34

....

5,720

–

6163054.SQ.FTS.B

,

4

.53

%

,

5/25/34

.....

7,614

–

6165760.SQ.FTS.B

,

5

.535

%

,

5/27/34

....

2,769

–

6183434.SQ.FTS.B

,

5

.286

%

,

6/02/34

....

527

–

6192486.SQ.FTS.B

,

4

.747

%

,

6/06/34

....

3,185

–

6192461.SQ.FTS.B

,

5

.528

%

,

6/06/34

....

1,016

–

6205648.SQ.FTS.B

,

4

.751

%

,

6/08/34

....

1,955

–

6210528.SQ.FTS.B

,

5

.284

%

,

6/11/34

....

10,451

–

6214190.SQ.FTS.B

,

5

.414

%

,

6/12/34

....

610

–

6215457.SQ.FTS.B

,

5

.423

%

,

6/13/34

....

302

–

6215908.SQ.FTS.B

,

5

.544

%

,

6/13/34

....

488

–

6220236.SQ.FTS.B

,

4

.735

%

,

6/14/34

....

669

–

6226015.SQ.FTS.B

,

5

.031

%

,

6/15/34

....

3,446

–

6235468.SQ.FTS.B

,

5

.031

%

,

6/17/34

....

2,236

–

6243419.SQ.FTS.B

,

5

.031

%

,

6/20/34

....

7,274

–

6245712.SQ.FTS.B

,

4

.906

%

,

6/21/34

....

5,446

–

6244954.SQ.FTS.B

,

5

.379

%

,

6/21/34

....

8,954

–

6255252.SQ.FTS.B

,

4

.748

%

,

6/24/34

....

2,186

–

6258547.SQ.FTS.B

,

5

.469

%

,

6/27/34

....

6,260

–

6261595.SQ.FTS.B

,

4

.969

%

,

6/28/34

....

26,584

2

6270813.SQ.FTS.B

,

5

.46

%

,

6/30/34

.....

1,115

–

6270889.SQ.FTS.B

,

5

.762

%

,

6/30/34

....

1,378

–

6271434.SQ.FTS.B

,

4

.968

%

,

7/01/34

....

1,485

2

6274028.SQ.FTS.B

,

5

.252

%

,

7/03/34

....

7,166

–

6275869.SQ.FTS.B

,

5

.377

%

,

7/04/34

....

9,200

–

6278505.SQ.FTS.B

,

5

.771

%

,

7/04/34

....

436

–

6281173.SQ.FTS.B

,

4

.752

%

,

7/05/34

....

574

–

6285882.SQ.FTS.B

,

5

.255

%

,

7/07/34

....

3,875

–

6297788.SQ.FTS.B

,

5

.444

%

,

7/12/34

....

884

–

6304026.SQ.FTS.B

,

4

.528

%

,

7/14/34

....

4,503

–

6314871.SQ.FTS.B

,

5

.753

%

,

7/19/34

....

303

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6319360.SQ.FTS.B

,

4

.966

%

,

7/21/34

....

$

5,121

$

–

6318980.SQ.FTS.B

,

4

.967

%

,

7/21/34

....

121

–

6320273.SQ.FTS.B

,

4

.748

%

,

7/22/34

....

25,170

–

6321367.SQ.FTS.B

,

5

.738

%

,

7/23/34

....

661

–

6356496.SQ.FTS.B

,

5

.126

%

,

7/25/34

....

17,258

1

6365762.SQ.FTS.B

,

4

.751

%

,

7/28/34

....

10,292

1

6366494.SQ.FTS.B

,

5

.682

%

,

7/29/34

....

403

–

6369144.SQ.FTS.B

,

5

.251

%

,

7/30/34

....

10,787

–

6378771.SQ.FTS.B

,

5

.441

%

,

8/02/34

....

1,938

–

6389131.SQ.FTS.B

,

5

.377

%

,

8/06/34

....

18,484

–

6390695.SQ.FTS.B

,

5

.603

%

,

8/07/34

....

554

–

6406738.SQ.FTS.B

,

5

.469

%

,

8/13/34

....

2,921

–

6412810.SQ.FTS.B

,

4

.751

%

,

8/15/34

....

10,178

42

6419039.SQ.FTS.B

,

5

.377

%

,

8/16/34

....

13,386

–

6420892.SQ.FTS.B

,

5

.378

%

,

8/16/34

....

8,853

1

6424077.SQ.FTS.B

,

5

.604

%

,

8/17/34

....

3,020

–

6425168.SQ.FTS.B

,

5

.466

%

,

8/19/34

....

4,759

–

6429767.SQ.FTS.B

,

5

.597

%

,

8/21/34

....

7,138

–

6442143.SQ.FTS.B

,

5

.448

%

,

8/24/34

....

624

–

6444790.SQ.FTS.B

,

5

.472

%

,

8/25/34

....

2,054

1

6450208.SQ.FTS.B

,

4

.965

%

,

8/28/34

....

2,651

3

6452261.SQ.FTS.B

,

4

.968

%

,

8/28/34

....

17,124

2

6453792.SQ.FTS.B

,

5

.471

%

,

9/01/34

....

10,859

11

6458130.SQ.FTS.B

,

4

.97

%

,

9/02/34

.....

1,801

–

6457685.SQ.FTS.B

,

5

.25

%

,

9/02/34

.....

5,638

–

6458789.SQ.FTS.B

,

5

.25

%

,

9/02/34

.....

637

–

6464461.SQ.FTS.B

,

5

.749

%

,

9/04/34

....

634

–

6464900.SQ.FTS.B

,

4

.963

%

,

9/05/34

....

4,011

–

6464819.SQ.FTS.B

,

5

.473

%

,

9/05/34

....

4,031

2

6468011.SQ.FTS.B

,

5

.131

%

,

9/06/34

....

2,262

–

6469480.SQ.FTS.B

,

4

.748

%

,

9/07/34

....

20,372

12

6490386.SQ.FTS.B

,

5

.252

%

,

9/14/34

....

1,645

2

6501697.SQ.FTS.B

,

4

.963

%

,

9/16/34

....

661

31

6502565.SQ.FTS.B

,

5

.73

%

,

9/16/34

.....

336

–

6501410.SQ.FTS.B

,

6

.166

%

,

9/16/34

....

2,005

1

6502765.SQ.FTS.B

,

4

.528

%

,

9/17/34

....

2,342

4

6504374.SQ.FTS.B

,

4

.749

%

,

9/17/34

....

6,570

1

6503327.SQ.FTS.B

,

5

.127

%

,

9/17/34

....

5,315

3

6506259.SQ.FTS.B

,

4

.845

%

,

9/18/34

....

7,627

10

6506724.SQ.FTS.B

,

5

.445

%

,

9/19/34

....

191

–

6509194.SQ.FTS.B

,

5

.252

%

,

9/20/34

....

9,768

–

6516876.SQ.FTS.B

,

4

.309

%

,

9/22/34

....

3,687

–

6524458.SQ.FTS.B

,

4

.757

%

,

9/24/34

....

1,541

1

6526166.SQ.FTS.B

,

4

.743

%

,

9/25/34

....

747

–

6526193.SQ.FTS.B

,

5

.364

%

,

9/25/34

....

1,054

1

6527382.SQ.FTS.B

,

4

.528

%

,

9/27/34

....

8,363

3

6532408.SQ.FTS.B

,

4

.964

%

,

9/28/34

....

3,788

4

6537870.SQ.FTS.B

,

5

.593

%

,

9/29/34

....

219

–

6538002.SQ.FTS.B

,

5

.741

%

,

9/29/34

....

1,103

–

6543316.SQ.FTS.B

,

5

.432

%

,

9/30/34

....

3,927

2

6541945.SQ.FTS.B

,

5

.755

%

,

9/30/34

....

6,200

5

6548015.SQ.FTS.B

,

6

.077

%

,

10/02/34

...

2,395

1

6548822.SQ.FTS.B

,

5

.428

%

,

10/03/34

...

1,334

2

6552657.SQ.FTS.B

,

4

.845

%

,

10/04/34

...

2,239

1

6554014.SQ.FTS.B

,

5

.128

%

,

10/04/34

...

910

1

6562473.SQ.FTS.B

,

5

.598

%

,

10/06/34

...

15,241

8

6567346.SQ.FTS.B

,

4

.528

%

,

10/09/34

...

936

2

6569506.SQ.FTS.B

,

5

.18

%

,

10/10/34

....

1,090

1

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6570382.SQ.FTS.B

,

5

.438

%

,

10/10/34

...

$

8,264

$

4

6567760.SQ.FTS.B

,

5

.747

%

,

10/10/34

...

653

1

6577330.SQ.FTS.B

,

5

.375

%

,

10/12/34

...

1,583

2

6584579.SQ.FTS.B

,

4

.767

%

,

10/14/34

...

136

–

6590809.SQ.FTS.B

,

5

.377

%

,

10/17/34

...

2,847

5

6590448.SQ.FTS.B

,

5

.38

%

,

10/17/34

....

1,824

1

6591260.SQ.FTS.B

,

5

.434

%

,

10/17/34

...

2,973

2

6589068.SQ.FTS.B

,

5

.44

%

,

10/17/34

....

6,446

12

6593772.SQ.FTS.B

,

6

.417

%

,

10/18/34

...

7,748

4

6596418.SQ.FTS.B

,

5

.765

%

,

10/19/34

...

802

1

6601765.SQ.FTS.B

,

5

.18

%

,

10/21/34

....

2,098

2

6607285.SQ.FTS.B

,

4

.655

%

,

10/24/34

...

5,565

574

6610631.SQ.FTS.B

,

5

.129

%

,

10/25/34

...

5,370

5

6609951.SQ.FTS.B

,

5

.571

%

,

10/25/34

...

987

91

6622368.SQ.FTS.B

,

5

.751

%

,

10/28/34

...

2,757

3

6624836.SQ.FTS.B

,

6

.132

%

,

10/29/34

...

266

1

6627196.SQ.FTS.B

,

4

.783

%

,

11/01/34

...

191

–

6627396.SQ.FTS.B

,

5

.569

%

,

11/01/34

...

8,593

12

6631659.SQ.FTS.B

,

6

.262

%

,

11/02/34

...

5,893

5

6635230.SQ.FTS.B

,

5

.754

%

,

11/03/34

...

61,854

45

6641603.SQ.FTS.B

,

4

.746

%

,

11/05/34

...

1,337

2

6645579.SQ.FTS.B

,

4

.934

%

,

11/07/34

...

2,709

298

6648200.SQ.FTS.B

,

5

.756

%

,

11/08/34

...

3,585

7

6646196.SQ.FTS.B

,

6

.276

%

,

11/08/34

...

345

–

6655118.SQ.FTS.B

,

4

.939

%

,

11/10/34

...

1,933

5

6666031.SQ.FTS.B

,

5

.447

%

,

11/14/34

...

1,690

6

6667033.SQ.FTS.B

,

5

.378

%

,

11/15/34

...

3,156

8

6669109.SQ.FTS.B

,

5

.43

%

,

11/15/34

....

394

1

6669028.SQ.FTS.B

,

5

.438

%

,

11/15/34

...

981

3

6668228.SQ.FTS.B

,

6

.16

%

,

11/15/34

....

1,149

2

6667810.SQ.FTS.B

,

6

.249

%

,

11/15/34

...

2,693

4

6674370.SQ.FTS.B

,

5

.753

%

,

11/17/34

...

12,265

16

6679967.SQ.FTS.B

,

5

.189

%

,

11/18/34

...

56,591

94

6678246.SQ.FTS.B

,

6

.409

%

,

11/18/34

...

188

1

6685190.SQ.FTS.B

,

6

.257

%

,

11/20/34

...

8,219

11

6685864.SQ.FTS.B

,

6

.191

%

,

11/21/34

...

219

–

6689080.SQ.FTS.B

,

5

.758

%

,

11/22/34

...

3,318

8

6692358.SQ.FTS.B

,

5

.558

%

,

11/23/34

...

1,578

5

6692474.SQ.FTS.B

,

6

.255

%

,

11/23/34

...

7,433

12

6696092.SQ.FTS.B

,

5

.754

%

,

11/24/34

...

1,280

2

6705796.SQ.FTS.B

,

5

.568

%

,

11/26/34

...

7,590

69

6707813.SQ.FTS.B

,

5

.762

%

,

11/27/34

...

271

1

6709168.SQ.FTS.B

,

5

.189

%

,

11/29/34

...

33,347

68

6719237.SQ.FTS.B

,

4

.749

%

,

12/01/34

...

4,055

7

6726121.SQ.FTS.B

,

4

.754

%

,

12/03/34

...

582

1

6725887.SQ.FTS.B

,

5

.378

%

,

12/03/34

...

167

1

6733364.SQ.FTS.B

,

5

.756

%

,

12/06/34

...

4,753

16

6735811.SQ.FTS.B

,

5

.374

%

,

12/07/34

...

1,795

4

6746302.SQ.FTS.B

,

5

.377

%

,

12/09/34

...

1,600

109

6744525.SQ.FTS.B

,

5

.755

%

,

12/09/34

...

48,006

81

6746943.SQ.FTS.B

,

5

.46

%

,

12/10/34

....

669

1

6747235.SQ.FTS.B

,

5

.562

%

,

12/10/34

...

3,203

4

6749349.SQ.FTS.B

,

4

.727

%

,

12/12/34

...

835

2

6753977.SQ.FTS.B

,

5

.442

%

,

12/13/34

...

4,775

6

6756917.SQ.FTS.B

,

5

.191

%

,

12/14/34

...

5,761

11

6756576.SQ.FTS.B

,

5

.755

%

,

12/14/34

...

1,008

3

6763757.SQ.FTS.B

,

5

.387

%

,

12/15/34

...

1,591

4

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6763456.SQ.FTS.B

,

5

.752

%

,

12/15/34

...

$

5,352

$

13

6771935.SQ.FTS.B

,

5

.38

%

,

12/20/34

....

6,622

17

6776773.SQ.FTS.B

,

6

.007

%

,

12/21/34

...

57,840

64

6784616.SQ.FTS.B

,

6

.257

%

,

12/23/34

...

13,566

15

6786396.SQ.FTS.B

,

6

.005

%

,

12/24/34

...

6,516

33

6790513.SQ.FTS.B

,

5

.18

%

,

12/26/34

....

2,508

4

6788880.SQ.FTS.B

,

6

.257

%

,

12/26/34

...

372

1

6791327.SQ.FTS.B

,

6

.427

%

,

12/27/34

...

647

2

6800352.SQ.FTS.B

,

4

.94

%

,

12/29/34

....

1,588

101

6800307.SQ.FTS.B

,

5

.386

%

,

12/29/34

...

1,066

2

6807789.SQ.FTS.B

,

4

.74

%

,

12/30/34

....

2,456

4

6809289.SQ.FTS.B

,

5

.19

%

,

1/02/35

.....

12,073

37

6811597.SQ.FTS.B

,

5

.441

%

,

1/03/35

....

986

4

6812155.SQ.FTS.B

,

5

.451

%

,

1/03/35

....

2,586

5

6811299.SQ.FTS.B

,

5

.562

%

,

1/03/35

....

134

24

6811743.SQ.FTS.B

,

6

.251

%

,

1/03/35

....

1,495

70

6814032.SQ.FTS.B

,

5

.577

%

,

1/05/35

....

673

3

6823837.SQ.FTS.B

,

5

.441

%

,

1/07/35

....

8,236

28

6822498.SQ.FTS.B

,

6

.267

%

,

1/07/35

....

1,020

2

6830462.SQ.FTS.B

,

4

.724

%

,

1/10/35

....

832

2

6829019.SQ.FTS.B

,

6

.257

%

,

1/10/35

....

2,958

7

6832199.SQ.FTS.B

,

5

.377

%

,

1/11/35

....

2,706

6

6833495.SQ.FTS.B

,

6

.015

%

,

1/11/35

....

379

1

6836420.SQ.FTS.B

,

5

.377

%

,

1/12/35

....

3,658

15

6836010.SQ.FTS.B

,

5

.566

%

,

1/12/35

....

3,628

9

6841524.SQ.FTS.B

,

4

.773

%

,

1/13/35

....

146

11

6840245.SQ.FTS.B

,

6

.004

%

,

1/13/35

....

4,344

1,131

6845464.SQ.FTS.B

,

5

.567

%

,

1/15/35

....

876

3

6861516.SQ.FTS.B

,

4

.751

%

,

1/20/35

....

2,500

12

6860790.SQ.FTS.B

,

6

.009

%

,

1/20/35

....

4,246

30

6858335.SQ.FTS.B

,

6

.42

%

,

1/20/35

.....

705

2

6864423.SQ.FTS.B

,

5

.566

%

,

1/21/35

....

8,861

40

6863964.SQ.FTS.B

,

6

%

,

1/21/35

.......

1,197

4

6864699.SQ.FTS.B

,

5

.439

%

,

1/22/35

....

84

7

6865584.SQ.FTS.B

,

5

.378

%

,

1/23/35

....

15,464

45

6867693.SQ.FTS.B

,

4

.654

%

,

1/24/35

....

7,462

41

6869515.SQ.FTS.B

,

4

.935

%

,

1/25/35

....

7,609

25

6878251.SQ.FTS.B

,

5

.566

%

,

1/27/35

....

15,208

96

6878142.SQ.FTS.B

,

5

.576

%

,

1/27/35

....

1,481

6

6884628.SQ.FTS.B

,

6

.263

%

,

1/29/35

....

292

1

6884701.SQ.FTS.B

,

6

.422

%

,

1/29/35

....

810

161

6888984.SQ.FTS.B

,

4

.935

%

,

1/31/35

....

9,218

39

6888845.SQ.FTS.B

,

5

.438

%

,

1/31/35

....

2,177

7

6891737.SQ.FTS.B

,

5

.75

%

,

2/01/35

.....

1,984

16

6903970.SQ.FTS.B

,

4

.75

%

,

2/04/35

.....

2,610

10

6904150.SQ.FTS.B

,

5

.377

%

,

2/04/35

....

27,246

197

6904916.SQ.FTS.B

,

5

.178

%

,

2/05/35

....

99

–

6904370.SQ.FTS.B

,

6

.161

%

,

2/05/35

....

3,220

21

6910971.SQ.FTS.B

,

5

.376

%

,

2/08/35

....

21,142

95

6909059.SQ.FTS.B

,

6

.263

%

,

2/08/35

....

3,599

24

6912323.SQ.FTS.B

,

5

.189

%

,

2/09/35

....

1,823

571

6923899.SQ.FTS.B

,

4

.938

%

,

2/15/35

....

2,808

883

6923831.SQ.FTS.B

,

6

.181

%

,

2/15/35

....

1,021

8

6933459.SQ.FTS.B

,

4

.755

%

,

2/17/35

....

2,173

8

6933558.SQ.FTS.B

,

5

.447

%

,

2/17/35

....

3,195

30

6935864.SQ.FTS.B

,

5

.566

%

,

2/17/35

....

4,402

1,458

6937431.SQ.FTS.B

,

4

.94

%

,

2/18/35

.....

2,039

11

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6937013.SQ.FTS.B

,

5

.189

%

,

2/18/35

....

$

2,918

$

924

6937698.SQ.FTS.B

,

5

.193

%

,

2/18/35

....

1,399

12

6944346.SQ.FTS.B

,

4

.78

%

,

2/21/35

.....

341

37

6944112.SQ.FTS.B

,

5

.439

%

,

2/21/35

....

7,643

76

6945544.SQ.FTS.B

,

5

.567

%

,

2/21/35

....

747

8

6943747.SQ.FTS.B

,

5

.756

%

,

2/21/35

....

15,422

107

6949409.SQ.FTS.B

,

4

.78

%

,

2/22/35

.....

295

1

6952926.SQ.FTS.B

,

5

.384

%

,

2/23/35

....

944

112

6951159.SQ.FTS.B

,

6

.006

%

,

2/23/35

....

5,681

14

6961097.SQ.FTS.B

,

6

.264

%

,

2/25/35

....

4,906

13

6962747.SQ.FTS.B

,

5

.442

%

,

2/26/35

....

543

4

6962536.SQ.FTS.B

,

5

.566

%

,

2/26/35

....

252

2

6962505.SQ.FTS.B

,

5

.569

%

,

2/26/35

....

424

117

6963222.SQ.FTS.B

,

6

.165

%

,

2/27/35

....

1,355

6

6967101.SQ.FTS.B

,

4

.94

%

,

2/28/35

.....

2,421

939

6967045.SQ.FTS.B

,

5

.183

%

,

2/28/35

....

3,977

16

6968588.SQ.FTS.B

,

5

.192

%

,

2/28/35

....

2,014

458

6967472.SQ.FTS.B

,

5

.377

%

,

2/28/35

....

16,292

85

6978300.SQ.FTS.B

,

5

.567

%

,

2/28/35

....

21,968

196

6983553.SQ.FTS.B

,

4

.938

%

,

3/01/35

....

2,540

24

6984837.SQ.FTS.B

,

4

.66

%

,

3/02/35

.....

68

26

6986554.SQ.FTS.B

,

4

.651

%

,

3/04/35

....

1,366

504

6986599.SQ.FTS.B

,

5

.574

%

,

3/04/35

....

1,319

136

6987258.SQ.FTS.B

,

5

.777

%

,

3/04/35

....

1,351

7

6986458.SQ.FTS.B

,

6

.171

%

,

3/04/35

....

107

14

6993229.SQ.FTS.B

,

5

.762

%

,

3/06/35

....

1,553

9

6990423.SQ.FTS.B

,

6

.422

%

,

3/06/35

....

2,051

17

6995636.SQ.FTS.B

,

6

.168

%

,

3/07/35

....

300

2

6997762.SQ.FTS.B

,

6

.179

%

,

3/07/35

....

191

2

7003292.SQ.FTS.B

,

4

.75

%

,

3/10/35

.....

12,154

61

7003650.SQ.FTS.B

,

5

.193

%

,

3/10/35

....

2,995

19

7009641.SQ.FTS.B

,

6

.005

%

,

3/12/35

....

12,183

66

7016321.SQ.FTS.B

,

5

.189

%

,

3/14/35

....

38,547

339

7020990.SQ.FTS.B

,

5

.19

%

,

3/15/35

.....

9,252

58

7025720.SQ.FTS.B

,

5

.378

%

,

3/17/35

....

3,925

45

7032794.SQ.FTS.B

,

5

.566

%

,

3/19/35

....

3,493

42

7043570.SQ.FTS.B

,

6

.415

%

,

3/21/35

....

27,825

271

7044059.SQ.FTS.B

,

6

.422

%

,

3/22/35

....

1,281

153

7061463.SQ.FTS.B

,

5

.19

%

,

3/28/35

.....

14,436

99

7061389.SQ.FTS.B

,

5

.559

%

,

3/28/35

....

1,542

21

7067466.SQ.FTS.B

,

6

.248

%

,

3/29/35

....

1,121

170

7068948.SQ.FTS.B

,

6

.013

%

,

3/30/35

....

3,321

29

7073426.SQ.FTS.B

,

6

.259

%

,

4/02/35

....

6,108

2,788

7077567.SQ.FTS.B

,

5

.375

%

,

4/03/35

....

7,677

87

7077718.SQ.FTS.B

,

5

.425

%

,

4/03/35

....

499

4

7080219.SQ.FTS.B

,

5

.751

%

,

4/04/35

....

292

3

7085488.SQ.FTS.B

,

4

.934

%

,

4/05/35

....

1,027

472

7088740.SQ.FTS.B

,

5

.376

%

,

4/05/35

....

9,584

163

7087923.SQ.FTS.B

,

6

.006

%

,

4/05/35

....

9,288

115

7086293.SQ.FTS.B

,

6

.01

%

,

4/05/35

.....

3,449

363

7091848.SQ.FTS.B

,

5

.749

%

,

4/06/35

....

3,720

40

7094035.SQ.FTS.B

,

4

.943

%

,

4/09/35

....

2,873

36

7094917.SQ.FTS.B

,

5

.574

%

,

4/09/35

....

542

225

7097395.SQ.FTS.B

,

5

.189

%

,

4/10/35

....

23,684

269

7097160.SQ.FTS.B

,

5

.752

%

,

4/10/35

....

773

129

7105122.SQ.FTS.B

,

4

.937

%

,

4/12/35

....

3,498

589

7106887.SQ.FTS.B

,

5

.19

%

,

4/12/35

.....

14,205

172

7108113.SQ.FTS.B

,

5

.377

%

,

4/12/35

....

1,180

568

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7113491.SQ.FTS.B

,

5

.751

%

,

4/15/35

....

$

1,744

$

14

7113005.SQ.FTS.B

,

6

.255

%

,

4/15/35

....

6,711

27

7116821.SQ.FTS.B

,

5

.189

%

,

4/16/35

....

28,095

314

7115476.SQ.FTS.B

,

6

.257

%

,

4/16/35

....

6,351

38

7121176.SQ.FTS.B

,

5

.565

%

,

4/17/35

....

3,277

44

7120797.SQ.FTS.B

,

6

.164

%

,

4/17/35

....

20,220

182

7123188.SQ.FTS.B

,

4

.756

%

,

4/18/35

....

423

5

7121532.SQ.FTS.B

,

5

.567

%

,

4/18/35

....

1,181

9

7134683.SQ.FTS.B

,

5

.995

%

,

4/19/35

....

1,675

11

7147738.SQ.FTS.B

,

5

.186

%

,

4/24/35

....

6,299

91

7154428.SQ.FTS.B

,

4

.756

%

,

4/25/35

....

2,177

17

7151519.SQ.FTS.B

,

5

.759

%

,

4/25/35

....

7,613

33

7156753.SQ.FTS.B

,

4

.654

%

,

4/26/35

....

4,816

61

7163775.SQ.FTS.B

,

6

.157

%

,

4/27/35

....

147

65

7164816.SQ.FTS.B

,

5

.382

%

,

4/28/35

....

1,637

218

7173156.SQ.FTS.B

,

5

.759

%

,

4/30/35

....

1,928

29

7176877.SQ.FTS.B

,

5

.578

%

,

5/01/35

....

1,652

539

7179248.SQ.FTS.B

,

4

.941

%

,

5/02/35

....

3,828

495

7183135.SQ.FTS.B

,

5

.388

%

,

5/02/35

....

1,534

22

7179389.SQ.FTS.B

,

5

.566

%

,

5/02/35

....

3,065

69

7187135.SQ.FTS.B

,

4

.656

%

,

5/03/35

....

5,147

2,347

7185649.SQ.FTS.B

,

4

.937

%

,

5/03/35

....

111

61

7187093.SQ.FTS.B

,

6

.002

%

,

5/03/35

....

1,566

22

7188188.SQ.FTS.B

,

4

.745

%

,

5/04/35

....

603

16

7193396.SQ.FTS.B

,

6

.419

%

,

5/06/35

....

1,121

7

7196348.SQ.FTS.B

,

5

.377

%

,

5/07/35

....

11,631

141

7194348.SQ.FTS.B

,

6

.251

%

,

5/07/35

....

3,248

36

7197655.SQ.FTS.B

,

4

.933

%

,

5/08/35

....

3,446

62

7200476.SQ.FTS.B

,

6

.01

%

,

5/08/35

.....

2,032

35

7209211.SQ.FTS.B

,

5

.19

%

,

5/10/35

.....

14,325

266

7209663.SQ.FTS.B

,

5

.759

%

,

5/10/35

....

2,737

23

7210903.SQ.FTS.B

,

4

.653

%

,

5/11/35

....

5,395

100

7211511.SQ.FTS.B

,

5

.377

%

,

5/11/35

.....

9,115

254

7216608.SQ.FTS.B

,

4

.73

%

,

5/13/35

.....

177

20

7217049.SQ.FTS.B

,

4

.937

%

,

5/14/35

....

6,532

176

7220570.SQ.FTS.B

,

4

.937

%

,

5/14/35

....

2,486

1,257

7217319.SQ.FTS.B

,

4

.939

%

,

5/14/35

....

18,370

159

7220771.SQ.FTS.B

,

5

.573

%

,

5/14/35

....

269

133

7224046.SQ.FTS.B

,

5

.566

%

,

5/15/35

....

10,786

4,772

7224266.SQ.FTS.B

,

5

.759

%

,

5/15/35

....

4,521

52

7230286.SQ.FTS.B

,

5

.565

%

,

5/16/35

....

4,840

60

7229934.SQ.FTS.B

,

6

.259

%

,

5/16/35

....

367

5

7237384.SQ.FTS.B

,

5

.756

%

,

5/20/35

....

5,724

91

7251279.SQ.FTS.B

,

5

.756

%

,

5/23/35

....

324

35

7252493.SQ.FTS.B

,

5

.195

%

,

5/24/35

....

5,028

32

7254093.SQ.FTS.B

,

5

.75

%

,

5/24/35

.....

2,380

23

7255250.SQ.FTS.B

,

5

.189

%

,

5/25/35

....

408

192

7255214.SQ.FTS.B

,

6

.013

%

,

5/25/35

....

2,026

36

7254528.SQ.FTS.B

,

6

.413

%

,

5/25/35

....

2,827

45

7256218.SQ.FTS.B

,

5

.759

%

,

5/26/35

....

6,270

54

7256895.SQ.FTS.B

,

6

.26

%

,

5/26/35

.....

348

38

7261087.SQ.FTS.B

,

5

.195

%

,

5/28/35

....

1,742

42

7263020.SQ.FTS.B

,

5

.994

%

,

5/28/35

....

69

36

7270346.SQ.FTS.B

,

4

.649

%

,

5/30/35

....

1,110

165

a

7274149.SQ.FTS.B

,

5

.758

%

,

6/01/35

....

1,975

1,214

7279543.SQ.FTS.B

,

6

.166

%

,

6/03/35

....

1,656

17

a

7279337.SQ.FTS.B

,

6

.423

%

,

6/03/35

....

10

5

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7280624.SQ.FTS.B

,

5

.173

%

,

6/04/35

....

$

1,131

$

562

7283057.SQ.FTS.B

,

5

.755

%

,

6/04/35

....

21,293

10,227

7291331.SQ.FTS.B

,

4

.735

%

,

6/06/35

....

1,300

14

7290035.SQ.FTS.B

,

4

.931

%

,

6/06/35

....

3,403

80

7288120.SQ.FTS.B

,

6

.002

%

,

6/06/35

....

3,770

534

7291240.SQ.FTS.B

,

6

.26

%

,

6/06/35

.....

5,009

48

7296106.SQ.FTS.B

,

4

.738

%

,

6/07/35

....

659

8

7296773.SQ.FTS.B

,

5

.743

%

,

6/07/35

....

192

2

7298390.SQ.FTS.B

,

5

.188

%

,

6/08/35

....

832

16

a

7303458.SQ.FTS.B

,

4

.652

%

,

6/10/35

....

2,205

1,427

7312996.SQ.FTS.B

,

5

.565

%

,

6/12/35

....

2,415

1,563

7315379.SQ.FTS.B

,

4

.936

%

,

6/13/35

....

14,831

261

a

7321814.SQ.FTS.B

,

4

.65

%

,

6/14/35

.....

148

99

7320392.SQ.FTS.B

,

5

.376

%

,

6/14/35

....

5,609

99

a

7326147.SQ.FTS.B

,

4

.748

%

,

6/15/35

....

365

102

a

7327635.SQ.FTS.B

,

5

.193

%

,

6/15/35

....

1,278

842

7328785.SQ.FTS.B

,

5

.566

%

,

6/16/35

....

6,965

131

a

7333634.SQ.FTS.B

,

5

.771

%

,

6/18/35

....

582

356

7339440.SQ.FTS.B

,

5

.437

%

,

6/20/35

....

1,895

31

a

7338337.SQ.FTS.B

,

5

.752

%

,

6/20/35

....

1,001

536

a

7340785.SQ.FTS.B

,

6

.237

%

,

6/20/35

....

283

59

7347758.SQ.FTS.B

,

4

.936

%

,

6/21/35

....

637

14

7347161.SQ.FTS.B

,

5

.179

%

,

6/21/35

....

1,612

51

a

7347634.SQ.FTS.B

,

6

.263

%

,

6/21/35

....

293

55

a

7350007.SQ.FTS.B

,

4

.935

%

,

6/22/35

....

200

95

7349176.SQ.FTS.B

,

6

.01

%

,

6/22/35

.....

4,429

54

7351853.SQ.FTS.B

,

5

.379

%

,

6/23/35

....

5,993

138

a

7353518.SQ.FTS.B

,

5

.429

%

,

6/25/35

....

781

473

7360805.SQ.FTS.B

,

6

.165

%

,

6/27/35

....

2,006

25

a

7363981.SQ.FTS.B

,

4

.938

%

,

6/28/35

....

1,600

1,093

7365827.SQ.FTS.B

,

6

.258

%

,

6/28/35

....

6,875

283

7371001.SQ.FTS.B

,

5

.562

%

,

6/30/35

....

1,240

28

7371632.SQ.FTS.B

,

6

.003

%

,

6/30/35

....

1,258

18

7371839.SQ.FTS.B

,

6

.243

%

,

7/01/35

....

1,078

308

7372521.SQ.FTS.B

,

6

.411

%

,

7/01/35

....

1,299

812

7374891.SQ.FTS.B

,

5

.43

%

,

7/02/35

.....

2,125

18

7375109.SQ.FTS.B

,

5

.566

%

,

7/02/35

....

57,681

16,205

7377495.SQ.FTS.B

,

4

.655

%

,

7/03/35

....

9,457

238

7377915.SQ.FTS.B

,

5

.191

%

,

7/03/35

....

2,442

38

7378930.SQ.FTS.B

,

5

.377

%

,

7/03/35

....

1,442

432

7380832.SQ.FTS.B

,

6

.418

%

,

7/04/35

....

3,802

29

a

7387351.SQ.FTS.B

,

6

.267

%

,

7/06/35

....

1,437

567

a

7387904.SQ.FTS.B

,

6

.413

%

,

7/07/35

....

185

128

a

7391026.SQ.FTS.B

,

5

.187

%

,

7/08/35

....

2,911

1,696

7391369.SQ.FTS.B

,

5

.189

%

,

7/08/35

....

343

228

7391592.SQ.FTS.B

,

4

.753

%

,

7/09/35

....

3,602

2,095

7394034.SQ.FTS.B

,

5

.567

%

,

7/09/35

....

15,218

373

a

7391709.SQ.FTS.B

,

5

.752

%

,

7/09/35

....

5,894

3,416

7401159.SQ.FTS.B

,

5

.189

%

,

7/11/35

....

4,474

121

7400721.SQ.FTS.B

,

6

.003

%

,

7/11/35

....

3,142

74

a

7403758.SQ.FTS.B

,

6

.261

%

,

7/12/35

....

261

191

a

7406511.SQ.FTS.B

,

4

.936

%

,

7/13/35

....

9,344

3,221

7407628.SQ.FTS.B

,

5

.578

%

,

7/14/35

....

707

18

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7416118.SQ.FTS.B

,

4

.751

%

,

7/18/35

....

$

861

$

23

a

7426255.SQ.FTS.B

,

5

.193

%

,

7/22/35

....

781

580

7427050.SQ.FTS.B

,

6

.006

%

,

7/22/35

....

20,152

266

7438902.SQ.FTS.B

,

5

.753

%

,

7/26/35

....

5,508

2,304

7443538.SQ.FTS.B

,

4

.936

%

,

7/28/35

....

2,405

1,684

7443523.SQ.FTS.B

,

6

.16

%

,

7/28/35

.....

82

2

a

7450843.SQ.FTS.B

,

4

.747

%

,

7/30/35

....

141

84

a

7449674.SQ.FTS.B

,

4

.752

%

,

7/30/35

....

2,349

1,093

7447727.SQ.FTS.B

,

6

.007

%

,

7/30/35

....

9,518

6,170

7453402.SQ.FTS.B

,

5

.564

%

,

7/31/35

....

3,989

197

a

7458281.SQ.FTS.B

,

5

.442

%

,

8/01/35

....

4,777

1,722

7459192.SQ.FTS.B

,

5

.448

%

,

8/01/35

....

2,982

28

a

7457066.SQ.FTS.B

,

5

.754

%

,

8/01/35

....

2,167

1,635

7461871.SQ.FTS.B

,

4

.937

%

,

8/02/35

....

11,449

326

a

7461398.SQ.FTS.B

,

5

.571

%

,

8/02/35

....

1,636

836

a

7461465.SQ.FTS.B

,

5

.748

%

,

8/02/35

....

1,060

551

7461204.SQ.FTS.B

,

6

.184

%

,

8/02/35

....

583

11

a

7466854.SQ.FTS.B

,

4

.94

%

,

8/05/35

.....

8,074

4,746

7467058.SQ.FTS.B

,

5

.19

%

,

8/05/35

.....

2,489

1,163

7467174.SQ.FTS.B

,

5

.447

%

,

8/05/35

....

1,084

28

a

7464926.SQ.FTS.B

,

6

.165

%

,

8/05/35

....

3,994

2,041

a

7473053.SQ.FTS.B

,

4

.937

%

,

8/07/35

....

18,216

13,459

a

7471939.SQ.FTS.B

,

5

.189

%

,

8/07/35

....

430

352

7478115.SQ.FTS.B

,

4

.759

%

,

8/08/35

....

2,361

936

7478314.SQ.FTS.B

,

5

.19

%

,

8/08/35

.....

33,364

550

a

7480273.SQ.FTS.B

,

4

.654

%

,

8/09/35

....

10,475

7,907

a

7487915.SQ.FTS.B

,

4

.654

%

,

8/12/35

....

24,764

18,054

7485386.SQ.FTS.B

,

5

.376

%

,

8/12/35

....

6,846

114

7490860.SQ.FTS.B

,

4

.751

%

,

8/13/35

....

10,209

123

7495215.SQ.FTS.B

,

5

.19

%

,

8/14/35

.....

5,174

152

7492564.SQ.FTS.B

,

5

.756

%

,

8/14/35

....

6,969

3,182

a

7493445.SQ.FTS.B

,

6

.413

%

,

8/14/35

....

2,927

1,454

7503077.SQ.FTS.B

,

5

.566

%

,

8/15/35

....

5,648

84

7506371.SQ.FTS.B

,

5

.761

%

,

8/16/35

....

2,356

35

7507182.SQ.FTS.B

,

6

.163

%

,

8/16/35

....

724

14

7508857.SQ.FTS.B

,

4

.755

%

,

8/17/35

....

374

11

a

7510503.SQ.FTS.B

,

5

.189

%

,

8/18/35

....

473

372

a

7513664.SQ.FTS.B

,

5

.189

%

,

8/20/35

....

267

233

7512941.SQ.FTS.B

,

5

.191

%

,

8/20/35

....

4,911

2,401

a

7515365.SQ.FTS.B

,

5

.374

%

,

8/20/35

....

861

693

7515032.SQ.FTS.B

,

5

.38

%

,

8/20/35

.....

1,203

116

a

7518657.SQ.FTS.B

,

5

.377

%

,

8/21/35

....

5,964

4,512

7518279.SQ.FTS.B

,

6

.409

%

,

8/21/35

....

848

390

7516707.SQ.FTS.B

,

6

.423

%

,

8/21/35

....

2,908

77

a

7526223.SQ.FTS.B

,

4

.66

%

,

8/23/35

.....

1,112

886

7527745.SQ.FTS.B

,

5

.433

%

,

8/23/35

....

201

6

7528609.SQ.FTS.B

,

5

.572

%

,

8/23/35

....

326

249

7528450.SQ.FTS.B

,

6

.181

%

,

8/23/35

....

316

6

7529757.SQ.FTS.B

,

4

.654

%

,

8/24/35

....

16,547

11,067

7529703.SQ.FTS.B

,

5

.373

%

,

8/24/35

....

3,770

64

a

7530224.SQ.FTS.B

,

6

.415

%

,

8/24/35

....

1,707

938

a

7530328.SQ.FTS.B

,

4

.654

%

,

8/25/35

....

1,101

745

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

a

7530955.SQ.FTS.B

,

5

.57

%

,

8/25/35

.....

$

518

$

371

7534105.SQ.FTS.B

,

4

.654

%

,

8/26/35

....

4,253

2,597

7534222.SQ.FTS.B

,

4

.746

%

,

8/26/35

....

3,893

98

7536249.SQ.FTS.B

,

6

.408

%

,

8/27/35

....

4,101

86

7540141.SQ.FTS.B

,

4

.749

%

,

8/28/35

....

6,653

119

7542122.SQ.FTS.B

,

5

.577

%

,

8/28/35

....

2,313

64

7549195.SQ.FTS.B

,

5

.447

%

,

8/29/35

....

187

5

7548215.SQ.FTS.B

,

5

.755

%

,

8/29/35

....

17,087

526

1,232,650

Freedom

Financial

Asset

Management

LLC

APP-10450365.FP.FTS.B

,

10

.99

%

,

9/03/25

835

836

APP-10400942.FP.FTS.B

,

10

.99

%

,

9/10/25

752

753

APP-09354577.FP.FTS.B

,

18

.49

%

,

9/11/25

213

213

APP-10561719.FP.FTS.B

,

12

.74

%

,

9/20/25

958

963

APP-09708653.FP.FTS.B

,

13

.24

%

,

10/01/25

1,364

1,366

APP-10157176.FP.FTS.B

,

16

.49

%

,

10/01/25

805

806

APP-10203214.FP.FTS.B

,

18

.99

%

,

10/01/25

1,533

1,546

APP-10567121.FP.FTS.B

,

13

.24

%

,

10/20/25

1,246

1,250

APP-10519197.FP.FTS.B

,

15

.99

%

,

10/29/25

2,335

2,351

APP-10839237.FP.FTS.B

,

10

.99

%

,

11/15/25

2,260

2,271

APP-11210666.FP.FTS.B

,

10

.99

%

,

11/15/25

2,173

2,183

APP-11237796.FP.FTS.B

,

16

.49

%

,

11/15/25

1,927

1,955

b

APP-08988851.FP.FTS.B

,

16

.99

%

,

12/01/25

7,612

7,675

APP-11802431.FP.FTS.B

,

10

.24

%

,

12/18/25

1,633

1,642

APP-10746117.FP.FTS.B

,

8

.99

%

,

12/26/25

1,813

1,822

APP-11104135.FP.FTS.B

,

11

.49

%

,

1/03/26

5,130

5,156

APP-11279539.FP.FTS.B

,

15

.99

%

,

1/09/26

1,535

1,546

APP-11770041.FP.FTS.B

,

15

.99

%

,

2/02/26

2,014

2,047

APP-11335385.FP.FTS.B

,

10

.99

%

,

2/04/26

3,384

1,498

APP-10480296.FP.FTS.B

,

19

.49

%

,

2/12/26

989

1,000

APP-11817724.FP.FTS.B

,

20

.74

%

,

2/12/26

4,340

4,494

APP-11237745.FP.FTS.B

,

17

.49

%

,

2/20/26

1,624

1,643

APP-11946533.FP.FTS.B

,

16

.24

%

,

3/01/26

4,122

4,177

APP-12236342.FP.FTS.B

,

16

.49

%

,

3/08/26

6,218

2,567

APP-12106220.FP.FTS.B

,

18

.99

%

,

3/12/26

2,248

2,295

APP-12246852.FP.FTS.B

,

23

.99

%

,

3/12/26

744

745

APP-08739403.FP.FTS.B

,

16

.99

%

,

3/21/26

5,263

5,330

APP-11799543.FP.FTS.B

,

13

.24

%

,

4/12/26

2,044

2,064

APP-08698355.FP.FTS.B

,

18

.99

%

,

4/17/26

1,664

1,679

APP-09019999.FP.FTS.B

,

13

.49

%

,

4/22/26

7,748

7,815

APP-10476373.FP.FTS.B

,

10

.99

%

,

4/25/26

1,993

2,008

APP-09087999.FP.FTS.B

,

21

.49

%

,

4/30/26

6,996

7,217

APP-08979983.FP.FTS.B

,

19

.99

%

,

5/01/26

2,799

2,852

APP-08726744.FP.FTS.B

,

21

.49

%

,

5/01/26

8,657

8,841

APP-09321377.FP.FTS.B

,

17

.49

%

,

5/15/26

5,807

5,864

APP-09352425.FP.FTS.B

,

14

.99

%

,

5/28/26

6,956

7,028

APP-09057834.FP.FTS.B

,

18

.99

%

,

5/29/26

6,414

6,622

APP-08923777.FP.FTS.B

,

12

.99

%

,

5/30/26

4,818

4,865

APP-08970713.FP.FTS.B

,

12

.99

%

,

5/30/26

5,744

5,809

APP-08976475.FP.FTS.B

,

20

.99

%

,

5/30/26

3,368

3,523

APP-08924285.FP.FTS.B

,

14

.99

%

,

5/31/26

4,430

4,481

APP-08974488.FP.FTS.B

,

21

.49

%

,

5/31/26

4,078

4,200

APP-09060458.FP.FTS.B

,

22

.49

%

,

5/31/26

2,409

2,501

APP-09029242.FP.FTS.B

,

17

.49

%

,

6/01/26

11,789

11,917

APP-08847606.FP.FTS.B

,

15

.49

%

,

6/04/26

8,263

8,325

APP-08979954.FP.FTS.B

,

12

.99

%

,

6/05/26

6,047

6,111

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09027027.FP.FTS.B

,

21

.49

%

,

6/05/26

$

6,815

$

7,114

APP-09074502.FP.FTS.B

,

17

.49

%

,

6/12/26

8,607

8,730

APP-08907777.FP.FTS.B

,

17

.99

%

,

6/12/26

2,044

2,095

APP-09074432.FP.FTS.B

,

19

.99

%

,

6/12/26

3,118

3,229

APP-08649324.FP.FTS.B

,

20

.49

%

,

6/13/26

6,591

6,800

APP-09045278.FP.FTS.B

,

12

.99

%

,

6/14/26

2,781

2,808

APP-09096903.FP.FTS.B

,

12

.99

%

,

6/15/26

3,761

3,797

APP-08847769.FP.FTS.B

,

14

.99

%

,

6/15/26

3,649

3,688

APP-09029834.FP.FTS.B

,

18

.49

%

,

6/18/26

3,096

3,143

APP-09125842.FP.FTS.B

,

20

.49

%

,

6/18/26

1,829

1,842

APP-09281875.FP.FTS.B

,

14

.99

%

,

6/20/26

6,248

6,306

APP-09012359.FP.FTS.B

,

23

.49

%

,

6/23/26

4,305

4,487

APP-09238269.FP.FTS.B

,

15

.49

%

,

6/28/26

12,608

12,772

APP-09096348.FP.FTS.B

,

18

.99

%

,

6/28/26

6,077

6,179

APP-09201816.FP.FTS.B

,

19

.49

%

,

6/28/26

2,697

2,811

APP-09355512.FP.FTS.B

,

20

.99

%

,

6/29/26

3,769

3,849

APP-09132903.FP.FTS.B

,

18

.99

%

,

6/30/26

5,802

6,004

APP-08984739.FP.FTS.B

,

17

.49

%

,

7/01/26

12,087

12,208

APP-09717698.FP.FTS.B

,

13

.24

%

,

7/03/26

5,615

5,661

APP-09379010.FP.FTS.B

,

22

.49

%

,

7/04/26

6,446

6,637

APP-09445164.FP.FTS.B

,

13

.49

%

,

7/06/26

8,271

8,342

APP-09448166.FP.FTS.B

,

14

.99

%

,

7/07/26

6,918

6,998

APP-08684302.FP.FTS.B

,

13

.74

%

,

7/08/26

9,174

9,256

APP-09291214.FP.FTS.B

,

17

.99

%

,

7/10/26

7,496

7,674

APP-09351977.FP.FTS.B

,

19

.49

%

,

7/10/26

5,579

5,719

APP-08684475.FP.FTS.B

,

18

.99

%

,

7/11/26

2,751

2,835

APP-09328185.FP.FTS.B

,

15

.49

%

,

7/12/26

9,171

9,276

APP-09241097.FP.FTS.B

,

20

.49

%

,

7/15/26

6,754

7,036

b

APP-09356919.FP.FTS.B

,

15

.49

%

,

7/20/26

7,528

7,638

b

APP-09015317.FP.FTS.B

,

18

.99

%

,

7/22/26

5,560

5,739

APP-08924296.FP.FTS.B

,

22

.49

%

,

7/30/26

11,383

11,970

APP-09708763.FP.FTS.B

,

17

.49

%

,

8/10/26

5,476

5,609

APP-09780659.FP.FTS.B

,

17

.49

%

,

8/10/26

8,687

8,806

APP-09789653.FP.FTS.B

,

23

.49

%

,

8/10/26

6,006

6,240

APP-09759315.FP.FTS.B

,

13

.24

%

,

8/11/26

6,464

3,896

b

APP-09593157.FP.FTS.B

,

14

.74

%

,

8/12/26

9,790

5,965

APP-09781342.FP.FTS.B

,

17

.99

%

,

8/12/26

6,933

7,069

APP-09291173.FP.FTS.B

,

13

.24

%

,

8/15/26

6,765

6,831

APP-09778508.FP.FTS.B

,

13

.24

%

,

8/15/26

6,847

6,916

APP-10045496.FP.FTS.B

,

14

.49

%

,

8/15/26

2,900

2,928

APP-09708666.FP.FTS.B

,

19

.49

%

,

8/15/26

6,550

6,786

b

APP-09242266.FP.FTS.B

,

22

.99

%

,

8/15/26

12,362

12,785

APP-09780110.FP.FTS.B

,

15

.99

%

,

8/17/26

12,466

12,616

APP-10214566.FP.FTS.B

,

17

.99

%

,

8/18/26

7,102

7,283

APP-10213964.FP.FTS.B

,

18

.99

%

,

8/18/26

5,498

5,663

APP-10246936.FP.FTS.B

,

9

.99

%

,

8/20/26

.

4,772

4,825

APP-10244412.FP.FTS.B

,

14

.24

%

,

8/20/26

5,264

5,332

APP-09717880.FP.FTS.B

,

15

.74

%

,

8/20/26

7,316

7,412

APP-09811789.FP.FTS.B

,

22

.49

%

,

8/20/26

2,318

2,411

APP-10127112.FP.FTS.B

,

16

.49

%

,

8/21/26

4,345

4,414

APP-10233694.FP.FTS.B

,

18

.99

%

,

8/21/26

6,030

6,226

APP-10293482.FP.FTS.B

,

11

.99

%

,

8/22/26

4,419

4,464

APP-08902866.FP.FTS.B

,

20

.49

%

,

8/23/26

8,776

9,171

APP-09726787.FP.FTS.B

,

15

.24

%

,

8/24/26

4,414

4,477

APP-09787833.FP.FTS.B

,

15

.74

%

,

8/24/26

11,099

11,257

APP-09794319.FP.FTS.B

,

15

.74

%

,

8/24/26

7,485

7,591

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09708684.FP.FTS.B

,

21

.49

%

,

8/24/26

$

15,529

$

16,111

APP-09759659.FP.FTS.B

,

13

.24

%

,

8/25/26

8,438

8,542

APP-09812236.FP.FTS.B

,

13

.24

%

,

8/26/26

5,400

5,462

APP-08924259.FP.FTS.B

,

15

.49

%

,

8/29/26

10,368

10,529

APP-10352432.FP.FTS.B

,

11

.99

%

,

9/01/26

5,529

5,581

APP-10389562.FP.FTS.B

,

17

.49

%

,

9/05/26

6,132

6,273

b

APP-10525907.FP.FTS.B

,

11

.99

%

,

9/15/26

6,355

2,144

APP-09133899.FP.FTS.B

,

22

.99

%

,

9/16/26

17,030

5,816

APP-10158390.FP.FTS.B

,

12

.49

%

,

9/21/26

10,853

10,975

APP-10209954.FP.FTS.B

,

16

.49

%

,

9/23/26

4,121

4,193

APP-10203826.FP.FTS.B

,

13

.24

%

,

9/25/26

14,003

14,177

APP-10663520.FP.FTS.B

,

12

.49

%

,

9/30/26

11,088

11,228

APP-10211394.FP.FTS.B

,

14

.24

%

,

9/30/26

5,771

5,861

APP-10115186.FP.FTS.B

,

23

.49

%

,

10/01/26

7,720

8,070

APP-10206598.FP.FTS.B

,

23

.49

%

,

10/01/26

3,927

4,077

APP-10195837.FP.FTS.B

,

11

.99

%

,

10/02/26

5,141

5,193

APP-10622691.FP.FTS.B

,

18

.99

%

,

10/02/26

4,447

4,607

APP-10210290.FP.FTS.B

,

19

.99

%

,

10/02/26

2,584

2,640

APP-10220069.FP.FTS.B

,

11

.99

%

,

10/04/26

8,856

8,962

APP-10374305.FP.FTS.B

,

11

.99

%

,

10/05/26

5,762

5,819

APP-10157026.FP.FTS.B

,

14

.24

%

,

10/05/26

4,727

4,786

APP-10692650.FP.FTS.B

,

11

.99

%

,

10/08/26

5,455

5,513

APP-10291582.FP.FTS.B

,

17

.49

%

,

10/09/26

6,354

6,507

APP-10682190.FP.FTS.B

,

19

.49

%

,

10/09/26

7,042

7,322

APP-10477663.FP.FTS.B

,

20

.99

%

,

10/12/26

3,884

3,898

APP-10199991.FP.FTS.B

,

16

.99

%

,

10/15/26

6,411

6,514

APP-10365188.FP.FTS.B

,

14

.24

%

,

10/17/26

4,600

4,664

APP-09778451.FP.FTS.B

,

18

.99

%

,

10/20/26

8,944

9,268

APP-10091993.FP.FTS.B

,

19

.99

%

,

10/20/26

6,986

7,238

b

APP-10463469.FP.FTS.B

,

18

.99

%

,

10/24/26

17,021

17,556

APP-10364110.FP.FTS.B

,

11

.24

%

,

10/25/26

14,558

14,746

APP-10476876.FP.FTS.B

,

16

.99

%

,

10/25/26

8,020

8,168

APP-10512737.FP.FTS.B

,

17

.49

%

,

10/25/26

6,522

6,727

APP-10274873.FP.FTS.B

,

20

.49

%

,

10/25/26

6,288

6,557

APP-10352498.FP.FTS.B

,

18

.49

%

,

10/28/26

4,625

4,793

APP-10432641.FP.FTS.B

,

15

.49

%

,

10/29/26

9,720

9,911

APP-10203378.FP.FTS.B

,

18

.99

%

,

11/01/26

2,070

2,106

APP-10583684.FP.FTS.B

,

16

.99

%

,

11/02/26

6,868

7,051

APP-11307937.FP.FTS.B

,

11

.99

%

,

11/08/26

7,197

7,273

APP-09709453.FP.FTS.B

,

14

.24

%

,

11/09/26

6,246

6,315

APP-11099818.FP.FTS.B

,

16

.49

%

,

11/09/26

4,106

4,166

APP-08114000.FP.FTS.B

,

13

.24

%

,

11/10/26

7,902

7,991

APP-10765319.FP.FTS.B

,

14

.49

%

,

11/11/26

2,404

2,431

APP-11395641.FP.FTS.B

,

11

.99

%

,

11/14/26

3,110

3,118

APP-10714394.FP.FTS.B

,

11

.99

%

,

11/15/26

9,301

9,410

APP-10763123.FP.FTS.B

,

13

.24

%

,

11/15/26

15,829

16,015

APP-11304024.FP.FTS.B

,

17

.49

%

,

11/15/26

4,944

5,087

APP-10689192.FP.FTS.B

,

12

.49

%

,

11/16/26

12,700

12,860

APP-10768778.FP.FTS.B

,

14

.74

%

,

11/18/26

13,073

13,261

APP-10170330.FP.FTS.B

,

11

.99

%

,

11/20/26

4,273

4,326

APP-10756762.FP.FTS.B

,

12

.49

%

,

11/21/26

10,444

10,580

b

APP-10750422.FP.FTS.B

,

17

.49

%

,

11/21/26

8,764

1,042

APP-09766134.FP.FTS.B

,

15

.24

%

,

11/23/26

8,491

8,624

APP-11304530.FP.FTS.B

,

21

.49

%

,

11/24/26

18,717

19,462

APP-11333408.FP.FTS.B

,

17

.99

%

,

11/25/26

4,848

5,076

APP-11386113.FP.FTS.B

,

18

.99

%

,

11/25/26

2,720

2,809

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

b

APP-10229284.FP.FTS.B

,

18

.99

%

,

12/04/26

$

6,230

$

3,731

APP-10776411.FP.FTS.B

,

11

.99

%

,

12/09/26

10,623

10,749

APP-11741440.FP.FTS.B

,

19

.99

%

,

12/16/26

3,939

4,062

APP-10253670.FP.FTS.B

,

19

.99

%

,

12/19/26

3,201

3,319

APP-11283905.FP.FTS.B

,

15

.99

%

,

12/21/26

18,081

18,400

APP-11187285.FP.FTS.B

,

12

.49

%

,

12/22/26

13,255

13,429

APP-11318066.FP.FTS.B

,

17

.49

%

,

12/25/26

5,679

5,864

APP-11361916.FP.FTS.B

,

23

.49

%

,

12/26/26

19,369

20,386

APP-11305667.FP.FTS.B

,

20

.49

%

,

12/27/26

10,443

10,951

APP-11776378.FP.FTS.B

,

20

.49

%

,

12/27/26

13,757

14,357

APP-11124061.FP.FTS.B

,

11

.99

%

,

12/28/26

8,936

9,064

APP-11306747.FP.FTS.B

,

14

.24

%

,

12/28/26

5,480

5,565

APP-11410923.FP.FTS.B

,

23

.49

%

,

12/28/26

3,860

4,053

APP-11798578.FP.FTS.B

,

11

.74

%

,

12/29/26

15,437

15,659

APP-11266733.FP.FTS.B

,

11

.99

%

,

12/30/26

8,775

8,899

APP-10243564.FP.FTS.B

,

20

.49

%

,

12/30/26

9,730

10,245

APP-11333109.FP.FTS.B

,

15

.99

%

,

1/03/27

6,693

6,804

APP-11333811.FP.FTS.B

,

16

.99

%

,

1/03/27

5,736

5,898

APP-11332983.FP.FTS.B

,

18

.99

%

,

1/04/27

5,939

6,112

APP-11355890.FP.FTS.B

,

14

.74

%

,

1/07/27

14,655

14,860

APP-11389311.FP.FTS.B

,

17

.49

%

,

1/07/27

15,421

15,691

APP-11333372.FP.FTS.B

,

18

.49

%

,

1/07/27

7,595

7,889

APP-11128695.FP.FTS.B

,

14

.49

%

,

1/08/27

2,757

2,793

APP-11385154.FP.FTS.B

,

18

.99

%

,

1/08/27

5,896

6,073

APP-11396422.FP.FTS.B

,

18

.99

%

,

1/08/27

7,327

7,557

APP-10916969.FP.FTS.B

,

19

.99

%

,

1/08/27

4,332

4,469

APP-11393205.FP.FTS.B

,

21

.99

%

,

1/08/27

592

590

b

APP-10537549.FP.FTS.B

,

11

.99

%

,

1/09/27

11,687

2,310

APP-10710819.FP.FTS.B

,

16

.99

%

,

1/09/27

2,972

2,987

APP-11380536.FP.FTS.B

,

17

.49

%

,

1/09/27

7,749

7,972

APP-11335531.FP.FTS.B

,

16

.99

%

,

1/10/27

6,953

7,175

APP-12243964.FP.FTS.B

,

19

.99

%

,

1/15/27

5,933

6,179

APP-11277516.FP.FTS.B

,

18

.49

%

,

1/18/27

10,400

10,790

APP-12266273.FP.FTS.B

,

23

.74

%

,

1/18/27

11,029

11,548

APP-10769483.FP.FTS.B

,

17

.99

%

,

1/22/27

11,019

11,367

APP-12231521.FP.FTS.B

,

17

.24

%

,

1/26/27

14,337

14,830

APP-12151284.FP.FTS.B

,

17

.99

%

,

1/27/27

7,955

8,352

APP-12241564.FP.FTS.B

,

19

.99

%

,

1/27/27

2,509

2,532

APP-12243989.FP.FTS.B

,

21

.99

%

,

1/27/27

4,111

4,289

APP-10606291.FP.FTS.B

,

18

.49

%

,

1/28/27

1,499

1,508

APP-09940038.FP.FTS.B

,

17

.49

%

,

1/29/27

8,009

8,309

APP-11795116.FP.FTS.B

,

11

.74

%

,

2/04/27

9,514

9,647

b

APP-10266247.FP.FTS.B

,

21

.99

%

,

2/08/27

5,120

1,073

APP-11798862.FP.FTS.B

,

16

.49

%

,

2/09/27

5,162

5,256

APP-11810406.FP.FTS.B

,

11

.74

%

,

2/10/27

18,515

18,780

APP-11787878.FP.FTS.B

,

19

.99

%

,

2/10/27

3,124

3,225

APP-11779303.FP.FTS.B

,

10

.99

%

,

2/11/27

4,150

4,179

APP-11791248.FP.FTS.B

,

11

.24

%

,

2/11/27

14,649

14,876

APP-11795686.FP.FTS.B

,

16

.49

%

,

2/11/27

2,002

2,010

APP-11779953.FP.FTS.B

,

16

.74

%

,

2/11/27

20,055

20,436

APP-11789582.FP.FTS.B

,

19

.49

%

,

2/11/27

5,525

5,730

APP-11805082.FP.FTS.B

,

19

.49

%

,

2/11/27

9,019

9,386

APP-11807542.FP.FTS.B

,

10

.99

%

,

2/12/27

14,605

14,809

APP-11798052.FP.FTS.B

,

18

.49

%

,

2/12/27

12,184

12,705

APP-11753796.FP.FTS.B

,

19

.99

%

,

2/12/27

6,303

6,570

APP-11805436.FP.FTS.B

,

22

.49

%

,

2/12/27

4,407

4,599

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10688549.FP.FTS.B

,

18

.99

%

,

2/16/27

$

13,697

$

14,235

APP-11339522.FP.FTS.B

,

23

.49

%

,

2/21/27

8,744

9,178

b

APP-10580822.FP.FTS.B

,

18

.49

%

,

2/22/27

11,396

1,709

APP-12228409.FP.FTS.B

,

19

.99

%

,

3/01/27

5,739

5,948

APP-11194668.FP.FTS.B

,

14

.24

%

,

3/03/27

8,795

8,949

APP-11317083.FP.FTS.B

,

20

.49

%

,

3/03/27

4,964

5,152

APP-12172287.FP.FTS.B

,

19

.99

%

,

3/07/27

7,101

7,389

APP-12017319.FP.FTS.B

,

10

.99

%

,

3/09/27

12,261

12,433

APP-12130498.FP.FTS.B

,

13

.24

%

,

3/10/27

8,452

8,590

APP-12213871.FP.FTS.B

,

19

.99

%

,

3/11/27

9,527

10,027

APP-12244387.FP.FTS.B

,

11

.24

%

,

3/12/27

12,174

12,375

b

APP-12246518.FP.FTS.B

,

13

.24

%

,

3/13/27

10,932

1,241

APP-12236483.FP.FTS.B

,

15

.24

%

,

3/13/27

15,411

15,871

APP-10683987.FP.FTS.B

,

12

.49

%

,

3/16/27

15,656

15,885

APP-10459721.FP.FTS.B

,

20

.99

%

,

3/23/27

19,644

20,511

APP-10550902.FP.FTS.B

,

9

.99

%

,

3/24/27

.

1,885

1,886

b

APP-10308476.FP.FTS.B

,

20

.49

%

,

3/28/27

5,018

867

APP-10156518.FP.FTS.B

,

19

.99

%

,

3/31/27

1,512

1,515

APP-11391376.FP.FTS.B

,

19

.99

%

,

3/31/27

12,201

12,734

APP-09094872.FP.FTS.B

,

14

.99

%

,

4/01/27

4,736

4,758

APP-12180444.FP.FTS.B

,

25

.49

%

,

4/04/27

1,643

1,660

APP-11496336.FP.FTS.B

,

11

.24

%

,

4/11/27

7,434

4,096

APP-11823747.FP.FTS.B

,

13

.74

%

,

4/11/27

5,332

5,421

APP-11799128.FP.FTS.B

,

10

.99

%

,

4/12/27

9,646

9,803

b

APP-10672023.FP.FTS.B

,

18

.49

%

,

4/15/27

4,209

4,292

APP-11277041.FP.FTS.B

,

20

.49

%

,

4/30/27

11,976

12,610

APP-10315402.FP.FTS.B

,

22

.99

%

,

4/30/27

8,142

8,608

APP-11301237.FP.FTS.B

,

18

.49

%

,

6/02/27

8,812

9,226

APP-10482600.FP.FTS.B

,

16

.49

%

,

6/30/27

5,308

5,421

b

APP-09447903.FP.FTS.B

,

23

.49

%

,

6/30/27

11,607

7,202

APP-11579250.FP.FTS.B

,

11

.24

%

,

7/15/27

15,652

15,924

b

APP-12222310.FP.FTS.B

,

18

.24

%

,

9/21/27

21,734

22,704

APP-10244251.FP.FTS.B

,

20

.49

%

,

9/28/27

12,993

13,583

APP-11800371.FP.FTS.B

,

19

.74

%

,

10/10/27

7,716

7,857

APP-11315623.FP.FTS.B

,

15

.49

%

,

11/02/27

10,135

10,516

APP-11254936.FP.FTS.B

,

20

.99

%

,

3/17/28

687

686

b

APP-09776164.FP.FTS.B

,

15

.99

%

,

8/25/35

569

572

1,725,231

LendingClub

Corp.

-

LCX

PM

171130012.LC.FTS.B

,

17

.3

%

,

10/09/25

...

771

771

170762714.LC.FTS.B

,

16

.08

%

,

10/13/25

..

1,416

1,415

b

182783983.LC.FTS.B

,

17

.49

%

,

10/31/25

..

936

35

172960729.LC.FTS.B

,

14

.02

%

,

12/19/25

..

7,486

–

172424365.LC.FTS.B

,

15

.4

%

,

12/20/25

...

1,325

1,323

173018414.LC.FTS.B

,

13

.33

%

,

12/22/25

..

1,772

1,765

173277936.LC.FTS.B

,

16

.08

%

,

12/31/25

..

5,558

5,572

173423229.LC.FTS.B

,

16

.08

%

,

1/04/26

...

2,790

2,783

173604231.LC.FTS.B

,

14

.02

%

,

1/12/26

...

2,014

1,991

173663810.LC.FTS.B

,

17

.3

%

,

1/13/26

...

1,214

1,219

173394313.LC.FTS.B

,

16

.08

%

,

1/16/26

...

2,534

2,530

173666949.LC.FTS.B

,

20

.74

%

,

1/25/26

...

1,706

1,720

174084354.LC.FTS.B

,

12

.49

%

,

1/26/26

...

5,207

5,193

174293135.LC.FTS.B

,

14

.74

%

,

2/04/26

...

5,193

5,186

174267823.LC.FTS.B

,

16

.99

%

,

2/04/26

...

2,423

2,433

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

174297080.LC.FTS.B

,

15

.74

%

,

2/05/26

...

$

1,607

$

1,613

181324642.LC.FTS.B

,

15

.19

%

,

10/13/26

..

19,135

–

181681556.LC.FTS.B

,

19

.49

%

,

10/14/26

..

5,196

5,267

182220241.LC.FTS.B

,

23

.99

%

,

10/14/26

..

3,141

3,236

182279442.LC.FTS.B

,

21

.99

%

,

10/15/26

..

8,575

8,819

182239660.LC.FTS.B

,

19

.99

%

,

10/16/26

..

5,242

5,319

182337953.LC.FTS.B

,

15

.19

%

,

10/17/26

..

5,378

5,395

182424479.LC.FTS.B

,

28

.99

%

,

10/19/26

..

11,696

–

182489147.LC.FTS.B

,

18

.99

%

,

10/20/26

..

12,036

12,087

182400546.LC.FTS.B

,

20

.44

%

,

10/20/26

..

2,385

2,414

182381955.LC.FTS.B

,

26

.99

%

,

10/20/26

..

1,540

1,596

181832576.LC.FTS.B

,

27

.49

%

,

10/21/26

..

9,748

10,074

182373053.LC.FTS.B

,

20

.44

%

,

10/22/26

..

7,059

7,173

182135115.LC.FTS.B

,

24

.99

%

,

10/28/26

..

9,553

9,939

b

182100249.LC.FTS.B

,

28

.99

%

,

10/28/26

..

5,300

–

182412380.LC.FTS.B

,

23

.99

%

,

11/01/26

..

3,613

3,688

182763696.LC.FTS.B

,

23

.99

%

,

11/01/26

..

5,909

6,050

182249975.LC.FTS.B

,

25

.99

%

,

11/01/26

..

5,096

5,247

182814285.LC.FTS.B

,

15

.44

%

,

11/02/26

..

9,670

9,571

182871113.LC.FTS.B

,

21

.99

%

,

11/02/26

..

7,599

7,793

182810881.LC.FTS.B

,

28

.99

%

,

11/02/26

..

2,501

2,556

182655109.LC.FTS.B

,

13

.19

%

,

11/03/26

..

721

714

182715994.LC.FTS.B

,

18

.99

%

,

11/03/26

..

4,177

4,181

182871003.LC.FTS.B

,

24

.99

%

,

11/03/26

..

7,125

7,366

182934282.LC.FTS.B

,

15

.44

%

,

11/04/26

..

4,835

4,842

181746904.LC.FTS.B

,

12

.99

%

,

11/05/26

..

11,130

11,052

182956744.LC.FTS.B

,

16

.49

%

,

11/05/26

..

10,526

10,493

182845986.LC.FTS.B

,

19

.99

%

,

11/05/26

..

3,223

3,267

182433195.LC.FTS.B

,

25

.99

%

,

11/05/26

..

4,593

–

b

182834096.LC.FTS.B

,

15

.49

%

,

11/08/26

..

10,772

–

183010490.LC.FTS.B

,

16

.49

%

,

11/08/26

..

7,779

7,687

183224681.LC.FTS.B

,

13

.49

%

,

11/15/26

..

5,362

5,367

183101425.LC.FTS.B

,

17

.44

%

,

11/15/26

..

9,964

10,003

182999628.LC.FTS.B

,

17

.74

%

,

11/15/26

..

4,367

4,374

182737896.LC.FTS.B

,

19

.49

%

,

11/15/26

..

7,255

7,363

182379386.LC.FTS.B

,

23

.99

%

,

11/15/26

..

1,844

1,841

b

182921002.LC.FTS.B

,

23

.99

%

,

11/15/26

..

6,108

742

182946956.LC.FTS.B

,

24

.99

%

,

11/15/26

..

7,853

8,159

182962134.LC.FTS.B

,

24

.99

%

,

11/15/26

..

7,837

8,134

182977646.LC.FTS.B

,

16

.99

%

,

11/16/26

..

10,813

10,833

183238822.LC.FTS.B

,

16

.99

%

,

11/16/26

..

8,217

8,169

183287259.LC.FTS.B

,

18

.19

%

,

11/16/26

..

3,843

3,845

183200190.LC.FTS.B

,

19

.49

%

,

11/16/26

..

2,200

2,233

182845074.LC.FTS.B

,

20

.99

%

,

11/16/26

..

12,423

12,519

183239325.LC.FTS.B

,

24

.99

%

,

11/16/26

..

7,421

–

183197788.LC.FTS.B

,

25

.99

%

,

11/16/26

..

8,047

8,272

183321499.LC.FTS.B

,

16

.49

%

,

11/17/26

..

1,123

1,128

183253428.LC.FTS.B

,

25

.99

%

,

11/17/26

..

8,022

8,337

182954228.LC.FTS.B

,

13

.49

%

,

11/18/26

..

9,278

9,274

183368090.LC.FTS.B

,

19

.49

%

,

11/18/26

..

3,983

4,050

183287872.LC.FTS.B

,

23

.99

%

,

11/18/26

..

3,876

3,965

182932552.LC.FTS.B

,

13

.19

%

,

11/19/26

..

5,050

5,064

183409505.LC.FTS.B

,

15

.19

%

,

11/19/26

..

10,335

10,361

183394419.LC.FTS.B

,

16

.49

%

,

11/19/26

..

2,869

–

183391565.LC.FTS.B

,

23

.99

%

,

11/19/26

..

2,603

2,679

183333541.LC.FTS.B

,

14

.19

%

,

11/22/26

..

7,453

7,471

182980965.LC.FTS.B

,

17

.24

%

,

11/22/26

..

7,096

7,136

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

b

183371257.LC.FTS.B

,

17

.74

%

,

11/22/26

..

$

10,806

$

10,841

183418746.LC.FTS.B

,

19

.49

%

,

11/22/26

..

10,988

11,188

183434742.LC.FTS.B

,

23

.19

%

,

11/22/26

..

3,187

3,290

183436461.LC.FTS.B

,

12

.74

%

,

11/23/26

..

12,619

10,042

183477091.LC.FTS.B

,

13

.19

%

,

11/23/26

..

3,336

3,351

183485184.LC.FTS.B

,

13

.99

%

,

11/23/26

..

2,027

2,036

b

183298862.LC.FTS.B

,

14

.19

%

,

11/23/26

..

13,696

13,747

183505251.LC.FTS.B

,

16

.49

%

,

11/23/26

..

3,508

3,529

183425539.LC.FTS.B

,

18

.49

%

,

11/23/26

..

6,985

6,969

b

183430694.LC.FTS.B

,

18

.49

%

,

11/23/26

..

10,668

–

183430676.LC.FTS.B

,

21

.99

%

,

11/23/26

..

8,738

9,028

183407041.LC.FTS.B

,

24

.99

%

,

11/23/26

..

968

997

183095344.LC.FTS.B

,

13

.44

%

,

11/24/26

..

13,396

13,484

183249731.LC.FTS.B

,

17

.49

%

,

11/24/26

..

4,872

4,889

183149701.LC.FTS.B

,

18

.49

%

,

11/24/26

..

11,088

11,132

183425358.LC.FTS.B

,

18

.49

%

,

11/24/26

..

2,896

2,905

183470077.LC.FTS.B

,

18

.99

%

,

11/24/26

..

8,817

8,841

182954964.LC.FTS.B

,

19

.49

%

,

11/24/26

..

7,884

8,034

183524584.LC.FTS.B

,

13

.19

%

,

11/26/26

..

3,278

3,300

183499818.LC.FTS.B

,

16

.44

%

,

11/26/26

..

14,027

13,959

183525639.LC.FTS.B

,

21

.99

%

,

11/26/26

..

2,280

2,358

183193272.LC.FTS.B

,

15

.44

%

,

11/27/26

..

1,804

1,815

183556398.LC.FTS.B

,

23

.99

%

,

11/28/26

..

3,728

3,849

183476845.LC.FTS.B

,

16

.49

%

,

11/29/26

..

5,141

5,167

183447683.LC.FTS.B

,

20

.44

%

,

11/29/26

..

7,247

7,392

183369356.LC.FTS.B

,

20

.99

%

,

11/29/26

..

1,997

2,016

183304070.LC.FTS.B

,

15

.99

%

,

11/30/26

..

13,854

13,855

183359968.LC.FTS.B

,

16

.49

%

,

11/30/26

..

7,857

7,900

183434269.LC.FTS.B

,

17

.24

%

,

11/30/26

..

2,961

2,967

183585512.LC.FTS.B

,

19

.99

%

,

11/30/26

..

8,874

8,963

183618524.LC.FTS.B

,

22

.99

%

,

11/30/26

..

9,626

9,966

183540100.LC.FTS.B

,

23

.99

%

,

11/30/26

..

3,261

–

183611465.LC.FTS.B

,

24

.99

%

,

11/30/26

..

4,753

4,948

183633965.LC.FTS.B

,

24

.99

%

,

11/30/26

..

2,371

2,476

183676944.LC.FTS.B

,

17

.24

%

,

12/01/26

..

2,246

2,245

183067587.LC.FTS.B

,

6

%

,

12/02/26

.....

7,712

7,799

183768813.LC.FTS.B

,

13

.24

%

,

12/02/26

..

5,292

5,274

183699303.LC.FTS.B

,

17

.24

%

,

12/02/26

..

8,059

–

183721314.LC.FTS.B

,

17

.44

%

,

12/03/26

..

6,118

6,120

183746554.LC.FTS.B

,

18

.49

%

,

12/03/26

..

1,719

1,711

183771895.LC.FTS.B

,

21

.99

%

,

12/03/26

..

7,204

7,387

182329589.LC.FTS.B

,

24

.99

%

,

12/03/26

..

4,178

4,273

183877324.LC.FTS.B

,

16

.49

%

,

12/06/26

..

14,815

14,770

183799901.LC.FTS.B

,

17

.74

%

,

12/06/26

..

3,771

3,772

183790054.LC.FTS.B

,

18

.49

%

,

12/06/26

..

2,645

537

183882896.LC.FTS.B

,

17

.24

%

,

12/07/26

..

6,742

6,704

183312099.LC.FTS.B

,

18

.99

%

,

12/07/26

..

4,619

3,665

183415342.LC.FTS.B

,

19

.49

%

,

12/07/26

..

11,599

11,587

183762991.LC.FTS.B

,

19

.49

%

,

12/07/26

..

8,593

8,646

183495228.LC.FTS.B

,

20

.44

%

,

12/07/26

..

2,347

2,373

183520272.LC.FTS.B

,

21

.49

%

,

12/07/26

..

8,820

3,346

183885314.LC.FTS.B

,

21

.99

%

,

12/07/26

..

2,401

2,465

183867910.LC.FTS.B

,

23

.99

%

,

12/07/26

..

6,166

6,329

183866613.LC.FTS.B

,

25

.99

%

,

12/07/26

..

3,767

3,861

183492757.LC.FTS.B

,

16

.99

%

,

12/08/26

..

5,628

5,627

183933487.LC.FTS.B

,

23

.99

%

,

12/08/26

..

6,166

6,331

183999420.LC.FTS.B

,

12

.99

%

,

12/09/26

..

14,059

14,035

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183461812.LC.FTS.B

,

16

.74

%

,

12/09/26

..

$

7,248

$

7,232

183576479.LC.FTS.B

,

17

.44

%

,

12/09/26

..

9,115

9,122

183996173.LC.FTS.B

,

17

.44

%

,

12/09/26

..

13,518

13,487

183987324.LC.FTS.B

,

23

.99

%

,

12/09/26

..

6,589

6,746

183966000.LC.FTS.B

,

24

.99

%

,

12/09/26

..

2,098

2,169

183970462.LC.FTS.B

,

24

.99

%

,

12/09/26

..

1,249

1,294

184009395.LC.FTS.B

,

9

.49

%

,

12/10/26

...

10,981

10,857

184012121.LC.FTS.B

,

13

.44

%

,

12/10/26

..

6,724

6,725

183680345.LC.FTS.B

,

16

.44

%

,

12/10/26

..

4,811

4,818

183129988.LC.FTS.B

,

16

.99

%

,

12/10/26

..

6,530

6,524

183607115.LC.FTS.B

,

17

.24

%

,

12/10/26

..

9,575

1,694

183793588.LC.FTS.B

,

17

.24

%

,

12/10/26

..

2,645

2,642

b

183974150.LC.FTS.B

,

19

.99

%

,

12/10/26

..

11,958

540

184022156.LC.FTS.B

,

20

.49

%

,

12/10/26

..

3,828

3,870

183611528.LC.FTS.B

,

23

.99

%

,

12/10/26

..

6,696

6,741

183970602.LC.FTS.B

,

24

.99

%

,

12/10/26

..

4,999

5,163

183943387.LC.FTS.B

,

15

.44

%

,

12/13/26

..

8,570

8,559

184056742.LC.FTS.B

,

15

.44

%

,

12/13/26

..

6,549

–

184033080.LC.FTS.B

,

17

.44

%

,

12/13/26

..

8,125

8,082

183731402.LC.FTS.B

,

19

.44

%

,

12/13/26

..

6,181

6,273

184062734.LC.FTS.B

,

21

.49

%

,

12/13/26

..

2,144

–

184039087.LC.FTS.B

,

24

.99

%

,

12/13/26

..

3,958

4,092

184051343.LC.FTS.B

,

28

.99

%

,

12/13/26

..

7,890

8,114

184176824.LC.FTS.B

,

14

.99

%

,

12/14/26

..

5,072

5,053

183228318.LC.FTS.B

,

15

.19

%

,

12/14/26

..

12,862

12,627

184144008.LC.FTS.B

,

16

.99

%

,

12/14/26

..

6,760

6,757

184142978.LC.FTS.B

,

17

.44

%

,

12/14/26

..

5,633

5,645

b

184109137.LC.FTS.B

,

17

.74

%

,

12/14/26

..

7,019

331

184114198.LC.FTS.B

,

18

.99

%

,

12/14/26

..

9,406

9,425

183841644.LC.FTS.B

,

19

.99

%

,

12/14/26

..

5,572

999

b

184130928.LC.FTS.B

,

21

.99

%

,

12/14/26

..

7,816

345

183623138.LC.FTS.B

,

23

.99

%

,

12/14/26

..

4,492

4,601

184107590.LC.FTS.B

,

23

.99

%

,

12/14/26

..

2,884

2,941

183641094.LC.FTS.B

,

24

.99

%

,

12/14/26

..

4,185

4,328

183159318.LC.FTS.B

,

6

%

,

12/15/26

.....

3,444

3,431

b

184198353.LC.FTS.B

,

14

.01

%

,

12/15/26

..

14,954

5,729

183712326.LC.FTS.B

,

15

.44

%

,

12/15/26

..

2,395

2,392

183603668.LC.FTS.B

,

17

.19

%

,

12/15/26

..

9,723

–

183809680.LC.FTS.B

,

17

.24

%

,

12/15/26

..

12,652

12,443

183649794.LC.FTS.B

,

21

.49

%

,

12/15/26

..

10,593

10,728

183917868.LC.FTS.B

,

21

.49

%

,

12/15/26

..

7,423

7,535

183905553.LC.FTS.B

,

13

.44

%

,

12/16/26

..

2,300

2,271

184144886.LC.FTS.B

,

15

.19

%

,

12/16/26

..

10,173

10,205

183965552.LC.FTS.B

,

16

.49

%

,

12/16/26

..

5,567

5,568

183706984.LC.FTS.B

,

21

.49

%

,

12/16/26

..

2,464

2,475

b

183590285.LC.FTS.B

,

21

.99

%

,

12/16/26

..

9,420

1,789

183612692.LC.FTS.B

,

13

.49

%

,

12/17/26

..

4,958

4,958

184223937.LC.FTS.B

,

16

.44

%

,

12/17/26

..

7,044

7,048

184248806.LC.FTS.B

,

18

.49

%

,

12/17/26

..

10,755

10,774

184251864.LC.FTS.B

,

21

.99

%

,

12/17/26

..

3,647

3,745

184214073.LC.FTS.B

,

27

.99

%

,

12/17/26

..

5,193

5,372

183673632.LC.FTS.B

,

15

.44

%

,

12/18/26

..

5,635

5,581

183874472.LC.FTS.B

,

15

.44

%

,

12/18/26

..

5,929

5,826

183852446.LC.FTS.B

,

17

.99

%

,

12/18/26

..

6,220

6,168

184104646.LC.FTS.B

,

17

.44

%

,

12/20/26

..

7,135

7,161

184283202.LC.FTS.B

,

19

.49

%

,

12/20/26

..

3,093

3,144

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

b

184059193.LC.FTS.B

,

21

.99

%

,

12/20/26

..

$

8,923

$

9,185

184343324.LC.FTS.B

,

Zero

Cpn

,

12/21/26

14,814

–

184382909.LC.FTS.B

,

12

.99

%

,

12/21/26

..

7,030

7,035

184130767.LC.FTS.B

,

16

.44

%

,

12/21/26

..

7,772

7,703

184309308.LC.FTS.B

,

17

.24

%

,

12/21/26

..

2,639

2,616

184032290.LC.FTS.B

,

20

.99

%

,

12/21/26

..

8,586

8,532

184358622.LC.FTS.B

,

21

.99

%

,

12/21/26

..

5,006

5,147

183726564.LC.FTS.B

,

Zero

Cpn

,

12/23/26

16,250

–

184224030.LC.FTS.B

,

15

.49

%

,

12/23/26

..

7,724

6,126

184421299.LC.FTS.B

,

16

.74

%

,

12/23/26

..

2,788

2,801

183436430.LC.FTS.B

,

16

.99

%

,

12/23/26

..

13,285

13,316

184427346.LC.FTS.B

,

19

.74

%

,

12/23/26

..

13,453

–

b

184321733.LC.FTS.B

,

23

.99

%

,

12/23/26

..

11,758

1,476

184033253.LC.FTS.B

,

28

.99

%

,

12/23/26

..

3,906

4,048

183940387.LC.FTS.B

,

19

.99

%

,

12/25/26

..

7,225

7,341

184009581.LC.FTS.B

,

22

.99

%

,

12/25/26

..

14,714

15,172

b

184283871.LC.FTS.B

,

21

.99

%

,

12/27/26

..

10,101

954

184275242.LC.FTS.B

,

23

.99

%

,

12/27/26

..

8,221

8,496

184249796.LC.FTS.B

,

15

.44

%

,

12/28/26

..

5,964

5,986

184172800.LC.FTS.B

,

16

.44

%

,

12/28/26

..

4,932

4,893

184029644.LC.FTS.B

,

17

.49

%

,

12/28/26

..

11,588

11,631

183866022.LC.FTS.B

,

24

.99

%

,

12/28/26

..

5,507

–

183977917.LC.FTS.B

,

16

.49

%

,

12/30/26

..

13,067

–

184298012.LC.FTS.B

,

18

.74

%

,

12/30/26

..

2,040

2,048

184066327.LC.FTS.B

,

14

.19

%

,

12/31/26

..

5,295

5,299

183794746.LC.FTS.B

,

21

.99

%

,

12/31/26

..

14,434

–

184379539.LC.FTS.B

,

12

.19

%

,

1/02/27

...

11,051

10,870

183888494.LC.FTS.B

,

17

.99

%

,

1/06/27

...

3,838

3,818

184003793.LC.FTS.B

,

6

%

,

1/15/27

......

292

290

b

184924956.LC.FTS.B

,

24

.99

%

,

1/16/27

...

9,164

7,523

b

183499719.LC.FTS.B

,

15

.44

%

,

2/28/27

...

7,090

313

b

183154136.LC.FTS.B

,

18

.49

%

,

3/16/27

...

4,163

4,159

182925976.LC.FTS.B

,

18

.99

%

,

4/03/27

...

3,594

3,566

184013288.LC.FTS.B

,

24

.99

%

,

4/10/27

...

9,758

10,057

182675743.LC.FTS.B

,

15

%

,

4/15/27

.....

18,330

–

183536773.LC.FTS.B

,

15

%

,

4/16/27

.....

15,530

12,637

184040777.LC.FTS.B

,

15

%

,

4/24/27

.....

4,680

3,922

b

182419678.LC.FTS.B

,

19

.99

%

,

4/25/27

...

10,083

10,188

182469398.LC.FTS.B

,

21

.99

%

,

5/05/27

...

9,269

9,443

183710879.LC.FTS.B

,

19

.95

%

,

5/06/27

...

11,556

4,332

b

182925771.LC.FTS.B

,

5

%

,

5/12/27

......

17,053

14,432

182882013.LC.FTS.B

,

24

.99

%

,

5/24/27

...

10,101

10,447

184033235.LC.FTS.B

,

24

.99

%

,

5/24/27

...

12,712

10,452

183805030.LC.FTS.B

,

17

.49

%

,

6/16/27

...

13,454

13,168

183437929.LC.FTS.B

,

20

.49

%

,

6/30/27

...

12,243

12,338

183274263.LC.FTS.B

,

15

.44

%

,

7/01/27

...

9,720

931

183593989.LC.FTS.B

,

27

.49

%

,

7/15/27

...

13,772

14,053

183877158.LC.FTS.B

,

20

.44

%

,

7/21/27

...

6,101

–

184211532.LC.FTS.B

,

21

.99

%

,

7/28/27

...

18,658

18,988

b

183270309.LC.FTS.B

,

18

.99

%

,

9/17/27

...

14,761

1,103

183252907.LC.FTS.B

,

16

.49

%

,

9/23/27

...

7,826

7,699

b

182185437.LC.FTS.B

,

5

%

,

10/29/27

.....

8,557

8,535

b

184064152.LC.FTS.B

,

19

.49

%

,

10/13/28

..

15,662

1,356

172830533.LC.FTS.B

,

Zero

Cpn

,

1/04/34

.

1,962

–

182406475.LC.FTS.B

,

19

.99

%

,

11/03/34

..

3,246

–

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

183248270.LC.FTS.B

,

18

.99

%

,

11/16/34

..

$

2,965

$

–

182863664.LC.FTS.B

,

19

.99

%

,

11/17/34

..

450

–

183339903.LC.FTS.B

,

Zero

Cpn

,

11/26/34

5,405

–

183558965.LC.FTS.B

,

18

.99

%

,

12/06/34

..

2,489

–

b

183532916.LC.FTS.B

,

22

.99

%

,

12/06/34

..

2,156

201

183915427.LC.FTS.B

,

13

.24

%

,

12/08/34

..

6,790

–

183942961.LC.FTS.B

,

18

.99

%

,

12/08/34

..

1,547

–

183402493.LC.FTS.B

,

22

.99

%

,

12/18/34

..

938

–

b

183409645.LC.FTS.B

,

5

%

,

12/20/34

.....

2,891

597

184435348.LC.FTS.B

,

17

.99

%

,

12/23/34

..

1,915

–

184068690.LC.FTS.B

,

18

.49

%

,

12/25/34

..

3,009

–

184149278.LC.FTS.B

,

16

.49

%

,

1/28/35

...

3,554

–

184090151.LC.FTS.B

,

19

.99

%

,

2/28/35

...

3,107

–

b

184415798.LC.FTS.B

,

22

.99

%

,

8/04/35

...

1,433

19

b

183473491.LC.FTS.B

,

18

.99

%

,

8/15/35

...

1,303

330

b

184253510.LC.FTS.B

,

18

.49

%

,

8/21/35

...

4,735

–

1,314,496

Prosper

Funding

LLC

1672340.PS.FTS.B

,

15

.1

%

,

11/14/25

....

2,140

2,142

1613481.PS.FTS.B

,

19

.78

%

,

8/11/26

....

4,603

4,663

1604105.PS.FTS.B

,

13

.74

%

,

8/12/26

....

8,347

8,321

1613874.PS.FTS.B

,

15

.2

%

,

8/12/26

.....

2,851

2,861

1613892.PS.FTS.B

,

19

.18

%

,

8/12/26

....

1,934

1,964

1607647.PS.FTS.B

,

15

%

,

8/13/26

.......

2,274

2,283

1615164.PS.FTS.B

,

17

%

,

8/13/26

.......

2,918

2,966

1607977.PS.FTS.B

,

25

.48

%

,

8/13/26

....

1,504

1,555

1604924.PS.FTS.B

,

28

.4

%

,

8/13/26

.....

2,221

2,298

1608526.PS.FTS.B

,

19

.78

%

,

8/16/26

....

2,455

2,493

1604936.PS.FTS.B

,

25

%

,

8/16/26

.......

669

691

1616271.PS.FTS.B

,

12

.5

%

,

8/17/26

.....

3,269

3,263

1609138.PS.FTS.B

,

16

.18

%

,

8/17/26

....

4,347

4,337

1611388.PS.FTS.B

,

15

.8

%

,

8/19/26

.....

4,291

4,293

1612375.PS.FTS.B

,

14

.29

%

,

8/23/26

....

2,808

2,829

1620525.PS.FTS.B

,

16

.4

%

,

8/24/26

.....

1,744

1,757

b

1606978.PS.FTS.B

,

13

.3

%

,

8/25/26

.....

3,718

3,710

1622217.PS.FTS.B

,

16

.7

%

,

9/07/26

.....

1,082

1,086

1605623.PS.FTS.B

,

16

.64

%

,

9/15/26

....

3,881

3,897

1633221.PS.FTS.B

,

18

.13

%

,

9/17/26

....

11,234

11,280

1606780.PS.FTS.B

,

29

.08

%

,

9/18/26

....

2,867

2,967

1628728.PS.FTS.B

,

12

.5

%

,

9/22/26

.....

2,041

2,041

1628947.PS.FTS.B

,

12

.5

%

,

9/23/26

.....

3,207

3,208

1635660.PS.FTS.B

,

12

.87

%

,

9/23/26

....

2,951

2,948

1625255.PS.FTS.B

,

13

.2

%

,

9/23/26

.....

2,360

2,360

1636926.PS.FTS.B

,

11

.6

%

,

9/24/26

.....

3,304

3,305

b

1629340.PS.FTS.B

,

12

.9

%

,

9/24/26

.....

3,178

404

b

1636506.PS.FTS.B

,

15

.18

%

,

9/24/26

....

6,206

–

1630456.PS.FTS.B

,

12

.76

%

,

9/27/26

....

4,392

4,396

1630438.PS.FTS.B

,

15

.29

%

,

9/27/26

....

3,051

3,084

1630432.PS.FTS.B

,

15

.9

%

,

9/27/26

.....

3,697

3,737

1634442.PS.FTS.B

,

13

.93

%

,

9/28/26

....

3,041

3,071

1608397.PS.FTS.B

,

20

.3

%

,

10/13/26

....

235

234

1624733.PS.FTS.B

,

16

.33

%

,

10/17/26

...

2,254

2,266

1655382.PS.FTS.B

,

12

.8

%

,

10/27/26

....

10,941

10,928

1655400.PS.FTS.B

,

13

.7

%

,

10/27/26

....

1,903

1,915

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1648636.PS.FTS.B

,

15

.2

%

,

10/27/26

....

$

650

$

653

1645256.PS.FTS.B

,

16

.33

%

,

10/27/26

...

2,644

2,660

1645934.PS.FTS.B

,

10

.5

%

,

10/28/26

....

2,558

2,578

1649530.PS.FTS.B

,

13

.5

%

,

10/28/26

....

500

508

1649653.PS.FTS.B

,

14

.7

%

,

10/28/26

....

2,290

2,331

1646096.PS.FTS.B

,

15

.1

%

,

10/28/26

....

2,063

2,101

1646336.PS.FTS.B

,

16

.33

%

,

10/28/26

...

7,029

7,166

1657014.PS.FTS.B

,

10

.5

%

,

10/31/26

....

11,191

11,174

1650649.PS.FTS.B

,

13

.8

%

,

10/31/26

....

2,670

2,692

1657476.PS.FTS.B

,

13

.8

%

,

11/01/26

....

5,049

5,045

1658550.PS.FTS.B

,

9

.45

%

,

11/02/26

....

4,711

4,685

1651418.PS.FTS.B

,

11

.6

%

,

11/05/26

.....

650

647

1650998.PS.FTS.B

,

12

.7

%

,

11/05/26

....

4,963

4,937

1660986.PS.FTS.B

,

16

.8

%

,

11/05/26

....

8,806

8,808

1654327.PS.FTS.B

,

22

.55

%

,

11/05/26

....

3,118

3,220

1651841.PS.FTS.B

,

15

.4

%

,

11/08/26

....

1,897

1,900

1665054.PS.FTS.B

,

16

.93

%

,

11/08/26

....

8,979

8,977

1665906.PS.FTS.B

,

11

.7

%

,

11/09/26

.....

2,605

2,594

1652894.PS.FTS.B

,

12

.7

%

,

11/09/26

....

2,802

2,788

1658878.PS.FTS.B

,

12

.98

%

,

11/09/26

....

8,308

8,272

1659130.PS.FTS.B

,

15

.18

%

,

11/09/26

....

4,813

4,822

1652711.PS.FTS.B

,

16

.2

%

,

11/09/26

.....

4,364

4,432

1654496.PS.FTS.B

,

11

.79

%

,

11/10/26

....

3,262

3,249

1660783.PS.FTS.B

,

11

.7

%

,

11/12/26

.....

5,862

5,841

1659238.PS.FTS.B

,

10

.8

%

,

11/15/26

....

2,419

2,406

1656380.PS.FTS.B

,

10

.9

%

,

11/15/26

....

2,565

2,558

b

1658161.PS.FTS.B

,

13

.3

%

,

11/15/26

....

4,013

3,372

1653277.PS.FTS.B

,

13

.8

%

,

11/16/26

....

8,235

8,215

1654759.PS.FTS.B

,

11

.89

%

,

11/19/26

....

1,562

1,553

1660438.PS.FTS.B

,

16

%

,

11/19/26

......

1,774

1,800

1645613.PS.FTS.B

,

12

.62

%

,

11/20/26

....

4,538

4,528

1659142.PS.FTS.B

,

14

.6

%

,

11/30/26

....

2,962

2,956

1672670.PS.FTS.B

,

12

%

,

12/14/26

......

2,424

2,410

1679077.PS.FTS.B

,

15

.12

%

,

12/15/26

...

7,261

7,255

1685964.PS.FTS.B

,

15

.29

%

,

12/15/26

...

7,279

7,273

1672964.PS.FTS.B

,

28

.23

%

,

12/15/26

...

4,342

4,503

1680172.PS.FTS.B

,

13

.4

%

,

12/16/26

....

4,245

4,244

1680709.PS.FTS.B

,

10

.5

%

,

12/20/26

....

6,770

6,737

1681081.PS.FTS.B

,

11

.33

%

,

12/20/26

....

3,276

3,262

1681270.PS.FTS.B

,

13

.08

%

,

12/20/26

...

2,464

2,453

1677662.PS.FTS.B

,

18

.25

%

,

12/23/26

...

8,360

8,529

1656207.PS.FTS.B

,

23

.64

%

,

5/27/27

....

13,580

13,669

b

1656341.PS.FTS.B

,

15

.29

%

,

6/15/27

....

8,672

1,991

1630162.PS.FTS.B

,

16

.33

%

,

8/22/27

....

14,180

11,853

b

1665885.PS.FTS.B

,

13

.7

%

,

8/27/27

.....

10,935

5,520

b

1674668.PS.FTS.B

,

12

.65

%

,

12/17/34

...

16

–

1603442.PS.FTS.B

,

18

.2

%

,

7/20/35

.....

133

135

324,855

Upgrade,

Inc.

24677388.UG.FTS.B

,

29

.69

%

,

9/06/25

...

282

283

Upgrade,

Inc.

-

Card

b

991148239.UG.FTS.B

,

29

.49

%

,

9/20/25

..

233

239

b

991152518.UG.FTS.B

,

18

.97

%

,

9/23/25

..

74

–

b

991176181.UG.FTS.B

,

19

.99

%

,

9/23/25

..

353

361

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

b

991179044.UG.FTS.B

,

21

.46

%

,

9/29/25

..

$

251

$

42

991284608.UG.FTS.B

,

21

.98

%

,

10/04/25

.

142

70

b

991233872.UG.FTS.B

,

17

.99

%

,

10/05/25

.

57

4

991054408.UG.FTS.B

,

28

.98

%

,

10/08/25

.

92

93

b

991169822.UG.FTS.B

,

29

.49

%

,

10/17/25

.

101

102

b

991299072.UG.FTS.B

,

29

.49

%

,

10/23/25

.

129

8

b

991025029.UG.FTS.B

,

21

.46

%

,

11/09/25

.

71

31

991258611.UG.FTS.B

,

21

.98

%

,

11/14/25

.

505

510

991237888.UG.FTS.B

,

28

.98

%

,

11/15/25

.

124

125

b

991191984.UG.FTS.B

,

29

.49

%

,

11/17/25

.

42

3

991100555.UG.FTS.B

,

29

.49

%

,

11/20/25

.

290

296

b

991168137.UG.FTS.B

,

19

.8

%

,

11/21/25

..

57

57

991124779.UG.FTS.B

,

29

.49

%

,

11/22/25

.

51

52

991269532.UG.FTS.B

,

29

.46

%

,

1/05/26

..

70

10

991421184.UG.FTS.B

,

29

.49

%

,

1/06/26

..

131

19

991238529.UG.FTS.B

,

19

.8

%

,

1/16/26

...

493

497

991131752.UG.FTS.B

,

29

.49

%

,

1/20/26

..

46

40

b

991182716.UG.FTS.B

,

21

.98

%

,

1/26/26

..

104

90

b

991149182.UG.FTS.B

,

28

.48

%

,

2/21/26

..

44

40

b

991217112.UG.FTS.B

,

21

.46

%

,

2/25/26

..

205

14

b

991358540.UG.FTS.B

,

14

.98

%

,

3/15/26

..

310

23

b

991161030.UG.FTS.B

,

29

.49

%

,

6/18/26

..

85

88

991123245.UG.FTS.B

,

26

.94

%

,

6/23/26

..

354

355

b

991119833.UG.FTS.B

,

19

.21

%

,

9/20/26

..

615

618

b

991180816.UG.FTS.B

,

29

.49

%

,

9/23/26

..

146

117

991217394.UG.FTS.B

,

29

.49

%

,

10/20/26

.

86

68

b

991087378.UG.FTS.B

,

21

.36

%

,

11/15/26

.

321

81

b

991120297.UG.FTS.B

,

22

.97

%

,

11/23/26

.

1,159

1,190

991356469.UG.FTS.B

,

16

.99

%

,

12/07/26

.

9

9

991265247.UG.FTS.B

,

16

.99

%

,

12/12/26

.

200

207

991359359.UG.FTS.B

,

15

.99

%

,

12/14/26

.

23

23

991467528.UG.FTS.B

,

15

.99

%

,

12/14/26

.

14

14

991326633.UG.FTS.B

,

21

.99

%

,

12/19/26

.

325

334

991020944.UG.FTS.B

,

15

.99

%

,

1/06/27

..

1,538

1,579

b

991058306.UG.FTS.B

,

20

.46

%

,

2/11/27

..

505

109

991226691.UG.FTS.B

,

15

.99

%

,

3/06/27

..

138

144

991249712.UG.FTS.B

,

15

.99

%

,

3/06/27

..

1,723

1,792

b

991418120.UG.FTS.B

,

14

.98

%

,

7/13/27

..

163

13

b

991252958.UG.FTS.B

,

18

.97

%

,

7/24/27

..

294

192

b

991080210.UG.FTS.B

,

28

.98

%

,

11/08/27

.

290

14

b

991225567.UG.FTS.B

,

19

.8

%

,

1/18/28

...

239

2

b

991299503.UG.FTS.B

,

17

.99

%

,

1/27/28

..

282

174

991162953.UG.FTS.B

,

26

.94

%

,

1/27/28

..

158

94

991418802.UG.FTS.B

,

29

.49

%

,

2/10/28

..

96

65

b

991383601.UG.FTS.B

,

20

.97

%

,

3/29/28

..

238

16

b

991262312.UG.FTS.B

,

29

.49

%

,

6/29/28

..

144

89

991266262.UG.FTS.B

,

19

.8

%

,

7/16/28

...

1,305

757

991223479.UG.FTS.B

,

29

.49

%

,

7/18/28

..

192

188

991089483.UG.FTS.B

,

29

.49

%

,

11/15/28

.

142

141

b

991102474.UG.FTS.B

,

29

.49

%

,

11/16/28

.

2,500

2,456

b

991218561.UG.FTS.B

,

20

.47

%

,

11/17/28

.

5

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991098718.UG.FTS.B

,

23

.95

%

,

12/09/28

.

$

505

$

329

b

991023261.UG.FTS.B

,

29

.49

%

,

11/08/29

.

50

3

b

991070598.UG.FTS.B

,

28

.98

%

,

1/16/30

..

62

3

b

991137442.UG.FTS.B

,

21

.46

%

,

2/25/30

..

59

11

b

991451736.UG.FTS.B

,

19

.8

%

,

3/10/30

...

54

4

b

991152322.UG.FTS.B

,

26

.94

%

,

3/27/30

..

551

561

b

991216328.UG.FTS.B

,

26

.94

%

,

3/27/30

..

111

113

b

991237119.UG.FTS.B

,

28

.98

%

,

6/19/30

..

1

1

b

991293334.UG.FTS.B

,

16

.99

%

,

7/13/30

..

363

25

991146431.UG.FTS.B

,

28

.98

%

,

7/17/30

..

5

5

b

991072361.UG.FTS.B

,

21

.46

%

,

8/10/30

..

193

32

b

991226484.UG.FTS.B

,

21

.46

%

,

8/10/30

..

234

38

991168160.UG.FTS.B

,

21

.46

%

,

8/16/30

..

9

10

991197071.UG.FTS.B

,

21

.98

%

,

11/09/30

.

218

133

14,923

Upstart

Network,

Inc.

L1410769.UP.FTS.B

,

17

.3

%

,

7/09/26

....

1,283

1,259

L1410682.UP.FTS.B

,

18

.43

%

,

7/09/26

....

2,572

2,525

L1410871.UP.FTS.B

,

19

.36

%

,

7/09/26

....

1,136

1,115

L1406959.UP.FTS.B

,

19

.7

%

,

7/09/26

....

733

720

L1612245.UP.FTS.B

,

7

.13

%

,

8/23/26

....

1,181

1,150

L1612759.UP.FTS.B

,

7

.7

%

,

8/23/26

.....

1,377

1,346

L1613031.UP.FTS.B

,

10

.95

%

,

8/23/26

....

3,489

3,435

L1612198.UP.FTS.B

,

11

.94

%

,

8/23/26

....

3,445

3,385

L1606587.UP.FTS.B

,

14

.39

%

,

8/23/26

....

13,921

13,681

FW1613143.UP.FTS.B

,

19

.39

%

,

8/23/26

..

6,090

6,004

FW1613287.UP.FTS.B

,

21

.05

%

,

8/23/26

..

837

825

L1611961.UP.FTS.B

,

21

.45

%

,

8/23/26

....

1,731

1,705

L1612389.UP.FTS.B

,

21

.85

%

,

8/23/26

....

1,986

1,958

FW1613265.UP.FTS.B

,

23

.28

%

,

8/23/26

..

1,960

1,495

b

L1605896.UP.FTS.B

,

25

.03

%

,

8/23/26

....

11,047

8,191

L1612867.UP.FTS.B

,

25

.04

%

,

8/23/26

....

597

589

L1612430.UP.FTS.B

,

25

.3

%

,

8/23/26

....

366

361

L1610778.UP.FTS.B

,

25

.4

%

,

8/23/26

....

1,350

1,332

L1613041.UP.FTS.B

,

26

.53

%

,

8/23/26

....

1,988

1,677

FW1612948.UP.FTS.B

,

30

.7

%

,

8/23/26

...

3,593

3,549

L1613779.UP.FTS.B

,

8

.38

%

,

8/24/26

....

3,553

3,475

b

L1614080.UP.FTS.B

,

9

.53

%

,

8/24/26

....

935

148

L1617085.UP.FTS.B

,

12

.5

%

,

8/24/26

....

2,109

2,078

L1613838.UP.FTS.B

,

13

.27

%

,

8/24/26

....

272

267

FW1614076.UP.FTS.B

,

14

.66

%

,

8/24/26

..

2,777

2,729

L1617016.UP.FTS.B

,

15

.82

%

,

8/24/26

....

5,005

4,953

L1616977.UP.FTS.B

,

16

.49

%

,

8/24/26

....

608

601

L1617004.UP.FTS.B

,

16

.62

%

,

8/24/26

....

1,752

1,734

L1613683.UP.FTS.B

,

16

.65

%

,

8/24/26

....

1,835

1,816

FW1613769.UP.FTS.B

,

16

.69

%

,

8/24/26

..

1,452

1,431

L1616581.UP.FTS.B

,

16

.94

%

,

8/24/26

....

860

852

L1614751.UP.FTS.B

,

17

.63

%

,

8/24/26

....

4,375

4,314

L1614375.UP.FTS.B

,

18

.88

%

,

8/24/26

....

2,417

2,383

L1616929.UP.FTS.B

,

19

.05

%

,

8/24/26

....

3,030

2,987

L1613574.UP.FTS.B

,

19

.14

%

,

8/24/26

....

910

897

L1618259.UP.FTS.B

,

19

.27

%

,

8/24/26

....

2,432

2,396

L1617537.UP.FTS.B

,

20

.26

%

,

8/24/26

....

1,142

1,126

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

b

L1613128.UP.FTS.B

,

21

.09

%

,

8/24/26

....

$

15,714

$

15,497

L1614925.UP.FTS.B

,

21

.15

%

,

8/24/26

....

254

251

b

L1617008.UP.FTS.B

,

21

.28

%

,

8/24/26

....

918

905

FW1617548.UP.FTS.B

,

21

.5

%

,

8/24/26

...

1,510

1,489

b

L1615113.UP.FTS.B

,

21

.5

%

,

8/24/26

.....

1,159

85

FW1616680.UP.FTS.B

,

21

.59

%

,

8/24/26

..

3,785

3,733

L1617314.UP.FTS.B

,

23

.08

%

,

8/24/26

....

779

769

FW1614723.UP.FTS.B

,

23

.32

%

,

8/24/26

..

4,848

4,783

FW1614111.UP.FTS.B

,

23

.36

%

,

8/24/26

..

3,221

3,178

L1617338.UP.FTS.B

,

23

.46

%

,

8/24/26

....

821

810

L1617363.UP.FTS.B

,

23

.46

%

,

8/24/26

....

2,482

2,458

FW1616273.UP.FTS.B

,

23

.5

%

,

8/24/26

...

288

284

L1616072.UP.FTS.B

,

24

%

,

8/24/26

......

1,684

1,661

L1599086.UP.FTS.B

,

24

.44

%

,

8/24/26

....

2,551

2,517

L1617884.UP.FTS.B

,

24

.99

%

,

8/24/26

....

397

392

L1617253.UP.FTS.B

,

25

.15

%

,

8/24/26

....

4,650

4,588

FW1591289.UP.FTS.B

,

25

.18

%

,

8/24/26

..

1,130

1,115

L1613599.UP.FTS.B

,

25

.21

%

,

8/24/26

....

832

821

L1616132.UP.FTS.B

,

25

.25

%

,

8/24/26

....

399

394

L1614231.UP.FTS.B

,

25

.4

%

,

8/24/26

....

634

625

FW1618114.UP.FTS.B

,

25

.78

%

,

8/24/26

..

1,074

1,060

FW1616600.UP.FTS.B

,

27

.4

%

,

8/24/26

...

2,378

2,348

FW1614841.UP.FTS.B

,

27

.56

%

,

8/24/26

..

863

851

b

FW1614066.UP.FTS.B

,

29

.58

%

,

8/24/26

..

2,267

397

FW1613869.UP.FTS.B

,

30

.42

%

,

8/24/26

..

465

460

FW1615250.UP.FTS.B

,

30

.57

%

,

8/24/26

..

556

549

b

FW1614110.UP.FTS.B

,

32

.03

%

,

8/24/26

..

1,491

1,252

L1619126.UP.FTS.B

,

9

.43

%

,

8/25/26

....

2,583

2,526

L1619757.UP.FTS.B

,

12

.57

%

,

8/25/26

....

2,176

2,139

L1572047.UP.FTS.B

,

12

.99

%

,

8/25/26

....

1,541

1,516

L1620125.UP.FTS.B

,

15

.38

%

,

8/25/26

....

286

283

b

FW1619311.UP.FTS.B

,

16

.02

%

,

8/25/26

..

1,714

1,697

FW1619065.UP.FTS.B

,

16

.98

%

,

8/25/26

..

7,333

7,259

L1619610.UP.FTS.B

,

17

.18

%

,

8/25/26

....

1,435

1,416

L1620043.UP.FTS.B

,

17

.72

%

,

8/25/26

....

883

868

b

FW1618558.UP.FTS.B

,

20

.33

%

,

8/25/26

..

16

16

L1618616.UP.FTS.B

,

21

.44

%

,

8/25/26

....

3,151

3,108

FW1619947.UP.FTS.B

,

22

.69

%

,

8/25/26

..

259

256

L1620763.UP.FTS.B

,

23

.08

%

,

8/25/26

....

1,743

1,721

L1620526.UP.FTS.B

,

23

.25

%

,

8/25/26

....

647

639

L1619251.UP.FTS.B

,

24

.92

%

,

8/25/26

....

728

719

L1621031.UP.FTS.B

,

25

.07

%

,

8/25/26

....

1,990

1,965

L1619585.UP.FTS.B

,

25

.33

%

,

8/25/26

....

2,430

2,400

b

L1618792.UP.FTS.B

,

25

.43

%

,

8/25/26

....

1,236

1,221

FW1620759.UP.FTS.B

,

25

.44

%

,

8/25/26

..

1,334

1,318

L1621068.UP.FTS.B

,

25

.46

%

,

8/25/26

....

1,585

486

FW1617532.UP.FTS.B

,

25

.68

%

,

8/25/26

..

1,004

992

L1620151.UP.FTS.B

,

26

.66

%

,

8/25/26

....

4,748

4,689

L1617795.UP.FTS.B

,

13

.57

%

,

9/01/26

....

7,443

7,309

FW1615073.UP.FTS.B

,

30

.97

%

,

9/03/26

..

1,233

760

L1706771.UP.FTS.B

,

9

.86

%

,

9/13/26

....

5,019

4,920

FW1703655.UP.FTS.B

,

10

.14

%

,

9/13/26

..

1,266

1,241

FW1705224.UP.FTS.B

,

10

.49

%

,

9/13/26

..

7,045

6,908

L1706444.UP.FTS.B

,

12

.27

%

,

9/13/26

....

1,742

1,709

L1704834.UP.FTS.B

,

12

.73

%

,

9/13/26

....

2,821

1,620

L1706707.UP.FTS.B

,

14

.84

%

,

9/13/26

....

6,052

5,937

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1706806.UP.FTS.B

,

15

.22

%

,

9/13/26

....

$

1,816

$

1,785

FW1705595.UP.FTS.B

,

15

.51

%

,

9/13/26

..

4,547

4,488

L1706683.UP.FTS.B

,

16

.01

%

,

9/13/26

....

743

729

L1705287.UP.FTS.B

,

16

.2

%

,

9/13/26

....

3,557

3,511

FW1706882.UP.FTS.B

,

17

.33

%

,

9/13/26

..

1,472

1,453

L1706066.UP.FTS.B

,

18

.08

%

,

9/13/26

....

1,202

1,182

L1705021.UP.FTS.B

,

18

.29

%

,

9/13/26

....

2,612

2,565

FW1701942.UP.FTS.B

,

19

.32

%

,

9/13/26

..

4,878

4,792

L1705415.UP.FTS.B

,

19

.86

%

,

9/13/26

....

2,935

2,884

L1706913.UP.FTS.B

,

20

.18

%

,

9/13/26

....

2,389

2,343

b

L1706223.UP.FTS.B

,

20

.97

%

,

9/13/26

....

5,541

3,309

FW1705757.UP.FTS.B

,

21

.7

%

,

9/13/26

...

1,210

1,187

L1706836.UP.FTS.B

,

21

.71

%

,

9/13/26

....

1,546

1,521

L1706178.UP.FTS.B

,

22

.1

%

,

9/13/26

....

1,184

1,162

L1706147.UP.FTS.B

,

23

.21

%

,

9/13/26

....

1,724

1,692

L1706443.UP.FTS.B

,

23

.44

%

,

9/13/26

....

1,061

1,041

L1706931.UP.FTS.B

,

24

.04

%

,

9/13/26

....

417

409

L1706467.UP.FTS.B

,

24

.5

%

,

9/13/26

....

433

428

L1705774.UP.FTS.B

,

24

.52

%

,

9/13/26

....

2,814

2,762

L1699725.UP.FTS.B

,

24

.98

%

,

9/13/26

....

744

455

b

L1705130.UP.FTS.B

,

24

.98

%

,

9/13/26

....

1,061

1,042

L1705055.UP.FTS.B

,

24

.99

%

,

9/13/26

....

637

625

L1706179.UP.FTS.B

,

25

.28

%

,

9/13/26

....

460

452

L1705964.UP.FTS.B

,

25

.31

%

,

9/13/26

....

1,812

1,779

L1707003.UP.FTS.B

,

25

.5

%

,

9/13/26

....

603

592

L1706122.UP.FTS.B

,

26

.74

%

,

9/13/26

....

944

927

FW1706840.UP.FTS.B

,

26

.82

%

,

9/13/26

..

13,093

12,860

FW1705300.UP.FTS.B

,

26

.94

%

,

9/13/26

..

796

782

FW1705464.UP.FTS.B

,

28

.92

%

,

9/13/26

..

2,792

2,744

FW1706229.UP.FTS.B

,

30

.24

%

,

9/13/26

..

1,701

1,673

FW1705888.UP.FTS.B

,

30

.31

%

,

9/13/26

..

1,094

1,075

FW1705881.UP.FTS.B

,

30

.81

%

,

9/13/26

..

2,030

1,995

FW1705876.UP.FTS.B

,

30

.83

%

,

9/13/26

..

650

639

FW1706907.UP.FTS.B

,

30

.87

%

,

9/13/26

..

687

675

FW1706713.UP.FTS.B

,

30

.93

%

,

9/13/26

..

2,220

2,183

FW1704990.UP.FTS.B

,

31

.11

%

,

9/13/26

..

400

393

FW1706597.UP.FTS.B

,

31

.11

%

,

9/13/26

..

727

715

FW1703542.UP.FTS.B

,

31

.45

%

,

9/13/26

..

9,910

9,743

b

FW1706656.UP.FTS.B

,

29

.5

%

,

9/15/26

...

1,006

72

L1705598.UP.FTS.B

,

17

.01

%

,

9/21/26

....

912

900

L1877184.UP.FTS.B

,

9

.06

%

,

10/19/26

....

2,644

2,582

L1851771.UP.FTS.B

,

9

.22

%

,

10/19/26

....

1,031

1,007

L1875318.UP.FTS.B

,

10

.07

%

,

10/19/26

...

1,644

1,613

L1881256.UP.FTS.B

,

11

.03

%

,

10/19/26

...

3,550

3,483

L1878336.UP.FTS.B

,

11

.06

%

,

10/19/26

...

176

166

L1879834.UP.FTS.B

,

11

.35

%

,

10/19/26

...

8,012

5,584

FW1878185.UP.FTS.B

,

13

.38

%

,

10/19/26

.

12,615

12,376

b

L1878258.UP.FTS.B

,

14

.16

%

,

10/19/26

...

2,779

1,925

L1877450.UP.FTS.B

,

14

.9

%

,

10/19/26

....

1,128

1,108

L1880586.UP.FTS.B

,

15

.78

%

,

10/19/26

...

2,468

2,440

L1864741.UP.FTS.B

,

16

.15

%

,

10/19/26

...

1,997

1,974

b

L1881295.UP.FTS.B

,

16

.28

%

,

10/19/26

...

2,751

768

L1878278.UP.FTS.B

,

16

.38

%

,

10/19/26

...

3,305

3,268

L1877933.UP.FTS.B

,

16

.4

%

,

10/19/26

....

855

840

L1878027.UP.FTS.B

,

16

.7

%

,

10/19/26

....

3,204

3,167

b

L1881555.UP.FTS.B

,

17

.31

%

,

10/19/26

...

2,353

1,672

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1876338.UP.FTS.B

,

17

.58

%

,

10/19/26

.

$

1,283

$

909

FW1881188.UP.FTS.B

,

17

.77

%

,

10/19/26

.

728

716

L1879412.UP.FTS.B

,

17

.84

%

,

10/19/26

...

1,382

1,366

L1880587.UP.FTS.B

,

18

.12

%

,

10/19/26

...

1,357

1,342

L1871080.UP.FTS.B

,

18

.23

%

,

10/19/26

...

1,882

1,853

FW1881398.UP.FTS.B

,

18

.35

%

,

10/19/26

.

1,277

906

FW1877226.UP.FTS.B

,

19

.27

%

,

10/19/26

.

4,015

3,947

L1879198.UP.FTS.B

,

19

.39

%

,

10/19/26

...

4,170

4,105

L1876835.UP.FTS.B

,

19

.58

%

,

10/19/26

...

347

341

L1871750.UP.FTS.B

,

19

.96

%

,

10/19/26

...

2,053

2,018

FW1880709.UP.FTS.B

,

20

.07

%

,

10/19/26

.

2,446

2,419

L1876035.UP.FTS.B

,

20

.11

%

,

10/19/26

...

1,398

1,375

FW1880186.UP.FTS.B

,

20

.64

%

,

10/19/26

.

1,945

1,912

L1881182.UP.FTS.B

,

21

.66

%

,

10/19/26

...

1,603

1,585

FW1878006.UP.FTS.B

,

22

.44

%

,

10/19/26

.

4,339

4,269

FW1875013.UP.FTS.B

,

22

.78

%

,

10/19/26

.

3,268

3,216

L1877299.UP.FTS.B

,

22

.84

%

,

10/19/26

...

4,364

4,294

FW1866351.UP.FTS.B

,

22

.85

%

,

10/19/26

.

915

900

FW1880160.UP.FTS.B

,

22

.89

%

,

10/19/26

.

1,713

1,685

b

L1876513.UP.FTS.B

,

22

.94

%

,

10/19/26

...

2,011

335

FW1880088.UP.FTS.B

,

23

.43

%

,

10/19/26

.

3,375

3,320

FW1876728.UP.FTS.B

,

23

.57

%

,

10/19/26

.

5,102

5,020

L1880563.UP.FTS.B

,

24

.05

%

,

10/19/26

...

1,068

779

b

L1878749.UP.FTS.B

,

24

.6

%

,

10/19/26

....

1,899

137

L1881431.UP.FTS.B

,

24

.79

%

,

10/19/26

...

597

588

L1877594.UP.FTS.B

,

24

.95

%

,

10/19/26

...

1,311

1,291

L1880129.UP.FTS.B

,

24

.99

%

,

10/19/26

...

1,258

1,239

L1876477.UP.FTS.B

,

25

.39

%

,

10/19/26

...

1,318

1,298

L1876404.UP.FTS.B

,

25

.47

%

,

10/19/26

...

755

743

L1873948.UP.FTS.B

,

25

.57

%

,

10/19/26

...

3,777

3,720

FW1879167.UP.FTS.B

,

25

.8

%

,

10/19/26

..

351

345

b

L1879783.UP.FTS.B

,

25

.86

%

,

10/19/26

...

1,343

973

FW1877802.UP.FTS.B

,

26

.08

%

,

10/19/26

.

2,855

2,811

b

FW1877751.UP.FTS.B

,

26

.95

%

,

10/19/26

.

1,556

1,533

FW1877218.UP.FTS.B

,

28

.56

%

,

10/19/26

.

3,920

3,864

FW1876795.UP.FTS.B

,

29

.56

%

,

10/19/26

.

1,274

1,256

b

FW1871822.UP.FTS.B

,

30

.64

%

,

10/19/26

.

4,288

3,125

FW1878098.UP.FTS.B

,

30

.84

%

,

10/19/26

.

485

479

b

FW1878489.UP.FTS.B

,

30

.93

%

,

10/19/26

.

683

490

FW1880229.UP.FTS.B

,

31

.05

%

,

10/19/26

.

568

560

FW1877716.UP.FTS.B

,

31

.6

%

,

10/19/26

..

1,635

1,613

FW1876495.UP.FTS.B

,

31

.7

%

,

10/19/26

..

2,618

2,583

b

FW1879021.UP.FTS.B

,

32

.25

%

,

10/19/26

.

3,304

234

L1990756.UP.FTS.B

,

7

.18

%

,

11/08/26

....

3,627

3,537

L1994718.UP.FTS.B

,

8

.83

%

,

11/08/26

....

5,907

5,761

L1991230.UP.FTS.B

,

9

.13

%

,

11/08/26

....

7,639

7,457

L1996991.UP.FTS.B

,

9

.23

%

,

11/08/26

....

9,216

4,892

L1993451.UP.FTS.B

,

9

.84

%

,

11/08/26

....

3,739

3,650

L1996355.UP.FTS.B

,

10

.29

%

,

11/08/26

...

4,136

4,049

L1992891.UP.FTS.B

,

10

.76

%

,

11/08/26

...

2,582

2,527

FW1995006.UP.FTS.B

,

10

.93

%

,

11/08/26

.

4,179

4,091

L1988958.UP.FTS.B

,

10

.98

%

,

11/08/26

...

483

473

L1994793.UP.FTS.B

,

11

.1

%

,

11/08/26

....

5,145

2,772

L1998866.UP.FTS.B

,

11

.49

%

,

11/08/26

...

5,506

5,391

L1996448.UP.FTS.B

,

11

.66

%

,

11/08/26

...

13,046

12,770

L1994627.UP.FTS.B

,

11

.81

%

,

11/08/26

...

1,955

1,908

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1995371.UP.FTS.B

,

12

.23

%

,

11/08/26

...

$

1,312

$

1,285

L1995435.UP.FTS.B

,

12

.23

%

,

11/08/26

...

558

547

L1999575.UP.FTS.B

,

12

.84

%

,

11/08/26

...

364

357

L1989008.UP.FTS.B

,

12

.93

%

,

11/08/26

...

564

553

L1989940.UP.FTS.B

,

12

.93

%

,

11/08/26

...

929

910

b

L1996493.UP.FTS.B

,

13

.68

%

,

11/08/26

...

9,141

663

L1995820.UP.FTS.B

,

14

.08

%

,

11/08/26

...

2,712

2,660

L1993366.UP.FTS.B

,

14

.1

%

,

11/08/26

....

676

662

L1994789.UP.FTS.B

,

14

.19

%

,

11/08/26

...

2,369

2,321

FW1997293.UP.FTS.B

,

14

.33

%

,

11/08/26

.

1,695

1,660

L1995404.UP.FTS.B

,

14

.33

%

,

11/08/26

...

2,713

2,674

L1991804.UP.FTS.B

,

14

.89

%

,

11/08/26

...

2,740

2,684

L1995379.UP.FTS.B

,

15

.15

%

,

11/08/26

...

2,403

2,355

L1992261.UP.FTS.B

,

15

.59

%

,

11/08/26

...

967

948

FW1991255.UP.FTS.B

,

15

.82

%

,

11/08/26

.

3,990

3,910

L1992970.UP.FTS.B

,

16

.04

%

,

11/08/26

...

5,139

5,067

L1989989.UP.FTS.B

,

16

.18

%

,

11/08/26

...

3,747

3,694

L1989606.UP.FTS.B

,

16

.9

%

,

11/08/26

....

1,410

1,391

FW1999118.UP.FTS.B

,

17

.22

%

,

11/08/26

.

2,125

2,096

L1993764.UP.FTS.B

,

17

.26

%

,

11/08/26

...

532

521

L1991180.UP.FTS.B

,

17

.58

%

,

11/08/26

...

1,255

1,238

L1988482.UP.FTS.B

,

18

.26

%

,

11/08/26

...

2,805

2,750

L1995842.UP.FTS.B

,

18

.87

%

,

11/08/26

...

1,269

1,244

L1996217.UP.FTS.B

,

19

.54

%

,

11/08/26

...

1,866

503

L1996185.UP.FTS.B

,

20

.69

%

,

11/08/26

...

1,861

1,836

b

L1988462.UP.FTS.B

,

20

.81

%

,

11/08/26

...

2,265

2,235

L1991281.UP.FTS.B

,

20

.82

%

,

11/08/26

...

821

806

L1994689.UP.FTS.B

,

21

.04

%

,

11/08/26

...

1,518

1,488

L1989334.UP.FTS.B

,

21

.32

%

,

11/08/26

...

7,508

7,347

L1991956.UP.FTS.B

,

21

.37

%

,

11/08/26

...

753

743

L1989095.UP.FTS.B

,

21

.91

%

,

11/08/26

...

3,104

3,046

L1991663.UP.FTS.B

,

21

.95

%

,

11/08/26

...

3,847

3,765

FW1989899.UP.FTS.B

,

22

.28

%

,

11/08/26

.

1,045

1,023

L1991475.UP.FTS.B

,

22

.35

%

,

11/08/26

...

762

746

FW1995331.UP.FTS.B

,

23

.11

%

,

11/08/26

.

388

380

L1999817.UP.FTS.B

,

23

.27

%

,

11/08/26

...

2,314

2,266

b

L1989785.UP.FTS.B

,

23

.91

%

,

11/08/26

...

6,151

65

L1996843.UP.FTS.B

,

24

.19

%

,

11/08/26

...

3,907

3,827

FW1994028.UP.FTS.B

,

24

.21

%

,

11/08/26

.

2,735

2,679

FW1991474.UP.FTS.B

,

24

.66

%

,

11/08/26

.

2,481

1,432

L1989848.UP.FTS.B

,

24

.75

%

,

11/08/26

...

2,793

2,736

b

FW1991387.UP.FTS.B

,

24

.97

%

,

11/08/26

.

1,842

1,045

L1919784.UP.FTS.B

,

25

.31

%

,

11/08/26

...

4,441

4,351

L1995398.UP.FTS.B

,

25

.36

%

,

11/08/26

...

1,031

1,011

L1992549.UP.FTS.B

,

25

.44

%

,

11/08/26

...

4,065

3,980

L1992732.UP.FTS.B

,

26

.2

%

,

11/08/26

....

1,804

1,768

L1989312.UP.FTS.B

,

26

.43

%

,

11/08/26

...

1,529

1,498

FW1998563.UP.FTS.B

,

26

.46

%

,

11/08/26

.

983

963

FW1998048.UP.FTS.B

,

26

.92

%

,

11/08/26

.

1,013

993

L1990551.UP.FTS.B

,

26

.95

%

,

11/08/26

...

4,316

4,231

FW1994443.UP.FTS.B

,

27

.95

%

,

11/08/26

.

4,118

4,035

FW1994756.UP.FTS.B

,

28

%

,

11/08/26

...

1,279

1,254

FW1996342.UP.FTS.B

,

28

.14

%

,

11/08/26

.

2,879

2,823

FW1996228.UP.FTS.B

,

28

.64

%

,

11/08/26

.

4,707

4,615

FW1991541.UP.FTS.B

,

29

.36

%

,

11/08/26

.

2,504

2,456

FW1999851.UP.FTS.B

,

29

.4

%

,

11/08/26

..

2,102

2,060

FW1995850.UP.FTS.B

,

29

.69

%

,

11/08/26

.

452

443

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1992347.UP.FTS.B

,

29

.82

%

,

11/08/26

.

$

12,595

$

12,355

b

FW1998032.UP.FTS.B

,

29

.86

%

,

11/08/26

.

2,420

174

FW1994293.UP.FTS.B

,

30

.31

%

,

11/08/26

.

610

598

FW1997312.UP.FTS.B

,

30

.32

%

,

11/08/26

.

423

415

FW1989533.UP.FTS.B

,

30

.48

%

,

11/08/26

.

403

395

FW1996257.UP.FTS.B

,

30

.52

%

,

11/08/26

.

276

270

FW1991024.UP.FTS.B

,

30

.67

%

,

11/08/26

.

469

460

FW1998245.UP.FTS.B

,

30

.99

%

,

11/08/26

.

4,287

1,166

FW1996197.UP.FTS.B

,

31

.07

%

,

11/08/26

.

1,875

1,091

FW1991890.UP.FTS.B

,

31

.12

%

,

11/08/26

.

1,284

1,260

FW1994027.UP.FTS.B

,

31

.13

%

,

11/08/26

.

1,155

1,133

FW1988381.UP.FTS.B

,

31

.18

%

,

11/08/26

.

949

931

FW1999282.UP.FTS.B

,

31

.18

%

,

11/08/26

.

3,660

3,591

b

FW1999590.UP.FTS.B

,

31

.42

%

,

11/08/26

.

2,553

–

L1995369.UP.FTS.B

,

8

.19

%

,

11/10/26

....

2,462

2,401

FW1876658.UP.FTS.B

,

27

.58

%

,

11/11/26

.

1,462

1,440

L1997469.UP.FTS.B

,

17

.09

%

,

11/15/26

...

3,262

3,198

L2073684.UP.FTS.B

,

7

.58

%

,

11/18/26

....

3,024

2,951

L2070708.UP.FTS.B

,

7

.71

%

,

11/18/26

....

6,086

5,938

L2070082.UP.FTS.B

,

8

.09

%

,

11/18/26

....

6,138

5,989

L2073150.UP.FTS.B

,

9

.42

%

,

11/18/26

....

5,078

4,957

L2071865.UP.FTS.B

,

10

.09

%

,

11/18/26

...

2,379

2,332

L2075029.UP.FTS.B

,

10

.15

%

,

11/18/26

...

3,073

3,015

L2074643.UP.FTS.B

,

10

.22

%

,

11/18/26

...

6,296

6,172

L2072338.UP.FTS.B

,

10

.5

%

,

11/18/26

....

2,396

2,339

L2075077.UP.FTS.B

,

11

.07

%

,

11/18/26

...

967

948

L2075040.UP.FTS.B

,

11

.45

%

,

11/18/26

...

4,521

4,433

L2074193.UP.FTS.B

,

12

.02

%

,

11/18/26

...

2,993

2,936

L2075044.UP.FTS.B

,

12

.3

%

,

11/18/26

....

1,314

1,289

L2074536.UP.FTS.B

,

12

.35

%

,

11/18/26

...

1,973

1,935

L2069740.UP.FTS.B

,

13

.83

%

,

11/18/26

...

5,861

1,626

L2073949.UP.FTS.B

,

13

.85

%

,

11/18/26

...

1,779

1,219

L2070988.UP.FTS.B

,

13

.92

%

,

11/18/26

...

1,523

1,499

L2070587.UP.FTS.B

,

14

.32

%

,

11/18/26

...

2,712

2,680

L2074701.UP.FTS.B

,

14

.63

%

,

11/18/26

...

2,179

2,154

FW2075148.UP.FTS.B

,

14

.93

%

,

11/18/26

.

1,369

1,353

FW2072823.UP.FTS.B

,

15

.21

%

,

11/18/26

.

828

813

L1995487.UP.FTS.B

,

15

.52

%

,

11/18/26

...

1,735

1,711

L2074846.UP.FTS.B

,

15

.74

%

,

11/18/26

...

5,195

5,136

L2073860.UP.FTS.B

,

16

.19

%

,

11/18/26

...

845

836

L2071149.UP.FTS.B

,

16

.73

%

,

11/18/26

...

8,854

8,754

FW2075122.UP.FTS.B

,

17

.19

%

,

11/18/26

.

1,416

1,400

L2074833.UP.FTS.B

,

17

.19

%

,

11/18/26

...

4,868

4,814

FW2075299.UP.FTS.B

,

17

.67

%

,

11/18/26

.

1,426

1,410

b

L2069944.UP.FTS.B

,

18

.01

%

,

11/18/26

...

4,370

377

L2074700.UP.FTS.B

,

18

.17

%

,

11/18/26

...

2,336

2,310

FW2070090.UP.FTS.B

,

18

.57

%

,

11/18/26

.

621

614

FW2074803.UP.FTS.B

,

18

.88

%

,

11/18/26

.

4,536

4,487

FW2074495.UP.FTS.B

,

19

.61

%

,

11/18/26

.

3,213

3,160

L2074954.UP.FTS.B

,

19

.66

%

,

11/18/26

...

2,005

1,972

b

L2073597.UP.FTS.B

,

19

.97

%

,

11/18/26

...

17

15

L2072694.UP.FTS.B

,

20

.25

%

,

11/18/26

...

1,221

1,202

L2071378.UP.FTS.B

,

20

.26

%

,

11/18/26

...

2,817

2,771

FW2070300.UP.FTS.B

,

20

.46

%

,

11/18/26

.

3,757

3,691

L2073048.UP.FTS.B

,

20

.74

%

,

11/18/26

...

1,863

1,834

L2073994.UP.FTS.B

,

21

.04

%

,

11/18/26

...

1,870

1,841

L2072786.UP.FTS.B

,

22

.57

%

,

11/18/26

...

5,137

5,052

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)

Upstart

Network,

Inc.

(continued)

b

L2074869.UP.FTS.B

,

22

.9

%

,

11/18/26

....

$

467

$

423

L2073707.UP.FTS.B

,

22

.91

%

,

11/18/26

...

1,076

1,058

L2074779.UP.FTS.B

,

22

.95

%

,

11/18/26

...

3,841

3,778

L2073694.UP.FTS.B

,

22

.99

%

,

11/18/26

...

2,229

2,193

L2075061.UP.FTS.B

,

23

.07

%

,

11/18/26

...

3,449

3,392

L2073355.UP.FTS.B

,

23

.21

%

,

11/18/26

...

1,926

1,895

L2074657.UP.FTS.B

,

23

.23

%

,

11/18/26

...

1,481

1,456

b

L2075024.UP.FTS.B

,

23

.38

%

,

11/18/26

...

2,232

161

b

L2074932.UP.FTS.B

,

23

.75

%

,

11/18/26

...

3,686

3,625

L2074997.UP.FTS.B

,

24

.24

%

,

11/18/26

...

1,607

1,581

b

L2074747.UP.FTS.B

,

24

.82

%

,

11/18/26

...

1,646

119

FW2073759.UP.FTS.B

,

25

.15

%

,

11/18/26

.

524

153

L2075027.UP.FTS.B

,

25

.16

%

,

11/18/26

...

2,381

2,343

L2075204.UP.FTS.B

,

25

.29

%

,

11/18/26

...

1,941

1,911

L2070829.UP.FTS.B

,

25

.31

%

,

11/18/26

...

395

390

L2070733.UP.FTS.B

,

25

.4

%

,

11/18/26

....

1,208

1,189

L2045168.UP.FTS.B

,

25

.61

%

,

11/18/26

...

3,677

1,090

FW2075060.UP.FTS.B

,

26

.35

%

,

11/18/26

.

2,052

2,019

FW2074102.UP.FTS.B

,

27

.44

%

,

11/18/26

.

1,050

1,034

FW2073976.UP.FTS.B

,

27

.83

%

,

11/18/26

.

652

642

FW2075115.UP.FTS.B

,

29

.25

%

,

11/18/26

.

2,712

801

FW2074265.UP.FTS.B

,

29

.67

%

,

11/18/26

.

3,561

3,511

FW2074064.UP.FTS.B

,

29

.92

%

,

11/18/26

.

758

747

b

FW2073506.UP.FTS.B

,

30

.43

%

,

11/18/26

.

510

36

FW2072059.UP.FTS.B

,

30

.46

%

,

11/18/26

.

1,786

1,761

FW2072695.UP.FTS.B

,

30

.47

%

,

11/18/26

.

424

418

FW2074740.UP.FTS.B

,

30

.66

%

,

11/18/26

.

69

68

FW2070830.UP.FTS.B

,

31

%

,

11/18/26

...

1,745

1,253

b

FW2074713.UP.FTS.B

,

31

.25

%

,

11/18/26

.

3,356

2,373

FW2070592.UP.FTS.B

,

31

.39

%

,

11/18/26

.

802

731

L1989003.UP.FTS.B

,

15

.35

%

,

11/20/26

...

8,610

8,437

b

FW1993779.UP.FTS.B

,

28

.2

%

,

11/20/26

..

6,200

6,082

FW1995866.UP.FTS.B

,

29

.41

%

,

11/22/26

.

1,349

1,323

L2074195.UP.FTS.B

,

15

.15

%

,

11/24/26

...

3,445

3,380

L2074379.UP.FTS.B

,

20

.93

%

,

12/03/26

...

7,285

7,154

L2216952.UP.FTS.B

,

8

.42

%

,

12/09/26

....

5,098

4,979

L2217859.UP.FTS.B

,

8

.75

%

,

12/09/26

....

6,577

6,412

L2214523.UP.FTS.B

,

9

.75

%

,

12/09/26

....

8,455

8,244

L2214639.UP.FTS.B

,

9

.77

%

,

12/09/26

....

2,839

2,768

L2217133.UP.FTS.B

,

11

.03

%

,

12/09/26

...

8,452

8,272

FW2216190.UP.FTS.B

,

12

.02

%

,

12/09/26

.

1,731

1,694

L2215565.UP.FTS.B

,

13

.14

%

,

12/09/26

...

2,113

2,069

L2214819.UP.FTS.B

,

13

.75

%

,

12/09/26

...

2,111

2,067

L2218351.UP.FTS.B

,

14

.35

%

,

12/09/26

...

341

334

FW2215838.UP.FTS.B

,

16

.38

%

,

12/09/26

.

2,949

2,909

L2217862.UP.FTS.B

,

16

.51

%

,

12/09/26

...

3,726

3,675

L2217548.UP.FTS.B

,

17

.23

%

,

12/09/26

...

5,610

5,535

L2217603.UP.FTS.B

,

17

.91

%

,

12/09/26

...

2,288

2,257

FW2216465.UP.FTS.B

,

18

.28

%

,

12/09/26

.

78

77

b

L2214500.UP.FTS.B

,

18

.31

%

,

12/09/26

...

14,877

2,176

L2217227.UP.FTS.B

,

18

.97

%

,

12/09/26

...

4,218

4,137

L2213701.UP.FTS.B

,

19

.91

%

,

12/09/26

...

1,128

1,106

L2215303.UP.FTS.B

,

20

.05

%

,

12/09/26

...

2,724

2,666

L2215373.UP.FTS.B

,

20

.25

%

,

12/09/26

...

391

386

FW2214210.UP.FTS.B

,

20

.55

%

,

12/09/26

.

1,961

1,923

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2213572.UP.FTS.B

,

21

.18

%

,

12/09/26

.

$

688

$

673

FW2215010.UP.FTS.B

,

21

.32

%

,

12/09/26

.

797

787

FW2215319.UP.FTS.B

,

21

.51

%

,

12/09/26

.

1,682

948

L2213576.UP.FTS.B

,

22

.2

%

,

12/09/26

....

1,415

1,388

L2217530.UP.FTS.B

,

22

.65

%

,

12/09/26

...

1,819

1,780

b

L1410812.UP.FTS.B

,

23

.09

%

,

12/09/26

...

6,280

456

L2214174.UP.FTS.B

,

23

.38

%

,

12/09/26

...

373

366

FW2215830.UP.FTS.B

,

23

.46

%

,

12/09/26

.

451

442

L2218003.UP.FTS.B

,

23

.87

%

,

12/09/26

...

766

751

FW2218127.UP.FTS.B

,

24

.14

%

,

12/09/26

.

4,116

4,032

L2216002.UP.FTS.B

,

24

.2

%

,

12/09/26

....

1,985

1,944

FW2214164.UP.FTS.B

,

24

.23

%

,

12/09/26

.

14,507

14,240

FW2214689.UP.FTS.B

,

24

.38

%

,

12/09/26

.

1,904

1,866

L2218752.UP.FTS.B

,

24

.44

%

,

12/09/26

...

534

523

L2217516.UP.FTS.B

,

24

.76

%

,

12/09/26

...

606

594

L2215729.UP.FTS.B

,

25

.13

%

,

12/09/26

...

6,423

6,292

L2215557.UP.FTS.B

,

25

.29

%

,

12/09/26

...

961

941

L2213659.UP.FTS.B

,

25

.4

%

,

12/09/26

....

1,591

1,559

L2215136.UP.FTS.B

,

25

.42

%

,

12/09/26

...

1,906

1,871

L2214897.UP.FTS.B

,

25

.44

%

,

12/09/26

...

6,863

6,727

L2214140.UP.FTS.B

,

25

.45

%

,

12/09/26

...

432

423

L2216607.UP.FTS.B

,

25

.48

%

,

12/09/26

...

1,256

1,231

L2214388.UP.FTS.B

,

25

.7

%

,

12/09/26

....

1,690

478

L2218260.UP.FTS.B

,

25

.7

%

,

12/09/26

....

2,771

2,716

b

L2218303.UP.FTS.B

,

25

.88

%

,

12/09/26

...

3,705

266

L2216795.UP.FTS.B

,

26

.15

%

,

12/09/26

...

5,702

5,589

FW2215725.UP.FTS.B

,

28

.05

%

,

12/09/26

.

3,788

1,007

FW2215661.UP.FTS.B

,

28

.62

%

,

12/09/26

.

5,179

5,081

FW2216442.UP.FTS.B

,

29

.14

%

,

12/09/26

.

4,064

3,986

FW2218562.UP.FTS.B

,

29

.96

%

,

12/09/26

.

333

326

FW2217960.UP.FTS.B

,

30

.51

%

,

12/09/26

.

2,252

2,209

FW2217757.UP.FTS.B

,

30

.55

%

,

12/09/26

.

1,407

1,380

FW2216633.UP.FTS.B

,

30

.84

%

,

12/09/26

.

448

439

b

FW2213785.UP.FTS.B

,

30

.97

%

,

12/09/26

.

1,770

125

FW2217843.UP.FTS.B

,

31

.21

%

,

12/09/26

.

506

496

FW2216011.UP.FTS.B

,

31

.3

%

,

12/09/26

..

1,066

598

FW2215916.UP.FTS.B

,

31

.42

%

,

12/09/26

.

765

752

FW2216867.UP.FTS.B

,

31

.83

%

,

12/09/26

.

2,504

1,426

FW2217138.UP.FTS.B

,

32

.58

%

,

12/09/26

.

2,829

2,798

FW2219336.UP.FTS.B

,

7

.29

%

,

12/10/26

..

3,209

3,128

L2220935.UP.FTS.B

,

8

.04

%

,

12/10/26

....

3,569

3,479

L2220551.UP.FTS.B

,

8

.19

%

,

12/10/26

....

717

699

L2220654.UP.FTS.B

,

9

.13

%

,

12/10/26

....

5,124

5,023

b

FW2219804.UP.FTS.B

,

10

.44

%

,

12/10/26

.

3,923

562

FW2222412.UP.FTS.B

,

10

.49

%

,

12/10/26

.

338

330

b

L2220336.UP.FTS.B

,

11

.03

%

,

12/10/26

...

2,094

152

L2220236.UP.FTS.B

,

11

.73

%

,

12/10/26

...

7,381

7,226

L2220260.UP.FTS.B

,

12

.23

%

,

12/10/26

...

17,365

17,002

L2221352.UP.FTS.B

,

13

.11

%

,

12/10/26

...

259

254

L2221255.UP.FTS.B

,

13

.17

%

,

12/10/26

...

2,650

2,594

L2220245.UP.FTS.B

,

13

.24

%

,

12/10/26

...

9,382

9,189

L2218875.UP.FTS.B

,

13

.44

%

,

12/10/26

...

4,588

1,234

L2221936.UP.FTS.B

,

13

.59

%

,

12/10/26

...

2,271

2,223

L2211103.UP.FTS.B

,

13

.86

%

,

12/10/26

...

4,682

4,584

FW2219337.UP.FTS.B

,

14

.64

%

,

12/10/26

.

1,008

991

L2221548.UP.FTS.B

,

14

.74

%

,

12/10/26

...

361

354

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)

Upstart

Network,

Inc.

(continued)

L2194261.UP.FTS.B

,

15

.71

%

,

12/10/26

...

$

3,986

$

3,933

FW2219230.UP.FTS.B

,

15

.75

%

,

12/10/26

.

4,108

4,052

FW2221538.UP.FTS.B

,

17

.36

%

,

12/10/26

.

5,996

5,918

L2219356.UP.FTS.B

,

17

.56

%

,

12/10/26

...

4,026

3,972

L2220037.UP.FTS.B

,

17

.77

%

,

12/10/26

...

1,207

1,191

L2222111.UP.FTS.B

,

18

.1

%

,

12/10/26

....

2,084

2,057

L2210120.UP.FTS.B

,

18

.97

%

,

12/10/26

...

1,305

1,280

FW2219505.UP.FTS.B

,

19

.04

%

,

12/10/26

.

8,938

8,764

L2221797.UP.FTS.B

,

19

.44

%

,

12/10/26

...

6,050

5,937

L2221919.UP.FTS.B

,

19

.66

%

,

12/10/26

...

2,169

2,128

L2221739.UP.FTS.B

,

19

.78

%

,

12/10/26

...

3,491

3,417

L2221097.UP.FTS.B

,

19

.86

%

,

12/10/26

...

838

822

L2221612.UP.FTS.B

,

20

.59

%

,

12/10/26

...

4,731

4,629

b

L2222005.UP.FTS.B

,

20

.98

%

,

12/10/26

...

1,654

1,631

L2222012.UP.FTS.B

,

21

.64

%

,

12/10/26

...

1,388

1,359

FW2219145.UP.FTS.B

,

21

.86

%

,

12/10/26

.

6,708

6,570

FW2220653.UP.FTS.B

,

22

.15

%

,

12/10/26

.

2,465

2,413

FW2220221.UP.FTS.B

,

22

.46

%

,

12/10/26

.

2,817

2,760

L2220670.UP.FTS.B

,

23

.96

%

,

12/10/26

...

943

924

FW2214196.UP.FTS.B

,

23

.98

%

,

12/10/26

.

2,508

2,457

L2219719.UP.FTS.B

,

24

.34

%

,

12/10/26

...

386

378

FW2222025.UP.FTS.B

,

24

.95

%

,

12/10/26

.

4,204

4,119

b

L2221560.UP.FTS.B

,

25

.03

%

,

12/10/26

...

999

980

L2220844.UP.FTS.B

,

25

.09

%

,

12/10/26

...

1,083

1,062

b

L2222196.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,272

196

L2222524.UP.FTS.B

,

25

.5

%

,

12/10/26

....

1,130

1,108

FW2219378.UP.FTS.B

,

27

.07

%

,

12/10/26

.

5,247

5,146

FW2220064.UP.FTS.B

,

27

.61

%

,

12/10/26

.

1,004

985

FW2219847.UP.FTS.B

,

28

.03

%

,

12/10/26

.

2,533

2,485

FW2221547.UP.FTS.B

,

28

.78

%

,

12/10/26

.

1,528

1,500

FW2222054.UP.FTS.B

,

29

.08

%

,

12/10/26

.

3,506

3,441

FW2220353.UP.FTS.B

,

29

.92

%

,

12/10/26

.

1,345

1,320

FW2221075.UP.FTS.B

,

30

.26

%

,

12/10/26

.

1,556

1,528

b

FW2221564.UP.FTS.B

,

30

.28

%

,

12/10/26

.

1,709

997

FW2221531.UP.FTS.B

,

30

.36

%

,

12/10/26

.

1,557

1,529

FW2221439.UP.FTS.B

,

30

.5

%

,

12/10/26

..

980

963

FW2219745.UP.FTS.B

,

31

.03

%

,

12/10/26

.

1,031

1,013

FW2216231.UP.FTS.B

,

31

.22

%

,

12/10/26

.

1,574

1,546

FW2218939.UP.FTS.B

,

31

.36

%

,

12/10/26

.

1,801

1,769

FW2219361.UP.FTS.B

,

31

.69

%

,

12/10/26

.

6,634

6,517

L2220687.UP.FTS.B

,

23

.72

%

,

12/11/26

...

1,024

1,003

b

L2219088.UP.FTS.B

,

10

.44

%

,

12/13/26

...

9,760

714

L2217252.UP.FTS.B

,

25

.25

%

,

12/14/26

...

844

828

b

FW2216203.UP.FTS.B

,

25

.54

%

,

12/14/26

.

3,137

56

b

FW2213955.UP.FTS.B

,

18

.45

%

,

12/24/26

.

3,901

601

b

FW2220958.UP.FTS.B

,

32

.58

%

,

12/25/26

.

3,732

3,666

FW2217553.UP.FTS.B

,

16

.03

%

,

12/28/26

.

2,189

2,145

L1611722.UP.FTS.B

,

19

.13

%

,

1/23/27

....

3,037

2,984

b

L1612489.UP.FTS.B

,

23

.23

%

,

1/23/27

....

2,156

174

L1614273.UP.FTS.B

,

14

.09

%

,

1/24/27

....

4,013

3,930

L1613957.UP.FTS.B

,

19

.33

%

,

1/24/27

....

4,540

4,466

L1616477.UP.FTS.B

,

19

.45

%

,

1/24/27

....

2,756

2,712

b

L1614645.UP.FTS.B

,

22

.79

%

,

1/24/27

....

1,408

405

L1616362.UP.FTS.B

,

23

.47

%

,

1/24/27

....

2,524

2,485

b

FW1613124.UP.FTS.B

,

26

.6

%

,

1/24/27

...

8,244

1,354

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1605600.UP.FTS.B

,

29

.46

%

,

1/24/27

..

$

3,208

$

3,173

FW1616426.UP.FTS.B

,

30

.21

%

,

1/24/27

..

897

885

FW1615354.UP.FTS.B

,

31

.17

%

,

1/24/27

..

6,031

5,950

L1619050.UP.FTS.B

,

15

.55

%

,

1/25/27

....

1,511

1,494

FW1615921.UP.FTS.B

,

28

.4

%

,

1/25/27

...

8,426

8,317

L1611110.UP.FTS.B

,

20

.52

%

,

2/01/27

....

9,277

9,129

L1699552.UP.FTS.B

,

17

.37

%

,

2/13/27

....

1,635

1,601

b

FW1705472.UP.FTS.B

,

19

.5

%

,

2/13/27

...

4,559

2,323

L1706613.UP.FTS.B

,

27

.15

%

,

2/13/27

....

4,001

3,932

b

L1880702.UP.FTS.B

,

9

.87

%

,

3/19/27

....

6,475

4,131

b

FW1879016.UP.FTS.B

,

10

.84

%

,

3/19/27

..

9,788

1,430

b

L1879248.UP.FTS.B

,

19

.71

%

,

3/19/27

....

2,685

2,634

b

L1877074.UP.FTS.B

,

25

.09

%

,

3/19/27

....

17,529

1,269

b

L1880423.UP.FTS.B

,

25

.24

%

,

3/19/27

....

3,400

3,339

FW1880356.UP.FTS.B

,

28

.86

%

,

3/19/27

..

1,216

1,197

b

FW1876421.UP.FTS.B

,

26

.08

%

,

3/27/27

..

2,896

2,845

L1991593.UP.FTS.B

,

11

.07

%

,

4/08/27

....

19,574

19,074

L1998298.UP.FTS.B

,

13

.53

%

,

4/08/27

....

1,937

1,891

L1990886.UP.FTS.B

,

17

.65

%

,

4/08/27

....

3,357

3,310

b

L1997930.UP.FTS.B

,

20

.97

%

,

4/08/27

....

2,216

314

L1992016.UP.FTS.B

,

21

%

,

4/08/27

......

19,628

19,225

b

FW1995724.UP.FTS.B

,

22

.43

%

,

4/08/27

..

8,290

594

L1996768.UP.FTS.B

,

23

.2

%

,

4/08/27

....

4,743

4,631

b

L1990332.UP.FTS.B

,

24

.87

%

,

4/08/27

....

6,879

1,756

FW1990199.UP.FTS.B

,

27

.43

%

,

4/08/27

..

9,023

8,849

FW1993453.UP.FTS.B

,

28

.76

%

,

4/08/27

..

8,252

4,389

FW1996092.UP.FTS.B

,

29

.72

%

,

4/08/27

..

1,962

1,927

FW1988366.UP.FTS.B

,

30

.88

%

,

4/08/27

..

3,281

1,725

FW1990513.UP.FTS.B

,

31

.11

%

,

4/08/27

..

2,979

2,926

b

L2071590.UP.FTS.B

,

16

.75

%

,

4/18/27

....

3,023

2,983

L2074108.UP.FTS.B

,

16

.87

%

,

4/18/27

....

1,186

1,172

L2070593.UP.FTS.B

,

17

.59

%

,

4/18/27

....

9,249

9,050

b

L2074570.UP.FTS.B

,

18

.15

%

,

4/18/27

....

7,346

4,810

L2071288.UP.FTS.B

,

18

.9

%

,

4/18/27

....

1,590

1,573

L2074593.UP.FTS.B

,

18

.9

%

,

4/18/27

....

708

493

FW2071863.UP.FTS.B

,

19

.94

%

,

4/18/27

..

5,252

5,178

L2074730.UP.FTS.B

,

20

.02

%

,

4/18/27

....

2,152

2,112

L2073933.UP.FTS.B

,

20

.06

%

,

4/18/27

....

2,737

1,804

FW2075442.UP.FTS.B

,

22

.23

%

,

4/18/27

..

3,607

3,542

L2073235.UP.FTS.B

,

22

.81

%

,

4/18/27

....

3,398

3,335

L1989271.UP.FTS.B

,

15

.62

%

,

4/22/27

....

5,229

3,338

b

FW1991256.UP.FTS.B

,

25

.07

%

,

4/22/27

..

10,294

10,050

b

L1988372.UP.FTS.B

,

13

.34

%

,

4/23/27

....

2,210

2,162

L1993049.UP.FTS.B

,

14

.87

%

,

4/23/27

....

9,056

8,852

L1996800.UP.FTS.B

,

25

.32

%

,

4/23/27

....

12,895

12,627

b

L2075589.UP.FTS.B

,

16

.26

%

,

4/28/27

....

4,082

161

L2214144.UP.FTS.B

,

11

.27

%

,

5/09/27

....

2,865

1,608

L2218508.UP.FTS.B

,

20

.09

%

,

5/09/27

....

3,453

1,742

L2217598.UP.FTS.B

,

23

.52

%

,

5/09/27

....

4,926

4,818

L2198465.UP.FTS.B

,

24

.17

%

,

5/09/27

....

2,474

2,420

b

L2216524.UP.FTS.B

,

25

.42

%

,

5/09/27

....

7,063

3,540

b

FW2218340.UP.FTS.B

,

31

.07

%

,

5/09/27

..

5,557

2,894

L2221765.UP.FTS.B

,

7

.56

%

,

5/10/27

....

3,710

3,610

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)

Upstart

Network,

Inc.

(continued)

b

L2211511.UP.FTS.B

,

12

.64

%

,

5/10/27

....

$

27,708

$

12,681

b

FW2219474.UP.FTS.B

,

13

.95

%

,

5/10/27

..

6,377

302

L2221125.UP.FTS.B

,

15

.5

%

,

5/10/27

.....

896

875

L2221701.UP.FTS.B

,

19

.55

%

,

5/10/27

....

3,097

3,053

b

L2222460.UP.FTS.B

,

25

.39

%

,

5/10/27

....

2,140

155

b

FW2219211.UP.FTS.B

,

31

.11

%

,

5/10/27

..

3,340

3,289

FW2219137.UP.FTS.B

,

32

.32

%

,

5/10/27

..

5,721

2,909

FW2214150.UP.FTS.B

,

26

.84

%

,

5/24/27

..

1,639

401

b

L1600527.UP.FTS.B

,

20

.35

%

,

6/24/27

....

5,388

3,480

FW1613781.UP.FTS.B

,

20

.91

%

,

6/24/27

..

92

90

b

FW1616102.UP.FTS.B

,

32

.95

%

,

6/24/27

..

2,579

182

L1619343.UP.FTS.B

,

16

.69

%

,

6/25/27

....

4,823

4,764

b

L1705864.UP.FTS.B

,

19

.54

%

,

7/13/27

....

17,630

1,296

b

L1706347.UP.FTS.B

,

23

.37

%

,

7/13/27

....

4,364

2,298

FW1705037.UP.FTS.B

,

26

.99

%

,

7/13/27

..

1,063

1,041

b

FW1998913.UP.FTS.B

,

15

.22

%

,

9/08/27

..

1,931

277

b

FW1998543.UP.FTS.B

,

22

.52

%

,

9/13/27

..

9,181

1,300

L2074857.UP.FTS.B

,

16

.11

%

,

9/18/27

....

12,770

12,461

b

L2073937.UP.FTS.B

,

18

.46

%

,

9/18/27

....

5,068

5,006

b

FW2214435.UP.FTS.B

,

13

.25

%

,

10/09/27

.

12,830

926

L2217220.UP.FTS.B

,

24

.27

%

,

10/09/27

...

3,507

3,446

b

L2219737.UP.FTS.B

,

25

.45

%

,

10/10/27

...

1,245

627

b

L2072070.UP.FTS.B

,

14

.5

%

,

4/18/35

....

309

23

1,413,268

Total

Marketplace

Loans

(Cost

$

12,085,098

)

......................

$6,025,706

a

The

rate

shown

represents

the

yield

at

period

end.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Franklin

Total

Return

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

At

July

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

July

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-

Bobl

..................................

Short

10

$

1,338,285

9/08/25

$

(465)

Euro-Bund

.................................

Short

16

2,368,218

9/08/25

20,268

U.S.

Treasury

10

Year

Notes

....................

Short

913

101,400,062

9/19/25

(361,265)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

471

53,259,797

9/19/25

(309,762)

U.S.

Treasury

2

Year

Notes

.....................

Long

1,509

312,339,423

9/30/25

(515,963)

U.S.

Treasury

5

Year

Notes

.....................

Short

220

23,797,812

9/30/25

8,022

U.S.

Treasury

Ultra

Bonds

......................

Long

35

4,105,938

9/19/25

38,226

Total

Futures

Contracts

......................................................................

$(1,120,939)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

.............

JPHQ

Sell

2,230,000

2,490,085

8/25/25

$

—

$

(58,437)

Euro

.............

JPHQ

Sell

891,000

1,034,513

5/04/26

—

(173)

Total

Forward

Exchange

Contracts

...................................................

—

$(58,610)

Net

unrealized

appreciation

(depreciation)

............................................

$(58,610)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

Total

Return

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

At

July

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

At

July

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.HY.44

.

5.00%

Quarterly

6/20/30

45,500,000

$

3,551,546

$

2,835,973

$

715,573

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,551,546

$2,835,973

$715,573

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

4,980,000

46,264

(340,118)

386,382

BB+

Traded

Index

CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

16,900,000

1,526,404

568,893

957,511

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

31,300,000

78,953

(709,146)

788,099

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,651,621

$(480,371)

$2,131,992

Total

Credit

Default

Swap

Contracts

....................................

$5,203,167

$

2,355,602

$2,847,565

(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

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

$

2,113,702

$

1,143

$

2,112,559

Total

Interest

Rate

Swap

Contracts

.................................

$2,113,702

$

1,143

$2,112,559

*

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

159

At

July

31,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

A

bbreviations

on

page

171

.

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

BNPS

9/20/25

30,000,000

$

890,050

Total

Return

Swap

Contracts

....................................................................

$890,050

*

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)

160

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)

161

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

July

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

July

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

b

K2016470219

South

Africa

Ltd.,

A

...............

4/15/13

-

2/01/17

$

221,469

$

—

2,862,311

b

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

$878

as

of

July

31,

2025.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,049

as

of

July

31,

2025.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Daily

Access

Fund

Clydesdale

Acquisition

Holdings,

Inc.

$

118,227

GC

Ferry

Acquisition

I,

Inc.

853,964

Signia

Aerospace

LLC

210,843

$

1,183,034

2. Financial

Instrument

Valuation

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

162

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

July

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

July

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Borrower

Unfunded

Commitment

Franklin

Low

Duration

Total

Return

Fund

Clydesdale

Acquisition

Holdings,

Inc.

$

9,852

$

9,852

Borrower

Unfunded

Commitment

Franklin

Total

Return

Fund

Clydesdale

Acquisition

Holdings,

Inc.

$

9,852

Signia

Aerospace

LLC

24,328

$

34,180

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

$

—

$

—

$

—

$

2,274,155

$

12,597,085

261,340

$

888,481

UTEX

Industries,

Inc.,

2/20/49

...........

2

—

—

—

(1)

1

634

—

Total

Affiliated

Securities

(Value

is

0.9%

of

Net

Assets)

...........

$10,322,932

$—

$—

$—

$2,274,154

$12,597,086

$888,481

    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,

4.254%

$70,682,496

$679,653,024

$(596,640,928)

$—

$—

$153,694,592

153,694,592

$2,496,078

4.

Unfunded

Loan

Commitments

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

163

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

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Convertible

Securities

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$—

$68,484,000

$(68,484,000)

$—

$—

$—

—

$38,998

Total

Affiliated

Securities

...

$70,682,496

$748,137,024

$(665,124,928)

$—

$—

$153,694,592

$2,535,076

Franklin

Equity

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$133,810,879

$643,903,310

$(650,518,804)

$—

$—

$127,195,385

127,195,385

$4,280,253

Total

Affiliated

Securities

...

$133,810,879

$643,903,310

$(650,518,804)

$—

$—

$127,195,385

$4,280,253

Franklin

Floating

Rate

Daily

Access

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$71,138,403

$13,324,171

$(10,824,370)

$—

$—

$73,638,204

73,638,204

$2,253,134

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$—

$40,918,000

$(40,918,000)

$—

$—

$—

—

$61,457

Total

Affiliated

Securities

...

$71,138,403

$54,242,171

$(51,742,370)

$—

$—

$73,638,204

$2,314,591

Franklin

Long

Duration

Credit

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$550,322

$10,216,502

$(10,689,322)

$—

$—

$77,502

77,502

$12,667

Total

Affiliated

Securities

...

$550,322

$10,216,502

$(10,689,322)

$—

$—

$77,502

$12,667

Franklin

Low

Duration

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$39,511,981

$60,008,385

$(60,112,459)

$—

$—

$39,407,907

39,407,907

$1,178,959

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

164

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

Low

Duration

Total

Return

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$—

$5,019,000

$(5,019,000)

$—

$—

$—

—

$2,110

Total

Affiliated

Securities

...

$39,511,981

$65,027,385

$(65,131,459)

$—

$—

$39,407,907

$1,181,069

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$11,291,109

$76,913,676

$(73,118,149)

$—

$—

$15,086,636

15,086,636

$442,383

Total

Affiliated

Securities

...

$11,291,109

$76,913,676

$(73,118,149)

$—

$—

$15,086,636

$442,383

Franklin

Managed

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$34,371,577

$644,517,454

$(673,925,876)

$—

$—

$4,963,155

4,963,155

$946,952

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$1,244,000

$59,580,000

$(57,158,000)

$—

$—

$3,666,000

3,666,000

$107,923

Total

Affiliated

Securities

...

$35,615,577

$704,097,454

$(731,083,876)

$—

$—

$8,629,155

$1,054,875

Franklin

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$111,055,410

$484,796,435

$(544,669,447)

$—

$—

$51,182,398

51,182,398

$1,439,110

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$—

$666,000

$(666,000)

$—

$—

$—

—

$999

Total

Affiliated

Securities

...

$111,055,410

$485,462,435

$(545,335,447)

$—

$—

$51,182,398

$1,440,109

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

165

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

July

31,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Convertible

Securities

Fund

Assets:

Investments

in

Securities:

a

Convertible

Preferred

Stocks

................

$

454,234,257

$

—

$

—

$

454,234,257

Convertible

Bonds

.......................

—

2,263,192,331

—

2,263,192,331

Short

Term

Investments

...................

153,694,592

—

—

153,694,592

Total

Investments

in

Securities

...........

$607,928,849

$2,263,192,331

$—

$2,871,121,180

Franklin

Equity

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

3,540,782,545

—

—

3,540,782,545

Equity-Linked

Securities

...................

—

412,216,691

—

412,216,691

Convertible

Preferred

Stocks

................

270,829,188

—

—

270,829,188

Short

Term

Investments

...................

127,195,385

—

—

127,195,385

Total

Investments

in

Securities

...........

$3,938,807,118

$412,216,691

$—

$4,351,023,809

Franklin

Floating

Rate

Daily

Access

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

68,264

—

68,264

Machinery

............................

—

—

12,597,085

12,597,085

Oil,

Gas

&

Consumable

Fuels

.............

8,222,219

—

—

8,222,219

Management

Investment

Companies

.........

12,835,741

—

—

12,835,741

Warrants

...............................

—

—

1

1

Corporate

Bonds

........................

—

78,147,751

—

78,147,751

Senior

Floating

Rate

Interests

...............

—

1,266,176,508

—

1,266,176,508

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

73,638,204

54,856,644

—

128,494,848

Total

Investments

in

Securities

...........

$94,696,164

$1,399,249,167

$12,597,086

$1,506,542,417

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$1,106

$—

$1,106

Total

Other

Financial

Instruments

.........

$—

$1,106

$—

$1,106

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

166

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Daily

Access

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$—

$11,341

$—

$11,341

Total

Other

Financial

Instruments

.........

$—

$11,341

$—

$11,341

Franklin

Long

Duration

Credit

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

52,961,441

$

—

$

52,961,441

Foreign

Government

and

Agency

Securities

....

—

2,726,842

—

2,726,842

U.S.

Government

and

Agency

Securities

.......

—

1,079,593

—

1,079,593

Municipal

Bonds

.........................

—

1,051,209

—

1,051,209

Short

Term

Investments

...................

77,502

—

—

77,502

Total

Investments

in

Securities

...........

$77,502

$57,819,085

$—

$57,896,587

Franklin

Low

Duration

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Hotels,

Restaurants

&

Leisure

.............

—

5,911

—

5,911

Machinery

............................

—

—

444,807

444,807

Specialty

Retail

........................

—

—

—

b

—

Warrants

...............................

—

—

1

1

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

14,752,089

—

14,752,089

Automobile

Components

.................

—

2,179,291

—

2,179,291

Automobiles

..........................

—

13,516,427

—

13,516,427

Banks

...............................

—

173,150,281

—

173,150,281

Beverages

...........................

—

6,291,940

—

6,291,940

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

8,501,039

—

8,501,039

Capital

Markets

........................

—

51,376,526

—

51,376,526

Chemicals

...........................

—

5,517,431

—

5,517,431

Commercial

Services

&

Supplies

...........

—

984,888

—

984,888

Communications

Equipment

..............

—

3,122,103

—

3,122,103

Consumer

Finance

.....................

—

46,598,303

—

46,598,303

Consumer

Staples

Distribution

&

Retail

......

—

2,879,902

—

2,879,902

Containers

&

Packaging

.................

—

3,567,924

—

3,567,924

Diversified

REITs

......................

—

4,129,409

—

4,129,409

Electric

Utilities

........................

—

29,331,474

—

29,331,474

Electrical

Equipment

....................

—

3,100,292

—

3,100,292

Entertainment

.........................

—

2,925,897

—

2,925,897

Financial

Services

......................

—

12,365,691

—

b

12,365,691

Food

Products

........................

—

12,074,632

—

12,074,632

Ground

Transportation

..................

—

10,786,019

—

10,786,019

Health

Care

Equipment

&

Supplies

.........

—

5,427,147

—

5,427,147

Health

Care

Providers

&

Services

..........

—

27,178,718

—

27,178,718

Health

Care

REITs

.....................

—

2,754,954

—

2,754,954

Health

Care

Technology

.................

—

3,450,833

—

3,450,833

Hotel

&

Resort

REITs

...................

—

1,167,966

—

1,167,966

Hotels,

Restaurants

&

Leisure

.............

—

7,408,782

—

7,408,782

Household

Durables

....................

—

8,782,185

—

8,782,185

Insurance

............................

—

77,186,460

—

77,186,460

Interactive

Media

&

Services

..............

—

2,961,763

—

2,961,763

Life

Sciences

Tools

&

Services

............

—

6,489,047

—

6,489,047

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

167

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)

Machinery

............................

$

—

$

1,626,960

$

—

$

1,626,960

Media

...............................

—

6,120,929

—

6,120,929

Metals

&

Mining

.......................

—

7,529,657

—

7,529,657

Multi-Utilities

..........................

—

7,586,613

—

7,586,613

Oil,

Gas

&

Consumable

Fuels

.............

—

38,023,132

—

38,023,132

Passenger

Airlines

.....................

—

1,231,316

—

1,231,316

Personal

Care

Products

.................

—

7,573,635

—

7,573,635

Pharmaceuticals

.......................

—

10,290,346

—

10,290,346

Semiconductors

&

Semiconductor

Equipment

.

—

16,996,814

—

16,996,814

Specialized

REITs

......................

—

12,137,492

—

12,137,492

Technology

Hardware,

Storage

&

Peripherals

.

—

6,599,215

—

6,599,215

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,721,251

—

2,721,251

Tobacco

.............................

—

7,797,677

—

7,797,677

Trading

Companies

&

Distributors

..........

—

6,457,392

—

6,457,392

Wireless

Telecommunication

Services

.......

—

8,124,203

—

8,124,203

Senior

Floating

Rate

Interests

...............

—

66,215,201

—

66,215,201

Marketplace

Loans

.......................

—

—

6,805,613

6,805,613

Foreign

Government

and

Agency

Securities

....

—

17,791,529

—

17,791,529

U.S.

Government

and

Agency

Securities

.......

—

405,270,165

—

405,270,165

Asset-Backed

Securities

...................

—

317,353,942

—

317,353,942

Commercial

Mortgage-Backed

Securities

......

—

44,383,852

—

44,383,852

Mortgage-Backed

Securities

................

—

48,706,827

—

48,706,827

Municipal

Bonds

.........................

—

16,898,818

—

16,898,818

Residential

Mortgage-Backed

Securities

.......

—

144,469,719

—

144,469,719

Agency

Commercial

Mortgage-Backed

Securities

—

157,080,239

—

157,080,239

Escrows

and

Litigation

Trusts

...............

—

7,125

878

8,003

Short

Term

Investments

...................

39,407,907

29,030,438

—

68,438,345

Total

Investments

in

Securities

...........

$39,407,907

$1,937,989,811

$7,251,299

$1,984,649,017

Other

Financial

Instruments:

Swap

Contracts

.........................

$—

$1,767,787

$—

$1,767,787

Unfunded

Loan

Commitments

..............

—

4

—

4

Total

Other

Financial

Instruments

.........

$—

$1,767,791

$—

$1,767,791

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$1,096,970

$—

$—

$1,096,970

Total

Other

Financial

Instruments

.........

$1,096,970

$—

$—

$1,096,970

Franklin

Low

Duration

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

—

76,566,365

—

76,566,365

Mortgage-Backed

Securities

................

—

205,364,207

—

205,364,207

Agency

Commercial

Mortgage-Backed

Securities

—

83,123,265

—

83,123,265

Short

Term

Investments

...................

15,086,636

—

—

15,086,636

Total

Investments

in

Securities

...........

$15,086,636

$365,053,837

$—

$380,140,473

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$251,175

$—

$—

$251,175

Total

Other

Financial

Instruments

.........

$251,175

$—

$—

$251,175

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

168

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Managed

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

1,188,151,750

$

—

$

—

$

1,188,151,750

Equity-Linked

Securities

...................

—

283,049,257

—

283,049,257

Convertible

Preferred

Stocks

................

72,356,000

—

—

72,356,000

Convertible

Bonds

.......................

—

4,044,000

—

4,044,000

Corporate

Bonds

........................

—

1,056,468,273

—

1,056,468,273

U.S.

Government

and

Agency

Securities

.......

—

122,962,049

—

122,962,049

Asset-Backed

Securities

...................

—

7,125,419

—

7,125,419

Mortgage-Backed

Securities

................

—

496,398,730

—

496,398,730

Short

Term

Investments

...................

8,629,155

29,960,858

—

38,590,013

Total

Investments

in

Securities

...........

$1,269,136,905

$2,000,008,586

$—

$3,269,145,491

Franklin

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Energy

Equipment

&

Services

.............

118,414

—

—

118,414

Hotels,

Restaurants

&

Leisure

.............

—

3,102

—

3,102

Machinery

............................

—

—

233,441

233,441

Preferred

Stocks

.........................

2,740,710

—

—

2,740,710

Warrants

...............................

—

—

1

1

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

24,416,053

—

24,416,053

Automobiles

..........................

—

6,606,829

—

6,606,829

Banks

...............................

—

203,859,828

—

203,859,828

Biotechnology

.........................

—

36,490,186

—

36,490,186

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

10,403,148

—

10,403,148

Capital

Markets

........................

—

72,033,746

—

72,033,746

Chemicals

...........................

—

7,006,500

—

7,006,500

Commercial

Services

&

Supplies

...........

—

6,568,760

—

6,568,760

Communications

Equipment

..............

—

15,089,977

—

15,089,977

Consumer

Finance

.....................

—

18,110,075

—

18,110,075

Consumer

Staples

Distribution

&

Retail

......

—

10,833,816

—

10,833,816

Containers

&

Packaging

.................

—

4,918,859

—

4,918,859

Diversified

REITs

......................

—

8,997,927

—

8,997,927

Diversified

Telecommunication

Services

.....

—

31,816,994

—

31,816,994

Electric

Utilities

........................

—

106,784,834

—

106,784,834

Electrical

Equipment

....................

—

2,329,086

—

2,329,086

Electronic

Equipment,

Instruments

&

Components

........................

—

8,416,480

—

8,416,480

Entertainment

.........................

—

3,438,097

—

3,438,097

Financial

Services

......................

—

33,421,720

—

33,421,720

Food

Products

........................

—

28,560,011

—

28,560,011

Ground

Transportation

..................

—

6,517,916

—

6,517,916

Health

Care

Equipment

&

Supplies

.........

—

12,056,389

—

12,056,389

Health

Care

Providers

&

Services

..........

—

66,949,895

—

66,949,895

Health

Care

REITs

.....................

—

9,731,357

—

9,731,357

Health

Care

Technology

.................

—

4,496,540

—

4,496,540

Hotel

&

Resort

REITs

...................

—

7,480,302

—

7,480,302

Hotels,

Restaurants

&

Leisure

.............

—

10,852,522

—

10,852,522

Household

Durables

....................

—

10,003,076

—

10,003,076

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

14,752,452

—

14,752,452

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

169

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)

Insurance

............................

$

—

$

71,138,633

$

—

$

71,138,633

Interactive

Media

&

Services

..............

—

1,633,304

—

1,633,304

IT

Services

...........................

—

883,110

—

883,110

Life

Sciences

Tools

&

Services

............

—

1,534,981

—

1,534,981

Machinery

............................

—

818,406

—

818,406

Media

...............................

—

52,715,811

—

52,715,811

Metals

&

Mining

.......................

—

17,330,184

—

17,330,184

Multi-Utilities

..........................

—

18,591,772

—

18,591,772

Oil,

Gas

&

Consumable

Fuels

.............

—

115,653,392

—

115,653,392

Passenger

Airlines

.....................

—

7,655,006

—

7,655,006

Personal

Care

Products

.................

—

13,420,779

—

13,420,779

Pharmaceuticals

.......................

—

25,684,197

—

25,684,197

Professional

Services

...................

—

460,706

—

460,706

Residential

REITs

......................

—

3,242,326

—

3,242,326

Semiconductors

&

Semiconductor

Equipment

.

—

11,723,906

—

11,723,906

Software

.............................

—

19,652,437

—

19,652,437

Specialized

REITs

......................

—

19,947,726

—

19,947,726

Technology

Hardware,

Storage

&

Peripherals

.

—

7,374,997

—

7,374,997

Textiles,

Apparel

&

Luxury

Goods

..........

—

6,691,315

—

6,691,315

Tobacco

.............................

—

9,036,192

—

9,036,192

Trading

Companies

&

Distributors

..........

—

18,194,829

—

18,194,829

Wireless

Telecommunication

Services

.......

—

24,572,007

—

24,572,007

Senior

Floating

Rate

Interests

...............

—

59,172,620

—

59,172,620

Marketplace

Loans

.......................

—

—

6,025,706

6,025,706

Foreign

Government

and

Agency

Securities

....

—

53,200,883

—

53,200,883

U.S.

Government

and

Agency

Securities

.......

—

470,189,334

—

470,189,334

Asset-Backed

Securities

...................

—

262,748,488

—

262,748,488

Commercial

Mortgage-Backed

Securities

......

—

61,495,676

—

61,495,676

Mortgage-Backed

Securities

................

—

1,116,060,127

—

1,116,060,127

Municipal

Bonds

.........................

—

53,266,247

—

53,266,247

Residential

Mortgage-Backed

Securities

.......

—

84,922,376

—

84,922,376

Agency

Commercial

Mortgage-Backed

Securities

—

57,226,713

—

57,226,713

Escrows

and

Litigation

Trusts

...............

—

11,250

2,049

13,299

Options

Purchased

.......................

—

1,101,241

—

1,101,241

Short

Term

Investments

...................

51,182,398

—

—

51,182,398

Total

Investments

in

Securities

...........

$54,041,522

$3,450,297,448

$6,261,197

$3,510,600,167

Other

Financial

Instruments:

Futures

Contracts

.......................

$66,516

$—

$—

$66,516

Swap

Contracts

.........................

—

5,850,174

—

5,850,174

Unfunded

Loan

Commitments

..............

—

126

—

126

Total

Other

Financial

Instruments

.........

$66,516

$5,850,300

$—

$5,916,816

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$387,735

$—

$387,735

Forward

Exchange

Contracts

...............

—

58,610

—

58,610

Futures

Contracts

........................

1,187,455

—

—

1,187,455

Swap

Contracts

.........................

—

210,655

—

210,655

Total

Other

Financial

Instruments

.........

$1,187,455

$657,000

$—

$1,844,455

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)

170

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 July

31,

2025,

the

reconciliation

is

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

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

.....

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Machinery

.........

—

—

—

364,506

—

—

—

80,301

444,807

80,301

Specialty

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Warrants

:

Machinery

.........

3

—

—

—

—

—

—

(2)

1

(2)

Corporate

Bonds

:

Broadline

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Financial

Services

...

—

d

—

—

—

—

—

—

—

—

d

—

Marketplace

Loans

:

Financial

Services

...

30,550,636

61,915

(23,637,910)

—

—

—

135,196

(304,224)

6,805,613

(4,375,117)

Escrows

and

Litigation

Trusts

:

—

d

—

—

—

—

—

—

878

878

878

Total

Investments

in

Securities

............

$30,550,639

$61,915

$(23,637,910)

$364,506

$—

$—

$135,196

$(223,047)

$7,251,299

$(4,293,940)

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

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

7. Fair

Value

Measurements

(continued)

Franklin

Investors

Securities

Trust

Notes

to

Schedules

of

Investments

(unaudited)

171

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BNPS

BNP

Paribas

Securities

Corp.

BOFA

Bank

of

America

NA

CITI

Citibank

NA

JPHQ

JPMorgan

Chase

Bank

NA

Currency

BRL

Brazilian

Real

EUR

Euro

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

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

........................

4.39%

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.